Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 30, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | Xcel Energy Inc. | |
Entity Central Index Key | 0000072903 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-3034 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0448030 | |
Entity Address, Address Line One | 414 Nicollet Mall | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55401 | |
City Area Code | (612) | |
Local Phone Number | 330-5500 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | XEL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 557,500,681 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating revenues | |||||
Electric | $ 2,659 | $ 2,601 | $ 5,344 | $ 5,364 | |
Natural gas | 355 | 393 | 1,296 | 1,681 | |
Other | 14 | 28 | 37 | 57 | |
Total operating revenues | 3,028 | 3,022 | 6,677 | 7,102 | |
Operating expenses | |||||
Electric fuel and purchased power | 855 | 1,030 | 1,803 | 2,147 | |
Cost of natural gas sold and transported | 118 | 170 | 601 | 1,014 | |
Cost of sales — other | 1 | 11 | 9 | 23 | |
Operating and maintenance expenses | 662 | 628 | 1,267 | 1,278 | |
Conservation and demand side management expenses | 86 | 63 | 183 | 139 | |
Depreciation and amortization | 703 | 565 | 1,361 | 1,189 | |
Taxes, Other | 154 | 137 | 325 | 321 | |
Total operating expenses | 2,579 | 2,604 | 5,549 | 6,111 | |
Operating income | 449 | 418 | 1,128 | 991 | |
Other income, net | 22 | 11 | 36 | 16 | |
Earnings from equity method investments | 8 | 9 | 16 | 20 | |
Allowance for funds used during construction — equity | 38 | 18 | 75 | 37 | |
Interest charges and financing costs | |||||
Interest charges — includes other financing costs | 319 | 268 | 610 | 521 | |
Allowance for funds used during construction — debt | (16) | (12) | (30) | (22) | |
Total interest charges and financing costs | 303 | 256 | 580 | 499 | |
Income before income taxes | 214 | 200 | 675 | 565 | |
Income tax benefit | (88) | (88) | (115) | (141) | |
Net income | $ 302 | $ 288 | $ 790 | $ 706 | |
Weighted average common shares outstanding: | |||||
Basic (in shares) | 557 | 551 | 556 | 551 | |
Diluted (in shares) | [1] | 557 | 552 | 556 | 551 |
Earnings per average common share: | |||||
Basic (in dollars per share) | $ 0.54 | $ 0.52 | $ 1.42 | $ 1.28 | |
Diluted (in dollars per share) | $ 0.54 | $ 0.52 | $ 1.42 | $ 1.28 | |
[1] Diluted common shares outstanding included common stock equivalents of 0.2 million and 0.3 million for the three months ended June 30, 2024 and 2023, respectively. Diluted common shares outstanding included common stock equivalents of 0.2 million for the six months ended June 30, 2024 and 2023. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Comprehensive income: | ||||
Net income | $ 302 | $ 288 | $ 790 | $ 706 |
Reclassifications of losses to net income, net of tax | 4 | 1 | 4 | 1 |
Derivative instruments: | ||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | 13 | 22 | 8 |
Reclassification of losses to net income, net of tax | 0 | 1 | 1 | 2 |
Total other comprehensive income | 4 | 15 | 27 | 11 |
Total comprehensive income | $ 306 | $ 303 | $ 817 | $ 717 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net income | $ 790 | $ 706 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 1,370 | 1,202 |
Nuclear fuel amortization | 53 | 53 |
Deferred income taxes | 285 | (192) |
Allowance for equity funds used during construction | (75) | (37) |
Earnings from equity method investments | (16) | (20) |
Dividends from equity method investments | 18 | 18 |
Provision for bad debts | 28 | 36 |
Share-based compensation expense | 17 | 12 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 148 | 225 |
Accrued unbilled revenues | 6 | 364 |
Inventories | (2) | 100 |
Other current assets | (53) | 39 |
Accounts payable | 4 | (443) |
Net regulatory assets and liabilities | 150 | 569 |
Other current liabilities | (439) | (74) |
Pension and other employee benefit obligations | (98) | (37) |
Other, net | 54 | (66) |
Net cash provided by operating activities | 2,240 | 2,455 |
Investing activities | ||
Capital/construction expenditures | (3,368) | (2,599) |
Purchase of investment securities | (469) | (416) |
Proceeds from the sale of investment securities | 450 | 399 |
Other, net | (16) | (23) |
Net cash used in investing activities | (3,403) | (2,639) |
Financing activities | ||
Proceeds from (repayments of) short-term borrowings, net | 17 | (269) |
Proceeds from issuances of long-term debt | 3,644 | 1,741 |
Repayments of long-term debt | (550) | (650) |
Proceeds from issuance of common stock | 101 | 75 |
Dividends paid | (575) | (536) |
Other, net | (5) | (13) |
Net cash provided by financing activities | 2,632 | 348 |
Net change in cash, cash equivalents and restricted cash | 1,469 | 164 |
Cash, cash equivalents and restricted cash at beginning of period | 129 | 111 |
Cash, cash equivalents and restricted cash at end of period | 1,598 | 275 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (517) | (461) |
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers | 351 | (49) |
Supplemental disclosure of non-cash investing and financing transactions: | ||
Accrued property, plant and equipment additions | 520 | 497 |
Inventory transfers to property, plant and equipment | 164 | 78 |
Operating lease right-of-use assets | 40 | 50 |
Allowance for equity funds used during construction | 75 | 37 |
Issuance of common stock for reinvested dividends and/or equity awards | $ 35 | $ 32 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,598 | $ 129 |
Accounts receivable, net | 1,138 | 1,315 |
Accrued unbilled revenues | 847 | 853 |
Inventories | 622 | 711 |
Regulatory assets | 630 | 611 |
Derivative instruments | 234 | 104 |
Prepaid taxes | 89 | 52 |
Prepayments and other | 541 | 294 |
Total current assets | 5,699 | 4,069 |
Property, plant and equipment, net | 53,890 | 51,642 |
Other assets | ||
Nuclear decommissioning fund and other investments | 3,791 | 3,599 |
Regulatory assets | 2,751 | 2,798 |
Derivative instruments | 84 | 76 |
Operating lease right-of-use assets | 1,145 | 1,217 |
Other | 567 | 678 |
Total other assets | 8,338 | 8,368 |
Total assets | 67,927 | 64,079 |
Current liabilities | ||
Current portion of long-term debt | 854 | 552 |
Short-term debt | 802 | 785 |
Accounts payable | 1,546 | 1,668 |
Regulatory liabilities | 781 | 528 |
Taxes accrued | 360 | 557 |
Accrued interest | 299 | 251 |
Dividends payable | 305 | 289 |
Derivative instruments | 44 | 74 |
Operating lease liabilities | 226 | 226 |
Other | 683 | 722 |
Total current liabilities | 5,900 | 5,652 |
Deferred credits and other liabilities | ||
Deferred income taxes | 5,280 | 4,885 |
Deferred investment tax credits | 56 | 60 |
Regulatory liabilities | 5,959 | 5,827 |
Asset retirement obligations | 3,390 | 3,218 |
Derivative instruments | 91 | 86 |
Customer advances | 154 | 167 |
Pension and employee benefit obligations | 371 | 469 |
Operating lease liabilities | 961 | 1,038 |
Other | 95 | 148 |
Total deferred credits and other liabilities | 16,357 | 15,898 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 27,716 | 24,913 |
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 557,337,051 and 554,941,703 shares outstanding at June 30, 2024 and December 31, 2023, respectively | $ 1,393 | $ 1,387 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares, Outstanding | 557,337,051 | 554,941,703 |
Additional paid in capital | $ 8,589 | $ 8,465 |
Retained earnings | 8,039 | 7,858 |
Accumulated other comprehensive loss | (67) | (94) |
Total common stockholders’ equity | 17,954 | 17,616 |
Total liabilities and equity | $ 67,927 | $ 64,079 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2022 | 549,578,018 | ||||
Beginning balance at Dec. 31, 2022 | $ 16,675 | $ 1,374 | $ 8,155 | $ 7,239 | $ (93) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 706 | 706 | |||
Other comprehensive income | 11 | 11 | |||
Dividends declared on common stock (USD per share) | $ 1.04 | ||||
Dividends declared on common stock | (572) | (572) | |||
Issuances of common stock (in shares) | 1,797,237 | ||||
Issuances of common stock | 95 | $ 4 | 91 | ||
Share-based compensation | (1) | 1 | (2) | ||
Balance (in shares) at Jun. 30, 2023 | 551,375,255 | ||||
Ending balance at Jun. 30, 2023 | 16,914 | $ 1,378 | 8,247 | 7,371 | (82) |
Balance (in shares) at Mar. 31, 2023 | 550,222,192 | ||||
Beginning balance at Mar. 31, 2023 | 16,818 | $ 1,376 | 8,169 | 7,370 | (97) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 288 | 288 | |||
Other comprehensive income | 15 | 15 | |||
Dividends declared on common stock (USD per share) | $ 0.52 | ||||
Dividends declared on common stock | (286) | (286) | |||
Issuances of common stock (in shares) | 1,153,063 | ||||
Issuances of common stock | 77 | $ 2 | 75 | ||
Share-based compensation | 2 | 3 | (1) | ||
Balance (in shares) at Jun. 30, 2023 | 551,375,255 | ||||
Ending balance at Jun. 30, 2023 | $ 16,914 | $ 1,378 | 8,247 | 7,371 | (82) |
Balance (in shares) at Dec. 31, 2023 | 554,941,703 | 554,941,703 | |||
Beginning balance at Dec. 31, 2023 | $ 17,616 | $ 1,387 | 8,465 | 7,858 | (94) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 790 | 790 | |||
Other comprehensive income | 27 | 27 | |||
Dividends declared on common stock (USD per share) | $ 1.095 | ||||
Dividends declared on common stock | (609) | (609) | |||
Issuances of common stock (in shares) | 2,395,348 | ||||
Issuances of common stock | 113 | $ 6 | 107 | ||
Share-based compensation | $ 17 | 17 | |||
Balance (in shares) at Jun. 30, 2024 | 557,337,051 | 557,337,051 | |||
Ending balance at Jun. 30, 2024 | $ 17,954 | $ 1,393 | 8,589 | 8,039 | (67) |
Balance (in shares) at Mar. 31, 2024 | 555,470,302 | ||||
Beginning balance at Mar. 31, 2024 | 17,841 | $ 1,389 | 8,481 | 8,042 | (71) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 302 | 302 | |||
Other comprehensive income | 4 | 4 | |||
Dividends declared on common stock (USD per share) | $ 0.5475 | ||||
Dividends declared on common stock | (305) | (305) | |||
Issuances of common stock (in shares) | 1,866,749 | ||||
Issuances of common stock | 101 | $ 4 | 97 | ||
Share-based compensation | $ 11 | 11 | |||
Balance (in shares) at Jun. 30, 2024 | 557,337,051 | 557,337,051 | |||
Ending balance at Jun. 30, 2024 | $ 17,954 | $ 1,393 | $ 8,589 | $ 8,039 | $ (67) |
Management's Opinion
Management's Opinion | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of June 30, 2024 and Dec. 31, 2023; the results of Xcel Energy’s operations, including the components of net income, comprehensive income and changes in stockholders’ equity for the three and six months ended June 30, 2024 and 2023; and Xcel Energy’s cash flows for the six months ended June 30, 2024 and 2023. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2024, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorpora ted herein by reference. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Recently Issued Segment Reporting — In November 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures , which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. The ASU is effective for annual periods beginning after Dec. 15, 2023 and quarterly periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements. Income Taxes — In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , with new disclosure requirements including presentation of prescribed line items in the effective tax rate reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements. Climate-Related Disclosures — In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. Xcel Energy does not expect implementation of the new guidance to have a material impact on the consolidated financial statements. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | (Millions of Dollars) June 30, 2024 Dec. 31, 2023 Accounts receivable, net Accounts receivable $ 1,244 $ 1,443 Less allowance for bad debts (106) (128) Accounts receivable, net $ 1,138 $ 1,315 (Millions of Dollars) June 30, 2024 Dec. 31, 2023 Inventories Materials and supplies $ 394 $ 377 Fuel 181 211 Natural gas 47 123 Total inventories $ 622 $ 711 (Millions of Dollars) June 30, 2024 Dec. 31, 2023 Property, plant and equipment, net Electric plant $ 53,883 $ 52,494 Natural gas plant 9,363 9,080 Common and other property 3,296 3,190 Plant to be retired (a) 1,890 2,055 Construction work in progress 4,355 2,873 Total property, plant and equipment 72,787 69,692 Less accumulated depreciation (19,300) (18,399) Nuclear fuel 3,444 3,337 Less accumulated amortization (3,041) (2,988) Property, plant and equipment, net $ 53,890 $ 51,642 (a) |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Short-Term Borrowings Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2024 Year Ended Dec. 31, 2023 Borrowing limit $ 3,550 $ 3,550 Amount outstanding at period end 802 785 Average amount outstanding 449 491 Maximum amount outstanding 802 1,241 Weighted average interest rate, computed on a daily basis 5.54 % 5.12 % Weighted average interest rate at period end 5.54 5.52 Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There was $43 million and $44 million of letters of credit outstanding under the credit facilities at June 30, 2024 and Dec. 31, 2023, respectively. Amounts approximate their fair value and are subject to fees. Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. As of June 30, 2024, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 1,500 $ 802 $ 698 PSCo 700 31 669 NSP-Minnesota 700 12 688 SPS 500 — 500 NSP-Wisconsin 150 — 150 Total $ 3,550 $ 845 $ 2,705 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit. Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2024 and Dec. 31, 2023. Bilateral Credit Agreement In April 2024, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit. As of June 30, 2024, NSP-Minnesota had $70 million of outstanding letters of credit under the $75 million bilateral credit agreement. Long-Term Borrowings and Other Financing Instruments During the six months ended June 30, 2024, Xcel Energy Inc. and its utility subsidiaries issued the following: • Xcel Energy Inc. issued $800 million of 5.50% Senior Unsecured Notes due March 15, 2034. • NSP-Minnesota issued $700 million of 5.40% First Mortgage Bonds due March 15, 2054. • PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054. • NSP-Wisconsin issued $400 million of 5.65% First Mortgage Bonds due June 15, 2054. • SPS issued $600 million of 6.00% First Mortgage Bonds due June 1, 2054. ATM Equity Offering — In October 2023, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $2.5 billion of its common stock through an ATM program. In 2023, Xcel Energy Inc. issued 3.12 million shares of common stock ($188 million in net proceeds and $2 million in transaction fees paid). In the six months ended June 30, 2024, 1.68 million shares ($93 million in net proceeds and $1 million in transaction fees paid) were issued under the ATM program. As of June 30, 2024, approximately $2.2 billion remained available for sale under the ATM program. Equity through DRIP and Benefits Program — Xcel Energy issued $40 million and $61 million of equity through the DRIP and benefits programs during the six months ended June 30, 2024 and 2023, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following: Three Months Ended June 30, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 801 $ 191 $ — $ 992 C&I 1,335 97 6 1,438 Other 36 — 3 39 Total retail 2,172 288 9 2,469 Wholesale 137 — — 137 Transmission 148 — — 148 Other 17 42 — 59 Total revenue from contracts with customers 2,474 330 9 2,813 Alternative revenue and other 185 25 5 215 Total revenues $ 2,659 $ 355 $ 14 $ 3,028 Three Months Ended June 30, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 748 $ 216 $ 15 $ 979 C&I 1,337 124 8 1,469 Other 37 — 1 38 Total retail 2,122 340 24 2,486 Wholesale 174 — — 174 Transmission 157 — — 157 Other 4 32 — 36 Total revenue from contracts with customers 2,457 372 24 2,853 Alternative revenue and other 144 21 4 169 Total revenues $ 2,601 $ 393 $ 28 $ 3,022 Six Months Ended June 30, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,660 $ 759 $ 10 $ 2,429 C&I 2,611 371 15 2,997 Other 70 — 5 75 Total retail 4,341 1,130 30 5,501 Wholesale 310 — — 310 Transmission 306 — — 306 Other 36 101 — 137 Total revenue from contracts with customers 4,993 1,231 30 6,254 Alternative revenue and other 351 65 7 423 Total revenues $ 5,344 $ 1,296 $ 37 $ 6,677 Six Months Ended June 30, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,622 $ 1,005 $ 28 $ 2,655 C&I 2,690 547 20 3,257 Other 73 — 2 75 Total retail 4,385 1,552 50 5,987 Wholesale 398 — — 398 Transmission 320 — — 320 Other 13 80 — 93 Total revenue from contracts with customers 5,116 1,632 50 6,798 Alternative revenue and other 248 49 7 304 Total revenues $ 5,364 $ 1,681 $ 57 $ 7,102 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Reconciliation between the statutory rate and ETR: Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.1 5.1 4.9 4.9 (Decreases) increases: Wind PTCs (a) (60.3) (64.0) (36.8) (44.1) Plant regulatory differences (b) (7.0) (6.3) (6.0) (5.8) Other tax credits, net operating loss & tax credit allowances (1.3) (1.4) (0.8) (1.5) Other, net 1.4 1.6 0.7 0.5 Effective income tax rate (41.1) % (44.0) % (17.0) % (25.0) % (a) Wind PTCs net of estimated transfer discounts are generally credited to customers (reduction to revenue) and do not materially impact net income. (b) Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic EPS was computed by dividing the earnings available to common shareholders by the average weighted number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. has common stock equivalents related to time-based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period. • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. Common shares outstanding used in the basic and diluted EPS computation: Three Months Ended June 30 Six Months Ended June 30 (Shares in Millions) 2024 2023 2024 2023 Basic 557 551 556 551 Diluted (a) 557 552 556 551 (a) |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. • Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices. • Level 2 — Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. • Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation. Specific valuation methods include: Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments. FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification. Net congestion costs, including the impact of FTR settlements, are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability. Non-Derivative Fair Value Measurements Nuclear Decommissioning Fund The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust. NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset. Unrealized gains for the nuclear decommissioning fund were $1.3 billion and $1.2 billion as of June 30, 2024 and Dec. 31, 2023, respectively, and unrealized losses were $40 million and $29 million as of June 30, 2024 and Dec. 31, 2023, respectively. Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: June 30, 2024 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 43 $ 43 $ — $ — $ — $ 43 Commingled funds 713 — — — 1,036 1,036 Debt securities 834 — 801 14 — 815 Equity securities 517 1,493 1 — — 1,494 Total $ 2,107 $ 1,536 $ 802 $ 14 $ 1,036 $ 3,388 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $251 million of equity method investments and $152 million of rabbi trust assets and other miscellaneous investments. Dec. 31, 2023 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 41 $ 41 $ — $ — $ — $ 41 Commingled funds 721 — — — 1,049 1,049 Debt securities 784 — 771 9 — 780 Equity securities 508 1,339 2 — — 1,341 Total $ 2,054 $ 1,380 $ 773 $ 9 $ 1,049 $ 3,211 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments. For the three and six months ended June 30, 2024 and 2023, there were no transfers of Level 3 investments between levels. Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2024: Final Contractual Maturity (Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Debt securities $ 5 $ 289 $ 266 $ 255 $ 815 Rabbi Trusts Xcel Energy has established rabbi trusts to provide partial funding for future distributions of a deferred compensation plan. The fair value of assets held in the rabbi trusts were $94 million and $88 million at June 30, 2024 and Dec. 31, 2023, respectively, comprised of cash equivalents and mutual funds (level 1 valuation methods). Amounts are reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. Derivative Activities and Fair Value Measurements Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, and utility commodity prices. Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income. As of June 30, 2024, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2024, Xcel Energy had no unsettled interest swaps outstanding. See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income. Wholesale and Commodity Trading — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy. Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement. Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs. The most significant derivative positions outstanding at June 30, 2024 and Dec. 31, 2023 for this purpose relate to FTR instruments administered by MISO and SPP. These instruments are intended to offset the impacts of transmission system congestion. When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms. As of June 30, 2024, Xcel Energy had no commodity contracts designated as cash flow hedges. Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) June 30, 2024 Dec. 31, 2023 Megawatt hours of electricity 75 48 Million British thermal units of natural gas 79 84 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise. Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of June 30, 2024, four of Xcel Energy’s ten most significant counterparties for these activities, comprising $41 million, or 21%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Five of the ten most significant counterparties, comprising $64 million, or 33%, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. One of these significant counterparties, comprising $60 million, or 31%, of this credit exposure, had credit quality less than investment grade, based on internal analysis. Eight of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities. Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies. As of June 30, 2024 and Dec. 31, 2023, there were $17 million and $12 million, respectively, of derivative liabilities with such underlying contract provisions, respectively. Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants. As of June 30, 2024 and Dec. 31, 2023, there were approximately $86 million and $88 million of derivative liabilities with such underlying contract provisions, respectively. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of June 30, 2024 and Dec. 31, 2023. Recurring Derivative Fair Value Measurements Impact of derivative activity: Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities Three Months Ended June 30, 2024 Other derivative instruments: Electric commodity $ — $ 42 Natural gas commodity — (1) Total $ — $ 41 Six Months Ended June 30, 2024 Derivatives designated as cash flow hedges: Interest rate $ 29 $ — Total $ 29 $ — Other derivative instruments: Electric commodity $ — $ 41 Natural gas commodity — 3 Total $ — $ 44 Three Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 18 $ — Total $ 18 $ — Other derivative instruments: Electric commodity $ — $ (19) Total $ — $ (19) Six Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 11 $ — Total $ 11 $ — Other derivative instruments: Electric commodity $ — $ (111) Natural gas commodity — 3 Total $ — $ (108) Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities Three Months Ended June 30, 2024 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (14) (b) Electric commodity — (15) (c) — Total $ — $ (15) $ (14) Six Months Ended June 30, 2024 Derivatives designated as cash flow hedges: Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (22) (b) Electric commodity — (3) (c) — Natural gas commodity — — (14) (d)(e) Total $ — $ (3) $ (36) Three Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (6) (b) Electric commodity — 11 (c) — Total $ — $ 11 $ (6) Six Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 3 (a) $ — $ — Total $ 3 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (6) (b) Electric commodity — 94 (c) — Natural gas commodity — 10 (d) (19) (d)(e) Total $ — $ 104 $ (25) (a) Recorded to interest charges. (b) Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. (c) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value. (d) Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (e) Relates primarily to option premium amortization. Xcel Energy had no derivative instruments designated as fair value hedges during the six months ended June 30, 2024 and 2023. Derivative assets and liabilities measured at fair value on a recurring basis were as follows: June 30, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 6 $ 43 $ 22 $ 71 $ (51) $ 20 $ 8 $ 51 $ 32 $ 91 $ (59) $ 32 Electric commodity — — 211 211 (3) 208 — — 62 62 (7) 55 Natural gas commodity — 4 — 4 — 4 — 14 — 14 — 14 Total current derivative assets $ 6 $ 47 $ 233 $ 286 $ (54) 232 $ 8 $ 65 $ 94 $ 167 $ (66) 101 PPAs (b) 2 3 Current derivative instruments $ 234 $ 104 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 11 $ 52 $ 57 $ 120 $ (36) $ 84 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 Total noncurrent derivative assets $ 11 $ 52 $ 57 $ 120 $ (36) $ 84 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 June 30, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Derivatives designated as cash flow hedges: Interest rate $ — $ — $ — $ — $ — $ — $ — $ 17 $ — $ 17 $ — $ 17 Other derivative instruments: Commodity trading $ 6 $ 77 $ 6 $ 89 $ (53) $ 36 $ 6 $ 86 $ 5 $ 97 $ (60) $ 37 Electric commodity — — 3 3 (3) — — — 7 7 (7) — Natural gas commodity — 1 — 1 — 1 — 12 — 12 — 12 Total current derivative liabilities $ 6 $ 78 $ 9 $ 93 $ (56) 37 $ 6 $ 115 $ 12 $ 133 $ (67) 66 PPAs (b) 7 8 Current derivative instruments $ 44 $ 74 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 14 $ 56 $ 42 $ 112 $ (40) $ 72 $ 16 $ 50 $ 37 $ 103 $ (39) $ 64 Total noncurrent derivative liabilities $ 14 $ 56 $ 42 $ 112 $ (40) 72 $ 16 $ 50 $ 37 $ 103 $ (39) 64 PPAs (b) 19 22 Noncurrent derivative instruments $ 91 $ 86 (a) Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $5 million and $7 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. Changes in Level 3 commodity derivatives: Three Months Ended June 30 (Millions of Dollars) 2024 2023 Balance at April 1 $ 91 $ 78 Purchases (a) 174 167 Settlements (a) (110) (47) Net transactions recorded during the period: Gains recognized in earnings (b) 3 10 Net gains recognized as regulatory assets and liabilities (a) 81 1 Balance at June 30 $ 239 $ 209 Six Months Ended June 30 (Millions of Dollars) 2024 2023 Balance at Jan. 1 $ 90 $ 235 Purchases (a) 177 172 Settlements (a) (161) (76) Net transactions recorded during the period: Gains (losses) recognized in earnings (b) 3 (2) Net gains (losses) recognized as regulatory assets and liabilities (a) 130 (120) Balance at June 30 $ 239 $ 209 (a) Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP. (b) Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses. Fair Value of Long-Term Debt As of June 30, 2024, other financial instruments for which the carrying amount did not equal fair value: June 30, 2024 Dec. 31, 2023 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 28,570 $ 24,959 $ 25,465 $ 22,927 Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of June 30, 2024 and Dec. 31, 2023, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost (Credit) Three Months Ended June 30 2024 2023 2024 2023 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 19 $ 18 $ 1 $ — Interest cost (a) 38 40 5 5 Expected return on plan assets (a) (51) (52) (5) (4) Amortization of prior service credit (a) (1) — — — Amortization of net loss (a) 8 5 — 1 Settlement charge (b) 56 — — — Net periodic benefit cost 69 11 1 2 Effects of regulation (40) 7 — — Net benefit cost recognized for financial reporting $ 29 $ 18 $ 1 $ 2 Six Months Ended June 30 2024 2023 2024 2023 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 38 $ 37 $ 1 $ — Interest cost (a) 76 80 10 11 Expected return on plan assets (a) (103) (105) (9) (9) Amortization of prior service credit (a) (1) (1) — — Amortization of net loss (a) 15 11 1 1 Settlement charge (b) 56 — — — Net periodic benefit cost 81 22 3 3 Effects of regulation (36) 14 — — Net benefit cost recognized for financial reporting $ 45 $ 36 $ 3 $ 3 (a) The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b) A settlement charge is required when the amount of lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the second quarter of 2024, as a result of lump-sum distributions during the 2024 plan year, Xcel Energy recorded a pension settlement charge of $56 million, of which $7 million was recognized in the consolidated statement of income after considering the effects of regulation. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Legal Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s consolidated financial statements. Legal fees are generally expensed as incurred. Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. One case remains active which includes a multi-district litigation matter consisting of a Wisconsin purported class (Arandell Corp.). The Court issued a ruling in June 2022 granting plaintiffs’ class certification. In April 2023, the Seventh Circuit Court of Appeals heard the defendants’ appeal challenging whether the district court properly assessed class certification. A decision relating to class certification is expected imminently. Xcel Energy considers the reasonably possible loss associated with this litigation to be immaterial. Comanche Unit 3 Litigation — In 2021, CORE filed a lawsuit in Denver County District Court, alleging PSCo breached ownership agreement terms by failing to operate Comanche Unit 3 in accordance with prudent utility practices. In April 2022, CORE filed a supplement to include damages related to a 2022 outage. Also in 2022, CORE sent notice of withdrawal from the ownership agreement based on the same alleged breaches. In October 2023, the jury ruled that CORE may not withdraw as a joint owner of the facility but awarded CORE lost power damages of $26 million. PSCo recognized $35 million of losses for the verdict in 2023, including estimated interest and other costs. In early 2024, PSCo and CORE each filed appeals of the trial court’s decision to the Colorado Court of Appeals. Marshall Wildfire Litigation — In December 2021, a wildfire ignited in Boulder County, Colorado (Marshall Fire), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. On June 8, 2023, the Boulder County Sheriff’s Office released its Marshall Fire Investigative Summary and Review and its supporting documents (Sheriff’s Report). According to an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses. According to the Sheriff’s Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo’s service territory, for reasons unrelated to PSCo’s power lines. According to the Sheriff’s Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo’s service territory. According to the Sheriff’s Report, the second ignition started approximately 80 to 110 feet away from PSCo’s power lines in the area. The Sheriff’s Report states that the most probable cause of the second ignition was hot particles discharged from PSCo’s power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff’s Report, no design, installation or maintenance defects or deficiencies were identified on PSCo’s electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition . PSCo is aware of 307 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,087 plaintiffs. The complaints generally allege that PSCo’s equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. In September 2023, the Boulder County District Court Judge consolidated eight lawsuits that were pending at that time into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025. Discovery is now underway. Colorado courts do not apply strict liability in determining an electric utility company’s liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff’s property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated. Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury’s verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action filed before Jan. 1, 2025, other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles. Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff’s damages. In the event Xcel Energy Inc. or PSCo was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, Xcel Energy Inc. and PSCo are unable to estimate the amount or range of possible losses in connection with the Marshall Fire. 2024 Smokehouse Creek Fire Complex — On February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the “Smokehouse Creek Fire Complex”). The Texas A&M Forest Service issued incident reports that determined that the Smokehouse Creek Fire and the 687 Reamer Fire were caused by power lines owned by SPS after wooden poles near each fire origin failed. According to the Texas A&M Forest Service’s Incident Viewer and news reports, the Smokehouse Creek Fire Complex burned approximately 1,055,000 acres. SPS is aware of approximately 21 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex, including one putative class action on behalf of persons or entities who owned rangelands or pastures that were damaged by the fire. The complaints generally allege that SPS’s equipment ignited the Smokehouse Creek Fire Complex and seek compensation for losses resulting from the fire, asserting various causes of action under Texas law. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. SPS has also received approximately 141 claims for losses related to the Smokehouse Creek Fire Complex through its claims process and has reached final settlements on 43 of those claims. In July 2024, SPS reached a settlement of a complaint related to one of the two fatalities believed to be associated with the Smokehouse Creek Fire Complex. Texas law does not apply strict liability in determining an electric utility company’s liability for fire-related damages. For negligence claims under Texas law, a public utility has a duty to exercise ordinary and reasonable care. Potential liabilities related to the Smokehouse Creek Fire Complex depend on various factors, including the cause of the equipment failure and the extent and magnitude of potential damages, including damages to residential and commercial structures, personal property, vegetation, livestock and livestock feed (including replacement feed), personal injuries and any other damages, penalties, fines or restitution that may be imposed by courts or other governmental entities if SPS is found to have been negligent. Based on the current state of the law and the facts and circumstances available as of the date of this filing, Xcel Energy believes it is probable that it will incur a loss in connection with the Smokehouse Creek Fire Complex and accordingly has accrued a $215 million estimated loss for the matter (before available insurance), presented in other current liabilities as of June 30, 2024. The aggregate liability of $215 million for claims in connection with the Smokehouse Creek Fire Complex (before available insurance) corresponds to the lower end of the range of Xcel Energy’s reasonably estimable range of losses, and is subject to change based on additional information. This $215 million estimate does not include, among other things, amounts for (i) potential penalties or fines that may be imposed by governmental entities on Xcel Energy, (ii) exemplary or punitive damages, (iii) compensation claims by federal, state, county and local government entities or agencies, (iv) compensation claims for damage to trees, railroad lines, or oil and gas equipment, or (v) other amounts that are not reasonably estimable. Xcel Energy remains unable to reasonably estimate any additional loss or the upper end of the range because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability. In the event that SPS or Xcel Energy Services Inc. was found liable related to the litigation related to the Smokehouse Creek Fire Complex and was required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million for the annual policy period and could have a material adverse effect on our financial condition, results of operations or cash flows. The process for estimating losses associated with potential claims related to the Smokehouse Creek Fire Complex requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the Smokehouse Creek Fire Complex may change. SPS records insurance recoveries when it is deemed probable that recovery will occur, and SPS can reasonably estimate the amount or range. SPS has recorded an insurance receivable for $215 million, presented within prepayments and other current assets as of June 30, 2024. While SPS plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries. Rate Matters and Other Xcel Energy’s operating subsidiaries are involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements. Sherco — In 2018, NSP-Minnesota and SMMPA (Co-owner of Sherco Unit 3) reached a settlement with GE related to a 2011 incident, which damaged the turbine at Sherco Unit 3 and resulted in an extended outage. NSP-Minnesota notified the MPUC of its proposal to refund settlement proceeds to customers through the FCA. In March 2019, the MPUC approved NSP-Minnesota’s settlement refund proposal. Additionally, the MPUC decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of an appeal pending between GE and NSP-Minnesota’s insurers. In February 2020, the Minnesota Court of Appeals affirmed the district court’s judgment in favor of GE. In January 2021, the OAG and DOC recommended that NSP-Minnesota refund approximately $17 million of replacement power costs previously recovered through the FCA. NSP-Minnesota responded that it acted prudently in connection with the Sherco Unit 3 outage, the MPUC has previously disallowed $22 million of related costs and no additional refund or disallowance is appropriate. In July 2022, the MPUC referred the matter to the Office of Administrative Hearings to conduct a contested case on the prudence of the replacement power costs incurred by NSP-Minnesota. In 2023, NSP-Minnesota and various parties filed recommendations, including the DOC which recommended a $56 million customer refund. The Xcel Large Industrial customer group recommended a refund of $72 million. In May 2024, the ALJ recommended a customer refund of $34 million (less a portion of the proceeds received from the settlement with GE). The ALJ indicated that consideration of the $22 million of previously disallowed costs was not in the scope of their recommendation. Xcel Energy has recorded an estimate for a customer refund in this matter. A final decision by the MPUC is expected in late 2024. Minnesota 2023 Fuel Clause Adjustment — In March 2024, NSP-Minnesota filed its annual fuel clause adjustment true-up petition to the MPUC, with a proposed refund of $126 million for fuel over-recoveries in 2023. In April 2024, the DOC recommended the MPUC approve the non-nuclear aspects of the petition. In May 2024, the DOC and Minnesota OAG filed comments relating to an outage at the Prairie Island generating station that lasted from October 2023 through February 2024. The DOC recommended that NSP-Minnesota refund $20 million of replacement power costs for 2023 as well as a future refund of replacement power costs for 2024 once those costs are known. The OAG recommended that NSP-Minnesota refund $18 million of replacement power costs for 2023 and did not address 2024. In July 2024, NSP-Minnesota filed reply comments in the 2023 proceeding in support of its position that no customer refund for replacement power costs is warranted. A final decision by the MPUC is expected in late 2024. Environmental New and changing federal and state environmental mandates can create financial obligations for Xcel Energy, which are normally recovered through the regulated rate process. Site Remediation Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. Xcel Energy Inc.’s subsidiaries may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination. Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which one or more of Xcel Energy Inc.’s subsidiaries are alleged to have sent wastes to that site. MGP, Landfill and Disposal Sites Xcel Energy is investigating, remediating or performing post-closure actions at 13 historical MGP, landfill or other disposal sites across its service territories, in addition to sites that are being addressed under current coal ash regulations (see below). Xcel Energy has recognized approximately $20 million of costs/liabilities for resolution of these issues; however, the final outcomes and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Water and Waste Coal Ash Regulation — Xcel Energy is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste. In May 2024, final amendments to the CCR Rule were published. These include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use. As a specific requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land, as well as perform corrective actions where offsite groundwater has been impacted. If certain impacts to groundwater are detected, utilities may be required to perform additional groundwater investigations and/or perform corrective actions, typically beginning with an Assessment of Corrective Measures. Investigation and/or corrective action related to groundwater impacts are currently underway at certain active and closed coal-fueled generating facilities at a current estimated cost of at least $40 million. In addition, Xcel Energy expects to incur $15 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. Asset retirement obligations have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms. Xcel Energy has also identified coal ash that is expected to be required to be removed from certain closed coal-fueled generating facilities at estimated costs totaling approximately $100 million. Asset retirement obligations have been recorded, with the costs expected to be recoverable through regulatory mechanisms. Xcel Energy continues to evaluate the 2024 updates to the CCR rule, the interpretations of those updates and how they will apply to specific sites. Assessment of the recent updates to the CCR Rule and corresponding site investigation activities may result in updates to estimated costs as well as identification of additional required corrective actions. Clean Water Act Section 316(b) — The Federal Clean Water Act requires the EPA to regulate cooling water intake structures to assure they reflect the best technology available for minimizing impingement and entrainment of aquatic species. Estimated capital expenditures of approximately $50 million may be required to comply with the requirements. Xcel Energy anticipates these costs will be recoverable through regulatory mechanisms. Air Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act. The final rule applies to generation facilities in Minnesota, Texas and Wisconsin, as well as other states outside of our service territory. The rule establishes an allowance trading program for NOx that will impact Xcel Energy fossil fuel-fired electric generating facilities. Subject facilities will have to secure additional allowances, install NOx controls and/or develop a strategy of operations that utilizes the existing allowance allocations. Guidelines are also established for allowance banking and emission limit backstops. While the financial impacts of the final rule are uncertain and dependent on market forces and anticipated generation, Xcel Energy anticipates the annual costs could be significant, but would be recoverable through regulatory mechanisms. SPS and NSP-Minnesota have joined other companies in litigation challenging the EPA’s disapproval of Texas and Minnesota state implementation plans. Currently, the regulation is under a judicial stay for both Texas and Minnesota. The regulation may become applicable in those states in the future. The rule took effect in NSP-Wisconsin in 2023 and has been managed without the additional need for allowances. In February 2024, the EPA proposed to partially disapprove New Mexico’s state implementation plan and bring New Mexico into the federal Good Neighbor Plan. Xcel Energy continues to evaluate impacts to generation units at SPS. In June 2024, the U.S. Supreme Court issued an order granting a stay of the final rule. We are assessing implementation of the stay order in Wisconsin. Leases Xcel Energy evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space, land for solar developments and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset. Components of lease expense: Three Months Ended June 30 (Millions of Dollars) 2024 2023 Operating leases PPA capacity payments $ 57 $ 61 Other operating leases (a) 11 12 Total operating lease expense (b) $ 68 $ 73 Finance leases Amortization of ROU assets $ 1 $ — Interest expense on lease liability 3 4 Total finance lease expense $ 4 $ 4 (a) Includes short-term lease expense of $1 million and $3 million for 2024 and 2023, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Six Months Ended June 30 (Millions of Dollars) 2024 2023 Operating leases PPA capacity payments $ 115 $ 121 Other operating leases (a) 22 24 Total operating lease expense (b) $ 137 $ 145 Finance leases Amortization of ROU assets $ 2 $ 1 Interest expense on lease liability 7 8 Total finance lease expense $ 9 $ 9 (a) Includes short-term lease expense of $2 million and $5 million for 2024 and 2023, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Commitments under operating and finance leases as of June 30, 2024: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,107 $ 360 $ 1,467 $ 213 Interest component of obligation (135) (145) (280) (150) Present value of minimum obligation $ 972 215 1,187 63 Less current portion (226) (2) Noncurrent operating and finance lease liabilities $ 961 $ 61 (a) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Variable Interest Entities Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. Xcel Energy has determined that certain IPPs are VIEs, however Xcel Energy is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity. In addition, certain solar PPAs provide an option to purchase emission allowances or sharing provisions related to production credits generated by the solar facility under contract. These specific PPAs create a variable interest in the IPP. Xcel Energy evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. Xcel Energy concluded that these entities are not required to be consolidated in its consolidated financial statements because Xcel Energy does not have the power to direct the activities that most significantly impact the entities’ economic performance. The utility subsidiaries had approximately 3,751 MW of capacity under long-term PPAs as of both June 30, 2024 and Dec. 31, 2023, with entities that have been determined to be variable interest entities. The PPAs have expiration dates through 2041. Other Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount. As of June 30, 2024 and Dec. 31, 2023, Xcel Energy had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $79 million and $75 million at June 30, 2024 and Dec. 31, 2023, respectively. Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss, net of tax: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at April 1 $ (30) $ (41) $ (71) $ (58) $ (39) $ (97) Other comprehensive gain before reclassifications — — — 13 — 13 Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) — — — 1 — 1 Amortization of net actuarial losses (b) — 4 4 — 1 1 Net current period other comprehensive income — 4 4 14 1 15 Accumulated other comprehensive loss at June 30 $ (30) $ (37) $ (67) $ (44) $ (38) $ (82) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (53) $ (41) $ (94) $ (54) $ (39) $ (93) Other comprehensive gain before reclassifications 22 — 22 8 — 8 Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) 1 — 1 2 — 2 Amortization of net actuarial losses (b) — 4 4 — 1 1 Net current period other comprehensive income 23 4 27 10 1 11 Accumulated other comprehensive loss at June 30 $ (30) $ (37) $ (67) $ (44) $ (38) $ (82) (a) Included in interest charges. (b) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided including the regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. Xcel Energy has the following reportable segments: • Regulated Electric — The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations. • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. Xcel Energy also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services revenues/commissions, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits. Xcel Energy had equity method investments of $251 million and $244 million as of June 30, 2024 and Dec. 31, 2023, respectively, included in the natural gas utility and all other segments. Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment. Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. Xcel Energy’s segment information: Three Months Ended June 30 (Millions of Dollars) 2024 2023 Regulated Electric Total revenues $ 2,659 $ 2,601 Net income 353 350 Regulated Natural Gas Total revenues $ 355 $ 393 Net income (loss) 3 (22) All Other Total revenues $ 14 $ 28 Net loss (54) (40) Consolidated Total Total revenues $ 3,028 $ 3,022 Net income 302 288 Six Months Ended June 30 (Millions of Dollars) 2024 2023 Regulated Electric Operating revenues $ 5,344 $ 5,364 Intersegment revenue 1 — Total revenues $ 5,345 $ 5,364 Net income 711 646 Regulated Natural Gas Operating revenues $ 1,296 $ 1,681 Intersegment revenue 1 2 Total revenues $ 1,297 $ 1,683 Net income 161 137 All Other Total revenues $ 37 $ 57 Net loss (82) (77) Consolidated Total Total revenues $ 6,679 $ 7,104 Reconciling eliminations (2) (2) Total operating revenues $ 6,677 $ 7,102 Net income 790 706 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 302 | $ 288 | $ 790 | $ 706 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | (Millions of Dollars) June 30, 2024 Dec. 31, 2023 Accounts receivable, net Accounts receivable $ 1,244 $ 1,443 Less allowance for bad debts (106) (128) Accounts receivable, net $ 1,138 $ 1,315 |
Inventories | (Millions of Dollars) June 30, 2024 Dec. 31, 2023 Inventories Materials and supplies $ 394 $ 377 Fuel 181 211 Natural gas 47 123 Total inventories $ 622 $ 711 |
Property, plant and equipment, net | (Millions of Dollars) June 30, 2024 Dec. 31, 2023 Property, plant and equipment, net Electric plant $ 53,883 $ 52,494 Natural gas plant 9,363 9,080 Common and other property 3,296 3,190 Plant to be retired (a) 1,890 2,055 Construction work in progress 4,355 2,873 Total property, plant and equipment 72,787 69,692 Less accumulated depreciation (19,300) (18,399) Nuclear fuel 3,444 3,337 Less accumulated amortization (3,041) (2,988) Property, plant and equipment, net $ 53,890 $ 51,642 (a) |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Commercial paper and term loan borrowings | Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2024 Year Ended Dec. 31, 2023 Borrowing limit $ 3,550 $ 3,550 Amount outstanding at period end 802 785 Average amount outstanding 449 491 Maximum amount outstanding 802 1,241 Weighted average interest rate, computed on a daily basis 5.54 % 5.12 % Weighted average interest rate at period end 5.54 5.52 |
Credit Facilities | As of June 30, 2024, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 1,500 $ 802 $ 698 PSCo 700 31 669 NSP-Minnesota 700 12 688 SPS 500 — 500 NSP-Wisconsin 150 — 150 Total $ 3,550 $ 845 $ 2,705 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Xcel Energy’s operating revenues consisted of the following: Three Months Ended June 30, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 801 $ 191 $ — $ 992 C&I 1,335 97 6 1,438 Other 36 — 3 39 Total retail 2,172 288 9 2,469 Wholesale 137 — — 137 Transmission 148 — — 148 Other 17 42 — 59 Total revenue from contracts with customers 2,474 330 9 2,813 Alternative revenue and other 185 25 5 215 Total revenues $ 2,659 $ 355 $ 14 $ 3,028 Three Months Ended June 30, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 748 $ 216 $ 15 $ 979 C&I 1,337 124 8 1,469 Other 37 — 1 38 Total retail 2,122 340 24 2,486 Wholesale 174 — — 174 Transmission 157 — — 157 Other 4 32 — 36 Total revenue from contracts with customers 2,457 372 24 2,853 Alternative revenue and other 144 21 4 169 Total revenues $ 2,601 $ 393 $ 28 $ 3,022 Six Months Ended June 30, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,660 $ 759 $ 10 $ 2,429 C&I 2,611 371 15 2,997 Other 70 — 5 75 Total retail 4,341 1,130 30 5,501 Wholesale 310 — — 310 Transmission 306 — — 306 Other 36 101 — 137 Total revenue from contracts with customers 4,993 1,231 30 6,254 Alternative revenue and other 351 65 7 423 Total revenues $ 5,344 $ 1,296 $ 37 $ 6,677 Six Months Ended June 30, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,622 $ 1,005 $ 28 $ 2,655 C&I 2,690 547 20 3,257 Other 73 — 2 75 Total retail 4,385 1,552 50 5,987 Wholesale 398 — — 398 Transmission 320 — — 320 Other 13 80 — 93 Total revenue from contracts with customers 5,116 1,632 50 6,798 Alternative revenue and other 248 49 7 304 Total revenues $ 5,364 $ 1,681 $ 57 $ 7,102 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between the statutory rate and ETR: Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.1 5.1 4.9 4.9 (Decreases) increases: Wind PTCs (a) (60.3) (64.0) (36.8) (44.1) Plant regulatory differences (b) (7.0) (6.3) (6.0) (5.8) Other tax credits, net operating loss & tax credit allowances (1.3) (1.4) (0.8) (1.5) Other, net 1.4 1.6 0.7 0.5 Effective income tax rate (41.1) % (44.0) % (17.0) % (25.0) % (a) Wind PTCs net of estimated transfer discounts are generally credited to customers (reduction to revenue) and do not materially impact net income. (b) Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Common shares outstanding used in the basic and diluted EPS computation: Three Months Ended June 30 Six Months Ended June 30 (Shares in Millions) 2024 2023 2024 2023 Basic 557 551 556 551 Diluted (a) 557 552 556 551 (a) Diluted common shares outstanding included common stock equivalents of 0.2 million and 0.3 million for the three months ended June 30, 2024 and 2023, respectively. Diluted common shares outstanding included common stock equivalents of 0.2 million for the six months ended June 30, 2024 and 2023. |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: June 30, 2024 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 43 $ 43 $ — $ — $ — $ 43 Commingled funds 713 — — — 1,036 1,036 Debt securities 834 — 801 14 — 815 Equity securities 517 1,493 1 — — 1,494 Total $ 2,107 $ 1,536 $ 802 $ 14 $ 1,036 $ 3,388 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $251 million of equity method investments and $152 million of rabbi trust assets and other miscellaneous investments. Dec. 31, 2023 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 41 $ 41 $ — $ — $ — $ 41 Commingled funds 721 — — — 1,049 1,049 Debt securities 784 — 771 9 — 780 Equity securities 508 1,339 2 — — 1,341 Total $ 2,054 $ 1,380 $ 773 $ 9 $ 1,049 $ 3,211 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments. |
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2024: Final Contractual Maturity (Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Debt securities $ 5 $ 289 $ 266 $ 255 $ 815 |
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) June 30, 2024 Dec. 31, 2023 Megawatt hours of electricity 75 48 Million British thermal units of natural gas 79 84 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise. |
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities Three Months Ended June 30, 2024 Other derivative instruments: Electric commodity $ — $ 42 Natural gas commodity — (1) Total $ — $ 41 Six Months Ended June 30, 2024 Derivatives designated as cash flow hedges: Interest rate $ 29 $ — Total $ 29 $ — Other derivative instruments: Electric commodity $ — $ 41 Natural gas commodity — 3 Total $ — $ 44 Three Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 18 $ — Total $ 18 $ — Other derivative instruments: Electric commodity $ — $ (19) Total $ — $ (19) Six Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 11 $ — Total $ 11 $ — Other derivative instruments: Electric commodity $ — $ (111) Natural gas commodity — 3 Total $ — $ (108) Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities Three Months Ended June 30, 2024 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (14) (b) Electric commodity — (15) (c) — Total $ — $ (15) $ (14) Six Months Ended June 30, 2024 Derivatives designated as cash flow hedges: Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (22) (b) Electric commodity — (3) (c) — Natural gas commodity — — (14) (d)(e) Total $ — $ (3) $ (36) Three Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (6) (b) Electric commodity — 11 (c) — Total $ — $ 11 $ (6) Six Months Ended June 30, 2023 Derivatives designated as cash flow hedges: Interest rate $ 3 (a) $ — $ — Total $ 3 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (6) (b) Electric commodity — 94 (c) — Natural gas commodity — 10 (d) (19) (d)(e) Total $ — $ 104 $ (25) (a) Recorded to interest charges. (b) Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. (c) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value. (d) Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (e) Relates primarily to option premium amortization. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 6 $ 43 $ 22 $ 71 $ (51) $ 20 $ 8 $ 51 $ 32 $ 91 $ (59) $ 32 Electric commodity — — 211 211 (3) 208 — — 62 62 (7) 55 Natural gas commodity — 4 — 4 — 4 — 14 — 14 — 14 Total current derivative assets $ 6 $ 47 $ 233 $ 286 $ (54) 232 $ 8 $ 65 $ 94 $ 167 $ (66) 101 PPAs (b) 2 3 Current derivative instruments $ 234 $ 104 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 11 $ 52 $ 57 $ 120 $ (36) $ 84 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 Total noncurrent derivative assets $ 11 $ 52 $ 57 $ 120 $ (36) $ 84 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 June 30, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Derivatives designated as cash flow hedges: Interest rate $ — $ — $ — $ — $ — $ — $ — $ 17 $ — $ 17 $ — $ 17 Other derivative instruments: Commodity trading $ 6 $ 77 $ 6 $ 89 $ (53) $ 36 $ 6 $ 86 $ 5 $ 97 $ (60) $ 37 Electric commodity — — 3 3 (3) — — — 7 7 (7) — Natural gas commodity — 1 — 1 — 1 — 12 — 12 — 12 Total current derivative liabilities $ 6 $ 78 $ 9 $ 93 $ (56) 37 $ 6 $ 115 $ 12 $ 133 $ (67) 66 PPAs (b) 7 8 Current derivative instruments $ 44 $ 74 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 14 $ 56 $ 42 $ 112 $ (40) $ 72 $ 16 $ 50 $ 37 $ 103 $ (39) $ 64 Total noncurrent derivative liabilities $ 14 $ 56 $ 42 $ 112 $ (40) 72 $ 16 $ 50 $ 37 $ 103 $ (39) 64 PPAs (b) 19 22 Noncurrent derivative instruments $ 91 $ 86 (a) Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $5 million and $7 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Change in Level 3 Commodity Derivative | Changes in Level 3 commodity derivatives: Three Months Ended June 30 (Millions of Dollars) 2024 2023 Balance at April 1 $ 91 $ 78 Purchases (a) 174 167 Settlements (a) (110) (47) Net transactions recorded during the period: Gains recognized in earnings (b) 3 10 Net gains recognized as regulatory assets and liabilities (a) 81 1 Balance at June 30 $ 239 $ 209 Six Months Ended June 30 (Millions of Dollars) 2024 2023 Balance at Jan. 1 $ 90 $ 235 Purchases (a) 177 172 Settlements (a) (161) (76) Net transactions recorded during the period: Gains (losses) recognized in earnings (b) 3 (2) Net gains (losses) recognized as regulatory assets and liabilities (a) 130 (120) Balance at June 30 $ 239 $ 209 (a) Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP. (b) Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses. |
Carrying Amount and Fair Value of Long-term Debt | June 30, 2024 Dec. 31, 2023 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 28,570 $ 24,959 $ 25,465 $ 22,927 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit) Three Months Ended June 30 2024 2023 2024 2023 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 19 $ 18 $ 1 $ — Interest cost (a) 38 40 5 5 Expected return on plan assets (a) (51) (52) (5) (4) Amortization of prior service credit (a) (1) — — — Amortization of net loss (a) 8 5 — 1 Settlement charge (b) 56 — — — Net periodic benefit cost 69 11 1 2 Effects of regulation (40) 7 — — Net benefit cost recognized for financial reporting $ 29 $ 18 $ 1 $ 2 Six Months Ended June 30 2024 2023 2024 2023 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 38 $ 37 $ 1 $ — Interest cost (a) 76 80 10 11 Expected return on plan assets (a) (103) (105) (9) (9) Amortization of prior service credit (a) (1) (1) — — Amortization of net loss (a) 15 11 1 1 Settlement charge (b) 56 — — — Net periodic benefit cost 81 22 3 3 Effects of regulation (36) 14 — — Net benefit cost recognized for financial reporting $ 45 $ 36 $ 3 $ 3 (a) The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b) |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Finance Lease, Liability, Fiscal Year Maturity | Commitments under operating and finance leases as of June 30, 2024: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,107 $ 360 $ 1,467 $ 213 Interest component of obligation (135) (145) (280) (150) Present value of minimum obligation $ 972 215 1,187 63 Less current portion (226) (2) Noncurrent operating and finance lease liabilities $ 961 $ 61 (a) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. |
Lease, Cost | Components of lease expense: Three Months Ended June 30 (Millions of Dollars) 2024 2023 Operating leases PPA capacity payments $ 57 $ 61 Other operating leases (a) 11 12 Total operating lease expense (b) $ 68 $ 73 Finance leases Amortization of ROU assets $ 1 $ — Interest expense on lease liability 3 4 Total finance lease expense $ 4 $ 4 (a) Includes short-term lease expense of $1 million and $3 million for 2024 and 2023, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Six Months Ended June 30 (Millions of Dollars) 2024 2023 Operating leases PPA capacity payments $ 115 $ 121 Other operating leases (a) 22 24 Total operating lease expense (b) $ 137 $ 145 Finance leases Amortization of ROU assets $ 2 $ 1 Interest expense on lease liability 7 8 Total finance lease expense $ 9 $ 9 (a) Includes short-term lease expense of $2 million and $5 million for 2024 and 2023, respectively. (b) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at April 1 $ (30) $ (41) $ (71) $ (58) $ (39) $ (97) Other comprehensive gain before reclassifications — — — 13 — 13 Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) — — — 1 — 1 Amortization of net actuarial losses (b) — 4 4 — 1 1 Net current period other comprehensive income — 4 4 14 1 15 Accumulated other comprehensive loss at June 30 $ (30) $ (37) $ (67) $ (44) $ (38) $ (82) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (53) $ (41) $ (94) $ (54) $ (39) $ (93) Other comprehensive gain before reclassifications 22 — 22 8 — 8 Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) 1 — 1 2 — 2 Amortization of net actuarial losses (b) — 4 4 — 1 1 Net current period other comprehensive income 23 4 27 10 1 11 Accumulated other comprehensive loss at June 30 $ (30) $ (37) $ (67) $ (44) $ (38) $ (82) (a) Included in interest charges. (b) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | Xcel Energy’s segment information: Three Months Ended June 30 (Millions of Dollars) 2024 2023 Regulated Electric Total revenues $ 2,659 $ 2,601 Net income 353 350 Regulated Natural Gas Total revenues $ 355 $ 393 Net income (loss) 3 (22) All Other Total revenues $ 14 $ 28 Net loss (54) (40) Consolidated Total Total revenues $ 3,028 $ 3,022 Net income 302 288 Six Months Ended June 30 (Millions of Dollars) 2024 2023 Regulated Electric Operating revenues $ 5,344 $ 5,364 Intersegment revenue 1 — Total revenues $ 5,345 $ 5,364 Net income 711 646 Regulated Natural Gas Operating revenues $ 1,296 $ 1,681 Intersegment revenue 1 2 Total revenues $ 1,297 $ 1,683 Net income 161 137 All Other Total revenues $ 37 $ 57 Net loss (82) (77) Consolidated Total Total revenues $ 6,679 $ 7,104 Reconciling eliminations (2) (2) Total operating revenues $ 6,677 $ 7,102 Net income 790 706 |
Selected Balance Sheet Data Sel
Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 1,244 | $ 1,443 |
Less allowance for bad debts | (106) | (128) |
Accounts receivable, net | $ 1,138 | $ 1,315 |
Selected Balance Sheet Data S_2
Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Public Utilities, Inventory [Line Items] | ||
Total inventories | $ 622 | $ 711 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 394 | 377 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 181 | 211 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 47 | $ 123 |
Selected Balance Sheet Data, Pr
Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 72,787 | $ 69,692 | |
Less accumulated depreciation and amortization | (19,300) | (18,399) | |
Property, plant and equipment, net | 53,890 | 51,642 | |
Electric plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 53,883 | 52,494 | |
Natural gas plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 9,363 | 9,080 | |
Common and other property | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,296 | 3,190 | |
Plant to be retired | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | [1] | 1,890 | 2,055 |
Construction work in progress | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,355 | 2,873 | |
Nuclear fuel | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,444 | 3,337 | |
Less accumulated depreciation and amortization | $ (3,041) | $ (2,988) | |
[1] Amounts include Sherco 1 and 3 and A.S. King for NSP-Minnesota; Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion for PSCo; and Tolk Unit 1 and 2 and coal generation assets at Harrington pending facility gas conversion for SPS. Amounts are presented net of accumulated depreciation. |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 802 | $ 785 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 3,550 | 3,550 |
Amount outstanding at period end | 802 | 785 |
Average amount outstanding | 449 | 491 |
Maximum amount outstanding | $ 802 | $ 1,241 |
Weighted average interest rate, computed on a daily basis | 5.54% | 5.12% |
Weighted average interest rate at period end | 5.54% | 5.52% |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 43 | $ 44 |
Letters of Credit (Details)
Letters of Credit (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 802 | $ 785 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 43 | $ 44 |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | $ 3,550 | |
Outstanding | [2] | 845 | |
Available | 2,705 | ||
Direct advances on the credit facility outstanding | 0 | $ 0 | |
PSCo | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 700 | |
Outstanding | [2] | 31 | |
Available | 669 | ||
NSP-Minnesota | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 700 | |
Outstanding | [2] | 12 | |
Available | 688 | ||
SPS | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 500 | |
Outstanding | [2] | 0 | |
Available | 500 | ||
NSP-Wisconsin | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 150 | |
Outstanding | [2] | 0 | |
Available | 150 | ||
Xcel Energy Inc. | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 1,500 | |
Outstanding | [2] | 802 | |
Available | $ 698 | ||
[1] Expires in September 2027. Includes outstanding commercial paper and letters of credit. |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments Term Loan (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 802 | $ 785 | |
Proceeds from issuance of common stock | 101 | $ 75 | |
ATM Net Proceeds | 93 | 188 | |
Letter of Credit | |||
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 43 | $ 44 | |
Series Due March 15, 2034 | Bonds [Member] | XCEL ENERGY INC [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||
Debt Instrument, Face Amount | $ 800 | ||
Series Due May 15, 2034 | Bonds [Member] | PSCo | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.35% | ||
Debt Instrument, Face Amount | $ 450 | ||
Series Due March 15, 2054 | Bonds [Member] | NSP-Minnesota | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||
Debt Instrument, Face Amount | $ 700 | ||
Series Due May 15, 2054 | Bonds [Member] | PSCo | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Debt Instrument, Face Amount | $ 750 | ||
Series Due June 15, 2054 | Bonds [Member] | NSP-Wisconsin | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | ||
Debt Instrument, Face Amount | $ 400 | ||
Series Due June 1, 2054 | Bonds [Member] | SPS | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||
Debt Instrument, Face Amount | $ 600 |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 802 | $ 785 |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 43 | $ 44 |
Bilateral Credit Agreement [Member] | NSP-Minnesota | Letter of Credit | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 70 | |
Credit Facility | $ 75 |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - Bonds [Member] $ in Millions | Jun. 30, 2024 USD ($) |
PSCo | Series Due May 15, 2034 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 450 |
Debt Instrument, Interest Rate, Stated Percentage | 5.35% |
PSCo | Series Due May 15, 2054 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 750 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |
SPS | Series Due June 1, 2054 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 600 |
Debt Instrument, Interest Rate, Stated Percentage | 6% |
NSP-Wisconsin | Series Due June 15, 2054 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Interest Rate, Stated Percentage | 5.65% |
NSP-Minnesota | Series Due March 15, 2054 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 700 |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% |
XCEL ENERGY INC [Member] | Series Due March 15, 2034 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 800 |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% |
Borrowings and Other Financin_7
Borrowings and Other Financing Instruments Equity through DRIP and Benefits Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||
Proceeds from issuance of common stock | $ 101 | $ 75 | ||
Issuances of common stock | $ 101 | $ 77 | 113 | 95 |
Dividend Reinvestment Program | ||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||
Proceeds from issuance of common stock | $ 40 | $ 61 |
ATM Program (Details)
ATM Program (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |||
ATM Program Total Available Shares | $ 2,500 | ||
ATM Shares Issued | 1,680 | 3,120 | |
ATM Net Proceeds | $ 93 | $ 188 | |
ATM Shares Remaining | 2,200,000 | 2,200,000 | |
ATM Transaction Fee | $ 1 | $ 2 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 2,469 | $ 2,486 | $ 5,501 | $ 5,987 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 137 | 174 | 310 | 398 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 148 | 157 | 306 | 320 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 59 | 36 | 137 | 93 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,813 | 2,853 | 6,254 | 6,798 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 215 | 169 | 423 | 304 |
Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 992 | 979 | 2,429 | 2,655 |
C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,438 | 1,469 | 2,997 | 3,257 |
Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 39 | 38 | 75 | 75 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,028 | 3,022 | 6,677 | 7,102 |
Regulated Electric | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,172 | 2,122 | 4,341 | 4,385 |
Regulated Electric | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 137 | 174 | 310 | 398 |
Regulated Electric | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 148 | 157 | 306 | 320 |
Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 4 | 36 | 13 |
Regulated Electric | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,474 | 2,457 | 4,993 | 5,116 |
Regulated Electric | Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 185 | 144 | 351 | 248 |
Regulated Electric | Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 801 | 748 | 1,660 | 1,622 |
Regulated Electric | C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,335 | 1,337 | 2,611 | 2,690 |
Regulated Electric | Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36 | 37 | 70 | 73 |
Regulated Electric | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,659 | 2,601 | 5,344 | 5,364 |
Regulated Natural Gas | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 288 | 340 | 1,130 | 1,552 |
Regulated Natural Gas | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Regulated Natural Gas | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 42 | 32 | 101 | 80 |
Regulated Natural Gas | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 330 | 372 | 1,231 | 1,632 |
Regulated Natural Gas | Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 25 | 21 | 65 | 49 |
Regulated Natural Gas | Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 191 | 216 | 759 | 1,005 |
Regulated Natural Gas | C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 97 | 124 | 371 | 547 |
Regulated Natural Gas | Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Regulated Natural Gas | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 355 | 393 | 1,296 | 1,681 |
All Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 9 | 24 | 30 | 50 |
All Other | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
All Other | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
All Other | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 9 | 24 | 30 | 50 |
All Other | Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 5 | 4 | 7 | 7 |
All Other | Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 15 | 10 | 28 |
All Other | C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6 | 8 | 15 | 20 |
All Other | Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3 | 1 | 5 | 2 |
All Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 14 | $ 28 | $ 37 | $ 57 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate | 21% | 21% | 21% | 21% | |
State tax (net of federal tax effect) | 5.10% | 5.10% | 4.90% | 4.90% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | [1] | (60.30%) | (64.00%) | (36.80%) | (44.10%) |
Plant regulatory differences (b) | [2] | (7.00%) | (6.30%) | (6.00%) | (5.80%) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent | (1.30%) | (1.40%) | (0.80%) | (1.50%) | |
Other, net | 1.40% | 1.60% | 0.70% | 0.50% | |
Effective income tax rate | (41.10%) | (44.00%) | (17.00%) | (25.00%) | |
[1]Wind PTCs net of estimated transfer discounts are generally credited to customers (reduction to revenue) and do not materially impact net income[2] Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions. |
Common Stock Equivalents (Detai
Common Stock Equivalents (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Earnings Per Share [Abstract] | |||||
Weighted Average Number of Shares Outstanding, Basic | 557,000 | 551,000 | 556,000 | 551,000 | |
Diluted (in shares) | [1] | 557,000 | 552,000 | 556,000 | 551,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements | 200 | 300 | 200 | 200 | |
[1] Diluted common shares outstanding included common stock equivalents of 0.2 million and 0.3 million for the three months ended June 30, 2024 and 2023, respectively. Diluted common shares outstanding included common stock equivalents of 0.2 million for the six months ended June 30, 2024 and 2023. |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||
Nuclear decommissinoning fund [Abstract] | ||||||
Equity investments in unconsolidated subsidiaries | $ 251 | $ 244 | ||||
Miscellaneous investments | 152 | 144 | ||||
Debt Securities, Available-for-sale, Unrealized Gain | 1,300 | $ 1,200 | ||||
Debt Securities, Available-for-sale, Unrealized Loss | 40 | 29 | ||||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||||||
Due in one year or less | 5 | |||||
Due in 1 to 5 years | 289 | |||||
Due in 5 to 10 years | 266 | |||||
Due after 10 years | 255 | |||||
Total | 815 | |||||
Debt Securities, Available-for-sale, Unrealized Gain | 1,300 | 1,200 | ||||
Debt Securities, Available-for-sale, Unrealized Loss | 40 | $ 29 | ||||
Interest Rate Swap | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1 | |||||
Fair Value Measured on a Recurring Basis | Cost | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Decommissioning Fund Investments | 2,107 | [1] | 2,054 | [2] | ||
Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Cash equivalents | 43 | [1] | 41 | [2] | ||
Fair Value Measured on a Recurring Basis | Cost | Commingled funds | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Alternative investment | [2] | 721 | ||||
Investments, Fair Value Disclosure | [1] | 713 | ||||
Fair Value Measured on a Recurring Basis | Cost | Debt securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Debt securities | 834 | [1] | 784 | [2] | ||
Fair Value Measured on a Recurring Basis | Cost | Equity securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Equity Securities, FV-NI | 517 | [1] | 508 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Alternative investment | 1,036 | [1] | 1,049 | [2] | ||
Decommissioning Fund Investments | 3,388 | [1] | 3,211 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Cash equivalents | 43 | [1] | 41 | [2] | ||
Alternative investment | 0 | [1] | 0 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Alternative investment | 1,036 | [1] | 1,049 | [2] | ||
Investments, Fair Value Disclosure | 1,036 | |||||
Fair Value Measured on a Recurring Basis | Fair Value | Debt securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Debt securities | 815 | [1] | 780 | [2] | ||
Alternative investment | 0 | [1] | 0 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Equity securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Equity Securities, FV-NI | 1,494 | [1] | 1,341 | [2] | ||
Alternative investment | 0 | [1] | 0 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Decommissioning Fund Investments | 1,536 | [1] | 1,380 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Cash equivalents | 43 | [1] | 41 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Alternative investment | [2] | 0 | ||||
Investments, Fair Value Disclosure | [1] | 0 | ||||
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Debt securities | 0 | [1] | 0 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Equity Securities, FV-NI | 1,493 | [1] | 1,339 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Decommissioning Fund Investments | 802 | [1] | 773 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Cash equivalents | 0 | [1] | 0 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Alternative investment | [2] | 0 | ||||
Investments, Fair Value Disclosure | [1] | 0 | ||||
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Debt securities | 801 | [1] | 771 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Equity Securities, FV-NI | 1 | [1] | 2 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Decommissioning Fund Investments | 14 | [1] | 9 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Cash equivalents | 0 | [1] | 0 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Alternative investment | [2] | 0 | ||||
Investments, Fair Value Disclosure | [1] | 0 | ||||
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Debt securities | 14 | [1] | 9 | [2] | ||
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||
Equity Securities, FV-NI | $ 0 | [1] | $ 0 | [2] | ||
[1] Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $251 million of equity method investments and $152 million of rabbi trust assets and other miscellaneous investments. Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments. |
Rabbi Trust (Details)
Rabbi Trust (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Estimate of Fair Value Measurement | Fair Value, Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trusts Assets at Fair Value | $ 94 | $ 88 |
Interest Rate Derivatives (Deta
Interest Rate Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Derivative Asset, Current | $ 234 | $ 104 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Derivative Liability, Noncurrent | $ 91 | $ 86 | |
Derivative Liability, Current | 44 | 74 | |
Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Asset, Current | 232 | 101 | |
Derivative Asset, Noncurrent | 84 | 76 | |
Derivative Liability, Gross | 93 | 133 | |
Netting | [1] | (56) | (67) |
Derivative Liability, Noncurrent | 72 | 64 | |
Derivative Liability, Current | 37 | 66 | |
Fair Value, Measured on a Recurring Basis | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 286 | 167 | |
Netting | [1] | 54 | 66 |
Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 120 | 110 | |
Netting | [1] | 36 | 34 |
Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 112 | 103 | |
Netting | [1] | (40) | (39) |
Level 1 | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 6 | 6 | |
Level 1 | Fair Value, Measured on a Recurring Basis | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 6 | 8 | |
Level 1 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 11 | 14 | |
Level 1 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 14 | 16 | |
Level 2 | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 78 | 115 | |
Level 2 | Fair Value, Measured on a Recurring Basis | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 47 | 65 | |
Level 2 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 52 | 51 | |
Level 2 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 56 | 50 | |
Level 3 | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 9 | 12 | |
Level 3 | Fair Value, Measured on a Recurring Basis | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 233 | 94 | |
Level 3 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 57 | 45 | |
Level 3 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 42 | 37 | |
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Asset, Current | 20 | 32 | |
Derivative Asset, Noncurrent | 84 | 76 | |
Derivative Liability, Gross | 89 | 97 | |
Netting | [1] | (53) | (60) |
Derivative Liability, Noncurrent | 72 | 64 | |
Derivative Liability, Current | 36 | 37 | |
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 71 | 91 | |
Netting | [1] | 51 | 59 |
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 120 | 110 | |
Netting | [1] | 36 | 34 |
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 112 | 103 | |
Netting | [1] | (40) | (39) |
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 6 | 6 | |
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 6 | 8 | |
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 11 | 14 | |
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 14 | 16 | |
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 77 | 86 | |
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 43 | 51 | |
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 52 | 51 | |
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 56 | 50 | |
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 6 | 5 | |
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 22 | 32 | |
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 57 | 45 | |
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 42 | 37 | |
Electric Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Asset, Current | 208 | 55 | |
Derivative Liability, Gross | 3 | 7 | |
Netting | [1] | (3) | (7) |
Electric Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 211 | 62 | |
Netting | [1] | 3 | 7 |
Electric Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 0 | |
Electric Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 0 | 0 | |
Electric Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 0 | |
Electric Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 0 | 0 | |
Electric Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 3 | 7 | |
Electric Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 211 | 62 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1 | ||
Derivative Liability, Notional Amount | 0 | ||
Interest Rate Swap | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Liability, Current | 17 | ||
Interest Rate Swap | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Liabilities | |||
Derivative [Line Items] | |||
Netting | [1] | 0 | 0 |
Interest Rate Swap | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Liabilities | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 17 | |
Interest Rate Swap | Level 1 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Liabilities | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 0 | |
Interest Rate Swap | Level 2 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Liabilities | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 17 | |
Interest Rate Swap | Level 3 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Liabilities | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 0 | |
PPAs | Fair Value, Measurements, Nonrecurring | |||
Derivative [Line Items] | |||
Derivative Asset, Current | [2] | 2 | 3 |
Derivative Liability, Noncurrent | [2] | 19 | 22 |
Derivative Liability, Current | [2] | 7 | 8 |
Natural Gas Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Asset, Current | 4 | 14 | |
Derivative Liability, Gross | 1 | 12 | |
Netting | [1] | 0 | 0 |
Derivative Liability, Current | 1 | 12 | |
Natural Gas Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 4 | 14 | |
Netting | [1] | 0 | 0 |
Natural Gas Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 0 | |
Natural Gas Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 0 | 0 | |
Natural Gas Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 1 | 12 | |
Natural Gas Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 4 | 14 | |
Natural Gas Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | |||
Derivative [Line Items] | |||
Derivative Liability, Gross | 0 | 0 | |
Natural Gas Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | $ 0 | $ 0 | |
[1] Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $5 million and $7 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Commodity Derivatives (Details)
Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) MMBTU MWh | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) MMBTU MWh | Jun. 30, 2023 USD ($) | Dec. 31, 2023 MMBTU MWh | ||
Other Derivative Instruments | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 41 | $ (19) | $ 44 | $ (108) | ||
Cash Flow Hedge Commodity [Member] | ||||||
Derivative [Line Items] | ||||||
Commodity contracts designated as cash flow hedges | $ 0 | $ 0 | ||||
Electric Commodity [Member] | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Derivative, Nonmonetary Notional Amount | MWh | [1],[2] | 75 | 75 | 48 | ||
Natural Gas Commodity | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Derivative, Nonmonetary Notional Amount | MMBTU | [1],[2] | 79 | 79 | 84 | ||
Natural Gas Commodity | Other Derivative Instruments | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ (1) | $ 3 | $ 3 | |||
[1] Not reflective of net positions in the underlying commodities. Notional amounts for options included on a gross basis but weighted for the probability of exercise. |
Consideration of Credit Risk an
Consideration of Credit Risk and Concentrations (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) Counterparty | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Counterparty | Jun. 30, 2023 USD ($) | |||
Impact of Derivative Activity [Abstract] | ||||||
Fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | ||
Other Derivative Instruments | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 41 | (19) | 44 | (108) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (15) | 11 | (3) | 104 | ||
Pre-tax gains (losses) recognized during the period in income | (14) | (6) | (36) | (25) | ||
Other Derivative Instruments | Electric Commodity | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 42 | (19) | 41 | (111) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [1] | (15) | 11 | (3) | 94 | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||
Other Derivative Instruments | Natural Gas Commodity | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (1) | 3 | 3 | |||
Other Derivative Instruments | Commodity Trading | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | [2] | (14) | (6) | (22) | (6) | |
Other Derivative Instruments | Natural Gas Commodity | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 10 | [3] | |||
Pre-tax gains (losses) recognized during the period in income | [3],[4] | (14) | (19) | |||
Designated as Hedging Instrument | Cash Flow Hedges | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 18 | 29 | 11 | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 1 | 2 | 3 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | ||||||
Impact of Derivative Activity [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 18 | 29 | 11 | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [5] | 1 | 1 | 2 | 3 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | $ 0 | $ 0 | $ 0 | $ 0 | ||
Credit Concentration Risk | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | 10 | ||||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 8 | 8 | ||||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 4 | 4 | ||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 41 | $ 41 | ||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 21% | 21% | ||||
Credit Concentration Risk | Internal Investment Grade [Member] | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 5 | 5 | ||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 64 | $ 64 | ||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 33% | 33% | ||||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | 1 | ||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 60 | $ 60 | ||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 31% | 31% | ||||
[1] Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value. Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. Relates primarily to option premium amortization. Recorded to interest charges. |
Credit Related Contingent Featu
Credit Related Contingent Features (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 17 | $ 12 |
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value | 86 | 88 |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 0 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current | Assets, Current | ||||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent | ||||
Derivative Liability, Noncurrent | $ 91 | $ 91 | $ 86 | ||||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Liabilities, Other than Long-Term Debt, Noncurrent | Liabilities, Other than Long-Term Debt, Noncurrent | Liabilities, Other than Long-Term Debt, Noncurrent | ||||
Reclaim Cash Collateral | $ 5 | $ 5 | $ 7 | ||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Fair value hedges | 0 | $ 0 | 0 | $ 0 | |||
Return Cash Collateral | 0 | 0 | 0 | ||||
Derivative Asset, Current | $ 234 | $ 234 | $ 104 | ||||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current | Liabilities, Current | ||||
Derivative Liability, Current | $ 44 | $ 44 | $ 74 | ||||
Commodity Trading | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Balance at beginning of period | 91 | 78 | 90 | 235 | |||
Purchases | [1] | 174 | 167 | 177 | 172 | ||
Settlements | [1] | (110) | (47) | (161) | (76) | ||
Gains (losses) recognized in earnings | [2] | 3 | 10 | 3 | (2) | ||
Net gains recognized as regulatory assets and liabilities (a) | [1] | 81 | 1 | 130 | (120) | ||
Balance at end of period | 239 | 209 | 239 | 209 | |||
Other Derivative Instruments | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | (15) | 11 | (3) | 104 | |||
Other Derivative Instruments | Electric Commodity | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | [3] | (15) | 11 | (3) | 94 | ||
Other Derivative Instruments | Natural Gas Commodity | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 10 | [4] | ||||
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 2 | ||||||
Designated as Hedging Instrument | Cash Flow Hedges | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | $ 0 | 0 | $ 0 | |||
Fair Value Measured on a Recurring Basis | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 93 | 93 | 133 | ||||
Netting | [5] | (56) | (56) | (67) | |||
Derivative Liability, Noncurrent | 72 | 72 | 64 | ||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Derivative Asset, Current | 232 | 232 | 101 | ||||
Derivative Liability, Current | 37 | 37 | 66 | ||||
Fair Value Measured on a Recurring Basis | Level 1 | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 6 | 6 | 6 | ||||
Fair Value Measured on a Recurring Basis | Level 2 | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 78 | 78 | 115 | ||||
Fair Value Measured on a Recurring Basis | Level 3 | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 9 | 9 | 12 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 89 | 89 | 97 | ||||
Netting | [5] | (53) | (53) | (60) | |||
Derivative Liability, Noncurrent | 72 | 72 | 64 | ||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Derivative Asset, Current | 20 | 20 | 32 | ||||
Derivative Liability, Current | 36 | 36 | 37 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 3 | 3 | 7 | ||||
Netting | [5] | (3) | (3) | (7) | |||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Derivative Asset, Current | 208 | 208 | 55 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 1 | 1 | 12 | ||||
Netting | [5] | 0 | 0 | 0 | |||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Derivative Asset, Current | 4 | 4 | 14 | ||||
Derivative Liability, Current | 1 | 1 | 12 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 6 | 6 | 6 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 0 | 0 | 0 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 0 | 0 | 0 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 77 | 77 | 86 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 0 | 0 | 0 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 1 | 1 | 12 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 6 | 6 | 5 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 3 | 3 | 7 | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Gross | 0 | 0 | 0 | ||||
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Derivative Liability, Current | 17 | ||||||
Fair Value, Measurements, Nonrecurring | PPAs | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Noncurrent | [6] | 19 | 19 | 22 | |||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||
Derivative Asset, Current | [6] | 2 | 2 | 3 | |||
Derivative Liability, Current | [6] | $ 7 | $ 7 | $ 8 | |||
[1] Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP. Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses. Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value. Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $5 million and $7 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 28,570 | $ 25,465 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 24,959 | $ 22,927 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Operating and maintenance expenses | $ 662 | $ 628 | $ 1,267 | $ 1,278 | ||
Pension Plan [Member] | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 19 | 18 | 38 | 37 | ||
Interest Cost | [1] | 38 | 40 | 76 | 80 | |
Expected Return on Plan Assets | [1] | (51) | (52) | (103) | (105) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | [1] | (1) | 0 | (1) | (1) | |
Amortization of Net Loss | [1] | 8 | 5 | 15 | 11 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | 56 | 0 | 56 | 0 | |
Net periodic benefit cost | 69 | 11 | 81 | 22 | ||
Effects of regulation | (40) | 7 | (36) | 14 | ||
Net benefit cost recognized for financial reporting | 29 | 18 | 45 | 36 | ||
Operating and maintenance expenses | 7 | |||||
Pension Plan [Member] | Parent Company | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Contributions to Xcel Energy's pension plans | $ 100 | |||||
Other Postretirement Benefits Plan [Member] | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 1 | 0 | 1 | 0 | ||
Interest Cost | [1] | 5 | 5 | 10 | 11 | |
Expected Return on Plan Assets | [1] | (5) | (4) | (9) | (9) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | [1] | 0 | 0 | 0 | 0 | |
Amortization of Net Loss | [1] | 0 | 1 | 1 | 1 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | 0 | 0 | 0 | 0 | |
Net periodic benefit cost | 1 | 2 | 3 | 3 | ||
Effects of regulation | 0 | 0 | 0 | 0 | ||
Net benefit cost recognized for financial reporting | $ 1 | $ 2 | $ 3 | $ 3 | ||
[1]The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset[2]A settlement charge is required when the amount of lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the second quarter of 2024, as a result of lump-sum distributions during the 2024 plan year, Xcel Energy recorded a pension settlement charge of $56 million, of which $7 million was recognized in the consolidated statement of income after considering the effects of regulation. |
Gas Trading Litigation (Details
Gas Trading Litigation (Details) | Jun. 30, 2024 |
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 1 |
Commitments and Contingencies N
Commitments and Contingencies NSP-Minnesota-Sherco (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jan. 31, 2021 | May 17, 2024 | Sep. 22, 2023 | |
Rate Matters [Abstract] | |||
Sherco Disallowance | $ 22 | ||
Sherco Large Industrial Customer group recommended refund | $ 72 | ||
ALJ Recommended Customer Refund | $ 34 | ||
Disallowance Not Considered in ALJ Recommendation | $ 22 | ||
NSP-Minnesota | |||
Rate Matters [Abstract] | |||
Customer refund of previously recovered purchased power costs | $ 17 | ||
DOC Recommendation Based on Xcel's GE Litigation Loss of Use | $ 56 |
MGP, Landfill and Disposal Site
MGP, Landfill and Disposal Sites (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Manufactured Gas Plant (MGP) Site [Abstract] | |
Cost of identified MGP, landfill, or disposal sites under current investigation and/or remediation | $ 20 |
Other MGP, Landfill, or Disposal Sites [Domain] | |
Manufactured Gas Plant (MGP) Site [Abstract] | |
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 13 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Site Contingency [Line Items] | |
Accrued liability of sites under investigation as part of federal CCR program | $ 40 |
Legacy CCR Investigation and Remediation Costs | 15 |
Cost of Coal Ash Removal Projects | 100 |
Federal Clean Water Act Section 316 (b) | Capital Addition Purchase Commitments | |
Site Contingency [Line Items] | |
Liability for estimated cost to comply with entrainment regulation | $ 50 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Finance Lease, Right-of-Use Asset, Amortization | $ 1 | $ 0 | $ 2 | $ 1 | ||||||
Finance Lease, Interest Expense | 3 | 4 | 7 | 8 | ||||||
Finance Lease, Cost | 4 | 4 | 9 | 9 | ||||||
Operating Lease, Cost | 68 | [1] | 73 | [1] | 137 | [2] | 145 | [2] | ||
Lessee, Operating Lease, Liability, to be Paid | 1,467 | 1,467 | ||||||||
Finance Lease, Liability, Payment, Due | [3] | 213 | 213 | |||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (280) | (280) | ||||||||
Finance Lease, Liability, Undiscounted Excess Amount | [3] | (150) | (150) | |||||||
Operating Lease, Liability | 1,187 | 1,187 | ||||||||
Finance Lease, Liability | [3] | 63 | 63 | |||||||
Operating Lease, Liability, Current | (226) | (226) | $ (226) | |||||||
Finance Lease, Liability, Current | [3] | (2) | (2) | |||||||
Operating lease liabilities | 961 | 961 | $ 1,038 | |||||||
Finance Lease, Liability, Noncurrent | [3] | 61 | 61 | |||||||
Short-term Lease, Cost | $ 1 | 3 | $ 2 | 5 | ||||||
WYCO, Inc. | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | ||||||||
PPAs | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Lease, Cost | $ 57 | 61 | $ 115 | 121 | ||||||
Lessee, Operating Lease, Liability, to be Paid | 1,107 | 1,107 | ||||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (135) | (135) | ||||||||
Operating Lease, Liability | 972 | 972 | ||||||||
Property, Plant and Equipment, Other Types | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Lease, Cost | 11 | [4] | $ 12 | [4] | 22 | [5] | $ 24 | [5] | ||
Lessee, Operating Lease, Liability, to be Paid | 360 | 360 | ||||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (145) | (145) | ||||||||
Operating Lease, Liability | $ 215 | $ 215 | ||||||||
[1]PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.[2]PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.[3] Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Includes short-term lease expense of $1 million and $3 million for 2024 and 2023, respectively. Includes short-term lease expense of $2 million and $5 million for 2024 and 2023, respectively. |
Variable Interest Entities (Det
Variable Interest Entities (Details) - MW | Jun. 30, 2024 | Dec. 31, 2023 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements (in MW) | 3,751 | 3,751 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies, Guarantees and Indemnifications [Abstract] | ||
Assets Held As Collateral For Guarantor Obligations | $ 0 | $ 0 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 79,000,000 | $ 75,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Comanche Unit 3 (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Loss Contingencies [Line Items] | |
CORE outcome excluding interest | $ 26 |
CORE outcome total | $ 35 |
Commitments and Contingencies_2
Commitments and Contingencies - Marshall Wildfire (Details) $ in Millions | Jun. 30, 2024 USD ($) complaint numberOfPlaintiffs |
Commitments and Contingencies Disclosure [Abstract] | |
Estimated property losses caused by Marshall Wildfire | $ 2,000 |
Number of complaints related to the Marshall Wildfire | complaint | 307 |
Cap of noneconomic loss in a civil action other than a medical malpractice under Colorado law | $ 0.6 |
Amount of insurance coverage | $ 500 |
Number of plaintiffs related to the Marshall Wildfire | numberOfPlaintiffs | 4,087 |
Commitment and Contingencies -
Commitment and Contingencies - Smokehouse Creek (Details) $ in Millions | Jun. 30, 2024 USD ($) complaint Claims Period |
Commitments and Contingencies Disclosure [Abstract] | |
Number of complaints related to the Smokehouse Creek Complex [Abstract] | complaint | 21 |
Number of claims related to the Smokehouse Creek Complex | Claims | 141 |
Smokehouse probable loss | $ 215 |
Smokehouse Creek Insurance Receivable | 215 |
Amount of insurance coverage | $ 500 |
Number of claims settled related to the Smokehouse Creek Complex | Period | 43 |
Commitments and Contingencies_3
Commitments and Contingencies - Minnesota 2023 FCA (Details) - USD ($) $ in Millions | May 15, 2024 | Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] | ||
Proposed Refund - 2023 FCA | $ 126 | |
DOC Recommended Refund - 2023 FCA | $ 20 | |
OAG Recommended Refund - 2023 FCA | $ 18 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | $ 17,954 | $ 17,954 | $ 17,616 | ||||||
Interest Rate Derivatives, Tax | (88) | $ (88) | (115) | $ (141) | |||||
Gains and Losses on Cash Flow Hedges | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | (30) | (44) | (30) | (44) | $ (30) | (53) | $ (58) | $ (54) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 0 | 0 | 0 | 0 | ||||
Net current period other comprehensive income (loss) | 0 | 14 | 23 | 10 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 13 | 22 | 8 | |||||
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 0 | 1 | 1 | 2 | ||||
Defined Benefit Pension and Postretirement Items | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | (37) | (38) | (37) | (38) | (41) | (41) | (39) | (39) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 4 | 1 | 4 | 1 | ||||
Net current period other comprehensive income (loss) | 4 | 1 | 4 | 1 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | |||||
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 0 | 0 | 0 | 0 | ||||
Total | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | (67) | (82) | (67) | (82) | $ (71) | $ (94) | $ (97) | $ (93) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 4 | 1 | 4 | 1 | ||||
Net current period other comprehensive income (loss) | 4 | 15 | 27 | 11 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 13 | 22 | 8 | |||||
Total | Interest Rate Swap | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | $ 0 | $ 1 | $ 1 | $ 2 | ||||
[1]Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information.[2] Included in interest charges. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting [Abstract] | |||||
Equity Method Investments | $ 251 | $ 251 | $ 244 | ||
Segment Reporting Information [Line Items] | |||||
Electric | 2,659 | $ 2,601 | 5,344 | $ 5,364 | |
Net income | 302 | 288 | 790 | 706 | |
Natural gas | 355 | 393 | 1,296 | 1,681 | |
Other | 14 | 28 | 37 | 57 | |
Regulated and Unregulated Operating Revenue | 3,028 | 3,022 | 6,677 | 7,102 | |
Equity Method Investments | 251 | 251 | 244 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | 3,028 | 3,022 | 6,679 | 7,104 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | (2) | (2) | |||
Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Net income | 353 | 350 | 711 | 646 | |
Revenues Including Intersegment Revenues | 2,659 | 2,601 | 5,345 | 5,364 | |
Regulated Electric | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Electric | 5,344 | 5,364 | |||
Regulated Electric | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Electric | 1 | 0 | |||
Regulated Natural Gas | |||||
Segment Reporting [Abstract] | |||||
Equity Method Investments | 251 | 251 | 244 | ||
Segment Reporting Information [Line Items] | |||||
Net income | 3 | (22) | 161 | 137 | |
Revenues Including Intersegment Revenues | 1,297 | 1,683 | |||
Equity Method Investments | 251 | 251 | $ 244 | ||
Regulated Natural Gas | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Natural gas | 355 | 393 | 1,296 | 1,681 | |
Regulated Natural Gas | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Natural gas | 1 | 2 | |||
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net income | (54) | (40) | (82) | (77) | |
All Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Other | $ 14 | $ 28 | $ 37 | $ 57 |