☒ | 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)
|
(I.R.S. 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 July 22, 2021 | |||||||
Common Stock, $2.50 par value | 538,436,651 shares |
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 2 — | |||||||||||
Item 3 — | |||||||||||
Item 4 — | |||||||||||
PART II | OTHER INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 1A — | |||||||||||
Item 2 — | |||||||||||
Item 6 — | |||||||||||
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 Company | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
WGI | West Gas Interstate | ||||
WYCO | WYCO Development, LLC | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
ALJ | Administrative Law Judge | ||||
ASC | FASB Accounting Standards Codification | ||||
C&I | Commercial and Industrial | ||||
CCR | Coal combustion residuals | ||||
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 | ||||
EIP | Energy Impact Partners | ||||
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 | ||||
IRP | Integrated Resource Plan | ||||
ISO | Independent System Operator | ||||
LLC | Limited liability company | ||||
LP&L | Lubbock Power and Light | ||||
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 | ||||
PFAS |
Per- and PolyFluoroAlkyl Substances
|
PPA | Power purchase agreement | ||||
PTC | Production tax credit | ||||
ROE | Return on equity | ||||
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
|
ITEM 1 — FINANCIAL STATEMENTS
|
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric | $ | 2,597 | $ | 2,286 | $ | 5,467 | $ | 4,489 | |||||||||||||||
Natural gas | 449 | 280 | 1,096 | 863 | |||||||||||||||||||
Other | 22 | 20 | 46 | 45 | |||||||||||||||||||
Total operating revenues | 3,068 | 2,586 | 6,609 | 5,397 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power | 1,047 | 833 | 2,433 | 1,630 | |||||||||||||||||||
Cost of natural gas sold and transported | 218 | 86 | 517 | 371 | |||||||||||||||||||
Cost of sales — other | 9 | 8 | 17 | 17 | |||||||||||||||||||
Operating and maintenance expenses | 600 | 550 | 1,184 | 1,129 | |||||||||||||||||||
Conservation and demand side management expenses | 71 | 68 | 144 | 142 | |||||||||||||||||||
Depreciation and amortization | 528 | 473 | 1,049 | 936 | |||||||||||||||||||
Taxes (other than income taxes) | 157 | 146 | 320 | 295 | |||||||||||||||||||
Total operating expenses | 2,630 | 2,164 | 5,664 | 4,520 | |||||||||||||||||||
Operating income | 438 | 422 | 945 | 877 | |||||||||||||||||||
Other income (expense), net | 3 | 5 | 8 | (7) | |||||||||||||||||||
Earnings from equity method investments | 20 | 6 | 34 | 17 | |||||||||||||||||||
Allowance for funds used during construction — equity | 18 | 37 | 32 | 61 | |||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $7, $7, $14 and $14, respectively
|
212 | 208 | 417 | 407 | |||||||||||||||||||
Allowance for funds used during construction — debt | (6) | (12) | (11) | (22) | |||||||||||||||||||
Total interest charges and financing costs | 206 | 196 | 406 | 385 | |||||||||||||||||||
Income before income taxes | 273 | 274 | 613 | 563 | |||||||||||||||||||
Income tax benefit | (38) | (13) | (60) | (19) | |||||||||||||||||||
Net income | $ | 311 | $ | 287 | $ | 673 | $ | 582 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 539 | 527 | 539 | 526 | |||||||||||||||||||
Diluted | 539 | 527 | 539 | 527 | |||||||||||||||||||
Earnings per average common share: | |||||||||||||||||||||||
Basic | $ | 0.58 | $ | 0.54 | $ | 1.25 | $ | 1.10 | |||||||||||||||
Diluted | 0.58 | 0.54 | 1.25 | 1.10 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 311 | $ | 287 | $ | 673 | $ | 582 | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Pension and retiree medical benefits: | |||||||||||||||||||||||
Reclassifications of loss to net income, net of tax of $—, $1, $1 and $1, respectively
|
1 | 2 | 1 | 3 | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Net fair value increase (decrease), net of tax of $—, $—, $— and $(3), respectively
|
— | — | — | (10) | |||||||||||||||||||
Reclassification of losses to net income, net of tax of $—, $1, $1 and $1, respectively
|
2 | 1 | 5 | 3 | |||||||||||||||||||
Total other comprehensive income (loss) | 3 | 3 | 6 | (4) | |||||||||||||||||||
Total comprehensive income | $ | 314 | $ | 290 | $ | 679 | $ | 578 | |||||||||||||||
See Notes to Consolidated Financial Statements |
Six Months Ended June 30 | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 673 | $ | 582 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 1,043 | 942 | |||||||||
Nuclear fuel amortization | 56 | 65 | |||||||||
Deferred income taxes | (67) | — | |||||||||
Allowance for equity funds used during construction | (32) | (61) | |||||||||
Earnings from equity method investments | (34) | (17) | |||||||||
Dividends from equity method investments | 21 | 21 | |||||||||
Provision for bad debts | 27 | 26 | |||||||||
Share-based compensation expense | 21 | 41 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (63) | 19 | |||||||||
Accrued unbilled revenues | 14 | 97 | |||||||||
Inventories | 7 | 15 | |||||||||
Other current assets | 24 | 7 | |||||||||
Accounts payable | (15) | (160) | |||||||||
Net regulatory assets and liabilities | (794) | 12 | |||||||||
Other current liabilities | (265) | (241) | |||||||||
Pension and other employee benefit obligations | (128) | (146) | |||||||||
Other, net | 1 | (54) | |||||||||
Net cash provided by operating activities | 489 | 1,148 | |||||||||
Investing activities | |||||||||||
Capital/construction expenditures | (1,967) | (2,569) | |||||||||
Purchase of investment securities | (628) | (1,160) | |||||||||
Proceeds from the sale of investment securities | 410 | 1,150 | |||||||||
Other, net | (17) | (1) | |||||||||
Net cash used in investing activities | (2,202) | (2,580) | |||||||||
Financing activities | |||||||||||
Proceeds from short-term borrowings, net | 1,161 | 815 | |||||||||
Proceeds from issuances of long-term debt | 1,821 | 2,447 | |||||||||
Repayments of long-term debt, including reacquisition premiums | (399) | — | |||||||||
Dividends paid | (460) | (421) | |||||||||
Other, net | (1) | (23) | |||||||||
Net cash provided by financing activities | 2,122 | 2,818 | |||||||||
Net change in cash, cash equivalents and restricted cash | 409 | 1,386 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 129 | 248 | |||||||||
Cash, cash equivalents and restricted cash at end of period (a)
|
$ | 538 | $ | 1,634 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (390) | $ | (364) | |||||||
Cash paid for income taxes, net | (5) | (10) | |||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | 509 | $ | 436 | |||||||
Inventory transfers to property, plant and equipment | 43 | 194 | |||||||||
Operating lease right-of-use assets | 1 | 8 | |||||||||
Allowance for equity funds used during construction | 32 | 61 | |||||||||
Issuance of common stock for equity awards | 35 | 35 | |||||||||
(a) As of June 30, 2020, $9 million of cash was recorded in Prepayments and other current assets related to MEC.
|
|||||||||||
See Notes to Consolidated Financial Statements |
June 30, 2021 | Dec. 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 538 | $ | 129 | |||||||
Accounts receivable, net | 948 | 916 | |||||||||
Accrued unbilled revenues | 699 | 714 | |||||||||
Inventories | 500 | 535 | |||||||||
Regulatory assets | 1,041 | 640 | |||||||||
Derivative instruments | 148 | 49 | |||||||||
Prepaid taxes | 52 | 42 | |||||||||
Prepayments and other | 221 | 250 | |||||||||
Total current assets | 4,147 | 3,275 | |||||||||
Property, plant and equipment, net | 44,141 | 42,950 | |||||||||
Other assets | |||||||||||
Nuclear decommissioning fund and other investments | 3,389 | 3,096 | |||||||||
Regulatory assets | 3,225 | 2,737 | |||||||||
Derivative instruments | 92 | 30 | |||||||||
Operating lease right-of-use assets | 1,390 | 1,490 | |||||||||
Other | 395 | 379 | |||||||||
Total other assets | 8,491 | 7,732 | |||||||||
Total assets | $ | 56,779 | $ | 53,957 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 21 | $ | 421 | |||||||
Short-term debt | 1,745 | 584 | |||||||||
Accounts payable | 1,273 | 1,237 | |||||||||
Regulatory liabilities | 336 | 311 | |||||||||
Taxes accrued | 428 | 578 | |||||||||
Accrued interest | 207 | 203 | |||||||||
Dividends payable | 246 | 231 | |||||||||
Derivative instruments | 65 | 53 | |||||||||
Operating lease liabilities | 220 | 214 | |||||||||
Other | 409 | 407 | |||||||||
Total current liabilities | 4,950 | 4,239 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | 4,807 | 4,746 | |||||||||
Regulatory liabilities | 5,387 | 5,302 | |||||||||
Asset retirement obligations | 3,059 | 2,884 | |||||||||
Derivative instruments | 147 | 131 | |||||||||
Customer advances | 196 | 197 | |||||||||
Pension and employee benefit obligations | 521 | 666 | |||||||||
Operating lease liabilities | 1,236 | 1,344 | |||||||||
Other | 208 | 228 | |||||||||
Total deferred credits and other liabilities | 15,561 | 15,498 | |||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | 21,476 | 19,645 | |||||||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 538,305,927 and 537,438,394 shares outstanding at June 30, 2021 and Dec. 31, 2020, respectively
|
1,346 | 1,344 | |||||||||
Additional paid in capital | 7,435 | 7,404 | |||||||||
Retained earnings | 6,146 | 5,968 | |||||||||
Accumulated other comprehensive loss | (135) | (141) | |||||||||
Total common stockholders’ equity | 14,792 | 14,575 | |||||||||
Total liabilities and equity | $ | 56,779 | $ | 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 June 30, 2021 and 2020 | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 525,033,594 | $ | 1,313 | $ | 6,659 | $ | 5,478 | $ | (148) | $ | 13,302 | ||||||||||||||||||||||||
Net income | 287 | 287 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 3 | 3 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.43 per share)
|
(226) | (226) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 171,384 | — | 11 | 11 | |||||||||||||||||||||||||||||||
Share-based compensation | 9 | (1) | 8 | ||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 525,204,978 | $ | 1,313 | $ | 6,679 | $ | 5,538 | $ | (145) | $ | 13,385 | ||||||||||||||||||||||||
Balance at March 31, 2021 | 538,076,662 | $ | 1,345 | $ | 7,411 | $ | 6,082 | $ | (138) | $ | 14,700 | ||||||||||||||||||||||||
Net income | 311 | 311 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 3 | 3 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.4575 per share)
|
(246) | (246) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 229,265 | 1 | 14 | 15 | |||||||||||||||||||||||||||||||
Share-based compensation | 10 | (1) | 9 | ||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 538,305,927 | $ | 1,346 | $ | 7,435 | $ | 6,146 | $ | (135) | $ | 14,792 | ||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders' Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value |
Additional Paid
In Capital |
|||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 and 2020 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 524,539,000 | $ | 1,311 | $ | 6,656 | $ | 5,413 | $ | (141) | $ | 13,239 | ||||||||||||||||||||||||
Net income | 582 | 582 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (4) | (4) | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.86 per share)
|
(453) | (453) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 665,978 | 2 | 21 | 23 | |||||||||||||||||||||||||||||||
Share-based compensation | 2 | (2) | — | ||||||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | (2) | (2) | |||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 525,204,978 | $ | 1,313 | $ | 6,679 | $ | 5,538 | $ | (145) | $ | 13,385 | ||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 537,438,394 | $ | 1,344 | $ | 7,404 | $ | 5,968 | $ | (141) | $ | 14,575 | ||||||||||||||||||||||||
Net income | 673 | 673 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 6 | 6 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.915 per share)
|
(492) | (492) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 867,533 | 2 | 28 | 30 | |||||||||||||||||||||||||||||||
Share-based compensation | 3 | (3) | — | ||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 538,305,927 | $ | 1,346 | $ | 7,435 | $ | 6,146 | $ | (135) | $ | 14,792 | ||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies
|
2. Accounting Pronouncements
|
3. Selected Balance Sheet Data |
(Millions of Dollars) | June 30, 2021 | Dec. 31, 2020 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | 1,039 | $ | 995 | ||||||||||
Less allowance for bad debts | (91) | (79) | ||||||||||||
Accounts receivable, net | $ | 948 | $ | 916 |
(Millions of Dollars) | June 30, 2021 | Dec. 31, 2020 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | 281 | $ | 275 | ||||||||||
Fuel | 166 | 176 | ||||||||||||
Natural gas | 53 | 84 | ||||||||||||
Total inventories | $ | 500 | $ | 535 |
(Millions of Dollars) | June 30, 2021 | Dec. 31, 2020 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | 48,861 | $ | 47,104 | ||||||||||
Natural gas plant | 7,315 | 7,135 | ||||||||||||
Common and other property | 2,524 | 2,503 | ||||||||||||
Plant to be retired (a)
|
630 | 677 | ||||||||||||
Construction work in progress | 1,851 | 1,877 | ||||||||||||
Total property, plant and equipment | 61,181 | 59,296 | ||||||||||||
Less accumulated depreciation | (17,382) | (16,657) | ||||||||||||
Nuclear fuel | 3,057 | 2,970 | ||||||||||||
Less accumulated amortization | (2,715) | (2,659) | ||||||||||||
Property, plant and equipment, net | $ | 44,141 | $ | 42,950 |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||
Borrowing limit | $ | 4,300 | $ | 3,100 | ||||||||||
Amount outstanding at period end | 1,745 | 584 | ||||||||||||
Average amount outstanding | 1,521 | 1,126 | ||||||||||||
Maximum amount outstanding | 1,745 | 2,080 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.66 | % | 1.45 | % | ||||||||||
Weighted average interest rate at period end | 0.58 | 0.23 |
(Millions of Dollars) |
Credit Facility (a)
|
Drawn (b)
|
Available | |||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 545 | $ | 705 | ||||||||||||||
PSCo | 700 | 8 | 692 | |||||||||||||||||
NSP-Minnesota | 500 | 9 | 491 | |||||||||||||||||
SPS | 500 | 2 | 498 | |||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | |||||||||||||||||
Total | $ | 3,100 | $ | 564 | $ | 2,536 |
(Millions of Dollars) | Limit | Amount Used | Available | |||||||||||||||||
Xcel Energy Inc. | $ | 1,200 | $ | 1,200 | $ | — |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 75 | $ | — |
5. Revenues
|
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 756 | $ | 257 | $ | 11 | $ | 1,024 | ||||||||||||||||||
C&I | 1,282 | 126 | 6 | 1,414 | ||||||||||||||||||||||
Other | 32 | — | 2 | 34 | ||||||||||||||||||||||
Total retail | 2,070 | 383 | 19 | 2,472 | ||||||||||||||||||||||
Wholesale | 234 | — | — | 234 | ||||||||||||||||||||||
Transmission | 148 | — | — | 148 | ||||||||||||||||||||||
Other | 20 | 42 | — | 62 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,472 | 425 | 19 | 2,916 | ||||||||||||||||||||||
Alternative revenue and other | 125 | 24 | 3 | 152 | ||||||||||||||||||||||
Total revenues | $ | 2,597 | $ | 449 | $ | 22 | $ | 3,068 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 718 | $ | 167 | $ | 10 | $ | 895 | ||||||||||||||||||
C&I | 1,075 | 73 | 6 | 1,154 | ||||||||||||||||||||||
Other | 31 | — | 1 | 32 | ||||||||||||||||||||||
Total retail | 1,824 | 240 | 17 | 2,081 | ||||||||||||||||||||||
Wholesale | 160 | — | — | 160 | ||||||||||||||||||||||
Transmission | 153 | — | — | 153 | ||||||||||||||||||||||
Other | 21 | 26 | — | 47 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,158 | 266 | 17 | 2,441 | ||||||||||||||||||||||
Alternative revenue and other | 128 | 14 | 3 | 145 | ||||||||||||||||||||||
Total revenues | $ | 2,286 | $ | 280 | $ | 20 | $ | 2,586 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 1,489 | $ | 642 | $ | 21 | $ | 2,152 | ||||||||||||||||||
C&I | 2,315 | 312 | 15 | 2,642 | ||||||||||||||||||||||
Other | 62 | — | 3 | 65 | ||||||||||||||||||||||
Total retail | 3,866 | 954 | 39 | 4,859 | ||||||||||||||||||||||
Wholesale | 977 | — | — | 977 | ||||||||||||||||||||||
Transmission | 294 | — | — | 294 | ||||||||||||||||||||||
Other | 34 | 61 | — | 95 | ||||||||||||||||||||||
Total revenue from contracts with customers | 5,171 | 1,015 | 39 | 6,225 | ||||||||||||||||||||||
Alternative revenue and other | 296 | 81 | 7 | 384 | ||||||||||||||||||||||
Total revenues | $ | 5,467 | $ | 1,096 | $ | 46 | $ | 6,609 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 1,394 | $ | 522 | $ | 21 | $ | 1,937 | ||||||||||||||||||
C&I | 2,141 | 253 | 15 | 2,409 | ||||||||||||||||||||||
Other | 60 | — | 2 | 62 | ||||||||||||||||||||||
Total retail | 3,595 | 775 | 38 | 4,408 | ||||||||||||||||||||||
Wholesale | 326 | — | — | 326 | ||||||||||||||||||||||
Transmission | 285 | — | — | 285 | ||||||||||||||||||||||
Other | 38 | 58 | — | 96 | ||||||||||||||||||||||
Total revenue from contracts with customers | 4,244 | 833 | 38 | 5,115 | ||||||||||||||||||||||
Alternative revenue and other | 245 | 30 | 7 | 282 | ||||||||||||||||||||||
Total revenues | $ | 4,489 | $ | 863 | $ | 45 | $ | 5,397 |
6. Income Taxes |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||
State tax (net of federal tax effect) | 4.9 | 5.1 | 4.9 | 5.0 | ||||||||||||||||||||||
Decreases: | ||||||||||||||||||||||||||
Wind PTCs | (33.1) | (21.1) | (28.4) | (19.1) | ||||||||||||||||||||||
Plant regulatory differences (a)
|
(6.6) | (7.1) | (6.3) | (7.8) | ||||||||||||||||||||||
Other (net) | (0.1) | (2.6) | (1.0) | (2.5) | ||||||||||||||||||||||
Effective income tax rate | (13.9) | % | (4.7) | % | (9.8) | % | (3.4) | % |
Tax Years | Expiration | |||||||
2014 — 2016
|
January 2022 | |||||||
2017 | September 2021 |
State | Year | |||||||
Colorado | 2009 | |||||||
Minnesota | 2013 | |||||||
Texas | 2012 | |||||||
Wisconsin | 2016 |
(Millions of Dollars) | June 30, 2021 | Dec. 31, 2020 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | 43 | $ | 41 | ||||||||||
Unrecognized tax benefit — Temporary tax positions | 11 | 11 | ||||||||||||
Total unrecognized tax benefit | $ | 54 | $ | 52 |
(Millions of Dollars) | June 30, 2021 | Dec. 31, 2020 | ||||||||||||
NOL and tax credit carryforwards | $ | (33) | $ | (31) |
(Millions of Dollars) | June 30, 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 June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(Shares in Millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Basic | 539 | 527 | 539 | 526 | ||||||||||||||||||||||
Diluted (a)
|
539 | 527 | 539 | 527 |
8. Fair Value of Financial Assets and Liabilities
|
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a)
|
||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 30 | $ | 30 | $ | — | $ | — | $ | — | $ | 30 | ||||||||||||||||||||||||||
Commingled funds | 800 | — | — | — | 1,164 | 1,164 | ||||||||||||||||||||||||||||||||
Debt securities | 612 | — | 641 | 16 | — | 657 | ||||||||||||||||||||||||||||||||
Equity securities | 408 | 1,185 | 2 | — | — | 1,187 | ||||||||||||||||||||||||||||||||
Total | $ | 1,850 | $ | 1,215 | $ | 643 | $ | 16 | $ | 1,164 | $ | 3,038 |
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 | $ | 2 | $ | 153 | $ | 210 | $ | 292 | $ | 657 |
June 30, 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 | 84 | — | — | 84 | |||||||||||||||||||||||||||
Total | $ | 94 | $ | 107 | $ | — | $ | — | $ | 107 |
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)
|
June 30, 2021 | Dec. 31, 2020 | ||||||||||||
Megawatt hours of electricity | 122 | 87 | ||||||||||||
Million British thermal units of natural gas | 169 | 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 June 30, 2021 | ||||||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | — | $ | 11 | ||||||||||
Natural gas commodity | — | (1) | ||||||||||||
Total | $ | — | $ | 10 | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | — | $ | 13 | ||||||||||
Total | $ | — | $ | 13 | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||
Other derivative instruments | ||||||||||||||
Natural gas commodity | $ | — | $ | (3) | ||||||||||
Total | $ | — | $ | (3) | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | (13) | $ | — | ||||||||||
Total | $ | (13) | $ | — | ||||||||||
Other derivative instruments | ||||||||||||||
Natural gas commodity | $ | — | $ | (3) | ||||||||||
Total | $ | — | $ | (3) |
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 June 30, 2021 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | 2 |
(a)
|
$ | — | $ | — | ||||||||||||||||
Total | $ | 2 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | 12 |
(b)
|
||||||||||||||||
Electric commodity | — | 3 |
(c)
|
— | |||||||||||||||||||
Total | $ | — | $ | 3 | $ | 12 | |||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | 6 |
(a)
|
$ | — | $ | — | ||||||||||||||||
Total | $ | 6 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | 48 |
(b)
|
||||||||||||||||
Electric commodity | — | (23) |
(c)
|
— | |||||||||||||||||||
Natural gas commodity | — | 8 |
(d)
|
(10) |
(d)
|
||||||||||||||||||
Total | $ | — | $ | (15) | $ | 38 | |||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | 2 |
(a)
|
$ | — | $ | — | ||||||||||||||||
Total | $ | 2 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | (3) |
(b)
|
||||||||||||||||
Electric commodity | — | (3) |
(c)
|
— | |||||||||||||||||||
Total | $ | — | $ | (3) | $ | (3) | |||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | 4 |
(a)
|
$ | — | $ | — | ||||||||||||||||
Total | $ | 4 | $ | — | $ | — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | (5) |
(b)
|
||||||||||||||||
Electric commodity | — | (7) |
(c)
|
— | |||||||||||||||||||
Natural gas commodity | — | 5 |
(d)
|
(6) |
(d)
|
||||||||||||||||||
Total | $ | — | $ | (2) | $ | (11) |
June 30, 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 | $ | 17 | $ | 178 | $ | 11 | $ | 206 | $ | (168) | $ | 38 | $ | 2 | $ | 67 | $ | 1 | $ | 70 | $ | (52) | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 98 | 98 | (1) | 97 | — | — | 20 | 20 | (1) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | 10 | — | 10 | — | 10 | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | 17 | $ | 188 | $ | 109 | $ | 314 | $ | (169) | 145 | $ | 2 | $ | 76 | $ | 21 | $ | 99 | $ | (53) | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 148 | $ | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 10 | $ | 117 | $ | 82 | $ | 209 | $ | (125) | $ | 84 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | $ | 10 | $ | 117 | $ | 82 | $ | 209 | $ | (125) | 84 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
8 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 92 | $ | 30 |
June 30, 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 | $ | 20 | $ | 188 | $ | 12 | $ | 220 | $ | (175) | $ | 45 | $ | 4 | $ | 64 | $ | 17 | $ | 85 | $ | (58) | $ | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 1 | 1 | (1) | — | — | — | 1 | 1 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | 3 | — | 3 | — | 3 | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | 20 | $ | 191 | $ | 13 | $ | 224 | $ | (176) | 48 | $ | 4 | $ | 73 | $ | 18 | $ | 95 | $ | (59) | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
17 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 65 | $ | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 7 | $ | 116 | $ | 107 | $ | 230 | $ | (132) | $ | 98 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | $ | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | $ | 7 | $ | 116 | $ | 107 | $ | 230 | $ | (132) | 98 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
49 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 147 | $ | 131 |
Three Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Balance at April 1 | $ | (13) | $ | 4 | ||||||||||
Purchases | 63 | 37 | ||||||||||||
Settlements | (32) | (25) | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Gains recognized in earnings (a)
|
9 | 9 | ||||||||||||
Net gains recognized as regulatory assets and liabilities | 44 | 9 | ||||||||||||
Balance at June 30 | $ | 71 | $ | 34 | ||||||||||
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Balance at Jan. 1 | $ | (49) | $ | 4 | ||||||||||
Purchases | 63 | 49 | ||||||||||||
Settlements | (48) | (42) | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Gains recognized in earnings (a)
|
47 | 14 | ||||||||||||
Net gains recognized as regulatory assets and liabilities | 58 | 9 | ||||||||||||
Balance at June 30 | $ | 71 | $ | 34 |
June 30, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | 21,497 | $ | 24,686 | $ | 20,066 | $ | 24,412 |
9. Benefit Plans and Other Postretirement Benefits
|
Three Months Ended June 30 | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits |
Postretirement Health
Care Benefits |
||||||||||||||||||||||||
Service cost | $ | 26 | $ | 24 | $ | 1 | $ | — | ||||||||||||||||||
Interest cost (a)
|
26 | 31 | 3 | 5 | ||||||||||||||||||||||
Expected return on plan assets (a)
|
(51) | (52) | (5) | (5) | ||||||||||||||||||||||
Amortization of prior service credit (a)
|
(1) | (1) | (2) | (2) | ||||||||||||||||||||||
Amortization of net loss (a)
|
27 | 25 | 2 | 1 | ||||||||||||||||||||||
Net periodic benefit cost (credit) | 27 | 27 | (1) | (1) | ||||||||||||||||||||||
Effects of regulation | — | 1 | — | 1 | ||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 27 | $ | 28 | $ | (1) | $ | — |
Six Months Ended June 30 | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits |
Postretirement Health
Care Benefits |
||||||||||||||||||||||||
Service cost | $ | 52 | $ | 45 | $ | 1 | $ | 1 | ||||||||||||||||||
Interest cost (a)
|
52 | 68 | 7 | 9 | ||||||||||||||||||||||
Expected return on plan assets (a)
|
(103) | (103) | (9) | (10) | ||||||||||||||||||||||
Amortization of prior service credit (a)
|
(1) | (2) | (4) | (4) | ||||||||||||||||||||||
Amortization of net loss (a)
|
54 | 47 | 3 | 2 | ||||||||||||||||||||||
Net periodic benefit cost (credit) | 54 | 55 | (2) | (2) | ||||||||||||||||||||||
Effects of regulation | (1) | 2 | 1 | 1 | ||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 53 | $ | 57 | $ | (1) | $ | (1) |
10. Commitments and Contingencies
|
Three Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Operating leases | ||||||||||||||
PPA capacity payments | $ | 56 | $ | 43 | ||||||||||
Other operating leases (a)
|
9 | 9 | ||||||||||||
Total operating lease expense (b)
|
$ | 65 | $ | 52 | ||||||||||
Finance leases | ||||||||||||||
Amortization of ROU assets | $ | 2 | $ | 2 | ||||||||||
Interest expense on lease liability | 4 | 4 | ||||||||||||
Total finance lease expense | $ | 6 | $ | 6 |
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Operating leases | ||||||||||||||
PPA capacity payments | $ | 114 | $ | 89 | ||||||||||
Other operating leases (a)
|
17 | 17 | ||||||||||||
Total operating lease expense (b)
|
$ | 131 | $ | 106 | ||||||||||
Finance leases | ||||||||||||||
Amortization of ROU assets | $ | 4 | $ | 3 | ||||||||||
Interest expense on lease liability | 8 | 9 | ||||||||||||
Total finance lease expense | $ | 12 | $ | 12 |
(Millions of Dollars) |
PPA Operating
Leases |
Other Operating
Leases |
Total Operating
Leases |
Finance
Leases (a)
|
||||||||||||||||||||||
Total minimum obligation | $ | 1,532 | $ | 196 | $ | 1,728 | $ | 249 | ||||||||||||||||||
Interest component of obligation | (235) | (37) | (272) | (175) | ||||||||||||||||||||||
Present value of minimum obligation | $ | 1,297 | 159 | 1,456 | 74 | |||||||||||||||||||||
Less current portion | (220) | (3) | ||||||||||||||||||||||||
Noncurrent operating and finance lease liabilities | $ | 1,236 | $ | 71 |
11. Other Comprehensive Income (Loss)
|
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at April 1 | $ | (82) | $ | (56) | $ | (138) | $ | (88) | $ | (60) | $ | (148) | ||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $—, $—, $1 and $—, respectively) (a)
|
2 | — | 2 | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $—, $—, $— and $1, respectively ) (b)
|
— | 1 | 1 | — | 2 | 2 | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income | 2 | 1 | 3 | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at June 30 | $ | (80) | $ | (55) | $ | (135) | $ | (87) | $ | (58) | $ | (145) |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (85) | $ | (56) | $ | (141) | $ | (80) | $ | (61) | $ | (141) | ||||||||||||||||||||||||||
Other comprehensive gain (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 $1, $—, $1 and $—, respectively) (a)
|
5 | — | 5 | 3 | — | 3 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $—, $1, $— and $1, respectively) (b)
|
— | 1 | 1 | — | 3 | 3 | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 5 | 1 | 6 | (7) | 3 | (4) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at June 30 | $ | (80) | $ | (55) | $ | (135) | $ | (87) | $ | (58) | $ | (145) |
12. Segment Information
|
Three Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues from external customers | $ | 2,597 | $ | 2,286 | ||||||||||
Intersegment revenue | 1 | 1 | ||||||||||||
Total revenues | $ | 2,598 | $ | 2,287 | ||||||||||
Net income | 304 | 289 | ||||||||||||
Regulated Natural Gas | ||||||||||||||
Total revenues | $ | 449 | $ | 280 | ||||||||||
Net income | 33 | 20 | ||||||||||||
All Other | ||||||||||||||
Total revenues | $ | 22 | $ | 20 | ||||||||||
Net loss | (26) | (22) | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenues | $ | 3,069 | $ | 2,587 | ||||||||||
Reconciling eliminations | (1) | (1) | ||||||||||||
Total operating revenues | $ | 3,068 | $ | 2,586 | ||||||||||
Net income | 311 | 287 |
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues from external customers | $ | 5,467 | $ | 4,489 | ||||||||||
Intersegment revenue | 1 | 1 | ||||||||||||
Total revenues | $ | 5,468 | $ | 4,490 | ||||||||||
Net income | 573 | 516 | ||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues from external customers | $ | 1,096 | $ | 863 | ||||||||||
Intersegment revenue | 1 | 1 | ||||||||||||
Total revenues | 1097 | 864 | ||||||||||||
Net income | $ | 151 | $ | 111 | ||||||||||
All Other | ||||||||||||||
Total revenues | 46 | 45 | ||||||||||||
Net loss | $ | (51) | $ | (45) | ||||||||||
Consolidated Total | ||||||||||||||
Total revenues | $ | 6,611 | $ | 5,399 | ||||||||||
Reconciling eliminations | (2) | (2) | ||||||||||||
Total operating revenues | $ | 6,609 | $ | 5,397 | ||||||||||
Net income | 673 | 582 |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Results of Operations |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
PSCo | $ | 0.25 | $ | 0.21 | $ | 0.56 | $ | 0.45 | ||||||||||||||||||
NSP-Minnesota | 0.21 | 0.22 | 0.45 | 0.43 | ||||||||||||||||||||||
SPS | 0.13 | 0.14 | 0.23 | 0.22 | ||||||||||||||||||||||
NSP-Wisconsin | 0.03 | 0.02 | 0.09 | 0.09 | ||||||||||||||||||||||
Earnings from equity method investments - WYCO | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||||||||||||
Regulated utility (a)
|
0.62 | 0.60 | 1.35 | 1.20 | ||||||||||||||||||||||
Xcel Energy Inc. and Other | (0.04) | (0.07) | (0.10) | (0.10) | ||||||||||||||||||||||
Total (a)
|
$ | 0.58 | $ | 0.54 | $ | 1.25 | $ | 1.10 |
Diluted Earnings (Loss) Per Share | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||
GAAP and ongoing diluted EPS — 2020 | $ | 0.54 | $ | 1.10 | ||||||||||
Components of change - 2021 vs. 2020 | ||||||||||||||
Higher electric margin | 0.14 | 0.25 | ||||||||||||
Higher natural gas margins | 0.05 | 0.12 | ||||||||||||
Lower ETR (a)
|
0.06 | 0.12 | ||||||||||||
Higher other income (expense), net | — | 0.02 | ||||||||||||
Higher depreciation and amortization | (0.08) | (0.16) | ||||||||||||
Higher O&M expenses | (0.07) | (0.08) | ||||||||||||
Lower AFUDC | (0.05) | (0.07) | ||||||||||||
Higher interest charges | (0.01) | (0.01) | ||||||||||||
Other, net | — | (0.04) | ||||||||||||
GAAP and ongoing diluted EPS — 2021 | $ | 0.58 | $ | 1.25 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | 2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | ||||||||||||||||||||||||||||||
HDD | 1.7 | % | 2.2 | % | (1.1) | % | 1.4 | % | (4.1) | % | 4.9 | % | |||||||||||||||||||||||
CDD | 6.8 | 22.4 | (26.9) | 3.0 | 22.5 | (16.2) | |||||||||||||||||||||||||||||
THI | 88.9 | 15.0 | 67.7 | 88.4 | 14.7 | 67.7 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | 2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | ||||||||||||||||||||||||||||||
Retail electric | $ | 0.056 | $ | 0.028 | $ | 0.028 | $ | 0.055 | $ | 0.017 | $ | 0.038 | |||||||||||||||||||||||
Decoupling and sales true-up | (0.044) | (0.014) | (0.030) | (0.041) | (0.009) | (0.032) | |||||||||||||||||||||||||||||
Electric total | $ | 0.012 | $ | 0.014 | $ | (0.002) | $ | 0.014 | $ | 0.008 | $ | 0.006 | |||||||||||||||||||||||
Firm natural gas | 0.002 | 0.001 | 0.001 | 0.005 | (0.006) | 0.011 | |||||||||||||||||||||||||||||
Total | $ | 0.014 | $ | 0.015 | $ | (0.001) | $ | 0.019 | $ | 0.002 | $ | 0.017 |
Three Months Ended June 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | — | % | 6.1 | % | (5.6) | % | 2.7 | % | 1.9 | % | ||||||||||||||||||||||
Electric C&I | 6.2 | 10.1 | 7.5 | 11.6 | 8.3 | |||||||||||||||||||||||||||
Total retail electric sales | 3.9 | 8.7 | 5.2 | 8.9 | 6.3 | |||||||||||||||||||||||||||
Firm natural gas sales | 18.8 | (9.5) | N/A | (2.5) | 8.3 |
Three Months Ended June 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | 0.7 | % | (1.6) | % | (1.3) | % | (2.3) | % | (0.7) | % | ||||||||||||||||||||||
Electric C&I | 6.5 | 8.3 | 8.4 | 10.2 | 7.9 | |||||||||||||||||||||||||||
Total retail electric sales | 4.4 | 5.0 | 6.8 | 6.5 | 5.3 | |||||||||||||||||||||||||||
Firm natural gas sales | 12.7 | (2.6) | N/A | 6.8 | 7.6 |
Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | 3.2 | % | 5.6 | % | 1.8 | % | 3.8 | % | 4.0 | % | ||||||||||||||||||||||
Electric C&I | 0.4 | 1.3 | — | 4.5 | 0.9 | |||||||||||||||||||||||||||
Total retail electric sales | 1.4 | 2.7 | 0.3 | 4.3 | 1.8 | |||||||||||||||||||||||||||
Firm natural gas sales | 8.0 | (1.9) | N/A | — | 4.4 |
Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | 2.9% | 1.6% | 1.4% | 0.5% | 2.0% | |||||||||||||||||||||||||||
Electric C&I | 0.4 | 0.4 | 0.2 | 3.8 | 0.6 | |||||||||||||||||||||||||||
Total retail electric sales | 1.2 | 0.7 | 0.5 | 2.8 | 1.0 | |||||||||||||||||||||||||||
Firm natural gas sales | 2.4 | (1.6) | N/A | (0.6) | 0.9 |
Six Months Ended June 30 (2020 Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | 3.4 | % | 2.2 | % | 2.0 | % | 1.1 | % | 2.5 | % | ||||||||||||||||||||||
Electric C&I | 1.0 | 1.0 | 0.8 | 4.4 | 1.2 | |||||||||||||||||||||||||||
Total retail electric sales | 1.8 | 1.3 | 1.0 | 3.4 | 1.6 | |||||||||||||||||||||||||||
Firm natural gas sales | 3.3 | (0.7) | N/A | 0.3 | 1.8 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Electric revenues | $ | 2,597 | $ | 2,286 | $ | 5,467 | $ | 4,489 | ||||||||||||||||||
Electric fuel and purchased power | (1,047) | (833) | (2,433) | (1,630) | ||||||||||||||||||||||
Electric margin | $ | 1,550 | $ | 1,453 | $ | 3,034 | $ | 2,859 |
(Millions of Dollars) | Three Months Ended June 30, 2021 vs. 2020 | Six Months Ended June 30, 2021 vs. 2020 | ||||||||||||
Non-fuel riders | $ | 89 | $ | 133 | ||||||||||
Regulatory rate outcomes (Texas, New Mexico, Colorado, Wisconsin and North Dakota) | 34 | 78 | ||||||||||||
Proprietary commodity trading, net of sharing — Winter Storm Uri | — | 27 | ||||||||||||
Sales and demand (a)
|
24 | 10 | ||||||||||||
Estimated impact of weather (net of decoupling/sales true-up) | (1) | 5 | ||||||||||||
Wholesale transmission revenue (net) | (8) | 3 | ||||||||||||
PTCs flowed back to customers (offset by lower ETR) | (42) | (79) | ||||||||||||
Other (net) | 1 | (2) | ||||||||||||
Total increase in electric margin | $ | 97 | $ | 175 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Natural gas revenues | $ | 449 | $ | 280 | $ | 1,096 | $ | 863 | ||||||||||||||||||
Cost of natural gas sold and transported | (218) | (86) | (517) | (371) | ||||||||||||||||||||||
Natural gas margin | $ | 231 | $ | 194 | $ | 579 | $ | 492 |
(Millions of Dollars) | Three Months Ended June 30, 2021 vs. 2020 | Six Months Ended June 30, 2021 vs. 2020 | ||||||||||||
Regulatory rate outcomes (Colorado) | $ | 31 | $ | 71 | ||||||||||
Estimated impact of weather | 1 | 8 | ||||||||||||
Other (net) | 5 | 8 | ||||||||||||
Total increase in natural gas margin | $ | 37 | $ | 87 |
(Millions of Dollars) | Three Months Ended June 30, 2021 vs. 2020 | Six Months Ended June 30, 2021 vs. 2020 | ||||||||||||
Wind | $ | 14 | $ | 22 | ||||||||||
Information technology and security | 13 | 17 | ||||||||||||
Natural gas systems | 6 | 9 | ||||||||||||
Distribution | 9 | 8 | ||||||||||||
Other | 8 | (1) | ||||||||||||
Total increase in O&M expenses | $ | 50 | $ | 55 |
Other |
Utility Subsidiary | Jurisdiction | Regulatory Status | ||||||
NSP-Minnesota | Minnesota | NSP-Minnesota filed with the MPUC seeking recovery of $179 million in incremental costs from natural gas customers over 27 months with no financing charge and an additional $36 million from natural gas customers through the standard 12 month true-up. Parties were generally supportive of the proposed recovery period commencing Sept. 1, 2021. The DOC recommended disallowances of $21 million; the OAG recommended disallowances of $34 million. A MPUC decision on the start of cost recovery is expected prior to Sept. 1, 2021. A proceeding related to the proposed disallowances is expected to continue into 2022. | ||||||
South Dakota | In April, NSP-Minnesota filed a letter with the South Dakota Public Utilities Commission (SDPUC) proposing no impact to the fuel clause as we were a net seller in the electric market. The SDPUC has approved the proposal. | |||||||
North Dakota | In June, the NDPSC approved recovery of $32 million in natural gas costs over 15 months (starting July 2021) with no financing charge. | |||||||
NSP-Wisconsin | Wisconsin | In March, the PSCW approved NSP-Wisconsin’s proposal to recover $45 million of natural gas costs incurred during Storm Uri over nine months through December 2021 with no financing charge. | ||||||
Michigan | In May, the Michigan Public Service Commission approved recovery of $2 million in natural gas costs over 10 months with no financing charge. | |||||||
PSCo | Colorado | In May, PSCo filed a request with the CPUC to recover $263 million in weather-related electric costs, $287 million in incremental gas costs and $4 million in incremental steam costs over 24 months with no financing charge. A decision is expected in the first quarter of 2022. In addition, the CPUC is considering prospective changes in fuel cost recovery. | ||||||
SPS | Texas | SPS filed for a surcharge in the second quarter to recover $62 million in fuel costs over 24 months, subject to revision due to re-settlements. Prudence of costs will be subject to review in SPS's upcoming fuel reconciliation case. | ||||||
New Mexico | The NMPRC approved SPS's request to recover $26 million of fuel costs over 24 months with no financing charge, subject to revision due to re-settlements and 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 | |||||||||||||||||
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 | |||||||||||||||||
PSIA Extension | $464 | February 2021 | Pending | |||||||||||||||||
Electric Rate Case | $470 | July 2021 | Pending |
Revenue Request (millions of dollars) | 2022 | |||||||
Changes since 2019 rate case: | ||||||||
Plant-related growth | $ | 95 | ||||||
AGIS | 73 | |||||||
Updated cost of capital | 53 | |||||||
New depreciation rates | 43 | |||||||
Wildfire mitigation | 25 | |||||||
Property taxes | 25 | |||||||
Amortization of previously approved deferrals | 17 | |||||||
Other | 12 | |||||||
Net increase to revenue | 343 | |||||||
Roll-in of previously authorized costs: | ||||||||
TCA rider revenues and Cheyenne Ridge costs | 127 | |||||||
Total base revenue request | $ | 470 | ||||||
Expected average 2022 rate base (billions of dollars) | $ | 10.3 |
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)
|
$ | (7) | $ | (2) | $ | 1 | $ | 1 | $ | (7) | ||||||||||||||||||||||
NSP- Minnesota (b)
|
2 | 4 | (10) | — | (4) | |||||||||||||||||||||||||||
PSCo (a)
|
4 | 3 | — | — | 7 | |||||||||||||||||||||||||||
PSCo (b)
|
(35) | (60) | (1) | — | (96) | |||||||||||||||||||||||||||
$ | (36) | $ | (55) | $ | (10) | $ | 1 | $ | (100) |
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)
|
$ | — | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||||||||||||
PSCo (b)
|
22 | 39 | — | — | 61 | |||||||||||||||||||||||||||
$ | 22 | $ | 39 | $ | — | $ | 4 | $ | 65 |
(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 | (37) | (7) | ||||||||||||
Commodity trading contract additions and changes during the period | 56 | 7 | ||||||||||||
Fair value of commodity trading net contracts outstanding at June 30 | $ | (35) | $ | (59) |
(Millions of Dollars) | Three Months Ended June 30 | VaR Limit | Average | High | Low | |||||||||||||||||||||||||||
2021 | $ | 1.7 | $ | 3.0 | $ | 1.2 | $ | 1.9 | $ | 0.7 | ||||||||||||||||||||||
2020 | 0.8 | 3.0 | 0.9 | 1.1 | 0.6 |
FAIR VALUE MEASUREMENTS
|
LIQUIDITY AND CAPITAL RESOURCES
|
(Millions of Dollars) | Six Months Ended June 30 | |||||||
Cash provided by operating activities — 2020 | $ | 1,148 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Higher net income | 91 | |||||||
Non-cash transactions (a)
|
18 | |||||||
Changes in working capital (b)
|
(35) | |||||||
Changes in net regulatory and other assets and liabilities | (733) | |||||||
Cash provided by operating activities — 2021 | $ | 489 |
(Millions of Dollars) | Six Months Ended June 30 | |||||||
Cash used in investing activities — 2020 | $ | (2,580) | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Decreased capital expenditures | 602 | |||||||
Other investing activities | (224) | |||||||
Cash used in investing activities — 2021 | $ | (2,202) |
(Millions of Dollars) | Six Months Ended June 30 | |||||||
Cash provided by financing activities — 2020 | $ | 2,818 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Lower debt issuances | (280) | |||||||
Higher repayments of long-term debt | (399) | |||||||
Higher dividends paid to shareholders | (39) | |||||||
Other financing activities | 22 | |||||||
Cash provided by financing activities — 2021 | $ | 2,122 |
(Millions of Dollars) |
Credit Facility (a)
|
Drawn (b)
|
Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 508 | $ | 742 | $ | — | $ | 742 | ||||||||||||||||||||||
PSCo | 700 | 9 | 691 | 3 | 694 | |||||||||||||||||||||||||||
NSP-Minnesota | 500 | 9 | 491 | 226 | 717 | |||||||||||||||||||||||||||
SPS | 500 | 13 | 487 | 2 | 489 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | 2 | 152 | |||||||||||||||||||||||||||
Total | $ | 3,100 | $ | 539 | $ | 2,561 | $ | 233 | $ | 2,794 |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 75 | $ | — |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||
Borrowing limit | $ | 4,300 | $ | 3,100 | ||||||||||
Amount outstanding at period end | 1,745 | 584 | ||||||||||||
Average amount outstanding | 1,521 | 1,126 | ||||||||||||
Maximum amount outstanding | 1,745 | 2,080 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.66 | % | 1.45 | % | ||||||||||
Weighted average interest rate at period end | 0.58 | 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 | 100 | million |
Q3 (a)
|
30 Year | 2.82 | % | |||||||||||||||||||||||||
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
|
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 | |||||||||
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. | ||||||||
July 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) |