XCEL ENERGY INC, DEF 14A filed on 4/8/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name XCEL ENERGY INC
Entity Central Index Key 0000072903
v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table    
Pay Versus Performance
Average Summary Compensation Table Total for Non-CEO Named Executive Officers ($)(3)
Average Compensation Actually Paid to Non-CEO Named Executive Officers
($)(2)(3)
Value of Initial Fixed $100 Investment Based on:
Year
Summary Compensation Table Total for CEO Frenzel ($)(1)
Summary Compensation Table Total for CEO Fowke ($)(1)
Compensation Actually Paid to CEO Frenzel ($)(1)(2)
Compensation Actually Paid to CEO Fowke ($)(1)(2)
Total Shareholder Return
    ($)(4)
EEI Electrics Index Total Shareholder Return ($)(4)(5)
Net Income (in Millions) ($)(6)
Ongoing EPS ($)(6)
202412,932,063 — 20,695,635 — 3,635,267 4,874,815 123 127 1,936 3.50 
202321,357,168 — 18,145,698 — 3,802,917 2,708,009 109 107 1,771 3.35
202210,318,579 — 9,940,497 — 3,258,129 3,537,717 120 117 1,736 3.17
20218,350,364 12,785,442 6,391,262 (962,729)2,543,311 1,949,601 113 116 1,597 2.96
2020— 16,805,589 — 30,490,302 2,795,911 3,941,492 108 99 1,473 2.79
(1)Mr. Frenzel became CEO on August 18, 2021. Mr. Fowke served as our CEO from 2011 until his retirement on August 18, 2021.
(2)Amounts in this column reflect the total compensation reflected in the Summary Compensation Table for the applicable year adjusted in accordance with SEC rules to determine CAP.
The adjustments made to Summary Compensation Table totals in order to determine CAP for our CEO and our other NEOs for 2024 are set forth below. The amounts included for non-CEO NEOs have been averaged. Dividends paid on equity awards during the year are included in the Stock Awards column of the Summary Compensation Table.
Pension-Related AdjustmentsEquity-Related Adjustments
Difference Between Fair
Value of Awards from
Year
Summary Compensation Table Aggregate Change in Actuarial Present Value of Accumulated Benefits under Defined Benefit and Pension Plans
($)
Pension Service Cost
($)
Summary Compensation Table "Stock Awards" Amount
($)
Year-End Fair Value of Awards Granted During the Year that Remain Unvested
($)
12/31/23 to 12/31/24 for Awards Granted in any Prior Year that Remained Unvested at Year-End
($)
12/31/23 to Vesting Date for Prior Year Awards that Vested During the Year
($)
Adjustments to Summary Compensation Table Totals
($)
CEO Frenzel2024(211,080)112,802 (10,000,015)13,963,626 2,802,782 1,095,457 7,763,572 
Average Non-CEO NEOs2024(148,606)71,581 (2,362,598)3,193,031 310,119 176,021 1,239,548 
(3)The non-CEO NEOs were as follows:
2024: Brian Van Abel, Tim O'Connor, Amanda Rome and Rob Berntsen
2023: Brian Van Abel, Brett Carter, Tim O'Connor, Amanda Rome and Patricia Correa
2022: Brian Van Abel, Brett Carter, Tim O'Connor and Amanda Rome
2021: Brian Van Abel, Brett Carter, Tim O'Connor and Amanda Rome
2020: Brian Van Abel, Robert Frenzel, Brett Carter, Tim O'Connor, Amanda Rome and Kent Larson
(4)Total shareholder return is calculated based on a fixed investment of one hundred dollars measured from the market close on December 31, 2019 (the last trading day of fiscal 2019) through and including the end of each year reported in the table.
(5)The EEI Investor-Owned Electrics Index ("EEI Electrics Index") (market capitalization-weighted) is a broad measure of industry performance, and which is the industry index used to show our performance in our Form 10-K.
(6)The SEC's rules and related guidance state that the "Company-Selected Measure" must be a financial performance measure not otherwise presented in the table above that we use to link CAP for our NEOs for fiscal 2024 to our Company's performance. The only other financial performance measure used in our executive compensation program is ongoing EPS, which is a non-GAAP measure that we reconcile in Exhibit A which can be adjusted for certain identified financial impacts. Adjustments were made to ongoing EPS for 2024 as noted in Exhibit A. As described in the CD&A, our annual incentive awards are, in part, based on ongoing EPS. When ongoing EPS is below guidance, annual incentive awards will not be paid.
    
Named Executive Officers, Footnote     The non-CEO NEOs were as follows:
2024: Brian Van Abel, Tim O'Connor, Amanda Rome and Rob Berntsen
2023: Brian Van Abel, Brett Carter, Tim O'Connor, Amanda Rome and Patricia Correa
2022: Brian Van Abel, Brett Carter, Tim O'Connor and Amanda Rome
2021: Brian Van Abel, Brett Carter, Tim O'Connor and Amanda Rome
2020: Brian Van Abel, Robert Frenzel, Brett Carter, Tim O'Connor, Amanda Rome and Kent Larson 		   
Peer Group Issuers, Footnote     The EEI Investor-Owned Electrics Index ("EEI Electrics Index") (market capitalization-weighted) is a broad measure of industry performance, and which is the industry index used to show our performance in our Form 10-K.    
Adjustment To PEO Compensation, Footnote     Amounts in this column reflect the total compensation reflected in the Summary Compensation Table for the applicable year adjusted in accordance with SEC rules to determine CAP.
The adjustments made to Summary Compensation Table totals in order to determine CAP for our CEO and our other NEOs for 2024 are set forth below. The amounts included for non-CEO NEOs have been averaged. Dividends paid on equity awards during the year are included in the Stock Awards column of the Summary Compensation Table.
Pension-Related AdjustmentsEquity-Related Adjustments
Difference Between Fair
Value of Awards from
Year
Summary Compensation Table Aggregate Change in Actuarial Present Value of Accumulated Benefits under Defined Benefit and Pension Plans
($)
Pension Service Cost
($)
Summary Compensation Table "Stock Awards" Amount
($)
Year-End Fair Value of Awards Granted During the Year that Remain Unvested
($)
12/31/23 to 12/31/24 for Awards Granted in any Prior Year that Remained Unvested at Year-End
($)
12/31/23 to Vesting Date for Prior Year Awards that Vested During the Year
($)
Adjustments to Summary Compensation Table Totals
($)
CEO Frenzel2024(211,080)112,802 (10,000,015)13,963,626 2,802,782 1,095,457 7,763,572 
Average Non-CEO NEOs2024(148,606)71,581 (2,362,598)3,193,031 310,119 176,021 1,239,548 
    
Non-PEO NEO Average Total Compensation Amount [1] $ 3,635,267 $ 3,802,917 $ 3,258,129 $ 2,543,311 $ 2,795,911
Non-PEO NEO Average Compensation Actually Paid Amount [1],[2] 4,874,815 2,708,009 3,537,717 1,949,601 3,941,492
Total Shareholder Return Amount [3] 123 109 120 113 108
Peer Group Total Shareholder Return Amount [3],[4] 127 107 117 116 99
Net Income (Loss) [5] $ 1,936,000,000 $ 1,771,000,000 $ 1,736,000,000 $ 1,597,000,000 $ 1,473,000,000
Company Selected Measure Amount [5] 3.50 3.35 3.17 2.96 2.79
CEO Bob Frenzel [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount [6] $ 12,932,063 $ 21,357,168 $ 10,318,579 $ 8,350,364 $ 0
PEO Actually Paid Compensation Amount [2],[6] 20,695,635 18,145,698 9,940,497 6,391,262 0
CEO Ben Fowke [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount [6] 0 0 0 12,785,442 16,805,589
PEO Actually Paid Compensation Amount [2],[6] $ 0 $ 0 $ 0 $ (962,729) $ 30,490,302
[1] The non-CEO NEOs were as follows:
2024: Brian Van Abel, Tim O'Connor, Amanda Rome and Rob Berntsen
2023: Brian Van Abel, Brett Carter, Tim O'Connor, Amanda Rome and Patricia Correa
2022: Brian Van Abel, Brett Carter, Tim O'Connor and Amanda Rome
2021: Brian Van Abel, Brett Carter, Tim O'Connor and Amanda Rome
2020: Brian Van Abel, Robert Frenzel, Brett Carter, Tim O'Connor, Amanda Rome and Kent Larson
[2] Amounts in this column reflect the total compensation reflected in the Summary Compensation Table for the applicable year adjusted in accordance with SEC rules to determine CAP.
The adjustments made to Summary Compensation Table totals in order to determine CAP for our CEO and our other NEOs for 2024 are set forth below. The amounts included for non-CEO NEOs have been averaged. Dividends paid on equity awards during the year are included in the Stock Awards column of the Summary Compensation Table.
Pension-Related AdjustmentsEquity-Related Adjustments
Difference Between Fair
Value of Awards from
Year
Summary Compensation Table Aggregate Change in Actuarial Present Value of Accumulated Benefits under Defined Benefit and Pension Plans
($)
Pension Service Cost
($)
Summary Compensation Table "Stock Awards" Amount
($)
Year-End Fair Value of Awards Granted During the Year that Remain Unvested
($)
12/31/23 to 12/31/24 for Awards Granted in any Prior Year that Remained Unvested at Year-End
($)
12/31/23 to Vesting Date for Prior Year Awards that Vested During the Year
($)
Adjustments to Summary Compensation Table Totals
($)
CEO Frenzel2024(211,080)112,802 (10,000,015)13,963,626 2,802,782 1,095,457 7,763,572 
Average Non-CEO NEOs2024(148,606)71,581 (2,362,598)3,193,031 310,119 176,021 1,239,548 
[3] Total shareholder return is calculated based on a fixed investment of one hundred dollars measured from the market close on December 31, 2019 (the last trading day of fiscal 2019) through and including the end of each year reported in the table.
[4] The EEI Investor-Owned Electrics Index ("EEI Electrics Index") (market capitalization-weighted) is a broad measure of industry performance, and which is the industry index used to show our performance in our Form 10-K.
[5] The SEC's rules and related guidance state that the "Company-Selected Measure" must be a financial performance measure not otherwise presented in the table above that we use to link CAP for our NEOs for fiscal 2024 to our Company's performance. The only other financial performance measure used in our executive compensation program is ongoing EPS, which is a non-GAAP measure that we reconcile in Exhibit A which can be adjusted for certain identified financial impacts. Adjustments were made to ongoing EPS for 2024 as noted in Exhibit A. As described in the CD&A, our annual incentive awards are, in part, based on ongoing EPS. When ongoing EPS is below guidance, annual incentive awards will not be paid.
[6] Mr. Frenzel became CEO on August 18, 2021. Mr. Fowke served as our CEO from 2011 until his retirement on August 18, 2021.