xel-20260501

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 1, 2026


Commission File Number	Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number				IRS Employer Identification Number
001-3034	XCEL ENERGY INC.				41-0448030
	(a Minnesota corporation)
	414 Nicollet Mall
	Minneapolis	Minnesota		55401
	(612)		330-5500

001-03789	SOUTHWESTERN PUBLIC SERVICE COMPANY				75-0575400
	(a New Mexico corporation)
	790 South Buchanan Street
	Amarillo	Texas		79101
	(303)		571-7511

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $2.50 par value per share

XEL

Nasdaq Stock Market LLC

6.25% Junior Subordinated Notes due 2085

XELLL

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. £

Item 8.01. Other Events

In November 2025, Southwestern Public Service Company (SPS), a New Mexico corporation, and a wholly owned subsidiary of Xcel Energy Inc. filed an electric rate case with the New Mexico Public Regulation Commission (NMPRC) seeking a revenue increase of $168 million (16.0%) as updated in March 2026. The request is based on a future test year period ending Nov. 30, 2027, a return on equity (ROE) of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.

On May 1, 2026, eight intervenors filed testimony, with the NMPRC Staff (Staff), the New Mexico Department of Justice (NMDOJ), New Mexico Large Customer Group (NMLCG), and Louisiana Energy Services & Federal Executive Agencies (LES-FEA) filing comprehensive testimony.

SPS estimates the impact of proposed modifications to SPS’ request below:


(Millions of Dollars)	Staff		NMDOJ		NMLCG		LES-FEA
SPS direct testimony	$	168	$	168	$	168	$	168

Recommended base rate adjustments:
Jurisdictional allocators	(57)		—		(2)		—
ROE and capital structure	(25)		(63)		(92)		(29)
Purchased power capacity costs	(20)		—		(15)		(5)
Regulatory amortizations	(13)		—		(10)		(8)
Depreciation expense	—		—		(13)		(7)
Other, net	(5)		—		(8)		(6)
Total adjustments	(120)		(63)		(140)		(55)
Total proposed revenue change	$	48	$	105	$	28	$	113


Recommended Position	Staff		NMDOJ		NMLCG		LES-FEA
ROE	9.75	%	8.77	%	8.10	%	9.45	%
Equity ratio	54.76		50.00		43.00		N/A

The next steps in the procedural schedule are expected to be as follows:

•Rebuttal testimony: May 29, 2026

•Hearing: July 7, 2026

•End of rate suspension: Nov. 30, 2026

A NMPRC decision and implementation of final rates is anticipated in the fourth quarter of 2026.

Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including those relating to our expectations and intentions regarding regulatory proceedings, 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 SPS’ Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 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; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors or third-parties; our ability to recover costs; risks associated with the growth in large load customers; 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 SPS 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; 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.

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 hereunto duly authorized.


May 5, 2026			Xcel Energy Inc. (a Minnesota corporation)
			Southwestern Public Service Company (a New Mexico corporation)

			/s/ BRIAN J. VAN ABEL
			Brian J. Van Abel
			Executive Vice President, Chief Financial Officer