Public Service Co Of Colorado 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Entity Registrant Name	PUBLIC SERVICE CO OF COLORADO
Entity Central Index Key	0000081018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-03280
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-0296600
Entity Address, Address Line One	1800 Larimer Street, Suite 1100
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	(303)
Local Phone Number	571-7511
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenues
Electric	$ 920	$ 828
Natural gas	811	578
Other	16	17
Total operating revenues	1,747	1,423
Operating expenses
Electric fuel and purchased power	382	344
Cost of natural gas sold and transported	501	329
Cost of sales — other	5	5
Operating and maintenance expenses	230	216
Demand side management expenses	36	34
Depreciation and amortization	228	193
Taxes (other than income taxes)	73	65
Total operating expenses	1,455	1,186
Operating income	292	237
Other income, net	1	0
Allowance for funds used during construction — equity	7	6
Interest charges and financing costs
Interest charges — includes other financing costs of $2	73	60
Allowance for funds used during construction — debt	(4)	(2)
Total interest charges and financing costs	69	58
Income before income taxes	231	185
Income tax expense	17	9
Net income	$ 214	$ 176

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Other financing costs	$ 2	$ 2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Comprehensive income:
Net income	$ 214	$ 176
Pension and retiree medical benefits:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	1	0
Total other comprehensive income	1	0
Total comprehensive income	215	176
Tax	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 214	$ 176
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	230	194
Deferred income taxes	(31)	(2)
Allowance for equity funds used during construction	(7)	(6)
Provision for bad debts	10	7
Changes in operating assets and liabilities:
Accounts receivable	40	(73)
Accrued unbilled revenues	200	65
Inventories	120	55
Other current assets	24	4
Accounts payable	(195)	8
Net regulatory assets and liabilities	62	36
Other current liabilities	98	57
Pension and other employee benefit obligations	0	(16)
Other, net	(5)	(23)
Net cash provided by operating activities	760	482
Investing activities
Utility capital/construction expenditures	(464)	(384)
Net cash used in investing activities	(464)	(384)
Financing activities
Repayments of short-term borrowings, net	65	(142)
Borrowings under utility money pool arrangement	0	101
Repayments under utility money pool arrangement	0	(63)
Proceeds from issuance of long-term debt	0	(1)
Repayments of long-term debt	(250)	0
Capital contributions from parent	74	92
Dividends paid to parent	(173)	(104)
Net cash used in financing activities	(284)	(117)
Net change in cash, cash equivalents and restricted cash	12	(19)
Cash, cash equivalents and restricted cash at beginning of period	10	25
Cash, cash equivalents and restricted cash at end of period	22	6
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	(79)	(77)
Cash received (paid) for income taxes, net	20	(2)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	154	121
Inventory transfers to property, plant and equipment	15	9
Operating lease right-of-use assets	17	0
Allowance for equity funds used during construction	$ 7	$ 6

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash, cash equivalents and restricted cash at beginning of period	$ 22	$ 10
Accounts receivable, net	513	562
Accounts receivable from affiliates	0	11
Accrued unbilled revenues	319	519
Inventories	184	319
Regulatory assets	450	411
Derivative instruments	38	65
Prepayments and other	83	103
Total current assets	1,609	2,000
Property, plant and equipment, net	19,891	19,652
Other assets
Regulatory assets	1,209	1,277
Derivative instruments	19	22
Operating lease right-of-use assets	432	437
Other	266	231
Total other assets	1,926	1,967
Total assets	23,426	23,619
Current liabilities
Current portion of long-term debt	0	250
Short-term debt	359	294
Accounts payable	512	764
Accounts payable to affiliates	86	75
Regulatory liabilities	70	59
Taxes accrued	353	242
Accrued interest	47	59
Dividends payable to parent	130	120
Derivative instruments	20	30
Operating lease liabilities	90	80
Other	112	115
Total current liabilities	1,779	2,088
Deferred credits and other liabilities
Deferred income taxes	1,965	1,983
Regulatory liabilities	2,532	2,489
Asset retirement obligations	482	476
Derivative instruments	10	9
Customer advances	142	144
Pension and employee benefit obligations	13	13
Operating lease liabilities	365	379
Other	200	198
Total deferred credits and other liabilities	5,709	5,691
Commitments and contingencies
Capitalization
Long-term debt	$ 6,611	$ 6,610
Common Stock, Shares Authorized	100	100
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	100	100
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at March 31, 2023 and Dec. 31, 2022, respectively	$ 0	$ 0
Additional paid in capital	7,057	6,992
Retained earnings	2,291	2,260
Accumulated other comprehensive loss	(21)	(22)
Total common stockholder's equity	9,327	9,230
Total liabilities and equity	$ 23,426	$ 23,619

CONSOLIDATED STATEMENTS OF COMM

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	Common stock	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2021		100
Beginning Balance at Dec. 31, 2021	$ 8,444	$ 0	$ 6,426	$ 2,040	$ (22)
Increase (Decrease) in Stockholder's Equity
Net income	176			176
Total other comprehensive income	0
Dividends declared to parent	(129)			(129)
Contribution of capital by parent	80		80
Balance (in shares) at Mar. 31, 2022		100
Ending Balance at Mar. 31, 2022	$ 8,571	$ 0	6,506	2,087	(22)
Balance (in shares) at Dec. 31, 2022	100	100
Beginning Balance at Dec. 31, 2022	$ 9,230	$ 0	6,992	2,260	(22)
Increase (Decrease) in Stockholder's Equity
Net income	214			214
Total other comprehensive income	1				1
Dividends declared to parent	(183)			(183)
Contribution of capital by parent	$ 65		65
Balance (in shares) at Mar. 31, 2023	100	100
Ending Balance at Mar. 31, 2023	$ 9,327	$ 0	$ 7,057	$ 2,291	$ (21)

Management's Opinion

Management's Opinion	3 Months Ended
	Mar. 31, 2023
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 PSCo and its subsidiaries as of March 31, 2023 and Dec. 31, 2022; the results of PSCo’s operations, including the components of net income, comprehensive income and changes in stockholder’s equity for the three months ended March 31, 2023 and 2022; and PSCo’s cash flows for the three months ended March 31, 2023 and 2022. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2023, 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, 2022 balance sheet information has been derived from the audited 2022 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2022. 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 PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2022, filed with the SEC on Feb. 23, 2023. Due to the seasonality of PSCo’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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2022 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.

Accounting Pronouncements

Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	As of March 31, 2023 , there was no material impact from the recent adoption of new accounting pronouncements, nor expected material impact from recently issued accounting pronouncements yet to be adopted, on PSCO’s consolidated financial statements.

Selected Balance Sheet Data

Selected Balance Sheet Data	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Selected Balance Sheet Data	(Millions of Dollars) March 31, 2023 Dec. 31, 2022 Accounts receivable, net Accounts receivable $ 570 $ 616 Less allowance for bad debts (57) (54) Accounts receivable, net $ 513 $ 562 (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 80 $ 80 Fuel 48 68 Natural gas 56 171 Total inventories $ 184 $ 319 (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 15,928 $ 15,771 Natural gas plant 6,021 5,949 Common and other property 1,424 1,415 Plant to be retired (a) 1,288 1,305 Construction work in progress 1,015 877 Total property, plant and equipment 25,676 25,317 Less accumulated depreciation (5,785) (5,665) Property, plant and equipment, net $ 19,891 $ 19,652

Borrowings and Other Financing

Borrowings and Other Financing Instruments	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings and Other Financing Instruments	Short-Term Borrowings PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. Money Pool — Xcel Energy. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy. Money pool borrowings: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — 29 Maximum amount outstanding — 250 Weighted average interest rate, computed on a daily basis N/A 1.66 % Weighted average interest rate at period end N/A N/A Commercial Paper — Commercial paper outstanding: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 700 $ 700 Amount outstanding at period end 359 294 Average amount outstanding 276 71 Maximum amount outstanding 454 328 Weighted average interest rate, computed on a daily basis 4.90 % 2.56 % Weighted average interest rate at period end 5.24 4.73 Letters of Credit — PSCo uses letters of credit, generally with terms of one year, to provide financial guarantee s for certain obligations. At both March 31, 2023 and Dec. 31, 2022, there we re $27 million of letters of credit outstanding under the credit facility. Amounts approximate their f air value and are subject to fees. Revolving Credit Facility — In order to issue its commercial paper, PSCo must have a revolving credit facility equal or greater than the amount of its commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. PSCo has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval. At March 31, 2023, PSCo had the following committed revolving credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 385 $ 315 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the credit facility outstanding at March 31, 2023 and Dec. 31, 2022. Long-Term Borrowings On April 3, 2023, PSCo issued $850 million of 5.25% first mortgage bonds due April 1, 2053.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following: Three Months Ended March 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 333 $ 541 $ 4 $ 878 C&I 423 216 12 651 Other 14 — — 14 Total retail 770 757 16 1,543 Wholesale 75 — — 75 Transmission 25 — — 25 Other 11 44 — 55 Total revenue from contracts with customers 881 801 16 1,698 Alternative revenue and other 39 10 — 49 Total revenues $ 920 $ 811 $ 16 $ 1,747 Three Months Ended March 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 302 $ 386 $ 3 $ 691 C&I 383 142 2 527 Other 12 — — 12 Total retail 697 528 5 1,230 Wholesale 66 — — 66 Transmission 19 — — 19 Other 12 43 — 55 Total revenue from contracts with customers 794 571 5 1,370 Alternative revenue and other 34 7 12 53 Total revenues $ 828 $ 578 $ 17 $ 1,423

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Reconciliation between the statutory rate and ETR: Three Months Ended March 31 2023 2022 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 3.5 3.6 Increases (decreases): Wind PTCs (a) (11.7) (14.8) Plant regulatory differences (b) (4.8) (3.8) Other tax credits, net operating loss & tax credit allowances (0.9) (1.3) Other (net) 0.3 0.2 Effective income tax rate 7.4 % 4.9 % (a) Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income. (b) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
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: 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. Derivative Activities and Fair Value Measurements PSCo 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 — PSCo 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. At March 31, 2023, 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 March 31, 2023, PSCo had no unsettled interest rate derivatives. Wholesale and Commodity Trading — PSCo conducts 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. PSCo 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 — PSCo 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 vehicle fuel. When PSCo 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 March 31, 2023, PSCo had no commodity contracts designated as cash flow hedges. Gross notional amounts of commodity forwards and options: (Amounts in Millions) (a)(b) March 31, 2023 Dec. 31, 2022 Megawatt hours of electricity 7 8 Million British thermal units of natural gas 37 43 (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 — PSCo 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. PSCo’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities. As of March 31, 2023, three of PSCo’s ten most significant counterparties for these activities, comprising $37 million, or 45%, 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 $24 million, or 29%, of this credit exposure, were not rated by these external ratings agencies, but based on PSCo’s internal analysis, had credit quality consistent with investment grade. Two of these significant counterparties, comprising $21 million, or 26%, of this credit exposure, had credit quality less than investment grade, based on internal analysis. Five of these significant counterparties are independent system operators, municipal or cooperative electric entities, Regional Transmission Organizations or other utilities. Credit Related Contingent Features — Contract provisions for derivative instruments that PSCo enters into, 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 PSCo’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies. As of March 31, 2023 and Dec. 31, 2022, there were no derivative liabilities position with such underlying contract provisions. 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 March 31, 2023 and Dec. 31, 2022, there were no derivative instruments in a liability position with such underlying contract provisions. 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 PSCo’s ability to fulfill its contractual obligations is reasonably expected to be impaired. PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2023 and Dec. 31, 2022. Recurring Derivative Fair Value Measurements Changes in the fair value of natural gas commodity derivatives recognized as regulatory assets and liabilities included immaterial net losses and $1 million of net gains for the three months ended March 31, 2023 and 2022, respectively. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Pre-Tax Losses Reclassified into Income During the Period from: Pre-Tax Losses Recognized During the Period in Income (Millions of Dollars) Regulatory Assets and Liabilities Three Months Ended March 31, 2023 Other derivative instruments Natural gas commodity 9 (a) (12) (a)(b) Total $ 9 $ (12) Three Months Ended March 31, 2022 Other derivative instruments Natural gas commodity 2 (a) (11) (a)(b) Total $ 2 $ (11) (a) Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (b) Relates primarily to option premium amortization. PSCo had no derivative instruments designated as fair value hedges during the three months ended March 31, 2023 and 2022. Derivative assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2023 Dec. 31, 2022 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 $ 124 $ — $ 130 $ (92) $ 38 $ 16 $ 220 $ 1 $ 237 $ (184) $ 53 Natural gas commodity — — — — — — — 12 — 12 — 12 Total current derivative assets $ 6 $ 124 $ — $ 130 $ (92) $ 38 $ 16 $ 232 $ 1 $ 249 $ (184) $ 65 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 8 $ 22 $ 11 $ 41 $ (22) $ 19 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 Total noncurrent derivative assets $ 8 $ 22 $ 11 $ 41 $ (22) $ 19 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 March 31, 2023 Dec. 31, 2022 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 Other derivative instruments: Commodity trading $ 1 $ 133 $ 1 $ 135 $ (115) $ 20 $ 5 $ 237 $ 1 $ 243 $ (223) $ 20 Natural gas commodity — — — — — — — 10 — 10 — 10 Total current derivative liabilities $ 1 $ 133 $ 1 $ 135 $ (115) $ 20 $ 5 $ 247 $ 1 $ 253 $ (223) $ 30 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 5 $ 27 $ — $ 32 $ (22) $ 10 $ 7 $ 40 $ — $ 47 $ (38) $ 9 Total noncurrent derivative liabilities $ 5 $ 27 $ — $ 32 $ (22) $ 10 $ 7 $ 40 $ — $ 47 $ (38) $ 9 (a) PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At both March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include rights to reclaim cash collateral of $23 million and $46 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. Changes in Level 3 commodity derivatives: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Balance at Jan. 1 $ 9 $ (63) Settlements (a) — 2 Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 1 (8) Balance at March 31 $ 10 $ (69) (a) 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 March 31, 2023, other financial instruments for which the carrying amount did not equal fair value: March 31, 2023 Dec. 31, 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 6,611 $ 5,801 $ 6,860 $ 5,881 Fair value of PSCo’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 March 31, 2023 and Dec. 31, 2022 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	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Benefit Plans and Other Postretirement Benefits	Three Months Ended March 31 2023 2022 2023 2022 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 5 $ 7 $ — $ — Interest cost (a) 14 10 4 3 Expected return on plan assets (a) (19) (19) (4) (4) Amortization of prior service credit (a) — — — (1) Amortization of net loss (a) 1 6 1 — Net periodic benefit cost 1 4 1 (2) Effects of regulation 3 3 — 1 Net benefit cost recognized for financial reporting $ 4 $ 7 $ 1 $ (1) (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. In January 2023, contributions totaling $50 million were made across Xcel Energy’s pension plans, of which none was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Legal PSCo 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 PSCo’s consolidated financial statements. Legal fees are generally expensed as incurred. 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 January 2022, the Court granted PSCo’s motion to dismiss CORE’s claims for unjust enrichment, declaratory judgment and damages for replacement power costs. In April 2022, CORE filed a supplement to include the January 2022 outage and damages related to this event. Also in 2022, CORE sent notice of withdrawal from the ownership agreement based on the same alleged breaches. In February 2023, CORE disclosed its expert witness, who estimated damages incurred of $270 million. Also in February 2023, the court granted PSCo’s motion precluding CORE from seeking damages related to its withdrawal as part of the lawsuit. PSCo continues to believe CORE's claims are without merit and disputes CORE’s right to withdraw. Rate Matters PSCo is 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. Environmental MGP, Landfill and Disposal Sites PSCo is investigating, remediating or performing post-closure actions at two MGP, landfill or other disposal sites across its service territory, excluding sites that are being addressed under current coal ash regulations. PSCo has recognized its best estimate of costs/liabilities from final resolution of these issues, however, the outcome and timing are unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — PSCo’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their applicable landfills and surface impoundments as well as perform corrective actions where offsite groundwater has been impacted. As of March 31, 2023, PSCo has five regulated ash units in operation. PSCo has executed an agreement with a third party that will excavate and process ash for beneficial use (at two sites) at a cost of approximately $45 million. An estimated liability has been recorded and amounts are expected to be fully recoverable through regulatory mechanisms. Investigation and feasibility studies for additional corrective action related to offsite groundwater are ongoing (at three sites). While the results are uncertain, additional costs are estimated to be at least $30 million. A liability has been recorded for the portion of these actions that are estimable/probable, and are expected to be fully recoverable through regulatory mechanisms. Leases PSCo evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space 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 March 31. (Millions of Dollars) 2023 2022 Operating leases PPA capacity payments $ 22 $ 25 Other operating leases (a) 5 6 Total operating lease expense (b) $ 27 $ 31 Finance leases Amortization of ROU assets $ 1 $ 1 Interest expense on lease liability 4 4 Total finance lease expense $ 5 $ 5 (a) Includes immaterial short-term lease expense for 2023 and 2022. (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 March 31, 2023: (Millions of Dollars) PPA Operating Leases Other Operating Lease Total Operating Leases Finance Leases Total minimum obligation $ 437 $ 72 $ 509 $ 432 Interest component of obligation (46) (8) (54) (316) Present value of minimum obligation $ 391 $ 64 455 116 Less current portion (90) (3) Noncurrent operating and finance lease liabilities $ 365 $ 113 Variable Interest Entities Under certain PPAs, PSCo purchases power from IPPs for which PSCo is required to reimburse fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the IPP. PSCo had approximately 1,509 MW and 1,442 MW of capacity under long-term PPAs at March 31, 2023 and Dec. 31, 2022 with entities that have been determined to be variable interest entities. PSCo concluded that these entities are not required to be consolidated in its financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. The PPAs have expiration dates through 2032.

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Other Comprehensive Income	Changes in accumulated other comprehensive loss, net of tax: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (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 $ (20) $ (2) $ (22) $ (21) $ (1) $ (22) Losses reclassified from net accumulated other comprehensive loss: Amortization of net actuarial loss (a) — 1 1 — — — Net current period other comprehensive income — 1 1 — — — Accumulated other comprehensive loss at March 31 $ (20) $ (1) $ (21) $ (21) $ (1) $ (22) (a) Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	PSCo evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. PSCo has the following reportable segments: • Regulated Electric — The regulated electric utility segment generates electricity which is transmitted and distributed in Colorado. 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 PSCo’s wholesale commodity and trading operations. • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado. PSCo 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 and non-utility real estate activities. Asset and capital expenditure information is not provided for PSCo’s reportable segments because, as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment and 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. PSCo’s segment information: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Regulated Electric Total revenues $ 920 $ 828 Net income 99 96 Regulated Natural Gas Total revenues $ 811 $ 578 Net income 113 80 All Other Total revenues (a) $ 16 $ 17 Net income 2 — Consolidated Total Total revenues (a) $ 1,747 $ 1,423 Net income 214 176 (a) Total revenues include $1 million of other affiliate revenue for both the three months ended March 31, 2023 and 2022.

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Net	(Millions of Dollars) March 31, 2023 Dec. 31, 2022 Accounts receivable, net Accounts receivable $ 570 $ 616 Less allowance for bad debts (57) (54) Accounts receivable, net $ 513 $ 562
Inventories	(Millions of Dollars) March 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 80 $ 80 Fuel 48 68 Natural gas 56 171 Total inventories $ 184 $ 319
Property, Plant and Equipment, Net	(Millions of Dollars) March 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 15,928 $ 15,771 Natural gas plant 6,021 5,949 Common and other property 1,424 1,415 Plant to be retired (a) 1,288 1,305 Construction work in progress 1,015 877 Total property, plant and equipment 25,676 25,317 Less accumulated depreciation (5,785) (5,665) Property, plant and equipment, net $ 19,891 $ 19,652

Borrowings and Other Financin_2

Borrowings and Other Financing Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Borrowings and Other Financing Instruments [Abstract]
Short-Term Borrowings	Commercial paper outstanding: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 700 $ 700 Amount outstanding at period end 359 294 Average amount outstanding 276 71 Maximum amount outstanding 454 328 Weighted average interest rate, computed on a daily basis 4.90 % 2.56 % Weighted average interest rate at period end 5.24 4.73
Credit Facilities	At March 31, 2023, PSCo had the following committed revolving credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 385 $ 315 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit.
Money Pool
Borrowings and Other Financing Instruments [Abstract]
Short-Term Borrowings	Money pool borrowings: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — 29 Maximum amount outstanding — 250 Weighted average interest rate, computed on a daily basis N/A 1.66 % Weighted average interest rate at period end N/A N/A

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	PSCo’s operating revenues consisted of the following: Three Months Ended March 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 333 $ 541 $ 4 $ 878 C&I 423 216 12 651 Other 14 — — 14 Total retail 770 757 16 1,543 Wholesale 75 — — 75 Transmission 25 — — 25 Other 11 44 — 55 Total revenue from contracts with customers 881 801 16 1,698 Alternative revenue and other 39 10 — 49 Total revenues $ 920 $ 811 $ 16 $ 1,747 Three Months Ended March 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 302 $ 386 $ 3 $ 691 C&I 383 142 2 527 Other 12 — — 12 Total retail 697 528 5 1,230 Wholesale 66 — — 66 Transmission 19 — — 19 Other 12 43 — 55 Total revenue from contracts with customers 794 571 5 1,370 Alternative revenue and other 34 7 12 53 Total revenues $ 828 $ 578 $ 17 $ 1,423

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Reconciliation between the statutory rate and ETR: Three Months Ended March 31 2023 2022 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 3.5 3.6 Increases (decreases): Wind PTCs (a) (11.7) (14.8) Plant regulatory differences (b) (4.8) (3.8) Other tax credits, net operating loss & tax credit allowances (0.9) (1.3) Other (net) 0.3 0.2 Effective income tax rate 7.4 % 4.9 % (a) Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income. (b) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Gross Notional Amounts of Commodity Forwards and Options	Gross notional amounts of commodity forwards and options: (Amounts in Millions) (a)(b) March 31, 2023 Dec. 31, 2022 Megawatt hours of electricity 7 8 Million British thermal units of natural gas 37 43 (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 Losses Reclassified into Income During the Period from: Pre-Tax Losses Recognized During the Period in Income (Millions of Dollars) Regulatory Assets and Liabilities Three Months Ended March 31, 2023 Other derivative instruments Natural gas commodity 9 (a) (12) (a)(b) Total $ 9 $ (12) Three Months Ended March 31, 2022 Other derivative instruments Natural gas commodity 2 (a) (11) (a)(b) Total $ 2 $ (11) (a) Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (b) Relates primarily to option premium amortization.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level	March 31, 2023 Dec. 31, 2022 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 $ 124 $ — $ 130 $ (92) $ 38 $ 16 $ 220 $ 1 $ 237 $ (184) $ 53 Natural gas commodity — — — — — — — 12 — 12 — 12 Total current derivative assets $ 6 $ 124 $ — $ 130 $ (92) $ 38 $ 16 $ 232 $ 1 $ 249 $ (184) $ 65 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 8 $ 22 $ 11 $ 41 $ (22) $ 19 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 Total noncurrent derivative assets $ 8 $ 22 $ 11 $ 41 $ (22) $ 19 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 March 31, 2023 Dec. 31, 2022 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 Other derivative instruments: Commodity trading $ 1 $ 133 $ 1 $ 135 $ (115) $ 20 $ 5 $ 237 $ 1 $ 243 $ (223) $ 20 Natural gas commodity — — — — — — — 10 — 10 — 10 Total current derivative liabilities $ 1 $ 133 $ 1 $ 135 $ (115) $ 20 $ 5 $ 247 $ 1 $ 253 $ (223) $ 30 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 5 $ 27 $ — $ 32 $ (22) $ 10 $ 7 $ 40 $ — $ 47 $ (38) $ 9 Total noncurrent derivative liabilities $ 5 $ 27 $ — $ 32 $ (22) $ 10 $ 7 $ 40 $ — $ 47 $ (38) $ 9
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in Level 3 commodity derivatives: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Balance at Jan. 1 $ 9 $ (63) Settlements (a) — 2 Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 1 (8) Balance at March 31 $ 10 $ (69) (a) 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	March 31, 2023 Dec. 31, 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 6,611 $ 5,801 $ 6,860 $ 5,881

Benefit Plans and Other Postr_2

Benefit Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost (Credit)	Three Months Ended March 31 2023 2022 2023 2022 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 5 $ 7 $ — $ — Interest cost (a) 14 10 4 3 Expected return on plan assets (a) (19) (19) (4) (4) Amortization of prior service credit (a) — — — (1) Amortization of net loss (a) 1 6 1 — Net periodic benefit cost 1 4 1 (2) Effects of regulation 3 3 — 1 Net benefit cost recognized for financial reporting $ 4 $ 7 $ 1 $ (1) (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.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Lease Expense	Components of lease expense: Three Months Ended March 31. (Millions of Dollars) 2023 2022 Operating leases PPA capacity payments $ 22 $ 25 Other operating leases (a) 5 6 Total operating lease expense (b) $ 27 $ 31 Finance leases Amortization of ROU assets $ 1 $ 1 Interest expense on lease liability 4 4 Total finance lease expense $ 5 $ 5 (a) Includes immaterial short-term lease expense for 2023 and 2022. (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.
Schedule of Future Commitments under Operating Leases	Commitments under operating and finance leases as of March 31, 2023: (Millions of Dollars) PPA Operating Leases Other Operating Lease Total Operating Leases Finance Leases Total minimum obligation $ 437 $ 72 $ 509 $ 432 Interest component of obligation (46) (8) (54) (316) Present value of minimum obligation $ 391 $ 64 455 116 Less current portion (90) (3) Noncurrent operating and finance lease liabilities $ 365 $ 113

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Changes in Accumulated Other Comprehensive Loss, Net of Tax	Changes in accumulated other comprehensive loss, net of tax: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (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 $ (20) $ (2) $ (22) $ (21) $ (1) $ (22) Losses reclassified from net accumulated other comprehensive loss: Amortization of net actuarial loss (a) — 1 1 — — — Net current period other comprehensive income — 1 1 — — — Accumulated other comprehensive loss at March 31 $ (20) $ (1) $ (21) $ (21) $ (1) $ (22) (a) Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Results from Operations by Reportable Segment	PSCo’s segment information: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Regulated Electric Total revenues $ 920 $ 828 Net income 99 96 Regulated Natural Gas Total revenues $ 811 $ 578 Net income 113 80 All Other Total revenues (a) $ 16 $ 17 Net income 2 — Consolidated Total Total revenues (a) $ 1,747 $ 1,423 Net income 214 176 (a) Total revenues include $1 million of other affiliate revenue for both the three months ended March 31, 2023 and 2022.

Selected Balance Sheet Data (De

Selected Balance Sheet Data (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable	$ 570	$ 616
Less allowance for bad debts	(57)	(54)
Accounts receivable, net	$ 513	$ 562

Selected Balance Sheet Data Bal

Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Public Utilities, Inventory [Line Items]
Total inventories	$ 184	$ 319
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventories	80	80
Fuel
Public Utilities, Inventory [Line Items]
Inventories	48	68
Natural gas
Public Utilities, Inventory [Line Items]
Inventories	$ 56	$ 171

Selected Balance Sheet Data B_2

Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		$ 25,676	$ 25,317
Less accumulated depreciation		(5,785)	(5,665)
Property, plant and equipment, net		19,891	19,652
Electric plant
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		15,928	15,771
Natural gas plant
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		6,021	5,949
Common and other property
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		1,424	1,415
Plant to be retired
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	[1]	1,288	1,305
Construction work in progress
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		$ 1,015	$ 877
[1]Amounts include 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. Amounts are presented net of accumulated depreciation.

Borrowings and Other Financin_3

Borrowings and Other Financing Instruments - Short-Term Borrowings (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Short-term debt	$ 359,000,000	$ 294,000,000
Money Pool
Short-term Debt [Line Items]
Borrowing limit	250,000,000	250,000,000
Short-term debt	0	0
Average amount outstanding	0	29,000,000
Maximum amount outstanding	0	$ 250,000,000
Weighted average interest rate, computed on a daily basis (percentage)		1.66%
Commercial Paper
Short-term Debt [Line Items]
Borrowing limit	700,000,000	$ 700,000,000
Short-term debt	359,000,000	294,000,000
Average amount outstanding	276,000,000	71,000,000
Maximum amount outstanding	$ 454,000,000	$ 328,000,000
Weighted average interest rate, computed on a daily basis (percentage)	4.90%	2.56%
Short-term Debt, Weighted Average Interest Rate, at Point in Time	5.24%	4.73%

Borrowings and Other Financin_4

Borrowings and Other Financing Instruments - Letters of Credit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Term of letters of credit (in years)	1 year
Short-term debt	$ 359	$ 294
Letter of Credit
Line of Credit Facility [Line Items]
Short-term debt	$ 27	$ 27
Letter of Credit | Letter of Credit
Line of Credit Facility [Line Items]
Term of letters of credit (in years)	1 year

Borrowings and Other Financin_5

Borrowings and Other Financing Instruments - Credit Facility (Details)		3 Months Ended
		Mar. 31, 2023 USD ($) Plan	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Term of letters of credit (in years)		1 year
Number of extension you can request | Plan		2
Credit Facility
Line of Credit Facility [Line Items]
Credit Facility	[1]	$ 700,000,000
Drawn	[2]	385,000,000
Available		315,000,000
Direct advances on the credit facility outstanding		$ 0	$ 0
[1]Expires in September 2027.[2]Includes outstanding commercial paper and letters of credit.

Borrowings and Other Financin_6

Borrowings and Other Financing Instruments - Borrowings and Other Financing Instruments, Long-Term Borrowings and Other Financing Instruments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Term of letters of credit (in years)	1 year
Bonds [Member] | Series Due June 1, 2032 | PSCo [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 850
Debt Instrument, Interest Rate, Stated Percentage	5.25%

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 1,543	$ 1,230
Retail | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	878	691
Retail | Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	651	527
Retail | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14	12
Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	75	66
Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25	19
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	55	55
Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,698	1,370
Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	49	53
Regulated Electric | Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	770	697
Regulated Electric | Retail | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	333	302
Regulated Electric | Retail | Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	423	383
Regulated Electric | Retail | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14	12
Regulated Electric | Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	75	66
Regulated Electric | Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	25	19
Regulated Electric | Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11	12
Regulated Electric | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	881	794
Regulated Electric | Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	39	34
Regulated Natural Gas | Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	757	528
Regulated Natural Gas | Retail | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	541	386
Regulated Natural Gas | Retail | Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	216	142
Regulated Natural Gas | Retail | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Regulated Natural Gas | Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Regulated Natural Gas | Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
Regulated Natural Gas | Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	44	43
Regulated Natural Gas | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	801	571
Regulated Natural Gas | Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	10	7
All Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16	5
All Other | Retail | Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4	3
All Other | Retail | Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12	2
All Other | Retail | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
All Other | Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
All Other | Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
All Other | Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0
All Other | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16	5
All Other | Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	0	12
Total revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,747	1,423
Total revenues | Regulated Electric
Disaggregation of Revenue [Line Items]
Total revenues	920	828
Total revenues | Regulated Natural Gas
Disaggregation of Revenue [Line Items]
Total revenues	811	578
Total revenues | All Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 16	$ 17

Income Taxes (Details)

Income Taxes (Details)		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21%	21%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		3.50%	3.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	[1]	(11.70%)	(14.80%)
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent	[2]	(4.80%)	(3.80%)
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback, Percent		(0.90%)	(1.30%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent		0.30%	0.20%
Effective Income Tax Rate Reconciliation, Percent		7.40%	4.90%
[1]Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income.[2]Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Interest Rate Derivatives (Details) - Interest Rate Swap $ in Millions	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months	$ 1
Derivative Liability, Notional Amount	$ 0

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions		Mar. 31, 2023 USD ($) MMBTU MWh	Dec. 31, 2022 MWh MMBTU
cash flow hedge commodity [Member]
Derivative [Line Items]
Commodity contracts designated as cash flow hedges | $		$ 0
Electric Commodity (in megawatt hours)
Derivative [Line Items]
Derivative, Nonmonetary Notional amount | MWh	[1],[2]	7	8
Natural Gas Commodity (in million British thermal units)
Derivative [Line Items]
Derivative, Nonmonetary Notional amount | MMBTU	[1],[2]	37	43
[1]Not reflective of net positions in the underlying commodities.[2]Notional amounts for options included on a gross basis, but weighted for the probability of exercise.

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Consideration of Credit Risk and Concentrations (Details) $ in Millions		3 Months Ended
		Mar. 31, 2023 USD ($) Counterparty	Mar. 31, 2022 USD ($)
Consideration of Credit Risk and Concentrations [Abstract]
Derivative instruments designated as fair value hedges		$ 0	$ 0
Other Derivative Instruments
Consideration of Credit Risk and Concentrations [Abstract]
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		(9)	2
Pre-tax gains (losses) recognized during the period in income		(12)	(11)
Natural Gas Commodity | Other Derivative Instruments
Consideration of Credit Risk and Concentrations [Abstract]
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)	[1]	(9)	2
Pre-tax gains (losses) recognized during the period in income	[1],[2]	$ (12)	$ (11)
Credit Concentration Risk
Consideration of Credit Risk and Concentrations [Abstract]
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty		10
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member]
Consideration of Credit Risk and Concentrations [Abstract]
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty		5
Credit Concentration Risk | External Credit Rating, Investment Grade [Member]
Consideration of Credit Risk and Concentrations [Abstract]
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty		3
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 37
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		45%
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member]
Consideration of Credit Risk and Concentrations [Abstract]
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty		2
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 21
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		26%
Credit Concentration Risk | Internal Investment Grade
Consideration of Credit Risk and Concentrations [Abstract]
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty		5
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 24
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		29%
[1]Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.[2]Relates primarily to option premium amortization.

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Credit Related Contingent Features (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Derivative instruments in a gross liability position	$ 0	$ 0
Collateral posted related to adequate assurance clauses in derivative contracts	0	0
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value	0	0
Derivative [Line Items]
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value	0	0
Derivative instruments in a gross liability position	0	0
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value	$ 0	$ 0

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Return Cash Collateral		$ 0		$ 0
Reclaim Cash Collateral		23		46
Other Derivative Instruments
Derivatives, Fair Value [Line Items]
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		(9)	$ 2
Other Derivative Instruments | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)	[1]	(9)	2
Other Derivative Instruments | Natural Gas Commodity (in million British thermal units)
Derivatives, Fair Value [Line Items]
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities			$ 1
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		12
Netting	[2]	0		0
Derivative Asset, Net		0		12
Derivative Liability, Gross		0		10
Netting	[2]	0		0
Derivative Liability, Net		0		10
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		0
Derivative Liability, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		12
Derivative Liability, Gross		0		10
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		0
Derivative Liability, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		130		249
Netting	[2]	(92)		(184)
Derivative Asset, Net		38		65
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		6		16
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		124		232
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		1
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		130		237
Netting	[2]	(92)		(184)
Derivative Asset, Net		38		53
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		6		16
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		124		220
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		1
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		41		53
Netting	[2]	(22)		(31)
Derivative Asset, Net		19		22
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		8		12
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		22		32
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		11		9
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		41		53
Netting	[2]	(22)		(31)
Derivative Asset, Net		19		22
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		8		12
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		22		32
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		11		9
Fair Value Measured on a Recurring Basis | Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		135		253
Netting	[2]	(115)		(223)
Derivative Liability, Net		20		30
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		1		5
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		133		247
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		1		1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		135		243
Netting	[2]	(115)		(223)
Derivative Liability, Net		20		20
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		1		5
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		133		237
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		1		1
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		32		47
Netting	[2]	(22)		(38)
Derivative Liability, Net		10		9
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		5		7
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		27		40
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		32		47
Netting	[2]	(22)		(38)
Derivative Liability, Net		10		9
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		5		7
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		27		40
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		$ 0		$ 0
[1]Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.[2]PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At both March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include rights to reclaim cash collateral of $23 million and $46 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.

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		$ 9	$ (63)
Settlements	[1]	0	2
(Losses) gains recognized in earnings		1	(8)
Ending Balance		$ 10	$ (69)
[1]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 Financial Asset_9

Fair Value of Financial Assets and Liabilities - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 6,611	$ 6,860
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	$ 5,801	$ 5,881

Benefit Plans and Other Postr_3

Benefit Plans and Other Postretirement Benefits (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
		Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Pension Plan [Member]
Components of Net Periodic Benefit Cost (Credit) [Abstract]
Service cost			$ 5	$ 7
Interest Cost	[1]		14	10
Expected return on Plan Assets	[1]		(19)	(19)
Amortization of prior service credit			0	0
Amortization of net loss	[1]		1	6
Net periodic benefit cost			1	4
Effects of regulation			3	3
Net benefit cost recognized for financial reporting			4	7
Pension Plan [Member] | Xcel Energy Inc.
Components of Net Periodic Benefit Cost (Credit) [Abstract]
Total contributions to the pension plans during the period		$ 50
Other Postretirement Benefits Plan [Member]
Components of Net Periodic Benefit Cost (Credit) [Abstract]
Service cost			0	0
Interest Cost	[1]		4	3
Expected return on Plan Assets	[1]		(4)	(4)
Amortization of prior service credit	[1]		0	(1)
Amortization of net loss			1	0	[1]
Net periodic benefit cost			1	(2)
Effects of regulation			0	1
Net benefit cost recognized for financial reporting			$ 1	$ (1)
[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.

Commitments and Contingencies -

Commitments and Contingencies - MGP, Landfill and Disposal Sites (Details)	Mar. 31, 2023
Other MGP, Landfill, or Disposal Sites
Loss Contingencies [Line Items]
Number of identified MGP sites under current investigation and/or remediation	2

Commitments and Contingencies_2

Commitments and Contingencies - Environmental Requirements - Water and Waste (Details) - Federal Coal Ash Regulation $ in Millions	Mar. 31, 2023 USD ($)
Site Contingency [Line Items]
Number of sites where regulated ash units will still be in operation at a specified date	5
Estimated cost to remediate groundwater sampling results	$ 30
Maximum [Member]
Site Contingency [Line Items]
Cost of Beneficial Use Coal Ash Project	$ 45

Commitments and Contingencies_3

Commitments and Contingencies - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 27	$ 31
Finance Lease, Right-of-Use Asset, Amortization	1	1
Finance Lease, Interest Expense	4	4
Finance Lease, Cost	5	5
Lessee, Operating Lease, Liability, Payments, Due	509
Total minimum obligation	432
Interest component of obligation	(54)
Finance Lease, Liability, Undiscounted Excess Amount	(316)
Operating Lease, Liability	455
Finance Lease, Liability	116
Less current portion	(90)		$ (80)
Less current portion	(3)
Operating lease liabilities	365		$ 379
Noncurrent operating and finance lease liabilities	113
PPAs
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	22	25
Lessee, Operating Lease, Liability, Payments, Due	437
Interest component of obligation	(46)
Operating Lease, Liability	391
Other
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	5	$ 6
Lessee, Operating Lease, Liability, Payments, Due	72
Interest component of obligation	(8)
Operating Lease, Liability	$ 64

VIEs (Details)

VIEs (Details) - MW	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Other Commitments [Line Items]
Generating capacity under long term purchased power agreements (in MW)	1,509	1,442

Commitments and Contingencies_4

Commitments and Contingencies - Comanche Unit 3 Litigation (Details) $ in Millions	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Comanche Unit 3 Litigation	$ 270

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss at beginning of period		$ 9,230
Accumulated other comprehensive loss at end of period		9,327
Income Tax Expense (Benefit)		17	$ 9
Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss at beginning of period		(20)	(21)
Net current period other comprehensive loss		0	0
Accumulated other comprehensive loss at end of period		(20)	(21)
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	[1]	0	0
Defined Benefit and Postretirement Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss at beginning of period		(2)	(1)
Net current period other comprehensive loss		1	0
Accumulated other comprehensive loss at end of period		(1)	(1)
Defined Benefit and Postretirement Items | Interest Rate Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Losses reclassified from net accumulated other comprehensive loss	[1]	(1)	0
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss at beginning of period		(22)	(22)
Net current period other comprehensive loss		1	0
Accumulated other comprehensive loss at end of period		(21)	(22)
Total | Interest Rate Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Losses reclassified from net accumulated other comprehensive loss	[1]	$ (1)	$ 0
[1]Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Regulated Operating Revenue, Electric		$ 920	$ 828
Net income		214	176
Unregulated Operating Revenue		16	17
Regulated and Unregulated Operating Revenue		1,747	1,423
Affiliate Revenue		1	1
Total revenues
Segment Reporting Information [Line Items]
Regulated and Unregulated Operating Revenue	[1]	1,747	1,423
Regulated Electric
Segment Reporting Information [Line Items]
Revenues Including Intersegment Revenues		920	828
Net income		99	96
Regulated Natural Gas
Segment Reporting Information [Line Items]
Revenues Including Intersegment Revenues		811	578
Net income		113	80
All Other
Segment Reporting Information [Line Items]
Net income		2	0
All Other | Total revenues
Segment Reporting Information [Line Items]
Unregulated Operating Revenue	[1]	$ 16	$ 17
[1]Total revenues include $1 million of other affiliate revenue for both the three months ended March 31, 2023 and 2022.