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XCELENERGYLOGO.JPG
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
001-3034
(Commission File Number)
Xcel Energy Inc.
(Exact name of registrant as specified in its charter)
 
 
 
Minnesota
 
41-0448030
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification No.)
 
 
 
414 Nicollet Mall
Minneapolis
Minnesota
 
55401
(Address of Principal Executive Offices)

 
(Zip Code)
612
330-5500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, $2.50 par value
 
XEL
 
Nasdaq Stock Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  Large accelerated filer  Accelerated filer  Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes No
As of June 28, 2019, the aggregate market value of the voting common stock held by non-affiliates of the Registrant was $30,629,347,167 and there were 514,865,476 shares of common stock outstanding.
As of Feb. 13, 2020, there were 524,669,024 shares of common stock outstanding, $2.50 par value.
DOCUMENTS INCORPORATED BY REFERENCE
The Registrant’s definitive Proxy Statement for its 2020 Annual Meeting of Shareholders is incorporated by reference into Part III of this Form 10-K.
 

1


TABLE OF CONTENTS
PART I
 
 
Item 1 —
3
 
3
 
4
 
4
 
5
 
9
 
12
 
13
 
13
 
13
 
14
 
14
 
14
Item 1A —
15
Item 1B —
20
Item 2 —
20
Item 3 —
21
Item 4 —
21
 
 
 
PART II
 
 
Item 5 —
21
Item 6 —
21
Item 7 —
22
Item 7A —
40
Item 8 —
40
Item 9 —
77
Item 9A —
77
Item 9B —
77
 
 
 
PART III
 
 
Item 10 —
77
Item 11 —
77
Item 12 —
77
Item 13 —
77
Item 14 —
77
 
 
 
PART IV
 
 
Item 15 —
78
Item 16 —
84
 
 
85

2


PART I
ITEM 1 — BUSINESS
Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
Capital Services
Capital Services, LLC
Eloigne
Eloigne Company
e prime
e prime inc.
NSP-Minnesota
Northern States Power Company, a Minnesota corporation
NSP System
The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin
Northern States Power Company, a Wisconsin corporation
Operating companies
NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
PSCo
Public Service Company of Colorado
SPS
Southwestern Public Service Co.
Utility subsidiaries
NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGI
WestGas InterState, Inc.
WYCO
WYCO Development, LLC
Xcel Energy
Xcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUC
Colorado Public Utilities Commission
D.C. Circuit
United States Court of Appeals for the District of Columbia Circuit
DOC
Minnesota Department of Commerce
DOE
United States Department of Energy
DOT
United States Department of Transportation
EPA
United States Environmental Protection Agency
FERC
Federal Energy Regulatory Commission
Fifth Circuit
United States Court of Appeals for the Fifth Circuit
IRS
Internal Revenue Service
Minnesota District Court
U.S. District Court for the District of Minnesota
MPSC
Michigan Public Service Commission
MPUC
Minnesota Public Utilities Commission
NDPSC
North Dakota Public Service Commission
NERC
North American Electric Reliability Corporation
NMPRC
New Mexico Public Regulation Commission
NRC
Nuclear Regulatory Commission
OAG
Minnesota Office of the Attorney General
PHMSA
Pipeline and Hazardous Materials Safety Administration
PSCW
Public Service Commission of Wisconsin
PUCT
Public Utility Commission of Texas
SDPUC
South Dakota Public Utilities Commission
SEC
Securities and Exchange Commission
TCEQ
Texas Commission on Environmental Quality
Electric, Purchased Gas and Resource Adjustment Clauses
CIP
Conservation improvement program
DCRF
Distribution cost recovery factor
DSM
Demand side management
DSMCA
Demand side management cost adjustment
ECA
Retail electric commodity adjustment
EECRF
Energy efficiency cost recovery factor
FCA
Fuel clause adjustment
FPPCAC
Fuel and purchased power cost adjustment clause
GCA
Gas cost adjustment
GUIC
Gas utility infrastructure cost rider
 
PCCA
Purchased capacity cost adjustment
PCRF
Power cost recovery factor
PGA
Purchased gas adjustment
PSIA
Pipeline system integrity adjustment
RDF
Renewable development fund
RER
Renewable energy rider
RES
Renewable energy standard
RESA
Renewable energy standard adjustment
SCA
Steam cost adjustment
SEP
State energy policy rider
TCA
Transmission cost adjustment
TCR
Transmission cost recovery adjustment
TCRF
Transmission cost recovery factor
Other
ADIT
Accumulated deferred income taxes
AFUDC
Allowance for funds used during construction
ARO
Asset retirement obligation
ASC
FASB Accounting Standards Codification
ASU
FASB Accounting Standards Update
BART
Best available retrofit technology
Boulder
City of Boulder, CO
C&I
Commercial and Industrial
CACJA
Clean Air Clean Jobs Act
CAISO
California Independent System Operator
CapX2020
Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort
CBA
Collective-bargaining agreement
CCR
Coal combustion residuals
CCR Rule
Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD
Cooling degree-days
CEO
Chief executive officer
CFO
Chief financial officer
CEP
Colorado Energy Plan
CIG
Colorado Interstate Gas Company, LLC
CPCN
Certificate of public convenience and necessity
CWA
Clean Water Act
CWIP
Construction work in progress
DECON
Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level.
DRC
Development Recovery Company
DRIP
Dividend Reinvestment Program
EEI
Edison Electric Institute
ELG
Effluent limitations guidelines
EMANI
European Mutual Association for Nuclear Insurance
EPS
Earnings per share
EPU
Extended power uprate
ETR
Effective tax rate
FASB
Financial Accounting Standards Board
FTR
Financial transmission right
GAAP
Generally accepted accounting principles
GE
General Electric
GHG
Greenhouse gas

3


HDD
Heating degree-days
IM
Integrated market
IPP
Independent power producing entity
IRP
Integrated Resource Plan
ITC
Investment Tax Credit
JOA
Joint operating agreement
LSP Transmission
LSP Transmission Holdings, LLC
MDL
Multi-district litigation
MEC
Mankato Energy Center
MGP
Manufactured gas plant
MISO
Midcontinent Independent System Operator, Inc.
Moody’s
Moody’s Investor Services
NAAQS
National Ambient Air Quality Standard
Native load
Demand of retail and wholesale customers that a utility has an obligation to serve under statute or contract
NAV
Net asset value
NEIL
Nuclear Electric Insurance Ltd.
NOI
Notice of Inquiry
NOL
Net operating loss
O&M
Operating and maintenance
OATT
Open Access Transmission Tariff
PI
Prairie Island nuclear generating plant
Post-65
Post-Medicare
PPA
Purchased power agreement
Pre-65
Pre-Medicare
PTC
Production tax credit
REC
Renewable energy credit
ROE
Return on equity
ROFR
Right-of-first-refusal
ROU
Right-of-use
RPS
Renewable portfolio standards
RTO
Regional Transmission Organization
Standard & Poor’s
Standard & Poor’s Ratings Services
SERP
Supplemental executive retirement plan
SMMPA
Southern Minnesota Municipal Power Agency
SO2
Sulfur dioxide
SPP
Southwest Power Pool, Inc.
TCEH
Texas Competitive Energy Holdings
TCJA
2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
THI
Temperature-humidity index
TOs
Transmission owners
TransCo
Transmission-only subsidiary
TSR
Total shareholder return
VaR
Value at Risk
VIE
Variable interest entity
WOTUS
Waters of the U.S.
Measurements
Bcf
Billion cubic feet
KV
Kilovolts
KWh
Kilowatt hours
MMBtu
Million British thermal units
MW
Megawatts
MWh
Megawatt hours
 
Forward-Looking Statements
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including the 2020 EPS guidance, long-term EPS and dividend growth rate, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.
The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019 (including the items described under Factors Affecting Results of Operations; and the other risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including “Risk Factors” in Item 1A of this Annual Report on Form 10-K hereto), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.
Where to Find More Information
Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available, free of charge through its website, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov.

4


Overview
Xcel Energy is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). The Company serves customers in eight mid-western and western states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.7 million electric customers and 2.1 million natural gas customers through four utility subsidiaries (i.e., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, storage and compression facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations. The Company’s significant nonregulated subsidiaries are Eloigne, Capital Services and Nicollet Holdings.
ORGCHARTFINAL.JPG
 Utility Subsidiaries’ Service Territory
 
 
 
 
 
 
 
 
XCELSERVICETERRITORYA01.JPG
Electric customers
3.7 million
 
Natural gas customers
2.1 million
 
Total assets
$50.4 billion
 
Electric generating capacity
18,730 MW
 
Electric transmission lines (conductor miles)
108,238 miles
 
Electric distribution lines (conductor miles)
207,524 miles
 
Natural gas transmission lines
2,177 miles
 
Natural gas distribution lines
35,624 miles
 
Natural gas storage capacity
53.4 Bcf
 
 
 
Vision, Mission and Values
VALUESA.JPG

5


Strategic Priorities
STRATEGICPRIORITIESA03.JPG
Lead the Clean Energy Transition
For more than a decade, Xcel Energy has proactively managed the risk of climate change and increasing customer demand for renewable energy through a clean energy strategy that consistently seeks to reduce carbon emissions and aims to transition our operations for the future. We have successfully reduced our carbon emissions from generation serving our customers by nearly 44% from 2005 to 2019 and we are on track to reach 60% renewable generation by 2030. We expect to reduce our carbon footprint by 80% by 2030 (over 2005 levels) and aspire to serve all customers with 100% carbon-free electricity by 2050.
LEADTHECLEANENERGYTRANSITION.JPG
In addition to increasing our renewable generation, Xcel Energy is transitioning how we produce, deliver and encourage the efficient use of energy by:
Offering energy efficiency programs;
Retiring coal units and modernizing generating plants; and
Advancing power grid capabilities.
We are working to add over 4,700 MW of wind energy to our system by 2021, including 3,500 MW of owned wind and 1,200 MW of PPAs. Of the 3,500 MW of owned wind, 1,300 MW are now in service and 2,200 MW are under development or construction. This will bring our total wind capacity to over 11,000 MW by 2021.
Our long-term plan includes the addition of approximately 5,000 MW of solar energy by the early 2030s, 275 MW of battery storage and a potential ten-year extension of our Monticello nuclear plant. It also includes the retirement of multiple coal units totaling approximately 2,000 MW. Xcel Energy plans to continue to evaluate its coal fleet for other potential early retirements as part of state resource plans or other regulatory proceedings.
Enhance the Customer Experience
Customers’ energy expectations continue to evolve and Xcel Energy is committed to providing the options and solutions they want and value.
Xcel Energy continues to expand its renewable energy production and offerings, and further develop and promote DSM and conservation programs. Over the past decade, the Company has spent over $2.1 billion on these programs.
 
We are also in the process of transforming our electric grid to accommodate increased levels of renewables, distributed energy resources and corresponding data growth, while maintaining high levels of reliability and security.
We have partnered with policymakers, state agencies and innovative companies to develop nation-leading electric vehicle solutions for our customers. We are preparing for a substantial amount of electric vehicles on roads across our service territory by 2030 and are focused on providing helpful information, making installations simple and keeping customer bills affordable through new rates and programs. We anticipate offering innovative programs for electric vehicle customers in Minnesota, Wisconsin, and Colorado this year. We are filing comprehensive Transportation Electrification Plans in both Colorado and New Mexico in the coming year.
We continue to develop and deliver new renewable energy solutions for our residential and C&I customers who want more directly sourced energy. Through programs such as Renewable*Connect® and Windsource®, we match our customers’ needs without them needing to add expensive or on‑site equipment.  
Keep Bills Low
Affordability is critical part of our customers’ experience. We are focused on the impact our operations, regulation and legislation have on their bills. Our objective is to keep bill increases at or below the rate of inflation.
Our utility service territories benefit from the geographic concentration of favorable renewable resources. Strong wind and high solar generation capacity factors lower the lifetime cost of these resources. This, coupled with renewable tax credits and avoided fuel costs, enables us to invest in more renewable generation, in which the capital costs are largely or completely offset by fuel savings. We call this our “Steel for Fuel” strategy.
Steel for Fuel not only expands the Company’s renewable portfolio, but allows delivery of carbon-free energy without raising customer bills through replacement of fossil fuel generation or fuel-free wind and solar.
KEEPBILLSLOWFINAL.JPG
Xcel Energy is working to keep long-term O&M expense relatively flat without compromising reliability or safety. We intend to accomplish this objective by continually improving processes, leveraging technology, proactively managing risk and maintaining a workforce prepared to meet the needs of our business today and tomorrow.
O&M declined 0.6% in 2019 even as we took the opportunity to invest more in key strategic and operational areas, including reducing operational risks and enhancing our customers’ experience. While Xcel Energy continues to invest prudently in appropriate areas, we remain committed to our long-term objective of improving operating efficiencies and taking costs out of the business.

6


Deliver a Competitive Total Return to Investors and Maintain Strong Investment Grade Credit Rating
Successful execution of our strategic objectives should allow Xcel Energy to continue to deliver a competitive total return for our shareholders.
Through our disciplined approach to business growth, financial investment, operations and safety, we are well positioned to continue delivering on our value proposition.
RETURNTHESISA01.JPG
We have consistently achieved our financial objectives, meeting or exceeding our initial earnings guidance range for fifteen consecutive years and delivering dividend growth for sixteen consecutive years.
Our ongoing earnings have grown 6.1% annually since 2005 and our dividend has grown 6.3% annually from 2013-2019. We work to maintain senior secured debt credit ratings in the A range and senior unsecured debt credit ratings in the BBB+ to A range. Our current ratings are consistent with this objective.
Environmental, Social and Governance Leadership
Xcel Energy has consistently demonstrated industry leadership in mitigating climate, operational and financial risks, while remaining committed to our customers, communities, employees and investors. We have delivered tangible environmental, social and governance results in alignment with our four corporate values - committed, connected, safe and trustworthy.
Environmental
Xcel Energy has been the number one U.S. wind provider for 12 of the past 14 years.
We continue to lead the industry with one of the most aggressive carbon reduction goals among our peers. Our plans to achieve 80% reduction by 2030 are aligned with Paris Accord goals and have been independently validated by an Intergovernmental Panel on Climate Change expert.
In December 2018, Xcel Energy became the first major electric utility in the country to announce an aspiration to produce 100% carbon-free electricity for customers by 2050.
Social
Xcel Energy works to mitigate the employee and community impacts of early plant retirements. We provide affected employees with advanced notice and offer retraining and relocation opportunities. Through these efforts and natural attrition, Xcel Energy has had no layoffs as a result of plant retirements.
We have also worked to foster economic sustainability and continued affordability through partnering with communities, policymakers and customers impacted by coal plant retirements, to build facilities and attract new businesses. Examples include:
Near our Sherco plant, scheduled to close by 2030, we are partnering with local leadership and a major data center to locate a $600 million data center. Additionally, Xcel Energy actively worked to relocate a metal recycling plant near our plant; and
 
We retained Evraz Steel in Colorado, a major Pueblo employer, by partnering with the company and community to create an affordable solar solution to meet their needs.
Xcel Energy is an active community member. We recognize and carefully evaluate the broader potential economic impacts of our decisions and work to proactively support the people and economic health of our communities. In 2019, we spent $3.1 billion locally, donated nearly $11 million to local charities, continued to offer employees 40 hours of volunteer paid time off annually and our employees served on over 500 non-profit boards. Donations include Xcel Energy employee and Xcel Energy Foundation gifts.
As a member of diverse communities, we value and celebrate diversity and inclusion. For example:
Xcel Energy has offered domestic partner benefits since 1995;
The Company’s CEO has signed the Action for Diversity & Inclusion Pledge, for the advancement of diversity and inclusion within the workplace, and Xcel Energy has an employee-led Diversity & Inclusion Council;
We have been selected among the nation’s top corporations for lesbian, gay, bisexual, transgender, and queer equality by earning a perfect score on the Human Rights Campaign’s 2019 Corporate Equality Index for the past 4 years; and
Xcel Energy was named to the 2019 Military Times Best for Vets Employers rankings for the sixth straight year and currently employs more than 1,000 veterans, nearly 10% of our workforce.
Governance
Xcel Energy has a diverse and qualified Board of Directors committed to effective governance.
GOVERNANCEFINALA02.JPG
The Company first adopted an environmental policy and instituted Board of Directors’ oversight of environmental performance in 2000, followed by publication of our corporate responsibility report in 2005.
We consistently set aggressive goals and hold ourselves accountable, to our customers, our communities and our investors. Additionally, Xcel Energy was among the first U.S. utilities to tie carbon reduction directly to executive compensation over fifteen years ago and is one of three peer utilities who do so today.
We are also focused on safety for our employees and our communities. In 2019, 60% of annual incentive pay was tied to safety and system reliability. Employees at every level have “stop work authority” and are instrumental in keeping each other and our surrounding communities safe.

7


Utility Subsidiaries
NSP-Minnesota
 
 
 
NSPMSTATEA09.JPG
 
 
Electric customers
1.5 million
 
 
NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the generation, purchase, transmission, distribution and sale of electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Minnesota also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota.
Natural gas customers
0.6 million
 
 
Consolidated earnings contribution
35% to 45%
 
 
Total assets
$19.9 billion
 
 
Rate Base
$11.2 billion
 
 
ROE
9.31%
 
 
Electric generating capacity
7,712 MW
 
 
Gas storage capacity
17.1 Bcf
 
 
Electric transmission lines (conductor miles)
33,528 miles
 
 
Electric distribution lines (conductor miles)
80,186 miles
 
 
Natural gas transmission lines
86 miles
 
 
Natural gas distribution lines
10,518 miles
 
 
 
 
 
 
 
NSP-Wisconsin
 
 
 
NSPWSTATEA07.JPG
 
 
Electric customers
0.3 million
 
 
NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.
Natural gas customers
0.1 million
 
 
Consolidated earnings contribution
5% to 10%
 
 
Total assets
$2.8 billion
 
 
Rate Base
$1.7 billion
 
 
ROE
8.27%
 
 
Electric generating capacity
548 MW
 
 
Gas storage capacity
3.8 Bcf
 
 
Electric transmission lines (conductor miles)
12,285 miles
 
 
Electric distribution lines (conductor miles)
27,504 miles
 
 
Natural gas transmission lines
3 miles
 
 
Natural gas distribution lines
2,473 miles
 
 
 
 
 
 
 
PSCo
 
 
 
PSCOSTATEA09.JPG
 
 
Electric customers
1.5 million
 
 
PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity. PSCo also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.
Natural gas customers
1.4 million
 
 
Consolidated earnings contribution
35% to 45%
 
 
Total assets
$19.0 billion
 
 
Rate Base
$12.4 billion
 
 
ROE
8.69%
 
 
Electric generating capacity
5,666 MW
 
 
Gas storage capacity
32.5 Bcf
 
 
Electric transmission lines (conductor miles)
24,008 miles
 
 
Electric distribution lines (conductor miles)
78,023 miles
 
 
Natural gas transmission lines
2,057miles
 
 
Natural gas distribution lines
22,633 miles
 
 
 
 
 
 
 
 
SPS
 
 
 
SPSSTATEA08.JPG
 
 
Electric customers
0.4 million
 
 
SPS conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity.
Consolidated earnings contribution
15% to 20%
 
 
Total assets
$7.9 billion
 
 
Rate base
$4.9 billion
 
 
ROE
9.71%
 
 
Electric generating capacity
4,804 MW
 
 
Electric transmission lines
38,418 miles
 
 
Electric distribution lines
21,810 miles
 
 
 
 
 
 
 
 
 
 
 
 

8


Operations Overview
Utility operations are generally conducted as either electric or gas utilities in our four utility subsidiaries.
Electric Operations
Electric operations consist of energy supply, generation, transmission and distribution activities across all four operating companies. Xcel Energy had electric sales volume of 116,317 (millions of KWh), 3,662,701 customers and electric revenues of $9,575 (millions of dollars) for 2019.
 
ELECTRICSALESVOLUME2019.JPG ELECTRICCUSTOMERS2019.JPG ELECTRICREVENUE2019.JPG
 
Sales/Revenue Statistics
 
 
2019
 
2018
KWh sales per retail customer
 
24,712

 
25,263

Revenue per retail customer
 
$2,244

 
$
2,257

Residential revenue per KWh
 

11.97
¢
 

11.78
¢
Large C&I revenue per KWh
 

5.96
¢
 

5.91
¢
Small C&I revenue per KWh
 

9.43
¢
 

9.21
¢
Total retail revenue per KWh
 

9.08
¢
 

8.93
¢
 
Owned and Purchased Energy Generation — 2019
OWNEDVSPURCHASE.JPG
Electric Energy Sources
Total electric generation by source (including energy market purchases) for the year ended Dec. 31, 2019:
 
XCELENERGYMIX2019.JPG NSPMENERGYMIX2019.JPG PSCOENERGYMIX2019.JPG SPSENERGYMIX2019.JPG

*Distributed generation from the Solar*Rewards® program is not included (approximately 538 million KWh for 2019)
 

9


Renewable Energy Sources
Xcel Energy’s renewable energy portfolio includes wind, hydroelectric, biomass and solar power from both owned generating facilities and PPAs. Renewable percentages will vary year over year based on system additions, weather, system demand and transmission constraints.
See Item 2 — Properties for further information.
Renewable energy as a percentage of total energy for 2019:
RENEWABLEBREAKOUT.JPG
(a) 
Includes biomass and hydroelectric
Wind Energy Sources
Owned — Owned and operated wind farms with corresponding capacity:
 
 
2019
 
2018
Utility Subsidiary
 
Wind Farms
 
Capacity
 
Wind Farms
 
Capacity
NSP System
 
7
 
1,090 MW
 
5
 
840 MW
PSCo
 
1
 
600 MW
 
1
 
600 MW
SPS
 
1
 
478 MW
 
 
PPAs — Number of PPAs with range:
Utility Subsidiary
 
2019
 
2018
 
PPAs
 
Range
 
PPAs
 
Range
NSP System
 
131
 
0.7 MW — 205.5 MW
 
132
 
0.7 MW - 205.5 MW
PSCo
 
20
 
2.0 MW — 300.5 MW
 
19
 
2.0 MW - 300.5 MW
SPS
 
18
 
0.7 MW — 250.0 MW
 
18
 
0.7 MW - 250.0 MW
Capacity — Wind capacity:
Utility Subsidiary
 
2019
 
2018
NSP System
 
2,780 MW
 
2,550 MW
PSCo
 
3,165 MW
 
 3,160 MW
SPS
 
2,045 MW
 
1,565 MW
 
Average Cost (Owned) — Average cost per MWh of wind energy from owned generation:
Utility Subsidiary (a)
 
2019
 
2018
NSP System
 
$
35

 
$
37

PSCo
 
47

 

(a) 
The table reflects owned wind sites that were in commercial operation for the full calendar year. The Hale wind farm for SPS was put into service in June 2019 and the Rush Creek wind farm was put into service in December 2018.
Average Cost (PPAs) — Average cost per MWh of wind energy under existing PPAs:
Utility Subsidiary
 
2019
 
2018
NSP System
 
$
41

 
$
44

PSCo
 
41

 
43

SPS
 
25

 
26

Wind Energy Development
Xcel Energy is executing the largest multi-state wind investment in the nation and placed approximately 1,300 MW of owned wind and approximately 300 MW of PPAs into service during 2018-2019:
Project
 
Utility Subsidiary
 
Capacity
Rush Creek
 
PSCo
 
582 MW
Hale
 
SPS
 
460 MW
Foxtail
 
NSP-Minnesota
 
150 MW
Lake Benton
 
NSP-Minnesota
 
99 MW
Various PPAs
 
Various
 
~300 MW
As part of the multi-state wind investment, Xcel Energy currently has approximately 2,200 MW of owned wind under development or construction and approximately 900 MW of planned PPAs with an estimated completion date of 2021 or earlier:
Project
 
Utility Subsidiary
 
Capacity
 
Estimated Completion
Freeborn
 
NSP-Minnesota
 
200 MW
 
2020
Blazing Star 1
 
NSP-Minnesota
 
200 MW
 
2020
Blazing Star 2
 
NSP-Minnesota
 
200 MW
 
2020
Crowned Ridge (a)
 
NSP-Minnesota
 
200 MW
 
2020
Jeffers (b)
 
NSP-Minnesota
 
44 MW
 
2020
Community Wind North(b)
 
NSP-Minnesota
 
26 MW
 
2020
Dakota Range
 
NSP-Minnesota
 
300 MW
 
2021
Cheyenne Ridge
 
PSCo
 
500 MW
 
2020
Sagamore
 
SPS
 
522 MW
 
2020
Various PPAs
 
Various
 
~900 MW
 
2020 - 2021
(a) 
Build-own-transfer project.
(b) 
Repowering project.
Solar Energy Sources
Solar energy PPA(s):
Type
 
Utility Subsidiary
 
Capacity
Distributed Generation
 
NSP System
 
736 MW
Utility-Scale
 
NSP System
 
266 MW
Distributed Generation
 
PSCo
 
557 MW
Utility-Scale
 
PSCo
 
305 MW
Distributed Generation
 
SPS
 
10 MW
Utility-Scale
 
SPS
 
191 MW

10


Other Carbon-Free Energy Sources
Xcel Energy’s other carbon-free energy portfolio includes nuclear from owned generating facilities.
See Item 2 — Properties for further information.
Nuclear Energy Sources
Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2019 net summer dependable capacity that serves the NSP-System. Our nuclear fleet has become one of the safest and well-run in the nation, as rated by both the NRC and INPO.
The Company secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants. The contract strategy involves a portfolio of spot purchases and medium and long-term contracts for uranium concentrates, conversion services and enrichment services with multiple producers and with a focus on diversification and alternate sources to minimize potential impacts caused by supply interruptions due to geographical and world political issues.
Nuclear Fuel Cost
Delivered cost per MMBtu of nuclear fuel consumed for owned electric generation and the percentage of total fuel requirements:
Utility Subsidiary
 
Nuclear
NSP System
 
Cost
 
Percent
2019
 
$
0.81

 
45
%
2018
 
0.80

 
45

Fossil Fuel Energy Sources
Xcel Energy’s fossil fuel energy portfolio includes coal and natural gas power from both owned generating facilities and PPAs.
See Item 2 — Properties for further information.
Coal Energy Sources
Xcel Energy owns and operates nine coal plants with approximately 6,500 MW of total 2019 net summer dependable capacity.
Our operating companies have embarked on an industry-leading coal retirement program with permission from its key regulatory bodies.
Approved and proposed coal plant retirements:
Approved (2019 to 2027)
Year
 
Utility Subsidiary
 
Plant
 
Capacity
2022
 
PSCo
 
Comanche 1
 
325 MW
2023
 
NSP-Minnesota
 
Sherco 2
 
682 MW
2025
 
PSCo
 
Comanche 2
 
335 MW
2025
 
PSCo
 
Craig 1
 
42 MW
2026
 
NSP-Minnesota
 
Sherco 1
 
680 MW
Proposed (2028 to 2030)
Year
 
Utility Subsidiary
 
Plant
 
Capacity
2028
 
NSP-Minnesota
 
A.S King
 
511 MW
2030
 
NSP-Minnesota
 
Sherco 3
 
517 MW
 
Coal Fuel Cost
Delivered cost per MMBtu of coal consumed for owned electric generation and percentage of fuel requirements:
 
 
Coal (a)
Utility Subsidiary
 
Cost
 
Percent
NSP System
 
 
 
 
2019
 
$
2.02

 
36
%
2018
 
2.13

 
42

PSCo
 
 
 
 
2019
 
1.45

 
55

2018
 
1.45

 
62

SPS
 
 
 
 
2019
 
2.19

 
45

2018
 
2.04

 
56

(a) 
Includes refuse-derived fuel and wood for the NSP System.
Natural Gas Energy Sources
Xcel Energy has 22 natural gas plants with approximately 7,900 MW of total 2019 net summer dependable capacity.
Natural gas supplies, transportation and storage services for power plants are procured to provide an adequate supply of fuel. Remaining requirements are procured through a liquid spot market. Generally, natural gas supply contracts have variable pricing that is tied to natural gas indices. Natural gas supply and transportation agreements include obligations for the purchase and/or delivery of specified volumes or payments in lieu of delivery.
Natural Gas Cost
Delivered cost per MMBtu of natural gas consumed for owned electric generation and percentage of total fuel requirements:
 
 
Natural Gas
Utility Subsidiary
 
Cost
 
Percent
NSP System
 
 
 
 
2019
 
$
3.09

 
19
%
2018
 
3.87

 
13

PSCo
 
 
 
 
2019
 
3.27

 
45

2018
 
3.74

 
38

SPS
 
 
 
 
2019
 
1.14

 
55

2018
 
2.24

 
44

Capacity and Demand
Uninterrupted system peak demand and occurrence date for the regulated utilities:
 
 
System Peak Demand (in MW)
Utility Subsidiary
 
2019
 
2018
NSP System  
 
8,774

 
July 19
 
8,927

 
June 29
PSCo
 
7,111

 
July 19
 
6,718

 
July 10
SPS
 
4,261

 
Aug. 5
 
4,648

 
July 19
Transmission
Transmission lines deliver electricity over long distances from power sources to transmission substations closer to homes and businesses. A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support a diverse generation mix, including renewable energy. Xcel Energy owns more than 20,000 miles of transmission lines, serving 22,000 MW of customer load.

11


Transmission projects completed in 2019 include:
Project
 
Utility Subsidiary
 
Miles
 
Size
Maple River-Red River
 
NSP-Minnesota
 
5

 
115 KV
Nelson-Wabasha
 
NSP-Wisconsin
 
2

 
69 KV
Pawnee-Daniels Park
 
PSCo
 
125

 
345 KV
Thornton Substation
 
PSCo
 
2

 
115 KV
TUCO-Yoakum-Hobbs
 
SPS
 
64

 
345 KV
NEF-Cardinal
 
SPS
 
15

 
115 KV
Potash Junction-Livingston Ridge
 
SPS
 
15

 
115 KV
Mustang-Shell
 
SPS
 
9

 
115 KV
North Loving-South Loving
 
SPS
 
3

 
115 KV
Cunningham-Monument Tap
 
SPS
 
7

 
115 KV
Notable upcoming projects:
Project
 
Utility Subsidiary
 
Miles
 
Size
 
Completion Date
Huntley-Wilmarth
 
NSP-Minnesota
 
50

 
345 KV
 
2021
Bayfield Second Circuit
 
NSP-Wisconsin
 
19

 
35 KV
 
2022
Cheyenne Ridge
 
PSCo
 
65

 
345 KV
 
2020
TUCO-Yoakum-Hobbs
 
SPS
 
106

 
345 KV
 
2020
Eddy-Kiowa
 
SPS
 
34

 
345 KV
 
2020
See Item 2 - Properties for further information.
 
Distribution
Distribution lines allow electricity to travel from substations directly to homes and businesses in neighborhoods and cities around the country. Xcel Energy has a vast distribution network, owning and operating thousands of miles of distribution lines across our eight-state service territory, both above ground and underground.
To continue providing reliable, affordable electric service and enable more flexibility for customers, we are working to digitize the distribution grid, while at the same time keeping it secure. Over the next five years, the Company will invest $1.4 billion implementing new network infrastructure, smart meters, advanced software, equipment sensors and related data analytics capabilities. These investments will further improve reliability and reduce outage restoration times for our customers, while at the same time enabling new options and opportunities for increased efficiency savings. The new capabilities will also enable integration of battery storage and other distributed energy resources into the grid, including electric vehicles.
In 2019, Xcel Energy implemented foundational software and completed our initial smart meter deployment in Colorado as planned, with full-scale implementation to follow. We also requested approval to expand our advanced grid program to benefit our Minnesota customers and expect a Commission decision in late 2020. We plan to have smart meters implemented across our Colorado and Minnesota service territories by the end of 2024.
See Item 2 - Properties for further information.
Natural Gas Operations
Natural gas operations consist of purchase, transportation and distribution of natural gas to end use residential, C&I and transport customers in NSP-Minnesota, NSP-Wisconsin and PSCo. Xcel Energy had natural gas deliveries of 463,185 (thousands of MMBtu), 2,068,129 customers and natural gas revenues of $1,868 (millions of dollars) for 2019.
 
GASDELIVERIES2019.JPG GASCUSTOMERS2019.JPG GASREVENUE2019.JPG
 
Sales/Revenue Statistics
 
 
2019
 
2018
MMBtu sales per retail customer
 
129.31

 
120.51

Revenue per retail customer
 
$
851.94

 
$
785.86

Residential revenue per MMBtu
 
7.14

 
7.01

C&I revenue per MMBtu
 
5.73

 
5.76

Transportation and other revenue per MMBtu
 
0.57

 
0.80

 
Capability and Demand
Natural gas supply requirements are categorized as firm or interruptible (customers with an alternate energy supply).
Maximum daily output (firm and interruptible) and occurrence date:
 
 
2019
 
2018
Utility Subsidiary
 
MMBtu
 
Date
 
MMBtu
 
Date
NSP-Minnesota
 
897,615

(a) 
Feb. 25
 
786,751

 
Jan. 12
NSP-Wisconsin
 
166,009

(a) 
Jan. 30
 
159,700

 
Jan. 5
PSCo
 
2,139,420

(a) 
March 3
 
1,903,878

 
Feb. 20
(a) 
Increase in maximum MMBtu output due to colder winter temperatures in 2019.

12


Natural Gas Supply and Cost
Xcel Energy actively seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which provides increased flexibility, decreased interruption and financial risk, and economic customer rates. In addition, the utility subsidiaries conduct natural gas price hedging activities approved by their state commissions.
Average delivered cost per MMBtu of natural gas for regulated retail distribution:
Utility Subsidiary
 
2019
 
2018
NSP-Minnesota
 
$
3.71

 
$
4.03

NSP-Wisconsin
 
3.49

 
3.84

PSCo
 
2.95

 
3.20

NSP-Minnesota, NSP-Wisconsin and PSCo have natural gas supply transportation and storage agreements that include obligations for purchase and/or delivery of specified volumes or to make payments in lieu of delivery.
See Item 2 - Properties for further information.
General
General Economic Conditions
Economic conditions may have a material impact on Xcel Energy’s operating results. Other events impact overall economic conditions and management cannot predict the impact of fluctuating energy prices, terrorist activity, war or the threat of war. We could experience a material impact to its results of operations, future growth or ability to raise capital resulting from a sustained general slowdown in economic growth or a significant increase in interest rates.
Seasonality
Demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer.
Competition
The Company is subject to public policies that promote competition and development of energy markets. Xcel Energy’s industrial and large commercial customers have the ability to generate their own electricity. In addition, customers may have the option of substituting other fuels or relocating their facilities to a lower cost region.
Customers have the opportunity to supply their own power with distributed generation including solar generation and in most jurisdictions can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them.
Several states have incentives for the development of rooftop solar, community solar gardens and other distributed energy resources. Distributed generating resources are potential competitors to Xcel Energy’s electric service business with these incentives and federal tax subsidies.
The FERC has continued to promote competitive wholesale markets through open access transmission and other means. Xcel Energy’s wholesale customers can purchase their output from generation resources of competing suppliers or non-contracted quantities and use the transmission systems of the utility subsidiaries on a comparable basis to serve their native load.
 
FERC Order No. 1000 established competition for construction and operation of certain new electric transmission facilities. State utilities commissions have also created resource planning programs that promote competition for electricity generation resources used to provide service to retail customers.
Xcel Energy Inc.’s utility subsidiaries have franchise agreements with cities subject to periodic renewal; however, a city could seek alternative means to access electric power or gas, such as municipalization.
While each utility subsidiary faces these challenges, Xcel Energy believes their rates and services are competitive with alternatives currently available.
Public Utility Regulation
See Item 7 for discussion of public utility regulation.
Environmental
Environmental Regulation
Our facilities are regulated by federal and state agencies that have jurisdiction over air emissions, water quality, wastewater discharges, solid wastes and hazardous substances. Various company activities require registrations, permits, licenses, inspections and approvals from these agencies. Xcel Energy has received necessary authorizations for the construction and continued operation of its generation, transmission and distribution systems. Our facilities have been designed and constructed to operate in compliance with applicable environmental standards and related monitoring and reporting requirements. However, it is not possible to determine when or to what extent additional facilities or modifications of existing or planned facilities will be required as a result of changes to regulations, interpretations or enforcement policies or what effect future laws or regulations may have. We may be required to incur expenditures in the future for remediation of MGP and other sites if it is determined that prior compliance efforts are not sufficient.
In Minnesota, Texas and Wisconsin, Xcel Energy must comply with emission budgets that require the purchase of emission allowances from other utilities. The Denver North Front Range Nonattainment Area does not meet either the 2008 or 2015 ozone NAAQS. Colorado will continue to consider further reductions available in the non-attainment area as it develops plans to meet ozone standards. Gas plants which operate in PSCo’s non-attainment area may be required to improve or add controls, implement further work practices and/or enhanced emissions monitoring as part of future Colorado state plans.
There are significant present/future environmental regulations to encourage use of clean energy technologies and regulate emissions of GHGs. We have undertaken numerous initiatives to meet current requirements and prepare for potential future regulations, reduce GHG emissions and respond to state renewable and energy efficiency goals. If future environmental regulations do not take into consideration investments already made or if additional initiatives or emission reductions are required, substantial costs may be incurred.
In July 2019, the EPA adopted the Affordable Clean Energy rule, which requires states to develop plans for GHG reductions from coal-fired power plants. The state plans, due to the EPA in July 2022, will evaluate and potentially require heat rate improvements at existing coal-fired plants. It is not yet known how these state plans will affect our existing coal plants, but they could require substantial additional investment, even in plants slated for retirement. Xcel Energy believes, based on prior state commission practice, the cost of these initiatives or replacement generation would be recoverable through rates.

13


In 2019, Xcel Energy estimates that it reduced the carbon emissions associated with the electric generating resources, both owned and under PPAs, used to serve its customers by approximately 44% from 2005 levels.
Environmental Costs
Environmental costs include accruals for nuclear plant decommissioning and payments for storage of spent nuclear fuel, disposal of hazardous materials and waste, remediation of contaminated sites, monitoring of discharges to the environment and compliance with laws and permits with respect to emissions.
Costs charged to operating expenses for nuclear decommissioning, spent nuclear fuel disposal, environmental monitoring and remediation and disposal of hazardous materials and waste were approximately:
$345 million in 2019;
$335 million in 2018; and
$315 million in 2017.
Average annual expense of approximately $400 million from 20202024 is estimated for similar costs. The precise timing and amount of environmental costs, including those for site remediation and disposal of hazardous materials, are unknown. Additionally, the extent to which environmental costs will be included in and recovered through rates may fluctuate.
 
Capital expenditures for environmental improvements were approximately:
$30 million in 2019;
$50 million in 2018; and
$60 million in 2017.
See Item 7 Capital Requirements for further discussion.
Capital Spending and Financing
See Item 7 for discussion of capital expenditures and funding sources.
Employees
As of Dec. 31, 2019, Xcel Energy had 11,273 full-time employees and 44 part-time employees, of which 5,091 were covered under CBAs.
 
 
Employees Covered by CBAs
 
Total Employees
NSP-Minnesota
 
2,036

 
3,203

NSP-Wisconsin
 
392

 
538

PSCo
 
1,884

 
2,369

SPS
 
779

 
1,158

XES
 

 
4,005

Total
 
5,091

 
11,273

Information about our Executive Officers (a)
Name
 
Age (b)
 
Current and Recent Positions
 
Time in Position
Ben Fowke (c)
 
61
 
Chairman of the Board, President and Chief Executive Officer and Director, Xcel Energy Inc.
 
August 2011 — Present
 
 
 
 
Chief Executive Officer, NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS
 
January 2015 — Present
Brett C. Carter
 
53
 
Executive Vice President and Chief Customer and Innovation Officer, Xcel Energy Inc.
 
May 2018 — Present
 
 
 
 
Senior Vice President and Shared Services Executive, Bank of America, an institutional investment bank and financial services company
 
October 2015 — May 2018
 
 
 
 
Senior Vice President and Chief Operating Officer, Bank of America
 
March 2015 — October 2015
 
 
 
 
Senior Vice President and Chief Distribution Officer, Duke Energy Co., an electric power company
 
February 2013 — March 2015
Christopher B. Clark
 
53
 
President and Director, NSP-Minnesota
 
January 2015 — Present
David L. Eves (d)
 
61
 
Executive Vice President and Group President, Utilities, Xcel Energy Inc.
 
March 2018 — Present
 
 
 
 
President and Director, PSCo
 
January 2015 — February 2018
Darla Figoli
 
57
 
Senior Vice President, Human Resources & Employee Services, Chief Human Resources Officer, Xcel Energy Inc.
 
May 2018 — Present
 
 
 
 
Senior Vice President, Human Resources and Employee Services, Xcel Energy Inc.
 
May 2015 — May 2018
 
 
 
 
Vice President, Human Resources, Xcel Energy Inc.
 
February 2010 — May 2015
Robert C. Frenzel (c)
 
49
 
Executive Vice President, Chief Financial Officer, Xcel Energy Inc.
 
May 2016 — Present 
 
 
 
 
Senior Vice President and Chief Financial Officer, Luminant, a subsidiary of Energy Future Holdings Corp. (e)
 
February 2012 — April 2016
David T. Hudson
 
59
 
President and Director, SPS
 
January 2015 — Present
Alice Jackson
 
41
 
President and Director, PSCo
 
May 2018 — Present
 
 
 
 
Area Vice President, Strategic Revenue Initiatives, Xcel Energy Services Inc.
 
November 2016 — May 2018
 
 
 
 
Regional Vice President, Rates and Regulatory Affairs, PSCo
 
November 2013 — November 2016
Kent T. Larson (f)
 
60
 
Executive Vice President and Group President Operations, Xcel Energy Inc.
 
January 2015 — Present
Timothy O’Connor (g)
 
60
 
Senior Vice President, Chief Nuclear Officer, Xcel Energy Services Inc.
 
February 2013 — Present
Judy M. Poferl (h)
 
60
 
Senior Vice President, Corporate Secretary and Executive Services, Xcel Energy Inc.
 
January 2015 — Present
Jeffrey S. Savage
 
48
 
Senior Vice President, Controller, Xcel Energy Inc.
 
January 2015 — Present
Mark E. Stoering
 
59
 
President and Director, NSP-Wisconsin
 
January 2015 — Present
Scott M. Wilensky
 
63
 
Executive Vice President, General Counsel, Xcel Energy Inc.
 
January 2015 — Present
(a) 
No family relationships exist between any of the executive officers or directors.
(b) 
Ages as of Dec. 31, 2019.
(c) 
Effective March 31, 2020, Mr. Fowke will cease to serve as President and Mr. Frenzel will become President and Chief Operating Officer of Xcel Energy Inc.  At the same time, Brian J. Van Abel will become Executive Vice President, Chief Financial Officer of Xcel Energy Inc.
(d) 
Effective May 1, 2020, Mr. Eves will be retiring from the Company after retiring from his executive officer positions effective March 30, 2020.
 
(e) 
In April 2014, Energy Future Holdings Corp., the majority of its subsidiaries, including TCEH the parent company of Luminant, filed a voluntary bankruptcy petition under Chapter 11 of the United States Bankruptcy Code. TCEH emerged from Chapter 11 in October 2016. 
(f) 
Effective May 31, 2020, Mr. Larson will be leaving the Company after ceasing to serve in his executive officer positions effective March 30, 2020. 
(g) 
Effective March 31, 2020, Mr. O’Connor will become Executive Vice President, Chief Generation Officer.
(h) 
Effective March 31, 2020, Ms. Poferl will be retiring from the Company. Frank Prager has been elected to serve with the title of Senior Vice President, Strategy and Planning and External Affairs effective March 1, 2020.

14


ITEM 1A  RISK FACTORS
Xcel Energy is subject to a variety of risks, many of which are beyond our control. Risks that may adversely affect the business, financial condition, results of operations or cash flows are described below. These risks should be carefully considered together with the other information set forth in this report and future reports that we file with the SEC.
Oversight of Risk and Related Processes
The Board of Directors is responsible for the oversight of material risk and maintaining an effective risk monitoring process. Management and the Board of Directors’ committees have responsibility for overseeing the identification and mitigation of key risks and reporting its assessments and activities to the full Board of Directors.
Xcel Energy maintains a robust compliance program and promotes a culture of compliance beginning with the tone at the top. The risk mitigation process includes adherence to our code of conduct and compliance policies, operation of formal risk management structures and overall business management. Xcel Energy further mitigates inherent risks through formal risk committees and corporate functions such as internal audit, and internal controls over financial reporting and legal.
Management identifies and analyzes risks to determine materiality and other attributes such as timing, probability and controllability. Identification and risk analysis occurs formally through risk assessment conducted by senior management, the financial disclosure process, hazard risk procedures, internal audit and compliance with financial and operational controls.
Management also identifies and analyzes risk through the business planning process, development of goals and establishment of key performance indicators, including identification of barriers to implementing the Company’s strategy. The business planning process also identifies likelihood and mitigating factors to prevent the assumption of inappropriate risk to meet goals.
Management communicates regularly with the Board of Directors and key stakeholders regarding risk. Senior management presents and communicates a periodic risk assessment to the Board of Directors, providing information on the risks that management believes are material, including financial impact, timing, likelihood and mitigating factors. The Board of Directors regularly reviews management’s key risk assessments, which includes areas of existing and future macroeconomic, financial, operational, policy, environmental and security risks.
The oversight, management and mitigation of risk is an integral and continuous part of the Board of Directors’ governance of Xcel Energy. The Board of Directors assigns oversight of critical risks to each of its four committees to ensure these risks are well understood and given appropriate focus.
The Audit Committee is responsible for reviewing the adequacy of the committee’s risk oversight and affirming appropriate aggregate oversight occurs. Committees regularly report on their oversight activities and certain risk issues may be brought to the full Board of Directors for consideration when deemed appropriate.
New risks are considered and assigned as appropriate during the annual Board of Directors and committee evaluation process, resulting in updates to the committee charters and annual work plans. Additionally, the Board of Directors conducts an annual strategy session where Xcel Energy’s future plans and initiatives are reviewed.
 
Risks Associated with Our Business
Operational Risks
Our natural gas and electric transmission and distribution operations involve numerous risks that may result in accidents and other operating risks and costs.
Our natural gas transmission and distribution activities include inherent hazards and operating risks, such as leaks, explosions, outages and mechanical problems. Our electric generation, transmission and distribution activities include inherent hazards and operating risks such as contact, fire and outages. These risks could result in loss of life, significant property damage, environmental pollution, impairment of our operations and substantial financial losses. We maintain insurance against most, but not all, of these risks and losses. The occurrence of these events, if not fully covered by insurance, could have a material effect on our financial condition, results of operations and cash flows.
Additionally, compliance with existing and potential new regulations related to the operation and maintenance of our natural gas infrastructure could result in significant costs. The PHMSA is responsible for administering the DOT’s national regulatory program to assure the safe transportation of natural gas, petroleum and other hazardous materials by pipelines. The PHMSA continues to develop regulations and other approaches to risk management to assure safety in design, construction, testing, operation, maintenance and emergency response of natural gas pipeline infrastructure. We have programs in place to comply with these regulations and systematically monitor and renew infrastructure over time, however, a significant incident or material finding of non-compliance could result in penalties and higher costs of operations.
Our natural gas and electric transmission and distribution operations are dependent upon complex information technology systems and network infrastructure, the failure of which could disrupt our normal business operations, which could have a material adverse effect on our ability to process transactions and provide services.
Our utility operations are subject to long-term planning and project risks.
Most electric utility investments are planned to be used for decades. Transmission and generation investments typically have long lead times and are planned well in advance of in-service dates and typically subject to long-term resource plans. These plans are based on numerous assumptions such as: sales growth, customer usage, commodity prices, economic activity, costs, regulatory mechanisms, customer behavior, available technology and public policy. Xcel Energy’s long-term resource plan is dependent on our ability to obtain required approvals, develop necessary technical expertise, allocate and coordinate sufficient resources and adhere to budgets and timelines.
In addition, the long-term nature of both our planning and our asset lives are subject to risk. The electric utility sector is undergoing a period of significant change. For example, increases in energy efficiency, wider adoption of lower cost renewable generation, distributed generation and shifts away from coal generation to decrease carbon emissions and increasing use of natural gas in electric generation driven by lower natural gas prices. Customer adoption of these technologies and increased energy efficiency could result in excess transmission and generation resources, downward pressure on sales growth, as well as stranded costs if we are not able to fully recover costs and investments.
Changing customer expectations and technologies are requiring significant investments in advanced grid infrastructure, which increases exposure to technology obsolescence. Evolving stakeholder preference for lower emission generation sources may pressure our investments in natural gas generation and delivery.

15


The magnitude and timing of resource additions and changes in customer demand may not coincide while customer preference for resource generation may change, which introduces further uncertainty into long-term planning. Additionally, multiple states may not agree as to the appropriate resource mix, which may lead to costs to comply with one jurisdiction that are not recoverable across all jurisdictions served by the same assets.
We are subject to longer-term availability of inputs such as coal, natural gas, uranium and water to cool our facilities. Lack of availability of these resources could jeopardize long-term operations of our facilities or make them uneconomic to operate.
We are subject to commodity risks and other risks associated with energy markets and energy production.
In the event fuel costs increase, customer demand could decline and bad debt expense may rise, which may have a material impact on our results of operations. Despite existing fuel recovery mechanisms in most of our states, higher fuel costs could significantly impact our results of operations if costs are not recovered. Delays in the timing of the collection of fuel cost recoveries could impact our cash flows.
A significant disruption in supply could cause us to seek alternative supply services at potentially higher costs and supply shortages may not be fully resolved, which could cause disruptions in our ability to provide services to our customers. Failure to provide service due to disruptions may also result in fines, penalties or cost disallowances through the regulatory process. Also, significantly higher energy or fuel costs relative to sales commitments could negatively impact our cash flows and results of operations.
We also engage in wholesale sales and purchases of electric capacity, energy and energy-related products as well as natural gas. In many markets, emission allowances and/or RECs are also needed to comply with various statutes and commission rulings. As a result, we are subject to market supply and commodity price risk. Commodity price changes can affect the value of our commodity trading derivatives. We mark certain derivatives to estimated fair market value on a daily basis. Settlements can vary significantly from estimated fair values recorded and significant changes from the assumptions underlying our fair value estimates could cause earnings variability.
Failure to attract and retain a qualified workforce could have an adverse effect on operations. 
Certain specialized knowledge is required of our technical employees for construction and operation of transmission, generation and distribution assets. The Company’s business strategy is dependent on our ability to recruit, retain and motivate employees. Competition for skilled employees is high in the areas of business operations. Failure to hire and adequately train replacement employees, including the transfer of significant internal historical knowledge and expertise to new employees or future availability and cost of contract labor may adversely affect the ability to manage and operate our business. We have seen a tightening of supply for engineers and skilled laborers in certain markets and are implementing plans to retain these employees. Inability to attract and retain these employees could adversely impact our results of operations, financial condition or cash flows.
Our operations use third-party contractors in addition to employees to perform periodic and ongoing work.
We rely on third-party contractors to perform operations, maintenance and construction work. Our contractual arrangements with these contractors typically include performance standards, progress payments, insurance requirements and security for performance. Poor vendor performance could impact ongoing operations, restoration operations, our reputation and could introduce financial risk or risks of fines.
 
Our subsidiary, NSP-Minnesota, is subject to the risks of nuclear generation.
NSP-Minnesota has two nuclear generation plants, PI and Monticello. Risks of nuclear generation include:
Hazards associated with the use of radioactive material in energy production, including management, handling, storage and disposal;
Limitations on insurance available to cover losses that may arise in connection with nuclear operations, as well as obligations to contribute to an insurance pool in the event of damages at a covered U.S. reactor; and
Technological and financial uncertainties related to the costs of decommissioning nuclear plants may cause our funding obligations to change.
The NRC has authority to impose licensing and safety-related requirements for the operation of nuclear generation facilities, including the ability to impose fines and/or shut down a unit until compliance is achieved. Revised NRC safety requirements could necessitate substantial capital expenditures or an increase in operating expenses. In addition, the Institute for Nuclear Power Operations reviews NSP-Minnesota’s nuclear operations and nuclear generation facilities. Compliance with the Institute for Nuclear Power Operations’ recommendations could result in substantial capital expenditures or a substantial increase in operating expenses.
If an incident did occur, it could have a material impact on our results of operations, financial condition or cash flows. Furthermore, non-compliance or the occurrence of a serious incident at other nuclear facilities could result in increased industry regulation, which may increase NSP-Minnesota’s compliance costs.
NSP-Wisconsin’s production and transmission system is operated on an integrated basis with NSP-Minnesota and may be subject to risks associated with NSP-Minnesota’s nuclear generation.
Financial Risks
Our profitability depends on the ability of our utility subsidiaries to recover their costs and changes in regulation may impair the ability of our utility subsidiaries to recover costs from their customers.
We are subject to comprehensive regulation by federal and state utility regulatory agencies, including siting and construction of facilities, customer service and the rates that we can charge customers.
The profitability of our utility operations is dependent on our ability to recover the costs of providing energy and utility services and earning a return on capital investment. Our rates are generally regulated and are based on an analysis of the utility’s costs incurred in a test year. The utility subsidiaries are subject to both future and historical test years depending upon the regulatory jurisdiction. Thus, the rates a utility is allowed to charge may or may not match its costs at any given time. Rate regulation is premised on providing an opportunity to earn a reasonable rate of return on invested capital.
There can also be no assurance that our regulatory commissions will judge all the costs of our utility subsidiaries to be prudent, which could result in disallowances, or that the regulatory process will always result in rates that will produce full recovery.
Overall, management believes prudently incurred costs are recoverable given the existing regulatory framework. However, there may be changes in the regulatory environment that could impair the ability of our utility subsidiaries to recover costs historically collected from customers, or these subsidiaries could exceed caps on capital costs (e.g., wind projects) required by commissions and result in less than full recovery.

16


Changes in the long-term cost-effectiveness or to the operating conditions of our assets may result in early retirements of utility facilities. While regulation typically provides relief for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.
In a continued low interest rate environment, there has been increased downward pressure on allowed ROE. Conversely, higher than expected inflation or tariffs may increase costs of construction and operations. Also, rising fuel costs could increase the risk that our utility subsidiaries will not be able to fully recover their fuel costs from their customers.
Adverse regulatory rulings or the imposition of additional regulations could have an adverse impact on our results of operations and materially affect our ability to meet our financial obligations, including debt payments and the payment of dividends on common stock.
Any reductions in our credit ratings could increase our financing costs and the cost of maintaining certain contractual relationships.
We cannot be assured that our current ratings or our subsidiaries’ ratings will remain in effect, or that a rating will not be lowered or withdrawn by a rating agency. Significant events including disallowance of costs, significantly lower returns on equity, changes to equity ratios and impacts of tax policy may impact our cash flows and credit metrics, potentially resulting in a change in our credit ratings. In addition, our credit ratings may change as a result of the differing methodologies or change in the methodologies used by the various rating agencies.
Any downgrade could lead to higher borrowing costs and could impact our ability to access capital markets. Also, our utility subsidiaries may enter into contracts that require posting of collateral or settlement of applicable contracts if credit ratings fall below investment grade.
We are subject to capital market and interest rate risks.
Utility operations require significant capital investment. As a result, we frequently need to access capital markets. Capital markets are global and impacted by issues and events throughout the world. Any disruption in capital markets could have a material impact on our ability to fund our operations. Capital market disruption and financial market distress could prevent us from issuing short-term commercial paper, issuing new securities or cause us to issue securities with unfavorable terms and conditions, such as higher interest rates. Higher interest rates on short-term borrowings with variable interest rates could also have an adverse effect on our operating results.
The performance of capital markets impacts the value of assets held in trusts to satisfy future obligations to decommission NSP-Minnesota’s nuclear plants and satisfy our defined benefit pension and postretirement benefit plan obligations. These assets are subject to market fluctuations and yield uncertain returns, which may fall below expected returns. A decline in the market value of these assets may increase funding requirements. Additionally, the fair value of the debt securities held in the nuclear decommissioning and/or pension trusts may be impacted by changes in interest rates.
We are subject to credit risks.
Credit risk includes the risk that our customers will not pay their bills, which may lead to a reduction in liquidity and an increase in bad debt expense. Credit risk is comprised of numerous factors including the price of products and services provided, the overall economy and local economies in the geographic areas we serve, including local unemployment rates. Credit risk also includes the risk that various counterparties that owe us money or product will become insolvent and may breach their obligations. Should the counterparties fail to perform, we may be forced to enter into alternative arrangements. In that event, our financial results could be adversely affected and incur losses.
 
The Company may at times have direct credit exposure in our short-term wholesale and commodity trading activity to financial institutions trading for their own accounts or issuing collateral support on behalf of other counterparties. We may also have some indirect credit exposure due to participation in organized markets, such as CAISO, SPP, PJM Interconnection, LLC, MISO and Electric Reliability Council of Texas, in which any credit losses are socialized to all market participants. We have additional indirect credit exposure to financial institutions in the form of letters of credit provided as security by power suppliers under various purchased power contracts. If any of the credit ratings of the letter of credit issuers were to drop below investment grade, the supplier would need to replace that security with an acceptable substitute. If the security were not replaced, the party could be in default under the contract.
Increasing costs of our defined benefit retirement plans and employee benefits may adversely affect our results of operations, financial condition or cash flows.
We have defined benefit pension and postretirement plans that cover most of our employees. Assumptions related to future costs, return on investments, interest rates and other actuarial assumptions have a significant impact on our funding requirements related to these plans. Estimates and assumptions may change. In addition, the Pension Protection Act changed the minimum funding requirements for defined benefit pension plans. Therefore, our funding requirements and related contributions may change in the future. Also, the payout of a significant percentage of pension plan liabilities in a single year due to high numbers of retirements or employees leaving would trigger settlement accounting and could require Xcel Energy to recognize incremental pension expense related to unrecognized plan losses in the year liabilities are paid.
Changes in industry standards utilized in key assumptions (e.g., mortality tables) could have a significant impact on future obligations and benefit costs.
Increasing costs associated with health care plans may adversely affect our results of operations.
Increasing levels of large individual health care claims and overall health care claims could have an adverse impact on our results of operations, financial condition or cash flows. Health care legislation could also significantly impact our benefit programs and costs.
We must rely on cash from our subsidiaries to make dividend payments.
Investments in our subsidiaries are our primary assets. Substantially all of our operations are conducted by our subsidiaries. Consequently, our operating cash flow and ability to service our debt and pay dividends depends upon the operating cash flows of our subsidiaries and their payment of dividends.
Our subsidiaries are separate legal entities that have no obligation to pay any amounts due pursuant to our obligations or to make any funds available for dividends on our common stock. In addition, each subsidiary’s ability to pay dividends depends on statutory and/or contractual restrictions which may include requirements to maintain minimum levels of equity ratios, working capital or assets.
If the utility subsidiaries were to cease making dividend payments, our ability to pay dividends on our common stock or otherwise meet our financial obligations could be adversely affected. Our utility subsidiaries are regulated by state utility commissions, which possess broad powers to ensure that the needs of the utility customers are met. We may be negatively impacted by the actions of state commissions that limit the payment of dividends by our subsidiaries.

17


Federal tax law may significantly impact our business.
Our utility subsidiaries collect through regulated rates estimated federal, state and local tax payments. Changes to federal tax law may benefit or adversely affect our earnings and customer costs. Tax depreciable lives and the value of various tax credits or the timeliness of their utilization may impact the economics or selection of resources. There could be timing delays before regulated rates provide for realization of tax changes in revenues. In addition, certain IRS tax policies, such as tax normalization, may impact our ability to economically deliver certain types of resources relative to market prices.
Macroeconomic Risks
Economic conditions impact our business.
Xcel Energy’s operations are affected by local, national and worldwide economic conditions, which correlates to customers/sales growth(decline). Economic conditions may be impacted by insufficient financial sector liquidity leading to potential increased unemployment, which may impact customers’ ability to pay their bills which could lead to additional bad debt expense.
Our utility subsidiaries face competitive factors, which could have an adverse impact on our financial condition, results of operations and cash flows. Further, worldwide economic activity impacts the demand for basic commodities necessary for utility infrastructure, which may inhibit our ability to acquire sufficient supplies. We operate in a capital intensive industry and federal trade policy could significantly impact the cost of materials we use. There may be delays before these additional material costs can be recovered in rates.
Operations could be impacted by war, terrorism, or other events.
Our generation plants, fuel storage facilities, transmission and distribution facilities and information and control systems may be targets of terrorist activities. Any disruption could impact operations or result in a decrease in revenues and additional costs to repair and insure our assets. These disruptions could have a material impact on our financial condition, results of operations or cash flows. The potential for terrorism has subjected our operations to increased risks and could have a material effect on our business. We have already incurred increased costs for security and capital expenditures in response to these risks. The insurance industry has also been affected by these events and the availability of insurance may decrease. In addition, insurance may have higher deductibles, higher premiums and more restrictive policy terms.
A disruption of the regional electric transmission grid, interstate natural gas pipeline infrastructure or other fuel sources, could negatively impact our business, brand and reputation. Because our facilities are part of an interconnected system, we face the risk of possible loss of business due to a disruption caused by the actions of a neighboring utility.
We also face the risks of possible loss of business due to significant events such as severe storm, severe temperature extremes, wildfires (particularly in Colorado), widespread pandemic, generator or transmission facility outage, pipeline rupture, railroad disruption, operator error, sudden and significant increase or decrease in wind generation or a disruption of work force within our operating systems (or on a neighboring system).
The recent coronavirus outbreak in China is an example of how major catastrophic events throughout the world may disrupt our business. While we are a domestic company, the Company participates in a global supply chain, which includes materials and components that are sourced from China. A prolonged disruption could result in the delay of equipment and materials that may impact our ability to reliably serve our customers.
 
Disruption due to events such as those noted above could result in a significant decrease in revenues and additional costs to repair assets, which could have a material impact on our results of operations, financial condition or cash flows.
Xcel Energy participates in biennial grid security and emergency response exercises (GridEx). These efforts, led by the NERC, test and further develop the coordination, threat sharing and interaction between utilities and various government agencies relative to potential cyber and physical threats against the nation’s electric grid.
A cyber incident or security breach could have a material effect on our business.
We operate in an industry that requires the continued operation of sophisticated information technology, control systems and network infrastructure. In addition, we use our systems and infrastructure to create, collect, use, disclose, store, dispose of and otherwise process sensitive information, including company data, customer energy usage data, and personal information regarding customers, employees and their dependents, contractors, shareholders and other individuals.
The Company’s generation, transmission, distribution and fuel storage facilities, information technology systems and other infrastructure or physical assets, as well as information processed in our systems (e.g., information regarding our customers, employees, operations, infrastructure and assets) could be affected by cyber security incidents, including those caused by human error. The utility industry has been the target of several attacks on operational systems and has seen an increased volume and sophistication of cyber security incidents from international activist organizations, Nation States and individuals. Cyber security incidents could harm our businesses by limiting our generating, transmitting and distributing capabilities, delaying our development and construction of new facilities or capital improvement projects to existing facilities, disrupting our customer operations or causing the release of customer information, all of which would likely receive state and federal regulatory scrutiny and could expose us to liability.
Xcel Energy’s generation, transmission systems and natural gas pipelines are part of an interconnected system. Therefore, a disruption caused by the impact of a cyber security incident of the regional electric transmission grid, natural gas pipeline infrastructure or other fuel sources of our third-party service providers’ operations, could also negatively impact our business.
Our supply chain for procurement of digital equipment may expose software or hardware to these risks and could result in a breach or significant costs of remediation. We are unable to quantify the potential impact of cyber security threats or subsequent related actions. Cyber security incidents and regulatory action could result in a material decrease in revenues and may cause significant additional costs (e.g., penalties, third-party claims, repairs, insurance or compliance) and potentially disrupt our supply and markets for natural gas, oil and other fuels.
We maintain security measures to protect our information technology and control systems, network infrastructure and other assets. However, these assets and the information they process may be vulnerable to cyber security incidents, including asset failure or unauthorized access to assets or information.
A failure or breach of our technology systems or those of our third-party service providers could disrupt critical business functions and may negatively impact our business, our brand, and our reputation. The cyber security threat is dynamic and evolves continually, and our efforts to prioritize network protection may not be effective given the constant changes to threat vulnerability.

18


Our operating results may fluctuate on a seasonal and quarterly basis and can be adversely affected by milder weather.
Our electric and natural gas utility businesses are seasonal and weather patterns can have a material impact on our operating performance. Demand for electricity is often greater in the summer and winter months associated with cooling and heating. Because natural gas is heavily used for residential and commercial heating, the demand depends heavily upon weather patterns. A significant amount of natural gas revenues are recognized in the first and fourth quarters related to the heating season. Accordingly, our operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer. Unusually mild winters and summers could have an adverse effect on our financial condition, results of operations or cash flows.
Public Policy Risks
We may be subject to legislative and regulatory responses to climate change, with which compliance could be difficult and costly.
Legislative and regulatory responses related to climate change and new interpretations of existing laws create financial risk as our facilities may be subject to additional regulation at either the state or federal level in the future. Such regulations could impose substantial costs.
We may be subject to climate change lawsuits. An adverse outcome could require substantial capital expenditures and possibly require payment of substantial penalties or damages. Defense costs associated with such litigation can also be significant and could affect results of operations, financial condition or cash flows if such costs are not recovered through regulated rates.
Although the United States has not adopted any international or federal GHG emission reduction targets, many states and localities may continue to pursue climate policies in the absence of federal mandates. The steps Xcel Energy has taken to date to reduce GHG emissions, including energy efficiency measures, adding renewable generation or retiring or converting coal plants to natural gas, occurred under state-endorsed resource plans, renewable energy standards and other state policies. While those actions likely would have put Xcel Energy in a good position to meet federal or international standards being discussed, the lack of federal action does not adversely impact these state-endorsed actions and plans.
If our regulators do not allow us to recover all or a part of the cost of capital investment or the O&M costs incurred to comply with the mandates, it could have a material effect on our results of operations, financial condition or cash flows.
Increased risks of regulatory penalties could negatively impact our business.
The Energy Act increased civil penalty authority for violation of FERC statutes, rules and orders. The FERC can impose penalties of up to $1.3 million per violation per day, particularly as it relates to energy trading activities for both electricity and natural gas. In addition, NERC electric reliability standards and critical infrastructure protection requirements are mandatory and subject to potential financial penalties. Also, the PHMSA, Occupational Safety and Health Administration and other federal agencies have the authority to assess penalties.
In the event of serious incidents, these agencies have become more active in pursuing penalties. Certain states additionally have the authority to impose substantial penalties. If a serious reliability, cyber or safety incident did occur, it could have a material effect on our results of operations, financial condition or cash flows.
 
Environmental Risks
We are subject to environmental laws and regulations, with which compliance could be difficult and costly.
We are subject to environmental laws and regulations that affect many aspects of our operations, including air emissions, water quality, wastewater discharges and the generation, transport and disposal of solid wastes and hazardous substances. Laws and regulations require us to obtain permits, licenses, and approvals and to comply with a variety of environmental requirements.
Environmental laws and regulations can also require us to restrict or limit the output of facilities or the use of certain fuels, shift generation to lower-emitting facilities, install pollution control equipment, clean up spills and other contamination and correct environmental hazards. Environmental regulations may also lead to shutdown of existing facilities. Failure to meet requirements of environmental mandates may result in fines or penalties. We may be required to pay all or a portion of the cost to remediate (i.e., clean-up) sites where our past activities, or the activities of other parties, caused environmental contamination.
We are subject to mandates to provide customers with clean energy, renewable energy and energy conservation offerings. It could have a material effect on our results of operations, financial condition or cash flows if our regulators do not allow us to recover the cost of capital investment or the O&M costs incurred to comply with the requirements.
In addition, existing environmental laws or regulations may be revised and new laws or regulations may be adopted. We may also incur additional unanticipated obligations or liabilities under existing environmental laws and regulations.
We are subject to physical and financial risks associated with climate change and other weather, natural disaster and resource depletion impacts.
Climate change can create physical and financial risk. Physical risks include changes in weather conditions and extreme weather events.
Our customers’ energy needs vary with weather. To the extent weather conditions are affected by climate change, customers’ energy use could increase or decrease. Increased energy use due to weather changes may require us to invest in generating assets, transmission and infrastructure. Decreased energy use due to weather changes may result in decreased revenues.
Climate change may impact a region’s economy, which could impact our sales and revenues. The price of energy has an impact on the economic health of our communities. The cost of additional regulatory requirements, such as regulation of GHG, could impact the availability of goods and prices charged by our suppliers which would normally be borne by consumers through higher prices for energy and purchased goods. To the extent financial markets view climate change and emissions of GHGs as a financial risk, this could negatively affect our ability to access capital markets or cause us to receive less than ideal terms and conditions.
Severe weather impacts our service territories, primarily when thunderstorms, flooding, tornadoes, wildfires and snow or ice storms occur. Extreme weather conditions in general require system backup and can contribute to increased system stress, including service interruptions. Extreme weather conditions creating high energy demand may raise electricity prices, increasing the cost of energy we provide to our customers.

19


To the extent the frequency of extreme weather events increases, this could increase our cost of providing service. Periods of extreme temperatures could impact our ability to meet demand. Changes in precipitation resulting in droughts or water shortages could adversely affect our operations. Drought conditions also contribute to the increase in wildfire risk from our electric generation facilities. While we carry liability insurance, given an extreme event, if Xcel Energy was found to be liable for wildfire damages, amounts that potentially exceed our coverage could negatively impact our results of operations, financial condition or cash flows. Drought or water depletion could adversely impact our ability to provide electricity to customers, cause early retirement of units and increase the price paid for energy. We may not recover all costs related to mitigating these physical and financial risks.
ITEM 1B — UNRESOLVED STAFF COMMENTS
None.
ITEM 2 — PROPERTIES
Virtually all of the utility plant property of the operating companies is subject to the lien of their first mortgage bond indentures.
NSP-Minnesota
Station, Location and Unit
 
Fuel
 
Installed
 
MW (a)
 
Steam:
 
 
 
 
 
 
 
A.S. King-Bayport, MN, 1 Unit
 
Coal
 
1968
 
511

 
Sherco-Becker, MN
 
 
 
 
 
 
 
Unit 1
 
Coal
 
1976
 
680

 
Unit 2
 
Coal
 
1977
 
682

 
Unit 3
 
Coal
 
1987
 
517

(b) 
Monticello, MN, 1 Unit
 
Nuclear
 
1971
 
617

 
PI-Welch, MN
 
 
 
 
 
 
 
Unit 1
 
Nuclear
 
1973
 
521

 
Unit 2
 
Nuclear
 
1974
 
519

 
Various locations, 4 Units
 
Wood/Refuse
 
Various
 
36

(c) 
Combustion Turbine:
 
 
 
 
 
 
 
Angus Anson-Sioux Falls, SD, 3 Units
 
Natural Gas
 
1994 - 2005
 
327

 
Black Dog-Burnsville, MN, 3 Units
 
Natural Gas
 
1987 - 2018
 
494

 
Blue Lake-Shakopee, MN, 6 Units
 
Natural Gas
 
1974 - 2005
 
453

 
High Bridge-St. Paul, MN, 3 Units
 
Natural Gas
 
2008
 
530

 
Inver Hills-Inver Grove Heights, MN, 6 Units
 
Natural Gas
 
1972
 
282

 
Riverside-Minneapolis, MN, 3 Units
 
Natural Gas
 
2009
 
454

 
Various locations, 7 Units
 
Natural Gas
 
Various
 
10

 
Wind:
 
 
 
 
 
 
 
Border-Rolette County, ND, 75 Units
 
Wind
 
2015
 
148

(d) 
Courtenay Wind-Stutsman County, ND, 100 Units
 
Wind
 
2016
 
190

(d) 
Foxtail-Dickey County, ND, 75 Units
 
Wind
 
2019
 
150

(d) 
Grand Meadow-Mower County, MN, 67 Units
 
Wind
 
2008
 
99

(d) 
Lake Benton-Pipestone County, MN, 44 Units
 
Wind
 
2019
 
99

(d) 
Nobles-Nobles County, MN, 134 Units
 
Wind
 
2010
 
197

(d) 
Pleasant Valley-Mower County, MN, 100 Units
 
Wind
 
2015
 
196

(d) 
 
 
 
 
Total
 
7,712

 
(a) 
Summer 2019 net dependable capacity.
(b) 
Based on NSP-Minnesota’s ownership of 59%.
(c) 
Refuse-derived fuel is made from municipal solid waste.
(d) 
Values disclosed are the maximum generation levels for these wind units. Capacity is attainable only when wind conditions are sufficiently available (on-demand net dependable capacity is zero).
 
NSP-Wisconsin
Station, Location and Unit
 
Fuel
 
Installed
 
MW (a)
 
Steam:
 
 
 
 
 
 
 
Bay Front-Ashland, WI, 2 Units
 
Coal/Wood/Natural Gas
 
1948 - 1956
 
41

 
French Island-La Crosse, WI, 2 Units
 
Wood/Refuse
 
1940 - 1948
 
16

(b) 
Combustion Turbine:
 
 
 
 
 
 
 
French Island-La Crosse, WI, 2 Units
 
Oil
 
1974
 
122

 
Wheaton-Eau Claire, WI, 5 Units
 
Natural Gas/Oil
 
1973
 
234

 
Hydro:
 
 
 
 
 
 
 
Various locations, 63 Units
 
Hydro
 
Various
 
135

 
 
 
 
 
Total
 
548

 
(a) 
Summer 2019 net dependable capacity.
(b) 
Refuse-derived fuel is made from municipal solid waste.
PSCo
Station, Location and Unit
 
Fuel
 
Installed
 
MW (a)
 
Steam:
 
 
 
 
 
 
 
Comanche-Pueblo, CO (b)
 
 
 
 
 
 
 
Unit 1
 
Coal
 
1973
 
325

 
Unit 2
 
Coal
 
1975
 
335

 
Unit 3
 
Coal
 
2010
 
500

(c) 
Craig-Craig, CO, 2 Units (d)
 
Coal
 
1979 - 1980
 
82

(e) 
Hayden-Hayden, CO, 2 Units
 
Coal
 
1965 - 1976
 
233

(f) 
Pawnee-Brush, CO, 1 Unit
 
Coal
 
1981
 
505

 
Cherokee-Denver, CO, 1 Unit
 
Natural Gas
 
1968
 
310

 
Combustion Turbine:
 
 
 
 
 
 
 
Blue Spruce-Aurora, CO, 2 Units
 
Natural Gas
 
2003
 
264

 
Cherokee-Denver, CO, 3 Units
 
Natural Gas
 
2015
 
576

 
Fort St. Vrain-Platteville, CO, 6 Units
 
Natural Gas
 
1972 - 2009
 
968

 
Rocky Mountain-Keenesburg, CO, 3 Units
 
Natural Gas
 
2004
 
580

 
Various locations, 6 Units
 
Natural Gas
 
Various
 
171

 
Hydro:
 
 
 
 
 
 
 
Cabin Creek-Georgetown, CO
 
 
 
 
 
 
 
Pumped Storage, 2 Units
 
Hydro
 
1967
 
210

 
Various locations, 8 Units
 
Hydro
 
Various
 
25

 
Wind:
 
 
 
 
 
 
 
Rush Creek, CO, 300 units
 
Wind
 
2018
 
582

(g) 
 
 
 
 
Total
 
5,666

 
(a) 
Summer 2019 net dependable capacity.
(b) 
In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in 2022 and 2025, respectively.
(c) 
Based on PSCo’s ownership of 67%.
(d) 
Craig Unit 1 is expected to be retired early in 2025.
(e) 
Based on PSCo’s ownership of 10%.
(f) 
Based on PSCo’s ownership of 76% of Unit 1 and 37% of Unit 2.
(g) 
Values disclosed are the maximum generation levels for these wind units. Capacity is attainable only when wind conditions are sufficiently available (on-demand net dependable capacity is zero).

20


SPS
Station, Location and Unit
 
Fuel
 
Installed
 
MW (a)
 
Steam:
 
 
 
 
 
 
 
Cunningham-Hobbs, NM, 2 Units
 
Natural Gas
 
1957 - 1965
 
189

 
Harrington-Amarillo, TX, 3 Units
 
Coal
 
1976 - 1980
 
1,018

 
Jones-Lubbock, TX, 2 Units
 
Natural Gas
 
1971 - 1974
 
486

 
Maddox-Hobbs, NM, 1 Unit
 
Natural Gas
 
1967
 
112

 
Nichols-Amarillo, TX, 3 Units
 
Natural Gas
 
1960 - 1968
 
457

 
Plant X-Earth, TX, 4 Units
 
Natural Gas
 
1952 - 1964
 
411

 
Tolk-Muleshoe, TX, 2 Units
 
Coal
 
1982 - 1985
 
1,067

 
Combustion Turbine:
 
 
 
 
 
 
 
Cunningham-Hobbs, NM, 2 Units
 
Natural Gas
 
1997
 
209

 
Jones-Lubbock, TX, 2 Units
 
Natural Gas
 
2011 - 2013
 
334

 
Maddox-Hobbs, NM, 1 Unit
 
Natural Gas
 
1963 - 1976
 
61

 
Wind:
 
 
 
 
 
 
 
Hale-Plainview, TX, 239 Units
 
Wind
 
2019
 
460

(b) 
 
 
 
 
Total
 
4,804

 
(a) 
Summer 2019 net dependable capacity.
(b) 
Values disclosed are the maximum generation levels for these wind units. Capacity is attainable only when wind conditions are sufficiently available (on-demand net dependable capacity is zero).
Electric utility overhead and underground transmission and distribution lines (measured in conductor miles) at Dec. 31, 2019:
Conductor Miles
 
NSP-Minnesota
 
NSP-Wisconsin
 
PSCo
 
SPS
500 KV
 
2,917

 

 

 

345 KV
 
13,133

 
3,337

 
5,036

 
9,566

230 KV
 
2,203

 

 
12,108

 
9,784

161 KV
 
673

 
1,821

 

 

138 KV
 

 

 
92

 

115 KV
 
8,045

 
1,815

 
5,055

 
14,662

Less than 115 KV
 
86,743

 
32,816

 
79,740

 
26,216

Electric utility transmission and distribution substations at Dec. 31, 2019:
 
 
NSP-Minnesota
 
NSP-Wisconsin
 
PSCo
 
SPS
Quantity
 
346

 
204

 
233

 
452

Natural gas utility mains at Dec. 31, 2019:
Miles
 
NSP-Minnesota
 
NSP-Wisconsin
 
PSCo
 
SPS
 
WGI
Transmission
 
86

 
3

 
2,057

 
20

 
11

Distribution
 
10,518

 
2,473

 
22,633

 

 

ITEM 3 — LEGAL PROCEEDINGS
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 of such matters, 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 financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred.
See Note 12 to the consolidated financial statements, Item 1 and Item 7 for further information.
ITEM 4 — MINE SAFETY DISCLOSURES
None.
PART II
ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Stock Data
Xcel Energy Inc.’s common stock was listed on the New York Stock Exchange (NYSE) in 2017, but moved to the Nasdaq Global Select Market (Nasdaq) in 2018. The trading symbol is XEL. The number of common stockholders of record as of Feb. 19, 2020 was approximately 54,543.
The following compares our cumulative TSR on common stock with the cumulative TSR of the EEI Investor-Owned Electrics Index and the Standard & Poor’s 500 Composite Stock Price Index over the last five years.
The EEI Investor-Owned Electrics Index (market capitalization-weighted) included 40 companies at year-end and is a broad measure of industry performance.
Comparison of Five Year Cumulative Total Return*
FIVEYEARRETURN.JPG
*
$100 invested on Dec. 31, 2014 in stock or index — including reinvestment of dividends. Fiscal years ended Dec. 31.
Securities Authorized for Issuance Under Equity Compensation Plans
Information required under Item 5 — Securities Authorized for Issuance under Equity Compensation Plans is contained in Xcel Energy’s Proxy Statement for its 2020 Annual Meeting of Shareholders, which is incorporated by reference.
Purchases of Equity Securities by Issuer and Affiliated Purchasers
For the quarter ended Dec. 31, 2019, no equity securities that are registered by Xcel Energy Inc. pursuant to Section 12 of the Securities Exchange Act of 1934 were purchased by or on behalf of us or any of our affiliated purchasers.


21


ITEM 6 — SELECTED FINANCIAL DATA
Selected financial data for Xcel Energy related to the five most recent years ended Dec. 31:    
(Millions of Dollars, Millions of Shares, Except Per Share Data)
 
2019
 
2018
 
2017
 
2016
 
2015
Operating revenues
 
$
11,529

 
$
11,537