☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Xcel Energy Inc. | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
Minnesota | 41-0448030 | |||||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) |
(Commission File Number)
|
(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) |
N/A | ||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $2.50 par value | XEL | Nasdaq Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
Class | Outstanding at April 22, 2021 | |||||||
Common Stock, $2.50 par value | 538,206,800 shares |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
e prime | e prime inc. | ||||
NSP-Minnesota | Northern States Power Company, a Minnesota corporation | ||||
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
PSCo | Public Service Company of Colorado | ||||
SPS | Southwestern Public Service Co. | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
WGI | West Gas Interstate | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
ASC | FASB Accounting Standards Codification | ||||
C&I | Commercial and Industrial | ||||
CCR | Coal combustion residual | ||||
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by 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 | ||||
COVID-19 | Novel coronavirus | ||||
DRIP | Dividend Reinvestment and Stock Purchase Program | ||||
EPS | Earnings per share | ||||
ETR | Effective tax rate | ||||
FASB | Financial Accounting Standards Board | ||||
FTR | Financial transmission right | ||||
GAAP | United States generally accepted accounting principles | ||||
GE | General Electric Company | ||||
HDD | Heating degree-days | ||||
IPP | Independent power producing entity | ||||
ISO | Independent System Operator | ||||
LLC | Limited liability company | ||||
MDL | Multi district litigation | ||||
MEC | Mankato Energy Center | ||||
MGP | Manufactured gas plant | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
NAV | Net asset value | ||||
NOL | Net operating loss | ||||
NOPR | Notice of Proposed Rulemaking | ||||
O&M | Operating and maintenance | ||||
OATT | Open Access Transmission Tariff |
PPA | Power purchase agreement | ||||
PTC | Production tax credit | ||||
ROE | Return on equity | ||||
ROFR | Right-of-first-refusal | ||||
RTO | Regional Transmission Organization | ||||
SMMPA | Southern Minnesota Municipal Power Agency | ||||
SPP | Southwest Power Pool, Inc. | ||||
THI | Temperature-humidity index | ||||
TOs | Transmission owners | ||||
VaR | Value at Risk | ||||
VIE | Variable interest entity |
Measurements | |||||
MW | Megawatts |
Forward-Looking Statements
|
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric | $ | 2,870 | $ | 2,203 | |||||||||||||||||||
Natural gas | 647 | 583 | |||||||||||||||||||||
Other | 24 | 25 | |||||||||||||||||||||
Total operating revenues | 3,541 | 2,811 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power | 1,386 | 797 | |||||||||||||||||||||
Cost of natural gas sold and transported | 299 | 285 | |||||||||||||||||||||
Cost of sales — other | 8 | 9 | |||||||||||||||||||||
Operating and maintenance expenses | 584 | 579 | |||||||||||||||||||||
Conservation and demand side management expenses | 73 | 74 | |||||||||||||||||||||
Depreciation and amortization | 521 | 463 | |||||||||||||||||||||
Taxes (other than income taxes) | 163 | 149 | |||||||||||||||||||||
Total operating expenses | 3,034 | 2,356 | |||||||||||||||||||||
Operating income | 507 | 455 | |||||||||||||||||||||
Other income (expense), net | 5 | (11) | |||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | 14 | 11 | |||||||||||||||||||||
Allowance for funds used during construction — equity | 14 | 23 | |||||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $7 and $7, respectively
|
205 | 199 | |||||||||||||||||||||
Allowance for funds used during construction — debt | (5) | (10) | |||||||||||||||||||||
Total interest charges and financing costs | 200 | 189 | |||||||||||||||||||||
Income before income taxes | 340 | 289 | |||||||||||||||||||||
Income tax benefit | (22) | (6) | |||||||||||||||||||||
Net income | $ | 362 | $ | 295 | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 538 | 526 | |||||||||||||||||||||
Diluted | 539 | 527 | |||||||||||||||||||||
Earnings per average common share: | |||||||||||||||||||||||
Basic | $ | 0.67 | $ | 0.56 | |||||||||||||||||||
Diluted | 0.67 | 0.56 | |||||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 362 | $ | 295 | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Pension and retiree medical benefits: | |||||||||||||||||||||||
Amortization of losses included in net periodic benefit cost, net of tax of $— and $—, respectively
|
— | 1 | |||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Net fair value decrease, net of tax of $— and $(3), respectively
|
— | (10) | |||||||||||||||||||||
Reclassification of losses to net income, net of tax of $1 and $—, respectively
|
3 | 2 | |||||||||||||||||||||
Total other comprehensive income (loss) | 3 | (7) | |||||||||||||||||||||
Total comprehensive income | $ | 365 | $ | 288 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 362 | $ | 295 | |||||||
Adjustments to reconcile net income to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 517 | 466 | |||||||||
Nuclear fuel amortization | 30 | 33 | |||||||||
Deferred income taxes | (23) | 34 | |||||||||
Allowance for equity funds used during construction | (14) | (23) | |||||||||
Equity earnings of unconsolidated subsidiaries | (14) | (11) | |||||||||
Dividends from unconsolidated subsidiaries | 11 | 11 | |||||||||
Provision for bad debts | 14 | 13 | |||||||||
Share-based compensation expense | 9 | 26 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (57) | (6) | |||||||||
Accrued unbilled revenues | 123 | 149 | |||||||||
Inventories | 39 | 33 | |||||||||
Other current assets | 8 | (31) | |||||||||
Accounts payable | (21) | (201) | |||||||||
Net regulatory assets and liabilities | (961) | 101 | |||||||||
Other current liabilities | 13 | (77) | |||||||||
Pension and other employee benefit obligations | (132) | (157) | |||||||||
Other, net | (40) | 14 | |||||||||
Net cash (used in) provided by operating activities | (136) | 669 | |||||||||
Investing activities | |||||||||||
Capital/construction expenditures | (1,024) | (1,607) | |||||||||
Purchase of investment securities | (199) | (835) | |||||||||
Proceeds from the sale of investment securities | 194 | 830 | |||||||||
Other, net | (6) | 6 | |||||||||
Net cash used in investing activities | (1,035) | (1,606) | |||||||||
Financing activities | |||||||||||
Proceeds from short-term borrowings, net | 893 | 1,170 | |||||||||
Proceeds from issuances of long-term debt | 1,821 | — | |||||||||
Repayments of long-term debt, including reacquisition premiums | (400) | — | |||||||||
Dividends paid | (223) | (204) | |||||||||
Other, net | (10) | (33) | |||||||||
Net cash provided by financing activities | 2,081 | 933 | |||||||||
Net change in cash, cash equivalents and restricted cash | 910 | (4) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 129 | 248 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,039 | $ | 244 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (206) | $ | (207) | |||||||
Cash (paid) received for income taxes, net | (3) | — | |||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | 412 | $ | 284 | |||||||
Inventory transfers to property, plant and equipment | 22 | 33 | |||||||||
Allowance for equity funds used during construction | 14 | 23 | |||||||||
Issuance of common stock for equity awards | 19 | 18 | |||||||||
See Notes to Consolidated Financial Statements |
March 31, 2021 | Dec. 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,039 | $ | 129 | |||||||
Accounts receivable, net | 959 | 916 | |||||||||
Accrued unbilled revenues | 591 | 714 | |||||||||
Inventories | 469 | 535 | |||||||||
Regulatory assets | 928 | 640 | |||||||||
Derivative instruments | 44 | 49 | |||||||||
Prepaid taxes | 41 | 42 | |||||||||
Prepayments and other | 244 | 250 | |||||||||
Total current assets | 4,315 | 3,275 | |||||||||
Property, plant and equipment, net | 43,582 | 42,950 | |||||||||
Other assets | |||||||||||
Nuclear decommissioning fund and other investments | 3,154 | 3,096 | |||||||||
Regulatory assets | 3,552 | 2,737 | |||||||||
Derivative instruments | 59 | 30 | |||||||||
Operating lease right-of-use assets | 1,440 | 1,490 | |||||||||
Other | 409 | 379 | |||||||||
Total other assets | 8,614 | 7,732 | |||||||||
Total assets | $ | 56,511 | $ | 53,957 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 21 | $ | 421 | |||||||
Short-term debt | 1,477 | 584 | |||||||||
Accounts payable | 1,213 | 1,237 | |||||||||
Regulatory liabilities | 406 | 311 | |||||||||
Taxes accrued | 684 | 578 | |||||||||
Accrued interest | 191 | 203 | |||||||||
Dividends payable | 246 | 231 | |||||||||
Derivative instruments | 48 | 53 | |||||||||
Operating lease liabilities | 221 | 214 | |||||||||
Other | 370 | 407 | |||||||||
Total current liabilities | 4,877 | 4,239 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | 4,765 | 4,746 | |||||||||
Regulatory liabilities | 5,353 | 5,302 | |||||||||
Asset retirement obligations | 2,980 | 2,884 | |||||||||
Derivative instruments | 143 | 131 | |||||||||
Customer advances | 195 | 197 | |||||||||
Pension and employee benefit obligations | 516 | 666 | |||||||||
Operating lease liabilities | 1,287 | 1,344 | |||||||||
Other | 225 | 228 | |||||||||
Total deferred credits and other liabilities | 15,464 | 15,498 | |||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | 21,470 | 19,645 | |||||||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 538,076,662 and 537,438,394 shares outstanding at March 31, 2021 and Dec. 31, 2020, respectively
|
1,345 | 1,344 | |||||||||
Additional paid in capital | 7,411 | 7,404 | |||||||||
Retained earnings | 6,082 | 5,968 | |||||||||
Accumulated other comprehensive loss | (138) | (141) | |||||||||
Total common stockholders’ equity | 14,700 | 14,575 | |||||||||
Total liabilities and equity | $ | 56,511 | $ | 53,957 | |||||||
See Notes to Consolidated Financial Statements |
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders' Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value |
Additional Paid
In Capital |
|||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 and 2020 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 524,539,000 | $ | 1,311 | $ | 6,656 | $ | 5,413 | $ | (141) | $ | 13,239 | ||||||||||||||||||||||||
Net income | 295 | 295 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (7) | (7) | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.43 per share)
|
(227) | (227) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 494,594 | 2 | 10 | 12 | |||||||||||||||||||||||||||||||
Share-based compensation | (7) | (1) | (8) | ||||||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | (2) | (2) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 525,033,594 | $ | 1,313 | $ | 6,659 | $ | 5,478 | $ | (148) | $ | 13,302 | ||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 537,438,394 | $ | 1,344 | $ | 7,404 | $ | 5,968 | $ | (141) | $ | 14,575 | ||||||||||||||||||||||||
Net income | 362 | 362 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 3 | 3 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.4575 per share)
|
(246) | (246) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 638,268 | 1 | 14 | 15 | |||||||||||||||||||||||||||||||
Share-based compensation | (7) | (2) | (9) | ||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 538,076,662 | $ | 1,345 | $ | 7,411 | $ | 6,082 | $ | (138) | $ | 14,700 | ||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies
|
2. Accounting Pronouncements
|
3. Selected Balance Sheet Data |
(Millions of Dollars) | March 31, 2021 | Dec. 31, 2020 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | 1,045 | $ | 995 | ||||||||||
Less allowance for bad debts | (86) | (79) | ||||||||||||
Accounts receivable, net | $ | 959 | $ | 916 |
(Millions of Dollars) | March 31, 2021 | Dec. 31, 2020 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | 279 | $ | 275 | ||||||||||
Fuel | 153 | 176 | ||||||||||||
Natural gas | 37 | 84 | ||||||||||||
Total inventories | $ | 469 | $ | 535 |
(Millions of Dollars) | March 31, 2021 | Dec. 31, 2020 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | 48,008 | $ | 47,104 | ||||||||||
Natural gas plant | 7,218 | 7,135 | ||||||||||||
Common and other property | 2,527 | 2,503 | ||||||||||||
Plant to be retired (a)
|
654 | 677 | ||||||||||||
Construction work in progress | 1,877 | 1,877 | ||||||||||||
Total property, plant and equipment | 60,284 | 59,296 | ||||||||||||
Less accumulated depreciation | (17,060) | (16,657) | ||||||||||||
Nuclear fuel | 3,047 | 2,970 | ||||||||||||
Less accumulated amortization | (2,689) | (2,659) | ||||||||||||
Property, plant and equipment, net | $ | 43,582 | $ | 42,950 |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||
Borrowing limit | $ | 4,300 | $ | 3,100 | ||||||||||
Amount outstanding at period end | 1,477 | 584 | ||||||||||||
Average amount outstanding | 1,129 | 1,126 | ||||||||||||
Maximum amount outstanding | 2,054 | 2,080 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.53 | % | 1.45 | % | ||||||||||
Weighted average interest rate at period end | 0.73 | 0.23 |
(Millions of Dollars) |
Credit Facility (a)
|
Drawn (b)
|
Available | |||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 277 | $ | 973 | ||||||||||||||
PSCo | 700 | 8 | 692 | |||||||||||||||||
NSP-Minnesota | 500 | 10 | 490 | |||||||||||||||||
SPS | 500 | 2 | 498 | |||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | |||||||||||||||||
Total | $ | 3,100 | $ | 297 | $ | 2,803 |
(Millions of Dollars) | Limit | Amount Used | Available | |||||||||||||||||
Xcel Energy, Inc. | $ | 1,200 | $ | 1,200 | $ | — |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 49 | $ | 26 |
5. Revenues
|
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 733 | $ | 384 | $ | 10 | $ | 1,127 | ||||||||||||||||||
C&I | 1,033 | 187 | 9 | 1,229 | ||||||||||||||||||||||
Other | 30 | — | 2 | 32 | ||||||||||||||||||||||
Total retail | 1,796 | 571 | 21 | 2,388 | ||||||||||||||||||||||
Wholesale | 743 | — | — | 743 | ||||||||||||||||||||||
Transmission | 146 | — | — | 146 | ||||||||||||||||||||||
Other | 13 | 19 | — | 32 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,698 | 590 | 21 | 3,309 | ||||||||||||||||||||||
Alternative revenue and other | 172 | 57 | 3 | 232 | ||||||||||||||||||||||
Total revenues | $ | 2,870 | $ | 647 | $ | 24 | $ | 3,541 |
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 676 | $ | 355 | $ | 11 | $ | 1,042 | ||||||||||||||||||
C&I | 1,066 | 180 | 9 | 1,255 | ||||||||||||||||||||||
Other | 29 | — | 1 | 30 | ||||||||||||||||||||||
Total retail | 1,771 | 535 | 21 | 2,327 | ||||||||||||||||||||||
Wholesale | 166 | — | — | 166 | ||||||||||||||||||||||
Transmission | 132 | — | — | 132 | ||||||||||||||||||||||
Other | 17 | 32 | — | 49 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,086 | 567 | 21 | 2,674 | ||||||||||||||||||||||
Alternative revenue and other | 117 | 16 | 4 | 137 | ||||||||||||||||||||||
Total revenues | $ | 2,203 | $ | 583 | $ | 25 | $ | 2,811 |
6. Income Taxes |
Three Months Ended March 31 | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | ||||||||||||||||||||||
State tax (net of federal tax effect) | 4.9 | 4.9 | ||||||||||||||||||||||||
Decreases: | ||||||||||||||||||||||||||
Wind PTCs | (24.6) | (17.2) | ||||||||||||||||||||||||
Plant regulatory differences (a)
|
(6.1) | (8.4) | ||||||||||||||||||||||||
Other (net) | (1.7) | (2.4) | ||||||||||||||||||||||||
Effective income tax rate | (6.5) | % | (2.1) | % |
Tax Years | Expiration | |||||||
2014 — 2016
|
January 2022 | |||||||
2017 | September 2021 |
State | Year | |||||||
Colorado | 2009 | |||||||
Minnesota | 2013 | |||||||
Texas | 2012 | |||||||
Wisconsin | 2016 |
(Millions of Dollars) | March 31, 2021 | Dec. 31, 2020 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | 42 | $ | 41 | ||||||||||
Unrecognized tax benefit — Temporary tax positions | 11 | 11 | ||||||||||||
Total unrecognized tax benefit | $ | 53 | $ | 52 |
(Millions of Dollars) | March 31, 2021 | Dec. 31, 2020 | ||||||||||||
NOL and tax credit carryforwards | $ | (32) | $ | (31) |
(Millions of Dollars) | March 31, 2021 | Dec. 31, 2020 | ||||||||||||
Payable for interest related to unrecognized tax benefits at beginning of period | $ | (3) | $ | — | ||||||||||
Interest expense related to unrecognized tax benefits | — | (3) | ||||||||||||
Payable for interest related to unrecognized tax benefits at end of period | $ | (3) | $ | (3) |
7. Earnings Per Share
|
Three Months Ended March 31 | ||||||||||||||
(Shares in Millions) | 2021 | 2020 | ||||||||||||
Basic | 538 | 526 | ||||||||||||
Diluted (a)
|
539 | 527 |
8. Fair Value of Financial Assets and Liabilities
|
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a)
|
||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 32 | $ | 32 | $ | — | $ | — | $ | — | $ | 32 | ||||||||||||||||||||||||||
Commingled funds | 795 | — | — | — | 1,052 | 1,052 | ||||||||||||||||||||||||||||||||
Debt securities | 562 | — | 573 | 13 | — | 586 | ||||||||||||||||||||||||||||||||
Equity securities | 444 | 1,153 | 2 | — | — | 1,155 | ||||||||||||||||||||||||||||||||
Total | $ | 1,833 | $ | 1,185 | $ | 575 | $ | 13 | $ | 1,052 | $ | 2,825 |
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a)
|
||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 40 | $ | 40 | $ | — | $ | — | $ | — | $ | 40 | ||||||||||||||||||||||||||
Commingled funds | 787 | — | — | — | 1,041 | 1,041 | ||||||||||||||||||||||||||||||||
Debt securities | 528 | — | 572 | 13 | — | 585 | ||||||||||||||||||||||||||||||||
Equity securities | 446 | 1,109 | 2 | — | — | 1,111 | ||||||||||||||||||||||||||||||||
Total | $ | 1,801 | $ | 1,149 | $ | 574 | $ | 13 | $ | 1,041 | $ | 2,777 |
Final Contractual Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Due in 1 year or Less | Due in 1 to 5 Years | Due in 5 to 10 Years | Due after 10 years | Total | |||||||||||||||||||||||||||
Debt securities | $ | 3 | $ | 133 | $ | 202 | $ | 248 | $ | 586 |
March 31, 2021 | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Rabbi Trusts (a)
|
||||||||||||||||||||||||||||||||
Cash equivalents | $ | 23 | $ | 23 | $ | — | $ | — | $ | 23 | ||||||||||||||||||||||
Mutual funds | 71 | 81 | — | — | 81 | |||||||||||||||||||||||||||
Total | $ | 94 | $ | 104 | $ | — | $ | — | $ | 104 |
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Rabbi Trusts (a)
|
||||||||||||||||||||||||||||||||
Cash equivalents | $ | 32 | $ | 32 | $ | — | $ | — | $ | 32 | ||||||||||||||||||||||
Mutual funds | 60 | 70 | — | — | 70 | |||||||||||||||||||||||||||
Total | $ | 92 | $ | 102 | $ | — | $ | — | $ | 102 |
(Amounts in Millions) (a)(b)
|
March 31, 2021 | Dec. 31, 2020 | ||||||||||||
Megawatt hours of electricity | 78 | 87 | ||||||||||||
Million British thermal units of natural gas | 164 | 175 | ||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | ||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | ||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | — | $ | 2 | ||||||||||
Natural gas commodity | — | 1 | ||||||||||||
Total | $ | — | $ | 3 | ||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | (13) | $ | — | ||||||||||
Total | $ | (13) | $ | — | ||||||||||
Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | ||||||||||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | 2 |
(a)
|
$ | — | $ | — | ||||||||||||||||
Total | $ | 2 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | 32 |
(b)
|
||||||||||||||||
Electric commodity | — | 3 |
(c)
|
— | |||||||||||||||||||
Natural gas commodity | — | 8 |
(d)
|
(10) |
(d)
|
||||||||||||||||||
Total | $ | — | $ | 11 | $ | 22 | |||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | 2 |
(a)
|
$ | — | $ | — | ||||||||||||||||
Total | $ | 2 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | 1 |
(b)
|
||||||||||||||||
Electric commodity | — | (4) |
(c)
|
— | |||||||||||||||||||
Natural gas commodity | — | 5 |
(d)
|
(6) |
(d)
|
||||||||||||||||||
Total | $ | — | $ | 1 | $ | (5) |
March 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total |
Netting (a)
|
Total | Fair Value | Fair Value Total |
Netting (a)
|
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 4 | $ | 122 | $ | 1 | $ | 127 | $ | (102) | $ | 25 | $ | 2 | $ | 67 | $ | 1 | $ | 70 | $ | (52) | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 16 | 16 | — | 16 | — | — | 20 | 20 | (1) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | — | — | — | — | — | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | 4 | $ | 122 | $ | 17 | $ | 143 | $ | (102) | 41 | $ | 2 | $ | 76 | $ | 21 | $ | 99 | $ | (53) | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 44 | $ | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 6 | $ | 78 | $ | 42 | $ | 126 | $ | (77) | $ | 49 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric Commodity | — | — | 2 | 2 | — | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | $ | 6 | $ | 78 | $ | 44 | $ | 128 | $ | (77) | 51 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
8 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 59 | $ | 30 |
March 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total |
Netting (a)
|
Total | Fair Value | Fair Value Total |
Netting (a)
|
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 6 | $ | 132 | $ | 6 | $ | 144 | $ | (113) | $ | 31 | $ | 4 | $ | 64 | $ | 17 | $ | 85 | $ | (58) | $ | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | — | — | — | — | — | — | 1 | 1 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | — | — | — | — | — | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | 6 | $ | 132 | $ | 6 | $ | 144 | $ | (113) | 31 | $ | 4 | $ | 73 | $ | 18 | $ | 95 | $ | (59) | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
17 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 48 | $ | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 2 | $ | 90 | $ | 68 | $ | 160 | $ | (70) | $ | 90 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | $ | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | $ | 2 | $ | 90 | $ | 68 | $ | 160 | $ | (70) | 90 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
53 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 143 | $ | 131 |
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Balance at Jan. 1 | $ | (49) | $ | 4 | ||||||||||
Purchases | — | 12 | ||||||||||||
Settlements | (16) | (18) | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Gains recognized in earnings (a)
|
38 | 6 | ||||||||||||
Net gains recognized as regulatory assets and liabilities | 14 | 1 | ||||||||||||
Balance at March 31 | $ | (13) | $ | 5 | ||||||||||
March 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | 21,491 | $ | 23,654 | $ | 20,066 | $ | 24,412 |
9. Benefit Plans and Other Postretirement Benefits
|
Three Months Ended March 31 | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits |
Postretirement Health
Care Benefits |
||||||||||||||||||||||||
Service cost | $ | 26 | $ | 24 | $ | — | $ | — | ||||||||||||||||||
Interest cost (a)
|
26 | 31 | 4 | 5 | ||||||||||||||||||||||
Expected return on plan assets (a)
|
(52) | (52) | (4) | (5) | ||||||||||||||||||||||
Amortization of prior service credit (a)
|
— | (1) | (2) | (2) | ||||||||||||||||||||||
Amortization of net loss (a)
|
27 | 25 | 1 | 1 | ||||||||||||||||||||||
Net periodic benefit cost (credit) | 27 | 27 | (1) | (1) | ||||||||||||||||||||||
Effects of regulation | (1) | 2 | 1 | 1 | ||||||||||||||||||||||
Net benefit cost recognized for financial reporting | $ | 26 | $ | 29 | $ | — | $ | — |
10. Commitments and Contingencies
|
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Operating leases | ||||||||||||||
PPA capacity payments | $ | 58 | $ | 46 | ||||||||||
Other operating leases (a)
|
8 | 8 | ||||||||||||
Total operating lease expense (b)
|
$ | 66 | $ | 54 | ||||||||||
Finance leases | ||||||||||||||
Amortization of ROU assets | $ | 2 | $ | 3 | ||||||||||
Interest expense on lease liability | 4 | 5 | ||||||||||||
Total finance lease expense | $ | 6 | $ | 8 |
(Millions of Dollars) |
PPA Operating
Leases |
Other Operating
Leases |
Total Operating
Leases |
Finance
Leases (a)
|
||||||||||||||||||||||
Total minimum obligation | $ | 1,592 | $ | 201 | $ | 1,793 | $ | 253 | ||||||||||||||||||
Interest component of obligation | (248) | (37) | (285) | (178) | ||||||||||||||||||||||
Present value of minimum obligation | $ | 1,344 | 164 | 1,508 | 75 | |||||||||||||||||||||
Less current portion | (221) | (4) | ||||||||||||||||||||||||
Noncurrent operating and finance lease liabilities | $ | 1,287 | $ | 71 |
11. Other Comprehensive Income (Loss)
|
Three Months Ended March 31, 2021 | ||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | |||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (85) | $ | (56) | $ | (141) | ||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||
Interest rate derivatives (net of taxes of $1 and $—, respectively) (a)
|
3 | — | 3 | |||||||||||||||||
Net current period other comprehensive income | 3 | — | 3 | |||||||||||||||||
Accumulated other comprehensive loss at March 31 | $ | (82) | $ | (56) | $ | (138) |
Three Months Ended March 31, 2020 | ||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | |||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (80) | $ | (61) | $ | (141) | ||||||||||||||
Other comprehensive loss before reclassifications (net of taxes of $(3) and $—, respectively)
|
(10) | — | (10) | |||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||
Interest rate derivatives (net of taxes of $— and $—, respectively) (a)
|
2 | — | 2 | |||||||||||||||||
Amortization of net actuarial loss (net of taxes of $— and $—, respectively)(b)
|
— | 1 | 1 | |||||||||||||||||
Net current period other comprehensive (loss) income | (8) | 1 | (7) | |||||||||||||||||
Accumulated other comprehensive loss at March 31 | $ | (88) | $ | (60) | $ | (148) |
12. Segment Information
|
Three Months Ended March 31 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Regulated Electric | ||||||||||||||
Total revenues | $ | 2,870 | $ | 2,203 | ||||||||||
Net income | 269 | 227 | ||||||||||||
Regulated Natural Gas | ||||||||||||||
Total revenues | $ | 647 | $ | 583 | ||||||||||
Net income | 118 | 91 | ||||||||||||
All Other | ||||||||||||||
Total revenues | $ | 24 | $ | 25 | ||||||||||
Net loss | (25) | (23) | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenues | $ | 3,541 | $ | 2,811 | ||||||||||
Net income | 362 | 295 |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Results of Operations |
Three Months Ended March 31 | ||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | 2021 | 2020 | ||||||||||||||||||||||||
PSCo | $ | 0.31 | $ | 0.24 | ||||||||||||||||||||||
NSP-Minnesota | 0.24 | 0.20 | ||||||||||||||||||||||||
SPS | 0.11 | 0.08 | ||||||||||||||||||||||||
NSP-Wisconsin | 0.06 | 0.06 | ||||||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | 0.01 | 0.01 | ||||||||||||||||||||||||
Regulated utility (a)
|
0.73 | 0.60 | ||||||||||||||||||||||||
Xcel Energy Inc. and Other | (0.06) | (0.04) | ||||||||||||||||||||||||
Total (a)
|
$ | 0.67 | $ | 0.56 |
Diluted Earnings (Loss) Per Share | Three Months Ended March 31 | |||||||||||||
GAAP and ongoing diluted EPS - 2020 | $ | 0.56 | ||||||||||||
Components of change - 2021 vs. 2020 | ||||||||||||||
Higher electric margin | 0.11 | |||||||||||||
Higher natural gas margins | 0.07 | |||||||||||||
Lower ETR (a)
|
0.06 | |||||||||||||
Higher other income (expense), net | 0.02 | |||||||||||||
Higher depreciation and amortization | (0.08) | |||||||||||||
Lower AFUDC | (0.02) | |||||||||||||
Higher interest charges | (0.01) | |||||||||||||
Higher O&M | (0.01) | |||||||||||||
Other, net | (0.03) | |||||||||||||
GAAP and ongoing diluted EPS - 2021 | $ | 0.67 |
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||||||||||||||||||||
HDD | 1.3 | % | (5.5) | % | 6.5 | % | |||||||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||||||||||||||||||||
Retail electric | $ | — | $ | (0.011) | $ | 0.011 | |||||||||||||||||||||||||||||
Decoupling and sales true-up | 0.002 | 0.006 | (0.004) | ||||||||||||||||||||||||||||||||
Electric total | $ | 0.002 | $ | (0.005) | $ | 0.007 | |||||||||||||||||||||||||||||
Firm natural gas | 0.003 | (0.007) | 0.010 | ||||||||||||||||||||||||||||||||
Total | $ | 0.005 | $ | (0.012) | $ | 0.017 |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual (a)
|
||||||||||||||||||||||||||||||||
Electric residential | 6.3 | % | 5.1 | % | 8.8 | % | 4.7 | % | 6.0 | % | ||||||||||||||||||||||
Electric C&I | (4.8) | (6.6) | (7.1) | (1.8) | (5.8) | |||||||||||||||||||||||||||
Total retail electric sales | (1.0) | (2.9) | (4.3) | 0.2 | (2.4) | |||||||||||||||||||||||||||
Firm natural gas sales | 4.7 | 0.5 | N/A | 0.8 | 3.1 |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized (a)
|
||||||||||||||||||||||||||||||||
Electric residential | 4.9 | % | 4.5 | % | 3.8 | % | 2.9 | % | 4.4 | % | ||||||||||||||||||||||
Electric C&I | (5.1) | (6.7) | (7.3) | (1.9) | (6.0) | |||||||||||||||||||||||||||
Total retail electric sales | (1.7) | (3.1) | (5.4) | (0.4) | (3.0) | |||||||||||||||||||||||||||
Firm natural gas sales | (0.9) | (1.3) | N/A | (2.7) | (1.2) |
Three Months Ended March 31 (2020 Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized (a)
|
||||||||||||||||||||||||||||||||
Electric residential | 6.1 | % | 5.7 | % | 5.0 | % | 4.0 | % | 5.6 | % | ||||||||||||||||||||||
Electric C&I | (4.1) | (5.6) | (6.3) | (0.8) | (5.0) | |||||||||||||||||||||||||||
Total retail electric sales | (0.6) | (2.0) | (4.3) | 0.7 | (1.9) | |||||||||||||||||||||||||||
Firm natural gas sales | 0.2 | (0.2) | N/A | (1.5) | — |
Three Months Ended March 31 | ||||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||||
Electric revenues | $ | 2,870 | $ | 2,203 | ||||||||||||||||||||||
Electric fuel and purchased power | (1,386) | (797) | ||||||||||||||||||||||||
Electric margin | $ | 1,484 | $ | 1,406 |
(Millions of Dollars) | Three Months Ended March 31, 2021 vs. 2020 | |||||||||||||
Non-fuel riders | $ | 44 | ||||||||||||
Regulatory rate outcomes (Colorado, Texas, New Mexico, Wisconsin and North Dakota) | 44 | |||||||||||||
Proprietary commodity trading, net of sharing | 27 | |||||||||||||
Wholesale transmission revenue (net) | 11 | |||||||||||||
Estimated impact of weather (net of decoupling/sales true-up) | 5 | |||||||||||||
PTCs flowed back to customers (offset by lower ETR) | (37) | |||||||||||||
Sales and demand (a)
|
(14) | |||||||||||||
Other (net) | (2) | |||||||||||||
Total increase in electric margin | $ | 78 |
Three Months Ended March 31 | ||||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||||
Natural gas revenues | $ | 647 | $ | 583 | ||||||||||||||||||||||
Cost of natural gas sold and transported | (299) | (285) | ||||||||||||||||||||||||
Natural gas margin | $ | 348 | $ | 298 |
(Millions of Dollars) | Three Months Ended March 31, 2021 vs. 2020 | |||||||||||||
Regulatory rate outcomes (Colorado) | $ | 40 | ||||||||||||
Estimated impact of weather | 7 | |||||||||||||
Other (net) | 3 | |||||||||||||
Total increase in natural gas margin | $ | 50 |
Other |
(Millions of Dollars)
|
Natural Gas for Distribution | Natural Gas for Electric Generation | Other Electric Generation | Subtotal Costs | Net Market Settlements (a) | Total Impact | ||||||||||||||||||||||||||||||||
NSP-Minnesota | $ | 250 | $ | 5 | $ | 15 | $ | 270 | $ | (40) | $ | 230 | ||||||||||||||||||||||||||
NSP- Wisconsin | 45 | — | — | 45 | — | 45 | ||||||||||||||||||||||||||||||||
PSCo | 305 | 315 | 5 | 625 | (15) | 610 | ||||||||||||||||||||||||||||||||
SPS | — | 200 | 15 | 215 | (135) | 80 | ||||||||||||||||||||||||||||||||
Total | $ | 600 | $ | 520 | $ | 35 | $ | 1,155 | $ | (190) | $ | 965 |
Utility Subsidiary | Jurisdiction | Regulatory Status | ||||||
NSP-Minnesota | Minnesota | NSP-Minnesota has filed its report with the MPUC detailing its preparedness and actions during the storm and proposing recovery of incremental costs from natural gas customers over 24 months with no financing charge. Comments are due in May 2021. | ||||||
South Dakota | In April, NSP-Minnesota filed a letter with the South Dakota Public Utilities Commission noting that we were a net seller in the market, resulting in lower fuel clause costs. | |||||||
North Dakota | NSP-Minnesota has filed its report with the North Dakota Public Service Commission detailing its preparedness and actions during the storm and proposing recovery of incremental costs from natural gas customers over 24 months with no financing charge. | |||||||
NSP-Wisconsin | Wisconsin | In March, the PSCW staff determined the natural gas costs incurred during the storm were prudent and approved NSP-Wisconsin's proposal to recover these costs over a nine-month period through December 2021 with no financing charge. | ||||||
Michigan | In March, NSP-Wisconsin filed testimony in the pending gas recovery plan proceeding to address $2 million of under-recovery associated with Winter Storm Uri. | |||||||
PSCo | Colorado | PSCo filed an initial response with the CPUC in March. In May 2021, PSCo intends to file a plan to recover the weather-related costs over 24 months with no financing charge. | ||||||
SPS | Texas | SPS intends to file for a surcharge in the second quarter to recover fuel costs over 24 months with no financing charge. Prudence of fuel costs will be subject to review in SPS' upcoming fuel reconciliation case. | ||||||
New Mexico | The NMPRC approved SPS' requested fuel mechanism variance to permit recovery over 24 months with no financing charge (subject to NMPRC review). |
Public Utility Regulation |
Proceeding |
Amount
(in millions) |
Filing
Date |
Approval | |||||||||||||||||
2020 North Dakota Electric Rate Case | $19 | November 2020 | Pending | |||||||||||||||||
2020 TCR Electric Rider | 82 | November 2019 | Pending | |||||||||||||||||
2020 GUIC Natural Gas Rider | 21 | November 2019 | Received | |||||||||||||||||
2021 GUIC Natural Gas Rider | 27 | October 2020 | Pending | |||||||||||||||||
2020 RES Electric Rider
|
107 |
November 2019
|
Received
|
|||||||||||||||||
2021 RES Electric Rider | 189 | November 2020 | Pending |
Proceeding |
Amount
(in millions) |
Filing
Date |
Approval | |||||||||||||||||
Wildfire Protection Rider | $325 | July 2020 | Concluded | |||||||||||||||||
PSIA Extension | $464 | Feb. 2021 | Pending |
(Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||
Forecasted annual revenue requirement | $ | 17 | $ | 24 | $ | 29 | $ | 32 | $ | 34 |
Proceeding |
Amount
(in millions) |
Filing
Date |
Approval | |||||||||||||||||
2021 New Mexico Electric Rate Case | $88 | January 2021 | Pending | |||||||||||||||||
2021 Texas Electric Rate Case | $143 | February 2021 | Pending |
Environmental |
Derivatives, Risk Management and Market Risk
|
Futures / Forwards Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (a)
|
$ | (2) | $ | — | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||||||||||
NSP- Minnesota (b)
|
(4) | 3 | (9) | (2) | (12) | |||||||||||||||||||||||||||
PSCo (a)
|
1 | 1 | — | — | 2 | |||||||||||||||||||||||||||
PSCo (b)
|
(33) | (46) | (8) | — | (87) | |||||||||||||||||||||||||||
$ | (38) | $ | (42) | $ | (15) | $ | — | $ | (95) |
Options Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (b)
|
$ | — | $ | — | $ | — | $ | 2 | $ | 2 | ||||||||||||||||||||||
PSCo (b)
|
21 | 22 | — | — | 43 | |||||||||||||||||||||||||||
$ | 21 | $ | 22 | $ | — | $ | 2 | $ | 45 |
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Fair value of commodity trading net contracts outstanding at Jan. 1 | $ | (54) | $ | (59) | ||||||||||
Contracts realized or settled during the period | (33) | — | ||||||||||||
Commodity trading contract additions and changes during the period | 37 | 1 | ||||||||||||
Fair value of commodity trading net contracts outstanding at March 31 | $ | (50) | $ | (58) |
(Millions of Dollars) | Three Months Ended March 31 | VaR Limit | Average | High | Low | |||||||||||||||||||||||||||
2021 | $ | 0.5 | $ | 3.0 | $ | 2.9 | $ | 52.3 | $ | 0.5 | ||||||||||||||||||||||
2020 | 0.8 | 3.0 | 0.5 | 1.0 | 0.3 |
FAIR VALUE MEASUREMENTS
|
LIQUIDITY AND CAPITAL RESOURCES
|
(Millions of Dollars) | Three Months Ended March 31 | |||||||
Cash provided by operating activities — 2020 | $ | 669 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Higher net income | 67 | |||||||
Non-cash transactions (a)
|
(19) | |||||||
Changes in working capital (b)
|
238 | |||||||
Changes in net regulatory and other assets and liabilities | (1,091) | |||||||
Cash used in operating activities — 2021 | $ | (136) |
(Millions of Dollars) | Three Months Ended March 31 | |||||||
Cash used in investing activities — 2020 | $ | (1,606) | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Decreased capital expenditures | 583 | |||||||
Other investing activities | (12) | |||||||
Cash used in investing activities — 2021 | $ | (1,035) |
(Millions of Dollars) | Three Months Ended March 31 | |||||||
Cash used in financing activities — 2020 | $ | 933 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Higher debt issuances | 1,544 | |||||||
Higher repayments of long-term debt | (400) | |||||||
Higher dividends paid to shareholders | (19) | |||||||
Other financing activities | 23 | |||||||
Cash provided by financing activities — 2021 | $ | 2,081 |
(Millions of Dollars) |
Credit Facility (a)
|
Drawn (b)
|
Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 200 | $ | 1,050 | $ | 3 | $ | 1,053 | ||||||||||||||||||||||
PSCo | 700 | 8 | 692 | 144 | 836 | |||||||||||||||||||||||||||
NSP-Minnesota | 500 | 10 | 490 | 518 | 1,008 | |||||||||||||||||||||||||||
SPS | 500 | 2 | 498 | 43 | 541 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | 2 | 152 | |||||||||||||||||||||||||||
Total | $ | 3,100 | $ | 220 | $ | 2,880 | $ | 710 | $ | 3,590 |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 49 | $ | 26 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||
Borrowing limit | $ | 4,300 | $ | 3,100 | ||||||||||
Amount outstanding at period end | 1,477 | 584 | ||||||||||||
Average amount outstanding | 1,129 | 1,126 | ||||||||||||
Maximum amount outstanding | 2,054 | 2,080 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.53 | % | 1.45 | % | ||||||||||
Weighted average interest rate at period end | 0.73 | 0.23 |
Issuer | Security | Amount | Status | Tenor | Coupon | |||||||||||||||||||||||||||
PSCo | First Mortgage Bonds | $ | 750 | million | Completed | 10 Year | 1.875 | % | ||||||||||||||||||||||||
SPS | First Mortgage Bonds | 250 | million | Completed | 29 Year | 3.15 | ||||||||||||||||||||||||||
NSP-Minnesota | First Mortgage Bonds | 425 | million | Completed | 10 Year | 2.25 | ||||||||||||||||||||||||||
NSP-Minnesota | First Mortgage Bonds | 425 | million | Completed | 31 Year | 3.20 | ||||||||||||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds | 125 | million | Planned - Q2 | N/A | N/A | ||||||||||||||||||||||||||
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4 — CONTROLS AND PROCEDURES
|
ITEM 1 — LEGAL PROCEEDINGS
|
ITEM 1A — RISK FACTORS
|
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
Jan. 1, 2021 - Jan. 31, 2021 | — | $ | — | — | — | |||||||||||||||||||||
Feb. 1, 2021 - Feb. 28, 2021 | — | — | — | — | ||||||||||||||||||||||
March 1, 2021 - March 31, 2021 (a)
|
4,399 | 58.59 | — | — | ||||||||||||||||||||||
4,399 | — | — |
ITEM 6 — EXHIBITS
|
Exhibit Number | Description | Report or Registration Statement | Exhibit Reference | ||||||||
3.01*
|
Xcel Energy Inc. Form 8-K dated May 16, 2012 | 3.01 | |||||||||
3.02*
|
Xcel Energy Inc Form 8-K dated April 3, 2020 | 3.01 | |||||||||
NSP-Minnesota 8-K dated March 30, 2021 | 4.01 | ||||||||||
PSCo Form 8-K dated March 1, 2021 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated February 18, 2021 | 10.01 | ||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | Inline XBRL Schema | ||||||||||
101.CAL | Inline XBRL Calculation | ||||||||||
101.DEF | Inline XBRL Definition | ||||||||||
101.LAB | Inline XBRL Label | ||||||||||
101.PRE | Inline XBRL Presentation | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
XCEL ENERGY INC. | ||||||||
April 29, 2021 | By: | /s/ JEFFREY S. SAVAGE | ||||||
Jeffrey S. Savage | ||||||||
Senior Vice President, Controller | ||||||||
(Principal Accounting Officer) | ||||||||
/s/ BRIAN J. VAN ABEL | ||||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) | |||||
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer | |||||
(Principal Financial Officer) |