v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Short-Term Borrowings
Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2026Year Ended Dec. 31, 2025
Borrowing limit$6,250 $4,750 
Amount outstanding at period end2,510 1,550 
Average amount outstanding1,863 1,026 
Maximum amount outstanding2,510 2,965 
Weighted average interest rate, computed on a daily basis4.38 %4.41 %
Weighted average interest rate at period end4.31 3.95 
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
As of June 30, 2026, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$2,000 $965 $1,035 
PSCo1,200 48 1,152 
NSP-Minnesota800 44 756 
SPS600 45 555 
NSP-Wisconsin150 — 150 
Total$4,750 $1,102 $3,648 
(a)Expires in December 2029.
(b)Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2026 and Dec. 31, 2025.
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $92 million of letters of credit outstanding under the credit facilities at both June 30, 2026 and Dec. 31, 2025. Amounts approximate their fair value and are subject to fees.
Additionally, in March 2026, NSP-Minnesota, PSCo and SPS each entered into an uncommitted letter of credit agreement with overall limits of $50 million, $50 million and $150 million, respectively, to provide additional letter of credit capacity outside of the revolving credit facilities. As of June 30, 2026, a total of $2 million of letters of credit were outstanding under these continuing letter of credit agreements.
Bilateral Credit Agreement — In April 2026, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of June 30, 2026 and Dec. 31, 2025, NSP-Minnesota had $69 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Term Loan Agreement — In January 2026, Xcel Energy Inc. entered into a $1.5 billion, 364-Day Delayed Draw Term Loan Agreement. The loan is unsecured and matures Jan. 30, 2027. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 70 percent. Interest is at a rate equal to the Term SOFR rate, plus 85.0 basis points, or an alternate base rate. As of June 30, 2026 there was $1.5 billion outstanding under the term loan facility.
Long-Term Borrowings and Other Financing Instruments
During the six months ended June 30, 2026, Xcel Energy Inc. and its utility subsidiaries issued the following:
•Xcel Energy Inc. issued $800 million in aggregate principal amount of 5.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series due 2056.
•PSCo issued $700 million in aggregate principal amount of 4.15% First Mortgage Bonds, Series No. 45 due March 13, 2029 and $600 million in aggregate principal amount of 5.05% First Mortgage Bonds, Series No. 46 due June 15, 2036.
•NSP-Minnesota issued $600 million in aggregate principal amount of 4.85% First Mortgage Bonds due May 15, 2036 and $600 million in aggregate principal amount of 5.55% First Mortgage Bonds due May 15, 2056.
•NSP-Wisconsin issued $250 million in aggregate principal amount of 5.48% First Mortgage Bonds due June 15, 2041.
•SPS issued $650 million in aggregate principal amount of 5.30% First Mortgage Bonds due August 15, 2036 and $550 million in aggregate principal amount of 5.875% First Mortgage Bonds due August 15, 2056.
ATM Equity Offerings — Xcel Energy Inc. filed prospectus supplements in August 2025 and May 2026 under which it may sell up to $4 billion and $4.3 billion of its common stock, respectively, through ATM programs. In addition to the issuance and sale of shares of common stock to or through sales agents, Xcel Energy Inc. also may use these ATM programs to enter into forward sale agreements. As of April 30, 2026, no further transactions will occur under the 2025 ATM program.
Forward Sale Agreements — Under these ATM programs, Xcel Energy Inc. has entered into multiple forward sale agreements in 2026 and 2025 in connection with completed public offerings of Xcel Energy common stock.
The following forward sale agreements remain outstanding as of June 30, 2026:
Agreements EnteredCommon Shares (in millions)Maturity
Minimum Expected Proceeds (millions of dollars)
2025 forward equity agreements12.2
Dec. 2026 to May 2027 (a)
$932 
(b)
2025 collared forward equity agreements15.1Dec. 20261,044 
(c)
2026 forward equity agreements21.2
Dec. 2027 to Dec. 2028 (a)
1,705 
(b)
2026 collared forward equity agreements21.3Dec. 2027 to Dec. 20281,496 
(c)
(a)Maturity date varies by agreement. Xcel Energy may settle the agreements at any time until final maturity.
(b)Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.
(c)Minimum expected proceeds reflect the floor price. Actual cash proceeds will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement, subject to the cap price and floor price, which are derived from the public offerings.
If settled in physical shares, stockholders’ equity equal to cash proceeds will be recorded at settlement.
The collared forward equity agreements will not be settled until maturity, and net cash settlement and net share settlement are generally unavailable. The 2025 and 2026 forward equity agreements could have been settled at June 30, 2026 with physical delivery of common shares to the banking counterparties in exchange for cash; if Xcel Energy unilaterally elected net cash or net share settlement, these agreements also could have been settled with cash or shares of common stock, as follows:
Pro-Forma/Hypothetical Transactions
Agreements EnteredNet Settlement proceeds (payments):Physical Share Delivery Proceeds (millions of dollars)
Common Shares (in millions)Net Cash (millions of dollars)
2025 forward equity agreements(0.5)$(36)$934 
2026 forward equity agreements0.1 10 1,708 
Equity through DRIP and Benefits Program — Xcel Energy issued $64 million and $39 million of equity through the DRIP and benefits programs during the six months ended June 30, 2026 and 2025, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
Xcel Energy Inc.’s Purchase of Subsidiary First Mortgage Bonds — During the six months ended June 30, 2026, Xcel Energy Inc. purchased $89 million in aggregate principal amounts of NSP-Minnesota’s 3.60% First Mortgage Bonds Series due Sept. 15, 2047, 2.90% First Mortgage Bonds Series due March 1, 2050, 2.60% First Mortgage Bonds Series due June 1, 2051 and 3.20% First Mortgage Bonds Series due April 1, 2052, for $59 million. During the six months ended June 30, 2025, Xcel Energy Inc. purchased $128 million of NSP-Minnesota first mortgage bonds for $81 million.
During the six months ended June 30, 2026, Xcel Energy Inc. purchased $4 million in aggregate principal amounts of SPS’ 3.70% First Mortgage Bonds due August 15, 2047, 4.40% First Mortgage Bonds Series due November 15, 2048 and 3.75% First Mortgage Bonds due June 15, 2049, for $3 million. Xcel Energy Inc. purchased no SPS first mortgage bonds in 2025.
On a consolidated basis, Xcel Energy Inc.’s repurchases of NSP-Minnesota and SPS First Mortgage Bonds were accounted for as debt extinguishments and resulted in pre-tax gains of approximately $29 million and $43 million for the six months ended June 30, 2026 and 2025, respectively, net of unamortized discount and debt issuance costs.