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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Xcel Energy Inc | NASDAQ:XEL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.46 | 0.86% | 54.25 | 49.62 | 60.00 | 54.28 | 53.55 | 53.85 | 3,285,091 | 05:00:11 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Xcel Energy Inc. | ||||||||
(Exact Name of Registrant as Specified in its Charter) | ||||||||
Minnesota | 41-0448030 | |||||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
414 Nicollet Mall | Minneapolis | Minnesota | 55401 | |||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(612) | 330-5500 | ||||
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $2.50 par value | XEL | Nasdaq Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
Class | Outstanding at April 24, 2023 | |||||||
Common Stock, $2.50 par value | 550,356,331 shares |
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 2 — | |||||||||||
Item 3 — | |||||||||||
Item 4 — | |||||||||||
PART II | OTHER INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 1A — | |||||||||||
Item 2 — | |||||||||||
Item 6 — | |||||||||||
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
e prime | e prime inc. | ||||
NSP-Minnesota | Northern States Power Company, a Minnesota corporation | ||||
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota | ||||
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
PSCo | Public Service Company of Colorado | ||||
SPS | Southwestern Public Service Company | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
WYCO | WYCO Development, LLC | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Electric, Purchased Gas and Resource Adjustment Clauses | |||||
ECA | Retail electric commodity adjustment | ||||
GCA | Gas cost adjustment |
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
AG | New Mexico Attorney General | ||||
ALJ | Administrative Law Judge | ||||
ATM | At-the-market | ||||
C&I | Commercial and Industrial | ||||
CCR | Coal combustion residuals | ||||
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste | ||||
CDD | Cooling degree-days | ||||
CEO | Chief executive officer |
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act | ||||
CFO | Chief financial officer | ||||
CORE | CORE Electric Cooperative | ||||
CSPV | Crystalline Silicon Photovoltaic | ||||
DRIP | Dividend Reinvestment and Stock Purchase Program | ||||
EPS | Earnings per share | ||||
ETR | Effective tax rate | ||||
FTR | Financial transmission right | ||||
FTY | Future test year | ||||
GAAP | United States generally accepted accounting principles | ||||
GE | General Electric Company | ||||
HDD | Heating degree-days | ||||
IPP | Independent power producing entity | ||||
IRA | Inflation Reduction Act | ||||
LDC | Local distribution company | ||||
LLC | Limited liability company | ||||
LP&L | Lubbock Power and Light | ||||
MGP | Manufactured gas plant | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
NAV | Net asset value | ||||
NMLCG | New Mexico Large Customer Group | ||||
NOPR | Notice of Proposed Rulemaking | ||||
NOx | Nitrogen Oxides | ||||
O&M | Operating and maintenance | ||||
OATT | Open Access Transmission Tariff | ||||
OPL | Occidental Permian Ltd. | ||||
PFAS | Per- and Polyfluroroalkyl Substances | ||||
PIM | Performance Incentive Mechanism | ||||
PPA | Power purchase agreement | ||||
PTC | Production tax credit | ||||
RFP | Request for proposal | ||||
ROE | Return on equity | ||||
RTO | Regional Transmission Organization | ||||
SMMPA | Southern Minnesota Municipal Power Agency | ||||
SPP | Southwest Power Pool, Inc. | ||||
TCA | Transmission cost adjustment | ||||
THI | Temperature-humidity index | ||||
TOs | Transmission owners | ||||
VaR | Value at Risk |
Measurements | |||||
MW | Megawatts |
Forward-Looking Statements |
ITEM 1 — FINANCIAL STATEMENTS |
Three Months Ended March 31 | |||||||||||
2023 | 2022 | ||||||||||
Operating revenues | |||||||||||
Electric | $ | 2,763 | $ | 2,633 | |||||||
Natural gas | 1,288 | 1,090 | |||||||||
Other | 29 | 28 | |||||||||
Total operating revenues | 4,080 | 3,751 | |||||||||
Operating expenses | |||||||||||
Electric fuel and purchased power | 1,117 | 1,094 | |||||||||
Cost of natural gas sold and transported | 844 | 710 | |||||||||
Cost of sales — other | 12 | 10 | |||||||||
Operating and maintenance expenses | 650 | 602 | |||||||||
Conservation and demand side management expenses | 76 | 92 | |||||||||
Depreciation and amortization | 624 | 562 | |||||||||
Taxes (other than income taxes) | 184 | 171 | |||||||||
Total operating expenses | 3,507 | 3,241 | |||||||||
Operating income | 573 | 510 | |||||||||
Other income, net | 5 | 1 | |||||||||
Earnings from equity method investments | 11 | 15 | |||||||||
Allowance for funds used during construction — equity | 19 | 13 | |||||||||
Interest charges and financing costs | |||||||||||
Interest charges — includes other financing costs of $8 | 253 | 214 | |||||||||
Allowance for funds used during construction — debt | (10) | (5) | |||||||||
Total interest charges and financing costs | 243 | 209 | |||||||||
Income before income taxes | 365 | 330 | |||||||||
Income tax benefit | (53) | (50) | |||||||||
Net income | $ | 418 | $ | 380 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 551 | 545 | |||||||||
Diluted | 551 | 545 | |||||||||
Earnings per average common share: | |||||||||||
Basic | $ | 0.76 | $ | 0.70 | |||||||
Diluted | 0.76 | 0.70 | |||||||||
See Notes to Consolidated Financial Statements |
Three Months Ended March 31 | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 418 | $ | 380 | |||||||
Other comprehensive income | |||||||||||
Pension and retiree medical benefits: | |||||||||||
Reclassifications of loss to net income, net of tax of $— and $1, respectively | — | 1 | |||||||||
Derivative instruments: | |||||||||||
Net fair value (decrease) increase, net of tax of $(2) and $1, respectively | (5) | 5 | |||||||||
Reclassification of losses to net income, net of tax of $— and $1, respectively | 1 | 1 | |||||||||
Total other comprehensive (loss) income | (4) | 7 | |||||||||
Total comprehensive income | $ | 414 | $ | 387 | |||||||
See Notes to Consolidated Financial Statements |
Three Months Ended March 31 | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 418 | $ | 380 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 631 | 567 | |||||||||
Nuclear fuel amortization | 29 | 30 | |||||||||
Deferred income taxes | (73) | (55) | |||||||||
Allowance for equity funds used during construction | (19) | (13) | |||||||||
Earnings from equity method investments | (11) | (15) | |||||||||
Dividends from equity method investments | 9 | 10 | |||||||||
Provision for bad debts | 23 | 17 | |||||||||
Share-based compensation expense | 9 | 4 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 50 | (191) | |||||||||
Accrued unbilled revenues | 329 | 146 | |||||||||
Inventories | 189 | 107 | |||||||||
Other current assets | 8 | (10) | |||||||||
Accounts payable | (359) | (34) | |||||||||
Net regulatory assets and liabilities | 345 | 215 | |||||||||
Other current liabilities | 63 | 51 | |||||||||
Pension and other employee benefit obligations | (45) | (31) | |||||||||
Other, net | (59) | (38) | |||||||||
Net cash provided by operating activities | 1,537 | 1,140 | |||||||||
Investing activities | |||||||||||
Capital/construction expenditures | (1,265) | (942) | |||||||||
Purchase of investment securities | (236) | (156) | |||||||||
Proceeds from the sale of investment securities | 228 | 147 | |||||||||
Other, net | (11) | (1) | |||||||||
Net cash used in investing activities | (1,284) | (952) | |||||||||
Financing activities | |||||||||||
Proceeds from (repayments of) short-term borrowings, net | 266 | (9) | |||||||||
Repayments of long-term debt, including reacquisition premiums | (250) | — | |||||||||
Proceeds from issuance of common stock | 6 | 1 | |||||||||
Dividends paid | (259) | (240) | |||||||||
Other, net | (13) | (16) | |||||||||
Net cash used in financing activities | (250) | (264) | |||||||||
Net change in cash, cash equivalents and restricted cash | 3 | (76) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 111 | 166 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 114 | $ | 90 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (209) | $ | (202) | |||||||
Cash paid for income taxes, net | (1) | — | |||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | 449 | $ | 288 | |||||||
Inventory transfers to property, plant and equipment | 34 | 20 | |||||||||
Operating lease right-of-use assets | 47 | 8 | |||||||||
Allowance for equity funds used during construction | 19 | 13 | |||||||||
Issuance of common stock for reinvested dividends and/or equity awards | 21 | 11 | |||||||||
See Notes to Consolidated Financial Statements |
March 31, 2023 | Dec. 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 114 | $ | 111 | |||||||
Accounts receivable, net | 1,300 | 1,373 | |||||||||
Accrued unbilled revenues | 777 | 1,105 | |||||||||
Inventories | 580 | 803 | |||||||||
Regulatory assets | 983 | 1,059 | |||||||||
Derivative instruments | 97 | 279 | |||||||||
Prepaid taxes | 43 | 54 | |||||||||
Prepayments and other | 359 | 360 | |||||||||
Total current assets | 4,253 | 5,144 | |||||||||
Property, plant and equipment, net | 48,896 | 48,253 | |||||||||
Other assets | |||||||||||
Nuclear decommissioning fund and other investments | 3,373 | 3,234 | |||||||||
Regulatory assets | 2,657 | 2,871 | |||||||||
Derivative instruments | 97 | 93 | |||||||||
Operating lease right-of-use assets | 1,194 | 1,204 | |||||||||
Other | 475 | 389 | |||||||||
Total other assets | 7,796 | 7,791 | |||||||||
Total assets | $ | 60,945 | $ | 61,188 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 901 | $ | 1,151 | |||||||
Short-term debt | 1,079 | 813 | |||||||||
Accounts payable | 1,338 | 1,804 | |||||||||
Regulatory liabilities | 358 | 418 | |||||||||
Taxes accrued | 682 | 569 | |||||||||
Accrued interest | 242 | 217 | |||||||||
Dividends payable | 286 | 268 | |||||||||
Derivative instruments | 62 | 76 | |||||||||
Operating lease liabilities | 224 | 217 | |||||||||
Other | 489 | 545 | |||||||||
Total current liabilities | 5,661 | 6,078 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | 4,729 | 4,756 | |||||||||
Deferred investment tax credits | 47 | 48 | |||||||||
Regulatory liabilities | 5,640 | 5,569 | |||||||||
Asset retirement obligations | 3,423 | 3,380 | |||||||||
Derivative instruments | 116 | 113 | |||||||||
Customer advances | 180 | 181 | |||||||||
Pension and employee benefit obligations | 345 | 390 | |||||||||
Operating lease liabilities | 1,020 | 1,038 | |||||||||
Other | 148 | 147 | |||||||||
Total deferred credits and other liabilities | 15,648 | 15,622 | |||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | 22,818 | 22,813 | |||||||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 550,222,192 and 549,578,018 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 1,376 | 1,374 | |||||||||
Additional paid in capital | 8,169 | 8,155 | |||||||||
Retained earnings | 7,370 | 7,239 | |||||||||
Accumulated other comprehensive loss | (97) | (93) | |||||||||
Total common stockholders’ equity | 16,818 | 16,675 | |||||||||
Total liabilities and equity | $ | 60,945 | $ | 61,188 | |||||||
See Notes to Consolidated Financial Statements |
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders' Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 and 2022 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | 544,025,269 | $ | 1,360 | $ | 7,803 | $ | 6,572 | $ | (123) | $ | 15,612 | ||||||||||||||||||||||||
Net income | 380 | 380 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | 7 | 7 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.4875 per share) | (265) | (265) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 505,718 | 1 | 11 | 12 | |||||||||||||||||||||||||||||||
Share-based compensation | (13) | (1) | (14) | ||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 544,530,987 | $ | 1,361 | $ | 7,801 | $ | 6,686 | $ | (116) | $ | 15,732 | ||||||||||||||||||||||||
Balance at Dec. 31, 2022 | 549,578,018 | $ | 1,374 | $ | 8,155 | $ | 7,239 | $ | (93) | $ | 16,675 | ||||||||||||||||||||||||
Net income | 418 | 418 | |||||||||||||||||||||||||||||||||
Other comprehensive income | (4) | (4) | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.52 per share) | (286) | (286) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 644,174 | 2 | 16 | 18 | |||||||||||||||||||||||||||||||
Share-based compensation | (2) | (1) | (3) | ||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 550,222,192 | $ | 1,376 | $ | 8,169 | $ | 7,370 | $ | (97) | $ | 16,818 | ||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of Dollars) | March 31, 2023 | Dec. 31, 2022 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | 1,426 | $ | 1,495 | ||||||||||
Less allowance for bad debts | (126) | (122) | ||||||||||||
Accounts receivable, net | $ | 1,300 | $ | 1,373 |
(Millions of Dollars) | March 31, 2023 | Dec. 31, 2022 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | 340 | $ | 330 | ||||||||||
Fuel | 169 | 201 | ||||||||||||
Natural gas | 71 | 272 | ||||||||||||
Total inventories | $ | 580 | $ | 803 |
(Millions of Dollars) | March 31, 2023 | Dec. 31, 2022 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | 50,227 | $ | 49,639 | ||||||||||
Natural gas plant | 8,612 | 8,514 | ||||||||||||
Common and other property | 3,001 | 2,970 | ||||||||||||
Plant to be retired (a) | 2,180 | 2,217 | ||||||||||||
Construction work in progress | 2,224 | 2,124 | ||||||||||||
Total property, plant and equipment | 66,244 | 65,464 | ||||||||||||
Less accumulated depreciation | (17,694) | (17,502) | ||||||||||||
Nuclear fuel | 3,266 | 3,183 | ||||||||||||
Less accumulated amortization | (2,920) | (2,892) | ||||||||||||
Property, plant and equipment, net | $ | 48,896 | $ | 48,253 |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2023 | Year Ended Dec. 31, 2022 | ||||||||||||
Borrowing limit | $ | 3,550 | $ | 3,550 | ||||||||||
Amount outstanding at period end | 1,079 | 813 | ||||||||||||
Average amount outstanding | 928 | 552 | ||||||||||||
Maximum amount outstanding | 1,241 | 1,357 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 4.85 | % | 1.47 | % | ||||||||||
Weighted average interest rate at period end | 5.23 | 4.66 |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | |||||||||||||||||
Xcel Energy Inc. | $ | 1,500 | $ | 510 | $ | 990 | ||||||||||||||
PSCo | 700 | 385 | 315 | |||||||||||||||||
NSP-Minnesota | 700 | 135 | 565 | |||||||||||||||||
SPS | 500 | 80 | 420 | |||||||||||||||||
NSP-Wisconsin | 150 | 12 | 138 | |||||||||||||||||
Total | $ | 3,550 | $ | 1,122 | $ | 2,428 |
5. Revenues |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 875 | $ | 789 | $ | 13 | $ | 1,677 | ||||||||||||||||||
C&I | 1,352 | 423 | 12 | 1,787 | ||||||||||||||||||||||
Other | 36 | — | 1 | 37 | ||||||||||||||||||||||
Total retail | 2,263 | 1,212 | 26 | 3,501 | ||||||||||||||||||||||
Wholesale | 224 | — | — | 224 | ||||||||||||||||||||||
Transmission | 163 | — | — | 163 | ||||||||||||||||||||||
Other | 9 | 48 | — | 57 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,659 | 1,260 | 26 | 3,945 | ||||||||||||||||||||||
Alternative revenue and other | 104 | 28 | 3 | 135 | ||||||||||||||||||||||
Total revenues | $ | 2,763 | $ | 1,288 | $ | 29 | $ | 4,080 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 817 | $ | 663 | $ | 9 | $ | 1,489 | ||||||||||||||||||
C&I | 1,235 | 356 | 2 | 1,593 | ||||||||||||||||||||||
Other | 32 | — | 14 | 46 | ||||||||||||||||||||||
Total retail | 2,084 | 1,019 | 25 | 3,128 | ||||||||||||||||||||||
Wholesale | 259 | — | — | 259 | ||||||||||||||||||||||
Transmission | 152 | — | — | 152 | ||||||||||||||||||||||
Other | 23 | 45 | — | 68 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,518 | 1,064 | 25 | 3,607 | ||||||||||||||||||||||
Alternative revenue and other | 115 | 26 | 3 | 144 | ||||||||||||||||||||||
Total revenues | $ | 2,633 | $ | 1,090 | $ | 28 | $ | 3,751 |
6. Income Taxes |
7. Earnings Per Share |
Three Months Ended March 31 | ||||||||||||||
(Shares in Millions) | 2023 | 2022 | ||||||||||||
Basic | 551 | 545 | ||||||||||||
Diluted (a) | 551 | 545 |
8. Fair Value of Financial Assets and Liabilities |
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 29 | $ | 29 | $ | — | $ | — | $ | — | $ | 29 | ||||||||||||||||||||||||||
Commingled funds | 803 | — | — | — | 1,178 | 1,178 | ||||||||||||||||||||||||||||||||
Debt securities | 738 | — | 669 | 6 | — | 675 | ||||||||||||||||||||||||||||||||
Equity securities | 406 | 999 | 1 | — | — | 1,000 | ||||||||||||||||||||||||||||||||
Total | $ | 1,976 | $ | 1,028 | $ | 670 | $ | 6 | $ | 1,178 | $ | 2,882 |
Final Contractual Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Due in 1 Year or Less | Due in 1 to 5 Years | Due in 5 to 10 Years | Due after 10 Years | Total | |||||||||||||||||||||||||||
Debt securities | $ | 1 | $ | 220 | $ | 254 | $ | 239 | $ | 714 |
(Amounts in Millions) (a)(b) | March 31, 2023 | Dec. 31, 2022 | ||||||||||||
Megawatt hours of electricity | 41 | 61 | ||||||||||||
Million British thermal units of natural gas | 117 | 131 | ||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | ||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and Liabilities | ||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||
Interest rate | $ | (7) | $ | — | ||||||||||
Total | $ | (7) | $ | — | ||||||||||
Other derivative instruments: | ||||||||||||||
Electric commodity | $ | — | $ | (92) | ||||||||||
Natural gas commodity | — | 3 | ||||||||||||
Total | $ | — | $ | (89) | ||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||
Interest rate | $ | 6 | $ | — | ||||||||||
Total | $ | 6 | $ | — | ||||||||||
Other derivative instruments: | ||||||||||||||
Electric commodity | $ | — | $ | 1 | ||||||||||
Natural gas commodity | — | 4 | ||||||||||||
Total | $ | — | $ | 5 |
Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | ||||||||||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and Liabilities | |||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||
Interest rate | $ | 1 | (a) | $ | — | $ | — | ||||||||||||||||
Total | $ | 1 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | (1) | (b) | ||||||||||||||||
Electric commodity | — | 82 | (c) | — | |||||||||||||||||||
Natural gas commodity | — | 9 | (d) | (19) | (d)(e) | ||||||||||||||||||
Total | $ | — | $ | 91 | $ | (20) | |||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||
Interest rate | $ | 2 | (a) | $ | — | $ | — | ||||||||||||||||
Total | $ | 2 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | 2 | (b) | ||||||||||||||||
Electric commodity | — | (13) | (c) | — | |||||||||||||||||||
Natural gas commodity | — | 3 | (d) | (17) | (d)(e) | ||||||||||||||||||
Total | $ | — | $ | (10) | $ | (15) |
March 31, 2023 | Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 11 | $ | 152 | $ | 21 | $ | 184 | $ | (124) | $ | 60 | $ | 32 | $ | 259 | $ | 33 | $ | 324 | $ | (242) | $ | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 34 | 34 | — | 34 | — | — | 177 | 177 | (2) | 175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | — | — | — | — | — | — | 19 | — | 19 | — | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | 11 | $ | 152 | $ | 55 | $ | 218 | $ | (124) | 94 | $ | 32 | $ | 278 | $ | 210 | $ | 520 | $ | (244) | 276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 97 | $ | 279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 24 | $ | 62 | $ | 78 | $ | 164 | $ | (69) | $ | 95 | $ | 34 | $ | 71 | $ | 74 | $ | 179 | $ | (89) | $ | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | $ | 24 | $ | 62 | $ | 78 | $ | 164 | $ | (69) | 95 | $ | 34 | $ | 71 | $ | 74 | $ | 179 | $ | (89) | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 97 | $ | 93 |
March 31, 2023 | Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ | — | $ | 6 | $ | — | $ | 6 | $ | — | $ | 6 | $ | — | $ | 1 | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 9 | $ | 180 | $ | 4 | $ | 193 | $ | (153) | $ | 40 | $ | 29 | $ | 297 | $ | 6 | $ | 332 | $ | (287) | $ | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 1 | 1 | (1) | — | — | — | 2 | 2 | (2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | — | — | — | — | — | — | 13 | — | 13 | — | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | 9 | $ | 186 | $ | 5 | $ | 200 | $ | (154) | 46 | $ | 29 | $ | 311 | $ | 8 | $ | 348 | $ | (289) | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | 16 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 62 | $ | 76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 30 | $ | 77 | $ | 50 | $ | 157 | $ | (69) | $ | 88 | $ | 43 | $ | 97 | $ | 41 | $ | 181 | $ | (98) | $ | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | $ | 30 | $ | 77 | $ | 50 | $ | 157 | $ | (69) | 88 | $ | 43 | $ | 97 | $ | 41 | $ | 181 | $ | (98) | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | 28 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 116 | $ | 113 |
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Balance at Jan. 1 | $ | 235 | $ | 19 | ||||||||||
Purchases (a) | 6 | 5 | ||||||||||||
Settlements (a) | (29) | (50) | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
(Losses) gains recognized in earnings (b) | (13) | 42 | ||||||||||||
Net (losses) gains recognized as regulatory assets and liabilities (a) | (121) | 24 | ||||||||||||
Balance at March 31 | $ | 78 | $ | 40 |
March 31, 2023 | Dec. 31, 2022 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | 23,719 | $ | 21,167 | $ | 23,964 | $ | 20,897 |
9. Benefit Plans and Other Postretirement Benefits |
Three Months Ended March 31 | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | 18 | $ | 24 | $ | — | $ | — | ||||||||||||||||||
Interest cost (a) | 40 | 27 | 5 | 4 | ||||||||||||||||||||||
Expected return on plan assets (a) | (52) | (52) | (4) | (4) | ||||||||||||||||||||||
Amortization of prior service credit (a) | — | — | — | (2) | ||||||||||||||||||||||
Amortization of net loss (a) | 5 | 19 | 1 | 1 | ||||||||||||||||||||||
Settlement charge (b) | — | (1) | — | — | ||||||||||||||||||||||
Net periodic benefit cost (credit) | 11 | 17 | 2 | (1) | ||||||||||||||||||||||
Effects of regulation | 5 | 5 | — | 1 | ||||||||||||||||||||||
Net benefit cost recognized for financial reporting | $ | 16 | $ | 22 | $ | 2 | $ | — | ||||||||||||||||||
10. Commitments and Contingencies |
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Operating leases | ||||||||||||||
PPA capacity payments | $ | 60 | $ | 63 | ||||||||||
Other operating leases (a) | 12 | 13 | ||||||||||||
Total operating lease expense (b) | $ | 72 | $ | 76 | ||||||||||
Finance leases | ||||||||||||||
Amortization of ROU assets | $ | 1 | $ | 1 | ||||||||||
Interest expense on lease liability | 4 | 4 | ||||||||||||
Total finance lease expense | $ | 5 | $ | 5 |
(Millions of Dollars) | PPA Operating Leases | Other Operating Leases | Total Operating Leases | Finance Leases (a) | ||||||||||||||||||||||
Total minimum obligation | $ | 1,223 | $ | 257 | $ | 1,480 | $ | 225 | ||||||||||||||||||
Interest component of obligation | (160) | (76) | (236) | (160) | ||||||||||||||||||||||
Present value of minimum obligation | $ | 1,063 | 181 | 1,244 | 65 | |||||||||||||||||||||
Less current portion | (224) | (2) | ||||||||||||||||||||||||
Noncurrent operating and finance lease liabilities | $ | 1,020 | $ | 63 |
11. Other Comprehensive Loss |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (54) | $ | (39) | $ | (93) | $ | (75) | $ | (48) | $ | (123) | ||||||||||||||||||||||||||
Other comprehensive (loss) gain before reclassifications | (5) | — | (5) | 5 | — | 5 | ||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (a) | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (b) | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | (4) | — | (4) | 6 | 1 | 7 | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at March 31 | $ | (58) | $ | (39) | $ | (97) | $ | (69) | $ | (47) | $ | (116) |
12. Segment Information |
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Regulated Electric | ||||||||||||||
Total revenues | $ | 2,763 | $ | 2,633 | ||||||||||
Net income | 296 | 278 | ||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues | $ | 1,288 | $ | 1,090 | ||||||||||
Intersegment revenue | 1 | — | ||||||||||||
Total revenues | $ | 1,289 | $ | 1,090 | ||||||||||
Net income | 159 | 130 | ||||||||||||
All Other | ||||||||||||||
Total revenues | $ | 29 | $ | 28 | ||||||||||
Net loss | (37) | (28) | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenues | $ | 4,081 | $ | 3,751 | ||||||||||
Reconciling eliminations | (1) | — | ||||||||||||
Total operating revenues | $ | 4,080 | $ | 3,751 | ||||||||||
Net income | 418 | 380 |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
Three Months Ended March 31 | ||||||||||||||
Diluted Earnings (Loss) Per Share | 2023 | 2022 | ||||||||||||
PSCo | $ | 0.39 | $ | 0.32 | ||||||||||
NSP-Minnesota | 0.25 | 0.23 | ||||||||||||
SPS | 0.10 | 0.10 | ||||||||||||
NSP-Wisconsin | 0.08 | 0.09 | ||||||||||||
Earnings from equity method investments — WYCO | 0.01 | 0.01 | ||||||||||||
Regulated utility (a) | 0.83 | 0.75 | ||||||||||||
Xcel Energy Inc. and Other | (0.07) | (0.05) | ||||||||||||
Total (a) | $ | 0.76 | $ | 0.70 |
Diluted Earnings (Loss) Per Share | Three Months Ended March 31 | |||||||
GAAP and ongoing diluted EPS — 2022 | $ | 0.70 | ||||||
Components of change - 2023 vs. 2022 | ||||||||
Higher electric revenues, net of electric fuel and purchased power | 0.15 | |||||||
Higher natural gas revenues, net of cost of natural gas sold and transported | 0.09 | |||||||
Lower effective tax rate (ETR) (a) | 0.02 | |||||||
Higher depreciation and amortization | (0.08) | |||||||
Higher O&M expenses | (0.06) | |||||||
Higher interest charges | (0.05) | |||||||
Higher taxes (other than income taxes) | (0.02) | |||||||
Other, net | 0.01 | |||||||
GAAP and ongoing diluted EPS — 2023 | $ | 0.76 |
Three Months Ended March 31 | |||||||||||||||||
2023 vs. Normal | 2022 vs. Normal | 2023 vs. 2022 | |||||||||||||||
HDD | 1.4 | % | 9.7 | % | (7.3) | % | |||||||||||
Three Months Ended March 31 | |||||||||||||||||
2023 vs. Normal | 2022 vs. Normal | 2023 vs. 2022 | |||||||||||||||
Retail electric | $ | 0.002 | $ | 0.020 | $ | (0.018) | |||||||||||
Decoupling | (0.006) | (0.010) | 0.004 | ||||||||||||||
Electric total | $ | (0.004) | $ | 0.010 | $ | (0.014) | |||||||||||
Firm natural gas | 0.029 | 0.016 | 0.013 | ||||||||||||||
Total | $ | 0.025 | $ | 0.026 | $ | (0.001) |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | 0.6 | % | (4.2) | % | (2.7) | % | (6.4) | % | (2.4) | % | ||||||||||||||||||||||
Electric C&I | (1.2) | (1.8) | 7.3 | — | 1.0 | |||||||||||||||||||||||||||
Total retail electric sales | (0.6) | (2.6) | 5.3 | (2.0) | — | |||||||||||||||||||||||||||
Firm natural gas sales | 5.8 | (10.1) | N/A | (14.3) | (1.1) |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | (0.9) | % | (1.2) | % | 3.1 | % | (0.9) | % | (0.4) | % | ||||||||||||||||||||||
Electric C&I | (1.4) | (1.3) | 7.2 | 0.6 | 1.1 | |||||||||||||||||||||||||||
Total retail electric sales | (1.3) | (1.3) | 6.3 | 0.2 | 0.6 | |||||||||||||||||||||||||||
Firm natural gas sales | (0.1) | (1.4) | N/A | (2.1) | (0.7) |
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Electric revenues | $ | 2,763 | $ | 2,633 | ||||||||||
Electric fuel and purchased power | (1,117) | (1,094) | ||||||||||||
Electric margin | $ | 1,646 | $ | 1,539 |
(Millions of Dollars) | Three Months Ended March 31, 2023 vs. 2022 | |||||||
Regulatory rate outcomes (Minnesota, Colorado, Texas, New Mexico, South Dakota and Wisconsin) | $ | 88 | ||||||
Sales and demand (a) | 18 | |||||||
Wholesale transmission (net) | 17 | |||||||
Non-fuel riders | 15 | |||||||
Conservation and demand side management (offset in expense) | (17) | |||||||
PTCs flowed back to customers (offset by a lower ETR) | (12) | |||||||
Estimated impact of weather, net of decoupling | (10) | |||||||
Other (net) | 8 | |||||||
Total increase | $ | 107 |
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Natural gas revenues | $ | 1,288 | $ | 1,090 | ||||||||||
Cost of natural gas sold and transported | (844) | (710) | ||||||||||||
Natural gas margin | $ | 444 | $ | 380 |
(Millions of Dollars) | Three Months Ended March 31, 2023 vs. 2022 | |||||||
Regulatory rate outcomes (Colorado and Wisconsin) | $ | 47 | ||||||
Estimated impact of weather | 9 | |||||||
Infrastructure and integrity riders | 4 | |||||||
Other (net) | 4 | |||||||
Total increase | $ | 64 |
Public Utility Regulation and Other |
(Millions of Dollars) | 2022 | 2023 | 2024 | |||||||||||||||||
NSP-Minnesota’s revised revenue request | $ | 234 | $ | 328 | $ | 498 | ||||||||||||||
ALJ recommended adjustments: | ||||||||||||||||||||
PTC forecast | (28) | (2) | (1) | |||||||||||||||||
Impact of ROE change | (27) | (29) | (30) | |||||||||||||||||
O&M expenses | (15) | (17) | (18) | |||||||||||||||||
Property tax | — | (11) | (23) | |||||||||||||||||
Sherco 3 and A.S. King remaining life | — | — | (35) | |||||||||||||||||
Other, net | 3 | (9) | (5) | |||||||||||||||||
Total adjustments | (67) | (68) | (112) | |||||||||||||||||
Total proposed revenue change | $ | 167 | $ | 260 | $ | 386 |
(Millions of Dollars) | NMPRC Staff | OPL | AG | NMLCG | LES-FEA | |||||||||||||||||||||||||||
SPS direct testimony | $ | 76 | $ | 76 | $ | 76 | $ | 76 | $ | 76 | ||||||||||||||||||||||
Recommended base rate adjustments: | ||||||||||||||||||||||||||||||||
Test year present revenues and allocators | (1) | 2 | (1) | 1 | (47) | |||||||||||||||||||||||||||
ROE (a) | (24) | (29) | (37) | (29) | (21) | |||||||||||||||||||||||||||
Capital structure | — | (22) | — | (22) | — | |||||||||||||||||||||||||||
Adjustment to FTY plant additions/rate base items | — | (4) | (10) | (5) | — | |||||||||||||||||||||||||||
Tolk Generating Station depreciation expense | — | (7) | — | (7) | (11) | |||||||||||||||||||||||||||
Other, net | (14) | (1) | (19) | (13) | — | |||||||||||||||||||||||||||
Total adjustments | (39) | (61) | (67) | (75) | (79) | |||||||||||||||||||||||||||
Total proposed revenue change | $ | 37 | $ | 15 | $ | 9 | $ | 1 | $ | (3) |
Recommended Position | NMPRC Staff | OPL | AG | NMLCG | LES-FEA | Walmart | ||||||||||||||||||||||||||||||||
ROE | 9.35 | % | 8.70 | % | 9.00 | % | 8.70 | % | 9.40 | % | 9.61 | % | ||||||||||||||||||||||||||
Equity Ratio | 54.70 | 45.00 | 50.57 | 45.00 | 54.70 | N/A |
Environmental |
Derivatives, Risk Management and Market Risk |
Futures / Forwards Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (a) | $ | (2) | $ | (3) | $ | (6) | $ | (1) | $ | (12) | ||||||||||||||||||||||
NSP- Minnesota (b) | (2) | (7) | (2) | (2) | (13) | |||||||||||||||||||||||||||
PSCo (a) | 4 | 1 | 3 | — | 8 | |||||||||||||||||||||||||||
PSCo (b) | (42) | 3 | 2 | — | (37) | |||||||||||||||||||||||||||
$ | (42) | $ | (6) | $ | (3) | $ | (3) | $ | (54) |
Options Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (b) | $ | — | $ | — | $ | 3 | $ | 15 | $ | 18 | ||||||||||||||||||||||
PSCo (b) | 33 | 1 | — | — | 34 | |||||||||||||||||||||||||||
$ | 33 | $ | 1 | $ | 3 | $ | 15 | $ | 52 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Fair value of commodity trading net contracts outstanding at Jan. 1 | $ | (33) | $ | (33) | ||||||||||
Contracts realized or settled during the period | 3 | 3 | ||||||||||||
Commodity trading contract additions and changes during the period | 28 | 9 | ||||||||||||
Fair value of commodity trading net contracts outstanding at March 31 | $ | (2) | $ | (21) |
(Millions of Dollars) | Three Months Ended March 31 | Average | High | Low | ||||||||||||||||||||||
2023 | $ | 0.6 | $ | 0.7 | $ | 1.1 | $ | 0.4 | ||||||||||||||||||
2022 | 1.1 | 1.0 | 1.3 | 0.7 |
FAIR VALUE MEASUREMENTS |
LIQUIDITY AND CAPITAL RESOURCES |
(Millions of Dollars) | Three Months Ended March 31 | |||||||
Cash provided by operating activities — 2022 | $ | 1,140 | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Higher net income | 38 | |||||||
Non-cash transactions | 53 | |||||||
Changes in working capital | 211 | |||||||
Changes in net regulatory and other assets and liabilities | 95 | |||||||
Cash provided by operating activities — 2023 | $ | 1,537 |
(Millions of Dollars) | Three Months Ended March 31 | |||||||
Cash used in investing activities — 2022 | $ | (952) | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Increased capital expenditures | (323) | |||||||
Other investing activities | (9) | |||||||
Cash used in investing activities — 2023 | $ | (1,284) |
(Millions of Dollars) | Three Months Ended March 31 | |||||||
Cash used in financing activities — 2022 | $ | (264) | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Higher net short-term debt proceeds | 275 | |||||||
Lower net long-term debt repayments | (250) | |||||||
Higher proceeds from issuance of common stock | 5 | |||||||
Other financing activities | (16) | |||||||
Cash used in financing activities — 2023 | $ | (250) |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,500 | $ | 367 | $ | 1,133 | $ | 1 | $ | 1,134 | ||||||||||||||||||||||
PSCo | 700 | 27 | 673 | 155 | 828 | |||||||||||||||||||||||||||
NSP-Minnesota | 700 | 92 | 608 | 4 | 612 | |||||||||||||||||||||||||||
SPS | 500 | 55 | 445 | 2 | 447 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | 30 | 120 | 1 | 121 | |||||||||||||||||||||||||||
Total | $ | 3,550 | $ | 571 | $ | 2,979 | $ | 163 | $ | 3,142 |
Issuer | Security | Amount | Status | Tenor | Coupon | |||||||||||||||||||||||||||
PSCo | First Mortgage Bonds | $ | 850 | million | Completed (a) | 30 Year | 5.25% | |||||||||||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds | 125 | million | Second Quarter (b) | 30 Year | 5.30 | ||||||||||||||||||||||||||
NSP-Minnesota | First Mortgage Bonds | 800 | million | Second Quarter | N/A | N/A | ||||||||||||||||||||||||||
Xcel Energy | Unsecured Senior Notes | 500 | million | Third Quarter | N/A | N/A | ||||||||||||||||||||||||||
SPS | First Mortgage Bonds | 100 | million | Third Quarter | N/A | N/A |
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4 — CONTROLS AND PROCEDURES |
ITEM 1 — LEGAL PROCEEDINGS |
ITEM 1A — RISK FACTORS |
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
Jan. 1, 2023 - Jan. 31, 2023 | — | $ | — | — | — | |||||||||||||||||||||
Feb. 1, 2023 - Feb. 28, 2023 | — | — | — | — | ||||||||||||||||||||||
March 1, 2023 - March 31, 2023 (a) | 795 | 64.57 | — | — | ||||||||||||||||||||||
795 | — | — |
ITEM 6 — EXHIBITS |
Exhibit Number | Description | Report or Registration Statement | Exhibit Reference | ||||||||
3.01* | Xcel Energy Inc. Form 8-K dated May 16, 2012 | 3.01 | |||||||||
3.02* | Xcel Energy Inc Form 8-K dated April 3, 2020 | 3.01 | |||||||||
4.01* | PSCo Form 8-K dated April 3, 2023 | 4.01 | |||||||||
101.INS | Inline 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.SCH | Inline XBRL Schema | ||||||||||
101.CAL | Inline XBRL Calculation | ||||||||||
101.DEF | Inline XBRL Definition | ||||||||||
101.LAB | Inline XBRL Label | ||||||||||
101.PRE | Inline XBRL Presentation | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
XCEL ENERGY INC. | ||||||||
4/27/2023 | By: | /s/ BRIAN J. VAN ABEL | ||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
(Principal Accounting Officer and Principal Financial Officer) |
1 Year Xcel Energy Chart |
1 Month Xcel Energy Chart |
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