☒ | 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) |
|
(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 Oct. 26, 2021 | |||||||
Common Stock, $2.50 par value | 538,675,570 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 | ||||
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 | ||||
GCA | Gas cost adjustment | ||||
GE | General Electric Company | ||||
HDD | Heating degree-days | ||||
IPP | Independent power producing entity | ||||
KEPCO | Korea Electric Power Corporation | ||||
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 Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric | $ | 3,176 | $ | 2,941 | $ | 8,643 | $ | 7,430 | |||||||||||||||
Natural gas | 268 | 219 | 1,364 | 1,082 | |||||||||||||||||||
Other | 23 | 22 | 69 | 67 | |||||||||||||||||||
Total operating revenues | 3,467 | 3,182 | 10,076 | 8,579 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power | 1,210 | 981 | 3,643 | 2,611 | |||||||||||||||||||
Cost of natural gas sold and transported | 86 | 54 | 603 | 425 | |||||||||||||||||||
Cost of sales — other | 11 | 11 | 28 | 28 | |||||||||||||||||||
Operating and maintenance expenses | 568 | 579 | 1,752 | 1,708 | |||||||||||||||||||
Conservation and demand side management expenses | 78 | 73 | 222 | 215 | |||||||||||||||||||
Depreciation and amortization | 537 | 513 | 1,586 | 1,449 | |||||||||||||||||||
Taxes (other than income taxes) | 152 | 158 | 472 | 453 | |||||||||||||||||||
Total operating expenses | 2,642 | 2,369 | 8,306 | 6,889 | |||||||||||||||||||
Operating income | 825 | 813 | 1,770 | 1,690 | |||||||||||||||||||
Other (expense) income, net | (3) | 1 | 5 | (6) | |||||||||||||||||||
Earnings from equity method investments | 13 | 12 | 47 | 29 | |||||||||||||||||||
Allowance for funds used during construction — equity | 21 | 30 | 53 | 91 | |||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $7, $7, $22 and $21, respectively
|
211 | 221 | 628 | 628 | |||||||||||||||||||
Allowance for funds used during construction — debt | (7) | (11) | (18) | (33) | |||||||||||||||||||
Total interest charges and financing costs | 204 | 210 | 610 | 595 | |||||||||||||||||||
Income before income taxes | 652 | 646 | 1,265 | 1,209 | |||||||||||||||||||
Income tax expense (benefit) | 43 | 43 | (17) | 24 | |||||||||||||||||||
Net income | $ | 609 | $ | 603 | $ | 1,282 | $ | 1,185 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 539 | 526 | 539 | 526 | |||||||||||||||||||
Diluted | 539 | 528 | 539 | 527 | |||||||||||||||||||
Earnings per average common share: | |||||||||||||||||||||||
Basic | $ | 1.13 | $ | 1.15 | $ | 2.38 | $ | 2.25 | |||||||||||||||
Diluted | 1.13 | 1.14 | 2.38 | 2.25 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 609 | $ | 603 | $ | 1,282 | $ | 1,185 | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Pension and retiree medical benefits: | |||||||||||||||||||||||
Reclassifications of loss to net income, net of tax of $1, $—, $2 and $1, respectively
|
4 | 1 | 5 | 4 | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Net fair value increase (decrease), net of tax of $1, $—, $1 and $(3), respectively
|
3 | — | 4 | (10) | |||||||||||||||||||
Reclassification of losses to net income, net of tax of $—, $—, $1 and $1, respectively
|
2 | 1 | 6 | 4 | |||||||||||||||||||
Total other comprehensive income (loss) | 9 | 2 | 15 | (2) | |||||||||||||||||||
Total comprehensive income | $ | 618 | $ | 605 | $ | 1,297 | $ | 1,183 | |||||||||||||||
See Notes to Consolidated Financial Statements |
Nine Months Ended Sept. 30 | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 1,282 | $ | 1,185 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 1,597 | 1,459 | |||||||||
Nuclear fuel amortization | 86 | 94 | |||||||||
Deferred income taxes | (9) | 45 | |||||||||
Allowance for equity funds used during construction | (53) | (91) | |||||||||
Earnings from equity method investments | (47) | (29) | |||||||||
Dividends from equity method investments | 31 | 32 | |||||||||
Provision for bad debts | 53 | 39 | |||||||||
Share-based compensation expense | 20 | 60 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (152) | (108) | |||||||||
Accrued unbilled revenues | 58 | 124 | |||||||||
Inventories | (82) | (37) | |||||||||
Other current assets | 8 | (68) | |||||||||
Accounts payable | 61 | (97) | |||||||||
Net regulatory assets and liabilities | (997) | (139) | |||||||||
Other current liabilities | (22) | (54) | |||||||||
Pension and other employee benefit obligations | (131) | (138) | |||||||||
Other, net | (124) | (103) | |||||||||
Net cash provided by operating activities | 1,579 | 2,174 | |||||||||
Investing activities | |||||||||||
Capital/construction expenditures | (3,032) | (3,681) | |||||||||
Sale of MEC | — | 684 | |||||||||
Purchase of investment securities | (540) | (1,275) | |||||||||
Proceeds from the sale of investment securities | 531 | 1,260 | |||||||||
Other, net | (24) | (9) | |||||||||
Net cash used in investing activities | (3,065) | (3,021) | |||||||||
Financing activities | |||||||||||
Proceeds from (repayments of) short-term borrowings, net | 1,163 | (95) | |||||||||
Proceeds from issuances of long-term debt | 1,920 | 2,940 | |||||||||
Repayments of long-term debt, including reacquisition premiums | (399) | (701) | |||||||||
Proceeds from issuance of common stock | 13 | 5 | |||||||||
Dividends paid | (698) | (638) | |||||||||
Other, net | (11) | (27) | |||||||||
Net cash provided by financing activities | 1,988 | 1,484 | |||||||||
Net change in cash, cash equivalents and restricted cash | 502 | 637 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 129 | 248 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 631 | $ | 885 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (592) | $ | (582) | |||||||
Cash paid for income taxes, net | (6) | (17) | |||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | 476 | $ | 933 | |||||||
Inventory transfers to property, plant and equipment | 87 | 250 | |||||||||
Operating lease right-of-use assets | 4 | 361 | |||||||||
Allowance for equity funds used during construction | 53 | 91 | |||||||||
Issuance of common stock for reinvested dividends and/or equity awards | 26 | 51 | |||||||||
See Notes to Consolidated Financial Statements |
Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 631 | $ | 129 | |||||||
Accounts receivable, net | 1,022 | 916 | |||||||||
Accrued unbilled revenues | 656 | 714 | |||||||||
Inventories | 587 | 535 | |||||||||
Regulatory assets | 1,073 | 640 | |||||||||
Derivative instruments | 228 | 49 | |||||||||
Prepaid taxes | 55 | 42 | |||||||||
Prepayments and other | 235 | 250 | |||||||||
Total current assets | 4,487 | 3,275 | |||||||||
Property, plant and equipment, net | 44,730 | 42,950 | |||||||||
Other assets | |||||||||||
Nuclear decommissioning fund and other investments | 3,446 | 3,096 | |||||||||
Regulatory assets | 3,101 | 2,737 | |||||||||
Derivative instruments | 72 | 30 | |||||||||
Operating lease right-of-use assets | 1,342 | 1,490 | |||||||||
Other | 339 | 379 | |||||||||
Total other assets | 8,300 | 7,732 | |||||||||
Total assets | $ | 57,517 | $ | 53,957 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 621 | $ | 421 | |||||||
Short-term debt | 1,747 | 584 | |||||||||
Accounts payable | 1,319 | 1,237 | |||||||||
Regulatory liabilities | 338 | 311 | |||||||||
Taxes accrued | 553 | 578 | |||||||||
Accrued interest | 206 | 203 | |||||||||
Dividends payable | 246 | 231 | |||||||||
Derivative instruments | 76 | 53 | |||||||||
Operating lease liabilities | 218 | 214 | |||||||||
Other | 440 | 407 | |||||||||
Total current liabilities | 5,764 | 4,239 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | 4,913 | 4,746 | |||||||||
Regulatory liabilities | 5,389 | 5,302 | |||||||||
Asset retirement obligations | 3,094 | 2,884 | |||||||||
Derivative instruments | 99 | 131 | |||||||||
Customer advances | 199 | 197 | |||||||||
Pension and employee benefit obligations | 515 | 666 | |||||||||
Operating lease liabilities | 1,187 | 1,344 | |||||||||
Other | 207 | 228 | |||||||||
Total deferred credits and other liabilities | 15,603 | 15,498 | |||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | 20,979 | 19,645 | |||||||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 538,458,952 and 537,438,394 shares outstanding at Sept. 30, 2021 and Dec. 31, 2020, respectively
|
1,346 | 1,344 | |||||||||
Additional paid in capital | 7,443 | 7,404 | |||||||||
Retained earnings | 6,508 | 5,968 | |||||||||
Accumulated other comprehensive loss | (126) | (141) | |||||||||
Total common stockholders’ equity | 15,171 | 14,575 | |||||||||
Total liabilities and equity | $ | 57,517 | $ | 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 Sept. 30, 2021 and 2020 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 525,204,978 | $ | 1,313 | $ | 6,679 | $ | 5,538 | $ | (145) | $ | 13,385 | ||||||||||||||||||||||||
Net income | 603 | 603 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 2 | 2 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.43 per share)
|
(226) | (226) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 302,321 | 1 | 9 | 10 | |||||||||||||||||||||||||||||||
Repurchase of common stock | (54,475) | — | (4) | (4) | |||||||||||||||||||||||||||||||
Share-based compensation | 10 | (3) | 7 | ||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2020 | 525,452,824 | $ | 1,314 | $ | 6,694 | $ | 5,912 | $ | (143) | $ | 13,777 | ||||||||||||||||||||||||
Balance at June 30, 2021 | 538,305,927 | $ | 1,346 | $ | 7,435 | $ | 6,146 | $ | (135) | $ | 14,792 | ||||||||||||||||||||||||
Net income | 609 | 609 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 9 | 9 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.4575 per share)
|
(247) | (247) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 153,025 | — | 10 | 10 | |||||||||||||||||||||||||||||||
Share-based compensation | (2) | — | (2) | ||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2021 | 538,458,952 | $ | 1,346 | $ | 7,443 | $ | 6,508 | $ | (126) | $ | 15,171 | ||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders' Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value |
Additional Paid
In Capital |
|||||||||||||||||||||||||||||||||
Nine Months Ended Sept. 30, 2021 and 2020 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 524,539,000 | $ | 1,311 | $ | 6,656 | $ | 5,413 | $ | (141) | $ | 13,239 | ||||||||||||||||||||||||
Net income | 1,185 | 1,185 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (2) | (2) | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.29 per share)
|
(679) | (679) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 968,299 | 3 | 30 | 33 | |||||||||||||||||||||||||||||||
Repurchase of common stock | (54,475) | — | (4) | (4) | |||||||||||||||||||||||||||||||
Share-based compensation | 12 | (5) | 7 | ||||||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | (2) | (2) | |||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2020 | 525,452,824 | $ | 1,314 | $ | 6,694 | $ | 5,912 | $ | (143) | $ | 13,777 | ||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 537,438,394 | $ | 1,344 | $ | 7,404 | $ | 5,968 | $ | (141) | $ | 14,575 | ||||||||||||||||||||||||
Net income | 1,282 | 1,282 | |||||||||||||||||||||||||||||||||
Other comprehensive income | 15 | 15 | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.373 per share)
|
(739) | (739) | |||||||||||||||||||||||||||||||||
Issuances of common stock | 1,020,558 | 2 | 38 | 40 | |||||||||||||||||||||||||||||||
Share-based compensation | 1 | (3) | (2) | ||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2021 | 538,458,952 | $ | 1,346 | $ | 7,443 | $ | 6,508 | $ | (126) | $ | 15,171 | ||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies
|
2. Accounting Pronouncements
|
3. Selected Balance Sheet Data |
(Millions of Dollars) | Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | 1,119 | $ | 995 | ||||||||||
Less allowance for bad debts | (97) | (79) | ||||||||||||
Accounts receivable, net | $ | 1,022 | $ | 916 |
(Millions of Dollars) | Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | 283 | $ | 275 | ||||||||||
Fuel | 155 | 176 | ||||||||||||
Natural gas | 149 | 84 | ||||||||||||
Total inventories | $ | 587 | $ | 535 |
(Millions of Dollars) | Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | 49,293 | $ | 47,104 | ||||||||||
Natural gas plant | 7,443 | 7,135 | ||||||||||||
Common and other property | 2,519 | 2,503 | ||||||||||||
Plant to be retired (a)
|
603 | 677 | ||||||||||||
Construction work in progress | 2,263 | 1,877 | ||||||||||||
Total property, plant and equipment | 62,121 | 59,296 | ||||||||||||
Less accumulated depreciation | (17,711) | (16,657) | ||||||||||||
Nuclear fuel | 3,065 | 2,970 | ||||||||||||
Less accumulated amortization | (2,745) | (2,659) | ||||||||||||
Property, plant and equipment, net | $ | 44,730 | $ | 42,950 |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||
Borrowing limit | $ | 4,300 | $ | 3,100 | ||||||||||
Amount outstanding at period end | 1,747 | 584 | ||||||||||||
Average amount outstanding | 1,742 | 1,126 | ||||||||||||
Maximum amount outstanding | 1,857 | 2,080 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.57 | % | 1.45 | % | ||||||||||
Weighted average interest rate at period end | 0.56 | 0.23 |
(Millions of Dollars) |
Credit Facility (a)
|
Drawn (b)
|
Available | |||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 529 | $ | 721 | ||||||||||||||
PSCo | 700 | 8 | 692 | |||||||||||||||||
NSP-Minnesota | 500 | 9 | 491 | |||||||||||||||||
SPS | 500 | 20 | 480 | |||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | |||||||||||||||||
Total | $ | 3,100 | $ | 566 | $ | 2,534 |
(Millions of Dollars) | Limit | Amount Used | Available | |||||||||||||||||
Xcel Energy Inc. | $ | 1,200 | $ | 1,200 | $ | — |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 41 | $ | 34 |
5. Revenues
|
Three Months Ended Sept. 30, 2021 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 999 | $ | 133 | $ | 12 | $ | 1,144 | ||||||||||||||||||
C&I | 1,515 | 76 | 7 | 1,598 | ||||||||||||||||||||||
Other | 35 | — | 1 | 36 | ||||||||||||||||||||||
Total retail | 2,549 | 209 | 20 | 2,778 | ||||||||||||||||||||||
Wholesale | 288 | — | — | 288 | ||||||||||||||||||||||
Transmission | 167 | — | — | 167 | ||||||||||||||||||||||
Other | 17 | 45 | — | 62 | ||||||||||||||||||||||
Total revenue from contracts with customers | 3,021 | 254 | 20 | 3,295 | ||||||||||||||||||||||
Alternative revenue and other | 155 | 14 | 3 | 172 | ||||||||||||||||||||||
Total revenues | $ | 3,176 | $ | 268 | $ | 23 | $ | 3,467 |
Three Months Ended Sept. 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 962 | $ | 124 | $ | 11 | $ | 1,097 | ||||||||||||||||||
C&I | 1,340 | 56 | 5 | 1,401 | ||||||||||||||||||||||
Other | 34 | — | 2 | 36 | ||||||||||||||||||||||
Total retail | 2,336 | 180 | 18 | 2,534 | ||||||||||||||||||||||
Wholesale | 227 | — | — | 227 | ||||||||||||||||||||||
Transmission | 157 | — | — | 157 | ||||||||||||||||||||||
Other | 17 | 28 | — | 45 | ||||||||||||||||||||||
Total revenue from contracts with customers | 2,737 | 208 | 18 | 2,963 | ||||||||||||||||||||||
Alternative revenue and other | 204 | 11 | 4 | 219 | ||||||||||||||||||||||
Total revenues | $ | 2,941 | $ | 219 | $ | 22 | $ | 3,182 |
Nine Months Ended Sept. 30, 2021 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 2,488 | $ | 774 | $ | 33 | $ | 3,295 | ||||||||||||||||||
C&I | 3,830 | 389 | 22 | 4,241 | ||||||||||||||||||||||
Other | 96 | — | 5 | 101 | ||||||||||||||||||||||
Total retail | 6,414 | 1,163 | 60 | 7,637 | ||||||||||||||||||||||
Wholesale | 1,265 | — | — | 1,265 | ||||||||||||||||||||||
Transmission | 461 | — | — | 461 | ||||||||||||||||||||||
Other | 51 | 106 | — | 157 | ||||||||||||||||||||||
Total revenue from contracts with customers | 8,191 | 1,269 | 60 | 9,520 | ||||||||||||||||||||||
Alternative revenue and other | 452 | 95 | 9 | 556 | ||||||||||||||||||||||
Total revenues | $ | 8,643 | $ | 1,364 | $ | 69 | $ | 10,076 |
Nine Months Ended Sept. 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 2,356 | $ | 647 | $ | 32 | $ | 3,035 | ||||||||||||||||||
C&I | 3,481 | 308 | 20 | 3,809 | ||||||||||||||||||||||
Other | 94 | — | 4 | 98 | ||||||||||||||||||||||
Total retail | 5,931 | 955 | 56 | 6,942 | ||||||||||||||||||||||
Wholesale | 553 | — | — | 553 | ||||||||||||||||||||||
Transmission | 442 | — | — | 442 | ||||||||||||||||||||||
Other | 55 | 86 | — | 141 | ||||||||||||||||||||||
Total revenue from contracts with customers | 6,981 | 1,041 | 56 | 8,078 | ||||||||||||||||||||||
Alternative revenue and other | 449 | 41 | 11 | 501 | ||||||||||||||||||||||
Total revenues | $ | 7,430 | $ | 1,082 | $ | 67 | $ | 8,579 |
6. Income Taxes |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||
State tax (net of federal tax effect) | 5.0 | 5.0 | 5.0 | 5.1 | ||||||||||||||||||||||
Decreases: | ||||||||||||||||||||||||||
Wind PTCs | (12.1) | (8.0) | (20.0) | (13.2) | ||||||||||||||||||||||
Plant regulatory differences (a)
|
(5.8) | (7.2) | (6.0) | (7.4) | ||||||||||||||||||||||
NOL carryback | — | (1.9) | — | (1.0) | ||||||||||||||||||||||
Other (net) | (1.5) | (2.2) | (1.3) | (2.5) | ||||||||||||||||||||||
Effective income tax rate | 6.6 | % | 6.7 | % | (1.3) | % | 2.0 | % |
Tax Years | Expiration | |||||||
2014 — 2016
|
December 2022 | |||||||
2018 | September 2022 |
State | Year | |||||||
Colorado | 2014 | |||||||
Minnesota | 2013 | |||||||
Texas | 2012 | |||||||
Wisconsin | 2016 |
(Millions of Dollars) | Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | 46 | $ | 41 | ||||||||||
Unrecognized tax benefit — Temporary tax positions | 11 | 11 | ||||||||||||
Total unrecognized tax benefit | $ | 57 | $ | 52 |
(Millions of Dollars) | Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||||
NOL and tax credit carryforwards | $ | (35) | $ | (31) |
(Millions of Dollars) | Sept. 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 Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Shares in Millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Basic | 539 | 526 | 539 | 526 | ||||||||||||||||||||||
Diluted (a)
|
539 | 528 | 539 | 527 |
8. Fair Value of Financial Assets and Liabilities
|
Sept. 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a)
|
||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 38 | $ | 38 | $ | — | $ | — | $ | — | $ | 38 | ||||||||||||||||||||||||||
Commingled funds | 821 | — | — | — | 1,208 | 1,208 | ||||||||||||||||||||||||||||||||
Debt securities | 620 | — | 643 | 15 | — | 658 | ||||||||||||||||||||||||||||||||
Equity securities | 407 | 1,178 | 2 | — | — | 1,180 | ||||||||||||||||||||||||||||||||
Total | $ | 1,886 | $ | 1,216 | $ | 645 | $ | 15 | $ | 1,208 | $ | 3,084 |
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 | $ | 204 | $ | 299 | $ | 658 |
Sept. 30, 2021 | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Rabbi Trusts (a)
|
||||||||||||||||||||||||||||||||
Cash equivalents | $ | 17 | $ | 17 | $ | — | $ | — | $ | 17 | ||||||||||||||||||||||
Mutual funds | 71 | 84 | — | — | 84 | |||||||||||||||||||||||||||
Total | $ | 88 | $ | 101 | $ | — | $ | — | $ | 101 |
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)
|
Sept. 30, 2021 | Dec. 31, 2020 | ||||||||||||
Megawatt hours of electricity | 101 | 87 | ||||||||||||
Million British thermal units of natural gas | 184 | 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 Sept. 30, 2021 | ||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||
Interest rate | $ | 4 | $ | — | ||||||||||
Total | $ | 4 | $ | — | ||||||||||
Other derivative instruments: | ||||||||||||||
Electric commodity | $ | — | $ | 5 | ||||||||||
Natural gas commodity | — | 57 | ||||||||||||
Total | $ | — | $ | 62 | ||||||||||
Nine Months Ended Sept. 30, 2021 | ||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||
Interest rate | $ | 5 | $ | — | ||||||||||
Total | $ | 5 | $ | — | ||||||||||
Other derivative instruments: | ||||||||||||||
Electric commodity | $ | — | $ | 18 | ||||||||||
Natural gas commodity | — | 57 | ||||||||||||
Total | $ | — | $ | 75 | ||||||||||
Three Months Ended Sept. 30, 2020 | ||||||||||||||
Other derivative instruments: | ||||||||||||||
Electric commodity | $ | — | $ | (3) | ||||||||||
Natural gas commodity | — | 2 | ||||||||||||
Total | $ | — | $ | (1) | ||||||||||
Nine Months Ended Sept. 30, 2020 | ||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||
Interest rate | $ | (13) | $ | — | ||||||||||
Total | $ | (13) | $ | — | ||||||||||
Other derivative instruments: | ||||||||||||||
Electric commodity | $ | — | $ | (3) | ||||||||||
Natural gas commodity | — | (1) | ||||||||||||
Total | $ | — | $ | (4) |
Sept. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ | — | $ | 4 | $ | — | $ | 4 | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 50 | $ | 240 | $ | 23 | $ | 313 | $ | (253) | $ | 60 | $ | 2 | $ | 67 | $ | 1 | $ | 70 | $ | (52) | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 83 | 83 | (1) | 82 | — | — | 20 | 20 | (1) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | 79 | — | 79 | — | 79 | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | 50 | $ | 323 | $ | 106 | $ | 479 | $ | (254) | 225 | $ | 2 | $ | 76 | $ | 21 | $ | 99 | $ | (53) | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 228 | $ | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 23 | $ | 72 | $ | 99 | $ | 194 | $ | (129) | $ | 65 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | $ | 23 | $ | 72 | $ | 99 | $ | 194 | $ | (129) | 65 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
7 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 72 | $ | 30 |
Sept. 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 | $ | 48 | $ | 239 | $ | 25 | $ | 312 | $ | (253) | $ | 59 | $ | 4 | $ | 64 | $ | 17 | $ | 85 | $ | (58) | $ | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | — | — | 1 | 1 | (1) | — | — | — | 1 | 1 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | — | — | — | — | — | — | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | 48 | $ | 239 | $ | 26 | $ | 313 | $ | (254) | 59 | $ | 4 | $ | 73 | $ | 18 | $ | 95 | $ | (59) | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
17 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | 76 | $ | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 22 | $ | 69 | $ | 120 | $ | 211 | $ | (156) | $ | 55 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | $ | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | $ | 22 | $ | 69 | $ | 120 | $ | 211 | $ | (156) | 55 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b)
|
44 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 99 | $ | 131 |
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Balance at July 1 | $ | 71 | $ | 34 | ||||||||||
Purchases | 2 | — | ||||||||||||
Settlements | (53) | (17) | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Gains (losses) recognized in earnings (a)
|
12 | (25) | ||||||||||||
Net gains recognized as regulatory assets and liabilities | 27 | 2 | ||||||||||||
Balance at Sept. 30 | $ | 59 | $ | (6) | ||||||||||
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Balance at Jan. 1 | $ | (49) | $ | 4 | ||||||||||
Purchases | 65 | 49 | ||||||||||||
Settlements | (101) | (59) | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Gains (losses) recognized in earnings (a)
|
59 | (11) | ||||||||||||
Net gains recognized as regulatory assets and liabilities | 85 | 11 | ||||||||||||
Balance at Sept. 30 | $ | 59 | $ | (6) |
Sept. 30, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | 21,600 | $ | 24,657 | $ | 20,066 | $ | 24,412 |
9. Benefit Plans and Other Postretirement Benefits
|
Three Months Ended Sept. 30 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Settlement charge (b)
|
39 | — | — | — | ||||||||||||||||||||||
Net periodic benefit cost (credit) | 66 | 27 | (1) | (1) | ||||||||||||||||||||||
Effects of regulation | (31) | 4 | 1 | 1 | ||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 35 | $ | 31 | $ | — | $ | — |
Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits |
Postretirement Health
Care Benefits |
||||||||||||||||||||||||
Service cost | $ | 78 | $ | 72 | $ | 1 | $ | 1 | ||||||||||||||||||
Interest cost (a)
|
78 | 94 | 11 | 14 | ||||||||||||||||||||||
Expected return on plan assets (a)
|
(155) | (156) | (13) | (15) | ||||||||||||||||||||||
Amortization of prior service credit (a)
|
(1) | (3) | (6) | (6) | ||||||||||||||||||||||
Amortization of net loss (a)
|
81 | 74 | 4 | 3 | ||||||||||||||||||||||
Settlement charge (b)
|
39 | — | — | — | ||||||||||||||||||||||
Net periodic benefit cost (credit) | 120 | 81 | (3) | (3) | ||||||||||||||||||||||
Effects of regulation | (32) | 7 | 2 | 2 | ||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 88 | $ | 88 | $ | (1) | $ | (1) |
10. Commitments and Contingencies
|
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Operating leases | ||||||||||||||
PPA capacity payments | $ | 56 | $ | 56 | ||||||||||
Other operating leases (a)
|
2 | 5 | ||||||||||||
Total operating lease expense (b)
|
$ | 58 | $ | 61 | ||||||||||
Finance leases | ||||||||||||||
Amortization of ROU assets | $ | 2 | $ | 2 | ||||||||||
Interest expense on lease liability | 4 | 4 | ||||||||||||
Total finance lease expense | $ | 6 | $ | 6 |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Operating leases | ||||||||||||||
PPA capacity payments | $ | 170 | $ | 145 | ||||||||||
Other operating leases (a)
|
19 | 22 | ||||||||||||
Total operating lease expense (b)
|
$ | 189 | $ | 167 | ||||||||||
Finance leases | ||||||||||||||
Amortization of ROU assets | $ | 6 | $ | 5 | ||||||||||
Interest expense on lease liability | 12 | 13 | ||||||||||||
Total finance lease expense | $ | 18 | $ | 18 |
(Millions of Dollars) |
PPA Operating
Leases |
Other Operating
Leases |
Total Operating
Leases |
Finance
Leases (a)
|
||||||||||||||||||||||
Total minimum obligation | $ | 1,470 | $ | 191 | $ | 1,661 | $ | 246 | ||||||||||||||||||
Interest component of obligation | (221) | (35) | (256) | (173) | ||||||||||||||||||||||
Present value of minimum obligation | $ | 1,249 | 156 | 1,405 | 73 | |||||||||||||||||||||
Less current portion | (218) | (3) | ||||||||||||||||||||||||
Noncurrent operating and finance lease liabilities | $ | 1,187 | $ | 70 |
11. Other Comprehensive Income (Loss)
|
Three Months Ended Sept. 30, 2021 | Three Months Ended Sept. 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 July 1 | $ | (80) | $ | (55) | $ | (135) | $ | (87) | $ | (58) | $ | (145) | ||||||||||||||||||||||||||
Other comprehensive gain before reclassifications (net of taxes of $1, $—, $— and $—, respectively)
|
3 | — | 3 | — | — | — | ||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $—, $—, $— and $—, respectively) (a)
|
2 | — | 2 | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b)
|
— | 4 | 4 | — | 1 | 1 | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income | 5 | 4 | 9 | 1 | 1 | 2 | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (75) | $ | (51) | $ | (126) | $ | (86) | $ | (57) | $ | (143) |
Nine Months Ended Sept. 30, 2021 | Nine Months Ended Sept. 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 $1, $—, $(3) and $—, respectively)
|
4 | — | 4 | (10) | — | (10) | ||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $1, $—, $1 and $—, respectively) (a)
|
6 | — | 6 | 4 | — | 4 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $—, $2, $— and $1, respectively) (b)
|
— | 5 | 5 | — | 4 | 4 | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 10 | 5 | 15 | (6) | 4 | (2) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (75) | $ | (51) | $ | (126) | $ | (86) | $ | (57) | $ | (143) |
12. Segment Information
|
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues — external | $ | 3,176 | $ | 2,941 | ||||||||||
Intersegment revenue | — | 1 | ||||||||||||
Total revenues | $ | 3,176 | $ | 2,942 | ||||||||||
Net income | 629 | 632 | ||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues — external | $ | 268 | $ | 219 | ||||||||||
Intersegment revenue | 1 | — | ||||||||||||
Total revenues | 269 | 219 | ||||||||||||
Net income | 10 | — | ||||||||||||
All Other | ||||||||||||||
Total revenues | $ | 23 | $ | 22 | ||||||||||
Net loss | (30) | (29) | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenues | $ | 3,468 | $ | 3,183 | ||||||||||
Reconciling eliminations | (1) | (1) | ||||||||||||
Total operating revenues | $ | 3,467 | $ | 3,182 | ||||||||||
Net income | 609 | 603 |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues — external | $ | 8,643 | $ | 7,430 | ||||||||||
Intersegment revenue | 1 | 1 | ||||||||||||
Total revenues | $ | 8,644 | $ | 7,431 | ||||||||||
Net income | 1,202 | 1,148 | ||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues — external | $ | 1,364 | $ | 1,082 | ||||||||||
Intersegment revenue | 2 | 1 | ||||||||||||
Total revenues | 1,366 | 1,083 | ||||||||||||
Net income | $ | 161 | $ | 111 | ||||||||||
All Other | ||||||||||||||
Total revenues | 69 | 67 | ||||||||||||
Net loss | $ | (81) | $ | (74) | ||||||||||
Consolidated Total | ||||||||||||||
Total revenues | $ | 10,079 | $ | 8,581 | ||||||||||
Reconciling eliminations | (3) | (2) | ||||||||||||
Total operating revenues | $ | 10,076 | $ | 8,579 | ||||||||||
Net income | 1,282 | 1,185 |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Results of Operations |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
PSCo | $ | 0.40 | $ | 0.42 | $ | 0.96 | $ | 0.87 | ||||||||||||||||||
NSP-Minnesota | 0.46 | 0.46 | 0.91 | 0.89 | ||||||||||||||||||||||
SPS | 0.25 | 0.24 | 0.48 | 0.46 | ||||||||||||||||||||||
NSP-Wisconsin | 0.07 | 0.08 | 0.15 | 0.16 | ||||||||||||||||||||||
Earnings from equity method investments — WYCO | 0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||||||||||||
Regulated utility (a)
|
1.19 | 1.21 | 2.54 | 2.42 | ||||||||||||||||||||||
Xcel Energy Inc. and Other | (0.06) | (0.07) | (0.16) | (0.17) | ||||||||||||||||||||||
Total (a)
|
$ | 1.13 | $ | 1.14 | $ | 2.38 | $ | 2.25 |
Diluted Earnings (Loss) Per Share | Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||
GAAP and ongoing diluted EPS — 2020 | $ | 1.14 | $ | 2.25 | ||||||||||
Components of change - 2021 vs. 2020 | ||||||||||||||
Higher electric margin | 0.01 | 0.25 | ||||||||||||
Higher natural gas margins | 0.03 | 0.15 | ||||||||||||
Lower ETR (a)
|
0.01 | 0.12 | ||||||||||||
Higher other (expense) income, net | (0.01) | 0.02 | ||||||||||||
Lower interest charges | 0.01 | — | ||||||||||||
Lower (Higher) O&M expenses | 0.02 | (0.06) | ||||||||||||
Lower AFUDC | (0.02) | (0.09) | ||||||||||||
Higher depreciation and amortization | (0.03) | (0.19) | ||||||||||||
Other, net | (0.03) | (0.07) | ||||||||||||
GAAP and ongoing diluted EPS — 2021 | $ | 1.13 | $ | 2.38 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||||
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | 2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | ||||||||||||||||||||||||||||||
HDD | (50.5) | % | 48.4 | % | (65.8) | % | 0.1 | % | (2.8) | % | 1.5 | % | |||||||||||||||||||||||
CDD | 18.1 | 20.7 | (9.1) | 11.7 | 21.2 | (8.1) | |||||||||||||||||||||||||||||
THI | 6.2 | 4.6 | 2.4 | 25.5 | 7.0 | 18.7 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||||
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | 2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | ||||||||||||||||||||||||||||||
Retail electric | $ | 0.067 | $ | 0.079 | $ | (0.012) | $ | 0.122 | $ | 0.096 | $ | 0.026 | |||||||||||||||||||||||
Decoupling and sales true-up | (0.035) | (0.035) | — | (0.076) | (0.044) | (0.032) | |||||||||||||||||||||||||||||
Electric total | $ | 0.032 | $ | 0.044 | $ | (0.012) | $ | 0.046 | $ | 0.052 | $ | (0.006) | |||||||||||||||||||||||
Firm natural gas | — | — | — | 0.004 | (0.005) | 0.009 | |||||||||||||||||||||||||||||
Total | $ | 0.032 | $ | 0.044 | $ | (0.012) | $ | 0.050 | $ | 0.047 | $ | 0.003 |
Three Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | 0.4 | % | 0.3 | % | (7.8) | % | (2.0) | % | (1.0) | % | ||||||||||||||||||||||
Electric C&I | 2.1 | 3.4 | 4.4 | 1.9 | 3.1 | |||||||||||||||||||||||||||
Total retail electric sales | 1.4 | 2.3 | 1.7 | 0.8 | 1.8 | |||||||||||||||||||||||||||
Firm natural gas sales | (2.0) | (0.8) | N/A | (7.8) | (2.0) |
Three Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | 2.2 | % | (0.3) | % | (1.4) | % | 0.1 | % | 0.5 | % | ||||||||||||||||||||||
Electric C&I | 1.8 | 3.1 | 5.3 | 2.2 | 3.2 | |||||||||||||||||||||||||||
Total retail electric sales | 1.9 | 2.0 | 3.8 | 1.6 | 2.4 | |||||||||||||||||||||||||||
Firm natural gas sales | 2.2 | 4.2 | N/A | (4.6) | 2.4 |
Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | 2.1 | % | 3.5 | % | (2.1) | % | 1.7 | % | 2.0 | % | ||||||||||||||||||||||
Electric C&I | 1.0 | 2.1 | 1.5 | 3.6 | 1.7 | |||||||||||||||||||||||||||
Total retail electric sales | 1.4 | 2.5 | 0.8 | 3.0 | 1.8 | |||||||||||||||||||||||||||
Firm natural gas sales | 6.9 | (1.8) | N/A | (0.9) | 3.7 |
Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | 2.6 | % | 0.9 | % | 0.4 | % | 0.4 | % | 1.4 | % | ||||||||||||||||||||||
Electric C&I | 0.9 | 1.4 | 2.0 | 3.2 | 1.5 | |||||||||||||||||||||||||||
Total retail electric sales | 1.5 | 1.2 | 1.7 | 2.4 | 1.5 | |||||||||||||||||||||||||||
Firm natural gas sales | 2.4 | (1.1) | N/A | (1.0) | 1.0 |
Nine Months Ended Sept. 30 (2020 Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized | ||||||||||||||||||||||||||||||||
Electric residential | 3.0 | % | 1.2 | % | 0.7 | % | 0.8 | % | 1.8 | % | ||||||||||||||||||||||
Electric C&I | 1.3 | 1.8 | 2.4 | 3.6 | 1.9 | |||||||||||||||||||||||||||
Total retail electric sales | 1.9 | 1.6 | 2.0 | 2.7 | 1.9 | |||||||||||||||||||||||||||
Firm natural gas sales | 3.2 | (0.3) | N/A | (0.2) | 1.8 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Electric revenues | $ | 3,176 | $ | 2,941 | $ | 8,643 | $ | 7,430 | ||||||||||||||||||
Electric fuel and purchased power | (1,210) | (981) | (3,643) | (2,611) | ||||||||||||||||||||||
Electric margin | $ | 1,966 | $ | 1,960 | $ | 5,000 | $ | 4,819 |
(Millions of Dollars) | Three Months Ended Sept. 30, 2021 vs. 2020 | Nine Months Ended Sept. 30, 2021 vs. 2020 | ||||||||||||
Non-fuel riders | $ | 59 | $ | 196 | ||||||||||
Regulatory rate outcomes (Texas, New Mexico, Colorado, Wisconsin and North Dakota) | 30 | 106 | ||||||||||||
Proprietary commodity trading, net of sharing (a)
|
11 | 49 | ||||||||||||
Sales and demand (b)
|
10 | 20 | ||||||||||||
Estimated impact of weather (net of decoupling/sales true-up) | (8) | (3) | ||||||||||||
Texas 2019 rate case surcharge (c)
|
(70) | (70) | ||||||||||||
PTCs flowed back to customers (offset by lower ETR) | (31) | (111) | ||||||||||||
Other (net) | 5 | (6) | ||||||||||||
Total increase in electric margin | $ | 6 | $ | 181 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Natural gas revenues | $ | 268 | $ | 219 | $ | 1,364 | $ | 1,082 | ||||||||||||||||||
Cost of natural gas sold and transported | (86) | (54) | (603) | (425) | ||||||||||||||||||||||
Natural gas margin | $ | 182 | $ | 165 | $ | 761 | $ | 657 |
(Millions of Dollars) | Three Months Ended Sept. 30, 2021 vs. 2020 | Nine Months Ended Sept. 30, 2021 vs. 2020 | ||||||||||||
Regulatory rate outcomes (Colorado) | $ | 13 | $ | 84 | ||||||||||
Infrastructure and integrity riders | 3 | 7 | ||||||||||||
Estimated impact of weather | (1) | 7 | ||||||||||||
Other (net) | 2 | 6 | ||||||||||||
Total increase in natural gas margin | $ | 17 | $ | 104 |
(Millions of Dollars) | Three Months Ended Sept. 30, 2021 vs. 2020 | Nine Months Ended Sept. 30, 2021 vs. 2020 | ||||||||||||
Wind | $ | 14 | $ | 36 | ||||||||||
Information technology and security | 3 | 20 | ||||||||||||
Distribution | 9 | 16 | ||||||||||||
Bad debt expense - PSCo settlement (See Note 1 to the consolidated financial statements) | 11 | 11 | ||||||||||||
Natural gas systems | (4) | 5 | ||||||||||||
Texas rate case deferral (offset in electric margin) | (17) | (14) | ||||||||||||
Benefits | (24) | (31) | ||||||||||||
Other | (3) | 1 | ||||||||||||
Total (decrease) increase in O&M expenses | $ | (11) | $ | 44 |
Other |
Utility Subsidiary | Jurisdiction | Regulatory Status | ||||||
NSP-Minnesota | Minnesota |
NSP-Minnesota filed with the MPUC seeking recovery of $215 million in incremental costs from natural gas customers. The DOC recommended disallowances of $21 million related to the utilization of natural gas storage. The OAG recommended disallowances of $34 million based on: (1) utilization of natural gas storage; (2) failure to enter fixed-price contracts; (3) failure to maximize curtailments to interruptible customers; and (4) inadequate conservation efforts to reduce demand. In addition, intervenors raised questions regarding peaking plant availability.
In August 2021, the MPUC allowed the utilities to start recovery of all Uri storm costs starting in September 2021 over 27 months (no financing charge). The cost recovery will be subject to refund pending the outcome of a contested case before an ALJ that will consider the DOC/OAG recommendations and issues related to the peaking plants. A decision is expected in the summer of 2022. |
||||||
South Dakota | Winter Storm Uri had no impact on South Dakota electric costs as NSP-Minnesota was a net seller in the electric market. | |||||||
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 Uri natural gas costs 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. |
Utility Subsidiary | Jurisdiction | Regulatory Status | ||||||
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.
In September, intervenors filed testimony. The CPUC Staff recommended disallowances of approximately $99 million (electric) and $105 million (natural gas). Additionally, they proposed to net approximately $50 million of regulatory liabilities (decoupling related) from electric costs. The UCA recommended disallowances of approximately $131 million. The COEO recommended disallowances of approximately $46 million for not utilizing demand response programs during the event. In October, a partial settlement was reached with the CPUC Staff and the COEO. See Note 1 of the accompanying consolidated financial statements for further discussion. A decision is expected in the first quarter of 2022. In addition, the CPUC is considering prospective changes in fuel cost recovery. |
||||||
SPS | Texas |
As part of the Texas fuel surcharge filing, SPS filed for recovery of $76 million, over 24 months, in under-collected purchased power and fuel costs through March 2021, subject to revision due to re-settlements. Of this amount, $62 million was attributed to Winter Storm Uri.
In the third quarter, SPS filed a supplemental application and testimony to recover an additional $26 million in under-collected purchased power and fuel costs through June 2021 resulting primarily from SPP resettlements and continued increases in natural gas prices. The proposed recovery remains over 24 months beginning in February 2022. In October 2021, intervenors proposed a $10 million disallowance of Winter Storm Uri off-system sales margin in addition to recommending an extended recovery period. A public hearing is scheduled to begin on Nov. 1, 2021, with a final PUCT decision expected in early 2022. |
||||||
New Mexico | The NMPRC approved SPS' request to recover $26 million of fuel costs over 24 months with no financing charge, subject to NMPRC review. |
Public Utility Regulation |
Proceeding |
Amount
(in millions) |
Filing
Date |
Approval | |||||||||||||||||
2020 TCR Electric Rider | $82 | November 2019 | Pending | |||||||||||||||||
2021 GUIC Natural Gas Rider | 27 | October 2020 | Pending | |||||||||||||||||
2021 RES Electric Rider | 189 | November 2020 | Pending | |||||||||||||||||
2020 North Dakota Electric Rate Case | 19 | November 2020 | Received | |||||||||||||||||
2021 North Dakota Natural Gas Rate Case | 7 | September 2021 | Pending | |||||||||||||||||
2022 Minnesota Electric Rate Case | 677 | October 2021 | Pending | |||||||||||||||||
2022 Minnesota Natural Gas Rate Case | TBD | November 2021 | Pending |
(Amounts in Millions, Except Percentages) | 2022 | 2023 | 2024 | Total | ||||||||||||||||||||||
Rate request | $ | 396 | $ | 150 | $ | 131 | $ | 677 | ||||||||||||||||||
Increase percentage | 12.2 | % | 4.8 | % | 4.2 | % | 21.2 | % | ||||||||||||||||||
Rate base | $ | 10,931 | $ | 11,446 | $ | 11,918 | N/A |
Proceeding |
Amount
(in millions) |
Filing
Date |
Approval | |||||||||||||||||
Electric and Natural Gas Settlement | $66 | July 2021 | Pending | |||||||||||||||||
Michigan Rate Case | $2.5 | September 2021 | Pending |
Proceeding |
Amount
(in millions) |
Filing
Date |
Approval | |||||||||||||||||
PSIA Extension | $9 | February 2021 | Received | |||||||||||||||||
Electric Rate Case | $470 | July 2021 | Pending |
Revenue Request (millions of dollars) | 2022 | |||||||
Changes since 2019 rate case: | ||||||||
Plant-related growth | $ | 95 | ||||||
Advanced grid intelligence and security | 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 | $62 | June 2021 | Pending | |||||||||||||||||
2021 Texas Electric Rate Case | $140 | February 2021 | Pending |
Environmental |
Potential Tax Reform |
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)
|
$ | (8) | $ | (7) | $ | (1) | $ | (1) | $ | (17) | ||||||||||||||||||||||
NSP- Minnesota (b)
|
2 | 7 | (6) | 2 | 5 | |||||||||||||||||||||||||||
PSCo (a)
|
10 | 8 | 1 | 1 | 20 | |||||||||||||||||||||||||||
PSCo (b)
|
(30) | (43) | (4) | — | (77) | |||||||||||||||||||||||||||
$ | (26) | $ | (35) | $ | (10) | $ | 2 | $ | (69) |
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)
|
$ | 1 | $ | — | $ | — | $ | 4 | $ | 5 | ||||||||||||||||||||||
PSCo (b)
|
25 | 22 | — | — | 47 | |||||||||||||||||||||||||||
$ | 26 | $ | 22 | $ | — | $ | 4 | $ | 52 |
(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 | (35) | (9) | ||||||||||||
Commodity trading contract additions and changes during the period | 72 | 10 | ||||||||||||
Fair value of commodity trading net contracts outstanding at Sept. 30 | $ | (17) | $ | (58) |
(Millions of Dollars) | Three Months Ended Sept. 30 | VaR Limit | Average | High | Low | |||||||||||||||||||||||||||
2021 | $ | 1.9 | $ | 3.0 | $ | 1.5 | $ | 2.2 | $ | 0.9 | ||||||||||||||||||||||
2020 | 1.2 | 3.0 | 1.0 | 1.3 | 0.8 |
FAIR VALUE MEASUREMENTS
|
LIQUIDITY AND CAPITAL RESOURCES
|
(Millions of Dollars) | Nine Months Ended Sept. 30 | |||||||
Cash provided by operating activities — 2020 | $ | 2,174 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Higher net income | 97 | |||||||
Non-cash transactions (a)
|
69 | |||||||
Changes in working capital (b)
|
111 | |||||||
Changes in net regulatory and other assets and liabilities | (872) | |||||||
Cash provided by operating activities — 2021 | $ | 1,579 |
(Millions of Dollars) | Nine Months Ended Sept. 30 | |||||||
Cash used in investing activities — 2020 | $ | (3,021) | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Decreased capital expenditures | 649 | |||||||
Sale of MEC in 2020 | (684) | |||||||
Other investing activities | (9) | |||||||
Cash used in investing activities — 2021 | $ | (3,065) |
(Millions of Dollars) | Nine Months Ended Sept. 30 | |||||||
Cash provided by financing activities — 2020 | $ | 1,484 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Higher debt issuances | 238 | |||||||
Lower repayments of long-term debt | 302 | |||||||
Higher dividends paid to shareholders | (60) | |||||||
Other financing activities | 24 | |||||||
Cash provided by financing activities — 2021 | $ | 1,988 |
(Millions of Dollars) |
Credit Facility (a)
|
Drawn (b)
|
Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 427 | $ | 823 | $ | — | $ | 823 | ||||||||||||||||||||||
PSCo | 700 | 8 | 692 | 7 | 699 | |||||||||||||||||||||||||||
NSP-Minnesota | 500 | 9 | 491 | 258 | 749 | |||||||||||||||||||||||||||
SPS | 500 | 55 | 445 | 2 | 447 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | 3 | 153 | |||||||||||||||||||||||||||
Total | $ | 3,100 | $ | 499 | $ | 2,601 | $ | 270 | $ | 2,871 |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 41 | $ | 34 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||
Borrowing limit | $ | 4,300 | $ | 3,100 | ||||||||||
Amount outstanding at period end | 1,747 | 584 | ||||||||||||
Average amount outstanding | 1,742 | 1,126 | ||||||||||||
Maximum amount outstanding | 1,857 | 2,080 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.57 | % | 1.45 | % | ||||||||||
Weighted average interest rate at period end | 0.56 | 0.23 |
Base Capital Forecast (Millions of Dollars) | ||||||||||||||||||||||||||||||||||||||
By Regulated Utility | 2022 | 2023 | 2024 | 2025 | 2026 | 2022 - 2026 Total | ||||||||||||||||||||||||||||||||
PSCo | $ | 1,930 | $ | 1,850 | $ | 2,070 | $ | 2,220 | $ | 1,860 | $ | 9,930 | ||||||||||||||||||||||||||
NSP-Minnesota | 2,250 | 2,030 | 1,830 | 2,130 | 2,010 | 10,250 | ||||||||||||||||||||||||||||||||
SPS | 630 | 660 | 690 | 780 | 790 | 3,550 | ||||||||||||||||||||||||||||||||
NSP-Wisconsin | 480 | 420 | 540 | 460 | 390 | 2,290 | ||||||||||||||||||||||||||||||||
Other (a)
|
(10) | — | 10 | (30) | 10 | (20) | ||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 5,280 | $ | 4,960 | $ | 5,140 | $ | 5,560 | $ | 5,060 | $ | 26,000 |
Base Capital Forecast (Millions of Dollars) | ||||||||||||||||||||||||||||||||||||||
By Function | 2022 | 2023 | 2024 | 2025 | 2026 | 2022 - 2026 Total | ||||||||||||||||||||||||||||||||
Electric distribution | $ | 1,485 | $ | 1,600 | $ | 1,520 | $ | 1,605 | $ | 1,720 | $ | 7,930 | ||||||||||||||||||||||||||
Electric transmission | 1,105 | 1,220 | 1,575 | 1,965 | 1,555 | 7,420 | ||||||||||||||||||||||||||||||||
Electric generation | 645 | 580 | 670 | 650 | 650 | 3,195 | ||||||||||||||||||||||||||||||||
Natural gas | 655 | 670 | 695 | 660 | 660 | 3,340 | ||||||||||||||||||||||||||||||||
Other | 725 | 545 | 450 | 340 | 450 | 2,510 | ||||||||||||||||||||||||||||||||
Renewables | 665 | 345 | 230 | 340 | 25 | 1,605 | ||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 5,280 | $ | 4,960 | $ | 5,140 | $ | 5,560 | $ | 5,060 | $ | 26,000 |
Issuer | Security | Amount | Status | Tenor | Coupon | |||||||||||||||||||||||||||
Xcel Energy | Unsecured Bonds | $ | 800 | million | 2021 Q4 | 5 Year/10 Year | TBD | |||||||||||||||||||||||||
PSCo | First Mortgage Bonds | 750 | million | Completed | 10 Year | 1.88 | % | |||||||||||||||||||||||||
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 | Completed | 30 Year | 2.82 | ||||||||||||||||||||||||||
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4 — CONTROLS AND PROCEDURES
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ITEM 1 — LEGAL PROCEEDINGS
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ITEM 1A — RISK FACTORS
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ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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ITEM 6 — EXHIBITS
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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-Wisconsin Form 8-K dated July 20, 2021 | 4.01 | ||||||||||
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. | ||||||||
October 28, 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/ ROBERT C. FRENZEL | |||||
Robert C. Frenzel | |||||
President, 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/ ROBERT C. FRENZEL | |||||
Robert C. Frenzel | |||||
President, 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) |