v3.26.1
Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Derivatives, Fair Value [Line Items]          
Reclaim Cash Collateral $ 10   $ 10   $ 4
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Fair value hedges 0 $ 0 0 $ 0  
Return Cash Collateral 0   0   0
Derivative Liability, Current 17   17   31
Commodity Trading          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Balance at beginning of period 139 118 139 99  
Purchases [1] 133 194 238 260  
Settlements [1] (61) (86) (108) (144)  
Gains (losses) recognized in earnings [2] (8) (6) (15) (8)  
Net (losses) gains recognized as regulatory assets and liabilities (a) [1] (51) 23 (102) 36  
Balance at end of period 152 243 152 243  
Other Derivative Instruments          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 10 (16) (15) (21)  
Other Derivative Instruments | Electric Commodity          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) [3] 10 $ (16) (15) (21)  
Other Derivative Instruments | Natural Gas Commodity          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)     0 $ 0  
Fair Value Measured on a Recurring Basis          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 178   178   165
Derivative Liability, Current 11   11   25
Fair Value Measured on a Recurring Basis | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 190   190   184
Netting [4] 12   12   19
Fair Value Measured on a Recurring Basis | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 51   51   65
Netting [4] 7   7   11
Fair Value Measured on a Recurring Basis | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 29   29   46
Netting [4] (18)   (18)   (21)
Fair Value Measured on a Recurring Basis | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 56   56   70
Netting [4] (11)   (11)   (13)
Fair Value Measured on a Recurring Basis | Level 1 | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 3   3   2
Fair Value Measured on a Recurring Basis | Level 1 | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 3   3   3
Fair Value Measured on a Recurring Basis | Level 1 | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 3   3   5
Fair Value Measured on a Recurring Basis | Level 1 | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 5   5   6
Fair Value Measured on a Recurring Basis | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 11   11   28
Fair Value Measured on a Recurring Basis | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 29   29   28
Fair Value Measured on a Recurring Basis | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 13   13   32
Fair Value Measured on a Recurring Basis | Level 2 | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 21   21   24
Fair Value Measured on a Recurring Basis | Level 3 | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 176   176   154
Fair Value Measured on a Recurring Basis | Level 3 | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 19   19   34
Fair Value Measured on a Recurring Basis | Level 3 | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 13   13   9
Fair Value Measured on a Recurring Basis | Level 3 | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 30   30   40
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 4   4   6
Derivative Liability, Current 11   11   15
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 14   14   22
Netting [4] 10   10   16
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 51   51   65
Netting [4] 7   7   11
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 27   27   33
Netting [4] (16)   (16)   (18)
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 56   56   70
Netting [4] (11)   (11)   (13)
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 2   2   3
Netting [4] (2)   (2)   (3)
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 169   169   144
Derivative Liability, Current 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 171   171   147
Netting [4] 2   2   3
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   10
Netting [4] 0   0   0
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 1   1   14
Derivative Liability, Current 0   0   10
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 1   1   14
Netting [4] 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 3   3   2
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 3   3   3
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 3   3   5
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 5   5   6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 6   6   13
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 29   29   28
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 13   13   22
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 21   21   24
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, 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 Liability, Gross 0   0   10
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 1   1   14
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 5   5   7
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 19   19   34
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 11   11   6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading | Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 30   30   40
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 2   2   3
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 171   171   147
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 4   4   1
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Netting [4] 0   0   0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 4   4   1
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Level 1 | Interest Rate Swap | Cash Flow Hedges | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Level 2 | Interest Rate Swap | Cash Flow Hedges | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 4   4   1
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Level 3 | Interest Rate Swap | Cash Flow Hedges | Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent          
Derivatives, Fair Value [Line Items]          
Derivative Asset, Gross 0   0   0
Fair Value, Measurements, Nonrecurring | PPAs          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Liability, Current [5] $ 6   $ 6   $ 6
[1] Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.
[2] Relates to commodity trading and is subject to offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
[3] Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.
[4] Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include rights to reclaim cash collateral of $10 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.
[5] Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.