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PSR Invesco Active US Real Estate Fund

90.3329
0.00 (0.00%)
Pre Market
Last Updated: 09:09:48
Delayed by 15 minutes
Name Symbol Market Type
Invesco Active US Real Estate Fund AMEX:PSR AMEX Exchange Traded Fund
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 90.3329 0 09:09:48

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

01/08/2024 8:40pm

Edgar (US Regulatory)


PUBLIC SERVICE CO OF 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________

Commission File Number: 001-03280
Public Service Company of Colorado
(Exact Name of Registrant as Specified in its Charter)
Colorado84-0296600
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
1800 Larimer Street, Suite 1100DenverCO80202
(Address of Principal Executive Offices)(Zip Code)
(303)571-7511
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at August 1, 2024
Common Stock, $0.01 par value 100 shares
Public Service Company of Colorado meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to such Form 10-Q.




TABLE OF CONTENTS
This Form 10-Q is filed by PSCo, a Colorado corporation. PSCo is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available in various filings with the SEC. This report should be read in its entirety.



Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Company
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
SECSecurities and Exchange Commission
Other
C&ICommercial and Industrial
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CEOChief executive officer
CERCLA
Comprehensive Environmental Response, Compensation, and Liability Act
CFOChief financial officer
CORECORE Electric Cooperative
CPCNCertificate of public convenience and necessity
CSPVCrystalline Silicon Photovoltaic
ECARetail electric commodity adjustment
ETREffective Tax Rate
GAAPUnited States generally accepted accounting principles
GCAGas cost adjustment
IPPIndependent power producing entity
MGPManufactured gas plant
MPHMiles per hour
O&MOperating and maintenance
PFAS
Per- and Polyfluoroalkyl Substances
PIMPerformance incentive mechanism
PPAPower purchase agreement
PTCProduction tax credit
ROEReturn on equity
RFPRequest for proposal
TEPTransportation electrification plan
UCAColorado Office of the Utility Consumer Advocate
WACCWeighted average cost of capital
Measurements
MWMegawatts




Forward-Looking Statements
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in PSCo’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of PSCo to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.


PART I — FINANCIAL INFORMATION
ITEM 1FINANCIAL STATEMENTS
PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended June 30Six Months Ended June 30
 2024202320242023
Operating revenues  
Electric$891 $844 $1,814 $1,764 
Natural gas244 271 857 1,082 
Other8 13 21 29 
Total operating revenues1,143 1,128 2,692 2,875 
Operating expenses  
Electric fuel and purchased power303 317 644 699 
Cost of natural gas sold and transported89 115 408 616 
Cost of sales — other1 3 5 8 
Operating and maintenance expenses239 222 473 452 
Demand side management expenses36 31 76 67 
Depreciation and amortization248 230 492 458 
Taxes (other than income taxes)65 72 138 145 
Total operating expenses981 990 2,236 2,445 
Operating income162 138 456 430 
Other income, net19 5 28 6 
Allowance for funds used during construction — equity18 6 31 13 
Interest charges and financing costs
Interest charges and other financing costs95 76 183 149 
Allowance for funds used during construction — debt(6)(3)(12)(7)
Total interest charges and financing costs89 73 171 142 
Income before income taxes110 76 344 307 
Income tax (benefit) expense(9)(17)6  
Net income$119 $93 $338 $307 
See Notes to Consolidated Financial Statements
4

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended June 30Six Months Ended June 30
 2024202320242023
Net income$119 $93 $338 $307 
Other comprehensive income
Pension and retiree medical benefits:
Reclassification of losses to net income, net of tax   1 
Derivative instruments:
Reclassification of losses to net income, net of tax1  1  
Total other comprehensive income1  1 1 
Total comprehensive income$120 $93 $339 $308 
See Notes to Consolidated Financial Statements

5

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Six Months Ended June 30
 20242023
Operating activities  
Net income$338 $307 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization493 462 
Deferred income taxes11 (73)
Allowance for equity funds used during construction(31)(13)
Provision for bad debts15 16 
Changes in operating assets and liabilities:
Accounts receivable64 163 
Accrued unbilled revenues31 271 
Inventories27 78 
Other current assets(6)17 
Accounts payable(77)(295)
Net regulatory assets and liabilities122 143 
Other current liabilities(101)(91)
Pension and other employee benefit obligations(5) 
Other, net117 (9)
Net cash provided by operating activities998 976 
Investing activities
Utility capital/construction expenditures(1,459)(943)
Investments in utility money pool arrangement(234)(367)
Repayments from utility money pool arrangement234 331 
Net cash used in investing activities(1,459)(979)
Financing activities
Repayments of short-term borrowings, net(320)(294)
Borrowings under utility money pool arrangement381  
Repayments under utility money pool arrangement(432) 
Proceeds from issuance of long-term debt1,184 834 
Repayments of long-term debt (250)
Capital contributions from parent564 74 
Dividends paid to parent(236)(358)
Net cash provided by financing activities1,141 6 
Net change in cash, cash equivalents and restricted cash680 3 
Cash, cash equivalents and restricted cash at beginning of period13 10 
Cash, cash equivalents and restricted cash at end of period$693 $13 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(147)$(127)
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers10 (68)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$205 $211 
Inventory transfers to property, plant and equipment38 30 
Operating lease right-of-use assets 17 
Allowance for equity funds used during construction31 13 
See Notes to Consolidated Financial Statements
6

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 June 30, 2024Dec. 31, 2023
Assets  
Current assets  
Cash and cash equivalents$693 $13 
Accounts receivable, net412 492 
Accounts receivable from affiliates32 28 
Accrued unbilled revenues330 361 
Inventories193 258 
Regulatory assets187 304 
Derivative instruments3 11 
Prepayments and other105 95 
Total current assets1,955 1,562 
Property, plant and equipment, net22,018 21,035 
Other assets
Regulatory assets1,278 1,267 
Derivative instruments10 15 
Operating lease right-of-use assets313 366 
Other259 383 
Total other assets1,860 2,031 
Total assets$25,833 $24,628 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$250 $ 
Borrowings under utility money pool arrangement 51 
Short-term debt 320 
Accounts payable562 704 
Accounts payable to affiliates62 83 
Regulatory liabilities88 70 
Taxes accrued145 261 
Accrued interest85 68 
Dividends payable to parent106 72 
Derivative instruments5 17 
Operating lease liabilities98 102 
Other176 177 
Total current liabilities1,577 1,925 
Deferred credits and other liabilities
Deferred income taxes1,937 1,894 
Regulatory liabilities2,570 2,562 
Asset retirement obligations430 383 
Customer advances111 124 
Pension and employee benefit obligations34 40 
Operating lease liabilities237 290 
Other171 218 
Total deferred credits and other liabilities5,490 5,511 
Commitments and contingencies
Capitalization
Long-term debt8,388 7,450 
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at June 30, 2024 and Dec. 31, 2023, respectively
  
Additional paid in capital7,979 7,412 
Retained earnings2,418 2,350 
Accumulated other comprehensive loss(19)(20)
Total common stockholder's equity10,378 9,742 
Total liabilities and equity$25,833 $24,628 
See Notes to Consolidated Financial Statements
7

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)
(amounts in millions, except share data)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholder's Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended June 30, 2024 and 2023
Balance at March 31, 2023100 $ $7,057 $2,291 $(21)$9,327 
Net income93 93 
Dividends declared to parent(189)(189)
Contribution of capital by parent29 29 
Balance at June 30, 2023100 $ $7,086 $2,195 $(21)$9,260 
Balance at March 31, 2024100 $ $7,462 $2,405 $(20)$9,847 
Net income119 119 
Other comprehensive income1 1 
Dividends declared to parent(106)(106)
Contribution of capital by parent517 517 
Balance at June 30, 2024100 $ $7,979 $2,418 $(19)$10,378 
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive LossTotal Common Stockholder's Equity
SharesPar ValueAdditional Paid
In Capital
Six Months Ended June 30, 2024 and 2023
Balance at Dec. 31, 2022100 $ $6,992 $2,260 $(22)$9,230 
Net income307 307 
Other comprehensive income1 1 
Dividends declared to parent(372)(372)
Contribution of capital by parent94 94 
Balance at June 30, 2023100 $ $7,086 $2,195 $(21)$9,260 
Balance at Dec. 31, 2023100 $ $7,412 $2,350 $(20)$9,742 
Net income338 338 
Other comprehensive income1 1 
Dividends declared to parent(270)(270)
Contribution of capital by parent567 567 
Balance at June 30, 2024100 $ $7,979 $2,418 $(19)$10,378 
See Notes to Consolidated Financial Statements



8

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of PSCo as of June 30, 2024 and Dec. 31, 2023; the results of PSCo’s operations, including the components of net income, comprehensive income and changes in stockholder’s equity for the three and six months ended June 30, 2024 and 2023; and PSCo’s cash flows for the six months ended June 30, 2024 and 2023.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2024, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of PSCo’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
1. Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. 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, with new disclosure requirements including presentation of prescribed line items in the effective tax rate reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and PSCo does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.
Climate-Related Disclosures In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. PSCo does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Accounts receivable, net
Accounts receivable$460 $548 
Less allowance for bad debts(48)(56)
Accounts receivable, net$412 $492 
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Inventories
Materials and supplies$96 $91 
Fuel63 83 
Natural gas34 84 
Total inventories$193 $258 
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Property, plant and equipment, net
Electric plant$17,134 $16,698 
Natural gas plant6,534 6,321 
Common and other property1,517 1,472 
Plant to be retired (a)
1,125 1,203 
Construction work in progress1,981 1,310 
Total property, plant and equipment28,291 27,004 
Less accumulated depreciation(6,273)(5,969)
Property, plant and equipment, net$22,018 $21,035 
(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.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.
Money Pool — Xcel Energy and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy.
9

Money pool borrowings:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$250 $250 
Amount outstanding at period end 51 
Average amount outstanding8 23 
Maximum amount outstanding250 250 
Weighted average interest rate, computed on a daily basis5.33 %5.31 %
Weighted average interest rate at period endN/A5.34
Commercial Paper Commercial paper outstanding:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$700 $700 
Amount outstanding at period end 320 
Average amount outstanding11 124 
Maximum amount outstanding233 454 
Weighted average interest rate, computed on a daily basis5.51 %5.17 %
Weighted average interest rate at period endN/A5.56 
Letters of Credit — PSCo uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At June 30, 2024 and Dec. 31, 2023, there were $31 million and $29 million, respectively, of letters of credit outstanding under the credit facility. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facility — In order to issue its commercial paper, PSCo must have a revolving credit facility equal to or greater than the amount of its commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility.
The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
PSCo has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval.
At June 30, 2024, PSCo had the following committed revolving credit facility available (in millions of dollars):
Credit Facility (a)
Drawn (b)
Available
$700 $31 $669 
(a)Expires in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the credit facility outstanding at June 30, 2024 and Dec. 31, 2023.
Long-Term Borrowings
During the six months ended June 30, 2024, PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054.
5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following:
Three Months Ended June 30, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$301 $142 $ $443 
C&I427 64 8 499 
Other13   13 
Total retail741 206 8 955 
Wholesale51   51 
Transmission21   21 
Other18 30  48 
Total revenue from contracts with customers831 236 8 1,075 
Alternative revenue and other60 8  68 
Total revenues$891 $244 $8 $1,143 
Three Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$272 $161 $5 $438 
C&I442 75 8 525 
Other13   13 
Total retail727 236 13 976 
Wholesale42   42 
Transmission18   18 
Other17 28  45 
Total revenue from contracts with customers804 264 13 1,081 
Alternative revenue and other40 7  47 
Total revenues$844 $271 $13 $1,128 
Six Months Ended June 30, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$630 $542 $3 $1,175 
C&I845 226 18 1,089 
Other27   27 
Total retail1,502 768 21 2,291 
Wholesale113   113 
Transmission45   45 
Other32 70  102 
Total revenue from contracts with customers1,692 838 21 2,551 
Alternative revenue and other122 19  141 
Total revenues$1,814 $857 $21 $2,692 
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Six Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$605 $702 $9 $1,316 
C&I865 291 20 1,176 
Other27   27 
Total retail1,497 993 29 2,519 
Wholesale117   117 
Transmission43   43 
Other28 72  100 
Total revenue from contracts with customers1,685 1,065 29 2,779 
Alternative revenue and other79 17  96 
Total revenues$1,764 $1,082 $29 $2,875 
6. Income Taxes
Reconciliation between the statutory rate and ETR:
Six Months Ended June 30
20242023
Federal statutory rate21.0 %21.0 %
State tax (net of federal tax effect)3.5 3.5 
(Decreases) increases:
Wind PTCs (a)
(16.5)(19.1)
Plant regulatory differences (b)
(5.1)(4.8)
Other tax credits, net operating loss & tax credit allowances(1.3)(1.0)
Other, net0.1 0.4 
Effective income tax rate1.7 % %
(a)Wind PTCs net of estimated transfer discounts 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. Income tax benefits associated with the credit are offset by corresponding revenue reductions.
7. 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 June 30, 2024, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2024, PSCo had no unsettled interest rate derivatives.
Wholesale and Commodity Trading PSCo conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. PSCo is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.
Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.
Commodity Derivatives PSCo enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, and vehicle fuel.
When PSCo enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of June 30, 2024, PSCo had no commodity contracts designated as cash flow hedges.
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Gross notional amounts of commodity forwards and options:
(Amounts in Millions) (a)(b)
June 30, 2024Dec. 31, 2023
Megawatt hours of electricity1 2 
Million British thermal units of natural gas16 20 
(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 June 30, 2024, four of PSCo’s ten most significant counterparties for these activities, comprising $23 million, or 39%, 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 $26 million, or 43%, 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. Nine of these significant counterparties are independent system operators, municipal or cooperative electric entities, Regional Transmission Organizations or other utilities.
Credit Related Contingent Features Contract provisions for derivative instruments that PSCo enters into, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if PSCo’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.
As of June 30, 2024 and Dec. 31, 2023, there were no derivative liabilities position with such underlying contract provisions.
Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.
As of June 30, 2024 there were no derivative instruments in a liability position with such underlying contract provisions and at Dec. 31, 2023, there were $8 million of such derivative instruments.
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 June 30, 2024 and Dec. 31, 2023.
Recurring Derivative Fair Value Measurements
Changes in the fair value of natural gas commodity derivatives recognized as regulatory assets and liabilities included immaterial net losses for the three and six months ended June 30, 2024 and 2023. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms.
Pre-Tax Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended June 30, 2024
Derivatives designated as cash flow hedges
Interest rate$1 
(a)
$ $ 
Total$1 $ $ 
Six Months Ended June 30, 2024
Derivatives designated as cash flow hedges
Interest rate$1 
(a)
$ $ 
Total$1 $ $ 
Other derivative instruments
Commodity trading$ $ $(8)
(b)
Natural gas commodity  (8)
(c)(d)
Total$ $ $(16)
Three Months Ended June 30, 2023
Other derivative instruments
Commodity trading$ $ $(5)
(b)
Total$ $ $(5)
Six Months Ended June 30, 2023
Other derivative instruments
Commodity trading$ $ $(5)
(b)
Natural gas commodity 10 
(c)
(12)
(c)(d)
Total$ $10 $(17)
(a)Recorded to interest charges.
(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c)Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(d)Relates primarily to option premium amortization.
PSCo had no derivative instruments designated as fair value hedges during the six months ended June 30, 2024 and 2023.

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Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
June 30, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$1 $8 $ $9 $(7)$2 $1 $19 $ $20 $(17)$3 
Natural gas commodity 1  1  1  8  8  8 
Total current derivative assets$1 $9 $ $10 $(7)$3 $1 $27 $ $28 $(17)$11 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$5 $6 $ $11 $(1)$10 $6 $9 $ $15 $ $15 
Total noncurrent derivative assets$5 $6 $ $11 $(1)$10 $6 $9 $ $15 $ $15 
June 30, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$ $12 $ $12 $(7)$5 $1 $25 $ $26 $(17)$9 
Natural gas commodity       8  8  8 
Total current derivative liabilities$ $12 $ $12 $(7)$5 $1 $33 $ $34 $(17)$17 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$2 $1 $ $3 $(3)$ $2 $1 $ $3 $(3)$ 
Total noncurrent derivative liabilities$2 $1 $ $3 $(3)$ $2 $1 $ $3 $(3)$ 
(a)PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $2 million and $4 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
Changes in Level 3 commodity derivatives:
Three Months Ended June 30
(Millions of Dollars)20242023
Balance at April 1$ $10 
Net transactions recorded during the period:
Losses recognized in earnings (a)
 (1)
Balance at June 30$ $9 
Six Months Ended June 30
(Millions of Dollars)20242023
Balance at Jan. 1$ $9 
Net transactions recorded during the period:
Losses recognized in earnings (a)
  
Balance at June 30$ $9 
(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 consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Fair Value of Long-Term Debt
As of June 30, 2024, other financial instruments for which the carrying amount did not equal fair value:
June 30, 2024Dec. 31, 2023
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$8,638 $7,413 $7,450 $6,580 
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 June 30, 2024 and Dec. 31, 2023, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
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8. Benefit Plans and Other Postretirement Benefits
Components of Net Periodic Benefit Cost (Credit)
 Three Months Ended June 30
 2024202320242023
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$5 $5 $ $ 
Interest cost (a)
14 14 4 4 
Expected return on plan assets (a)
(19)(19)(4)(4)
Amortization of net loss (a)
1 1  1 
Net periodic benefit cost 1 1  1 
Effects of regulation(4)3   
Net benefit cost recognized for financial reporting$(3)$4 $ $1 
Six Months Ended June 30
2024202320242023
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$10 $9 $ $ 
Interest cost (a)
28 29 8 8 
Expected return on plan assets (a)
(38)(38)(8)(8)
Amortization of net loss (a)
3 1 1 1 
Net periodic benefit (credit) cost 3 1 1 1 
Effects of regulation(4)6   
Net benefit cost (credit) recognized for financial reporting$(1)$7 $1 $1 
(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
In January 2024, contributions totaling $100 million were made across Xcel Energy’s pension plans, of which $7 million was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2024.
9. 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 October 2023, the jury ruled that CORE may not withdraw as a joint owner of the facility but awarded CORE lost power damages of $26 million. PSCo recognized $35 million of losses for the verdict in 2023, including estimated interest and other costs. In early 2024, PSCo and CORE each filed appeals of the trial court’s decision to the Colorado Court of Appeals.
Marshall Wildfire Litigation
In December 2021, a wildfire ignited in Boulder County, Colorado (Marshall Fire), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. On June 8, 2023, the Boulder County Sheriff’s Office released its Marshall Fire Investigative Summary and Review and its supporting documents (Sheriff’s Report). According to an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses.
According to the Sheriff’s Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo’s service territory, for reasons unrelated to PSCo’s power lines. According to the Sheriff’s Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo’s service territory. According to the Sheriff’s Report, the second ignition started approximately 80 to 110 feet away from PSCo’s power lines in the area.
The Sheriff’s Report states that the most probable cause of the second ignition was hot particles discharged from PSCo’s power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff’s Report, no design, installation or maintenance defects or deficiencies were identified on PSCo’s electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition.
PSCo is aware of 307 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,087 plaintiffs. The complaints generally allege that PSCo’s equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages.
In September 2023, the Boulder County District Court Judge consolidated eight lawsuits that were pending at that time into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025. Discovery is now underway.
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Colorado courts do not apply strict liability in determining an electric utility company’s liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff’s property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated.
Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury’s verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action filed before Jan. 1, 2025, other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles.
Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff’s damages.
In the event Xcel Energy Inc. or PSCo was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, Xcel Energy Inc. and PSCo are unable to estimate the amount or range of possible losses in connection with the Marshall Fire.
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 obligations 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 their predecessors or other parties have caused environmental contamination.
Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which PSCo is alleged to have sent wastes to that site.
MGP, Landfill and Disposal Sites
PSCo is investigating, remediating or performing post-closure actions at two MGP, landfill or other disposal sites across its service territory, in addition to sites that are being addressed under current coal ash regulations (see below).
PSCo has recognized approximately $6 million of costs/liabilities for resolution of these issues; however, the final outcomes and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
Water and Waste
Coal Ash Regulation PSCo is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.
In May 2024, final amendments to the CCR Rule were published. These include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.
As a specific requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land, as well as perform corrective actions where offsite groundwater has been impacted.
If certain impacts to groundwater are detected, utilities may be required to perform additional groundwater investigations and/or perform corrective actions, typically beginning with an Assessment of Corrective Measures.
Investigation and/or corrective action related to groundwater impacts are currently underway at certain active and closed coal-fueled generating facilities at a current estimated cost of at least $40 million. In addition, PSCo expects to incur $5 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. Asset retirement obligations have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.
PSCo has also identified coal ash that it is expected to be required to be removed from certain closed coal-fueled generating facilities at estimated costs totaling approximately $40 million. Asset retirement obligations have been recorded, with the costs expected to be recoverable through regulatory mechanisms.
PSCo continues to evaluate the 2024 updates to the CCR rule, the interpretations of those updates and how they will apply to specific sites. Assessment of the recent updates to the CCR Rule and corresponding site investigation activities may result in updates to estimated costs as well as identification of additional required corrective actions.
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.
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Components of lease expense:
Three Months Ended June 30
(Millions of Dollars)20242023
Operating leases
PPA capacity payments$20 $23 
Other operating leases (a)
5 5 
Total operating lease expense (b)
$25 $28 
Finance leases
Amortization of ROU assets$1 $ 
Interest expense on lease liability3 4 
Total finance lease expense$4 $4 
(a)Includes immaterial short-term lease expense for both 2024 and 2023.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Six Months Ended June 30
(Millions of Dollars)20242023
Operating leases
PPA capacity payments$41 $45 
Other operating leases (a)
10 10 
Total operating lease expense (b)
$51 $55 
Finance leases
Amortization of ROU assets$2 $1 
Interest expense on lease liability7 8 
Total finance lease expense$9 $9 
(a)Includes immaterial short-term lease expense for both 2024 and 2023.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Commitments under operating and finance leases as of June 30, 2024:
(Millions of Dollars)PPA Operating LeasesOther Operating LeaseTotal Operating LeasesFinance Leases
Total minimum obligation$318 $50 $368 $408 
Interest component of obligation(28)(5)(33)(296)
Present value of minimum obligation$290 $45 335 112 
Less current portion(98)(3)
Noncurrent operating and finance lease liabilities$237 $109 
Variable Interest Entities 
Under certain PPAs, PSCo purchases power from IPPs for which PSCo is required to reimburse fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that it purchases. PSCo has determined that certain IPPs are VIEs, however PSCo is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity.
PSCo evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. PSCo concluded that these entities are not required to be consolidated in its consolidated financial statements because PSCo does not have the power to direct the activities that most significantly impact the entities’ economic performance.
PSCo had approximately 1,207 MW of capacity under long-term PPAs at both June 30, 2024 and Dec. 31, 2023, with entities that have been determined to be VIEs. These agreements have expiration dates through 2032.
10. Other Comprehensive Income
Changes in accumulated other comprehensive loss, net of tax:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at April 1$(19)$(1)$(20)$(20)$(1)$(21)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
1  1    
Net current period other comprehensive income1  1    
Accumulated other comprehensive loss at June 30$(18)$(1)$(19)$(20)$(1)$(21)
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(19)$(1)$(20)$(20)$(2)$(22)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
1  1    
Amortization of net actuarial loss (b)
    1 1 
Net current period other comprehensive income1  1  1 1 
Accumulated other comprehensive loss at June 30$(18)$(1)$(19)$(20)$(1)$(21)
(a)Included in interest charges.
(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.
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11. Segment Information
PSCo evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment.
PSCo has the following reportable segments:
Regulated Electric — The regulated electric utility segment generates electricity which is transmitted and distributed in Colorado. This segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes PSCo’s wholesale commodity and trading operations.
Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado.
PSCo also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services revenues/commissions and non-utility real estate activities.
Asset and capital expenditure information is not provided for PSCo’s reportable segments because, as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
PSCo’s segment information:
Three Months Ended June 30
(Millions of Dollars)20242023
Regulated Electric
Total revenues$891 $844 
Net income120 103 
Regulated Natural Gas
Total revenues$244 $271 
Net loss(5)(16)
All Other
Total revenues (a)
$8 $13 
Net income4 6 
Consolidated Total
Total revenues (a)
$1,143 $1,128 
Net income119 93 
(a)Total revenues include $1 million of other affiliate revenue for both the three months ended June 30, 2024 and 2023.
Six Months Ended June 30
(Millions of Dollars)20242023
Regulated Electric
Total revenues$1,814 $1,764 
Net income242 202 
Regulated Natural Gas
Total revenues$857 $1,082 
Net income88 97 
All Other
Total revenues (a)
$21 $29 
Net income8 8 
Consolidated Total
Total revenues (a)
$2,692 $2,875 
Net income338 307 
(a)Total revenues include $2 million of other affiliate revenue for both the six months ended June 30, 2024 and 2023.
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Discussion of financial condition and liquidity for PSCo is omitted per conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q for wholly owned subsidiaries. It is replaced with management’s narrative analysis of the results of operations set forth in General Instruction H(2)(a) of Form 10-Q for wholly owned subsidiaries (reduced disclosure format).
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.
PSCo’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Earnings Adjusted for Certain Items (Ongoing Earnings)
Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items.
We use this non-GAAP financial measure to evaluate and provide details of PSCo’s core earnings and underlying performance. We believe this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of PSCo. For the three and six months ended June 30, 2024 and 2023, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings.
Results of Operations
PSCo’s net income was $338 million for the six months ended June 30, 2024 compared with $307 million for the prior year. The change was driven by increased recovery of electric infrastructure investments, which was partially offset by increased depreciation, interest charges and O&M expenses.
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Electric Revenues
Electric revenues are impacted by fluctuations in the price of natural gas and coal, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.
(Millions of Dollars)Six Months Ended June 30, 2024 vs. 2023
Regulatory rate outcomes$47 
Non-fuel riders 38 
Estimated impact of weather 25 
Recovery of lower cost of electric fuel and purchased power(70)
Sales and demand(14)
Other, net24 
Total increase$50 
Natural Gas Revenues
Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.
(Millions of Dollars)Six Months Ended June 30, 2024 vs. 2023
Recovery of lower cost of natural gas$(206)
Estimated impact of weather (31)
Retail sales growth
Other, net
Total decrease$(225)
Electric Fuel and Purchased Power Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of natural gas and coal, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
Electric fuel and purchased power expenses decreased $55 million year-to-date. The decrease is primarily due to lower commodity prices and timing of fuel recovery, partially offset by increased volume.
Cost of Natural Gas Sold and Transported Expenses incurred for the cost of natural gas sold are impacted by market prices and seasonality. These costs are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
Natural gas sold and transported decreased $208 million year-to-date. The decrease is primarily due to lower commodity prices and volumes, partially offset by timing of fuel recovery.
Non-Fuel Operating Expenses and Other Items
O&M Expenses — O&M expenses increased $21 million year-to-date. The increase was primarily due to emergent generation expenses, higher storm costs and other labor increases.
Depreciation and Amortization Depreciation and amortization expense increased $34 million year-to-date. The increase was primarily due to system expansion.
Interest Charges Interest charges increased $34 million year-to-date, largely due to increased long-term debt levels and higher interest rates.
Public Utility Regulation and Other
The FERC and state and local regulatory commissions regulate PSCo. PSCo is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Colorado.
Rates are designed to recover plant investment, operating costs and an allowed return on investment. PSCo requests changes in utility rates through commission filings. Changes in operating costs can affect PSCo’s financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and demand side management efforts, and the cost of capital.
In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact PSCo’s results of operations.
Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2023, appropriately represent, in all material respects, the current status of public utility regulation and are incorporated herein by reference.
Pending and Recently Concluded Regulatory Proceedings
Colorado Natural Gas Rate Case — In January 2024, PSCo filed a request with the CPUC seeking an increase to retail natural gas rates of $171 million (9.5%). The request is based on a 10.25% ROE, an equity ratio of 55%, a 2023 test year and a $4.2 billion retail rate base which includes projected capital additions through Dec. 31, 2023. PSCo has requested a proposed effective date of Nov. 1, 2024.
PSCo has proposed to defer collection of the increased rates until Feb. 15, 2025 (following expiration of the rider to recover Winter Storm Uri costs) to mitigate customer bill impacts, with revenues for the deferred period collected over a 12-month period beginning on that date.
In July 2024, three intervenors filed testimony, with Staff and the UCA filing comprehensive testimony. Staff and UCA opposed the deferral of collections until Feb. 15, 2025, instead proposing Nov. 1, 2024 as the effective date for new rates.
Proposed modifications:
(Millions of Dollars)Staff UCA
PSCo Direct Testimony$171 $171 
Recommended adjustments:
ROE(40)(31)
Capital structure and cost of capital(27)
(a)
(14)
Test year adjustments to reflect average vs. year-end balances(19)(17)
Capital adjustments (subject to separate review)(3)(1)
Depreciation expense15 — 
Other, net(4)(17)
Total adjustments (78)(80)
Proposed revenue change$93 $91 
ROE8.89 %9.20 %
Equity ratio52 %51.4 %
Test YearDec 2023Dec 2023
Rate Base Convention13 month13 month
(a) Revised estimate.
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Procedural schedule:
Rebuttal testimony: Aug. 15, 2024
Settlement deadline: Aug. 27, 2024
Evidentiary hearing: Sept. 4-12, 2024
Statement of position: Sept. 26, 2024
A CPUC decision is expected in the fourth quarter of 2024.
Colorado Resource Plan — In December 2023, the CPUC approved a portfolio of 5,835 MW, which includes approximately 3,100 MW of company owned resources and 2,700 MW of PPAs.
In December 2023, the CPUC approved two PIMs associated with the generation projects in the portfolio, including a PIM related to capital construction costs and another related to ongoing levelized energy costs. These PIMs will be further defined in related proceedings throughout 2024.
PSCo filed or expects to file generation and transmission certificates of public convenience and necessity throughout 2024.
PSCo will file an interim resource plan, also referred to as the Just Transition Solicitation, by Oct. 15, 2024. The filing deadline was extended to Oct. 15, 2024 to allow for additional time to assess the impact of supply chain issues and solar tariffs on the Colorado Resource Plan portfolio.
Transportation Electrification Plan — In April 2024, the CPUC approved PSCo’s TEP with modification, including a three-year budget of $264 million and continued cost recovery through the TEP rider.
Wildfire Mitigation Plan — In June 2024, PSCo filed an Updated Wildfire Mitigation Plan (the Plan) and request for recovery of costs covering the years 2025 to 2027 with the CPUC. The estimated total cost for this plan is approximately $1.9 billion. A CPUC decision is expected in early 2025.
The Plan is a key component of keeping our customers and communities safe while providing reliable and affordable electric service. The Plan integrates industry experience; incorporates evolving risk assessment methodologies; adds new technology; and expands the scope, pace and scale of our work to reduce wildfire risk in a comprehensive and efficient manner under four core programs that include the following:
Situational awareness – Meteorology, area risk mapping and modeling, artificial intelligence cameras and continuous monitoring.
Operational mitigations – Enhanced powerline safety settings and PSPS.
System resiliency – Asset assessment and remediations, pole replacements, line rebuilds, targeted undergrounding and vegetation management.
Customer support – Coordination and real-time data sharing with customers and other stakeholders and PSPS resiliency rebates.
Total capital investments and O&M expenses associated with the proposed plan are estimated at the following:
(Millions of Dollars)202520262027Total
Capital investments
Situational awareness$24 $17 $10 $51 
Operational mitigations586683207 
System resiliency368 411 565 1,344 
Total capital investments$450 $494 $658 $1,602 
O&M expenses
Situational awareness$$10 $10 $29 
Operational mitigations33410
System resiliency446977190
Customer support78924
Total O&M expenses63 90 100 253 
Total expenditures$513 $584 $758 $1,855 
CPUC Proactive Line De-Energization Investigation In April 2024, PSCo proactively de-energized certain lines in Colorado due to winds that were over 90 MPH to reduce potential wildfire risk.
In May 2024, the CPUC held sessions to hear public comments and Commissioner Information Meetings on the impacts of the power shutoffs. PSCo has provided responses to CPUC information requests and will continue to respond to requests throughout 2024 as the investigation continues.
Clean Heat Plan — In August of 2023, PSCo filed a Clean Heat Plan to reduce natural gas local distribution company greenhouse gas emissions. PSCo proposed a diversified portfolio of electrification, efficiency and lower-carbon gas options that would create an emissions reduction pathway through 2028 consistent with achieving a 2030 target reduction of 22 percent.
In June 2024, the CPUC approved a portfolio weighted predominantly toward electrification and efficiency programs, based on a budget of $441 million through 2027. The CPUC’s approval included rider cost recovery. The CPUC directed PSCo to file the next Clean Heat Plan in 2026.
Colorado Senate Bill 23-291 — In May 2023, Colorado Senate Bill 23-291 was signed into law. The bill includes a number of topics including natural gas and electric fuel incentive mechanisms, natural gas planning rules, regulatory filing requirements, and non-recovery of certain expenses (e.g., certain organizational or membership dues, tax penalties or fines).
In November 2023, the CPUC approved PSCo’s natural gas price risk plan to manage customer bill volatility from commodity price changes, establishing upper and lower limits for changes in the GCA rate. As a result, costs above the upper limit are deferred for future recovery, with interest, and costs below the lower limit are deferred as a reserve against future cost increases.
The legislation also calls for the CPUC to adopt rules to establish fuel cost mechanisms to align the financial incentives of a utility with the interests of the utility’s customers by Jan. 1, 2025. The CPUC issued a written notice of the proposed rule in the second quarter of 2024 and held a hearing on comments in July 2024. A CPUC decision and final rule is expected later in 2024. The Commission's proposed rules for electric utilities are also expected later in 2024.
19

Colorado Senate Bill 24-218 — In May 2024, Colorado Senate Bill 24-218 was signed into law. The bill includes a suite of policy changes to accelerate investment in electric distribution, including a framework to develop distribution planning and performance requirements and the opportunity for current cost recovery for many distribution investments. In July 2024, the CPUC approved PSCo’s request to collect $17 million through a rider, over the remainder of 2024, subject to true-up, associated with forecasted capital investments covered by the new legislation.
Cabin Creek Prudency Review — In 2015, the CPUC granted a CPCN for an $88 million upgrade project to renew the FERC operating license and increase the generating and storage capacity of the Cabin Creek hydroelectric storage facility, which anticipated project completion in 2020. Due to significant and unforeseen challenges, the project was not completed until 2023 and cost approximately $110 million. In July 2024, PSCo filed a prudency review for the upgrade project, which reviews the project’s timelines, costs, benefits and challenges. A procedural schedule is expected in the third quarter of 2024 with a final CPUC decision in 2025.
Other
Supply Chain
PSCo’s ability to meet customer energy requirements, respond to storm-related disruptions and execute our capital expenditure program are dependent on maintaining an efficient supply chain. Manufacturing processes have experienced disruptions related to scarcity of certain raw materials and interruptions in production and shipping. These disruptions have been further exacerbated by inflationary pressures, labor shortages and the impact of international conflicts/issues. PSCo continues to monitor the situation as it remains fluid and seeks to mitigate the impacts by securing alternative suppliers, modifying design standards, and adjusting the timing of work.
Large global demand for energy-related infrastructure (renewables and gas generation, data centers, etc.) has stretched equipment supply chains, extended delivery dates and increased prices for items like combustion turbines, transformers and other large electrical equipment. The labor market for skilled engineering and construction resources to build renewables and gas generation has also been strained, impacting cost and availability.
Tariffs and Trade Complaints
In August 2023, the U.S. Department of Commerce completed its anti-circumvention investigation and concluded that CSPV solar panels and cells imported from Malaysia, Vietnam, Thailand, and Cambodia would be subject to incremental tariffs ranging from 50% to 250%. These countries account for more than 80% of CSPV panel imports.
An interim stay on tariffs remained in effect until June 2024 and many significant solar projects have resumed with modified costs and projected in-service dates, including certain PPAs in PSCo.
In April 2024, the American Alliance for Solar Manufacturing Trade Committee filed a petition related to new anti-dumping and countervailing duty cases targeting solar products from Cambodia, Malaysia, Thailand and Vietnam with the United States Department of Commerce and the United States International Trade Commission.
In May 2024, the U.S. Department of Commerce announced the initiation of anti-dumping and countervailing duty investigations of CSPV cells, whether or not assembled into modules. A preliminary decision related to this matter is anticipated in November 2024.
In June 2024, a previous tariff exclusion for bi-facial panels ended. Tariff rate is now 14.25% until February 2025 and 14% until February 2026 for imported panels.
In May 2024, the White House imposed a new 25% tariff on Lithium-Ion storage along with other trade measures. The tariff went into immediate effect for EV batteries but has a grace period until January 2026 for stationary energy storage applications.
PSCo continues to assess the impacts of these tariffs and trade complaints on its business, including company-owned projects and PPAs. PSCo may seek regulatory relief for tariffs, if required, in its jurisdictions.
Further policy actions or other restrictions on solar and storage imports, disruptions in imports from key suppliers, or any new trade complaint could impact project timelines and costs of various generation projects and PPAs.
Environmental Regulation
Clean Air Act
Power Plant Greenhouse Gas Regulations In April 2024, the EPA published final rules addressing control of CO2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO2 control requirements vary by subcategory. Based on current estimates and assumptions, PSCo has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
Emerging Contaminants of Concern
PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. PSCo does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.
In September 2022, the EPA proposed to designate two types of PFAS as “hazardous substances” under the CERCLA. In July 2024, the EPA’s final rule went into effect.
In March 2023, the EPA published a proposed rule that would establish enforceable drinking water standards for certain PFAS chemicals. In June 2024, the EPA’s final rule went into effect.
In February 2024, the EPA proposed to change the Resource Conservation and Recovery Act by adding nine PFAS to its list of hazardous constituents.
Potential costs are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, PSCo believes the costs will be recoverable through rates based on prior state commission practices.

20

Effluent Limitation Guidelines
In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, PSCo has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.
ITEM 4 — CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
PSCo maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.
In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.
As of June 30, 2024, based on an evaluation carried out under the supervision and with the participation of PSCo’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that PSCo’s disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
No changes in PSCo’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, PSCo’s internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS
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 of such matters, 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.
See Note 9 to the consolidated financial statements and Part I Item 2 for further information.
ITEM 1A — RISK FACTORS
PSCo’s risk factors are documented in Item 1A of Part I of its Annual Report on Form 10-K for the year ended Dec. 31, 2023, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K.

ITEM 5 OTHER INFORMATION
None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2024.

21

ITEM 6 — EXHIBITS
* Indicates incorporation by reference
Exhibit NumberDescriptionReport or Registration StatementExhibit Reference
PSCo Form 10-Q for the quarter ended Sept. 30, 20173.01
PSCo Form 10-K for the year ended Dec. 31, 20183.02
PSCo Form 8-K dated April 4, 20244.01
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Schema
101.CALInline XBRL Calculation
101.DEFInline XBRL Definition
101.LABInline XBRL Label
101.PREInline XBRL Presentation
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
22

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  Public Service Company of Colorado
8/1/2024By:/s/ MELISSA L. OSTROM
 Melissa L. Ostrom
 Vice President, Controller
(Principal Accounting Officer)
By:/s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer
(Principal Financial Officer)

23

Exhibit 31.01

CERTIFICATION

I, Robert C. Frenzel, certify that:
1.I have reviewed this report on Form 10-Q of Public Service Company of Colorado;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 8/1/2024
 /s/ ROBERT C. FRENZEL
 Robert C. Frenzel
 Chairman, Chief Executive Officer and Director
(Principal Executive Officer)
1

Exhibit 31.02

CERTIFICATION

I, Brian J. Van Abel, certify that:
1.I have reviewed this report on Form 10-Q of Public Service Company of Colorado;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: 8/1/2024
 /s/ BRIAN J. VAN ABEL
 Brian J. Van Abel
 Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)
2

Exhibit 32.01

OFFICER CERTIFICATION

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Public Service Company of Colorado (PSCo) on Form 10-Q for the quarter ended June 30, 2024, as filed with the SEC on the date hereof (Form 10-Q), each of the undersigned officers of PSCo certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

(1)The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of PSCo as of the dates and for the periods expressed in the Form 10-Q.

Date: 8/1/2024
 /s/ ROBERT C. FRENZEL
 Robert C. Frenzel
 Chairman, Chief Executive Officer and Director
(Principal Executive Officer)
  
 /s/ BRIAN J. VAN ABEL
 Brian J. Van Abel
 Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to PSCo and will be retained by PSCo and furnished to the SEC or its staff upon request.
1
v3.24.2.u1
Cover Page - shares
6 Months Ended
Jun. 30, 2024
Aug. 01, 2024
Cover [Abstract]    
Entity Registrant Name PUBLIC SERVICE CO OF COLORADO  
Entity Central Index Key 0000081018  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-03280  
Entity Incorporation, State or Country Code CO  
Entity Tax Identification Number 84-0296600  
Entity Address, Address Line One 1800 Larimer Street, Suite 1100  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80202  
City Area Code (303)  
Local Phone Number 571-7511  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   100
v3.24.2.u1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating revenues        
Electric $ 891 $ 844 $ 1,814 $ 1,764
Natural gas 244 271 857 1,082
Other 8 13 21 29
Total operating revenues 1,143 [1] 1,128 [1] 2,692 2,875 [1]
Operating expenses        
Electric fuel and purchased power 303 317 644 699
Cost of natural gas sold and transported 89 115 408 616
Cost of sales — other 1 3 5 8
Operating and maintenance expenses 239 222 473 452
Demand side management expenses 36 31 76 67
Depreciation and amortization 248 230 492 458
Taxes (other than income taxes) 65 72 138 145
Total operating expenses 981 990 2,236 2,445
Operating income 162 138 456 430
Other income, net 19 5 28 6
Allowance for funds used during construction — equity 18 6 31 13
Interest charges and financing costs        
Interest charges and other financing costs 95 76 183 149
Allowance for funds used during construction — debt (6) (3) (12) (7)
Total interest charges and financing costs 89 73 171 142
Income before income taxes 110 76 344 307
Income tax (benefit) expense (9) (17) 6 0
Net income $ 119 $ 93 $ 338 $ 307
[1] Total revenues include $2 million of other affiliate revenue for both the six months ended June 30, 2024 and 2023.
v3.24.2.u1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Comprehensive income:        
Net income $ 119 $ 93 $ 338 $ 307
Pension and retiree medical benefits:        
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax 0 0 0 1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 1 0 1 0
Total other comprehensive income 1 0 1 1
Total comprehensive income $ 120 $ 93 $ 339 $ 308
v3.24.2.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 338 $ 307
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 493 462
Deferred income taxes 11 (73)
Allowance for equity funds used during construction (31) (13)
Provision for bad debts 15 16
Changes in operating assets and liabilities:    
Accounts receivable 64 163
Accrued unbilled revenues 31 271
Inventories 27 78
Other current assets (6) 17
Accounts payable (77) (295)
Net regulatory assets and liabilities 122 143
Other current liabilities (101) (91)
Pension and other employee benefit obligations (5) 0
Other, net 117 (9)
Net cash provided by operating activities 998 976
Investing activities    
Utility capital/construction expenditures (1,459) (943)
Investments in utility money pool arrangement (234) (367)
Repayments from utility money pool arrangement 234 331
Net cash used in investing activities (1,459) (979)
Financing activities    
Repayments of short-term borrowings, net (320) (294)
Borrowings under utility money pool arrangement 381 0
Repayments under utility money pool arrangement (432) 0
Proceeds from issuance of long-term debt 1,184 834
Repayments of long-term debt 0 (250)
Capital contributions from parent 564 74
Dividends paid to parent (236) (358)
Net cash provided by financing activities 1,141 6
Net change in cash, cash equivalents and restricted cash 680 3
Cash, cash equivalents and restricted cash at beginning of period 13 10
Cash, cash equivalents and restricted cash at end of period 693 13
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of amounts capitalized) (147) (127)
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers 10 (68)
Supplemental disclosure of non-cash investing and financing transactions:    
Accrued property, plant and equipment additions 205 211
Inventory transfers to property, plant and equipment 38 30
Operating lease right-of-use assets 0 17
Allowance for equity funds used during construction $ 31 $ 13
v3.24.2.u1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash, cash equivalents and restricted cash at beginning of period $ 693 $ 13
Accrued unbilled revenues 330 361
Inventories 193 258
Regulatory assets 187 304
Derivative instruments 3 11
Prepayments and other 105 95
Total current assets 1,955 1,562
Property, plant and equipment, net 22,018 21,035
Other assets    
Regulatory assets 1,278 1,267
Derivative instruments 10 15
Operating lease right-of-use assets 313 366
Other 259 383
Total other assets 1,860 2,031
Total assets 25,833 24,628
Current liabilities    
Borrowings under utility money pool arrangement 0 51
Short-term debt 0 320
Regulatory liabilities 88 70
Taxes accrued 145 261
Accrued interest 85 68
Dividends payable to parent 106 72
Derivative instruments 5 17
Operating lease liabilities 98 102
Other 176 177
Total current liabilities 1,577 1,925
Deferred credits and other liabilities    
Deferred income taxes 1,937 1,894
Regulatory liabilities 2,570 2,562
Asset retirement obligations 430 383
Customer advances 111 124
Pension and employee benefit obligations 34 40
Operating lease liabilities 237 290
Other 171 218
Total deferred credits and other liabilities 5,490 5,511
Commitments and contingencies
Capitalization    
Long-term debt $ 8,388 $ 7,450
Common Stock, Shares Authorized 100 100
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares, Outstanding 100 100
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at June 30, 2024 and Dec. 31, 2023, respectively $ 0 $ 0
Additional paid in capital 7,979 7,412
Retained earnings 2,418 2,350
Accumulated other comprehensive loss (19) (20)
Total common stockholder's equity 10,378 9,742
Total liabilities and equity 25,833 24,628
Current portion of long-term debt 250 0
Related Party    
Current assets    
Accounts receivable, net 412 492
Current liabilities    
Accounts payable 562 704
Affiliated Entity    
Current assets    
Accounts receivable, net 32 28
Current liabilities    
Accounts payable $ 62 $ 83
v3.24.2.u1
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, 2022   100      
Beginning Balance at Dec. 31, 2022 $ 9,230 $ 0 $ 6,992 $ 2,260 $ (22)
Increase (Decrease) in Stockholder's Equity          
Net income 307        
Total other comprehensive income 1       1
Dividends declared to parent (372)     (372)  
Contribution of capital by parent 94   94    
Balance (in shares) at Jun. 30, 2023   100      
Ending Balance at Jun. 30, 2023 9,260 $ 0 7,086 2,195 (21)
Balance (in shares) at Mar. 31, 2023   100      
Beginning Balance at Mar. 31, 2023 9,327 $ 0 7,057 2,291 (21)
Increase (Decrease) in Stockholder's Equity          
Net income 93     93  
Total other comprehensive income 0        
Dividends declared to parent (189)     (189)  
Contribution of capital by parent 29   29    
Balance (in shares) at Jun. 30, 2023   100      
Ending Balance at Jun. 30, 2023 $ 9,260 $ 0 7,086 2,195 (21)
Balance (in shares) at Dec. 31, 2023 100 100      
Beginning Balance at Dec. 31, 2023 $ 9,742 $ 0 7,412 2,350 (20)
Increase (Decrease) in Stockholder's Equity          
Net income 338        
Total other comprehensive income 1       1
Dividends declared to parent (270)     (270)  
Contribution of capital by parent $ 567   567    
Balance (in shares) at Jun. 30, 2024 100 100      
Ending Balance at Jun. 30, 2024 $ 10,378 $ 0 7,979 2,418 (19)
Balance (in shares) at Mar. 31, 2024   100      
Beginning Balance at Mar. 31, 2024 9,847 $ 0 7,462 2,405 (20)
Increase (Decrease) in Stockholder's Equity          
Net income 119     119  
Total other comprehensive income 1       1
Dividends declared to parent (106)     (106)  
Contribution of capital by parent $ 517   517    
Balance (in shares) at Jun. 30, 2024 100 100      
Ending Balance at Jun. 30, 2024 $ 10,378 $ 0 $ 7,979 $ 2,418 $ (19)
v3.24.2.u1
Management's Opinion
6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Management's Opinion
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of PSCo as of June 30, 2024 and Dec. 31, 2023; the results of PSCo’s operations, including the components of net income, comprehensive income and changes in stockholder’s equity for the three and six months ended June 30, 2024 and 2023; and PSCo’s cash flows for the six months ended June 30, 2024 and 2023.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2024, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of PSCo’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
v3.24.2.u1
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
v3.24.2.u1
Accounting Pronouncements
6 Months Ended
Jun. 30, 2024
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, with new disclosure requirements including presentation of prescribed line items in the effective tax rate reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and PSCo does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.
Climate-Related Disclosures In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. PSCo does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.
v3.24.2.u1
Selected Balance Sheet Data
6 Months Ended
Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]  
Selected Balance Sheet Data
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Accounts receivable, net
Accounts receivable$460 $548 
Less allowance for bad debts(48)(56)
Accounts receivable, net$412 $492 
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Inventories
Materials and supplies$96 $91 
Fuel63 83 
Natural gas34 84 
Total inventories$193 $258 
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Property, plant and equipment, net
Electric plant$17,134 $16,698 
Natural gas plant6,534 6,321 
Common and other property1,517 1,472 
Plant to be retired (a)
1,125 1,203 
Construction work in progress1,981 1,310 
Total property, plant and equipment28,291 27,004 
Less accumulated depreciation(6,273)(5,969)
Property, plant and equipment, net$22,018 $21,035 
(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.
v3.24.2.u1
Borrowings and Other Financing Instruments
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Borrowings and Other Financing Instruments
Short-Term Borrowings
PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.
Money Pool — Xcel Energy and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy.
Money pool borrowings:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$250 $250 
Amount outstanding at period end— 51 
Average amount outstanding23 
Maximum amount outstanding250 250 
Weighted average interest rate, computed on a daily basis5.33 %5.31 %
Weighted average interest rate at period endN/A5.34
Commercial Paper — Commercial paper outstanding:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$700 $700 
Amount outstanding at period end— 320 
Average amount outstanding11 124 
Maximum amount outstanding233 454 
Weighted average interest rate, computed on a daily basis5.51 %5.17 %
Weighted average interest rate at period endN/A5.56 
Letters of Credit — PSCo uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At June 30, 2024 and Dec. 31, 2023, there were $31 million and $29 million, respectively, of letters of credit outstanding under the credit facility. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facility — In order to issue its commercial paper, PSCo must have a revolving credit facility equal to or greater than the amount of its commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility.
The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
PSCo has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval.
At June 30, 2024, PSCo had the following committed revolving credit facility available (in millions of dollars):
Credit Facility (a)
Drawn (b)
Available
$700 $31 $669 
(a)Expires in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the credit facility outstanding at June 30, 2024 and Dec. 31, 2023.
Long-Term Borrowings
During the six months ended June 30, 2024, PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054.
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Revenues
6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following:
Three Months Ended June 30, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$301 $142 $— $443 
C&I427 64 499 
Other13 — — 13 
Total retail741 206 955 
Wholesale51 — — 51 
Transmission21 — — 21 
Other18 30 — 48 
Total revenue from contracts with customers831 236 1,075 
Alternative revenue and other60 — 68 
Total revenues$891 $244 $$1,143 
Three Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$272 $161 $$438 
C&I442 75 525 
Other13 — — 13 
Total retail727 236 13 976 
Wholesale42 — — 42 
Transmission18 — — 18 
Other17 28 — 45 
Total revenue from contracts with customers804 264 13 1,081 
Alternative revenue and other40 — 47 
Total revenues$844 $271 $13 $1,128 
Six Months Ended June 30, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$630 $542 $$1,175 
C&I845 226 18 1,089 
Other27 — — 27 
Total retail1,502 768 21 2,291 
Wholesale113 — — 113 
Transmission45 — — 45 
Other32 70 — 102 
Total revenue from contracts with customers1,692 838 21 2,551 
Alternative revenue and other122 19 — 141 
Total revenues$1,814 $857 $21 $2,692 
Six Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$605 $702 $$1,316 
C&I865 291 20 1,176 
Other27 — — 27 
Total retail1,497 993 29 2,519 
Wholesale117 — — 117 
Transmission43 — — 43 
Other28 72 — 100 
Total revenue from contracts with customers1,685 1,065 29 2,779 
Alternative revenue and other79 17 — 96 
Total revenues$1,764 $1,082 $29 $2,875 
v3.24.2.u1
Income Taxes
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Reconciliation between the statutory rate and ETR:
Six Months Ended June 30
20242023
Federal statutory rate21.0 %21.0 %
State tax (net of federal tax effect)3.5 3.5 
(Decreases) increases:
Wind PTCs (a)
(16.5)(19.1)
Plant regulatory differences (b)
(5.1)(4.8)
Other tax credits, net operating loss & tax credit allowances(1.3)(1.0)
Other, net0.1 0.4 
Effective income tax rate1.7 %— %
(a)Wind PTCs net of estimated transfer discounts 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. Income tax benefits associated with the credit are offset by corresponding revenue reductions.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities
Fair Value Measurements
Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. 
Level 1 Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.
Level 2 Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
Level 3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.
Specific valuation methods include:
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 June 30, 2024, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2024, PSCo had no unsettled interest rate derivatives.
Wholesale and Commodity Trading PSCo conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. PSCo is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.
Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.
Commodity Derivatives PSCo enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, and vehicle fuel.
When PSCo enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of June 30, 2024, PSCo had no commodity contracts designated as cash flow hedges.
Gross notional amounts of commodity forwards and options:
(Amounts in Millions) (a)(b)
June 30, 2024Dec. 31, 2023
Megawatt hours of electricity
Million British thermal units of natural gas16 20 
(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 June 30, 2024, four of PSCo’s ten most significant counterparties for these activities, comprising $23 million, or 39%, 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 $26 million, or 43%, 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. Nine of these significant counterparties are independent system operators, municipal or cooperative electric entities, Regional Transmission Organizations or other utilities.
Credit Related Contingent Features Contract provisions for derivative instruments that PSCo enters into, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if PSCo’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.
As of June 30, 2024 and Dec. 31, 2023, there were no derivative liabilities position with such underlying contract provisions.
Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.
As of June 30, 2024 there were no derivative instruments in a liability position with such underlying contract provisions and at Dec. 31, 2023, there were $8 million of such derivative instruments.
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that PSCo’s ability to fulfill its contractual obligations is reasonably expected to be impaired. PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of June 30, 2024 and Dec. 31, 2023.
Recurring Derivative Fair Value Measurements
Changes in the fair value of natural gas commodity derivatives recognized as regulatory assets and liabilities included immaterial net losses for the three and six months ended June 30, 2024 and 2023. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms.
Pre-Tax Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended June 30, 2024
Derivatives designated as cash flow hedges
Interest rate$
(a)
$— $— 
Total$$— $— 
Six Months Ended June 30, 2024
Derivatives designated as cash flow hedges
Interest rate$
(a)
$— $— 
Total$$— $— 
Other derivative instruments
Commodity trading$— $— $(8)
(b)
Natural gas commodity— — (8)
(c)(d)
Total$— $— $(16)
Three Months Ended June 30, 2023
Other derivative instruments
Commodity trading$— $— $(5)
(b)
Total$— $— $(5)
Six Months Ended June 30, 2023
Other derivative instruments
Commodity trading$— $— $(5)
(b)
Natural gas commodity— 10 
(c)
(12)
(c)(d)
Total$— $10 $(17)
(a)Recorded to interest charges.
(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c)Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(d)Relates primarily to option premium amortization.
PSCo had no derivative instruments designated as fair value hedges during the six months ended June 30, 2024 and 2023.
Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
June 30, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$$$— $$(7)$$$19 $— $20 $(17)$
Natural gas commodity— — — — — — 
Total current derivative assets$$$— $10 $(7)$$$27 $— $28 $(17)$11 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$$$— $11 $(1)$10 $$$— $15 $— $15 
Total noncurrent derivative assets$$$— $11 $(1)$10 $$$— $15 $— $15 
June 30, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$— $12 $— $12 $(7)$$$25 $— $26 $(17)$
Natural gas commodity— — — — — — — — — 
Total current derivative liabilities$— $12 $— $12 $(7)$$$33 $— $34 $(17)$17 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$$$— $$(3)$— $$$— $$(3)$— 
Total noncurrent derivative liabilities$$$— $$(3)$— $$$— $$(3)$— 
(a)PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $2 million and $4 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
Changes in Level 3 commodity derivatives:
Three Months Ended June 30
(Millions of Dollars)20242023
Balance at April 1$— $10 
Net transactions recorded during the period:
Losses recognized in earnings (a)
— (1)
Balance at June 30$— $
Six Months Ended June 30
(Millions of Dollars)20242023
Balance at Jan. 1$— $
Net transactions recorded during the period:
Losses recognized in earnings (a)
— — 
Balance at June 30$— $
(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 consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Fair Value of Long-Term Debt
As of June 30, 2024, other financial instruments for which the carrying amount did not equal fair value:
June 30, 2024Dec. 31, 2023
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$8,638 $7,413 $7,450 $6,580 
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 June 30, 2024 and Dec. 31, 2023, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
v3.24.2.u1
Benefit Plans and Other Postretirement Benefits
6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Benefit Plans and Other Postretirement Benefits
 Three Months Ended June 30
 2024202320242023
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$$$— $— 
Interest cost (a)
14 14 
Expected return on plan assets (a)
(19)(19)(4)(4)
Amortization of net loss (a)
— 
Net periodic benefit cost — 
Effects of regulation(4)— — 
Net benefit cost recognized for financial reporting$(3)$$— $
Six Months Ended June 30
2024202320242023
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$10 $$— $— 
Interest cost (a)
28 29 
Expected return on plan assets (a)
(38)(38)(8)(8)
Amortization of net loss (a)
Net periodic benefit (credit) cost
Effects of regulation(4)— — 
Net benefit cost (credit) recognized for financial reporting$(1)$$$
(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
In January 2024, contributions totaling $100 million were made across Xcel Energy’s pension plans, of which $7 million was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2024.
v3.24.2.u1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2024
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 October 2023, the jury ruled that CORE may not withdraw as a joint owner of the facility but awarded CORE lost power damages of $26 million. PSCo recognized $35 million of losses for the verdict in 2023, including estimated interest and other costs. In early 2024, PSCo and CORE each filed appeals of the trial court’s decision to the Colorado Court of Appeals.
Marshall Wildfire Litigation
In December 2021, a wildfire ignited in Boulder County, Colorado (Marshall Fire), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. On June 8, 2023, the Boulder County Sheriff’s Office released its Marshall Fire Investigative Summary and Review and its supporting documents (Sheriff’s Report). According to an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses.
According to the Sheriff’s Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo’s service territory, for reasons unrelated to PSCo’s power lines. According to the Sheriff’s Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo’s service territory. According to the Sheriff’s Report, the second ignition started approximately 80 to 110 feet away from PSCo’s power lines in the area.
The Sheriff’s Report states that the most probable cause of the second ignition was hot particles discharged from PSCo’s power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff’s Report, no design, installation or maintenance defects or deficiencies were identified on PSCo’s electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition.
PSCo is aware of 307 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,087 plaintiffs. The complaints generally allege that PSCo’s equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages.
In September 2023, the Boulder County District Court Judge consolidated eight lawsuits that were pending at that time into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025. Discovery is now underway.
Colorado courts do not apply strict liability in determining an electric utility company’s liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff’s property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated.
Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury’s verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action filed before Jan. 1, 2025, other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles.
Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff’s damages.
In the event Xcel Energy Inc. or PSCo was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, Xcel Energy Inc. and PSCo are unable to estimate the amount or range of possible losses in connection with the Marshall Fire.
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 obligations 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 their predecessors or other parties have caused environmental contamination.
Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which PSCo is alleged to have sent wastes to that site.
MGP, Landfill and Disposal Sites
PSCo is investigating, remediating or performing post-closure actions at two MGP, landfill or other disposal sites across its service territory, in addition to sites that are being addressed under current coal ash regulations (see below).
PSCo has recognized approximately $6 million of costs/liabilities for resolution of these issues; however, the final outcomes and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
Water and Waste
Coal Ash Regulation PSCo is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.
In May 2024, final amendments to the CCR Rule were published. These include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.
As a specific requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land, as well as perform corrective actions where offsite groundwater has been impacted.
If certain impacts to groundwater are detected, utilities may be required to perform additional groundwater investigations and/or perform corrective actions, typically beginning with an Assessment of Corrective Measures.
Investigation and/or corrective action related to groundwater impacts are currently underway at certain active and closed coal-fueled generating facilities at a current estimated cost of at least $40 million. In addition, PSCo expects to incur $5 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. Asset retirement obligations have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.
PSCo has also identified coal ash that it is expected to be required to be removed from certain closed coal-fueled generating facilities at estimated costs totaling approximately $40 million. Asset retirement obligations have been recorded, with the costs expected to be recoverable through regulatory mechanisms.
PSCo continues to evaluate the 2024 updates to the CCR rule, the interpretations of those updates and how they will apply to specific sites. Assessment of the recent updates to the CCR Rule and corresponding site investigation activities may result in updates to estimated costs as well as identification of additional required corrective actions.
Leases
PSCo evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset.
Components of lease expense:
Three Months Ended June 30
(Millions of Dollars)20242023
Operating leases
PPA capacity payments$20 $23 
Other operating leases (a)
Total operating lease expense (b)
$25 $28 
Finance leases
Amortization of ROU assets$$— 
Interest expense on lease liability
Total finance lease expense$$
(a)Includes immaterial short-term lease expense for both 2024 and 2023.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Six Months Ended June 30
(Millions of Dollars)20242023
Operating leases
PPA capacity payments$41 $45 
Other operating leases (a)
10 10 
Total operating lease expense (b)
$51 $55 
Finance leases
Amortization of ROU assets$$
Interest expense on lease liability
Total finance lease expense$$
(a)Includes immaterial short-term lease expense for both 2024 and 2023.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Commitments under operating and finance leases as of June 30, 2024:
(Millions of Dollars)PPA Operating LeasesOther Operating LeaseTotal Operating LeasesFinance Leases
Total minimum obligation$318 $50 $368 $408 
Interest component of obligation(28)(5)(33)(296)
Present value of minimum obligation$290 $45 335 112 
Less current portion(98)(3)
Noncurrent operating and finance lease liabilities$237 $109 
Variable Interest Entities 
Under certain PPAs, PSCo purchases power from IPPs for which PSCo is required to reimburse fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that it purchases. PSCo has determined that certain IPPs are VIEs, however PSCo is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity.
PSCo evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. PSCo concluded that these entities are not required to be consolidated in its consolidated financial statements because PSCo does not have the power to direct the activities that most significantly impact the entities’ economic performance.
PSCo had approximately 1,207 MW of capacity under long-term PPAs at both June 30, 2024 and Dec. 31, 2023, with entities that have been determined to be VIEs. These agreements have expiration dates through 2032.
v3.24.2.u1
Other Comprehensive Income
6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Other Comprehensive Income
Changes in accumulated other comprehensive loss, net of tax:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at April 1$(19)$(1)$(20)$(20)$(1)$(21)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
— — — — 
Net current period other comprehensive income— — — — 
Accumulated other comprehensive loss at June 30$(18)$(1)$(19)$(20)$(1)$(21)
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(19)$(1)$(20)$(20)$(2)$(22)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
— — — — 
Amortization of net actuarial loss (b)
— — — — 
Net current period other comprehensive income— — 
Accumulated other comprehensive loss at June 30$(18)$(1)$(19)$(20)$(1)$(21)
(a)Included in interest charges.
(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.
v3.24.2.u1
Segment Information
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information
PSCo evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment.
PSCo has the following reportable segments:
Regulated Electric — The regulated electric utility segment generates electricity which is transmitted and distributed in Colorado. This segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes PSCo’s wholesale commodity and trading operations.
Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado.
PSCo also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services revenues/commissions and non-utility real estate activities.
Asset and capital expenditure information is not provided for PSCo’s reportable segments because, as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
PSCo’s segment information:
Three Months Ended June 30
(Millions of Dollars)20242023
Regulated Electric
Total revenues$891 $844 
Net income120 103 
Regulated Natural Gas
Total revenues$244 $271 
Net loss(5)(16)
All Other
Total revenues (a)
$$13 
Net income
Consolidated Total
Total revenues (a)
$1,143 $1,128 
Net income119 93 
(a)Total revenues include $1 million of other affiliate revenue for both the three months ended June 30, 2024 and 2023.
Six Months Ended June 30
(Millions of Dollars)20242023
Regulated Electric
Total revenues$1,814 $1,764 
Net income242 202 
Regulated Natural Gas
Total revenues$857 $1,082 
Net income88 97 
All Other
Total revenues (a)
$21 $29 
Net income
Consolidated Total
Total revenues (a)
$2,692 $2,875 
Net income338 307 
(a)Total revenues include $2 million of other affiliate revenue for both the six months ended June 30, 2024 and 2023.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income $ 119 $ 93 $ 338 $ 307
v3.24.2.u1
Insider Trading Arrangements
3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Selected Balance Sheet Data (Tables)
6 Months Ended
Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]  
Accounts Receivable, Net
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Accounts receivable, net
Accounts receivable$460 $548 
Less allowance for bad debts(48)(56)
Accounts receivable, net$412 $492 
Inventories
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Inventories
Materials and supplies$96 $91 
Fuel63 83 
Natural gas34 84 
Total inventories$193 $258 
Property, Plant and Equipment, Net
(Millions of Dollars)June 30, 2024Dec. 31, 2023
Property, plant and equipment, net
Electric plant$17,134 $16,698 
Natural gas plant6,534 6,321 
Common and other property1,517 1,472 
Plant to be retired (a)
1,125 1,203 
Construction work in progress1,981 1,310 
Total property, plant and equipment28,291 27,004 
Less accumulated depreciation(6,273)(5,969)
Property, plant and equipment, net$22,018 $21,035 
(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.
v3.24.2.u1
Borrowings and Other Financing Instruments (Tables)
6 Months Ended
Jun. 30, 2024
Borrowings and Other Financing Instruments [Abstract]  
Short-Term Borrowings Commercial paper outstanding:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$700 $700 
Amount outstanding at period end— 320 
Average amount outstanding11 124 
Maximum amount outstanding233 454 
Weighted average interest rate, computed on a daily basis5.51 %5.17 %
Weighted average interest rate at period endN/A5.56 
Credit Facilities
At June 30, 2024, PSCo had the following committed revolving credit facility available (in millions of dollars):
Credit Facility (a)
Drawn (b)
Available
$700 $31 $669 
(a)Expires in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
Money Pool  
Borrowings and Other Financing Instruments [Abstract]  
Short-Term Borrowings
Money pool borrowings:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$250 $250 
Amount outstanding at period end— 51 
Average amount outstanding23 
Maximum amount outstanding250 250 
Weighted average interest rate, computed on a daily basis5.33 %5.31 %
Weighted average interest rate at period endN/A5.34
v3.24.2.u1
Revenues (Tables)
6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue PSCo’s operating revenues consisted of the following:
Three Months Ended June 30, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$301 $142 $— $443 
C&I427 64 499 
Other13 — — 13 
Total retail741 206 955 
Wholesale51 — — 51 
Transmission21 — — 21 
Other18 30 — 48 
Total revenue from contracts with customers831 236 1,075 
Alternative revenue and other60 — 68 
Total revenues$891 $244 $$1,143 
Three Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$272 $161 $$438 
C&I442 75 525 
Other13 — — 13 
Total retail727 236 13 976 
Wholesale42 — — 42 
Transmission18 — — 18 
Other17 28 — 45 
Total revenue from contracts with customers804 264 13 1,081 
Alternative revenue and other40 — 47 
Total revenues$844 $271 $13 $1,128 
Six Months Ended June 30, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$630 $542 $$1,175 
C&I845 226 18 1,089 
Other27 — — 27 
Total retail1,502 768 21 2,291 
Wholesale113 — — 113 
Transmission45 — — 45 
Other32 70 — 102 
Total revenue from contracts with customers1,692 838 21 2,551 
Alternative revenue and other122 19 — 141 
Total revenues$1,814 $857 $21 $2,692 
Six Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$605 $702 $$1,316 
C&I865 291 20 1,176 
Other27 — — 27 
Total retail1,497 993 29 2,519 
Wholesale117 — — 117 
Transmission43 — — 43 
Other28 72 — 100 
Total revenue from contracts with customers1,685 1,065 29 2,779 
Alternative revenue and other79 17 — 96 
Total revenues$1,764 $1,082 $29 $2,875 
v3.24.2.u1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Reconciliation between the statutory rate and ETR:
Six Months Ended June 30
20242023
Federal statutory rate21.0 %21.0 %
State tax (net of federal tax effect)3.5 3.5 
(Decreases) increases:
Wind PTCs (a)
(16.5)(19.1)
Plant regulatory differences (b)
(5.1)(4.8)
Other tax credits, net operating loss & tax credit allowances(1.3)(1.0)
Other, net0.1 0.4 
Effective income tax rate1.7 %— %
(a)Wind PTCs net of estimated transfer discounts 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. Income tax benefits associated with the credit are offset by corresponding revenue reductions.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2024
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)
June 30, 2024Dec. 31, 2023
Megawatt hours of electricity
Million British thermal units of natural gas16 20 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis, but weighted for the probability of exercise.
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income
Pre-Tax Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended June 30, 2024
Derivatives designated as cash flow hedges
Interest rate$
(a)
$— $— 
Total$$— $— 
Six Months Ended June 30, 2024
Derivatives designated as cash flow hedges
Interest rate$
(a)
$— $— 
Total$$— $— 
Other derivative instruments
Commodity trading$— $— $(8)
(b)
Natural gas commodity— — (8)
(c)(d)
Total$— $— $(16)
Three Months Ended June 30, 2023
Other derivative instruments
Commodity trading$— $— $(5)
(b)
Total$— $— $(5)
Six Months Ended June 30, 2023
Other derivative instruments
Commodity trading$— $— $(5)
(b)
Natural gas commodity— 10 
(c)
(12)
(c)(d)
Total$— $10 $(17)
(a)Recorded to interest charges.
(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c)Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(d)Relates primarily to option premium amortization.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
June 30, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$$$— $$(7)$$$19 $— $20 $(17)$
Natural gas commodity— — — — — — 
Total current derivative assets$$$— $10 $(7)$$$27 $— $28 $(17)$11 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$$$— $11 $(1)$10 $$$— $15 $— $15 
Total noncurrent derivative assets$$$— $11 $(1)$10 $$$— $15 $— $15 
June 30, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$— $12 $— $12 $(7)$$$25 $— $26 $(17)$
Natural gas commodity— — — — — — — — — 
Total current derivative liabilities$— $12 $— $12 $(7)$$$33 $— $34 $(17)$17 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$$$— $$(3)$— $$$— $$(3)$— 
Total noncurrent derivative liabilities$$$— $$(3)$— $$$— $$(3)$— 
(a)PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $2 million and $4 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in Level 3 commodity derivatives:
Three Months Ended June 30
(Millions of Dollars)20242023
Balance at April 1$— $10 
Net transactions recorded during the period:
Losses recognized in earnings (a)
— (1)
Balance at June 30$— $
Six Months Ended June 30
(Millions of Dollars)20242023
Balance at Jan. 1$— $
Net transactions recorded during the period:
Losses recognized in earnings (a)
— — 
Balance at June 30$— $
(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 consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Carrying Amount and Fair Value of Long-term Debt
June 30, 2024Dec. 31, 2023
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$8,638 $7,413 $7,450 $6,580 
v3.24.2.u1
Benefit Plans and Other Postretirement Benefits (Tables)
6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost (Credit)
 Three Months Ended June 30
 2024202320242023
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$$$— $— 
Interest cost (a)
14 14 
Expected return on plan assets (a)
(19)(19)(4)(4)
Amortization of net loss (a)
— 
Net periodic benefit cost — 
Effects of regulation(4)— — 
Net benefit cost recognized for financial reporting$(3)$$— $
Six Months Ended June 30
2024202320242023
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$10 $$— $— 
Interest cost (a)
28 29 
Expected return on plan assets (a)
(38)(38)(8)(8)
Amortization of net loss (a)
Net periodic benefit (credit) cost
Effects of regulation(4)— — 
Net benefit cost (credit) recognized for financial reporting$(1)$$$
(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
v3.24.2.u1
Commitment and Contingencies (Tables)
6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
Components of lease expense:
Three Months Ended June 30
(Millions of Dollars)20242023
Operating leases
PPA capacity payments$20 $23 
Other operating leases (a)
Total operating lease expense (b)
$25 $28 
Finance leases
Amortization of ROU assets$$— 
Interest expense on lease liability
Total finance lease expense$$
(a)Includes immaterial short-term lease expense for both 2024 and 2023.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Six Months Ended June 30
(Millions of Dollars)20242023
Operating leases
PPA capacity payments$41 $45 
Other operating leases (a)
10 10 
Total operating lease expense (b)
$51 $55 
Finance leases
Amortization of ROU assets$$
Interest expense on lease liability
Total finance lease expense$$
(a)Includes immaterial short-term lease expense for both 2024 and 2023.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Schedule of Future Commitments under Operating Leases
Commitments under operating and finance leases as of June 30, 2024:
(Millions of Dollars)PPA Operating LeasesOther Operating LeaseTotal Operating LeasesFinance Leases
Total minimum obligation$318 $50 $368 $408 
Interest component of obligation(28)(5)(33)(296)
Present value of minimum obligation$290 $45 335 112 
Less current portion(98)(3)
Noncurrent operating and finance lease liabilities$237 $109 
v3.24.2.u1
Other Comprehensive Income (Tables)
6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Changes in Accumulated Other Comprehensive Loss, Net of Tax
Changes in accumulated other comprehensive loss, net of tax:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at April 1$(19)$(1)$(20)$(20)$(1)$(21)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
— — — — 
Net current period other comprehensive income— — — — 
Accumulated other comprehensive loss at June 30$(18)$(1)$(19)$(20)$(1)$(21)
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(19)$(1)$(20)$(20)$(2)$(22)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
— — — — 
Amortization of net actuarial loss (b)
— — — — 
Net current period other comprehensive income— — 
Accumulated other comprehensive loss at June 30$(18)$(1)$(19)$(20)$(1)$(21)
(a)Included in interest charges.
(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.
v3.24.2.u1
Segment Information (Tables)
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Results from Operations by Reportable Segment
PSCo’s segment information:
Three Months Ended June 30
(Millions of Dollars)20242023
Regulated Electric
Total revenues$891 $844 
Net income120 103 
Regulated Natural Gas
Total revenues$244 $271 
Net loss(5)(16)
All Other
Total revenues (a)
$$13 
Net income
Consolidated Total
Total revenues (a)
$1,143 $1,128 
Net income119 93 
(a)Total revenues include $1 million of other affiliate revenue for both the three months ended June 30, 2024 and 2023.
Six Months Ended June 30
(Millions of Dollars)20242023
Regulated Electric
Total revenues$1,814 $1,764 
Net income242 202 
Regulated Natural Gas
Total revenues$857 $1,082 
Net income88 97 
All Other
Total revenues (a)
$21 $29 
Net income
Consolidated Total
Total revenues (a)
$2,692 $2,875 
Net income338 307 
(a)Total revenues include $2 million of other affiliate revenue for both the six months ended June 30, 2024 and 2023.
v3.24.2.u1
Selected Balance Sheet Data (Details) - Related Party - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Accounts receivable $ 460 $ 548
Accounts Receivable, Allowance for Credit Loss, Current 48 56
Accounts receivable, net $ 412 $ 492
v3.24.2.u1
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Public Utilities, Inventory [Line Items]    
Total inventories $ 193 $ 258
Materials and supplies    
Public Utilities, Inventory [Line Items]    
Inventories 96 91
Fuel    
Public Utilities, Inventory [Line Items]    
Inventories 63 83
Natural gas    
Public Utilities, Inventory [Line Items]    
Inventories $ 34 $ 84
v3.24.2.u1
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 28,291 $ 27,004
Less accumulated depreciation (6,273) (5,969)
Property, plant and equipment, net 22,018 21,035
Electric plant    
Public Utility, Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 17,134 16,698
Natural gas plant    
Public Utility, Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 6,534 6,321
Common and other property    
Public Utility, Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 1,517 1,472
Plant to be retired    
Public Utility, Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross [1] 1,125 1,203
Construction work in progress    
Public Utility, Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,981 $ 1,310
[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.
v3.24.2.u1
Borrowings and Other Financing Instruments - Short-Term Borrowings (Details) - USD ($)
3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Short-term Debt [Line Items]    
Short-term debt $ 0 $ 320,000,000
Money Pool    
Short-term Debt [Line Items]    
Borrowing limit 250,000,000 250,000,000
Short-term debt 0 51,000,000
Average amount outstanding 8,000,000 23,000,000
Maximum amount outstanding $ 250,000,000 $ 250,000,000
Weighted average interest rate, computed on a daily basis (percentage) 5.33% 5.31%
Short-term Debt, Weighted Average Interest Rate, at Point in Time   5.34%
Commercial Paper    
Short-term Debt [Line Items]    
Borrowing limit $ 700,000,000 $ 700,000,000
Short-term debt 0 320,000,000
Average amount outstanding 11,000,000 124,000,000
Maximum amount outstanding $ 233,000,000 $ 454,000,000
Weighted average interest rate, computed on a daily basis (percentage) 5.51% 5.17%
Short-term Debt, Weighted Average Interest Rate, at Point in Time   5.56%
v3.24.2.u1
Borrowings and Other Financing Instruments - Letters of Credit (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]    
Term of letters of credit (in years) 1 year  
Short-term debt $ 0 $ 320
Letter of Credit    
Line of Credit Facility [Line Items]    
Short-term debt $ 31 $ 29
Letter of Credit | Letter of Credit    
Line of Credit Facility [Line Items]    
Term of letters of credit (in years) 1 year  
v3.24.2.u1
Borrowings and Other Financing Instruments - Credit Facility (Details)
6 Months Ended
Jun. 30, 2024
USD ($)
Plan
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]    
Term of letters of credit (in years) 1 year  
Number of extension you can request | Plan 2  
Credit Facility    
Line of Credit Facility [Line Items]    
Credit Facility [1] $ 700,000,000  
Drawn [2] 31,000,000  
Available 669,000,000  
Direct advances on the credit facility outstanding $ 0 $ 0
[1] Expires in September 2027.
[2] Includes outstanding commercial paper and letters of credit.
v3.24.2.u1
Borrowings and Other Financing Instruments - Borrowings and Other Financing Instruments, Long-Term Borrowings and Other Financing Instruments (Details)
$ in Millions
6 Months Ended
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Term of letters of credit (in years) 1 year
Bonds [Member] | Series Due May 15, 2034  
Debt Instrument [Line Items]  
Debt Instrument, Face Amount $ 450
Debt Instrument, Interest Rate, Stated Percentage 5.35%
Bonds [Member] | Series Due May 15, 2054  
Debt Instrument [Line Items]  
Debt Instrument, Face Amount $ 750
Debt Instrument, Interest Rate, Stated Percentage 5.75%
v3.24.2.u1
Revenues (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Retail        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers $ 955 $ 976 $ 2,291 $ 2,519
Retail | Residential        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 443 438 1,175 1,316
Retail | Commercial and Industrial [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 499 525 1,089 1,176
Retail | Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 13 13 27 27
Wholesale Distribution [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 51 42 113 117
Transmission Services [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 21 18 45 43
Other        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 48 45 102 100
Total revenue from contracts with customers        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 1,075 1,081 2,551 2,779
Alternative and Other [Member]        
Disaggregation of Revenue [Line Items]        
Alternative revenue and other 68 47 141 96
Regulated Electric | Retail        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 741 727 1,502 1,497
Regulated Electric | Retail | Residential        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 301 272 630 605
Regulated Electric | Retail | Commercial and Industrial [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 427 442 845 865
Regulated Electric | Retail | Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 13 13 27 27
Regulated Electric | Wholesale Distribution [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 51 42 113 117
Regulated Electric | Transmission Services [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 21 18 45 43
Regulated Electric | Other        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 18 17 32 28
Regulated Electric | Total revenue from contracts with customers        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 831 804 1,692 1,685
Regulated Electric | Alternative and Other [Member]        
Disaggregation of Revenue [Line Items]        
Alternative revenue and other 60 40 122 79
Regulated Natural Gas | Retail        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 206 236 768 993
Regulated Natural Gas | Retail | Residential        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 142 161 542 702
Regulated Natural Gas | Retail | Commercial and Industrial [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 64 75 226 291
Regulated Natural Gas | Retail | Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
Regulated Natural Gas | Wholesale Distribution [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
Regulated Natural Gas | Transmission Services [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
Regulated Natural Gas | Other        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 30 28 70 72
Regulated Natural Gas | Total revenue from contracts with customers        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 236 264 838 1,065
Regulated Natural Gas | Alternative and Other [Member]        
Disaggregation of Revenue [Line Items]        
Alternative revenue and other 8 7 19 17
All Other | Retail        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 8 13 21 29
All Other | Retail | Residential        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 5 3 9
All Other | Retail | Commercial and Industrial [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 8 8 18 20
All Other | Retail | Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
All Other | Wholesale Distribution [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
All Other | Transmission Services [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
All Other | Other        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0 0 0 0
All Other | Total revenue from contracts with customers        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 8 13 21 29
All Other | Alternative and Other [Member]        
Disaggregation of Revenue [Line Items]        
Alternative revenue and other 0 0 0 0
Total revenues        
Disaggregation of Revenue [Line Items]        
Total revenues 1,143 1,128 2,692 2,875
Total revenues | Regulated Electric        
Disaggregation of Revenue [Line Items]        
Total revenues 891 844 1,814 1,764
Total revenues | Regulated Natural Gas        
Disaggregation of Revenue [Line Items]        
Total revenues 244 271 857 1,082
Total revenues | All Other        
Disaggregation of Revenue [Line Items]        
Total revenues $ 8 $ 13 $ 21 $ 29
v3.24.2.u1
Income Taxes (Details)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 3.50% 3.50%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent [1] (16.50%) (19.10%)
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent [2] (5.10%) (4.80%)
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback, Percent (1.30%) (1.00%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent 0.10% 0.40%
Effective Income Tax Rate Reconciliation, Percent 1.70% 0.00%
[1] Wind PTCs net of estimated transfer discounts are credited to customers (reduction to revenue) and do not materially impact net income.
[2] Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Interest Rate Derivatives (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Derivative [Line Items]  
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months $ 1
Interest Rate Swap  
Derivative [Line Items]  
Derivative Liability, Notional Amount $ 0
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Commodity Derivatives (Details)
MWh in Millions, MMBTU in Millions, $ in Millions
Jun. 30, 2024
USD ($)
MWh
MMBTU
Dec. 31, 2023
MWh
MMBTU
cash flow hedge commodity [Member]    
Derivative [Line Items]    
Commodity contracts designated as cash flow hedges | $ $ 0  
Electric Commodity (in megawatt hours)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional amount | MWh [1],[2] 1 2
Natural Gas Commodity (in million British thermal units)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional amount | MMBTU [1],[2] 16 20
[1] Not reflective of net positions in the underlying commodities.
[2] Notional amounts for options included on a gross basis, but weighted for the probability of exercise.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Consideration of Credit Risk and Concentrations (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Counterparty
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Counterparty
Jun. 30, 2023
USD ($)
Consideration of Credit Risk and Concentrations [Abstract]        
Derivative instruments designated as fair value hedges $ 0 $ 0 $ 0 $ 0
Other Derivative Instruments        
Consideration of Credit Risk and Concentrations [Abstract]        
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)   0 0 10
Pre-tax gains (losses) recognized during the period in income   (5) (16) (17)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net   0 0 0
Designated as Hedging Instrument | Cash Flow Hedges        
Consideration of Credit Risk and Concentrations [Abstract]        
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) 0   0  
Pre-tax gains (losses) recognized during the period in income 0   0  
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net 1   1  
Natural Gas Commodity | Other Derivative Instruments        
Consideration of Credit Risk and Concentrations [Abstract]        
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)     0 10 [1]
Pre-tax gains (losses) recognized during the period in income [1],[2]     (8) (12)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net     0 0
Commodity Trading | Other Derivative Instruments        
Consideration of Credit Risk and Concentrations [Abstract]        
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)   0 0 0
Pre-tax gains (losses) recognized during the period in income [3]   (5) (8) (5)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net   $ 0 0 $ 0
Interest Rate | Designated as Hedging Instrument | Cash Flow Hedges        
Consideration of Credit Risk and Concentrations [Abstract]        
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) 0   0  
Pre-tax gains (losses) recognized during the period in income 0   0  
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [4] $ 1   $ 1  
Credit Concentration Risk        
Consideration of Credit Risk and Concentrations [Abstract]        
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 10   10  
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member]        
Consideration of Credit Risk and Concentrations [Abstract]        
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 9   9  
Credit Concentration Risk | External Credit Rating, Investment Grade [Member]        
Consideration of Credit Risk and Concentrations [Abstract]        
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 4   4  
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties $ 23   $ 23  
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) 39.00%   39.00%  
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member]        
Consideration of Credit Risk and Concentrations [Abstract]        
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 0   0  
Credit Concentration Risk | Internal Investment Grade        
Consideration of Credit Risk and Concentrations [Abstract]        
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 6   6  
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties $ 26   $ 26  
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) 43.00%   43.00%  
[1] Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[2] Relates primarily to option premium amortization.
[3] Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
[4] Recorded to interest charges.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Credit Related Contingent Features (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Derivative instruments in a gross liability position $ 0 $ 0
Collateral posted related to adequate assurance clauses in derivative contracts 0 0
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value $ 0 $ 8
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivatives, Fair Value [Line Items]          
Return Cash Collateral $ 0   $ 0   $ 0
Reclaim Cash Collateral 2   2   4
Other Derivative Instruments          
Derivatives, Fair Value [Line Items]          
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)   $ 0 0 $ 10  
Other Derivative Instruments | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)     0 $ 10 [1]  
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power          
Derivatives, Fair Value [Line Items]          
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) 2        
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 1   1   8
Netting [2] 0   0   0
Derivative Asset, Net 1   1   8
Derivative Liability, Gross 0   0   8
Netting [2] 0   0   0
Derivative Liability, Net 0   0   8
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 1   1   8
Derivative Liability, Gross 0   0   8
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Current Assets          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 10   10   28
Netting [2] (7)   (7)   (17)
Derivative Asset, Net 3   3   11
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 1   1   1
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 9   9   27
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 9   9   20
Netting [2] (7)   (7)   (17)
Derivative Asset, Net 2   2   3
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 1   1   1
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 8   8   19
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 11   11   15
Netting [2] (1)   (1)   0
Derivative Asset, Net 10   10   15
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 5   5   6
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 6   6   9
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 11   11   15
Netting [2] (1)   (1)   0
Derivative Asset, Net 10   10   15
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 5   5   6
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 6   6   9
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Current Liabilities          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 12   12   34
Netting [2] (7)   (7)   (17)
Derivative Liability, Net 5   5   17
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 12   12   33
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 12   12   26
Netting [2] (7)   (7)   (17)
Derivative Liability, Net 5   5   9
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 12   12   25
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 3   3   3
Netting [2] (3)   (3)   (3)
Derivative Liability, Net 0   0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 2   2   2
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 1   1   1
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 3   3   3
Netting [2] (3)   (3)   (3)
Derivative Liability, Net 0   0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 2   2   2
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 1   1   1
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross $ 0   $ 0   $ 0
[1] Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[2] PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $2 million and $4 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning Balance $ 0 $ 10 $ 0 $ 9
(Losses) gains recognized in earnings [1] 0 (1) 0 0
Ending Balance $ 0 $ 9 $ 0 $ 9
[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 consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
v3.24.2.u1
Fair Value of Financial Assets and Liabilities - Fair Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt $ 8,638 $ 7,450
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value $ 7,413 $ 6,580
v3.24.2.u1
Benefit Plans and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pension Plan [Member]          
Components of Net Periodic Benefit Cost (Credit) [Abstract]          
Service cost   $ 5 $ 5 $ 10 $ 9
Interest Cost [1]   14 14 28 29
Expected return on Plan Assets [1]   (19) (19) (38) (38)
Amortization of net loss [1]   1 1 3 1
Net periodic benefit cost   1 1 3 1
Effects of regulation   (4) 3 (4) 6
Net benefit cost recognized for financial reporting   (3) 4 (1) 7
Total contributions to the pension plans during the period $ 7        
Pension Plan [Member] | Xcel Energy Inc.          
Components of Net Periodic Benefit Cost (Credit) [Abstract]          
Total contributions to the pension plans during the period $ 100        
Other Postretirement Benefits Plan [Member]          
Components of Net Periodic Benefit Cost (Credit) [Abstract]          
Service cost   0 0 0 0
Interest Cost [1]   4 4 8 8
Expected return on Plan Assets [1]   (4) (4) (8) (8)
Amortization of net loss [1]   0 1 1 1
Net periodic benefit cost   0 1 1 1
Effects of regulation   0 0 0 0
Net benefit cost recognized for financial reporting   $ 0 $ 1 $ 1 $ 1
[1] The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset
v3.24.2.u1
Commitments and Contingencies - MGP, Landfill and Disposal Sites (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Loss Contingencies [Line Items]  
Cost of identified MGP, landfill, or disposal sites under current investigation and/or remediation $ 6
Other MGP, Landfill, or Disposal Sites  
Loss Contingencies [Line Items]  
Number of identified MGP sites under current investigation and/or remediation 2
v3.24.2.u1
Commitments and Contingencies - Environmental Requirements - Water and Waste (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Site Contingency [Line Items]  
Accrued liability of sites under investigation as part of federal CCR program $ 40
Legacy CCR Investigation and Remediation Costs 5
Federal Coal Ash Regulation | Maximum [Member]  
Site Contingency [Line Items]  
Cost of Coal Ash Removal Projects $ 40
v3.24.2.u1
Commitments and Contingencies - Leases (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Lessee, Lease, Description [Line Items]          
Operating Lease, Cost $ 25 [1] $ 28 [1] $ 51 [2] $ 55 [2]  
Finance Lease, Right-of-Use Asset, Amortization 1 0 2 1  
Finance Lease, Interest Expense 3 4 7 8  
Finance Lease, Cost 4 4 9 9  
Lessee, Operating Lease, Liability, Payments, Due 368   368    
Total minimum obligation 408   408    
Interest component of obligation (33)   (33)    
Finance Lease, Liability, Undiscounted Excess Amount (296)   (296)    
Operating Lease, Liability 335   335    
Finance Lease, Liability 112   112    
Less current portion (98)   (98)   $ (102)
Less current portion (3)   (3)    
Operating lease liabilities 237   237   $ 290
Noncurrent operating and finance lease liabilities 109   109    
PPAs          
Lessee, Lease, Description [Line Items]          
Operating Lease, Cost 20 23 41 45  
Lessee, Operating Lease, Liability, Payments, Due 318   318    
Interest component of obligation (28)   (28)    
Operating Lease, Liability 290   290    
Other          
Lessee, Lease, Description [Line Items]          
Operating Lease, Cost 5 [3] $ 5 [3] 10 [4] $ 10 [4]  
Lessee, Operating Lease, Liability, Payments, Due 50   50    
Interest component of obligation (5)   (5)    
Operating Lease, Liability $ 45   $ 45    
[1] PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
[2] PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
[3] Includes immaterial short-term lease expense for both 2024 and 2023.
[4] Includes immaterial short-term lease expense for both 2024 and 2023.
v3.24.2.u1
VIEs (Details) - MW
Jun. 30, 2024
Dec. 31, 2023
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]    
Other Commitments [Line Items]    
Generating capacity under long term purchased power agreements (in MW) 1,207 1,207
v3.24.2.u1
Commitments and Contingencies - Comanche Unit 3 Litigation (Details)
$ in Millions
6 Months Ended
Jun. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
CORE outcome excluding interest $ 26
CORE outcome total $ 35
v3.24.2.u1
Commitments and Contingencies - Marshall Wildfire (Details)
$ in Millions
Jul. 30, 2024
complaint
numberOfPlaintiffs
Jun. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]    
Estimated property losses caused by Marshall Wildfire   $ 2,000.0
Number of complaints related to the Marshall Wildfire | complaint 307  
Number of plaintiffs related to the Marshall Wildfire | numberOfPlaintiffs 4,087  
Cap of noneconomic loss in a civil action other than a medical malpractice under Colorado law   0.6
Amount of insurance coverage   $ 500.0
v3.24.2.u1
Other Comprehensive Income (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Accumulated other comprehensive loss at beginning of period     $ 9,742  
Accumulated other comprehensive loss at end of period $ 10,378   10,378  
Income Tax Expense (Benefit) (9) $ (17) 6 $ 0
Gains and Losses on Cash Flow Hedges        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Accumulated other comprehensive loss at beginning of period (19) (20) (19) (20)
Losses reclassified from net accumulated other comprehensive loss [1]     0 0
Net current period other comprehensive loss 1 0 1 0
Accumulated other comprehensive loss at end of period (18) (20) (18) (20)
Gains and Losses on Cash Flow Hedges | Interest Rate Swap        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Losses reclassified from net accumulated other comprehensive loss [2] (1) 0 (1) 0
Defined Benefit and Postretirement Items        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Accumulated other comprehensive loss at beginning of period (1) (1) (1) (2)
Losses reclassified from net accumulated other comprehensive loss [1]     0 (1)
Net current period other comprehensive loss 0 0 0 1
Accumulated other comprehensive loss at end of period (1) (1) (1) (1)
Defined Benefit and Postretirement Items | Interest Rate Swap        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Losses reclassified from net accumulated other comprehensive loss [2] 0 0 0 0
Total        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Accumulated other comprehensive loss at beginning of period (20) (21) (20) (22)
Losses reclassified from net accumulated other comprehensive loss [1]     0 (1)
Net current period other comprehensive loss 1 0 1 1
Accumulated other comprehensive loss at end of period (19) (21) (19) (21)
Total | Interest Rate Swap        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Losses reclassified from net accumulated other comprehensive loss [2] $ (1) $ 0 $ (1) $ 0
[1] Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.
[2] Included in interest charges.
v3.24.2.u1
Segment Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Regulated Operating Revenue, Electric $ 891 $ 844 $ 1,814 $ 1,764
Net income 119 93 338 307
Unregulated Operating Revenue 8 13 21 29
Regulated and Unregulated Operating Revenue 1,143 [1] 1,128 [1] 2,692 2,875 [1]
Affiliate Revenue 1 1 2 2
Total revenues        
Segment Reporting Information [Line Items]        
Regulated and Unregulated Operating Revenue [1]     2,692  
Regulated Electric        
Segment Reporting Information [Line Items]        
Revenues Including Intersegment Revenues 891 844 1,814 1,764
Net income 120 103 242 202
Regulated Natural Gas        
Segment Reporting Information [Line Items]        
Revenues Including Intersegment Revenues 244 271 857 1,082
Net income (5) (16) 88 97
All Other        
Segment Reporting Information [Line Items]        
Net income 4 6 8 8
All Other | Total revenues        
Segment Reporting Information [Line Items]        
Unregulated Operating Revenue $ 8 [2] $ 13 [2] $ 21 [1] $ 29 [1]
[1] Total revenues include $2 million of other affiliate revenue for both the six months ended June 30, 2024 and 2023.
[2] Total revenues include $1 million of other affiliate revenue for both the three months ended June 30, 2024 and 2023.

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