Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-03280 | ||
Entity Registrant Name | PUBLIC SERVICE CO OF COLORADO | ||
Entity Incorporation, State or Country Code | CO | ||
Entity Tax Identification Number | 84-0296600 | ||
Entity Address, Address Line One | 1800 Larimer, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Central Index Key | 0000081018 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 0 | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Firm ID | 34 |
Auditor Location | Minneapolis, Minnesota |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | 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 PSCo 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 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenues | |||
Electric | $ 3,731 | $ 3,795 | $ 3,413 |
Natural gas | 1,734 | 1,860 | 1,355 |
Other | 54 | 53 | 47 |
Total operating revenues | 5,519 | 5,708 | 4,815 |
Operating expenses | |||
Electric fuel and purchased power | 1,364 | 1,485 | 1,336 |
Cost of natural gas sold and transported | 910 | 1,053 | 606 |
Cost of sales — steam and other | 17 | 18 | 15 |
Operating and maintenance expenses | 865 | 905 | 831 |
Demand side management expenses | 135 | 133 | 132 |
Depreciation and amortization | 924 | 848 | 744 |
Taxes (other than income taxes) | 287 | 272 | 256 |
Gain (Loss) Related to Litigation Settlement | (35) | 0 | 0 |
Workforce Reduction Expense | 20 | 0 | 0 |
Total operating expenses | 4,557 | 4,714 | 3,920 |
Operating income | 962 | 994 | 895 |
Other income (expense), net | 15 | (2) | 4 |
Allowance for funds used during construction — equity | 39 | 32 | 28 |
Interest charges and financing costs | |||
Interest charges — includes other financing costs of $8, $8 and $8, respectively | (312) | (271) | (243) |
Allowance for funds used during construction — debt | (20) | (11) | (9) |
Total interest charges and financing costs | 292 | 260 | 234 |
Income before income taxes | 724 | 764 | 693 |
Income tax expense | 29 | 37 | 33 |
Net income | $ 695 | $ 727 | $ 660 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Financial Position [Abstract] | |||
Other financing costs | $ 8 | $ 8 | $ 8 |
Gain (Loss) Related to Litigation Settlement | 35 | 0 | 0 |
Workforce Reduction Expense | $ 20 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income: | |||
Net income | $ 695 | $ 727 | $ 660 |
Net pension and retiree medical gain (loss) arising during the period, net of tax | 0 | (1) | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 1 | 0 | 0 |
Derivative instruments: | |||
Reclassification of loss to net income, net of tax | 1 | 1 | 2 |
Total other comprehensive income | 2 | 0 | 2 |
Total comprehensive income | $ 697 | $ 727 | $ 662 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 695 | $ 727 | $ 660 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 929 | 854 | 754 |
Deferred income taxes | (138) | (10) | 21 |
Allowance for equity funds used during construction | (39) | (32) | (28) |
Provision for bad debts | 34 | 38 | 26 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 36 | (227) | (58) |
Accrued unbilled revenues | 158 | (169) | (52) |
Inventories | (14) | (86) | (71) |
Other current assets | 22 | 12 | (23) |
Accounts payable | (107) | 183 | 66 |
Net regulatory assets and liabilities | 270 | 82 | (526) |
Other current liabilities | 97 | 8 | 30 |
Pension and other employee benefit obligations | 11 | (13) | (53) |
Other, net | 0 | (112) | (19) |
Net cash provided by operating activities | 1,954 | 1,255 | 727 |
Investing activities | |||
Utility capital/construction expenditures | (2,360) | (1,880) | (1,604) |
Investments in utility money pool arrangement | (367) | (45) | (273) |
Repayments from utility money pool arrangement | 367 | 45 | 273 |
Net cash used in investing activities | (2,360) | (1,880) | (1,604) |
Financing activities | |||
Proceeds from short-term borrowings, net | 26 | 146 | 11 |
Borrowings under utility money pool arrangement | 781 | 1,199 | 743 |
Repayments under utility money pool arrangement | (730) | (1,199) | (800) |
Proceeds from issuance of long-term debt | 834 | 686 | 737 |
Repayments of long-term debt | (250) | (300) | 0 |
Capital contributions from parent | 400 | 569 | 650 |
Dividends paid to parent | (652) | (491) | (467) |
Net cash provided by financing activities | 409 | 610 | 874 |
Net change in cash and cash equivalents | 3 | (15) | (3) |
Cash, cash equivalents and restricted cash at beginning of period | 10 | 25 | 28 |
Cash, cash equivalents and restricted cash at end of period | 13 | 10 | 25 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of amounts capitalized) | (271) | (250) | (230) |
Cash paid for income taxes, net | (126) | (79) | (14) |
Supplemental disclosure of non-cash investing and financing transactions: | |||
Accrued property, plant and equipment additions | 248 | 233 | 157 |
Inventory transfers to property, plant and equipment | 75 | 12 | 10 |
Operating lease right-of-use assets | 18 | 140 | 0 |
Allowance for equity funds used during construction | $ 39 | $ 32 | $ 28 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash, cash equivalents and restricted cash at end of period | $ 13 | $ 10 |
Accrued unbilled revenues | 361 | 519 |
Inventories | 258 | 319 |
Regulatory assets | 304 | 411 |
Derivative instruments | 11 | 65 |
Prepayments and other | 95 | 103 |
Total current assets | 1,562 | 2,000 |
Property, plant and equipment, net | 21,035 | 19,652 |
Other assets | ||
Regulatory assets | 1,267 | 1,277 |
Derivative instruments | 15 | 22 |
Operating lease right-of-use assets | 366 | 437 |
Other | 383 | 231 |
Total other assets | 2,031 | 1,967 |
Total assets | 24,628 | 23,619 |
Current liabilities | ||
Current portion of long-term debt | 0 | 250 |
Borrowings under utility money pool arrangement | 51 | 0 |
Short-term debt | 320 | 294 |
Regulatory liabilities | 70 | 59 |
Taxes accrued | 261 | 242 |
Accrued interest | 68 | 59 |
Dividends payable to parent | 72 | 120 |
Derivative instruments | 17 | 30 |
Operating lease liabilities | 102 | 80 |
Other | 177 | 115 |
Total current liabilities | 1,925 | 2,088 |
Deferred credits and other liabilities | ||
Deferred income taxes | 1,894 | 1,983 |
Regulatory liabilities | 2,562 | 2,489 |
Asset retirement obligations | 383 | 476 |
Derivative instruments | 0 | 9 |
Customer advances | 124 | 144 |
Pension and employee benefit obligations | 40 | 13 |
Operating lease liabilities | 290 | 379 |
Other | 218 | 198 |
Total deferred credits and other liabilities | 5,511 | 5,691 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 7,450 | 6,610 |
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at Dec. 31, 2023 and Dec. 31, 2022, respectively | $ 0 | $ 0 |
Common Stock, Shares Authorized | 100 | 100 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 100 | 100 |
Additional paid in capital | $ 7,412 | $ 6,992 |
Retained earnings | 2,350 | 2,260 |
Accumulated other comprehensive loss | (20) | (22) |
Total common stockholder's equity | 9,742 | 9,230 |
Total liabilities and stockholder's equity | 24,628 | 23,619 |
Affiliated Entity | ||
Current assets | ||
Accounts receivable, net | 28 | 11 |
Current liabilities | ||
Accounts payable | 83 | 75 |
Related Party | ||
Current assets | ||
Accounts receivable, net | 492 | 562 |
Current liabilities | ||
Accounts payable | $ 704 | $ 764 |
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, 2020 | 100 | ||||
Beginning Balance at Dec. 31, 2020 | $ 7,592 | $ 0 | $ 5,770 | $ 1,846 | $ (24) |
Increase (Decrease) in Stockholder's Equity | |||||
Net income | 660 | 660 | |||
Total other comprehensive income | 2 | 2 | |||
Common dividends declared to parent | (466) | (466) | |||
Contribution of capital by parent | 656 | 656 | |||
Balance (in shares) at Dec. 31, 2021 | 100 | ||||
Ending Balance at Dec. 31, 2021 | 8,444 | $ 0 | 6,426 | 2,040 | (22) |
Increase (Decrease) in Stockholder's Equity | |||||
Net income | 727 | 727 | |||
Total other comprehensive income | 0 | ||||
Common dividends declared to parent | (507) | (507) | |||
Contribution of capital by parent | $ 566 | 566 | |||
Balance (in shares) at Dec. 31, 2022 | 100 | 100 | |||
Ending Balance at Dec. 31, 2022 | $ 9,230 | $ 0 | 6,992 | 2,260 | (22) |
Increase (Decrease) in Stockholder's Equity | |||||
Net income | 695 | 695 | |||
Total other comprehensive income | 2 | 2 | |||
Common dividends declared to parent | (605) | (605) | |||
Contribution of capital by parent | $ 420 | 420 | |||
Balance (in shares) at Dec. 31, 2023 | 100 | 100 | |||
Ending Balance at Dec. 31, 2023 | $ 9,742 | $ 0 | $ 7,412 | $ 2,350 | $ (20) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | General — PSCo is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity and the regulated purchase, transportation, distribution and sale of natural gas. PSCo’s consolidated financial statements include its wholly-owned subsidiaries. In the consolidation process, all intercompany transactions and balances are eliminated. PSCo has investments in several plants and transmission facilities jointly owned with nonaffiliated utilities. PSCo’s proportionate share of jointly owned facilities is recorded as property, plant and equipment on the consolidated balance sheets, and PSCo’s proportionate share of operating costs associated with these facilities is included in its consolidated statements of income. PSCo’s consolidated financial statements are presented in accordance with GAAP. All of PSCo’s underlying accounting records also conform to the FERC uniform system of accounts or to systems required by its state regulatory commission. Certain amounts in the consolidated financial statements or notes have been reclassified for comparative purposes; however, such reclassifications did not affect net income, total assets, liabilities, equity or cash flows. PSCo has evaluated events occurring after Dec. 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. Use of Estimates — PSCo uses estimates based on the best information available to record transactions and balances resulting from business operations. Estimates are used for items such as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. Recorded estimates are revised when better information becomes available or actual amounts can be determined. Revisions can affect operating results. Regulatory Accounting — PSCo accounts for income and expense items in accordance with accounting guidance for regulated operations . Under this guidance: • Certain costs, which would otherwise be charged to expense or other comprehensive income, are deferred as regulatory assets based on the expected ability to recover the costs in future rates. • Certain credits, which would otherwise be reflected as income or other comprehensive income, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred. Estimates and assumptions for recovery of deferred costs and refund of deferred credits are based on specific ratemaking decisions, precedent or other available information. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If changes in the regulatory environment occur, PSCo may no longer be eligible to apply this accounting treatment and may be required to eliminate regulatory assets and liabilities. Such changes could have a material effect on PSCo’s results of operations, financial condition and cash flows. See Note 4 for further information. Income Taxes — PSCo accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Income taxes are deferred for all temporary differences between pretax financial and taxable income and between the book and tax bases of assets and liabilities utilizing rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Utility rate regulation has resulted in the recognition of regulatory assets and liabilities related to income taxes. The effects of PSCo’s tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most of its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability, refundable to utility customers over the remaining life of the related assets. PSCo anticipates that a tax rate increase would predominantly result in the establishment of a regulatory asset, subject to an evaluation of whether future recovery is expected. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize over the book depreciable lives of related property. The requirement to defer and amortize these credits specifically applies to certain federal ITCs, as determined by tax regulations and PSCo tax elections. For tax credits otherwise eligible to be recognized when earned, PSCo considers the impact of rate regulation to determine if these credits and related adjustments should be deferred as regulatory assets or liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. This evaluation includes consideration of whether tax credits are expected to be sold at a discount and impact the realization of amounts presented as deferred tax assets. Transferable tax credits are accounted for under ASC 740 Income Taxes , and valuation allowances and any adjustments for discounts incurred on sales transactions are recorded to deferred tax expense, typically recovered in regulatory mechanisms. PSCo measures and discloses uncertain tax positions that it has taken or expects to take in its income tax returns. A tax position is recognized in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax expense. Interest and penalties related to income taxes are reported within Other income (expense), net or interest charges in the consolidated statements of income. Xcel Energy Inc. and its subsidiaries, including PSCo file consolidated federal income tax returns as well as consolidated or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to its subsidiaries based on separate company computations. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with consolidated state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries. See Note 7 for further information. Property, Plant and Equipment and Depreciation in Regulated Operations — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs and replacement of items determined to be less than a unit of property are charged to expense as incurred. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. Depreciation expense is recorded using the straight-line method over the plant’s commission approved useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Plant removal costs are typically recognized at the amounts recovered in rates as authorized by the applicable regulator. Accumulated removal costs are reflected in the consolidated balance sheet as a regulatory liability. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 3.6% in 2023, 3.4% in 2022 and 3.2% in 2021. See Note 3 for further information. AROs — PSCo records AROs as a liability in the period incurred (if fair value can be reasonably estimated), with the offsetting/associated costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion and the capitalized costs are typically depreciated over the useful life of the long-lived asset. Changes resulting from revisions to timing or amounts of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. See Note 10 for further information. Benefit Plans and Other Postretirement Benefits — PSCo maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans requires management to make various assumptions and estimates. Certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are deferred as regulatory assets and liabilities, rather than recorded as other comprehensive income, based on regulatory recovery mechanisms. See Note 9 for further information. Environmental Costs — Environmental costs are recorded when it is probable PSCo is liable for remediation costs and the amount can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. For certain environmental costs related to facilities currently in use, such as for emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs are regularly adjusted as estimates are revised and remediation is performed. If other participating potentially responsible parties exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for PSCo’s expected share of the cost. Estimated future expenditures to restore sites are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 10 for further information. Revenue from Contracts with Customers — Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. PSCo recognizes revenue that corresponds to the price of the energy delivered to the customer. The measurement of energy sales to customers is generally based on the reading of their meters, which occurs systematically throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and the corresponding unbilled revenue is recognized. A separate financing component of collections from customers is not recognized as contract terms are short-term in nature. Revenues are net of any excise or sales taxes or fees. PSCo recognizes physical sales to customers (native load and wholesale) on a gross basis in electric revenues and cost of sales. PSCo participates in SPP WEIS. Revenues for short-term physical wholesale sales of excess energy transacted through the imbalance market are recorded on a gross basis. Other revenues and charges settled/facilitated through SPP WEIS are recorded on a net basis in cost of sales. See Note 6 for further information. Cash and Cash Equivalents — PSCo considers investments in instruments with a remaining maturity of 3 months or less at the time of purchase to be cash equivalents. Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. PSCo establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. As of Dec. 31, 2023 and 2022, the allowance for bad debts was $56 million and $54 million, respectively. Inventory — Inventory is recorded at the lower of average cost or net realizable value and consisted of the following: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 91 $ 80 Fuel 83 68 Natural gas 84 171 Total inventories $ 258 $ 319 Fair Value Measurements — PSCo presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its consolidated financial statements. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used to estimate fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price, quoted prices for similar contracts or internally prepared valuation models may be used to determine fair value. For the pension and postretirement plan assets and nuclear decommissioning fund, published trading data and pricing models, generally using the most observable inputs available, are utilized to determine fair value for each security. See Notes 8 and 9 for further information. Derivative Instruments — PSCo uses derivative instruments in connection with its commodity trading activities, and to manage risk associated with changes in interest rates and utility commodity prices, including forward contracts, futures, swaps and options. Derivatives not qualifying for the normal purchases and normal sales exception are recorded on the consolidated balance sheets at fair value as derivative instruments. Classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. Classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Gains or losses on commodity trading transactions are recorded as a component of electric operating revenues. Normal Purchases and Normal Sales — PSCo enters into contracts for purchases and sales of commodities for use in its operations. At inception, contracts are evaluated to determine whether they contain a derivative, and if so, whether they may be exempted from derivative accounting if designated as normal purchases or normal sales. See Note 8 for further information. Commodity Trading Operations — All applicable gains and losses related to commodity trading activities are shown on a net basis in electric operating revenues in the consolidated statements of income. Commodity trading activities are not associated with energy produced from PSCo’s generation assets or energy and capacity purchased to serve native load. Commodity trading contracts are recorded at fair market value and commodity trading results include the impact of all margin-sharing mechanisms. See Note 8 for further information Other Utility Items AFUDC — AFUDC represents the cost of capital used to finance utility construction activity and is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in PSCo’s rate base. Alternative Revenue — Certain rate rider mechanisms (including decoupling and DSM programs) qualify as alternative revenue programs. These mechanisms arise from instances in which the regulator authorizes a future surcharge in response to past activities or completed events. When certain criteria are met, including expected collection within 24 months, revenue is recognized, which may include incentives and return on rate base items. Billing amounts are revised periodically for differences between total amount collected and revenue earned, which may increase or decrease the level of revenue collected from customers. Alternative revenues arising from these programs are presented on a gross basis and disclosed separately from revenue from contracts with customers. See Note 6 for further information. Conservation Programs — PSCo has implemented programs to assist its retail customers in conserving energy and reducing peak demand on the electric and natural gas systems. These programs include approximately 20 unique DSM products, pilots and services for C&I customers, as well as approximately 23 DSM products, pilots and services for residential and low-income customers. Overall, the DSM portfolio provides rebates and/or incentives for nearly 1,000 unique measures. The costs incurred for DSM programs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Revenues recognized for incentive programs designed for recovery of DSM program costs and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the year in which they are earned. PSCo’s DSM program costs are recovered through a combination of base rate revenue and rider mechanisms. Regulatory assets are recognized to reflect the amount of costs or earned incentives that have not yet been collected from customers. Emissions Allowances — Emissions allowances are recorded at cost, including broker commission fees. The inventory accounting model is utilized for all emissions allowances and any sales of these allowances are included in electric revenues. RECs — Cost of RECs that are utilized for compliance is recorded as electric fuel and purchased power expense. An inventory accounting model is used to account for RECs. Sales of RECs are recorded in electric revenues on a gross basis. Cost of these RECs and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense. |
Property Plant and Equipment Pr
Property Plant and Equipment Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Major classes of property, plant and equipment (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 16,698 $ 15,771 Natural gas plant 6,321 5,949 Common and other property 1,472 1,415 Plant to be retired (a) 1,203 1,305 CWIP 1,310 877 Total property, plant and equipment 27,004 25,317 Less accumulated depreciation (5,969) (5,665) Property, plant and equipment, net $ 21,035 $ 19,652 (a) 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. Joint Ownership of Generation, Transmission and Gas Facilities Jointly owned assets as of Dec. 31, 2023: (Millions of Dollars, Except Percent Owned) Plant in Service Accumulated Depreciation Percent Owned Electric generation: Hayden Unit 1 $ 157 $ 108 76 % Hayden Unit 2 151 87 37 Hayden common facilities 44 31 53 Craig Units 1 and 2 82 55 10 Craig common facilities 39 25 7 Comanche Unit 3 916 191 67 Comanche common facilities 29 4 77 Electric transmission: Transmission and other facilities 189 75 Various Gas transmission: Rifle, CO to Avon, CO 28 9 60 Gas transmission compressor 8 2 50 Total (a) $ 1,643 $ 587 (a) Projects additionally include $18 million in CWIP. PSCo’s share of operating expenses and construction expenditures is included in the applicable utility accounts. Respective owners are responsible for providing their own financing. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory assets and liabilities are created for amounts that regulators may allow to be collected or may require to be paid back to customers in future electric and natural gas rates. PSCo would be required to recognize the write-off of regulatory assets and liabilities in net income or other comprehensive income if changes in the utility industry no longer allow for the application of regulatory accounting guidance under GAAP. Components of regulatory assets: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2023 Dec. 31, 2022 Regulatory Assets Current Noncurrent Current Noncurrent Pension and retiree medical obligations 9 Various $ 2 $ 396 $ 3 $ 367 Net AROs (a) 1, 10 Various — 236 — 212 Depreciation differences One 16 184 16 187 Recoverable deferred taxes on AFUDC Plant lives — 135 — 119 Excess deferred taxes — TCJA 7 Various — 55 2 54 Environmental remediation costs Various — 44 6 26 Conservation programs (b) 1 One two 12 33 8 16 Revenue decoupling Various — 31 — — Gas pipeline inspection costs One two 3 25 — 13 Deferred natural gas, electric, steam energy/fuel costs One three 221 22 312 200 Purchased power contract costs Term of related contract 4 20 3 16 Grid modernization costs Two 15 14 14 22 Property tax Various 3 7 8 2 Other Various 28 65 39 43 Total regulatory assets $ 304 $ 1,267 $ 411 $ 1,277 (a) Includes amounts recorded for future recovery of AROs. (b) Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. Components of regulatory liabilities: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2023 Dec. 31, 2022 Regulatory Liabilities Current Noncurrent Current Noncurrent Deferred income tax adjustments and TCJA refunds (a) 7 Various $ 2 $ 1,260 $ 2 $ 1,298 Plant removal costs 1, 10 Various — 769 — 705 Effects of regulation on employee benefit costs (b) Various — 234 — 227 Renewable resources and environmental initiatives Various — 152 — 141 Revenue decoupling Various — 63 — 55 ITC deferrals 1 Various 1 44 1 41 Deferred natural gas, electric, steam energy/fuel costs Less than one 34 — 3 — Conservation programs 1 Less than one 9 — 19 — Formula rates One two 8 — 16 — Other Various 16 40 18 22 Total regulatory liabilities $ 70 $ 2,562 $ 59 $ 2,489 (a) Includes the revaluation of recoverable/regulated plant accumulated deferred income taxes and revaluation impact of non-plant accumulated deferred income taxes due to the TCJA. (b) Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | 5. 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 Inc. 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 Inc. 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 Inc. Money pool borrowings: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2023 Year Ended Dec. 31 2023 2022 2021 Borrowing limit $ 250 $ 250 $ 250 $ 250 Amount outstanding at period end 51 51 — — Average amount outstanding 64 23 29 12 Maximum amount outstanding 250 250 250 243 Weighted average interest rate, computed on a daily basis 5.33 % 5.31 % 1.66 % 0.07 % Weighted average interest rate at end of period 5.34 5.34 N/A N/A Commercial Paper — Commercial paper borrowings: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2023 Year Ended Dec. 31 2023 2022 2021 Borrowing limit $ 700 $ 700 $ 700 $ 700 Amount outstanding at period end 320 320 294 147 Average amount outstanding 189 124 71 26 Maximum amount outstanding 369 454 328 322 Weighted average interest rate, computed on a daily basis 5.53 % 5.17 % 2.56 % 0.19 % Weighted average interest rate at end of period 5.56 5.56 4.73 0.22 Letters of Credit — PSCo uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. At Dec. 31, 2023 and 2022, there were $29 million and $27 million of letters of credit outstanding under the credit facility, respectively. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, PSCo must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount 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. Features of PSCo’s credit facility: Debt-to-Total Capitalization Ratio (a) Amount Facility May Be Increased (millions of dollars) Additional Periods for Which a One-Year Extension May Be Requested (b) 2023 2022 44.8 % 44.0 % $ 100 2 (a) The credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%. (b) All extension requests are subject to majority bank group approval. The credit facility has a cross-default provision that provides PSCo would be in default on its borrowings under the facility if PSCo or any of its subsidiaries whose total assets exceed 15% of PSCo’s consolidated total assets, default on indebtedness in an aggregate principal amount exceeding $75 million . If PSCo does not comply with the covenant, an event of default may be declared, and if not remedied, any outs tanding amounts due under the facility can be declared due by the lender. As of Dec. 31, 2023, PSCo was in compliance with all financial covenants. PSCo had the following committed credit facility available as of Dec. 31, 2023 (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 349 $ 351 (a) This credit facility matures in September 2027. (b) Includes letters of credit and outstanding commercial paper. 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 facility outstanding at Dec. 31, 2023 and 2022. Long-Term Borrowings and Other Financing Instruments Generally, the property of PSCo is subject to the lien of its first mortgage indenture for the benefit of bondholders. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses for refinanced debt are deferred and amortized over the life of the new issuance. Long-term debt obligations for PSCo as of Dec. 31 (in millions of dollars): Financing Instrument Interest Rate Maturity Date 2023 2022 First mortgage bonds 2.50 % March 15, 2023 $ — $ 250 First mortgage bonds 2.90 May 15, 2025 250 250 First mortgage bonds 3.70 June 15, 2028 350 350 First mortgage bonds 1.90 Jan. 15, 2031 375 375 First mortgage bonds 1.875 June 15, 2031 750 750 First mortgage bonds (a) 4.10 June 1, 2032 300 300 First mortgage bonds 6.25 Sept. 1, 2037 350 350 First mortgage bonds 6.50 Aug. 1, 2038 300 300 First mortgage bonds 4.75 Aug. 15, 2041 250 250 First mortgage bonds 3.60 Sept. 15, 2042 500 500 First mortgage bonds 3.95 March 15, 2043 250 250 First mortgage bonds 4.30 March 15, 2044 300 300 First mortgage bonds 3.55 June 15, 2046 250 250 First mortgage bonds 3.80 June 15, 2047 400 400 First mortgage bonds 4.10 June 15, 2048 350 350 First mortgage bonds 4.05 Sept. 15, 2049 400 400 First mortgage bonds 3.20 March 1, 2050 550 550 First mortgage bonds 2.70 Jan. 15, 2051 375 375 First mortgage bonds (a) 4.50 June 1, 2052 400 400 First mortgage bonds (b) 5.25 April 1, 2053 850 — Unamortized discount (41) (37) Unamortized debt issuance cost (59) (53) Current maturities — (250) Total long-term debt $ 7,450 $ 6,610 (a) 2022 financing. (b) 2023 financing. Maturities of long-term debt: (Millions of Dollars) 2024 $ — 2025 250 2026 — 2027 — 2028 350 Deferred Financing Costs — Deferred financing costs of approximately $59 million and $53 million, net of amortization, are presented as a deduction from the carrying amount of long-term debt as of Dec. 31, 2023 and 2022, respectively. Capital Stock — PSCo has authorized the issuance of preferred stock. Preferred Stock Authorized (Shares) Par Value of Preferred Stock Preferred Stock Outstanding (Shares) 2023 and 2022 10,000,000 $ 0.01 — Dividend Restrictions — PSCo’s dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts. Dividends are solely to be paid from retained earnings. |
Revenues
Revenues | 12 Months Ended |
Dec. 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: Year Ended Dec. 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,295 $ 1,109 $ 19 $ 2,423 C&I 1,816 459 30 2,305 Other 52 — 5 57 Total retail 3,163 1,568 54 4,785 Wholesale 237 — — 237 Transmission 90 — — 90 Other 61 132 — 193 Total revenue from contracts with customers 3,551 1,700 54 5,305 Alternative revenue and other 180 34 — 214 Total revenues $ 3,731 $ 1,734 $ 54 $ 5,519 Year Ended Dec. 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,341 $ 1,203 $ 15 $ 2,559 C&I 1,843 479 32 2,354 Other 52 — — 52 Total retail 3,236 1,682 47 4,965 Wholesale 286 — — 286 Transmission 88 — — 88 Other 53 151 — 204 Total revenue from contracts with customers 3,663 1,833 47 5,543 Alternative revenue and other 132 27 6 165 Total revenues $ 3,795 $ 1,860 $ 53 $ 5,708 Year Ended Dec. 31, 2021 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,174 $ 816 $ 12 $ 2,002 C&I 1,660 308 30 1,998 Other 49 — — 49 Total retail 2,883 1,124 42 4,049 Wholesale 228 — — 228 Transmission 75 — — 75 Other 44 159 — 203 Total revenue from contracts with customers 3,230 1,283 42 4,555 Alternative revenue and other 183 72 5 260 Total revenues $ 3,413 $ 1,355 $ 47 $ 4,815 |
Income Taxes Income Taxes
Income Taxes Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. Effective income tax rate for years ended Dec. 31: 2023 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % State income tax on pretax income, net of federal tax effect 3.5 3.5 3.6 Increases (decreases) in tax from: Wind PTCs (a) (14.5) (14.3) (14.3) Plant regulatory differences (b) (5.5) (4.5) (4.6) Other tax credits, net NOL & tax credit allowances (1.1) (1.1) (1.0) Other, net 0.6 0.2 0.1 Effective income tax rate 4.0 % 4.8 % 4.8 % (a) Wind PTCs net of estimated transfer discount are 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 through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions. Components of income tax expense for the years ended Dec. 31: (Millions of Dollars) 2023 2022 2021 Current federal tax expense $ 182 $ 39 $ 16 Current state tax expense 28 11 — Current change in unrecognized tax benefit — — (1) Deferred federal tax benefit (181) (32) (13) Deferred state tax expense 2 21 31 Deferred change in unrecognized tax expense 1 1 3 Deferred ITCs (3) (3) (3) Total income tax expense $ 29 $ 37 $ 33 Components of deferred income tax expense as of Dec. 31: (Millions of Dollars) 2023 2022 2021 Deferred tax (benefit) expense excluding items below $ (89) $ 23 $ 63 Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities (48) (32) (42) Adjustments to deferred income taxes for wind production tax credit cash transfers (a) (40) — — Tax expense allocated to other comprehensive income and other (1) (1) — Deferred tax (benefit) expense $ (178) $ (10) $ 21 (a) Proceeds from tax credit transfers are included in cash received (paid) for income taxes in the consolidated statement of cash flows. Components of the net deferred tax liability as of Dec. 31: (Millions of Dollars) 2023 2022 (a) Deferred tax liabilities: Differences between book and tax bases of property $ 2,326 $ 2,315 Regulatory assets 289 243 Operating lease assets 95 112 Deferred fuel costs 51 125 Pension expense and other employee benefits 22 27 Other 8 11 Total deferred tax liabilities $ 2,791 $ 2,833 Deferred tax assets: Tax credit carryforward $ 457 $ 385 Regulatory liabilities 291 292 Operating lease liabilities 95 112 Bad debts 14 14 Deferred ITCs 10 7 Tax credit carryforward valuation allowances (6) (6) Rate refund 4 21 NOL carryforward — 9 Other 32 16 Total deferred tax assets $ 897 $ 850 Net deferred tax liability $ 1,894 $ 1,983 (a) Prior periods have been reclassified to conform to current year presentation. Other Income Tax Matters — NOL amounts represent the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows: (Millions of Dollars) 2023 2022 Federal NOL carryforward $ — $ 5 Federal tax credit carryforwards 444 368 Valuation allowances for federal credit carryforwards (3) — State NOL carryforwards — 223 State tax credit carryforwards, net of federal detriment (a) 13 16 Valuation allowances for state credit carryforwards, net of federal benefit (b) (3) (6) (a) State tax credit carryforwards are net of federal detriment of $3 million and $4 million as of Dec. 31, 2023 and 2022, respectively. (b) Valuation allowances for state tax credit carryforwards were net of federal benefit of $1 million and $2 million as of Dec. 31, 2023 and 2022, respectively. Federal carryforward periods expire between 2038 and 2043 and state carryforward periods expire between 2024 and 2036. Unrecognized Tax Benefits Federal Audit — PSCo is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s consolidated federal tax returns expire as follows: Tax Year(s) Expiration 2014 - 2016 March 2025 2020 September 2024 Additionally, the statute of limitations related to certain federal tax credit carryforwards will remain open until those credits are utilized in subsequent returns. Further, the statute of limitations related to the additional federal tax loss carryback claim filed in 2020 has been extended. As of Dec. 31, 2023 the IRS issued its Revenue Agent’s Report related to the federal tax loss carryback claim. The Company materially agrees with the report and re-recognized the related benefit in Dec. 2023. State Audits — PSCo is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Dec. 31, 2023, PSCo’s earliest open tax years that are subject to examination by state taxing authorities under applicable statutes of limitations are as follows: State Tax Year(s) Expiration Colorado 2014-2016 March 2026 Colorado 2019 October 2024 There are currently no state income tax audits in progress. Unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which deductibility is highly certain, but for which there is uncertainty about the timing. A change in the timing of deductibility would not affect the ETR but would accelerate the payment to the taxing authority. Unrecognized tax benefits - permanent vs temporary: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Unrecognized tax benefit — Permanent tax positions $ 12 $ 11 Unrecognized tax benefit — Temporary tax positions — 2 Total unrecognized tax benefit $ 12 $ 13 Changes in unrecognized tax benefits: (Millions of Dollars) 2023 2022 2021 Balance at Jan. 1 $ 13 $ 11 $ 9 Additions based on tax positions related to the current year 2 2 2 Reductions for tax positions of prior years (3) — — Balance at Dec. 31 $ 12 $ 13 $ 11 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 NOL and tax credit carryforwards $ (11) $ (12) As IRS and state audits resume, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $4 million in the next 12 months. Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. Payables for interest related to unrecognized tax benefits at Dec. 31, 2023, 2022 and 2021 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of Dec. 31, 2023, 2022 or 2021. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 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. As of Dec. 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 Dec. 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. Derivative instruments 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 Dec. 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) Dec. 31, 2023 Dec. 31, 2022 MWh of electricity 2 8 MMBtu of natural gas 20 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 Dec. 31, 2023, four of PSCo’s ten most significant counterparties for these activities, comprising $30 million or 36% of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Six of the ten most significant counterparties, comprising $40 million or 48% 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. None of these significant counterparties had credit quality less than investment grade, based on internal analysis. Eight of these significant counterparties are municipal, cooperative electric entities, RTOs 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 Dec. 31, 2023 and 2022, there were no derivative liabilities position with such underlying contract provisions. Also, certain contracts may 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 Dec. 31, 2023 there were approximately $8 million of derivative instruments in a liability position with such underlying contract provisions. As of Dec. 31, 2022, there were no derivative liabilities 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 Dec. 31, 2023 and 2022. 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 Regulatory (Assets) and Liabilities Year Ended Dec. 31, 2023 Other derivative instruments Natural gas commodity $ — $ (13) Total $ — $ (13) Year Ended Dec. 31, 2022 Other derivative instruments Natural gas commodity $ — $ (15) Total $ — $ (15) Year Ended Dec. 31, 2021 Other derivative instruments Natural gas commodity $ — $ (1) Total $ — $ (1) 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) Year Ended Dec. 31, 2023 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (5) (b) Natural gas commodity — 15 (c) (16) (c)(d) Total $ — $ 15 $ (21) Year Ended Dec. 31, 2022 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 7 (b) Natural gas commodity — 8 (c) (17) (c)(d) Total $ — $ 8 $ (10) Year Ended Dec. 31, 2021 Derivatives designated as cash flow hedges Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 12 (b) Natural gas commodity — 4 (c) (15) (c)(d) Total $ — $ 4 $ (3) (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 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. (d) Relates primarily to option premium amortization. PSCo had no derivative instruments designated as fair value hedges during the years ended Dec. 31, 2023, 2022 and 2021. Derivative assets and liabilities measured at fair value on a recurring basis were as follows: Dec. 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 $ 1 $ 19 $ — $ 20 $ (17) $ 3 $ 16 $ 220 $ 1 $ 237 $ (184) $ 53 Natural gas commodity — 8 — 8 — 8 — 12 — 12 — 12 Total current derivative assets $ 1 $ 27 $ — $ 28 $ (17) $ 11 $ 16 $ 232 $ 1 $ 249 $ (184) $ 65 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 6 $ 9 $ — $ 15 $ — $ 15 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 Total noncurrent derivative assets $ 6 $ 9 $ — $ 15 $ — $ 15 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 Current derivative liabilities Other derivative instruments: Commodity trading $ 1 $ 25 $ — $ 26 $ (17) $ 9 $ 5 $ 237 $ 1 $ 243 $ (223) $ 20 Natural gas commodity — 8 — 8 — 8 — 10 — 10 — 10 Total current derivative liabilities $ 1 $ 33 $ — $ 34 $ (17) $ 17 $ 5 $ 247 $ 1 $ 253 $ (223) $ 30 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 2 $ 1 $ — $ 3 $ (3) $ — $ 7 $ 40 $ — $ 47 $ (38) $ 9 Total noncurrent derivative liabilities $ 2 $ 1 $ — $ 3 $ (3) $ — $ 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 Dec. 31, 2023 and 2022, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2023 and 2022, derivative assets and liabilities include rights to reclaim cash collateral of $4 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: Year Ended Dec. 31 (Millions of Dollars) 2023 2022 2021 Balance at Jan. 1 $ 9 $ (63) $ (44) Settlements (a) — 12 4 Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (9) 60 (23) Balance at Dec. 31 $ — $ 9 $ (63) (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 Dec. 31, other financial instruments for which the carrying amount did not equal fair value: 2023 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 7,450 $ 6,580 $ 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 Dec. 31, 2023 and 2022, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 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 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 February 2023, the court granted PSCo’s motion precluding CORE from seeking damages related to its withdrawal as part of the lawsuit. 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 a $34 million loss for the verdict in the third quarter of 2023, including estimated interest and other costs. PSCo intends to file an appeal of this decision. Marshall Wildfire Litigation — In December 2021, a wildfire ignited in Boulder County, Colorado (the “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 (the “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 302 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 4,047 plaintiffs, and one complaint is filed on behalf of a putative class of first responders who allegedly were exposed to the threat of serious bodily injury, or smoke, soot and ash from the Marshall Fire. 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. 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 other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant for claims that accrued at the time of the Marshall Fire 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. 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 New and changing federal and state environmental mandates can create financial liabilities for PSCo, 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. PSCo may sometimes pay all or a portion of the cost to remediate sites where past activities of PSCo’s 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 PSCo is alleged to have sent wastes to that site. MGP, Landfill and Disposal Sites PSCo is currently investigating, remediating or performing post-closure actions at two historical MGP, landfill or other disposal sites across its service territory, excluding sites that are being addressed under current coal ash regulations (see below). PSCo has recognized approximately $6 million 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. If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions beginning with an Assessment of Corrective Measures. Investigation and/or corrective action related to groundwater impacts are currently underway at four PSCo sites under the federal CCR program at a current estimated cost of at least $40 million. A liability has been recorded and is expected to be fully recoverable through regulatory mechanisms. 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. AROs — AROs have been recorded for PSCo’s assets. PSCo’s AROs were as follows: 2023 (Millions Jan. 1, Accretion Cash Flow Revisions (a) Dec. 31, 2023 Electric Steam, hydro and other production $ 180 $ 8 $ — $ 188 Wind 44 2 — 46 Distribution 17 — — 17 Natural gas Transmission and distribution 235 11 (114) 132 Total liability $ 476 $ 21 $ (114) $ 383 (a) In 2023, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily the result of changes to inflation and discount rate assumptions as well as updated mileage of gas lines and number of services. 2022 (Millions Jan. 1, 2022 Amounts Incurred (a) Accretion Cash Flow Revisions (b) Dec. 31, 2022 Electric Steam, hydro and other production $ 152 $ 34 $ 6 $ (12) $ 180 Wind 42 — 2 — 44 Distribution 16 — 1 — 17 Natural gas Transmission and distribution 212 — 10 13 235 Total liability $ 422 $ 34 $ 19 $ 1 $ 476 (a) Amounts incurred related to steam production pond remediation costs. (b) In 2022, AROs were revised for changes in timing and estimates of cash flows. Revisions in steam, hydro, and other production AROs primarily related to changes in cost estimates for remediation of ash containment facilities. Changes in gas transmission and distribution AROs were primarily related to changes in labor rates coupled with increased gas line mileage and number of services. Indeterminate AROs — Outside of the recorded asbestos AROs, other plants or buildings may contain asbestos due to the age of many of PSCo’s facilities, but no confirmation or measurement of the cost of removal could be determined as of Dec. 31, 2023. Therefore, an ARO has not been recorded for these facilities. 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. A contract determined to contain a lease is evaluated further to determine if the arrangement is a finance lease. ROU assets represent PSCo's rights to use leased assets. The present value of future operating lease payments is recognized in current and noncurrent operating lease liabilities. These amounts, adjusted for any prepayments or incentives, are recognized as operating lease ROU assets. Most of PSCo’s leases do not contain a readily determinable discount rate. Therefore, the present value of future lease payments is generally calculated using the estimated incremental borrowing rate (weighted average of 4.2%). For currently existing asset classes, PSCo has elected to utilize the practical expedient under which non-lease components, such as asset maintenance costs included in payments, are not deducted from lease payments for the purposes of lease accounting and disclosure. Leases with an initial term of 12 months or less are classified as short-term leases and are not recognized on the consolidated balance sheet. Operating lease ROU assets: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 PPAs $ 623 $ 612 Other 112 80 Gross operating lease ROU assets 735 692 Accumulated amortization (369) (255) Net operating lease ROU assets $ 366 $ 437 ROU assets for finance leases are included in other noncurrent assets, and the present value of future finance lease payments is included in other current liabilities and other noncurrent liabilities. PSCo’s most significant finance lease activities are related to WYCO, a joint venture with CIG, to develop and lease natural gas pipeline, storage and compression facilities. Xcel Energy Inc. has a 50% ownership interest in WYCO. WYCO leases its facilities to CIG, and CIG operates the facilities, providing natural gas storage and transportation services to PSCo under separate service agreements. PSCo accounts for its Totem natural gas storage service and Front Range pipeline arrangements with CIG and WYCO, respectively, as finance leases. Finance lease ROU assets: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Gas storage facilities $ 160 $ 160 Gas pipeline 21 21 Gross finance lease ROU assets 181 181 Accumulated amortization (67) (64) Net finance lease ROU assets $ 114 $ 117 Components of lease expense: (Millions of Dollars) 2023 2022 2021 Operating leases PPA capacity payments $ 89 $ 91 $ 102 Other operating leases (a) 19 20 16 Total operating lease expense (b) $ 108 $ 111 $ 118 Finance leases Amortization of ROU assets $ 3 $ 4 $ 7 Interest expense on lease liability 15 16 17 Total finance lease expense $ 18 $ 20 $ 24 (a) Includes immaterial short-term lease expense of for 2023, 2022 and 2021. (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 Dec. 31, 2023: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases 2024 $ 98 $ 19 $ 117 $ 18 2025 97 12 109 18 2026 74 8 82 18 2027 44 8 52 16 2028 20 8 28 15 Thereafter 39 6 45 333 Total minimum obligation 372 61 433 418 Interest component of obligation (35) (6) (41) (304) Present value of minimum obligation $ 337 $ 55 392 114 Less current portion (102) (3) Noncurrent operating and finance lease liabilities $ 290 $ 111 Weighted-average remaining lease term in years 4.6 36.8 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2032. PPAs and Fuel Contracts Non-Lease PPAs — PSCo has entered into PPAs with other utilities and energy suppliers for purchased power to meet system load and energy requirements, operating reserve obligations and as part of wholesale and commodity trading activities. In general, these agreements provide for energy payments, based on actual energy delivered, and may also include capacity payments. Certain PPAs, accounted for as executory contracts with various expiration dates through 2027, contain minimum energy purchase requirements. Included in electric fuel and purchased power expenses for PPAs accounted for as executory contracts were payments for capacity of $3 million, $3 million and $2 million in 2023, 2022 and 2021, respectively. Capacity and energy payments are contingent on the IPP meeting contract obligations, including plant availability requirements. Certain contractual payments are adjusted based on market indices. The effects of price adjustments on financial results are mitigated through purchased energy cost recovery mechanisms. At Dec. 31, 2023, the estimated future payments for capacity that PSCo is obligated to purchase pursuant to these executory contracts, subject to availability, were as follows: (Millions of Dollars) Capacity 2024 $ 3 2025 3 2026 3 2027 1 2028 — Thereafter — Total $ 10 Fuel Contracts — PSCo has entered into various long-term commitments for the purchase and delivery of a significant portion of its coal and natural gas requirements. These contracts expire between 2024 and 2060. PSCo is required to pay additional amounts depending on actual quantities delivered under these agreements. Estimated minimum purchases under these contracts as of Dec. 31, 2023: (Millions of Dollars) Coal Natural gas supply Natural gas storage and 2024 $ 143 $ 221 $ 108 2025 74 12 105 2026 39 — 105 2027 35 — 105 2028 — — 62 Thereafter — — 382 Total $ 291 $ 233 $ 867 VIEs 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 it purchases. PSCo has determined that certain IPPs are VIEs, however PSCo 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. PSCo 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. PSCo concluded that these entities are not required to be consolidated in its consolidated financial statements because PSCo does not have the power to direct the activities that most significantly impact the entities’ economic performance. PSCo had approximately 1,207 MW and 1,442 MW of capacity under long-term PPAs at Dec. 31, 2023 and 2022, respectively, with entities that have been determined to be VIEs. These agreements have expiration dates through 2032. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31: 2023 (Millions of Dollars) Gains and Losses on Interest Rate Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (20) $ (2) $ (22) Other comprehensive loss before reclassifications — — — Losses reclassified from net accumulated other comprehensive loss: Amortization of interest rate hedges 1 (a) — 1 Amortization of net actuarial loss — 1 (b) 1 Net current period other comprehensive income 1 1 2 Accumulated other comprehensive loss at Dec. 31 $ (19) $ (1) $ (20) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information. 2022 (Millions of Dollars) Gains and Losses on Interest Rate Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (21) $ (1) $ (22) Other comprehensive loss before reclassifications — (1) (1) Losses reclassified from net accumulated other comprehensive loss: Amortization of interest rate hedges 1 (a) — 1 Net current period other comprehensive income (loss) 1 (1) — Accumulated other comprehensive loss at Dec. 31 (20) (2) (22) (a) Included in interest charges. |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 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, purchases, transmits, distributes and sells electricity 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 purchases, transports, stores, distributes and sells 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. 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: (Millions of Dollars) 2023 2022 2021 Regulated Electric Operating revenues — external $ 3,731 $ 3,795 $ 3,413 Intersegment revenue 1 1 1 Total revenues $ 3,732 $ 3,796 $ 3,414 Depreciation and amortization 692 650 566 Interest charges and financing costs 224 200 179 Income tax benefit (2) (11) (16) Net income 529 550 495 Regulated Natural Gas Total revenues $ 1,734 $ 1,860 $ 1,355 Depreciation and amortization 224 190 171 Interest charges and financing costs 67 59 53 Income tax expense 37 49 45 Net income 149 180 168 All Other Total revenues (a) $ 54 $ 53 $ 47 Depreciation and amortization 8 8 7 Interest charges and financing costs 1 1 2 Income tax (benefit) expense (6) (1) 4 Net (loss) income 17 (3) (3) Consolidated Total Total revenues (a) $ 5,520 $ 5,709 $ 4,816 Reconciling eliminations (1) (1) (1) Total operating revenues $ 5,519 $ 5,708 $ 4,815 Depreciation and amortization 924 848 744 Interest charges and financing costs 292 260 234 Income tax expense 29 37 33 Net income 695 727 660 (a) Operating revenues include $5 million of other affiliate revenue for the years ended Dec. 31, 2023, 2022 and 2021, respectively. See Note 13 for further information. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Xcel Energy Services Inc. provides management, administrative and other services for the subsidiaries of Xcel Energy Inc., including PSCo. The services are provided and billed to each subsidiary in accordance with service agreements executed by each subsidiary. PSCo uses services provided by Xcel Energy Services Inc. whenever possible. Costs are charged directly to the subsidiary and are allocated if they cannot be directly assigned. Xcel Energy, Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS have established a utility money pool arrangement. See Note 5 for further information. Significant affiliate transactions among the companies and related parties for the years ended Dec. 31: (Millions of Dollars) 2023 2022 2021 Operating revenues: Other $ 5 $ 5 $ 5 Operating expenses: Other operating expenses — paid to Xcel Energy Services Inc. 679 670 617 Interest expense 5 2 — Interest income 2 — — Accounts receivable and payable with affiliates at Dec. 31: 2023 2022 (Millions of Dollars) Accounts Receivable Accounts Payable Accounts Receivable Accounts Payable NSP-Minnesota $ — $ 5 $ 2 $ — NSP-Wisconsin — 1 — 2 SPS — 11 — 11 Other subsidiaries of Xcel Energy Inc. 28 66 9 62 $ 28 $ 83 $ 11 $ 75 |
Compensation Related Costs, Pos
Compensation Related Costs, Postemployment Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Postemployment Benefits Disclosure | In 2023, Xcel Energy implemented workforce actions to align resources and investments with evolving business and customer needs, and streamline the organization for long-term success. In September 2023, Xcel Energy announced a voluntary retirement program to a group of eligible non-bargaining employees, with an enhanced retirement package including certain health care and cash benefits for accepted employees. Approximately 400 employees retired under this program in December 2023. In November 2023, Xcel Energy, Inc. also reduced its non-bargaining workforce by approximately 150 employees through an involuntary severance program. In the fourth quarter of 2023, Xcel Energy recorded total expense of $72 million related to these workforce actions, of which $20 million was attributable to PSCo. Expenses relate to the estimated cost of future health plan subsidies and other medical benefits for the voluntary retirement program, as well as severance and other employee payouts and legal and other professional fees. |
Schedule II, Valuation and Qual
Schedule II, Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II, Valuation and Qualifying Accounts | Public Service Co. of Colorado and Subsidiaries Valuation and Qualifying Accounts Years Ended Dec. 31 Allowance for bad debts (Millions of Dollars) 2023 2022 2021 Balance at Jan. 1 $ 54 $ 40 $ 29 Additions charged to costs and expenses 34 38 26 Additions charged to other accounts (a) 5 18 4 Deductions from reserves (b) (37) (42) (19) Balance at Dec. 31 $ 56 $ 54 $ 40 (a) Recovery of amounts previously written-off. (b) Deductions related primarily to bad debt write-offs. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business and System of Accounts | General — PSCo is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity and the regulated purchase, transportation, distribution and sale of natural gas. PSCo’s consolidated financial statements are presented in accordance with GAAP. All of PSCo’s underlying accounting records also conform to the FERC uniform system of accounts or to systems required by its state regulatory commission. Certain amounts in the consolidated financial statements or notes have been reclassified for comparative purposes; however, such reclassifications did not affect net income, total assets, liabilities, equity or cash flows. |
Principles of Consolidation | PSCo’s consolidated financial statements include its wholly-owned subsidiaries. In the consolidation process, all intercompany transactions and balances are eliminated. PSCo has investments in several plants and transmission facilities jointly owned with nonaffiliated utilities. |
Subsequent Events | PSCo has evaluated events occurring after Dec. 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. |
Use of Estimates | Use of Estimates — PSCo uses estimates based on the best information available to record transactions and balances resulting from business operations. Estimates are used for items such as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. Recorded estimates are revised when better information becomes available or actual amounts can be determined. Revisions can affect operating results. |
Regulatory Accounting | Regulatory Accounting — PSCo accounts for income and expense items in accordance with accounting guidance for regulated operations . Under this guidance: • Certain costs, which would otherwise be charged to expense or other comprehensive income, are deferred as regulatory assets based on the expected ability to recover the costs in future rates. • Certain credits, which would otherwise be reflected as income or other comprehensive income, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred. Estimates and assumptions for recovery of deferred costs and refund of deferred credits are based on specific ratemaking decisions, precedent or other available information. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If changes in the regulatory environment occur, PSCo may no longer be eligible to apply this accounting treatment and may be required to eliminate regulatory assets and liabilities. Such changes could have a material effect on PSCo’s results of operations, financial condition and cash flows. See Note 4 for further information. |
Income Taxes | Income Taxes — PSCo accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Income taxes are deferred for all temporary differences between pretax financial and taxable income and between the book and tax bases of assets and liabilities utilizing rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Utility rate regulation has resulted in the recognition of regulatory assets and liabilities related to income taxes. The effects of PSCo’s tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most of its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability, refundable to utility customers over the remaining life of the related assets. PSCo anticipates that a tax rate increase would predominantly result in the establishment of a regulatory asset, subject to an evaluation of whether future recovery is expected. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize over the book depreciable lives of related property. The requirement to defer and amortize these credits specifically applies to certain federal ITCs, as determined by tax regulations and PSCo tax elections. For tax credits otherwise eligible to be recognized when earned, PSCo considers the impact of rate regulation to determine if these credits and related adjustments should be deferred as regulatory assets or liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. This evaluation includes consideration of whether tax credits are expected to be sold at a discount and impact the realization of amounts presented as deferred tax assets. Transferable tax credits are accounted for under ASC 740 Income Taxes , and valuation allowances and any adjustments for discounts incurred on sales transactions are recorded to deferred tax expense, typically recovered in regulatory mechanisms. PSCo measures and discloses uncertain tax positions that it has taken or expects to take in its income tax returns. A tax position is recognized in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax expense. Interest and penalties related to income taxes are reported within Other income (expense), net or interest charges in the consolidated statements of income. Xcel Energy Inc. and its subsidiaries, including PSCo file consolidated federal income tax returns as well as consolidated or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to its subsidiaries based on separate company computations. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with consolidated state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries. See Note 7 for further information. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation in Regulated Operations — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs and replacement of items determined to be less than a unit of property are charged to expense as incurred. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. Depreciation expense is recorded using the straight-line method over the plant’s commission approved useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Plant removal costs are typically recognized at the amounts recovered in rates as authorized by the applicable regulator. Accumulated removal costs are reflected in the consolidated balance sheet as a regulatory liability. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 3.6% in 2023, 3.4% in 2022 and 3.2% in 2021. See Note 3 for further information. |
Asset Retirement Obligations | AROs — PSCo records AROs as a liability in the period incurred (if fair value can be reasonably estimated), with the offsetting/associated costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion and the capitalized costs are typically depreciated over the useful life of the long-lived asset. Changes resulting from revisions to timing or amounts of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. See Note 10 for further information. |
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits — PSCo maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans requires management to make various assumptions and estimates. Certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are deferred as regulatory assets and liabilities, rather than recorded as other comprehensive income, based on regulatory recovery mechanisms. See Note 9 for further information. |
Environmental Costs | Environmental Costs — Environmental costs are recorded when it is probable PSCo is liable for remediation costs and the amount can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. For certain environmental costs related to facilities currently in use, such as for emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs are regularly adjusted as estimates are revised and remediation is performed. If other participating potentially responsible parties exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for PSCo’s expected share of the cost. Estimated future expenditures to restore sites are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 10 for further information. |
Revenue From Contracts With Customers | Revenue from Contracts with Customers — Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. PSCo recognizes revenue that corresponds to the price of the energy delivered to the customer. The measurement of energy sales to customers is generally based on the reading of their meters, which occurs systematically throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and the corresponding unbilled revenue is recognized. A separate financing component of collections from customers is not recognized as contract terms are short-term in nature. Revenues are net of any excise or sales taxes or fees. PSCo recognizes physical sales to customers (native load and wholesale) on a gross basis in electric revenues and cost of sales. PSCo participates in SPP WEIS. Revenues for short-term physical wholesale sales of excess energy transacted through the imbalance market are recorded on a gross basis. Other revenues and charges settled/facilitated through SPP WEIS are recorded on a net basis in cost of sales. See Note 6 for further information. |
Cash and Cash Equivalents | Cash and Cash Equivalents — PSCo considers investments in instruments with a remaining maturity of 3 months or less at the time of purchase to be cash equivalents. |
Accounts Receivable and Allowance for Bad Debts | Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. PSCo establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. As of Dec. 31, 2023 and 2022, the allowance for bad debts was $56 million and $54 million, respectively. |
Inventory | Inventory — Inventory is recorded at the lower of average cost or net realizable value and consisted of the following: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 91 $ 80 Fuel 83 68 Natural gas 84 171 Total inventories $ 258 $ 319 |
Fair Value Measurements | Fair Value Measurements — PSCo presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its consolidated financial statements. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used to estimate fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price, quoted prices for similar contracts or internally prepared valuation models may be used to determine fair value. For the pension and postretirement plan assets and nuclear decommissioning fund, published trading data and pricing models, generally using the most observable inputs available, are utilized to determine fair value for each security. See Notes 8 and 9 for further information. |
Derivative Instruments | Derivative Instruments — PSCo uses derivative instruments in connection with its commodity trading activities, and to manage risk associated with changes in interest rates and utility commodity prices, including forward contracts, futures, swaps and options. Derivatives not qualifying for the normal purchases and normal sales exception are recorded on the consolidated balance sheets at fair value as derivative instruments. Classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. Classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Gains or losses on commodity trading transactions are recorded as a component of electric operating revenues. Normal Purchases and Normal Sales — PSCo enters into contracts for purchases and sales of commodities for use in its operations. At inception, contracts are evaluated to determine whether they contain a derivative, and if so, whether they may be exempted from derivative accounting if designated as normal purchases or normal sales. See Note 8 for further information. |
Commodity Trading Operations | Commodity Trading Operations — All applicable gains and losses related to commodity trading activities are shown on a net basis in electric operating revenues in the consolidated statements of income. Commodity trading activities are not associated with energy produced from PSCo’s generation assets or energy and capacity purchased to serve native load. Commodity trading contracts are recorded at fair market value and commodity trading results include the impact of all margin-sharing mechanisms. See Note 8 for further information |
AFUDC | AFUDC — AFUDC represents the cost of capital used to finance utility construction activity and is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in PSCo’s rate base. |
Alternative Revenue Programs | Alternative Revenue — Certain rate rider mechanisms (including decoupling and DSM programs) qualify as alternative revenue programs. These mechanisms arise from instances in which the regulator authorizes a future surcharge in response to past activities or completed events. When certain criteria are met, including expected collection within 24 months, revenue is recognized, which may include incentives and return on rate base items. Billing amounts are revised periodically for differences between total amount collected and revenue earned, which may increase or decrease the level of revenue collected from customers. Alternative revenues arising from these programs are presented on a gross basis and disclosed separately from revenue from contracts with customers. See Note 6 for further information. Conservation Programs — PSCo has implemented programs to assist its retail customers in conserving energy and reducing peak demand on the electric and natural gas systems. These programs include approximately 20 unique DSM products, pilots and services for C&I customers, as well as approximately 23 DSM products, pilots and services for residential and low-income customers. Overall, the DSM portfolio provides rebates and/or incentives for nearly 1,000 unique measures. The costs incurred for DSM programs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Revenues recognized for incentive programs designed for recovery of DSM program costs and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the year in which they are earned. PSCo’s DSM program costs are recovered through a combination of base rate revenue and rider mechanisms. Regulatory assets are recognized to reflect the amount of costs or earned incentives that have not yet been collected from customers. |
Emission Allowances | Emissions Allowances — Emissions allowances are recorded at cost, including broker commission fees. The inventory accounting model is utilized for all emissions allowances and any sales of these allowances are included in electric revenues. |
Renewable Energy Credits | RECs — Cost of RECs that are utilized for compliance is recorded as electric fuel and purchased power expense. An inventory accounting model is used to account for RECs. Sales of RECs are recorded in electric revenues on a gross basis. Cost of these RECs and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosure - Inventory [Abstract] | |
Public Utilities, Inventory | Inventory — Inventory is recorded at the lower of average cost or net realizable value and consisted of the following: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 91 $ 80 Fuel 83 68 Natural gas 84 171 Total inventories $ 258 $ 319 |
Property Plant and Equipment _2
Property Plant and Equipment Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Public Utility Property, Plant, and Equipment | Major classes of property, plant and equipment (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 16,698 $ 15,771 Natural gas plant 6,321 5,949 Common and other property 1,472 1,415 Plant to be retired (a) 1,203 1,305 CWIP 1,310 877 Total property, plant and equipment 27,004 25,317 Less accumulated depreciation (5,969) (5,665) Property, plant and equipment, net $ 21,035 $ 19,652 |
Schedule of Jointly Owned Utility Plants | Joint Ownership of Generation, Transmission and Gas Facilities Jointly owned assets as of Dec. 31, 2023: (Millions of Dollars, Except Percent Owned) Plant in Service Accumulated Depreciation Percent Owned Electric generation: Hayden Unit 1 $ 157 $ 108 76 % Hayden Unit 2 151 87 37 Hayden common facilities 44 31 53 Craig Units 1 and 2 82 55 10 Craig common facilities 39 25 7 Comanche Unit 3 916 191 67 Comanche common facilities 29 4 77 Electric transmission: Transmission and other facilities 189 75 Various Gas transmission: Rifle, CO to Avon, CO 28 9 60 Gas transmission compressor 8 2 50 Total (a) $ 1,643 $ 587 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets | Components of regulatory assets: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2023 Dec. 31, 2022 Regulatory Assets Current Noncurrent Current Noncurrent Pension and retiree medical obligations 9 Various $ 2 $ 396 $ 3 $ 367 Net AROs (a) 1, 10 Various — 236 — 212 Depreciation differences One 16 184 16 187 Recoverable deferred taxes on AFUDC Plant lives — 135 — 119 Excess deferred taxes — TCJA 7 Various — 55 2 54 Environmental remediation costs Various — 44 6 26 Conservation programs (b) 1 One two 12 33 8 16 Revenue decoupling Various — 31 — — Gas pipeline inspection costs One two 3 25 — 13 Deferred natural gas, electric, steam energy/fuel costs One three 221 22 312 200 Purchased power contract costs Term of related contract 4 20 3 16 Grid modernization costs Two 15 14 14 22 Property tax Various 3 7 8 2 Other Various 28 65 39 43 Total regulatory assets $ 304 $ 1,267 $ 411 $ 1,277 (a) Includes amounts recorded for future recovery of AROs. (b) Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. |
Regulatory Liabilities | Components of regulatory liabilities: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2023 Dec. 31, 2022 Regulatory Liabilities Current Noncurrent Current Noncurrent Deferred income tax adjustments and TCJA refunds (a) 7 Various $ 2 $ 1,260 $ 2 $ 1,298 Plant removal costs 1, 10 Various — 769 — 705 Effects of regulation on employee benefit costs (b) Various — 234 — 227 Renewable resources and environmental initiatives Various — 152 — 141 Revenue decoupling Various — 63 — 55 ITC deferrals 1 Various 1 44 1 41 Deferred natural gas, electric, steam energy/fuel costs Less than one 34 — 3 — Conservation programs 1 Less than one 9 — 19 — Formula rates One two 8 — 16 — Other Various 16 40 18 22 Total regulatory liabilities $ 70 $ 2,562 $ 59 $ 2,489 (a) Includes the revaluation of recoverable/regulated plant accumulated deferred income taxes and revaluation impact of non-plant accumulated deferred income taxes due to the TCJA. (b) Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset. |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 12 Months Ended | |
Dec. 31, 2023 | ||
Debt Disclosure [Abstract] | ||
Money Pool [Table Text Block] | Money pool borrowings: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2023 Year Ended Dec. 31 2023 2022 2021 Borrowing limit $ 250 $ 250 $ 250 $ 250 Amount outstanding at period end 51 51 — — Average amount outstanding 64 23 29 12 Maximum amount outstanding 250 250 250 243 Weighted average interest rate, computed on a daily basis 5.33 % 5.31 % 1.66 % 0.07 % Weighted average interest rate at end of period 5.34 5.34 N/A N/A | |
Schedule of Short-term Debt [Table Text Block] | Commercial paper borrowings: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2023 Year Ended Dec. 31 2023 2022 2021 Borrowing limit $ 700 $ 700 $ 700 $ 700 Amount outstanding at period end 320 320 294 147 Average amount outstanding 189 124 71 26 Maximum amount outstanding 369 454 328 322 Weighted average interest rate, computed on a daily basis 5.53 % 5.17 % 2.56 % 0.19 % Weighted average interest rate at end of period 5.56 5.56 4.73 0.22 | |
Schedule Of Debt To Total Capitalization Ratio [Table Text Block] | Debt-to-Total Capitalization Ratio (a) Amount Facility May Be Increased (millions of dollars) Additional Periods for Which a One-Year Extension May Be Requested (b) 2023 2022 44.8 % 44.0 % $ 100 2 (a) The credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%. (b) | |
Schedule of Line of Credit Facilities [Table Text Block] | PSCo had the following committed credit facility available as of Dec. 31, 2023 (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 349 $ 351 (a) This credit facility matures in September 2027. (b) Includes letters of credit and outstanding commercial paper. | [1],[2] |
Schedule of Capitalization [Table Text Block] | Long-term debt obligations for PSCo as of Dec. 31 (in millions of dollars): Financing Instrument Interest Rate Maturity Date 2023 2022 First mortgage bonds 2.50 % March 15, 2023 $ — $ 250 First mortgage bonds 2.90 May 15, 2025 250 250 First mortgage bonds 3.70 June 15, 2028 350 350 First mortgage bonds 1.90 Jan. 15, 2031 375 375 First mortgage bonds 1.875 June 15, 2031 750 750 First mortgage bonds (a) 4.10 June 1, 2032 300 300 First mortgage bonds 6.25 Sept. 1, 2037 350 350 First mortgage bonds 6.50 Aug. 1, 2038 300 300 First mortgage bonds 4.75 Aug. 15, 2041 250 250 First mortgage bonds 3.60 Sept. 15, 2042 500 500 First mortgage bonds 3.95 March 15, 2043 250 250 First mortgage bonds 4.30 March 15, 2044 300 300 First mortgage bonds 3.55 June 15, 2046 250 250 First mortgage bonds 3.80 June 15, 2047 400 400 First mortgage bonds 4.10 June 15, 2048 350 350 First mortgage bonds 4.05 Sept. 15, 2049 400 400 First mortgage bonds 3.20 March 1, 2050 550 550 First mortgage bonds 2.70 Jan. 15, 2051 375 375 First mortgage bonds (a) 4.50 June 1, 2052 400 400 First mortgage bonds (b) 5.25 April 1, 2053 850 — Unamortized discount (41) (37) Unamortized debt issuance cost (59) (53) Current maturities — (250) Total long-term debt $ 7,450 $ 6,610 (a) 2022 financing. (b) 2023 financing. | [3],[4] |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of long-term debt: (Millions of Dollars) 2024 $ — 2025 250 2026 — 2027 — 2028 350 | |
Preferred Stock | Capital Stock — PSCo has authorized the issuance of preferred stock. Preferred Stock Authorized (Shares) Par Value of Preferred Stock Preferred Stock Outstanding (Shares) 2023 and 2022 10,000,000 $ 0.01 — | |
[1] Includes letters of credit and outstanding commercial paper. This credit facility matures in September 2027. 2023 financing. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following: Year Ended Dec. 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,295 $ 1,109 $ 19 $ 2,423 C&I 1,816 459 30 2,305 Other 52 — 5 57 Total retail 3,163 1,568 54 4,785 Wholesale 237 — — 237 Transmission 90 — — 90 Other 61 132 — 193 Total revenue from contracts with customers 3,551 1,700 54 5,305 Alternative revenue and other 180 34 — 214 Total revenues $ 3,731 $ 1,734 $ 54 $ 5,519 Year Ended Dec. 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,341 $ 1,203 $ 15 $ 2,559 C&I 1,843 479 32 2,354 Other 52 — — 52 Total retail 3,236 1,682 47 4,965 Wholesale 286 — — 286 Transmission 88 — — 88 Other 53 151 — 204 Total revenue from contracts with customers 3,663 1,833 47 5,543 Alternative revenue and other 132 27 6 165 Total revenues $ 3,795 $ 1,860 $ 53 $ 5,708 Year Ended Dec. 31, 2021 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,174 $ 816 $ 12 $ 2,002 C&I 1,660 308 30 1,998 Other 49 — — 49 Total retail 2,883 1,124 42 4,049 Wholesale 228 — — 228 Transmission 75 — — 75 Other 44 159 — 203 Total revenue from contracts with customers 3,230 1,283 42 4,555 Alternative revenue and other 183 72 5 260 Total revenues $ 3,413 $ 1,355 $ 47 $ 4,815 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred Stock | Capital Stock — PSCo has authorized the issuance of preferred stock. Preferred Stock Authorized (Shares) Par Value of Preferred Stock Preferred Stock Outstanding (Shares) 2023 and 2022 10,000,000 $ 0.01 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Statute of Limitations Applicable to Open Tax Years | Tax Year(s) Expiration 2014 - 2016 March 2025 2020 September 2024 |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits - permanent vs temporary: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Unrecognized tax benefit — Permanent tax positions $ 12 $ 11 Unrecognized tax benefit — Temporary tax positions — 2 Total unrecognized tax benefit $ 12 $ 13 Changes in unrecognized tax benefits: (Millions of Dollars) 2023 2022 2021 Balance at Jan. 1 $ 13 $ 11 $ 9 Additions based on tax positions related to the current year 2 2 2 Reductions for tax positions of prior years (3) — — Balance at Dec. 31 $ 12 $ 13 $ 11 |
Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 NOL and tax credit carryforwards $ (11) $ (12) |
NOL and Tax Credit Carryforwards | NOL amounts represent the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows: (Millions of Dollars) 2023 2022 Federal NOL carryforward $ — $ 5 Federal tax credit carryforwards 444 368 Valuation allowances for federal credit carryforwards (3) — State NOL carryforwards — 223 State tax credit carryforwards, net of federal detriment (a) 13 16 Valuation allowances for state credit carryforwards, net of federal benefit (b) (3) (6) (a) State tax credit carryforwards are net of federal detriment of $3 million and $4 million as of Dec. 31, 2023 and 2022, respectively. (b) Valuation allowances for state tax credit carryforwards were net of federal benefit of $1 million and $2 million as of Dec. 31, 2023 and 2022, respectively. |
Schedule of Effective Income Tax Rate Reconciliation | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. Effective income tax rate for years ended Dec. 31: 2023 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % State income tax on pretax income, net of federal tax effect 3.5 3.5 3.6 Increases (decreases) in tax from: Wind PTCs (a) (14.5) (14.3) (14.3) Plant regulatory differences (b) (5.5) (4.5) (4.6) Other tax credits, net NOL & tax credit allowances (1.1) (1.1) (1.0) Other, net 0.6 0.2 0.1 Effective income tax rate 4.0 % 4.8 % 4.8 % (a) Wind PTCs net of estimated transfer discount are 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 through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions. |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense for the years ended Dec. 31: (Millions of Dollars) 2023 2022 2021 Current federal tax expense $ 182 $ 39 $ 16 Current state tax expense 28 11 — Current change in unrecognized tax benefit — — (1) Deferred federal tax benefit (181) (32) (13) Deferred state tax expense 2 21 31 Deferred change in unrecognized tax expense 1 1 3 Deferred ITCs (3) (3) (3) Total income tax expense $ 29 $ 37 $ 33 Components of deferred income tax expense as of Dec. 31: (Millions of Dollars) 2023 2022 2021 Deferred tax (benefit) expense excluding items below $ (89) $ 23 $ 63 Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities (48) (32) (42) Adjustments to deferred income taxes for wind production tax credit cash transfers (a) (40) — — Tax expense allocated to other comprehensive income and other (1) (1) — Deferred tax (benefit) expense $ (178) $ (10) $ 21 (a) Proceeds from tax credit transfers are included in cash received (paid) for income taxes in the consolidated statement of cash flows. |
Schedule of Deferred Tax Assets and Liabilities | Components of the net deferred tax liability as of Dec. 31: (Millions of Dollars) 2023 2022 (a) Deferred tax liabilities: Differences between book and tax bases of property $ 2,326 $ 2,315 Regulatory assets 289 243 Operating lease assets 95 112 Deferred fuel costs 51 125 Pension expense and other employee benefits 22 27 Other 8 11 Total deferred tax liabilities $ 2,791 $ 2,833 Deferred tax assets: Tax credit carryforward $ 457 $ 385 Regulatory liabilities 291 292 Operating lease liabilities 95 112 Bad debts 14 14 Deferred ITCs 10 7 Tax credit carryforward valuation allowances (6) (6) Rate refund 4 21 NOL carryforward — 9 Other 32 16 Total deferred tax assets $ 897 $ 850 Net deferred tax liability $ 1,894 $ 1,983 (a) Prior periods have been reclassified to conform to current year presentation. |
State Summary of Statute of Limitatios applicable to Open Tax Years | PSCo is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Dec. 31, 2023, PSCo’s earliest open tax years that are subject to examination by state taxing authorities under applicable statutes of limitations are as follows: State Tax Year(s) Expiration Colorado 2014-2016 March 2026 Colorado 2019 October 2024 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 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) Dec. 31, 2023 Dec. 31, 2022 MWh of electricity 2 8 MMBtu of natural gas 20 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 Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Regulatory (Assets) and Liabilities Year Ended Dec. 31, 2023 Other derivative instruments Natural gas commodity $ — $ (13) Total $ — $ (13) Year Ended Dec. 31, 2022 Other derivative instruments Natural gas commodity $ — $ (15) Total $ — $ (15) Year Ended Dec. 31, 2021 Other derivative instruments Natural gas commodity $ — $ (1) Total $ — $ (1) 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) Year Ended Dec. 31, 2023 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (5) (b) Natural gas commodity — 15 (c) (16) (c)(d) Total $ — $ 15 $ (21) Year Ended Dec. 31, 2022 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 7 (b) Natural gas commodity — 8 (c) (17) (c)(d) Total $ — $ 8 $ (10) Year Ended Dec. 31, 2021 Derivatives designated as cash flow hedges Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 12 (b) Natural gas commodity — 4 (c) (15) (c)(d) Total $ — $ 4 $ (3) 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 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. (d) Relates primarily to option premium amortization. |
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Derivative assets and liabilities measured at fair value on a recurring basis were as follows: Dec. 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 $ 1 $ 19 $ — $ 20 $ (17) $ 3 $ 16 $ 220 $ 1 $ 237 $ (184) $ 53 Natural gas commodity — 8 — 8 — 8 — 12 — 12 — 12 Total current derivative assets $ 1 $ 27 $ — $ 28 $ (17) $ 11 $ 16 $ 232 $ 1 $ 249 $ (184) $ 65 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 6 $ 9 $ — $ 15 $ — $ 15 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 Total noncurrent derivative assets $ 6 $ 9 $ — $ 15 $ — $ 15 $ 12 $ 32 $ 9 $ 53 $ (31) $ 22 Current derivative liabilities Other derivative instruments: Commodity trading $ 1 $ 25 $ — $ 26 $ (17) $ 9 $ 5 $ 237 $ 1 $ 243 $ (223) $ 20 Natural gas commodity — 8 — 8 — 8 — 10 — 10 — 10 Total current derivative liabilities $ 1 $ 33 $ — $ 34 $ (17) $ 17 $ 5 $ 247 $ 1 $ 253 $ (223) $ 30 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 2 $ 1 $ — $ 3 $ (3) $ — $ 7 $ 40 $ — $ 47 $ (38) $ 9 Total noncurrent derivative liabilities $ 2 $ 1 $ — $ 3 $ (3) $ — $ 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 Dec. 31, 2023 and 2022, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2023 and 2022, derivative assets and liabilities include rights to reclaim cash collateral of $4 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: Year Ended Dec. 31 (Millions of Dollars) 2023 2022 2021 Balance at Jan. 1 $ 9 $ (63) $ (44) Settlements (a) — 12 4 Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (9) 60 (23) Balance at Dec. 31 $ — $ 9 $ (63) (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 Dec. 31, other financial instruments for which the carrying amount did not equal fair value: 2023 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 7,450 $ 6,580 $ 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 Dec. 31, 2023 and 2022, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Carrying Amount and Fair Value of Long-term Debt | 2023 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 7,450 $ 6,580 $ 6,860 $ 5,881 |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation | Changes in Level 3 commodity derivatives: Year Ended Dec. 31 (Millions of Dollars) 2023 2022 2021 Balance at Jan. 1 $ 9 $ (63) $ (44) Settlements (a) — 12 4 Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (9) 60 (23) Balance at Dec. 31 $ — $ 9 $ (63) (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. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Benefit Plans and Other Postretirement Benefits [Abstract] | |
Target Asset Allocations and Plan Assets Measured at Fair Value | For each of the fair value hierarchy levels, PSCo’s pension plan assets measured at fair value: Dec. 31, 2023 (a) Dec. 31, 2022 (a) (Millions of Dollars) Level 1 Level 2 Level 3 Measured at NAV Total Level 1 Level 2 Level 3 Measured at NAV Total Cash equivalents $ 94 $ — $ — $ — $ 94 $ 52 $ — $ — $ — $ 52 Commingled funds 177 — — 464 641 355 — — 317 672 Debt securities — 287 1 — 288 — 286 1 — 287 Equity securities 12 — — — 12 17 — — — 17 Other — 2 — — 2 — 3 — — 3 Total $ 283 $ 289 $ 1 $ 464 $ 1,037 $ 424 $ 289 $ 1 $ 317 $ 1,031 (a) See Note 8 for further information on fair value measurement inputs and methods. Dec. 31, 2023 (a) Dec. 31, 2022 (a) (Millions of Dollars) Level 1 Level 2 Level 3 Measured at NAV Total Level 1 Level 2 Level 3 Measured at NAV Total Cash equivalents $ 29 $ — $ — $ — $ 29 $ 28 $ — $ — $ — $ 28 Insurance contracts — 35 — — 35 — 36 — — 36 Commingled funds 20 — — 63 83 47 — — 56 103 Debt securities — 165 1 — 166 — 153 1 — 154 Other — 1 — — 1 — (1) — — (1) Total $ 49 $ 201 $ 1 $ 63 $ 314 $ 75 $ 188 $ 1 $ 56 $ 320 (a) Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Long-duration fixed income securities 38 % 38 % — % — % Domestic and international equity securities 31 33 9 16 Alternative investments 20 18 13 12 Short-to-intermediate fixed income securities 9 9 77 71 Cash 2 2 1 1 Total 100 % 100 % 100 % 100 % |
Change in Projected Benefit Obligation | Pension Benefits Postretirement Benefits (Millions of Dollars) 2023 2022 2023 2022 Change in Benefit Obligation: Obligation at Jan. 1 $ 1,032 $ 1,363 $ 296 $ 369 Service cost 19 29 1 1 Interest cost 58 41 16 10 Actuarial (gain) loss 45 (317) 18 (55) Plan participants’ contributions — — 7 7 Medicare subsidy reimbursements — — — 1 Benefit payments (83) (84) (42) (37) Obligation at Dec. 31 $ 1,071 $ 1,032 $ 296 $ 296 Change in Fair Value of Plan Assets: Fair value of plan assets at Jan. 1 $ 1,031 $ 1,351 $ 320 $ 393 Actual return on plan assets 89 (276) 26 (46) Employer contributions — 40 3 3 Plan participants’ contributions — — 7 7 Benefit payments (83) (84) (42) (37) Fair value of plan assets at Dec. 31 $ 1,037 $ 1,031 $ 314 $ 320 Funded status of plans at Dec. 31 $ (34) $ (1) $ 18 $ 24 Amounts recognized in the Consolidated Balance Sheet at Dec. 31: Noncurrent assets — 8 18 24 Noncurrent liabilities (34) (9) — — Net amounts recognized $ (34) $ (1) $ 18 $ 24 |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates | Pension Benefits Postretirement Benefits (Millions of Dollars) 2023 2022 2023 2022 Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: Net loss $ 355 $ 325 $ 59 $ 53 Prior service credit (1) (1) — — Total $ 354 $ 324 $ 59 $ 53 Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: Current regulatory assets $ 3 $ 3 $ 1 $ — Noncurrent regulatory assets 351 320 58 53 Net-of-tax accumulated other comprehensive income 1 — Total $ 354 $ 324 $ 59 $ 53 Measurement date Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2022 |
Components of Net Periodic Benefit Costs | Net Periodic Benefit Cost (Credit) — Net periodic benefit cost (credit), other than the service cost component, is included in other income (expense) in the statements of income. Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income and regulatory assets and liabilities: Pension Benefits Postretirement Benefits (Millions of Dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 19 $ 29 $ 32 $ 1 $ 1 $ 1 Interest cost 58 41 39 16 10 11 Expected return on plan assets (76) (78) (73) (15) (15) (16) Amortization of prior service credit — — — — (2) (4) Amortization of net loss 1 23 32 1 1 3 Settlement charge (a) — 3 — — — — Net periodic pension cost (credit) 2 18 30 3 (5) (5) Effects of regulation 9 4 — — 3 2 Net benefit cost (credit) recognized for financial reporting $ 11 $ 22 $ 30 $ 3 $ (2) $ (3) Significant Assumptions Used to Measure Costs: Discount rate 5.80 % 3.08 % 2.71 % 5.80 % 3.09 % 2.65 % Expected average long-term increase in compensation level 4.25 3.75 3.75 N/A N/A N/A Expected average long-term rate of return on assets 6.53 6.39 6.38 5.00 4.10 4.10 (a) A settlement charge is required when the amount of all 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 2022, as a result of lump-sum distributions during the plan year, PSCo recorded a total pension settlement charge of $3 million. An immaterial amount was recorded in the income statement in 2022. There were no settlement charges recorded to the qualified pension plans in 2023 or 2021. |
Projected Benefit Payments for the Pension and Postretirement Benefit Plans | PSCo’s projected benefit payments: (Millions of Dollars) Projected Gross Projected Expected Net Projected 2024 $ 89 $ 31 $ 2 $ 29 2025 80 30 2 28 2026 80 29 2 27 2027 80 28 2 26 2028 79 27 2 25 2029-2033 384 123 12 111 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asset Retirement Obligations | PSCo’s AROs were as follows: 2023 (Millions Jan. 1, Accretion Cash Flow Revisions (a) Dec. 31, 2023 Electric Steam, hydro and other production $ 180 $ 8 $ — $ 188 Wind 44 2 — 46 Distribution 17 — — 17 Natural gas Transmission and distribution 235 11 (114) 132 Total liability $ 476 $ 21 $ (114) $ 383 (a) In 2023, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily the result of changes to inflation and discount rate assumptions as well as updated mileage of gas lines and number of services. 2022 (Millions Jan. 1, 2022 Amounts Incurred (a) Accretion Cash Flow Revisions (b) Dec. 31, 2022 Electric Steam, hydro and other production $ 152 $ 34 $ 6 $ (12) $ 180 Wind 42 — 2 — 44 Distribution 16 — 1 — 17 Natural gas Transmission and distribution 212 — 10 13 235 Total liability $ 422 $ 34 $ 19 $ 1 $ 476 (a) Amounts incurred related to steam production pond remediation costs. (b) |
Assets and Liabilities, Lessee [Table Text Block] | Operating lease ROU assets: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 PPAs $ 623 $ 612 Other 112 80 Gross operating lease ROU assets 735 692 Accumulated amortization (369) (255) Net operating lease ROU assets $ 366 $ 437 Finance lease ROU assets: (Millions of Dollars) Dec. 31, 2023 Dec. 31, 2022 Gas storage facilities $ 160 $ 160 Gas pipeline 21 21 Gross finance lease ROU assets 181 181 Accumulated amortization (67) (64) Net finance lease ROU assets $ 114 $ 117 |
Lease, Cost [Table Text Block] | Components of lease expense: (Millions of Dollars) 2023 2022 2021 Operating leases PPA capacity payments $ 89 $ 91 $ 102 Other operating leases (a) 19 20 16 Total operating lease expense (b) $ 108 $ 111 $ 118 Finance leases Amortization of ROU assets $ 3 $ 4 $ 7 Interest expense on lease liability 15 16 17 Total finance lease expense $ 18 $ 20 $ 24 (a) Includes immaterial short-term lease expense of for 2023, 2022 and 2021. (b) |
Operating and Finance Lease Commitments, Maturity | Commitments under operating and finance leases as of Dec. 31, 2023: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases 2024 $ 98 $ 19 $ 117 $ 18 2025 97 12 109 18 2026 74 8 82 18 2027 44 8 52 16 2028 20 8 28 15 Thereafter 39 6 45 333 Total minimum obligation 372 61 433 418 Interest component of obligation (35) (6) (41) (304) Present value of minimum obligation $ 337 $ 55 392 114 Less current portion (102) (3) Noncurrent operating and finance lease liabilities $ 290 $ 111 Weighted-average remaining lease term in years 4.6 36.8 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2032. |
Estimated Future Payments for Capacity and Energy Pursuant to Purchased Power Agreements | At Dec. 31, 2023, the estimated future payments for capacity that PSCo is obligated to purchase pursuant to these executory contracts, subject to availability, were as follows: (Millions of Dollars) Capacity 2024 $ 3 2025 3 2026 3 2027 1 2028 — Thereafter — Total $ 10 |
Estimated Minimum Purchases Under Fuel Contracts | Estimated minimum purchases under these contracts as of Dec. 31, 2023: (Millions of Dollars) Coal Natural gas supply Natural gas storage and 2024 $ 143 $ 221 $ 108 2025 74 12 105 2026 39 — 105 2027 35 — 105 2028 — — 62 Thereafter — — 382 Total $ 291 $ 233 $ 867 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31: 2023 (Millions of Dollars) Gains and Losses on Interest Rate Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (20) $ (2) $ (22) Other comprehensive loss before reclassifications — — — Losses reclassified from net accumulated other comprehensive loss: Amortization of interest rate hedges 1 (a) — 1 Amortization of net actuarial loss — 1 (b) 1 Net current period other comprehensive income 1 1 2 Accumulated other comprehensive loss at Dec. 31 $ (19) $ (1) $ (20) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information. 2022 (Millions of Dollars) Gains and Losses on Interest Rate Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (21) $ (1) $ (22) Other comprehensive loss before reclassifications — (1) (1) Losses reclassified from net accumulated other comprehensive loss: Amortization of interest rate hedges 1 (a) — 1 Net current period other comprehensive income (loss) 1 (1) — Accumulated other comprehensive loss at Dec. 31 (20) (2) (22) (a) Included in interest charges. |
Segments and Related Informat_2
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | PSCo’s segment information: (Millions of Dollars) 2023 2022 2021 Regulated Electric Operating revenues — external $ 3,731 $ 3,795 $ 3,413 Intersegment revenue 1 1 1 Total revenues $ 3,732 $ 3,796 $ 3,414 Depreciation and amortization 692 650 566 Interest charges and financing costs 224 200 179 Income tax benefit (2) (11) (16) Net income 529 550 495 Regulated Natural Gas Total revenues $ 1,734 $ 1,860 $ 1,355 Depreciation and amortization 224 190 171 Interest charges and financing costs 67 59 53 Income tax expense 37 49 45 Net income 149 180 168 All Other Total revenues (a) $ 54 $ 53 $ 47 Depreciation and amortization 8 8 7 Interest charges and financing costs 1 1 2 Income tax (benefit) expense (6) (1) 4 Net (loss) income 17 (3) (3) Consolidated Total Total revenues (a) $ 5,520 $ 5,709 $ 4,816 Reconciling eliminations (1) (1) (1) Total operating revenues $ 5,519 $ 5,708 $ 4,815 Depreciation and amortization 924 848 744 Interest charges and financing costs 292 260 234 Income tax expense 29 37 33 Net income 695 727 660 (a) Operating revenues include $5 million of other affiliate revenue for the years ended Dec. 31, 2023, 2022 and 2021, respectively. See Note 13 for further information. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Significant affiliate transactions among the companies and related parties for the years ended Dec. 31: (Millions of Dollars) 2023 2022 2021 Operating revenues: Other $ 5 $ 5 $ 5 Operating expenses: Other operating expenses — paid to Xcel Energy Services Inc. 679 670 617 Interest expense 5 2 — Interest income 2 — — Accounts receivable and payable with affiliates at Dec. 31: 2023 2022 (Millions of Dollars) Accounts Receivable Accounts Payable Accounts Receivable Accounts Payable NSP-Minnesota $ — $ 5 $ 2 $ — NSP-Wisconsin — 1 — 2 SPS — 11 — 11 Other subsidiaries of Xcel Energy Inc. 28 66 9 62 $ 28 $ 83 $ 11 $ 75 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense expressed as a percentage of average depreciable property | 3.60% | 3.40% | 3.20% |
Cash and Cash Equivalents [Abstract] | |||
Maximum number of months remaing | 3 months | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract] | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 56 | $ 54 | |
Alternative Revenue Programs [Abstract] | |||
Number of DSM Products, Commercial and Industrial Customers | 20 | ||
Number of DSM Products, Residential and Low-income Customers | 23 | ||
maximum number of months following end of annual period in which revenues are to be included | 24 months | ||
DSM Measurements | 1,000 | ||
Public Utilities, Inventory [Line Items] | |||
Inventories | $ 258 | 319 | |
Maximum number of months remaing | 3 months | ||
maximum number of months following end of annual period in which revenues are to be included | 24 months | ||
Materials and supplies | |||
Public Utilities, Inventory [Line Items] | |||
Inventories | $ 91 | 80 | |
Public Utilities, Inventory, Fuel [Member] | |||
Public Utilities, Inventory [Line Items] | |||
Inventories | 83 | 68 | |
Public Utilities, Inventory, Natural Gas [Member] | |||
Public Utilities, Inventory [Line Items] | |||
Inventories | $ 84 | $ 171 |
Property Plant and Equipment _3
Property Plant and Equipment Property Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 27,004 | $ 25,317 | |
Accumulated depreciation | 5,969 | 5,665 | |
Property, plant and equipment, net | 21,035 | 19,652 | |
Electric plant | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 16,698 | 15,771 | |
Natural gas plant | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 6,321 | 5,949 | |
Common and other property | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,472 | 1,415 | |
Plant to be retired | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | [1] | 1,203 | 1,305 |
CWIP | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,310 | $ 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. |
Property Plant and Equipment Jo
Property Plant and Equipment Joint Ownership (Details) $ in Millions | Dec. 31, 2023 USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 1,643 | [1] |
Accumulated Depreciation | 587 | [1] |
CWIP | 18 | |
Electric Generation | Hayden Unit 1 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | 157 | |
Accumulated Depreciation | $ 108 | |
Percent Owned | 76% | |
Electric Generation | Hayden Unit 2 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 151 | |
Accumulated Depreciation | $ 87 | |
Percent Owned | 37% | |
Electric Generation | Hayden Common Facilities | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 44 | |
Accumulated Depreciation | $ 31 | |
Percent Owned | 53% | |
Electric Generation | Craig Units 1 and 2 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 82 | |
Accumulated Depreciation | $ 55 | |
Percent Owned | 10% | |
Electric Generation | Craig Common Facilities 1, 2 and 3 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 39 | |
Accumulated Depreciation | $ 25 | |
Percent Owned | 7% | |
Electric Generation | Comanche Unit 3 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 916 | |
Accumulated Depreciation | $ 191 | |
Percent Owned | 67% | |
Electric Generation | Comanche Common Facilities | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 29 | |
Accumulated Depreciation | $ 4 | |
Percent Owned | 77% | |
Electric Transmission | Transmission and Other Facilities | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 189 | |
Accumulated Depreciation | 75 | |
Gas Transportation | Rifle to Avon | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | 28 | |
Accumulated Depreciation | $ 9 | |
Percent Owned | 60% | |
Gas Transportation | Gas Transportation Compressor | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Plant in Service | $ 8 | |
Accumulated Depreciation | $ 2 | |
Percent Owned | 50% | |
[1] Projects additionally include $18 million in CWIP. |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities, Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | $ 304 | $ 411 | |
Regulatory Asset, Noncurrent | 1,267 | 1,277 | |
Regulatory assets not currently earning a return | 416 | 538 | |
Pension and Retiree Medical Obligations | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 2 | 3 | |
Regulatory Asset, Noncurrent | 396 | 367 | |
Recoverable Purchased Natural Gas and Electric Energy Costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 221 | 312 | |
Regulatory Asset, Noncurrent | $ 22 | 200 | |
Recoverable Purchased Natural Gas and Electric Energy Costs | Minimum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 3 years | ||
Recoverable Purchased Natural Gas and Electric Energy Costs | Maximum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 1 year | ||
Depreciation differences | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | $ 16 | 16 | |
Regulatory Asset, Noncurrent | $ 184 | 187 | |
Depreciation differences | Minimum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 1 year | ||
Depreciation differences | Maximum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 10 years | ||
Net AROs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | [1] | $ 0 | 0 |
Regulatory Asset, Noncurrent | [1] | 236 | 212 |
Recoverable Deferred Taxes on AFUDC Recorded in Plant | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 0 | 0 | |
Regulatory Asset, Noncurrent | 135 | 119 | |
Excess deferred taxes - TCJA | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 0 | 2 | |
Regulatory Asset, Noncurrent | 55 | 54 | |
Purchased Power Agreements | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 4 | 3 | |
Regulatory Asset, Noncurrent | 20 | 16 | |
Property Tax | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 3 | 8 | |
Regulatory Asset, Noncurrent | 7 | 2 | |
Gas pipeline inspection costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 3 | 0 | |
Regulatory Asset, Noncurrent | $ 25 | 13 | |
Gas pipeline inspection costs | Minimum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 1 year | ||
Gas pipeline inspection costs | Maximum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 2 years | ||
Conservation programs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | [2] | $ 12 | 8 |
Regulatory Asset, Noncurrent | [2] | $ 33 | 16 |
Conservation programs | Minimum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 1 year | ||
Conservation programs | Maximum | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Amortization Period | 2 years | ||
Other | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | $ 28 | 39 | |
Regulatory Asset, Noncurrent | 65 | 43 | |
Environmental remediation costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 0 | 6 | |
Regulatory Asset, Noncurrent | 44 | 26 | |
Grid modernization costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 15 | 14 | |
Regulatory Asset, Noncurrent | $ 14 | 22 | |
Regulatory Asset, Amortization Period | 2 years | ||
Revenue Decoupling | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | $ 0 | 0 | |
Regulatory Asset, Noncurrent | $ 31 | $ 0 | |
[1] Includes amounts recorded for future recovery of AROs. Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities, Regulatory Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | $ 70 | $ 59 | |
Regulatory Liability, Noncurrent | $ 2,562 | 2,489 | |
Minimum | Deferred Electric, Gas, and Steam Production Costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Asset, Amortization Period | 1 year | ||
Deferred Income Tax Adjustments and TCJA Refunds | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [1] | $ 2 | 2 |
Regulatory Liability, Noncurrent | [1] | 1,260 | 1,298 |
Plant Removal Costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 0 | 0 | |
Regulatory Liability, Noncurrent | 769 | 705 | |
Effects of regulation on employee benefit costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [2] | 0 | 0 |
Regulatory Liability, Noncurrent | [2] | 234 | 227 |
Renewable Resources and Environmental Initiatives | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 0 | 0 | |
Regulatory Liability, Noncurrent | 152 | 141 | |
ITC Deferrals | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 1 | 1 | |
Regulatory Liability, Noncurrent | 44 | 41 | |
Sales True Up and Revenue Decoupling [Member] | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 0 | 0 | |
Regulatory Liability, Noncurrent | 63 | 55 | |
Conservation programs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 9 | 19 | |
Regulatory Liability, Noncurrent | $ 0 | 0 | |
Conservation programs | Minimum | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Amortization Period | 1 year | ||
Deferred Electric, Gas, and Steam Production Costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | $ 34 | 3 | |
Regulatory Liability, Noncurrent | 0 | 0 | |
Other | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 16 | 18 | |
Regulatory Liability, Noncurrent | 40 | 22 | |
Formula rates | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 8 | 16 | |
Regulatory Liability, Noncurrent | $ 0 | $ 0 | |
Formula rates | Minimum | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Amortization Period | 1 year | ||
Formula rates | Maximum | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Amortization Period | 2 years | ||
[1] Includes the revaluation of recoverable/regulated plant accumulated deferred income taxes and revaluation impact of non-plant accumulated deferred income taxes due to the TCJA. Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset. |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||||
Short-term debt | $ 320 | $ 320 | $ 294 | |
Letter of Credit | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Expiration Period | 1 year | |||
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Borrowing limit | 700 | $ 700 | 700 | $ 700 |
Short-term debt | 320 | 320 | 294 | 147 |
Average amount outstanding | $ 189 | $ 124 | $ 71 | $ 26 |
Weighted average interest rate at period end (percentage) | 5.56% | 5.56% | 4.73% | 0.22% |
Line of Credit Facility, Interest Rate During Period | 5.53% | 5.17% | 2.56% | 0.19% |
Maximum amount outstanding | $ 369 | $ 454 | $ 328 | $ 322 |
Money Pool | ||||
Short-term Debt [Line Items] | ||||
Borrowing limit | 250 | 250 | 250 | 250 |
Short-term debt | 51 | 51 | 0 | 0 |
Average amount outstanding | $ 64 | $ 23 | $ 29 | $ 12 |
Line of Credit Facility, Interest Rate During Period | 5.33% | 5.31% | 1.66% | 0.07% |
Maximum amount outstanding | $ 250 | $ 250 | $ 250 | $ 243 |
Line of Credit Facility, Interest Rate at Period End | 5.34% | 5.34% |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 320 | $ 294 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 29 | $ 27 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Period | 1 year |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Debt To Total Capitalization Ratio (as a percent) | [1] | 44.80% | 44% |
Number Of Additional Periods Revolving Termination Date Can Be Extended Subject To Majority Bank Group Approval | [2] | 2 | |
Line Of Credit Facility Maximum Amount Credit Facility May Be Increased | $ 100 | ||
Line Of Credit Facility Maximum Debt To Total Capitalization Ratio Allowed | 65% | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
PSCo [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility | [3] | 700 | |
Drawn | [4] | 349 | |
Available | $ 351 | ||
PSCo [Member] | |||
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Minimum Threshhold Percentage Of Subsidiary Assets To Consolidated Assets Required To Initiate Cross Default Provisions | 15% | ||
Line of Credit Facility, Minimum Amount of Indebtedness in Default to Initiate Cross Default Provisions | $ 75 | ||
[1] The credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%. All extension requests are subject to majority bank group approval. This credit facility matures in September 2027. Includes letters of credit and outstanding commercial paper. |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments, Long-Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ (41) | $ (37) | |
Unamortized Debt Issuance Expense | (59) | (53) | |
Long-term Debt, Current Maturities | 0 | (250) | |
Long-term Debt | 7,450 | 6,610 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 250 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 350 | ||
Deferred Finance Costs, Noncurrent, Net | 59 | 53 | |
Long-term Debt | 7,450 | 6,610 | |
First Mortgage Bonds | Series Due March 15, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 0 | 250 | |
Interest rate, stated percentage (in hundredths) | 2.50% | ||
First Mortgage Bonds | Series Due May 15, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 2.90% | ||
First Mortgage Bonds | Series Due June 15, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 350 | 350 | |
Interest rate, stated percentage (in hundredths) | 3.70% | ||
First Mortgage Bonds | Series Due Jan. 15, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 375 | 375 | |
Interest rate, stated percentage (in hundredths) | 1.90% | ||
First Mortgage Bonds | Series Due Sept. 1, 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 350 | 350 | |
Interest rate, stated percentage (in hundredths) | 6.25% | ||
First Mortgage Bonds | Series Due Aug. 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300 | 300 | |
Interest rate, stated percentage (in hundredths) | 6.50% | ||
First Mortgage Bonds | Series Due Aug. 15, 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 4.75% | ||
First Mortgage Bonds | Series Due Sept. 15, 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 500 | 500 | |
Interest rate, stated percentage (in hundredths) | 3.60% | ||
First Mortgage Bonds | Series Due March 15, 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 3.95% | ||
First Mortgage Bonds | Series Due March 15, 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300 | 300 | |
Interest rate, stated percentage (in hundredths) | 4.30% | ||
First Mortgage Bonds | Series Due June 15, 2046 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 3.55% | ||
First Mortgage Bonds | Series Due June 15, 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 400 | 400 | |
Interest rate, stated percentage (in hundredths) | 3.80% | ||
First Mortgage Bonds | Series Due June 15, 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 350 | 350 | |
Interest rate, stated percentage (in hundredths) | 4.10% | ||
First Mortgage Bonds | Series Due September 15, 2049 [Domain] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 400 | 400 | |
Interest rate, stated percentage (in hundredths) | 4.05% | ||
First Mortgage Bonds | Series Due March 1, 2050 [Domain] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 550 | 550 | |
Interest rate, stated percentage (in hundredths) | 3.20% | ||
First Mortgage Bonds | Series Due Jan. 15, 2051 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 375 | 375 | |
Interest rate, stated percentage (in hundredths) | 2.70% | ||
First Mortgage Bonds | Series Due June 15, 2031 | |||
Debt Instrument [Line Items] | |||
Face amount | $ 750 | 750 | |
Interest rate, stated percentage (in hundredths) | 1.875% | ||
First Mortgage Bonds | Series Due June 1, 2032 2 | |||
Debt Instrument [Line Items] | |||
Face amount | [1] | $ 300 | 300 |
Interest rate, stated percentage (in hundredths) | [1] | 4.10% | |
First Mortgage Bonds | Series Due June 1, 2052 | |||
Debt Instrument [Line Items] | |||
Face amount | [1] | $ 400 | 400 |
Interest rate, stated percentage (in hundredths) | [1] | 4.50% | |
First Mortgage Bonds | Series Due April 1, 2053 | |||
Debt Instrument [Line Items] | |||
Face amount | [2] | $ 850 | $ 0 |
Interest rate, stated percentage (in hundredths) | [2] | 5.25% | |
[1]2022 financing[2] 2023 financing. |
Borrowings and Other Financin_7
Borrowings and Other Financing Instruments Preferred Stock (Details) - PSCo [Member] - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred Stock [Abstract] | ||
Preferred Stock, Shares Authorized | 10,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Debt Instrument [Line Items] | ||
Preferred Stock, Shares Authorized | 10,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retail | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | $ 4,785 | $ 4,965 | $ 4,049 |
Retail | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 2,423 | 2,559 | 2,002 |
Retail | C&I | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 2,305 | 2,354 | 1,998 |
Retail | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 57 | 52 | 49 |
Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 237 | 286 | 228 |
Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 90 | 88 | 75 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 193 | 204 | 203 |
Total revenue from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 5,305 | 5,543 | 4,555 |
Alternative revenue and other | |||
Disaggregation of Revenue [Line Items] | |||
Alternative revenue and other | 214 | 165 | 260 |
Regulated Electric | Retail | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 3,163 | 3,236 | 2,883 |
Regulated Electric | Retail | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 1,295 | 1,341 | 1,174 |
Regulated Electric | Retail | C&I | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 1,816 | 1,843 | 1,660 |
Regulated Electric | Retail | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 52 | 52 | 49 |
Regulated Electric | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 237 | 286 | 228 |
Regulated Electric | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 90 | 88 | 75 |
Regulated Electric | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 61 | 53 | 44 |
Regulated Electric | Total revenue from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 3,551 | 3,663 | 3,230 |
Regulated Electric | Alternative revenue and other | |||
Disaggregation of Revenue [Line Items] | |||
Alternative revenue and other | 180 | 132 | 183 |
Regulated Natural Gas | Retail | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 1,568 | 1,682 | 1,124 |
Regulated Natural Gas | Retail | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 1,109 | 1,203 | 816 |
Regulated Natural Gas | Retail | C&I | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 459 | 479 | 308 |
Regulated Natural Gas | Retail | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | 0 |
Regulated Natural Gas | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | 0 |
Regulated Natural Gas | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | 0 |
Regulated Natural Gas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 132 | 151 | 159 |
Regulated Natural Gas | Total revenue from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 1,700 | 1,833 | 1,283 |
Regulated Natural Gas | Alternative revenue and other | |||
Disaggregation of Revenue [Line Items] | |||
Alternative revenue and other | 34 | 27 | 72 |
All Other | Retail | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 54 | 47 | 42 |
All Other | Retail | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 19 | 15 | 12 |
All Other | Retail | C&I | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 30 | 32 | 30 |
All Other | Retail | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 5 | 0 | 0 |
All Other | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | 0 |
All Other | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | 0 |
All Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | 0 |
All Other | Total revenue from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contracts with Customers | 54 | 47 | 42 |
All Other | Alternative revenue and other | |||
Disaggregation of Revenue [Line Items] | |||
Alternative revenue and other | 0 | 6 | 5 |
Total revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 5,519 | 5,708 | 4,815 |
Total revenues | Regulated Electric | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 3,731 | 3,795 | 3,413 |
Total revenues | Regulated Natural Gas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,734 | 1,860 | 1,355 |
Total revenues | All Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 54 | $ 53 | $ 47 |
State Audits
State Audits | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Potential Tax Adjustments | $ 0 |
Unrealized Tax Benefits
Unrealized Tax Benefits - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | Jan. 01, 2022 | Jan. 01, 2021 | |
Income Tax Disclosure [Abstract] | ||||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | $ 4 | |||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0 | |||||
Unrecognized tax benefit — Permanent tax positions | 12 | $ 11 | ||||
Unrecognized tax benefit — Temporary tax positions | 0 | 2 | ||||
Total unrecognized tax benefit | 12 | 13 | $ 11 | $ 13 | $ 11 | $ 9 |
Additions based on tax positions related to the current year | 2 | 2 | 2 | |||
Reductions for tax positions of prior years | (3) | 0 | $ 0 | |||
NOL and tax credit carryforwards | $ (11) | $ (12) |
Other Income Tax Matters
Other Income Tax Matters - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Tax Examination [Line Items] | |||||
Federal detriment | $ 3 | $ 4 | |||
Federal Benefit | 1 | 2 | |||
Federal NOL carryforward | 0 | 5 | |||
Federal tax credit carryforwards | 444 | 368 | |||
State NOL carryforwards | 0 | 223 | |||
state tax credit carryforward, net of federal detirment | [1] | 13 | 16 | ||
valuation allowances for state credit carryforwards, net of federal benefit | [2] | $ (3) | $ (6) | ||
Federal statutory rate | 21% | 21% | 21% | ||
State income tax on pretax income, net of federal tax effect | 3.50% | 3.50% | 3.60% | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | [3] | (14.50%) | (14.30%) | (14.30%) | |
Plant regulatory differences (b) | [4] | (5.50%) | (4.50%) | (4.60%) | |
Other tax credits, net NOL & tax credit allowances | (1.10%) | (1.10%) | (1.00%) | ||
Other, net | 0.60% | 0.20% | 0.10% | ||
Effective income tax rate | 4% | 4.80% | 4.80% | ||
Total income tax expense | $ 29 | $ 37 | $ 33 | ||
Deferred tax (benefit) expense excluding items below | (89) | 23 | 63 | ||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (48) | (32) | (42) | ||
Tax expense allocated to other comprehensive income and other | (1) | (1) | 0 | ||
Total deferred tax assets | (178) | (10) | (21) | ||
Operating lease liabilities | 392 | ||||
Adjustments to deferred income taxes for wind production tax credit cash transfers | [5] | (40) | 0 | 0 | |
Deferred Tax Assets, Valuation Allowance | (3) | 0 | |||
income tax expense [Member] | |||||
Income Tax Examination [Line Items] | |||||
Current federal tax expense | 182 | 39 | 16 | ||
Current state tax expense | 28 | 11 | 0 | ||
Current change in unrecognized tax benefit | 0 | 0 | (1) | ||
Deferred federal tax benefit | (181) | (32) | (13) | ||
Deferred state tax expense | 2 | 21 | 31 | ||
Deferred change in unrecognized tax expense | 1 | 1 | 3 | ||
Deferred ITCs | 3 | 3 | (3) | ||
Total income tax expense | 29 | 37 | $ 33 | ||
Net Deferred Tax Liablility [Member] | |||||
Income Tax Examination [Line Items] | |||||
Deferred ITCs | (10) | (7) | [6] | ||
Total deferred tax assets | (897) | (850) | [6] | ||
Differences between book and tax bases of property | 2,326 | 2,315 | [6] | ||
Regulatory assets | 289 | 243 | [6] | ||
Operating Lease Assets | 95 | 112 | [3] | ||
Deferred Fuel Cost | 51 | 125 | [6] | ||
Pension expense and other employee benefits | 22 | 27 | [6] | ||
Other | 8 | 11 | [6] | ||
Total deferred tax liabilities | 2,791 | 2,833 | [6] | ||
Deferred Tax Assets, Tax Credit Carryforwards | 457 | 385 | [6] | ||
Regulatory Liability | 291 | 292 | [6] | ||
Operating lease liabilities | 95 | 112 | [6] | ||
Bad debts | 14 | 14 | [6] | ||
Operating Loss Carryforwards | 0 | 9 | |||
Tax Credit Valuation Allowance | (6) | (6) | [6] | ||
Other | 32 | 16 | [6] | ||
Net deferred tax liability | 1,894 | 1,983 | [6] | ||
Deferred Tax Assets Rate Refund | $ 4 | $ 21 | [6] | ||
[1] State tax credit carryforwards are net of federal detriment of $3 million and $4 million as of Dec. 31, 2023 and 2022, respectively. Valuation allowances for state tax credit carryforwards were net of federal benefit of $1 million and $2 million as of Dec. 31, 2023 and 2022, respectively. Wind PTCs net of estimated transfer discount are credited to customers (reduction to revenue) and do not materially impact net income. Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions. Proceeds from tax credit transfers are included in cash received (paid) for income taxes in the consolidated statement of cash flows. Prior periods have been reclassified to conform to current year presentation. |
Interest Rate Derivatives (Deta
Interest Rate Derivatives (Details) - Interest Rate Swap $ in Millions | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1 |
Derivative Liability, Notional Amount | $ 0 |
Commodity Derivatives (Details)
Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | Dec. 31, 2023 USD ($) MWh MMBTU | Dec. 31, 2022 MWh MMBTU | |
Derivative [Line Items] | |||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $ | $ 0 | ||
Electric Commodity | |||
Derivative [Line Items] | |||
Notional Amount | MWh | [1],[2] | 2 | 8 |
Natural Gas Commodity | |||
Derivative [Line Items] | |||
Notional Amount | MMBTU | [1],[2] | 20 | 43 |
[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) - Credit Concentration Risk $ in Millions | Dec. 31, 2023 USD ($) Counterparty |
Derivative [Line Items] | |
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 10 |
Municipal or Cooperative Entities or Other Utilities | |
Derivative [Line Items] | |
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 8 |
External Credit Rating, Investment Grade | |
Derivative [Line Items] | |
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 4 |
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ | $ 30 |
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 36% |
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 | 0 |
Internal Investment Grade | |
Derivative [Line Items] | |
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 6 |
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ | $ 40 |
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 48% |
Qualifying Cash Flow Hedges (De
Qualifying Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Impact of Derivative Activity [Abstract] | ||||
Fair Value Hedges, Net | $ 0 | $ 0 | $ 0 | |
Not Designated as Hedging Instrument | ||||
Impact of Derivative Activity [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | |
Derivative Instruments Gain (Loss) Reclassified To Regulatory Assets And Liabilities Net | (13) | (15) | (1) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | (15) | (8) | 4 | |
Derivative, Gain (Loss) on Derivative, Net | (21) | (10) | (3) | |
Not Designated as Hedging Instrument | Commodity Trading Contract | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | [1] | (5) | 7 | 12 |
Not Designated as Hedging Instrument | Natural Gas Commodity Contract | ||||
Impact of Derivative Activity [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | |
Derivative Instruments Gain (Loss) Reclassified To Regulatory Assets And Liabilities Net | (13) | (15) | (1) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | [2] | (15) | (8) | (4) |
Derivative, Gain (Loss) on Derivative, Net | [2],[3] | (16) | (17) | (15) |
Designated as Hedging Instrument | Cash Flow Hedges | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (1) | (2) | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate Contract | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [4] | (1) | (1) | (2) |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ 0 | |
[1] Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. 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. Relates primarily to option premium amortization. Recorded to interest charges. |
Credit Related Contingent Featu
Credit Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 0 | $ 0 |
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value | 8 | 0 |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 0 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Assets | Assets | ||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current | ||
Return Cash Collateral | $ 0 | $ 0 | ||
Reclaim Cash Collateral | $ 4 | $ 46 | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current | ||
Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance | $ 9 | $ (63) | $ (44) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | [1] | 0 | 12 | 4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1] | (9) | 60 | (23) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | 0 | 9 | $ (63) | |
Fair Value Measured on a Recurring Basis | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Net | 15 | 22 | ||
Derivative Liability, Current | 17 | 30 | ||
Derivative Liability, Net | 0 | 9 | ||
Derivative Asset, Current | 11 | 65 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Net | 15 | 22 | ||
Derivative Liability, Current | 9 | 20 | ||
Derivative Liability, Net | 0 | 9 | ||
Derivative Asset, Current | 3 | 53 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 8 | 12 | ||
Netting | [2] | 0 | 0 | |
Derivative Liability, Current | 8 | 10 | ||
Derivative Liability, Gross | 8 | 10 | ||
Netting | [2] | 0 | 0 | |
Derivative Asset, Current | 8 | 12 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity Contract | Level 1 | ||||
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 | Natural Gas Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 8 | 12 | ||
Derivative Liability, Gross | 8 | 10 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity Contract | Level 3 | ||||
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 | 28 | 249 | ||
Netting | [2] | (17) | (184) | |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 1 | 16 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 27 | 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 Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 20 | 237 | ||
Netting | [2] | (17) | (184) | |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 1 | 16 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 19 | 220 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
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 | 15 | 53 | ||
Netting | [2] | 0 | (31) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 6 | 12 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 9 | 32 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0 | 9 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 15 | 53 | ||
Netting | [2] | 0 | (31) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 6 | 12 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 9 | 32 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0 | 9 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 34 | 253 | ||
Netting | [2] | (17) | (223) | |
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 | 33 | 247 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0 | 1 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 26 | 243 | ||
Netting | [2] | (17) | (223) | |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 1 | 5 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 25 | 237 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0 | 1 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 3 | 47 | ||
Netting | [2] | (3) | (38) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 2 | 7 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 1 | 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 Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 3 | 47 | ||
Netting | [2] | (3) | (38) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 2 | 7 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 1 | 40 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | $ 0 | $ 0 | ||
[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 Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Long-term Debt, Gross | $ 7,450 | $ 6,860 |
Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Long-term debt, Fair Value | $ 6,580 | $ 5,881 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits, Pension Benefits (Details) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | ||||
Target Pension Asset Allocations [Abstract] | |||||||||
annual interest crediting rates | $ 5.03 | $ 5.14 | $ 2.26 | ||||||
Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Plan assets at net asset value | 464,000,000 | [1] | 317,000,000 | [2] | |||||
Fair value of plan assets | 1,037,000,000 | [1] | 1,031,000,000 | [2] | 1,351,000,000 | ||||
Pension Benefits [Abstract] | |||||||||
Total benefit obligation | 1,071,000,000 | 1,032,000,000 | $ 1,032,000,000 | $ 1,363,000,000 | |||||
Net benefit cost recognized for financial reporting | $ 11,000,000 | $ 22,000,000 | $ 30,000,000 | ||||||
Expected average long-term rate of return on assets (as a percent) | 6.53% | 6.39% | 6.38% | ||||||
Target Pension Asset Allocations [Abstract] | |||||||||
Target pension asset allocations (as a percent) | 100% | 100% | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [3] | $ 0 | $ (3,000,000) | $ 0 | |||||
Pension Plan [Member] | PSCo [Member] | |||||||||
Target Pension Asset Allocations [Abstract] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (3,000,000) | ||||||||
Total contributions to Xcel Energy's pension plans during the period | 0 | 40,000,000 | $ 46,000,000 | ||||||
Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | |||||||||
Pension Benefits [Abstract] | |||||||||
Total benefit obligation | 1,000,000 | 1,000,000 | |||||||
Xcel Energy Inc. | Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | |||||||||
Pension Benefits [Abstract] | |||||||||
Total benefit obligation | 12,000,000 | 11,000,000 | |||||||
Net benefit cost recognized for financial reporting | 2,000,000 | 17,000,000 | |||||||
Equity Securities [Member] | Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Plan assets at net asset value | 0 | [1] | 0 | [2] | |||||
Fair value of plan assets | $ 12,000,000 | [1] | $ 17,000,000 | [2] | |||||
Target Pension Asset Allocations [Abstract] | |||||||||
Target pension asset allocations (as a percent) | 31% | 33% | |||||||
Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | Pension Plan [Member] | |||||||||
Target Pension Asset Allocations [Abstract] | |||||||||
Target pension asset allocations (as a percent) | 38% | 38% | |||||||
Short-to-intermediate fixed income securities [Member] | Pension Plan [Member] | |||||||||
Target Pension Asset Allocations [Abstract] | |||||||||
Target pension asset allocations (as a percent) | 9% | 9% | |||||||
Alternative Investments [Member] | Pension Plan [Member] | |||||||||
Target Pension Asset Allocations [Abstract] | |||||||||
Target pension asset allocations (as a percent) | 20% | 18% | |||||||
Cash | Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Plan assets at net asset value | $ 0 | [1] | $ 0 | [2] | |||||
Fair value of plan assets | $ 94,000,000 | [1] | $ 52,000,000 | [2] | |||||
Target Pension Asset Allocations [Abstract] | |||||||||
Target pension asset allocations (as a percent) | 2% | 2% | |||||||
Subsequent Event | Pension Plan [Member] | |||||||||
Pension Benefits [Abstract] | |||||||||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.53% | ||||||||
[1] See Note 8 for further information on fair value measurement inputs and methods. See Note 8 for further information on fair value measurement inputs and methods. |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits, Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Liability, Defined Benefit Plan, Noncurrent | $ (40) | $ (13) | |||||
assets transferred | 0 | 0 | |||||
Pension Plan [Member] | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1,037 | [1] | 1,031 | [2] | $ 1,351 | ||
Plan assets at net asset value | (464) | [1] | (317) | [2] | |||
Service cost | 19 | 29 | 32 | ||||
Interest cost | 58 | 41 | 39 | ||||
Actuarial (gain) loss | 45 | (317) | |||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |||||
Medicare subsidy reimbursements | 0 | 0 | |||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (83) | (84) | |||||
Total benefit obligation | 1,071 | 1,032 | $ 1,032 | $ 1,363 | |||
Actual return (loss) on plan assets | 89 | (276) | |||||
Employer contributions | 0 | 40 | |||||
Plan participants' contributions | 0 | 0 | |||||
Defined Benefit Plan, Plan Assets, Benefits Paid | (83) | (84) | |||||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 8 | |||||
Liability, Defined Benefit Plan, Noncurrent | (34) | (9) | |||||
Pension Plan [Member] | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 283 | [1] | 424 | [2] | |||
Pension Plan [Member] | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 289 | [1] | 289 | [2] | |||
Pension Plan [Member] | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1 | [1] | 1 | [2] | |||
Pension Plan [Member] | Cash | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 94 | [1] | 52 | [2] | |||
Plan assets at net asset value | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Cash | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 94 | [1] | 52 | [2] | |||
Pension Plan [Member] | Cash | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Cash | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Commingled funds | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 641 | [1] | 672 | [2] | |||
Plan assets at net asset value | (464) | [1] | (317) | [2] | |||
Pension Plan [Member] | Commingled funds | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 177 | [1] | 355 | [2] | |||
Pension Plan [Member] | Commingled funds | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Commingled funds | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Debt Securities | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 288 | [1] | 287 | [2] | |||
Plan assets at net asset value | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Debt Securities | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Debt Securities | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 287 | [1] | 286 | [2] | |||
Pension Plan [Member] | Debt Securities | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1 | [1] | 1 | [2] | |||
Pension Plan [Member] | Equity Securities [Member] | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 12 | [1] | 17 | [2] | |||
Plan assets at net asset value | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Equity Securities [Member] | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 12 | [1] | 17 | [2] | |||
Pension Plan [Member] | Equity Securities [Member] | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Equity Securities [Member] | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Other | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 2 | [1] | 3 | [2] | |||
Plan assets at net asset value | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Other | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Pension Plan [Member] | Other | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 2 | [1] | 3 | [2] | |||
Pension Plan [Member] | Other | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |||
Other Postretirement Benefits Plan [Member] | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 314 | [2] | 320 | [1] | 393 | ||
Plan assets at net asset value | (63) | [2] | (56) | [1] | |||
Service cost | 1 | 1 | 1 | ||||
Interest cost | 16 | 10 | $ 11 | ||||
Actuarial (gain) loss | 18 | (55) | |||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 7 | 7 | |||||
Medicare subsidy reimbursements | 0 | 1 | |||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (42) | (37) | |||||
Total benefit obligation | 296 | 296 | $ 296 | $ 369 | |||
Actual return (loss) on plan assets | 26 | (46) | |||||
Employer contributions | 3 | 3 | |||||
Plan participants' contributions | 7 | 7 | |||||
Defined Benefit Plan, Plan Assets, Benefits Paid | (42) | (37) | |||||
Assets for Plan Benefits, Defined Benefit Plan | 18 | 24 | |||||
Liability, Defined Benefit Plan, Noncurrent | 0 | 0 | |||||
Other Postretirement Benefits Plan [Member] | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 49 | [2] | 75 | [1] | |||
Other Postretirement Benefits Plan [Member] | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 201 | [2] | 188 | [1] | |||
Other Postretirement Benefits Plan [Member] | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1 | [2] | 1 | [1] | |||
Other Postretirement Benefits Plan [Member] | Cash | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 29 | [2] | 28 | [1] | |||
Plan assets at net asset value | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Cash | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 29 | [2] | 28 | [1] | |||
Other Postretirement Benefits Plan [Member] | Cash | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Cash | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Commingled funds | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 83 | [2] | 103 | [1] | |||
Plan assets at net asset value | (63) | [2] | (56) | [1] | |||
Other Postretirement Benefits Plan [Member] | Commingled funds | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 20 | [2] | 47 | [1] | |||
Other Postretirement Benefits Plan [Member] | Commingled funds | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Commingled funds | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Debt Securities | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 166 | [2] | 154 | [1] | |||
Plan assets at net asset value | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Debt Securities | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Debt Securities | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 165 | [2] | 153 | [1] | |||
Other Postretirement Benefits Plan [Member] | Debt Securities | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1 | [2] | 1 | [1] | |||
Other Postretirement Benefits Plan [Member] | Other | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1 | [2] | (1) | [1] | |||
Plan assets at net asset value | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Other | Level 1 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 0 | [2] | 0 | [1] | |||
Other Postretirement Benefits Plan [Member] | Other | Level 2 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | 1 | [2] | (1) | [1] | |||
Other Postretirement Benefits Plan [Member] | Other | Level 3 | |||||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||||
Fair value of plan assets | $ 0 | [2] | $ 0 | [1] | |||
[1] See Note 8 for further information on fair value measurement inputs and methods. See Note 8 for further information on fair value measurement inputs and methods. |
Benefit Plans and Other Postr_4
Benefit Plans and Other Postretirement Benefits, Pension Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) Plan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | $ 865 | $ 905 | $ 831 | |||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||||
Liability, Defined Benefit Plan, Noncurrent | 40 | 13 | ||||||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||||||
Change in Projected Benefit Obligation [Roll Forward] | ||||||||
Obligation at Jan. 1 | $ 1 | 1 | ||||||
Obligation at Dec. 31 | 1 | 1 | ||||||
Other Pension, Postretirement and Supplemental Plans [Member] | Xcel Energy Inc. | ||||||||
Change in Projected Benefit Obligation [Roll Forward] | ||||||||
Obligation at Jan. 1 | 12 | 11 | ||||||
Obligation at Dec. 31 | 12 | 11 | ||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||
Net benefit cost recognized for financial reporting | 2 | 17 | ||||||
Pension Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Accumulated Benefit Obligation at Dec. 31 | 1,010 | 992 | ||||||
Change in Projected Benefit Obligation [Roll Forward] | ||||||||
Obligation at Jan. 1 | 1,071 | 1,032 | ||||||
Service cost | 19 | 29 | 32 | |||||
Interest cost | 58 | 41 | 39 | |||||
Actuarial (gain) loss | 45 | (317) | ||||||
Benefit payments | (83) | (84) | ||||||
Obligation at Dec. 31 | 1,071 | 1,032 | ||||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||||
Fair value of plan assets at Jan. 1 | $ 1,037 | [1] | 1,031 | [2] | 1,351 | |||
Actual return (loss) on plan assets | 89 | (276) | ||||||
Employer contributions | 0 | 40 | ||||||
Plan participants' contributions | 0 | 0 | ||||||
Benefit payments | (83) | (84) | ||||||
Fair value of plan assets at Dec. 31 | 1,037 | [1] | 1,031 | [2] | 1,351 | |||
Funded Status of Plans at Dec. 31 [Abstract] | ||||||||
Funded status | 34 | 1 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | ||||||||
Net loss | 355 | 325 | ||||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (1) | (1) | ||||||
Total | 354 | 324 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | ||||||||
Current regulatory assets | 3 | 3 | ||||||
Noncurrent regulatory assets | 351 | 320 | ||||||
Net-of-tax accumulated OCI | 1 | |||||||
Total | $ 354 | $ 324 | ||||||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | ||||||||
Discount rate for year-end valuation (as a percent) | 5.49% | 5.80% | ||||||
Expected average long-term increase in compensation level (as a percent) | 4.25% | 4.25% | ||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||
Service cost | $ 19 | $ 29 | 32 | |||||
Interest cost | 58 | 41 | 39 | |||||
Expected return on plan assets | (76) | (78) | (73) | |||||
Amortization of prior service (credit) cost | 0 | 0 | 0 | |||||
Amortization of net loss | 1 | 23 | 32 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [3] | 0 | (3) | 0 | ||||
Net periodic pension cost | 2 | 18 | 30 | |||||
Defined Benefit Plan, Costs Not Recognized Due To Regulation | 9 | 4 | 0 | |||||
Net benefit cost recognized for financial reporting | $ 11 | $ 22 | $ 30 | |||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||||
Discount rate (as a percent) | 5.80% | 3.08% | 2.71% | |||||
Expected average long-term increase in compensation level (as a percent) | 4.25% | 3.75% | 3.75% | |||||
Expected average long-term rate of return on assets (as a percent) | 6.53% | 6.39% | 6.38% | |||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 0 | $ 0 | ||||||
Medicare subsidy reimbursements | 0 | 0 | ||||||
Liability, Defined Benefit Plan, Noncurrent | 34 | 9 | ||||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (34) | (1) | ||||||
Pension Plan [Member] | PSCo [Member] | ||||||||
Cash Flows [Abstract] | ||||||||
Total contributions to Xcel Energy's pension plans during the period | $ 0 | 40 | $ 46 | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (3) | |||||||
Pension Plan [Member] | Xcel Energy Inc. | ||||||||
Cash Flows [Abstract] | ||||||||
Number of pension plans to which contributions were made | Plan | 4 | |||||||
Pension Plan [Member] | Subsequent Event | ||||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.53% | |||||||
[1] See Note 8 for further information on fair value measurement inputs and methods. See Note 8 for further information on fair value measurement inputs and methods. |
Benefit Plans and Other Postr_5
Benefit Plans and Other Postretirement Benefits, Postretirement Health Care Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Postretirement Health Care Benefits [Abstract] | ||
Estimated costs of health plan subsidies - VRP | $ 2 | |
Estimated cost of other medical benefits - VRP | $ 0 | |
Other Postretirement Benefits Plan [Member] | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 100% | 100% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.54% | 5.80% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Pre-65 | 6.50% | 6.50% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Post-65 | 5.50% | 5.50% |
Ultimate health care trend assumption rate (as a percent) | 4.50% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, VRP | 0.0550 | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed and Ultimate Trend Assumption, VRP | 0.0700 | |
Other Postretirement Benefits Plan [Member] | Domestic and international equity securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 9% | 16% |
Other Postretirement Benefits Plan [Member] | Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 0% | 0% |
Other Postretirement Benefits Plan [Member] | Short-to-intermediate fixed income securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 77% | 71% |
Other Postretirement Benefits Plan [Member] | Alternative investments | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 13% | 12% |
Other Postretirement Benefits Plan [Member] | Cash | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 1% | 1% |
Pension Plan [Member] | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 100% | 100% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.49% | 5.80% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.25% | 4.25% |
Pension Plan [Member] | Domestic and international equity securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 31% | 33% |
Pension Plan [Member] | Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 38% | 38% |
Pension Plan [Member] | Short-to-intermediate fixed income securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 9% | 9% |
Pension Plan [Member] | Alternative investments | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 20% | 18% |
Pension Plan [Member] | Cash | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 2% | 2% |
Benefit Plans and Other Postr_6
Benefit Plans and Other Postretirement Benefits, Fair Value of Postretirement Benefit Plan Assets (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | $ 314 | [1] | $ 320 | [2] | $ 393 |
Plan assets at net asset value | 63 | [1] | 56 | [2] | |
Service cost | 1 | 1 | $ 1 | ||
Service cost | 1 | ||||
Level 1 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 49 | [1] | 75 | [2] | |
Level 2 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 201 | [1] | 188 | [2] | |
Level 3 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 1 | [1] | 1 | [2] | |
Debt Securities | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 166 | [1] | 154 | [2] | |
Plan assets at net asset value | 0 | [1] | 0 | [2] | |
Debt Securities | Level 1 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Debt Securities | Level 2 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 165 | [1] | 153 | [2] | |
Debt Securities | Level 3 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 1 | [1] | 1 | [2] | |
Cash | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 29 | [1] | 28 | [2] | |
Plan assets at net asset value | 0 | [1] | 0 | [2] | |
Cash | Level 1 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 29 | [1] | 28 | [2] | |
Cash | Level 2 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Cash | Level 3 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Insurance contracts | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 35 | [1] | 36 | [2] | |
Plan assets at net asset value | 0 | [1] | 0 | [2] | |
Insurance contracts | Level 1 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Insurance contracts | Level 2 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 35 | [1] | 36 | [2] | |
Insurance contracts | Level 3 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Other | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 1 | [1] | (1) | [2] | |
Plan assets at net asset value | 0 | [1] | 0 | [2] | |
Other | Level 1 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Other | Level 2 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 1 | [1] | (1) | [2] | |
Other | Level 3 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Commingled funds | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 83 | [1] | 103 | [2] | |
Plan assets at net asset value | 63 | [1] | 56 | [2] | |
Commingled funds | Level 1 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 20 | [1] | 47 | [2] | |
Commingled funds | Level 2 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Commingled funds | Level 3 | |||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||||
Fair value of plan assets | $ 0 | [1] | $ 0 | [2] | |
[1] See Note 8 for further information on fair value measurement inputs and methods. See Note 8 for further information on fair value measurement inputs and methods. |
Benefit Plans and Other Postr_7
Benefit Plans and Other Postretirement Benefits, Postretirement Benefit Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Liability, Defined Benefit Plan, Noncurrent | $ 40,000,000 | $ 13,000,000 | ||||
Defined Contribution Plan, Administrative Expense | 13,000,000 | 13,000,000 | ||||
Other Postretirement Benefits Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Plan assets at net asset value | 63,000,000 | [1] | 56,000,000 | [2] | ||
Change in Projected Benefit Obligation [Roll Forward] | ||||||
Obligation at Jan. 1 | 296,000,000 | |||||
Service cost | 1,000,000 | 1,000,000 | $ 1,000,000 | |||
Interest cost | 16,000,000 | 10,000,000 | 11,000,000 | |||
Medicare subsidy reimbursements | 0 | 1,000,000 | ||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 7,000,000 | 7,000,000 | ||||
Actuarial (gain) loss | 18,000,000 | (55,000,000) | ||||
Benefit payments | (42,000,000) | (37,000,000) | ||||
Obligation at Dec. 31 | 296,000,000 | 296,000,000 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 320,000,000 | [2] | 393,000,000 | |||
Actual return (loss) on plan assets | 26,000,000 | (46,000,000) | ||||
Plan participants' contributions | 7,000,000 | 7,000,000 | ||||
Employer contributions | 3,000,000 | 3,000,000 | ||||
Benefit payments | (42,000,000) | (37,000,000) | ||||
Fair value of plan assets at Dec. 31 | 314,000,000 | [1] | 320,000,000 | [2] | 393,000,000 | |
Funded Status of Plans at Dec. 31 [Abstract] | ||||||
Funded status | 18,000,000 | 24,000,000 | ||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | ||||||
Net loss | 59,000,000 | 53,000,000 | ||||
Prior service (credit) cost | 0 | 0 | ||||
Total | 59,000,000 | 53,000,000 | ||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | ||||||
Noncurrent regulatory assets | $ 58,000,000 | $ 53,000,000 | ||||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | ||||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Pre-65 | 6.50% | 6.50% | ||||
Ultimate health care trend assumption rate (as a percent) | 4.50% | 4.50% | ||||
Period until ultimate trend rate is reached (in years) | 6 | 7 | ||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | $ 1,000,000 | $ 1,000,000 | 1,000,000 | |||
Interest cost | 16,000,000 | 10,000,000 | 11,000,000 | |||
Expected return on plan assets | (15,000,000) | (15,000,000) | (16,000,000) | |||
Amortization of prior service (credit) cost | 0 | (2,000,000) | (4,000,000) | |||
Amortization of net loss | 1,000,000 | 1,000,000 | 3,000,000 | |||
Net periodic pension cost | $ 3,000,000 | $ (5,000,000) | $ (5,000,000) | |||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Discount rate (as a percent) | 5.80% | 3.09% | 2.65% | |||
Expected average long-term rate of return on assets (as a percent) | 5% | 4.10% | 4.10% | |||
Liability, Defined Benefit Plan, Noncurrent | $ 0 | $ 0 | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 18,000,000 | $ 24,000,000 | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.54% | 5.80% | ||||
Amounts Not Yet Recognized As Components Of Net Periodic Benefit Cost Recorded As Current Regulatory Assets | $ 1,000,000 | $ 0 | ||||
Amounts Not Yet Recognized As Components Of Net Periodic Benefit Cost Recorded As Net-Of-Tax Accumulated Other Comprehensive Income | 0 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [3] | 0 | 0 | $ 0 | ||
Defined Benefit Plan, Costs Not Recognized Due To Regulation | 0 | 3,000,000 | 2,000,000 | |||
Net benefit cost recognized for financial reporting | $ 3,000,000 | $ (2,000,000) | (3,000,000) | |||
Target pension asset allocations (as a percent) | 100% | 100% | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 31,000,000 | |||||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Next Twelve Months | 2,000,000 | |||||
Defined Benefit Plan Net Projected Benefit Payments In Year One | 29,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 30,000,000 | |||||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Two | 2,000,000 | |||||
Defined Benefit Plan Net Projected Benefit Payments In Year Two | 28,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 29,000,000 | |||||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Three | 2,000,000 | |||||
Defined Benefit Plan Net Projected Benefit Payments In Year Three | 27,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 28,000,000 | |||||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Four | 2,000,000 | |||||
Defined Benefit Plan Net Projected Benefit Payments In Year Four | 26,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 27,000,000 | |||||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Five | 2,000,000 | |||||
Defined Benefit Plan Net Projected Benefit Payments In Year Five | 25,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 123,000,000 | |||||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, after Year Five | 12,000,000 | |||||
Defined Benefit Plan Net Projected Benefit Payments In Five Fiscal Years Thereafter | $ 111,000,000 | |||||
Other Postretirement Benefits Plan [Member] | Domestic and international equity securities | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 9% | 16% | ||||
Other Postretirement Benefits Plan [Member] | Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 0% | 0% | ||||
Other Postretirement Benefits Plan [Member] | Short-to-intermediate fixed income securities | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 77% | 71% | ||||
Other Postretirement Benefits Plan [Member] | Alternative investments | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 13% | 12% | ||||
Other Postretirement Benefits Plan [Member] | Cash | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Plan assets at net asset value | $ 0 | [1] | $ 0 | [2] | ||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | [2] | 28,000,000 | ||||
Fair value of plan assets at Dec. 31 | $ 29,000,000 | [1] | $ 28,000,000 | [2] | ||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 1% | 1% | ||||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Plan assets at net asset value | $ 464,000,000 | [2] | $ 317,000,000 | [1] | ||
Change in Projected Benefit Obligation [Roll Forward] | ||||||
Obligation at Jan. 1 | 1,032,000,000 | |||||
Service cost | 19,000,000 | 29,000,000 | 32,000,000 | |||
Interest cost | 58,000,000 | 41,000,000 | 39,000,000 | |||
Medicare subsidy reimbursements | 0 | 0 | ||||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | ||||
Actuarial (gain) loss | 45,000,000 | (317,000,000) | ||||
Benefit payments | (83,000,000) | (84,000,000) | ||||
Obligation at Dec. 31 | 1,071,000,000 | 1,032,000,000 | ||||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 1,031,000,000 | [1] | 1,351,000,000 | |||
Actual return (loss) on plan assets | 89,000,000 | (276,000,000) | ||||
Plan participants' contributions | 0 | 0 | ||||
Employer contributions | 0 | 40,000,000 | ||||
Benefit payments | (83,000,000) | (84,000,000) | ||||
Fair value of plan assets at Dec. 31 | 1,037,000,000 | [2] | 1,031,000,000 | [1] | 1,351,000,000 | |
Funded Status of Plans at Dec. 31 [Abstract] | ||||||
Funded status | (34,000,000) | (1,000,000) | ||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | ||||||
Net loss | 355,000,000 | 325,000,000 | ||||
Prior service (credit) cost | 1,000,000 | 1,000,000 | ||||
Total | 354,000,000 | 324,000,000 | ||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | ||||||
Noncurrent regulatory assets | 351,000,000 | 320,000,000 | ||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | 19,000,000 | 29,000,000 | 32,000,000 | |||
Interest cost | 58,000,000 | 41,000,000 | 39,000,000 | |||
Expected return on plan assets | (76,000,000) | (78,000,000) | (73,000,000) | |||
Amortization of prior service (credit) cost | 0 | 0 | 0 | |||
Amortization of net loss | 1,000,000 | 23,000,000 | 32,000,000 | |||
Net periodic pension cost | $ 2,000,000 | $ 18,000,000 | $ 30,000,000 | |||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Discount rate (as a percent) | 5.80% | 3.08% | 2.71% | |||
Expected average long-term rate of return on assets (as a percent) | 6.53% | 6.39% | 6.38% | |||
Liability, Defined Benefit Plan, Noncurrent | $ 34,000,000 | $ 9,000,000 | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (34,000,000) | $ (1,000,000) | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.49% | 5.80% | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.25% | 4.25% | ||||
Amounts Not Yet Recognized As Components Of Net Periodic Benefit Cost Recorded As Current Regulatory Assets | $ 3,000,000 | $ 3,000,000 | ||||
Amounts Not Yet Recognized As Components Of Net Periodic Benefit Cost Recorded As Net-Of-Tax Accumulated Other Comprehensive Income | 1,000,000 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [3] | 0 | 3,000,000 | $ 0 | ||
Defined Benefit Plan, Costs Not Recognized Due To Regulation | 9,000,000 | 4,000,000 | 0 | |||
Net benefit cost recognized for financial reporting | $ 11,000,000 | $ 22,000,000 | $ 30,000,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.25% | 3.75% | 3.75% | |||
Target pension asset allocations (as a percent) | 100% | 100% | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 89,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 80,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 80,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 80,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 79,000,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 384,000,000 | |||||
Pension Plan [Member] | Domestic and international equity securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Plan assets at net asset value | 0 | [2] | $ 0 | [1] | ||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | [1] | 17,000,000 | ||||
Fair value of plan assets at Dec. 31 | $ 12,000,000 | [2] | $ 17,000,000 | [1] | ||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 31% | 33% | ||||
Pension Plan [Member] | Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 38% | 38% | ||||
Pension Plan [Member] | Short-to-intermediate fixed income securities | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 9% | 9% | ||||
Pension Plan [Member] | Alternative investments | ||||||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 20% | 18% | ||||
Pension Plan [Member] | Cash | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Plan assets at net asset value | $ 0 | [2] | $ 0 | [1] | ||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | [1] | 52,000,000 | ||||
Fair value of plan assets at Dec. 31 | $ 94,000,000 | [2] | $ 52,000,000 | [1] | ||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Target pension asset allocations (as a percent) | 2% | 2% | ||||
[1] See Note 8 for further information on fair value measurement inputs and methods. See Note 8 for further information on fair value measurement inputs and methods. |
Benefit Plans and Other Postr_8
Benefit Plans and Other Postretirement Benefits, Projected Benefit Payments (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
Defined Contribution Plan, Administrative Expense | $ 13 | $ 13 | |||
Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |||||
2022 | 31 | ||||
2023 | 30 | ||||
2024 | 29 | ||||
2025 | 28 | ||||
2026 | 27 | ||||
2027-2031 | 123 | ||||
Expected Medicare Part D Subsidies [Abstract] | |||||
2022 | 2 | ||||
2023 | 2 | ||||
2024 | 2 | ||||
2025 | 2 | ||||
2026 | 2 | ||||
2027-2031 | 12 | ||||
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
2020 | 29 | ||||
2021 | 28 | ||||
2022 | 27 | ||||
2023 | 26 | ||||
2024 | 25 | ||||
2025-2029 | 111 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |||||
2022 | 89 | ||||
2023 | 80 | ||||
2024 | 80 | ||||
2025 | 80 | ||||
2026 | 79 | ||||
2027-2031 | 384 | ||||
Pension Plan [Member] | Xcel Energy [Member] | |||||
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | 50 | 50 | $ 131 | ||
Pension Plan [Member] | Xcel Energy [Member] | Subsequent Event | |||||
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | $ 100 | ||||
Pension Plan [Member] | PSCo [Member] | |||||
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | 0 | 40 | 46 | ||
Defined Benefit Plan, Overfunded Plan [Member] | Xcel Energy [Member] | |||||
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | $ 11 | 11 | 13 | 15 | |
Defined Benefit Plan, Overfunded Plan [Member] | PSCo [Member] | |||||
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | $ 2 | $ 3 | $ 3 | $ 3 |
Benefit Plans and Other Postr_9
Benefit Plans and Other Postretirement Benefits Plan Amendments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Administrative Expense | $ 13 | $ 13 | |
plan amendments | $ 0 | $ 0 |
Commitments and Contingencies M
Commitments and Contingencies MGP Sites (Details) - Other MGP, Landfill, or Disposal Sites [Domain] | Dec. 31, 2023 USD ($) Site |
Loss Contingencies [Line Items] | |
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | Site | 2 |
Cost of identified MGP, landfill, or disposal sites under current investigation and/or remediation | $ | $ 6,000,000 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) $ in Millions | Dec. 31, 2023 USD ($) site sites |
Loss Contingencies [Line Items] | |
Number of sites under investigation as part of federal CCR program | site | 4 |
Accrued liability of sites under investigation as part of federal CCR program | $ 40 |
Number of sites that will excavate and process ash for beneficial use | sites | 2 |
WYCO, Inc. [Member] | |
Loss Contingencies [Line Items] | |
Equity Method Investment, Ownership Percentage | 50% |
Federal Coal Ash Regulation [Domain] | Maximum | PSCo [Member] | |
Loss Contingencies [Line Items] | |
Cost of Beneficial Use Coal Ash Project | $ 45 |
Commitments and Contingencies,
Commitments and Contingencies, Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | $ 476 | $ 422 | |||
Amounts Incurred | [1] | 34 | |||
Accretion | 21 | 19 | |||
Cash Flow Revisions | (114) | [2] | 1 | [3] | |
Ending balance | 383 | 476 | |||
Electric Plant Steam and Other Production Ash Containment | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 180 | 152 | |||
Amounts Incurred | [1] | 34 | |||
Accretion | 8 | 6 | |||
Cash Flow Revisions | 0 | [2] | (12) | [3] | |
Ending balance | 188 | 180 | |||
Electric Plant Wind Production | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 44 | 42 | |||
Amounts Incurred | [1] | 0 | |||
Accretion | 2 | 2 | |||
Cash Flow Revisions | 0 | [2] | 0 | [3] | |
Ending balance | 46 | 44 | |||
Electric Plant Electric Distribution | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 17 | 16 | |||
Amounts Incurred | [1] | 0 | |||
Accretion | 0 | 1 | |||
Cash Flow Revisions | 0 | [2] | 0 | [3] | |
Ending balance | 17 | 17 | |||
Natural Gas Plant Gas Transmission and Distribution | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 235 | 212 | |||
Amounts Incurred | [1] | 0 | |||
Accretion | 11 | 10 | |||
Cash Flow Revisions | (114) | [2] | 13 | [3] | |
Ending balance | $ 132 | $ 235 | |||
[1] Amounts incurred related to steam production pond remediation costs. In 2023, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily the result of changes to inflation and discount rate assumptions as well as updated mileage of gas lines and number of services. In 2022, AROs were revised for changes in timing and estimates of cash flows. Revisions in steam, hydro, and other production AROs primarily related to changes in cost estimates for remediation of ash containment facilities. Changes in gas transmission and distribution AROs were primarily related to changes in labor rates coupled with increased gas line mileage and number of services. |
Indeterminate AROs (Details)
Indeterminate AROs (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Indeterminate Costs Incurred, Asset Retirement Obligation Due to Asbestos | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies, Leases (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Lessee, Lease, Description [Line Items] | ||||
Maximum Length - Short-Term Leases | 12 months | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% | |||
Operating Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset, Gross | $ 735,000,000 | $ 692,000,000 | ||
Operating Lease, Right-of-Use Asset, Accumulated Depreciation | (369,000,000) | (255,000,000) | ||
Operating lease right-of-use assets | 366,000,000 | 437,000,000 | ||
Finance Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Gross | 181,000,000 | 181,000,000 | ||
Finance Lease, Right-of-Use Asset, Accumulated Depreciation | $ (67,000,000) | $ (64,000,000) | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets | ||
Finance Lease, Right-of-Use Asset | $ 114,000,000 | $ 117,000,000 | ||
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | [1] | 108,000,000 | 111,000,000 | $ 118,000,000 |
Finance Lease, Right-of-Use Asset, Amortization | 3,000,000 | 4,000,000 | 7,000,000 | |
Finance Lease, Interest Expense | 15,000,000 | 16,000,000 | 17,000,000 | |
Finance Lease, Cost | 18,000,000 | 20,000,000 | 24,000,000 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | 117,000,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 109,000,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 82,000,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 52,000,000 | |||
2028 | 28,000,000 | |||
Thereafter | 45,000,000 | |||
Total minimum obligation | 433,000,000 | |||
Interest component of obligation | (41,000,000) | |||
Operating lease liabilities | 392,000,000 | |||
Less current portion | (102,000,000) | (80,000,000) | ||
Operating lease liabilities | 290,000,000 | $ 379,000,000 | ||
Weighted Average Remaining lease term, operating | 4.6 | |||
Weighted Average Remaining lease term, finance | 36.8 | |||
Lessee, Finance Lease, Description [Abstract] | ||||
2024 | 18,000,000 | |||
2025 | 18,000,000 | |||
2026 | 18,000,000 | |||
2027 | 16,000,000 | |||
2028 | 15,000,000 | |||
Thereafter | 333,000,000 | |||
Total minimum obligation | 418,000,000 | |||
Interest component of obligation | (304,000,000) | |||
Present value of minimum obligation | 114,000,000 | |||
Less current portion | (3,000,000) | |||
Noncurrent operating and finance lease liabilities | $ 111,000,000 | |||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | ||
WYCO, Inc. [Member] | ||||
Lessee, Finance Lease, Description [Abstract] | ||||
Equity Method Investment, Ownership Percentage | 50% | |||
Property, Plant and Equipment, Other Types [Member] | ||||
Operating Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset, Gross | $ 112,000,000 | $ 80,000,000 | ||
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | [2] | 19,000,000 | 20,000,000 | 16,000,000 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | 19,000,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 12,000,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 8,000,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 8,000,000 | |||
2028 | 8,000,000 | |||
Thereafter | 6,000,000 | |||
Total minimum obligation | 61,000,000 | |||
Interest component of obligation | (6,000,000) | |||
Operating lease liabilities | 55,000,000 | |||
Gas Storage Facilities [Member] | ||||
Finance Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Gross | 160,000,000 | 160,000,000 | ||
Gas Pipeline | ||||
Finance Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Gross | 21,000,000 | 21,000,000 | ||
Purchased Power Agreements | ||||
Operating Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset, Gross | 623,000,000 | 612,000,000 | ||
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | 89,000,000 | $ 91,000,000 | $ 102,000,000 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | [3],[4] | 98,000,000 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | [3],[4] | 97,000,000 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | [3],[4] | 74,000,000 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Four | [3],[4] | 44,000,000 | ||
2028 | [3],[4] | 20,000,000 | ||
Thereafter | [3],[4] | 39,000,000 | ||
Total minimum obligation | [3],[4] | 372,000,000 | ||
Interest component of obligation | [3],[4] | (35,000,000) | ||
Operating lease liabilities | [3],[4] | $ 337,000,000 | ||
[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. Includes immaterial short-term lease expense of for 2023, 2022 and 2021. Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. PPA operating leases contractually expire at various dates through 2032. |
Commitments and Contingencies_3
Commitments and Contingencies, Purchased Power Agreements (Details) - Capacity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Purchased Power Agreements (PPAs) [Abstract] | |||
Payments for capacity | $ 3 | $ 3 | $ 2 |
Estimated Future Payments Under PPAs [Abstract] | |||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 3 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 3 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 3 | ||
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | 1 | ||
2028 | 0 | ||
Thereafter | 0 | ||
Total | $ 10 |
Commitments and Contingencies_4
Commitments and Contingencies, Fuel Contracts (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Coal | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | $ 143 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 74 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 39 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | 35 |
2028 | 0 |
Thereafter | 0 |
Total | 291 |
Natural Gas Supply | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 221 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 12 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 0 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | 0 |
2028 | 0 |
Thereafter | 0 |
Total | 233 |
Natural Gas Storage and Transportation | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 108 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 105 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 105 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | 105 |
2028 | 62 |
Thereafter | 382 |
Total | $ 867 |
Commitments and Contingencies C
Commitments and Contingencies Comanche Unit 3 Litigation $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
CORE outcome excluding interest | $ 26 |
CORE outcome total | $ 34 |
Commitments and Contingencies_5
Commitments and Contingencies, Variable Interest Entities (Details) - MW | Dec. 31, 2023 | Dec. 31, 2022 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Purchased Power Agreements (PPAs) [Abstract] | ||
Generating capacity (in MW) | 1,207 | 1,442 |
Commitments and Contingencies_6
Commitments and Contingencies Marshall Wild Fire (Details) $ in Millions | Dec. 31, 2023 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 | 302 |
Number of plaintiffs related to the Marshall Wildfire | numberOfPlaintiffs | 4,047 |
Cap of noneconomic loss in a civil action other than a medical malpractice under Colorado law | $ 0.6 |
Amount of insurance coverage | $ 500 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | $ 9,230 | |||||
Total income tax expense | 29 | $ 37 | $ 33 | |||
Accumulated other comprehensive loss at end of period | 9,742 | 9,230 | ||||
Gains and Losses on Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | (20) | (21) | ||||
Amortization of net actuarial income (loss) | 0 | |||||
Net current period other comprehensive income (loss) | 1 | 1 | ||||
Accumulated other comprehensive loss at end of period | (19) | (20) | (21) | |||
Other Comprehensive Income (Loss) before reclassifications | 0 | 0 | ||||
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Amortization of net actuarial income (loss) | (1) | [1] | (1) | [2] | ||
Defined Benefit Pension and Postretirement Items | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | (2) | (1) | ||||
Amortization of net actuarial income (loss) | [3] | (1) | ||||
Net current period other comprehensive income (loss) | 1 | (1) | ||||
Accumulated other comprehensive loss at end of period | (1) | (2) | (1) | |||
Other Comprehensive Income (Loss) before reclassifications | 0 | (1) | ||||
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Amortization of net actuarial income (loss) | 0 | 0 | ||||
Total | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | (22) | (22) | ||||
Amortization of net actuarial income (loss) | (1) | |||||
Net current period other comprehensive income (loss) | 2 | 0 | ||||
Accumulated other comprehensive loss at end of period | (20) | (22) | $ (22) | |||
Other Comprehensive Income (Loss) before reclassifications | 0 | (1) | ||||
Total | Interest Rate Swap | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Amortization of net actuarial income (loss) | $ (1) | $ (1) | ||||
[1] Included in interest charges. Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information. |
Segments and Related Informat_3
Segments and Related Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Operating revenue, Regulated Natural Gas | $ 1,734 | $ 1,860 | $ 1,355 | |
Unregulated Operating Revenue | 54 | 53 | 47 | |
Regulated and Unregulated Operating Revenue | 5,519 | 5,708 | 4,815 | |
Depreciation and amortization | 924 | 848 | 744 | |
Interest charges and financing costs | 292 | 260 | 234 | |
Total income tax expense | 29 | 37 | 33 | |
Net income (loss) | 695 | 727 | 660 | |
Intercompany Revenue | 5 | 5 | 5 | |
Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Revenues Including Intersegment Revenues | 3,732 | 3,796 | 3,414 | |
Depreciation and amortization | 692 | 650 | 566 | |
Interest charges and financing costs | 224 | 200 | 179 | |
Total income tax expense | (2) | (11) | (16) | |
Net income (loss) | 529 | 550 | 495 | |
Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues Including Intersegment Revenues | 1,734 | 1,860 | 1,355 | |
Depreciation and amortization | 224 | 190 | 171 | |
Interest charges and financing costs | 67 | 59 | 53 | |
Total income tax expense | 37 | 49 | 45 | |
Net income (loss) | 149 | 180 | 168 | |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 8 | 8 | 7 | |
Interest charges and financing costs | 1 | 1 | 2 | |
Total income tax expense | (6) | (1) | 4 | |
Net income (loss) | 17 | (3) | (3) | |
Total revenues | ||||
Segment Reporting Information [Line Items] | ||||
Regulated and Unregulated Operating Revenue | [1] | 5,520 | 5,709 | 4,816 |
Total revenues | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Electric | 3,731 | 3,795 | 3,413 | |
Total revenues | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Unregulated Operating Revenue | [1] | 54 | 53 | 47 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Regulated and Unregulated Operating Revenue | (1) | (1) | (1) | |
Intersegment Eliminations | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Electric | $ 1 | $ 1 | $ 1 | |
[1] Operating revenues include $5 million of other affiliate revenue for the years ended Dec. 31, 2023, 2022 and 2021, respectively. See Note 13 for further information. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NSP-Minnesota | |||
Operating expenses | |||
Other Receivables | $ 0 | $ 2 | |
Accounts Payable, Other | 5 | 0 | |
NSP-Wisconsin | |||
Operating expenses | |||
Other Receivables | 0 | 0 | |
Accounts Payable, Other | 1 | 2 | |
SPS | |||
Operating expenses | |||
Other Receivables | 0 | 0 | |
Accounts Payable, Other | 11 | 11 | |
Other subsidiaries of Xcel Energy Inc. | |||
Operating expenses | |||
Other Receivables | 28 | 9 | |
Accounts Payable, Other | 66 | 62 | |
Xcel Energy [Member] | |||
Operating expenses | |||
Other Receivables | 28 | 11 | |
Accounts Payable, Other | 83 | 75 | |
Other Expense | |||
Operating expenses | |||
Costs and Expenses, Related Party | 679 | 670 | $ 617 |
Interest Expense | |||
Operating expenses | |||
Costs and Expenses, Related Party | 5 | 2 | 0 |
Other Revenue | Xcel Energy [Member] | |||
Operating expenses | |||
Total revenues | 5 | 5 | 5 |
Electricity, US Regulated | Xcel Energy [Member] | |||
Operating expenses | |||
Interest and Other Income | $ 2 | $ 0 | $ 0 |
Compensation Related Costs, P_2
Compensation Related Costs, Postemployment Benefits (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) Employees | |
Xcel Energy [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ | $ 72 |
PSCo [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ | $ 20 |
Voluntary Retirement Program | Xcel Energy [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Entity Number of Employees | Employees | 400 |
Employee Severance | Xcel Energy [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Entity Number of Employees | Employees | 150 |
Schedule II, Valuation and Qu_2
Schedule II, Valuation and Qualifying Accounts (Details) - Allowance for Bad Debts - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Jan. 1 | $ 54 | $ 40 | $ 29 | |
Charged to costs and expenses | 34 | 38 | 26 | |
Charged to other accounts | [1] | 5 | 18 | 4 |
Deductions from reserves | [2] | (37) | (42) | (19) |
Balance at Dec. 31 | $ 56 | $ 54 | $ 40 | |
[1] Recovery of amounts previously written-off. |