Xcel Energy Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Xcel Energy Inc. has submitted its 2023 Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

XCEL ENERGY INC (XELLL) filed a Annual Report (10-K) with the SEC on February 21, 2024. Xcel Energy Inc. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 414 Nicollet Mall, Minneapolis, MN 55401. Xcel Energy Inc. was formerly known as Northern States Power Co /MN/ until a name change on July 3, 1992. The SIC code for Xcel Energy Inc. is 4931 (Electric & Other Services Combined).

Why It Matters

For investors and stakeholders tracking XCEL ENERGY INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Xcel Energy's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed financial data within the report is crucial for understanding the company's performance, asset base, and liabilities as of year-end 2023.

Risk Assessment

Risk Level: medium — XCEL ENERGY INC shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information, but does not highlight any immediate, severe risks or exceptionally positive developments.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Xcel Energy's financial stability and future outlook.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240221 — Filing Date (As of Date)
• 19920703 — Date of Name Change (From Northern States Power Co /MN/)

Key Players & Entities

• XCEL ENERGY INC (company) — Filer name
• 0000072903 (company) — Central Index Key
• 4931 (company) — Standard Industrial Classification
• MN (company) — State of Incorporation
• 414 NICOLLET MALL (company) — Business Address Street 1
• MINNEAPOLIS (company) — Business Address City
• 55401 (company) — Business Address ZIP
• NORTHERN STATES POWER CO /MN/ (company) — Former Company Name

FAQ

Industry Context

Xcel Energy Inc. operates in the electric and other services combined industry (SIC 4931).

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and assets.
2. Review the 'Risk Factors' section for potential challenges.
3. Compare key financial metrics to previous periods if available.

Year-Over-Year Comparison

This is the initial filing data extracted; comparison to a previous filing is not possible with the provided text.

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value per share XEL Nasdaq Stock M
• $64 billion — gas customers 2.2 million Total assets $64 billion Electric generating capacity 20,935 MW
• $4 billion — uel strategy has saved customers nearly $4 billion since 2017. Xcel Energy's wind capacit
• $12 billion — clean energy transition. We have nearly $12 billion in our 2024 - 2028 capital plan focused
• $1.7 billion — sed specifically on this, including our $1.7 billion Pathway project in Colorado, and additi
• $1.2 billion — xt decade, Xcel Energy has been awarded $1.2 billion of projects as part of Tranche 1. We an
• $2 billion — e electric by 2030, representing nearly $2 billion of investment, 0.6% - 0.7% of average i
• $1.5 billion — nt of Energy announced awards of nearly $1.5 billion to support multiple Xcel Energy affilia
• $925 million — per Midwest, received an award of up to $925 million by the DOE. This funding will serve as
• $70 million — The DOE also awarded Xcel Energy up to $70 million to support our two 10-MW, 100-hour batt
• $90 million — Energy Catalyst, we have secured up to $90 million to support these long duration energy s
• $100 million — ip program. The DOE awarded Xcel Energy $100 million to support projects to mitigate the thr
• $464 million — r. Xcel Energy was also party to GRIP's $464 million grant to expand transmission as part of

Filing Documents

• xel-20231231.htm (10-K) — 4861KB
• xcelex1016q42023.htm (EX-10.16) — 66KB
• xcelex1018q42023-annualinc.htm (EX-10.18) — 37KB
• xcelex2101q42023.htm (EX-21.01) — 24KB
• xcelex2301q42023.htm (EX-23.01) — 8KB
• xcelex2401q42023.htm (EX-24.01) — 58KB
• xcelex3101q42023.htm (EX-31.01) — 9KB
• xcelex3102q42023.htm (EX-31.02) — 9KB
• xcelex3201q42023.htm (EX-32.01) — 7KB
• xcelex9701-mandatorycompen.htm (EX-97.01) — 22KB
• xel-20231231_g1.jpg (GRAPHIC) — 8KB
• xel-20231231_g10.jpg (GRAPHIC) — 147KB
• xel-20231231_g11.jpg (GRAPHIC) — 129KB
• xel-20231231_g12.jpg (GRAPHIC) — 29KB
• xel-20231231_g13.jpg (GRAPHIC) — 253KB
• xel-20231231_g14.jpg (GRAPHIC) — 48KB
• xel-20231231_g2.jpg (GRAPHIC) — 65KB
• xel-20231231_g3.jpg (GRAPHIC) — 61KB
• xel-20231231_g4.jpg (GRAPHIC) — 135KB
• xel-20231231_g5.jpg (GRAPHIC) — 214KB
• xel-20231231_g6.jpg (GRAPHIC) — 192KB
• xel-20231231_g7.jpg (GRAPHIC) — 167KB
• xel-20231231_g8.jpg (GRAPHIC) — 122KB
• xel-20231231_g9.jpg (GRAPHIC) — 182KB
• 0000072903-24-000034.txt (&nbsp;) — 29516KB
• xel-20231231.xsd (EX-101.SCH) — 182KB
• xel-20231231_cal.xml (EX-101.CAL) — 97KB
• xel-20231231_def.xml (EX-101.DEF) — 1039KB
• xel-20231231_lab.xml (EX-101.LAB) — 1797KB
• xel-20231231_pre.xml (EX-101.PRE) — 1306KB
• xel-20231231_htm.xml (XML) — 5191KB

— Business

Item 1 — Business 3

— Risk Factors

Item 1A — Risk Factors 16

— Unresolved Staff Comments

Item 1B — Unresolved Staff Comments 22

— Cybersecurity

Item 1C — Cybersecurity 23

— Properties

Item 2 — Properties 24

— Legal Proceedings

Item 3 — Legal Proceedings 25

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 25 PART II

— Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 — Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

— [Reserved]

Item 6 — [Reserved] 26

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations 26

— Quantitative and Qualitative Disclosures About Market Risk

Item 7A — Quantitative and Qualitative Disclosures About Market Risk 43

— Financial Statements and Supplementary Data

Item 8 — Financial Statements and Supplementary Data 43

— Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9 — Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 81

— Controls and Procedures

Item 9A — Controls and Procedures 81

— Other Information

Item 9B — Other Information 81

— Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III

— Directors, Executive Officers and Corporate Governance

Item 10 — Directors, Executive Officers and Corporate Governance 81

— Executive Compensation

Item 11 — Executive Compensation 81

— Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82

— Certain Relationships and Related Transactions, and Director Independence

Item 13 — Certain Relationships and Related Transactions, and Director Independence 82

— Principal Accountant Fees and Services

Item 14 — Principal Accountant Fees and Services 82 PART IV

— Exhibit and Financial Statement Schedules

Item 15 — Exhibit and Financial Statement Schedules 82

— Form 10-K Summary

Item 16 — Form 10-K Summary 89

Signatures

Signatures 90 2 Table of Contents PART I

— BUSINESS

ITEM 1 — BUSINESS Definitions of Abbreviations Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former) Capital Services Capital Services, LLC Eloigne Eloigne Company e prime e prime inc. Nicollet Project Holdings Nicollet Project Holdings, LLC NSP-Minnesota Northern States Power Company, a Minnesota corporation NSP System The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota NSP-Wisconsin Northern States Power Company, a Wisconsin corporation Operating companies NSP-Minnesota, NSP-Wisconsin, PSCo and SPS PSCo Public Service Company of Colorado SPS Southwestern Public Service Co. Utility subsidiaries NSP-Minnesota, NSP-Wisconsin, PSCo and SPS WGI WestGas InterState, Inc. WYCO WYCO Development, LLC Xcel Energy Xcel Energy Inc. and its subsidiaries Federal and State Regulatory Agencies CPUC Colorado Public Utilities Commission DOC Minnesota Department of Commerce DOE United States Department of Energy DOT United States Department of Transportation EPA United States Environmental Protection Agency ERCOT Electric Reliability Council of Texas FERC Federal Energy Regulatory Commission IRS Internal Revenue Service MPCA Minnesota Pollution Control Agency MPUC Minnesota Public Utilities Commission NDPSC North Dakota Public Service Commission NERC North American Electric Reliability Corporation NMPRC New Mexico Public Regulation Commission NRC Nuclear Regulatory Commission OAG Minnesota Office of Attorney General PHMSA Pipeline and Hazardous Materials Safety Administration PSCW Public Service Commission of Wisconsin PUCT Public Utility Commission of Texas SDPUC South Dakota Public Utility Commission SEC Securities and Exchange Commission Electric, Purchased Gas and Resource Adjustment Clauses CIP Conservation improvement program DSM Demand side management ECA Retail electric commodity adjustment FCA Fuel clause adjustment GCA Gas

Forward-Looking Statements

Forward-Looking Statements Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2024 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will," "would" and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 (including risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including "Risk Factors" in Item 1A of this Annual Report on Form 10-K), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy pri

View Full Filing

View this 10-K filing on SEC EDGAR