v3.26.1
Borrowings and Other Financing Instruments
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings and Other Financing Instruments
Short-Term Borrowings
SPS 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 Inc. 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 Inc. 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 Inc.
Money pool borrowings:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2026Year Ended Dec. 31, 2025
Borrowing limit$100$100 
Amount outstanding at period end— 62 
Average amount outstanding97 31 
Maximum amount outstanding100 100 
Weighted average interest rate, computed on a daily basis3.68 %4.19 %
Weighted average interest rate at period endN/A3.88 
Commercial Paper — Commercial paper outstanding:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2026Year Ended Dec. 31, 2025
Borrowing limit$600 $600 
Amount outstanding at period end45 220 
Average amount outstanding111 97 
Maximum amount outstanding195 314 
Weighted average interest rate, computed on a daily basis4.08 %4.51 %
Weighted average interest rate at period end4.10 3.93 
Revolving Credit Facility — In order to issue its commercial paper, SPS must have a revolving credit facility equal to or greater than the 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.
SPS 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.
As of June 30, 2026, SPS had the following committed revolving credit facility available (in millions of dollars):
Credit Facility (a)
Drawn (b)
Available
$600 $45 $555 
(a)Expires in December 2029.
(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. SPS had no direct advances on the credit facility outstanding as of June 30, 2026 and Dec. 31, 2025.
Letters of Credit — SPS uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At both June 30, 2026 and Dec. 31, 2025, there were no letters of credit outstanding under the credit facility.
Additionally, in March 2026, SPS entered into an uncommitted letter of credit agreement with an overall limit of $150 million to provide additional letter of credit capacity outside of the revolving credit facility. As of June 30, 2026, no letters of credit were outstanding under this continuing letter of credit agreement.
Long-Term Borrowings
During the six months ended June 30, 2026, SPS issued $650 million in aggregate principal amount of 5.30% First Mortgage Bonds, Series No. 13 due August 15, 2036 and $550 million in aggregate principal amount of 5.875% First Mortgage Bonds, Series No. 14 due August 15, 2056.
Xcel Energy Inc.’s Purchase of SPS’ First Mortgage Bonds — 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. Bonds purchased by Xcel Energy Inc. are reported in long-term debt - related parties on SPS’ balance sheet.