XCEL ENERGY INC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 28, 2026
Cover [Abstract]    
Entity Registrant Name Xcel Energy Inc.  
Entity Central Index Key 0000072903  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-3034  
Entity Incorporation, State or Country Code MN  
Entity Tax Identification Number 41-0448030  
Entity Address, Address Line One 414 Nicollet Mall,  
Entity Address, City or Town Minneapolis,  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55401  
City Area Code (612)  
Local Phone Number 330-5500  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   624,269,560
Common Stock    
Cover [Abstract]    
Title of 12(b) Security Common Stock, $2.50 par value  
Trading Symbol XEL  
Security Exchange Name NASDAQ  
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, $2.50 par value  
Trading Symbol XEL  
Security Exchange Name NASDAQ  
6.25% Junior Subordinated Notes due 2085 [Member]    
Cover [Abstract]    
Title of 12(b) Security 6.25% Junior Subordinated Notes due 2085  
Trading Symbol XELLL  
Security Exchange Name NASDAQ  
Entity Listings [Line Items]    
Title of 12(b) Security 6.25% Junior Subordinated Notes due 2085  
Trading Symbol XELLL  
Security Exchange Name NASDAQ  
v3.26.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating revenues    
Electric $ 2,976 $ 2,835
Natural gas 1,030 1,055
Other 15 16
Total operating revenues 4,021 3,906
Operating expenses    
Electric fuel and purchased power 1,019 1,020
Cost of natural gas sold and transported 520 513
Cost of sales — other 3 2
Operating and maintenance expenses 675 686
Conservation and demand side management expenses 121 110
Depreciation and amortization 768 728
Taxes, Other 183 170
Marshall Wildfire litigation (22) 0
Total operating expenses 3,267 3,229
Operating income 754 677
Other income, net 22 7
Earnings (loss) from equity method investments 13 (1)
Allowance for funds used during construction — equity 92 48
Interest charges and financing costs    
Interest charges — includes other financing costs 412 332
Allowance for funds used during construction — debt (40) (23)
Total interest charges and financing costs 372 309
Income before income taxes 509 422
Income tax benefit (47) (61)
Net income $ 556 $ 483
Weighted average common shares outstanding:    
Basic (in shares) 624 575
Diluted (in shares) [1] 626 577
Earnings per average common share:    
Basic (in dollars per share) $ 0.89 $ 0.84
Diluted (in dollars per share) $ 0.89 $ 0.84
[1] Diluted common shares outstanding included common stock equivalents of 2.0 million and 1.4 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Comprehensive income:    
Net income $ 556 $ 483
Derivative instruments:    
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) 3 (5)
Reclassification of losses to net income, net of tax 1 1
Total other comprehensive income (loss) 4 (4)
Total comprehensive income $ 560 $ 479
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 556 $ 483
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 767 734
Nuclear fuel amortization 27 29
Deferred income taxes (5) 13
Allowance for equity funds used during construction (92) (48)
(Earnings) loss from equity method investments (13) 1
Dividends from equity method investments 7 8
Provision for bad debts 13 19
Share-based compensation expense 11 9
Changes in operating assets and liabilities:    
Accounts receivable (30) (58)
Accrued unbilled revenues 134 63
Inventories 2 (4)
Other current assets 415 (18)
Accounts payable (191) (105)
Net regulatory assets and liabilities 87 25
Other current liabilities 110 29
Pension and other employee benefit obligations (77) (124)
Other, net (24) (28)
Net cash provided by operating activities 1,697 1,028
Investing activities    
Capital/construction expenditures (3,022) (1,988)
Purchase of investment securities (763) (241)
Proceeds from the sale of investment securities 763 240
Other, net 3 (2)
Net cash used in investing activities (3,019) (1,991)
Financing activities    
(Repayments) proceeds from short-term borrowings, net (70) 24
Proceeds from issuances of long-term debt 3,259 2,077
Proceeds from issuance of common stock 1 122
Dividends paid (347) (306)
Other, net (35) (10)
Net cash provided by financing activities 2,808 1,907
Net change in cash, cash equivalents and restricted cash 1,486 944
Cash, cash equivalents and restricted cash at beginning of period 274 179
Cash, cash equivalents and restricted cash at end of period 1,760 1,123
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of amounts capitalized) (283) (252)
Supplemental disclosure of non-cash investing and financing transactions:    
Accrued property, plant and equipment additions 1,315 891
Inventory transfers to property, plant and equipment 59 61
Operating lease and finance lease right-of-use assets 48 55
Allowance for equity funds used during construction 92 48
Issuance of common stock for reinvested dividends and/or equity awards $ 18 $ 18
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,760 $ 274
Accounts receivable, net 1,346 1,330
Accrued unbilled revenues 746 880
Inventories 709 761
Regulatory assets 482 529
Derivative instruments 138 165
Prepayments and other 701 1,075
Total current assets 5,882 5,014
Property, plant and equipment, net 67,808 65,639
Other assets    
Nuclear decommissioning fund and other investments 4,336 4,389
Regulatory assets 3,020 2,998
Derivative instruments 66 54
Operating lease right-of-use assets 868 893
Finance lease right-of-use assets 1,431 1,348
Other 1,417 1,036
Total other assets 11,138 10,718
Total assets 84,828 81,371
Current liabilities    
Current portion of long-term debt 1,001 501
Short-term debt 1,480 1,550
Accounts payable 2,261 2,307
Regulatory liabilities 701 714
Taxes accrued 697 579
Accrued interest 419 337
Dividends payable 370 355
Derivative instruments 20 31
Operating lease liabilities 111 110
Other 576 605
Total current liabilities 7,636 7,089
Deferred credits and other liabilities    
Deferred income taxes 5,918 6,004
Regulatory liabilities 6,387 6,277
Asset retirement obligations 3,937 3,888
Derivative instruments 56 67
Customer advances 128 129
Pension and employee benefit obligations 289 365
Operating lease liabilities 761 788
Finance Lease, Liability, Noncurrent 1,298 [1] 1,262
Other 60 61
Deferred Credits and Other Liabilities, Noncurrent 18,834 18,841
Commitments and contingencies
Capitalization    
Common Stock, Shares Issued, Not Disclosed true true
Long-term debt $ 34,552 $ 31,832
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 624,162,780 and 623,600,715 shares outstanding at March 31, 2026 and December 31, 2025, respectively $ 1,560 $ 1,559
Common Stock, Shares Authorized 1,000,000,000 1,000,000,000
Common Stock, Par or Stated Value Per Share $ 2.50 $ 2.50
Common Stock, Shares, Outstanding 624,162,780 623,600,715
Additional paid in capital $ 12,914 $ 12,906
Retained earnings 9,391 9,207
Accumulated other comprehensive loss (59) (63)
Total common stockholders’ equity 23,806 23,609
Total liabilities and equity $ 84,828 $ 81,371
[1] Excludes certain amounts related to PSCo’s lease obligations given Xcel Energy’s 50% ownership interest in WYCO.
v3.26.1
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2024   574,365,598      
Beginning balance at Dec. 31, 2024 $ 19,522 $ 1,436 $ 9,601 $ 8,553 $ (68)
Increase (Decrease) in Stockholders' Equity          
Net income 483     483  
Other comprehensive income $ (4)       (4)
Dividends declared on common stock (USD per share) $ 0.57        
Dividends declared on common stock $ (328)     (328)  
Issuances of common stock (in shares)   2,181,453      
Issuances of common stock 122 $ 5 117    
Share-based compensation 9   11 (2)  
Balance (in shares) at Mar. 31, 2025   576,547,051      
Ending balance at Mar. 31, 2025 $ 19,804 $ 1,441 9,729 8,706 (72)
Balance (in shares) at Dec. 31, 2025 623,600,715 623,600,715      
Beginning balance at Dec. 31, 2025 $ 23,609 $ 1,559 12,906 9,207 (63)
Increase (Decrease) in Stockholders' Equity          
Net income 556     556  
Other comprehensive income $ 4       4
Dividends declared on common stock (USD per share) $ 0.59        
Dividends declared on common stock $ (370)     (370)  
Issuances of common stock (in shares)   562,065      
Issuances of common stock 11 $ 1 10    
Share-based compensation $ (4)   (2) (2)  
Balance (in shares) at Mar. 31, 2026 624,162,780 624,162,780      
Ending balance at Mar. 31, 2026 $ 23,806 $ 1,560 $ 12,914 $ 9,391 $ (59)
v3.26.1
Management's Opinion
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Management's Opinion
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of March 31, 2026 and Dec. 31, 2025; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, cash flows and changes in stockholders’ equity for the three months ended March 31, 2026 and 2025.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2026, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2025 balance sheet information has been derived from the audited 2025 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025, filed with the SEC on Feb. 25, 2026.
Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
v3.26.1
Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting Standards Update and Change in Accounting Principle [Text Block]
Recently Issued
Disaggregation of Income Statement Expenses — In November 2024, the FASB issued ASU 2024-03 – Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of additional detail for certain categories of income statement expenses. The ASU is effective for annual reporting periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027. Xcel Energy is evaluating the impact of the new disclosure guidance.
v3.26.1
Selected Balance Sheet Data
 3 Months Ended
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]  
Selected Balance Sheet Data
(Millions of Dollars)March 31, 2026Dec. 31, 2025
Accounts receivable, net
Accounts receivable$1,429 $1,419 
Less allowance for bad debts(83)(89)
Accounts receivable, net$1,346 $1,330 
(Millions of Dollars)March 31, 2026Dec. 31, 2025
Inventories
Materials and supplies$501 $489 
Fuel147 156 
Natural gas61 116 
Total inventories$709 $761 
(Millions of Dollars)March 31, 2026Dec. 31, 2025
Property, plant and equipment, net
Electric plant$63,127 $61,892 
Natural gas plant10,663 10,517 
Common and other property3,815 3,790 
Plant to be retired (a)
1,547 1,595 
Construction work in progress9,440 8,085 
Total property, plant and equipment88,592 85,879 
Less accumulated depreciation(21,242)(20,710)
Nuclear fuel3,693 3,678 
Less accumulated amortization(3,235)(3,208)
Property, plant and equipment, net$67,808 $65,639 
(a)Amounts include Sherco Units 1 & 3 and A.S. King for NSP-Minnesota; Comanche Unit 3, Craig Unit 2, Hayden Units 1 and 2 for PSCo; and Tolk Unit 1 and 2 for SPS. Amounts are presented net of accumulated depreciation.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 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 March 31, 2026Year Ended Dec. 31, 2025
Borrowing limit$6,250 $4,750 
Amount outstanding at period end1,480 1,550 
Average amount outstanding2,014 1,026 
Maximum amount outstanding2,419 2,965 
Weighted average interest rate, computed on a daily basis4.05 %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 March 31, 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 $675 $1,325 
PSCo1,200 48 1,152 
NSP-Minnesota800 44 756 
SPS600 55 545 
NSP-Wisconsin150 — 150 
Total$4,750 $822 $3,928 
(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 March 31, 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 March 31, 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 March 31, 2026, no 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 March 31, 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 March 31, 2026 there was $750 million outstanding under the term loan facility.
Long-Term Borrowings and Other Financing Instruments
During the three months ended March 31, 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.
On April 1, 2026, NSP-Wisconsin priced a private placement of $250 million of 5.48% first mortgage bonds due June 15, 2041. The closing of the sale of the bonds is subject to execution of a bond purchase agreement and customary closing conditions and is expected to occur in June 2026.
ATM Equity Offerings — In August 2025, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $4 billion of its common stock through an ATM program. In addition to the issuance and sale of shares of common stock to or through sales agents, Xcel Energy Inc. also may use the 2025 ATM program to enter into forward sale agreements under separate forward sale confirmations between Xcel Energy Inc. and a banking counterparty.
Forward Sale Agreements — 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 March 31, 2026:
Agreements EnteredCommon Shares (in millions)Final Maturity
Minimum Expected Proceeds (millions of dollars)
2025 forward equity agreements (a)
12.2
Dec. 2026 to May 2027 (b)
$932 
(c)
2025 collared forward equity agreements (a)
15.1Dec. 20261,044 
(d)
2026 forward equity agreements (a)
13.6
Dec. 2027 to Dec. 2028 (b)
1,098 
(c)
(a)Entered under the 2025 ATM prospectus supplement.
(b)Final maturity date varies by agreement. Xcel Energy may settle the agreements at any time until final maturity.
(c)Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.
(d)Pricing for the physical delivery of common shares will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement in December 2026, subject to a cap price and floor price derived from the September 2025 and December 2025 public offerings.
If settled in physical shares, stockholders’ equity equal to cash proceeds will be recorded at settlement.
The 2025 collared forward equity agreements cannot be settled until December 2026, and net cash settlement and net share settlement are generally unavailable. The 2025 and 2026 forward equity agreements could have been settled at March 31, 2026 with physical delivery of common shares to the banking counterparties in exchange for cash; if Xcel Energy unilaterally elected net cash or net share settlement, these agreements also could have been settled with cash or shares of common stock, as follows:
Pro-Forma/Hypothetical Transactions
Agreements EnteredNet Settlement proceeds (payments):Physical Share Delivery Proceeds (millions of dollars)
Common Shares (in millions)Net Cash (millions of dollars)
2025 forward equity agreements(0.5)$(44)$934 
2026 forward equity agreements0.2 14 1,099 
Equity through DRIP and Benefits Program — Xcel Energy issued $45 million and $30 million of equity through the DRIP and benefits programs during the three months ended March 31, 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 NSP-Minnesota’s First Mortgage Bonds — During the three months ended March 31, 2026, Xcel Energy Inc. purchased $48 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 $31 million. On a consolidated basis, Xcel Energy Inc.’s repurchases of NSP-Minnesota First Mortgage Bonds were accounted for as debt extinguishments and resulted in pre-tax gains of approximately $15 million, net of unamortized discount and debt issuance costs.
v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
Three Months Ended March 31, 2026
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$904 $612 $1 $1,517 
C&I1,392 334 9 1,735 
Other35 — 2 37 
Total retail2,331 946 12 3,289 
Wholesale217 — — 217 
Transmission186 — — 186 
Other12 50 — 62 
Total revenue from contracts with customers2,746 996 12 3,754 
Alternative revenue and other230 34 3 267 
Total revenues$2,976 $1,030 $15 $4,021 
Three Months Ended March 31, 2025
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$924 $632 $1 $1,557 
C&I1,333 320 10 1,663 
Other35 — 2 37 
Total retail2,292 952 13 3,257 
Wholesale206 — — 206 
Transmission172 — — 172 
Other17 51 — 68 
Total revenue from contracts with customers2,687 1,003 13 3,703 
Alternative revenue and other148 52 3 203 
Total revenues$2,835 $1,055 $16 $3,906 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense.
Effective income tax reconciliation:
Three Months Ended March 31
(Millions of Dollars)20262025
Income before income taxes (domestic)$509 $422 
Federal statutory rate impact107 89 
(Decreases) increases in tax from:
Tax credits
PTCs (a)
(141)(139)
Other(3)(4)
Regulatory adjustments (b)
AFUDC equity(17)(13)
Plant related excess deferred taxes(15)(14)
Other4 4 
State income taxes, net of federal tax effect (c)
22 14 
Other(4)2 
Income tax benefit$(47)$(61)
Three Months Ended March 31
20262025
Federal statutory rate21.0 %21.0 %
(Decreases) increases in tax from:
Tax credits
PTCs (a)
(27.8)(33.1)
Other(0.7)(1.0)
Regulatory adjustments (b)
AFUDC equity(3.4)(3.0)
Plant related excess deferred taxes(2.9)(3.2)
Other0.8 0.8 
State income taxes, net of federal tax effect (c)
4.3 3.3 
Other(0.5)0.7 
Effective income tax rate(9.2)%(14.5)%
(a)Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.
(b)Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate increases as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.
(c)State and local income taxes are primarily made up of the following jurisdictions: Minnesota, Colorado
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share
Basic EPS was computed by dividing the earnings available to common shareholders by the average weighted number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding.
Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled.
Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method.
Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted.
Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:
•Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period.
•Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.
Common shares outstanding used in the basic and diluted EPS computation:
Three Months Ended March 31
(Shares in Millions)20262025
Basic 624 575 
Diluted (a)
626 577 
(a)Diluted common shares outstanding included common stock equivalents of 2.0 million and 1.4 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Fair Value of Financial Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities
Fair Value Measurements
Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.
•Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.
•Level 2 — Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
•Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.
Specific valuation methods include:
Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity.
Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities.
Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.
Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification.
Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path.
The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments.
FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.
Net congestion costs, including the impact of FTR settlements, are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability.
Non-Derivative Fair Value Measurements
Nuclear Decommissioning Fund
The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust.
NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset or as a regulatory liability (dependent on funding status) for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset/liability.
Unrealized gains for the nuclear decommissioning fund were $1.7 billion and $1.8 billion as of March 31, 2026 and Dec. 31, 2025, respectively, and unrealized losses were $48 million and $47 million as of March 31, 2026 and Dec. 31, 2025, respectively.
Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
March 31, 2026
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$54 $54 $— $— $— $54 
Commingled funds722 — — — 1,074 1,074 
Debt securities988 — 971 11 — 982 
Equity securities497 1,788 1 — — 1,789 
Total$2,261 $1,842 $972 $11 $1,074 $3,899 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $272 million of equity method investments and $165 million of rabbi trust assets and other miscellaneous investments.
Dec. 31, 2025
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$60 $60 $— $— $— $60 
Commingled funds720 — — — 1,072 1,072 
Debt securities944 — 934 11 — 945 
Equity securities505 1,861 2 — — 1,863 
Total$2,229 $1,921 $936 $11 $1,072 $3,940 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $285 million of equity method investments and $164 million of rabbi trust assets and other miscellaneous investments.
For the three months ended March 31, 2026 and 2025, there were no transfers of Level 3 investments between levels.
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2026:
Final Contractual Maturity
(Millions of Dollars)Due in 1 Year or LessDue in 1 to 5 YearsDue in 5 to 10 YearsDue after 10 YearsTotal
Debt securities$8 $440 $339 $195 $982 
Rabbi Trusts
Xcel Energy has established rabbi trusts to provide partial funding for future deferred compensation plan distributions. The fair value of assets held in the rabbi trusts were $107 million at both March 31, 2026 and Dec. 31, 2025, comprised of cash equivalents and mutual funds (level 1 valuation methods). Amounts are reported in nuclear decommissioning fund and other investments on the consolidated balance sheet.
Derivative Activities and Fair Value Measurements
Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, and utility commodity prices.
Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income.
As of March 31, 2026, accumulated other comprehensive loss related to interest rate derivatives included $3 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of March 31, 2026, Xcel Energy had unsettled interest rate derivatives with a notional amount of $130 million.
See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income.
Wholesale and Commodity Trading — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.
Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.
Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs.
The most significant derivative positions outstanding at March 31, 2026 and Dec. 31, 2025 for this purpose relate to FTR instruments administered by MISO and SPP. These instruments are intended to offset the impacts of transmission system congestion.
When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of March 31, 2026, Xcel Energy had no commodity contracts designated as cash flow hedges.
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
March 31, 2026Dec. 31, 2025
MWh of electricity28 35 
MMBtu of natural gas40 31 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets.
Xcel Energy’s utility subsidiaries’ often have significant concentrations of credit risk with particular entities or industries in their wholesale, trading and non-trading commodity activities.
As of March 31, 2026, three of Xcel Energy’s ten most significant counterparties for these activities, comprising $27 million, or 20%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.
Six of the ten most significant counterparties, comprising $69 million, or 51%, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade.
One of these significant counterparties, comprising $14 million, or 10%, of this credit exposure, had credit quality less than investment grade, based on internal analysis.
Nine of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.
Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.
As of March 31, 2026 and Dec. 31, 2025, there were $4 million and $7 million of derivative liabilities with such underlying contract provisions.
Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.
As of March 31, 2026 and Dec. 31, 2025, there were approximately $42 million and $62 million of derivative liabilities with such underlying contract provisions, respectively.
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired.
Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2026 and Dec. 31, 2025, respectively.

Recurring Derivative Fair Value Measurements
Impact of derivative activity:
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2026
Derivatives designated as cash flow hedges:
Interest rate$4 $— 
Total$4 $— 
Other derivative instruments:
Electric commodity$— $(14)
Natural gas commodity— 10 
Total$— $(4)
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate$(4)$— 
Total$(4)$— 
Other derivative instruments:
Electric commodity$— $5 
Natural gas commodity— 7 
Total$— $12 


Pre-Tax (Gains) Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2026
Derivatives designated as cash flow hedges:
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments:
Commodity trading$— $— $4 
(b)
Electric commodity— (25)
(c)
— 
Natural gas commodity— — 

(14)
(d)(e)
Total$— $(25)$(10)
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments:
Commodity trading$— $— $(13)
(b)
Electric commodity— (5)
(c)
— 
Natural gas commodity— — (13)
(d)(e)
Total$— $(5)$(26)
(a)Recorded to interest charges.
(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c)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.
(d)Other than $2 million of 2026 and 2025 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(e)Relates primarily to option premium amortization.
Xcel Energy had no derivative instruments designated as fair value hedges during the three months ended March 31, 2026 and 2025.
Fair Value of Long-Term Debt
Other financial instruments for which the carrying amount did not equal fair value:
March 31, 2026Dec. 31, 2025
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$35,553 $32,563 $32,333 $29,943 
Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of March 31, 2026 and Dec. 31, 2025, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Legal
Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. 
Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.
In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s consolidated financial statements. Legal fees are generally expensed as incurred.
2024 Smokehouse Creek Fire Complex — On February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the “Smokehouse Creek Fire Complex”). The Texas A&M Forest Service issued incident reports that determined that the Smokehouse Creek Fire and the 687 Reamer Fire were caused by power lines owned by SPS after wooden poles near each fire origin failed. According to the Texas A&M Forest Service’s Incident Viewer and news reports, the Smokehouse Creek Fire Complex burned approximately 1,055,000 acres.
SPS is aware of approximately 73 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex. The complaints, which assert claims on behalf of one or more plaintiffs, generally allege that SPS’ equipment ignited the Smokehouse Creek Fire Complex and seek compensation for losses resulting from the fire, asserting various causes of action under Texas law. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. Of the 73 complaints, 26 have been resolved.
SPS has received 304 claims through its claims process, net of duplicative, withdrawn and denied claims, and has reached final settlements on 231 of those claims as of the date of this filing. In addition to filed complaints and claims made through SPS’ claims process, SPS has also received information from attorneys for approximately 107 claims which have not been submitted through the claims process and have also not been filed as lawsuits and has reached settlement of 79 of those claims through mediation.
A higher amount of claims was received in the first quarter of 2026, relative to recent months, which SPS believes is due to the generally applicable two-year statute of limitations for claims for property damage in Texas.
In December 2025, the Texas Attorney General’s office filed a lawsuit against SPS regarding the Smokehouse Creek Fire, seeking monetary damages and civil penalties for losses to property and wildlife resulting from the fires. In February 2026, pending resolution of the lawsuit, SPS and the Texas Attorney General’s office jointly filed a temporary injunction agreeing to certain distribution pole replacement procedures, largely consistent with current procedures.
SPS has settled claims related to both fatalities believed to be associated with the Smokehouse Creek Fire Complex. Settlements have also been reached with the subrogated insurer plaintiffs as well as the three largest claims asserted from the fire, as measured by fire-impacted acreage. Settlements reached as of the date of this filing total $397 million of expected loss payments, of which $385 million and $374 million were paid through March 31, 2026 and Dec. 31, 2025, respectively.
Based on the current state of the law and the facts and circumstances available as of the date of this filing, Xcel Energy has recorded $63 million of remaining estimated probable losses for the matter (before available insurance), for a total estimated loss of $460 million. Additionally, approximately $40 million in legal costs have been incurred as of March 31, 2026, resulting in total estimated losses and incurred costs related to this proceeding of $500 million as of March 31, 2026. An estimated liability of $75 million and $56 million for estimated losses is presented in other current liabilities as of March 31, 2026 and Dec. 31, 2025, respectively.
The estimated remaining probable losses for complaints and claims in connection with the Smokehouse Creek Fire Complex (before available insurance) represents the low end of the range for remaining reasonably estimable losses and is subject to change as additional information becomes available. This estimate does not include amounts for (i) potential penalties or fines that may be imposed by governmental entities on Xcel Energy, (ii) exemplary or punitive damages, (iii) compensation claims by federal, state, county and local government entities or agencies, (iv) unsettled compensation claims for damage to oil and gas equipment, or (v) other amounts that are not reasonably estimable.
Xcel Energy remains unable to reasonably estimate any additional loss or the upper end of the range because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the nature of demands that may be made. Resolution of remaining complaints and claims associated with the Smokehouse Creek Fire Complex could exceed our insurance coverage of $525 million for the annual policy period (of which approximately $90 million of coverage remains after consideration of settlements reached and legal costs incurred through March 31, 2026) and could have a material adverse effect on our financial condition, results of operations or cash flows.
The process for estimating losses associated with potential claims related to the Smokehouse Creek Fire Complex requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the Smokehouse Creek Fire Complex may change.
Texas law does not apply strict liability in determining an electric utility company’s liability for fire-related damages. For negligence claims under Texas law, a public utility has a duty to exercise ordinary and reasonable care.
Potential liabilities related to the Smokehouse Creek Fire Complex depend on various factors, including the cause of the equipment failure and the extent and magnitude of potential damages, including damages to residential and commercial structures, personal property, vegetation, livestock and livestock feed (including replacement feed), personal injuries and any other damages, penalties, fines or restitution that may be imposed by courts or other governmental entities if SPS is found to have been negligent.
SPS records insurance recoveries when it is deemed probable that recovery will occur, and SPS can reasonably estimate the amount or range. Insurance receivables for estimated losses of approximately $185 million and $195 million, net of recoveries received are presented in prepayments and other current assets as of March 31, 2026 and Dec. 31, 2025, respectively. While SPS plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries.
Marshall Wildfire Litigation — In December 2021, a wildfire occurred in Boulder County, Colorado (Marshall Fire). According to a 2023 report of the Boulder County Sheriff, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado for reasons unrelated to PSCo’s power lines. Also according to the report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, approximately 80 to 110 feet away from PSCo’s power lines in the area.
PSCo received complaints alleging that PSCo’s equipment ignited the Marshall Fire and asserted various causes of action under Colorado law. In addition to asserting claims against PSCo and certain of its affiliates, various plaintiffs asserted claims against certain telecommunications companies.
In September 2025, Xcel Energy, Qwest Corporation and Teleport Communications America, LLC reached settlement agreements in principle that resolve all claims asserted by the subrogation insurers, the public entity plaintiffs and individual plaintiffs, and required PSCo to make settlement payments of $640 million. PSCo did not admit any fault, wrongdoing or negligence in connection with these settlement agreements.
As a result of settlements as well as legal and other costs of the matter, PSCo recognized charges to earnings of $298 million in the year ended Dec. 31, 2025, after consideration of total costs expected to be reimbursed by insurance. In the first quarter of 2026, PSCo increased its estimated amount recoverable from insurance resulting in a $22 million credit to earnings. As of April 2026, final settlement documentation has been executed with the subrogation insurers, the public entity plaintiffs and nearly all the individual plaintiffs, and these parties have received payment. The only remaining litigation concerns three related individual plaintiffs who continue to prosecute their claims.
Remaining estimated liabilities of $7 million and $5 million are presented in other current liabilities as of March 31, 2026 and Dec. 31, 2025, respectively.
PSCo records insurance recoveries when it is deemed probable that recovery will occur, and PSCo can reasonably estimate the amount or range. Insurance receivables of $25 million and $353 million related to settlements are presented in prepayments and other current assets as of March 31, 2026 and Dec. 31, 2025, respectively.
Rate Matters and Other
Xcel Energy’s operating subsidiaries are involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements.
Prairie Island Outage Prudency Review — In March 2024, NSP-Minnesota filed its annual fuel clause adjustment true-up petition to the MPUC. In a response to that petition, intervenors recommended refunds for replacement power costs related to an outage at the Prairie Island generating station (October 2023 through February 2024).
In a September 2024 decision, the MPUC ruled NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in the extended outage. The MPUC did not quantify the refund and referred the determination of the refund amount to the Office of Administrative Hearings. NSP-Minnesota recorded an estimated liability for a customer refund in 2024.
In March 2026, the ALJ recommended a $41 million disallowance of estimated replacement power costs. As a result, in the first quarter of 2026, NSP-Minnesota recognized an incremental $37 million in customer refunds, including interest, to electric revenues. A MPUC decision is expected in the second quarter of 2026.
Environmental
New and changing federal and state environmental mandates can create financial liabilities for Xcel Energy, which are normally recovered through the regulated rate process.
Site Remediation
Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. Xcel Energy Inc.’s subsidiaries may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination.
Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which one or more of Xcel Energy Inc.’s subsidiaries are alleged to have sent wastes to that site.
MGP, Landfill and Disposal Sites
Xcel Energy is investigating, remediating or performing post-closure actions at 15 historical MGP, landfill or other disposal sites across its service territories, excluding sites that are being addressed under current coal ash regulations (see below).
Xcel Energy has approximately $15 million of remaining liabilities for resolution of these issues, however, the final outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
Water and Waste
Coal Ash Regulation — Xcel Energy is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.
In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.
As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.
If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions.
Xcel Energy continues to perform site investigation activities related to the CCR Rule, which may result in updates to estimated costs as well as identification of additional required corrective actions.
In February 2026, the EPA issued a final rule amending the CCR Legacy rule. The ruling extends deadlines for various regulatory actions and clarifies previous information regarding implementation of the rule. Xcel Energy anticipates impacts to be consistent with prior accruals.
In April 2026, the EPA published a new proposed rule with additional amendments to the CCR Legacy Rule. Xcel Energy is evaluating this proposed rule and its potential impacts. 
Air
Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act that established NOx allowance budgets for fossil fuel-fired electric generating facilities in subject states. The final rule establishes a federal plan and applies to generation facilities in Minnesota, Texas, and Wisconsin, as well as other states outside of our service territory. The EPA later proposed to include New Mexico in the federal plan.
If the rule is implemented, Xcel Energy anticipates the annual costs could be significant but would be recoverable through regulatory mechanisms. However, the plan is subject to both judicial and administrative stays while the EPA reconsiders the rule. In January 2026, the EPA proposed Phase 1 of its reconsideration of the “Good Neighbor” rule. Xcel Energy will continue to evaluate any additional phases of the reconsideration of this rule as they are published by the EPA.
Leases
PPA finance lease payments are allocated between interest charges and depreciation and amortization on the consolidated statements of income. PPA operating lease payments are included in electric fuel and purchased power, and expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Components of lease expense:
Three Months Ended March 31
(Millions of Dollars)20262025
Operating leases
PPA capacity payments$29 $57 
Other operating leases (a)
13 13 
Total operating lease expense$42 $70 
Finance leases
Amortization of ROU assets$10 $1 
Interest expense on lease liability22 4 
Total finance lease expense$32 $5 
(a)Includes immaterial short-term lease expense.
Commitments under operating and finance leases as of March 31, 2026:
(Millions of Dollars)PPA Operating
Leases		Other Operating
Leases		Total Operating
Leases
Finance
 Leases (a)
Total minimum obligation$603 $620 $1,223 $2,223 
Interest component of obligation(86)(265)(351)(885)
Present value of minimum obligation$517 $355 872 1,338 
Less current portion(111)(40)
Noncurrent operating and finance lease liabilities$761 $1,298 
(a)Excludes certain amounts related to PSCo’s lease obligations given Xcel Energy’s 50% ownership interest in WYCO.
Variable Interest Entities
Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. Xcel Energy has determined that certain IPPs are VIEs, however Xcel Energy is not directly subject to risk of loss from the operations of these entities, and no additional significant financial support is required other than contractual payments for energy and capacity.
In addition, certain solar PPAs provide an option to purchase emission allowances or sharing provisions for specified transactions. These specific PPAs create a variable interest in the IPP.
Xcel Energy evaluated each of these VIEs for possible consolidation and concluded that these entities are not required to be consolidated in its consolidated financial statements because Xcel Energy does not have the power to direct the activities that most significantly impact the entities’ economic performance.
The utility subsidiaries had 3,476 MW of capacity under long-term PPAs at both March 31, 2026 and Dec. 31, 2025 with entities that have been determined to be variable interest entities. The PPAs have expiration dates through 2048.
Other
Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount.
As of March 31, 2026 and Dec. 31, 2025, Xcel Energy had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $120 million at March 31, 2026 and Dec. 31, 2025.
Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold, as well as disallowances or reductions to the contractual amounts of tax credit transfers.
Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.
v3.26.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive loss, net of tax:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(25)$(38)$(63)$(29)$(39)$(68)
Other comprehensive gain (loss) before reclassifications
3 — 3 (5)— (5)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
1 — 1 1 — 1 
Net current period other comprehensive income (loss)4 — 4 (4)— (4)
Accumulated other comprehensive loss at March 31$(21)$(38)$(59)$(33)$(39)$(72)
(a)Included in interest charges.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
Segment information and reconciliation to Xcel Energy’s consolidated net income:
Three Months Ended March 31, 2026
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,976 $1,030 $4,006 
Intersegment revenue— 4 4 
Total segment revenues2,976 1,034 4,010 
Electric fuel and purchased power1,019 — 1,019 
Cost of natural gas sold and transported— 520 520 
O&M expenses558 106 664 
Depreciation and amortization653 110 763 
Other segment expenses, net144 42 186 
Interest charges and financing costs250 34 284 
Income tax (benefit) expense (77)52 (25)
Net income$429 $170 $599 
Total segment net income$599 
Non-segment net loss(43)
Consolidated net income$556 
Three Months Ended March 31, 2025
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,835 $1,055 $3,890 
Intersegment revenue— 5 5 
Total segment revenues2,835 1,060 3,895 
Electric fuel and purchased power1,020 — 1,020 
Cost of natural gas sold and transported— 513 513 
O&M expenses567 106 673 
Depreciation and amortization625 99 724 
Other segment expenses, net172 56 228 
Interest charges and financing costs204 30 234 
Income tax (benefit) expense (95)61 (34)
Net income$342 $195 $537 
Total segment net income$537 
Non-segment net loss(54)
Consolidated net income$483 
Equity method investments in the regulated natural gas utility segment of $66 million and $81 million at March 31, 2026 and Dec. 31, 2025, respectively, primarily relate to WYCO. Non-segment equity method investments of $206 million and $204 million as of March 31, 2026 and Dec. 31, 2025, respectively, relate to investments in energy technology funds.
Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.
Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
Other segment expenses, net, for the reportable segments includes wildfire litigation expense, conservation and DSM expenses, taxes (other than income taxes), other income, net, earnings from equity method investments, intersegment expenses and AFUDC - equity.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Selected Balance Sheet Data (Tables)
 3 Months Ended
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]  
Accounts receivable, net
(Millions of Dollars)March 31, 2026Dec. 31, 2025
Accounts receivable, net
Accounts receivable$1,429 $1,419 
Less allowance for bad debts(83)(89)
Accounts receivable, net$1,346 $1,330 
Inventories
(Millions of Dollars)March 31, 2026Dec. 31, 2025
Inventories
Materials and supplies$501 $489 
Fuel147 156 
Natural gas61 116 
Total inventories$709 $761 
Property, plant and equipment, net
(Millions of Dollars)March 31, 2026Dec. 31, 2025
Property, plant and equipment, net
Electric plant$63,127 $61,892 
Natural gas plant10,663 10,517 
Common and other property3,815 3,790 
Plant to be retired (a)
1,547 1,595 
Construction work in progress9,440 8,085 
Total property, plant and equipment88,592 85,879 
Less accumulated depreciation(21,242)(20,710)
Nuclear fuel3,693 3,678 
Less accumulated amortization(3,235)(3,208)
Property, plant and equipment, net$67,808 $65,639 
(a)Amounts include Sherco Units 1 & 3 and A.S. King for NSP-Minnesota; Comanche Unit 3, Craig Unit 2, Hayden Units 1 and 2 for PSCo; and Tolk Unit 1 and 2 for SPS. Amounts are presented net of accumulated depreciation.
v3.26.1
Borrowings and Other Financing Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Commercial paper and term loan borrowings
Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2026Year Ended Dec. 31, 2025
Borrowing limit$6,250 $4,750 
Amount outstanding at period end1,480 1,550 
Average amount outstanding2,014 1,026 
Maximum amount outstanding2,419 2,965 
Weighted average interest rate, computed on a daily basis4.05 %4.41 %
Weighted average interest rate at period end4.31 3.95 
Credit Facilities
As of March 31, 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 $675 $1,325 
PSCo1,200 48 1,152 
NSP-Minnesota800 44 756 
SPS600 55 545 
NSP-Wisconsin150 — 150 
Total$4,750 $822 $3,928 
(a)Expires in December 2029.
(b)Includes outstanding commercial paper and letters of credit.
Schedule of Forward Contracts Indexed to Issuer's Equity
Agreements EnteredCommon Shares (in millions)Final Maturity
Minimum Expected Proceeds (millions of dollars)
2025 forward equity agreements (a)
12.2
Dec. 2026 to May 2027 (b)
$932 
(c)
2025 collared forward equity agreements (a)
15.1Dec. 20261,044 
(d)
2026 forward equity agreements (a)
13.6
Dec. 2027 to Dec. 2028 (b)
1,098 
(c)
(a)Entered under the 2025 ATM prospectus supplement.
(b)Final maturity date varies by agreement. Xcel Energy may settle the agreements at any time until final maturity.
(c)Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.
(d)Pricing for the physical delivery of common shares will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement in December 2026, subject to a cap price and floor price derived from the September 2025 and December 2025 public offerings.
Pro-Forma/Hypothetical Transactions
Pro-Forma/Hypothetical Transactions
Agreements EnteredNet Settlement proceeds (payments):Physical Share Delivery Proceeds (millions of dollars)
Common Shares (in millions)Net Cash (millions of dollars)
2025 forward equity agreements(0.5)$(44)$934 
2026 forward equity agreements0.2 14 1,099 
v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue Xcel Energy’s operating revenues consisted of the following:
Three Months Ended March 31, 2026
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$904 $612 $1 $1,517 
C&I1,392 334 9 1,735 
Other35 — 2 37 
Total retail2,331 946 12 3,289 
Wholesale217 — — 217 
Transmission186 — — 186 
Other12 50 — 62 
Total revenue from contracts with customers2,746 996 12 3,754 
Alternative revenue and other230 34 3 267 
Total revenues$2,976 $1,030 $15 $4,021 
Three Months Ended March 31, 2025
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$924 $632 $1 $1,557 
C&I1,333 320 10 1,663 
Other35 — 2 37 
Total retail2,292 952 13 3,257 
Wholesale206 — — 206 
Transmission172 — — 172 
Other17 51 — 68 
Total revenue from contracts with customers2,687 1,003 13 3,703 
Alternative revenue and other148 52 3 203 
Total revenues$2,835 $1,055 $16 $3,906 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Effective income tax reconciliation:
Three Months Ended March 31
(Millions of Dollars)20262025
Income before income taxes (domestic)$509 $422 
Federal statutory rate impact107 89 
(Decreases) increases in tax from:
Tax credits
PTCs (a)
(141)(139)
Other(3)(4)
Regulatory adjustments (b)
AFUDC equity(17)(13)
Plant related excess deferred taxes(15)(14)
Other4 4 
State income taxes, net of federal tax effect (c)
22 14 
Other(4)2 
Income tax benefit$(47)$(61)
Three Months Ended March 31
20262025
Federal statutory rate21.0 %21.0 %
(Decreases) increases in tax from:
Tax credits
PTCs (a)
(27.8)(33.1)
Other(0.7)(1.0)
Regulatory adjustments (b)
AFUDC equity(3.4)(3.0)
Plant related excess deferred taxes(2.9)(3.2)
Other0.8 0.8 
State income taxes, net of federal tax effect (c)
4.3 3.3 
Other(0.5)0.7 
Effective income tax rate(9.2)%(14.5)%
(a)Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.
(b)Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate increases as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.
(c)State and local income taxes are primarily made up of the following jurisdictions: Minnesota, Colorado
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares [Table Text Block]
Common shares outstanding used in the basic and diluted EPS computation:
Three Months Ended March 31
(Shares in Millions)20262025
Basic 624 575 
Diluted (a)
626 577 
(a)Diluted common shares outstanding included common stock equivalents of 2.0 million and 1.4 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Fair Value of Financial Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Cost and Fair Value of Nuclear Decommissioning Fund Investments
Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
March 31, 2026
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$54 $54 $— $— $— $54 
Commingled funds722 — — — 1,074 1,074 
Debt securities988 — 971 11 — 982 
Equity securities497 1,788 1 — — 1,789 
Total$2,261 $1,842 $972 $11 $1,074 $3,899 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $272 million of equity method investments and $165 million of rabbi trust assets and other miscellaneous investments.
Dec. 31, 2025
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$60 $60 $— $— $— $60 
Commingled funds720 — — — 1,072 1,072 
Debt securities944 — 934 11 — 945 
Equity securities505 1,861 2 — — 1,863 
Total$2,229 $1,921 $936 $11 $1,072 $3,940 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $285 million of equity method investments and $164 million of rabbi trust assets and other miscellaneous investments.
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2026:
Final Contractual Maturity
(Millions of Dollars)Due in 1 Year or LessDue in 1 to 5 YearsDue in 5 to 10 YearsDue after 10 YearsTotal
Debt securities$8 $440 $339 $195 $982 
Gross Notional Amounts of Commodity Forwards, Options, and FTRs
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
March 31, 2026Dec. 31, 2025
MWh of electricity28 35 
MMBtu of natural gas40 31 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2026
Derivatives designated as cash flow hedges:
Interest rate$4 $— 
Total$4 $— 
Other derivative instruments:
Electric commodity$— $(14)
Natural gas commodity— 10 
Total$— $(4)
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate$(4)$— 
Total$(4)$— 
Other derivative instruments:
Electric commodity$— $5 
Natural gas commodity— 7 
Total$— $12 
Pre-Tax (Gains) Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2026
Derivatives designated as cash flow hedges:
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments:
Commodity trading$— $— $4 
(b)
Electric commodity— (25)
(c)
— 
Natural gas commodity— — 

(14)
(d)(e)
Total$— $(25)$(10)
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments:
Commodity trading$— $— $(13)
(b)
Electric commodity— (5)
(c)
— 
Natural gas commodity— — (13)
(d)(e)
Total$— $(5)$(26)
(a)Recorded to interest charges.
(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c)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.
(d)Other than $2 million of 2026 and 2025 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(e)Relates primarily to option premium amortization.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
March 31, 2026Dec. 31, 2025
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Derivatives designated as cash flow hedges:
Interest rate$— $4 $— $4 $— $4 $— $1 $— $1 $— $1 
Other derivative instruments:
Commodity trading$3 $9 $4 $16 $(12)$4 $2 $13 $7 $22 $(16)$6 
Electric commodity— — 131 131 (1)130 — — 147 147 (3)144 
Natural gas commodity— — — — — — — 14 — 14 — 14 
Total current derivative assets$3 $13 $135 $151 $(13)$138 $2 $28 $154 $184 $(19)$165 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$3 $25 $25 $53 $(7)$46 $3 $28 $34 $65 $(11)$54 
Electric commodity— — 20 20 — 20 — — — — — — 
Total noncurrent derivative assets$3 $25 $45 $73 $(7)$66 $3 $28 $34 $65 $(11)$54 
March 31, 2026Dec. 31, 2025
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$5 $17 $6 $28 $(14)$14 $5 $22 $6 $33 $(18)$15 
Electric commodity— — 1 1 (1)— — — 3 3 (3)— 
Natural gas commodity— — — — — — — 10 — 10 — 10 
Total current derivative liabilities$5 $17 $7 $29 $(15)14 $5 $32 $9 $46 $(21)25 
PPAs (b)
6 6 
Current derivative instruments$20 $31 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$4 $18 $34 $56 $(9)$47 $6 $24 $40 $70 $(13)$57 
Total noncurrent derivative liabilities$4 $18 $34 $56 $(9)47 $6 $24 $40 $70 $(13)57 
PPAs (b)
9 10 
Noncurrent derivative instruments$56 $67 
(a)Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At both March 31, 2026 and Dec. 31, 2025, derivative assets and liabilities include rights to reclaim cash collateral of $4 million. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)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.
Change in Level 3 Commodity Derivative
Changes in Level 3 commodity derivatives:
Three Months Ended March 31
(Millions of Dollars)20262025
Balance at Jan. 1$139 $99 
Purchases (a)
105 66 
Settlements (a)
(47)(57)
Net transactions recorded during the period:
Losses recognized in earnings (b)
(7)(2)
Net (losses) gains recognized as regulatory assets and liabilities (a)
(51)12 
Balance at March 31$139 $118 
(a)Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.
(b)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.
Carrying Amount and Fair Value of Long-term Debt
March 31, 2026Dec. 31, 2025
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$35,553 $32,563 $32,333 $29,943 
v3.26.1
Benefit Plans and Other Postretirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost (Credit)
Components of Net Periodic Benefit Cost (Credit)
Three Months Ended March 31
2026202520262025
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$20 $19 $— $— 
Interest cost (a)
39 39 6 6 
Expected return on plan assets (a)
(50)(52)(5)(5)
Amortization of net loss (a)
11 7 1 1 
Net periodic benefit cost20 13 2 2 
Effects of regulation(1)2 — — 
Net benefit cost recognized for financial reporting$19 $15 $2 $2 
(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
 [1]
[1] The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
v3.26.1
Commitment and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Finance Lease, Liability, Fiscal Year Maturity
Commitments under operating and finance leases as of March 31, 2026:
(Millions of Dollars)PPA Operating
Leases		Other Operating
Leases		Total Operating
Leases
Finance
 Leases (a)
Total minimum obligation$603 $620 $1,223 $2,223 
Interest component of obligation(86)(265)(351)(885)
Present value of minimum obligation$517 $355 872 1,338 
Less current portion(111)(40)
Noncurrent operating and finance lease liabilities$761 $1,298 
(a)Excludes certain amounts related to PSCo’s lease obligations given Xcel Energy’s 50% ownership interest in WYCO.
Lease, Cost
Components of lease expense:
Three Months Ended March 31
(Millions of Dollars)20262025
Operating leases
PPA capacity payments$29 $57 
Other operating leases (a)
13 13 
Total operating lease expense$42 $70 
Finance leases
Amortization of ROU assets$10 $1 
Interest expense on lease liability22 4 
Total finance lease expense$32 $5 
(a)Includes immaterial short-term lease expense.
v3.26.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax
Changes in accumulated other comprehensive loss, net of tax:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(25)$(38)$(63)$(29)$(39)$(68)
Other comprehensive gain (loss) before reclassifications
3 — 3 (5)— (5)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
1 — 1 1 — 1 
Net current period other comprehensive income (loss)4 — 4 (4)— (4)
Accumulated other comprehensive loss at March 31$(21)$(38)$(59)$(33)$(39)$(72)
(a)Included in interest charges.
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Results from Operations by Reportable Segment
Segment information and reconciliation to Xcel Energy’s consolidated net income:
Three Months Ended March 31, 2026
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,976 $1,030 $4,006 
Intersegment revenue— 4 4 
Total segment revenues2,976 1,034 4,010 
Electric fuel and purchased power1,019 — 1,019 
Cost of natural gas sold and transported— 520 520 
O&M expenses558 106 664 
Depreciation and amortization653 110 763 
Other segment expenses, net144 42 186 
Interest charges and financing costs250 34 284 
Income tax (benefit) expense (77)52 (25)
Net income$429 $170 $599 
Total segment net income$599 
Non-segment net loss(43)
Consolidated net income$556 
Three Months Ended March 31, 2025
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,835 $1,055 $3,890 
Intersegment revenue— 5 5 
Total segment revenues2,835 1,060 3,895 
Electric fuel and purchased power1,020 — 1,020 
Cost of natural gas sold and transported— 513 513 
O&M expenses567 106 673 
Depreciation and amortization625 99 724 
Other segment expenses, net172 56 228 
Interest charges and financing costs204 30 234 
Income tax (benefit) expense (95)61 (34)
Net income$342 $195 $537 
Total segment net income$537 
Non-segment net loss(54)
Consolidated net income$483 
v3.26.1
Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]    
Accounts receivable $ 1,429 $ 1,419
Less allowance for bad debts (83) (89)
Accounts receivable, net $ 1,346 $ 1,330
v3.26.1
Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Public Utilities, Inventory [Line Items]    
Total inventories $ 709 $ 761
Materials and supplies    
Public Utilities, Inventory [Line Items]    
Inventories 501 489
Fuel    
Public Utilities, Inventory [Line Items]    
Inventories 147 156
Natural gas    
Public Utilities, Inventory [Line Items]    
Inventories $ 61 $ 116
v3.26.1
Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Public Utility, Property, Plant and Equipment [Line Items]    
Common and other property $ 3,815 $ 3,790
Plant to be retired [1] 1,547 1,595
Construction work in progress 9,440 8,085
Total property, plant and equipment 88,592 85,879
Less accumulated depreciation (21,242) (20,710)
Nuclear fuel 3,693 3,678
Less accumulated amortization (3,235) (3,208)
Property, plant and equipment, net 67,808 65,639
Electric plant    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant 63,127 61,892
Natural gas plant    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant $ 10,663 $ 10,517
[1] Amounts include Sherco Units 1 & 3 and A.S. King for NSP-Minnesota; Comanche Unit 3, Craig Unit 2, Hayden Units 1 and 2 for PSCo; and Tolk Unit 1 and 2 for SPS. Amounts are presented net of accumulated depreciation.
v3.26.1
Short-Term Debt (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Short-term Debt [Line Items]    
Amount outstanding at period end $ 1,480 $ 1,550
Commercial Paper    
Short-term Debt [Line Items]    
Borrowing limit 6,250 4,750
Amount outstanding at period end 1,480 1,550
Average amount outstanding 2,014 1,026
Maximum amount outstanding $ 2,419 $ 2,965
Weighted average interest rate, computed on a daily basis 4.05% 4.41%
Weighted average interest rate at period end 4.31% 3.95%
Letter of Credit    
Short-term Debt [Line Items]    
Amount outstanding at period end $ 92 $ 92
v3.26.1
Letters of Credit (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Amount outstanding at period end $ 1,480 $ 1,550
Letter of Credit    
Line of Credit Facility [Line Items]    
Amount outstanding at period end 92 92
Letter of Credit | Continuing Letter of Credit Agreement | NSP-Minnesota    
Line of Credit Facility [Line Items]    
Amount outstanding at period end 0  
Credit Facility 50  
Letter of Credit | Continuing Letter of Credit Agreement | PSCo    
Line of Credit Facility [Line Items]    
Amount outstanding at period end 0  
Credit Facility 50  
Letter of Credit | Continuing Letter of Credit Agreement | SPS    
Line of Credit Facility [Line Items]    
Amount outstanding at period end 0  
Credit Facility 150  
Letter of Credit | Bilateral Credit Agreement [Member] | NSP-Minnesota    
Line of Credit Facility [Line Items]    
Amount outstanding at period end 69 69
Credit Facility $ 75 $ 75
v3.26.1
Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Credit Facility [1] $ 4,750  
Outstanding [2] 822  
Available 3,928  
Direct advances on the credit facility outstanding 0 $ 0
PSCo    
Line of Credit Facility [Line Items]    
Credit Facility [1] 1,200  
Outstanding [2] 48  
Available 1,152  
NSP-Minnesota    
Line of Credit Facility [Line Items]    
Credit Facility [1] 800  
Outstanding [2] 44  
Available 756  
SPS    
Line of Credit Facility [Line Items]    
Credit Facility [1] 600  
Outstanding [2] 55  
Available 545  
NSP-Wisconsin    
Line of Credit Facility [Line Items]    
Credit Facility [1] 150  
Outstanding [2] 0  
Available 150  
Xcel Energy Inc.    
Line of Credit Facility [Line Items]    
Credit Facility [1] 2,000  
Outstanding [2] 675  
Available $ 1,325  
[1] Expires in December 2029.
[2] Includes outstanding commercial paper and letters of credit.
v3.26.1
Borrowings and Other Financing Instruments Term Loan (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Short-term Debt [Line Items]      
Amount outstanding at period end $ 1,480   $ 1,550
Proceeds from issuance of common stock 1 $ 122  
Letter of Credit      
Short-term Debt [Line Items]      
Amount outstanding at period end 92   $ 92
Short-Term Debt | Xcel Energy Inc. | 364-Day Term Loan      
Short-term Debt [Line Items]      
Credit Facility 1,500    
Available $ 750    
Required debt to total capitalization ratio 70.00%    
Debt Instrument, Basis Spread on Variable Rate 0.85%    
v3.26.1
Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Short-term Debt [Line Items]    
Amount outstanding at period end $ 1,480 $ 1,550
Letter of Credit    
Short-term Debt [Line Items]    
Amount outstanding at period end $ 92 92
Bilateral Credit Agreement [Member] | NSP-Minnesota | Letter of Credit    
Short-term Debt [Line Items]    
Debt Instrument, Term 1 year  
Amount outstanding at period end $ 69 69
Credit Facility $ 75 $ 75
v3.26.1
Borrowings and Other Financing Instruments Long-Term Borrowings (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Series Due March 13, 2029 | Bonds [Member] | PSCo  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Debt Instrument, Face Amount $ 700
Debt Instrument, Interest Rate, Stated Percentage 4.15%
Series Due June 15, 2036 | Bonds [Member] | PSCo  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Debt Instrument, Face Amount $ 600
Debt Instrument, Interest Rate, Stated Percentage 5.05%
Series Due June 15, 2041 | Bonds [Member] | NSP-Wisconsin  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Debt Instrument, Face Amount $ 250
Debt Instrument, Interest Rate, Stated Percentage 5.48%
Series due May 15, 2036 | Bonds [Member] | NSP-Minnesota  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Debt Instrument, Face Amount $ 600
Debt Instrument, Interest Rate, Stated Percentage 4.85%
Series due May 15, 2056 | Bonds [Member] | NSP-Minnesota  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Debt Instrument, Face Amount $ 600
Debt Instrument, Interest Rate, Stated Percentage 5.55%
364-Day Term Loan | Xcel Energy Inc. | Short-Term Debt  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Credit Facility $ 1,500
Series Due 2056 [Member] | Bonds [Member] | XCEL ENERGY INC [Member]  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Debt Instrument, Face Amount $ 800
Debt Instrument, Interest Rate, Stated Percentage 5.75%
v3.26.1
Borrowings and Other Financing Instruments Equity through DRIP and Benefits Program (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Forward Contract Indexed to Issuer's Equity [Line Items]    
Proceeds from issuance of common stock $ 1 $ 122
Dividend Reinvestment Program    
Forward Contract Indexed to Issuer's Equity [Line Items]    
Proceeds from issuance of common stock $ 45 $ 30
v3.26.1
ATM Program (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
ATM Program Total Available Proceeds $ 4,000
v3.26.1
Borrowings and Other Financing Instruments Forward Equity Agreements (Details)
shares in Millions, $ in Millions
Mar. 31, 2026
USD ($)
shares
2025 Forward Equity Agreements  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Common Stock, Shares to be Issued through forward Equity Agreement | shares 12.2 [1],[2]
Period End Settlement Price, in Cash $ 934
Period End Net Cash Settlement Price $ (44)
Period End Net Share Settlement Price | shares (0.5)
Expected Settlement Price $ 932 [1],[3]
2025 Collared Forward Equity Agreements  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Common Stock, Shares to be Issued through forward Equity Agreement | shares 15.1 [1]
Expected Settlement Price $ 1,044 [1],[4]
2026 Forward Equity Agreement  
Forward Contract Indexed to Issuer's Equity [Line Items]  
Common Stock, Shares to be Issued through forward Equity Agreement | shares 13.6 [1],[2]
Period End Settlement Price, in Cash $ 1,099
Period End Net Cash Settlement Price $ 14
Period End Net Share Settlement Price | shares 0.2
Expected Settlement Price $ 1,098 [1],[3]
[1] Entered under the 2025 ATM prospectus supplement.
[2] Final maturity date varies by agreement. Xcel Energy may settle the agreements at any time until final maturity.
[3] 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.
[4] Pricing for the physical delivery of common shares will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement in December 2026, subject to a cap price and floor price derived from the September 2025 and December 2025 public offerings.
v3.26.1
Borrowings and Other Financing Instruments Debt Repurchase (Details) - NSP-Minnesota
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
Debt Instrument, Repurchased Face Amount $ 48
Debt Instrument, Repurchase Amount 31
Gain (Loss) on Repurchase of Debt Instrument 15
Debt Repurchase [Line Items]  
Debt Instrument, Repurchased Face Amount 48
Debt Instrument, Repurchase Amount 31
Gain (Loss) on Repurchase of Debt Instrument $ 15
Series due March 1, 2050 | Bonds [Member]  
Debt Disclosure [Abstract]  
Debt Instrument, Interest Rate, Stated Percentage 2.90%
Debt Repurchase [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 2.90%
Series Due June 1, 2051 [Domain] | Bonds [Member]  
Debt Disclosure [Abstract]  
Debt Instrument, Interest Rate, Stated Percentage 2.60%
Debt Repurchase [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 2.60%
Series due April 1, 2052 | Bonds [Member]  
Debt Disclosure [Abstract]  
Debt Instrument, Interest Rate, Stated Percentage 3.20%
Debt Repurchase [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 3.20%
Series Due Sept. 15, 2047 | Bonds [Member]  
Debt Disclosure [Abstract]  
Debt Instrument, Interest Rate, Stated Percentage 3.60%
Debt Repurchase [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 3.60%
v3.26.1
Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers $ 3,289 $ 3,257
Wholesale    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 217 206
Transmission    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 186 172
Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 62 68
Total revenue from contracts with customers    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 3,754 3,703
Alternative revenue and other    
Disaggregation of Revenue [Line Items]    
Alternative revenue and other 267 203
Residential | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 1,517 1,557
C&I | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 1,735 1,663
Other | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 37 37
Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues 4,021 3,906
Regulated Electric | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 2,331 2,292
Regulated Electric | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 217 206
Regulated Electric | Transmission    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 186 172
Regulated Electric | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 12 17
Regulated Electric | Total revenue from contracts with customers    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 2,746 2,687
Regulated Electric | Alternative revenue and other    
Disaggregation of Revenue [Line Items]    
Alternative revenue and other 230 148
Regulated Electric | Residential | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 904 924
Regulated Electric | C&I | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 1,392 1,333
Regulated Electric | Other | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 35 35
Regulated Electric | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues 2,976 2,835
Regulated Natural Gas | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 946 952
Regulated Natural Gas | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Regulated Natural Gas | Transmission    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Regulated Natural Gas | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 50 51
Regulated Natural Gas | Total revenue from contracts with customers    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 996 1,003
Regulated Natural Gas | Alternative revenue and other    
Disaggregation of Revenue [Line Items]    
Alternative revenue and other 34 52
Regulated Natural Gas | Residential | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 612 632
Regulated Natural Gas | C&I | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 334 320
Regulated Natural Gas | Other | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Regulated Natural Gas | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues 1,030 1,055
All Other | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 12 13
All Other | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
All Other | Transmission    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
All Other | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
All Other | Total revenue from contracts with customers    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 12 13
All Other | Alternative revenue and other    
Disaggregation of Revenue [Line Items]    
Alternative revenue and other 3 3
All Other | Residential | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 1 1
All Other | C&I | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 9 10
All Other | Other | Retail    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 2 2
All Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues $ 15 $ 16
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income before income taxes (domestic) $ 509 $ 422
Federal statutory rate impact 107 89
PTCs (a) [1] (141) (139)
Other (3) (4)
AFUDC equity [2] (17) (13)
Plant related excess deferred taxes [2] (15) (14)
Other [2] 4 4
State income taxes, net of federal tax effect (c) [3] 22 14
Other (4) 2
Income tax benefit $ (47) $ (61)
Federal statutory rate 21.00% 21.00%
PTCs (a) [1] (27.80%) (33.10%)
Other (0.70%) (1.00%)
AFUDC equity [2] (3.40%) (3.00%)
Plant related excess deferred taxes [2] (2.90%) (3.20%)
Other [2] 0.80% 0.80%
State income taxes, net of federal tax effect (c) [3] 4.30% 3.30%
Other (0.50%) 0.70%
Effective income tax rate (9.20%) (14.50%)
[1] Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.
[2] Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate increases as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.
[3] State and local income taxes are primarily made up of the following jurisdictions: Minnesota, Colorado
v3.26.1
Common Stock Equivalents (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Weighted Average Number of Shares Outstanding, Basic 624,000 575,000
Diluted (in shares) [1] 626,000 577,000
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements 2,000 1,400
[1] Diluted common shares outstanding included common stock equivalents of 2.0 million and 1.4 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Non-Derivative Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Nuclear decommissinoning fund [Abstract]    
Equity investments in unconsolidated subsidiaries $ 272 $ 285
Miscellaneous investments 165 164
Debt Securities, Available-for-sale, Unrealized Gain 1,700 1,800
Debt Securities, Available-for-sale, Unrealized Loss 48 47
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]    
Due in one year or less 8  
Due in 1 to 5 years 440  
Due in 5 to 10 years 339  
Due after 10 years 195  
Total 982  
Debt Securities, Available-for-sale, Unrealized Gain 1,700 1,800
Debt Securities, Available-for-sale, Unrealized Loss 48 47
Fair Value Measured on a Recurring Basis | Cost    
Nuclear decommissinoning fund [Abstract]    
Decommissioning Fund Investments 2,261 [1] 2,229 [2]
Fair Value Measured on a Recurring Basis | Cost | Cash equivalents    
Nuclear decommissinoning fund [Abstract]    
Cash equivalents 54 [1] 60 [2]
Fair Value Measured on a Recurring Basis | Cost | Commingled funds    
Nuclear decommissinoning fund [Abstract]    
Investments, Fair Value Disclosure 722 [1] 720 [2]
Fair Value Measured on a Recurring Basis | Cost | Debt securities    
Nuclear decommissinoning fund [Abstract]    
Debt securities 988 [1] 944 [2]
Fair Value Measured on a Recurring Basis | Cost | Equity securities    
Nuclear decommissinoning fund [Abstract]    
Equity Securities, FV-NI 497 [1] 505 [2]
Fair Value Measured on a Recurring Basis | Fair Value    
Nuclear decommissinoning fund [Abstract]    
Alternative investment 1,074 [1] 1,072 [2]
Decommissioning Fund Investments 3,899 [1] 3,940 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents    
Nuclear decommissinoning fund [Abstract]    
Cash equivalents 54 [1] 60 [2]
Alternative investment 0 [1] 0 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds    
Nuclear decommissinoning fund [Abstract]    
Alternative investment 1,074 [1] 1,072 [2]
Investments, Fair Value Disclosure [1] 1,074  
Fair Value Measured on a Recurring Basis | Fair Value | Debt securities    
Nuclear decommissinoning fund [Abstract]    
Debt securities 982 [1] 945 [2]
Alternative investment 0 [1] 0 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Equity securities    
Nuclear decommissinoning fund [Abstract]    
Equity Securities, FV-NI 1,789 [1] 1,863 [2]
Alternative investment 0 [1] 0 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1    
Nuclear decommissinoning fund [Abstract]    
Decommissioning Fund Investments 1,842 [1] 1,921 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents    
Nuclear decommissinoning fund [Abstract]    
Cash equivalents 54 [1] 60 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds    
Nuclear decommissinoning fund [Abstract]    
Alternative investment [2]   0
Investments, Fair Value Disclosure [1] 0  
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities    
Nuclear decommissinoning fund [Abstract]    
Debt securities 0 [1] 0 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities    
Nuclear decommissinoning fund [Abstract]    
Equity Securities, FV-NI 1,788 [1] 1,861 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2    
Nuclear decommissinoning fund [Abstract]    
Decommissioning Fund Investments 972 [1] 936 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents    
Nuclear decommissinoning fund [Abstract]    
Cash equivalents 0 [1] 0 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds    
Nuclear decommissinoning fund [Abstract]    
Alternative investment [2]   0
Investments, Fair Value Disclosure [1] 0  
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities    
Nuclear decommissinoning fund [Abstract]    
Debt securities 971 [1] 934 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities    
Nuclear decommissinoning fund [Abstract]    
Equity Securities, FV-NI 1 [1] 2 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3    
Nuclear decommissinoning fund [Abstract]    
Decommissioning Fund Investments 11 [1] 11 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents    
Nuclear decommissinoning fund [Abstract]    
Cash equivalents 0 [1] 0 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds    
Nuclear decommissinoning fund [Abstract]    
Alternative investment [2]   0
Investments, Fair Value Disclosure [1] 0  
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities    
Nuclear decommissinoning fund [Abstract]    
Debt securities 11 [1] 11 [2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities    
Nuclear decommissinoning fund [Abstract]    
Equity Securities, FV-NI $ 0 [1] $ 0 [2]
[1] Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $272 million of equity method investments and $165 million of rabbi trust assets and other miscellaneous investments.
[2] Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $285 million of equity method investments and $164 million of rabbi trust assets and other miscellaneous investments.
v3.26.1
Rabbi Trust (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Estimate of Fair Value Measurement | Fair Value, Measured on a Recurring Basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Rabbi Trusts Assets at Fair Value $ 107 $ 107
v3.26.1
Interest Rate Derivatives (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative Liability, Noncurrent $ 56 $ 67
Derivative Liability, Current 20 31
Fair Value, Measured on a Recurring Basis    
Derivative [Line Items]    
Derivative Asset, Current 138 165
Derivative Asset, Noncurrent 66 54
Derivative Liability, Gross 29 46
Netting [1] 15 21
Derivative Liability, Noncurrent 47 57
Derivative Liability, Current 14 25
Fair Value, Measured on a Recurring Basis | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 151 184
Netting [1] (13) (19)
Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 73 65
Netting [1] (7) (11)
Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 56 70
Netting [1] 9 13
Level 1 | Fair Value, Measured on a Recurring Basis    
Derivative [Line Items]    
Derivative Liability, Gross 5 5
Level 1 | Fair Value, Measured on a Recurring Basis | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 3 2
Level 1 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 3 3
Level 1 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 4 6
Level 2 | Fair Value, Measured on a Recurring Basis    
Derivative [Line Items]    
Derivative Liability, Gross 17 32
Level 2 | Fair Value, Measured on a Recurring Basis | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 13 28
Level 2 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 25 28
Level 2 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 18 24
Level 3 | Fair Value, Measured on a Recurring Basis    
Derivative [Line Items]    
Derivative Liability, Gross 7 9
Level 3 | Fair Value, Measured on a Recurring Basis | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 135 154
Level 3 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 45 34
Level 3 | Fair Value, Measured on a Recurring Basis | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 34 40
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Asset, Current 4 6
Derivative Asset, Noncurrent 46 54
Derivative Liability, Gross 28 33
Netting [1] 14 18
Derivative Liability, Noncurrent 47 57
Derivative Liability, Current 14 15
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 16 22
Netting [1] (12) (16)
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 53 65
Netting [1] (7) (11)
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 56 70
Netting [1] 9 13
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 5 5
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 3 2
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 3 3
Commodity Trading | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 4 6
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 17 22
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 9 13
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 25 28
Commodity Trading | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 18 24
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 6 6
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 4 7
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 25 34
Commodity Trading | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Liabilities    
Derivative [Line Items]    
Derivative Liability, Gross 34 40
Electric Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Asset, Current 130 144
Derivative Asset, Noncurrent 20 0
Derivative Liability, Gross 1 3
Netting [1] 1 3
Derivative Liability, Current 0 0
Electric Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 131 147
Netting [1] (1) (3)
Electric Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 20 0
Netting 0 0
Electric Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 0 0
Electric Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
Electric Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
Electric Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 0 0
Electric Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
Electric Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
Electric Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 1 3
Electric Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 131 147
Electric Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Noncurrent Assets    
Derivative [Line Items]    
Derivative Asset, Gross 20 0
Interest Rate Swap    
Derivative [Line Items]    
Derivative Liability, Notional Amount 130  
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 3  
Interest Rate Swap | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative Asset, Current 4 1
Interest Rate Swap | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Assets    
Derivative [Line Items]    
Netting 0 0
Interest Rate Swap | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Assets | Cash Flow Hedges    
Derivative [Line Items]    
Derivative Asset, Gross 4 1
Interest Rate Swap | Level 1 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Assets | Cash Flow Hedges    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
Interest Rate Swap | Level 2 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Assets | Cash Flow Hedges    
Derivative [Line Items]    
Derivative Asset, Gross 4 1
Interest Rate Swap | Level 3 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | Other Current Assets | Cash Flow Hedges    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
PPAs | Fair Value, Measurements, Nonrecurring    
Derivative [Line Items]    
Derivative Liability, Noncurrent [2] 9 10
Derivative Liability, Current [2] 6 6
Natural Gas Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Asset, Current 0 14
Derivative Liability, Gross 0 10
Netting [1] 0 0
Derivative Liability, Current 0 10
Natural Gas Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 14
Netting [1] 0 0
Natural Gas Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 0 0
Natural Gas Commodity | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 0
Natural Gas Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 0 10
Natural Gas Commodity | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross 0 14
Natural Gas Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments    
Derivative [Line Items]    
Derivative Liability, Gross 0 0
Natural Gas Commodity | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments | Other Current Assets    
Derivative [Line Items]    
Derivative Asset, Gross $ 0 $ 0
[1] Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At both March 31, 2026 and Dec. 31, 2025, derivative assets and liabilities include rights to reclaim cash collateral of $4 million. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
[2] 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.
v3.26.1
Commodity Derivatives (Details)
MWh in Millions, MMBTU in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
MMBTU
MWh
Mar. 31, 2025
USD ($)
Dec. 31, 2025
MMBTU
MWh
Other Derivative Instruments      
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities $ (4) $ 12  
Cash Flow Hedge Commodity [Member]      
Derivative [Line Items]      
Commodity contracts designated as cash flow hedges $ 0    
Electric Commodity [Member]      
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]      
Derivative, Nonmonetary Notional Amount | MWh [1],[2] 28   35
Natural Gas Commodity      
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]      
Derivative, Nonmonetary Notional Amount | MMBTU [1],[2] 40   31
Natural Gas Commodity | Other Derivative Instruments      
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities $ 10 $ 7  
[1] Not reflective of net positions in the underlying commodities.
[2] Notional amounts for options included on a gross basis but weighted for the probability of exercise.
v3.26.1
Consideration of Credit Risk and Concentrations (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Counterparty
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Impact of Derivative Activity [Abstract]      
Fair value hedges $ 0 $ 0  
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value     $ 0
Other Derivative Instruments      
Impact of Derivative Activity [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss 0 0  
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities (4) 12  
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) (25) (5)  
Pre-tax gains (losses) recognized during the period in income (10) (26)  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred 0 0  
Other Derivative Instruments | Electric Commodity      
Impact of Derivative Activity [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss 0 0  
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities (14) 5  
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) [1] (25) (5)  
Pre-tax gains (losses) recognized during the period in income 0 0  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred 0 0  
Other Derivative Instruments | Natural Gas Commodity      
Impact of Derivative Activity [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss 0 0  
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities 10 7  
Other Derivative Instruments | Commodity Trading      
Impact of Derivative Activity [Abstract]      
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) 0 0  
Pre-tax gains (losses) recognized during the period in income [2] 4 (13)  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred 0 0  
Other Derivative Instruments | Natural Gas Commodity      
Impact of Derivative Activity [Abstract]      
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) [3] 0 0  
Pre-tax gains (losses) recognized during the period in income [3],[4] (14) (13)  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred 0 0  
Designated as Hedging Instrument | Cash Flow Hedges      
Impact of Derivative Activity [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss 4 (4)  
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities 0 0  
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) 0 0  
Pre-tax gains (losses) recognized during the period in income 0 0  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred 1 1  
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate      
Impact of Derivative Activity [Abstract]      
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss 4 (4)  
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities 0 0  
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) 0 0  
Pre-tax gains (losses) recognized during the period in income 0 0  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred [5] $ 1 $ 1  
Credit Concentration Risk      
Derivative [Line Items]      
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 10    
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member]      
Derivative [Line Items]      
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 9    
Credit Concentration Risk | External Credit Rating, Investment Grade [Member]      
Derivative [Line Items]      
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 3    
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties $ 27    
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) 20.00%    
Credit Concentration Risk | Internal Investment Grade [Member]      
Derivative [Line Items]      
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 6    
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties $ 69    
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) 51.00%    
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member]      
Derivative [Line Items]      
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty 1    
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties $ 14    
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) 10.00%    
[1] 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.
[2] Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
[3] Other than $2 million of 2026 and 2025 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[4] Relates primarily to option premium amortization.
[5] Recorded to interest charges.
v3.26.1
Credit Related Contingent Features (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Derivative, Gross Liability Position, Aggregate Fair Value $ 4 $ 7
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value $ 42 62
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value   $ 0
v3.26.1
Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Derivatives, Fair Value [Line Items]      
Reclaim Cash Collateral     $ 4
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Fair value hedges $ 0 $ 0  
Return Cash Collateral 0   0
Derivative Liability, Current 20   31
Commodity Trading      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Balance at beginning of period 139 99  
Purchases [1] 105 66  
Settlements [1] (47) (57)  
Gains (losses) recognized in earnings [2] (7) (2)  
Net (losses) gains recognized as regulatory assets and liabilities (a) [1] (51) 12  
Balance at end of period 139 118  
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) (25) (5)  
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] (25) (5)  
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) [4] 0 0  
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 2 2  
Designated as Hedging Instrument | Cash Flow Hedges      
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      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 29   46
Netting [5] (15)   (21)
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Derivative Asset, Current 138   165
Derivative Liability, Current 14   25
Fair Value Measured on a Recurring Basis | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 5   5
Fair Value Measured on a Recurring Basis | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 17   32
Fair Value Measured on a Recurring Basis | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 7   9
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 28   33
Netting [5] (14)   (18)
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Derivative Asset, Current 4   6
Derivative Liability, Current 14   15
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 1   3
Netting [5] (1)   (3)
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Derivative Asset, Current 130   144
Derivative Liability, Current 0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   10
Netting [5] 0   0
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Derivative Asset, Current 0   14
Derivative Liability, Current 0   10
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 5   5
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 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
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 17   22
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 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   10
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 6   6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 1   3
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
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   1
Fair Value, Measurements, Nonrecurring | PPAs      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Derivative Liability, Current [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] Other than $2 million of 2026 and 2025 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[5] Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At both March 31, 2026 and Dec. 31, 2025, derivative assets and liabilities include rights to reclaim cash collateral of $4 million. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
[6] Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
v3.26.1
Fair Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt, Carrying Amount $ 35,553 $ 32,333
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt, Fair Value $ 32,563 $ 29,943
v3.26.1
Benefit Plans and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2026
Mar. 31, 2026
Mar. 31, 2025
Pension Plan [Member]      
Components of Net Periodic Benefit Cost [Abstract]      
Service cost   $ 20 $ 19
Interest Cost [1]   39 39
Expected Return on Plan Assets [1]   (50) (52)
Amortization of Net Loss [1]   11 7
Net periodic benefit cost   20 13
Effects of regulation   (1) 2
Net benefit cost recognized for financial reporting   19 15
Pension Plan [Member] | Parent Company      
Components of Net Periodic Benefit Cost [Abstract]      
Contributions to Xcel Energy's pension plans $ 75    
Other Postretirement Benefits Plan [Member]      
Components of Net Periodic Benefit Cost [Abstract]      
Service cost   0 0
Interest Cost [1]   6 6
Expected Return on Plan Assets [1]   (5) (5)
Amortization of Net Loss [1]   1 1
Net periodic benefit cost   2 2
Effects of regulation   0 0
Net benefit cost recognized for financial reporting   $ 2 $ 2
[1] The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
v3.26.1
MGP, Landfill and Disposal Sites (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Manufactured Gas Plant (MGP) Site [Abstract]  
Cost of identified MGP, landfill, or disposal sites under current investigation and/or remediation $ 15
Other MGP, Landfill, or Disposal Sites [Domain]  
Manufactured Gas Plant (MGP) Site [Abstract]  
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation 15
v3.26.1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lessee, Lease, Description [Line Items]      
Finance Lease, Right-of-Use Asset, Amortization $ 10 $ 1  
Finance Lease, Interest Expense 22 4  
Finance Lease, Cost 32 5  
Operating Lease, Cost 42 70  
Lessee, Operating Lease, Liability, to be Paid 1,223    
Finance Lease, Liability, Payment, Due [1] 2,223    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (351)    
Finance Lease, Liability, Undiscounted Excess Amount [1] (885)    
Operating Lease, Liability 872    
Finance Lease, Liability [1] 1,338    
Operating Lease, Liability, Current (111)   $ (110)
Finance Lease, Liability, Current [1] (40)    
Operating lease liabilities 761   788
Finance Lease, Liability, Noncurrent $ 1,298 [1]   $ 1,262
WYCO, Inc.      
Lessee, Lease, Description [Line Items]      
Equity Method Investment, Ownership Percentage 50.00%    
PPAs      
Lessee, Lease, Description [Line Items]      
Operating Lease, Cost $ 29 57  
Lessee, Operating Lease, Liability, to be Paid 603    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (86)    
Operating Lease, Liability 517    
Property, Plant and Equipment, Other Types      
Lessee, Lease, Description [Line Items]      
Operating Lease, Cost [2] 13 $ 13  
Lessee, Operating Lease, Liability, to be Paid 620    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (265)    
Operating Lease, Liability $ 355    
[1] Excludes certain amounts related to PSCo’s lease obligations given Xcel Energy’s 50% ownership interest in WYCO.
[2] Includes immaterial short-term lease expense.
v3.26.1
Variable Interest Entities (Details) - MW
Mar. 31, 2026
Dec. 31, 2025
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]    
Variable Interest Entity [Line Items]    
Generating capacity under long term purchased power agreements (in MW) 3,476 3,476
v3.26.1
Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies, Guarantees and Indemnifications [Abstract]    
Assets Held As Collateral For Guarantor Obligations $ 0 $ 0
Guarantor Obligations, Maximum Exposure, Undiscounted   $ 120,000,000
v3.26.1
Commitments and Contingencies - Marshall Wildfire (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]      
Insurance Settlements Receivable $ 25   $ 353
Settlement Liabilities, Current 7   5
Marshall Settlements Reached 640    
Loss Contingencies [Line Items]      
Marshall Wildfire litigation 22 $ 0  
Marshall Wildfire Settlement      
Loss Contingencies [Line Items]      
Marshall Wildfire litigation $ 22   $ (298)
v3.26.1
Commitment and Contingencies - Smokehouse Creek (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Claims
complaint
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]    
Number of claims settled related to the Smokehouse Creek Complex | Claims 231  
Number of claims related to the Smokehouse Creek Complex | Claims 304  
Number of complaints related to the Smokehouse Creek Complex [Abstract] | complaint 73  
Smokehouse probable loss $ 460  
Smokehouse settlements reached 397  
Smokehouse remaining liability 75 $ 56
Smokehouse Creek Insurance Receivable $ 185 195
Number of claims resolved related to the Smokehouse Creek Complex 26  
Amount of insurance coverage $ 525  
Unsubmitted Claims related to the Smokehouse Creek Fire Complex | Claims 107  
Number of unsubmitted claims settled related to the Smokehouse Creek Fire Complex | Claims 79  
Smokehouse settlements paid $ 385 $ 374
Legal Fees 40  
Smokehouse remaining probable loss 63  
Total estimated losses and incurred costs 500  
Insurance coverage remaining $ 90  
v3.26.1
Commitments and Contingencies (Details) - PI Outage Prudency Review - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 11, 2026
Commitments and Contingencies Disclosure [Abstract]    
Customer Refunds, Maximum Amount Approved $ 37  
ALJ Recommended disallowance of estimated replacement power costs   $ 41
v3.26.1
Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Equity, attributable to parent (loss) $ 23,806   $ 23,609  
Defined Benefit Pension and Postretirement Items        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Equity, attributable to parent (loss) (38) $ (39) (38) $ (39)
Net current period other comprehensive income (loss) 0 0    
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 0 0    
Defined Benefit Pension and Postretirement Items | Interest Rate Swap        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Losses reclassified from net accumulated other comprehensive loss [1] 0 0    
Total        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Equity, attributable to parent (loss) (59) (72) (63) (68)
Net current period other comprehensive income (loss) 4 (4)    
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 3 (5)    
Total | Interest Rate Swap        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Losses reclassified from net accumulated other comprehensive loss [1] 1 1    
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Equity, attributable to parent (loss) (21) (33) $ (25) $ (29)
Net current period other comprehensive income (loss) 4 (4)    
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 3 (5)    
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest Rate Swap        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Losses reclassified from net accumulated other comprehensive loss [1] $ 1 $ 1    
[1] Included in interest charges.
v3.26.1
Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting [Abstract]      
Equity Method Investments $ 272   $ 285
Segment Reporting Information [Line Items]      
Electric 2,976 $ 2,835  
Natural gas 1,030 1,055  
Revenues Including Intersegment Revenues 4,010 3,895  
Electric fuel and purchased power 1,019 1,020  
Cost of natural gas sold and transported 520 513  
Operating and maintenance expenses 675 686  
Utilities Operating Expense, Depreciation and Amortization 768 728  
Other income, net 22 7  
Interest and Debt Expense 372 309  
Income tax benefit (47) (61)  
Net income 556 483  
Equity Method Investments $ 272   285
Number Of Reportable Segments, Disclosed By Definition, Flag true    
Operating Segments      
Segment Reporting Information [Line Items]      
Regulated Operating Revenue $ 4,006 3,890  
Electric fuel and purchased power 1,019 1,020  
Cost of natural gas sold and transported 520 513  
Operating and maintenance expenses 664 673  
Utilities Operating Expense, Depreciation and Amortization 763 724  
Other income, net 186 228  
Interest and Debt Expense 284 234  
Income tax benefit (25) (34)  
Net income 599 537  
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Regulated Operating Revenue 4 5  
All Other      
Segment Reporting [Abstract]      
Equity Method Investments 206   204
Segment Reporting Information [Line Items]      
Net income (43) (54)  
Equity Method Investments 206   204
Regulated Electric Segment      
Segment Reporting Information [Line Items]      
Revenues Including Intersegment Revenues 2,976 2,835  
Regulated Electric Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Electric 2,976 2,835  
Electric fuel and purchased power 1,019 1,020  
Cost of natural gas sold and transported 0 0  
Operating and maintenance expenses 558 567  
Utilities Operating Expense, Depreciation and Amortization 653 625  
Other income, net 144 172  
Interest and Debt Expense 250 204  
Income tax benefit (77) (95)  
Net income 429 342  
Regulated Electric Segment | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Electric 0 0  
Regulated Natural Gas Segment      
Segment Reporting [Abstract]      
Equity Method Investments 66   81
Segment Reporting Information [Line Items]      
Revenues Including Intersegment Revenues 1,034 1,060  
Equity Method Investments 66   $ 81
Regulated Natural Gas Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Natural gas 1,030 1,055  
Electric fuel and purchased power 0 0  
Cost of natural gas sold and transported 520 513  
Operating and maintenance expenses 106 106  
Utilities Operating Expense, Depreciation and Amortization 110 99  
Other income, net 42 56  
Interest and Debt Expense 34 30  
Income tax benefit 52 61  
Net income 170 195  
Regulated Natural Gas Segment | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Natural gas $ 4 $ 5