Xcel Energy Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Xcel Energy Inc. has submitted its Q1 2024 10-Q filing, detailing its financial performance and position as of March 31, 2024.</b>

AI Summary

XCEL ENERGY INC (XELLL) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Xcel Energy Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business is Electric & Other Services Combined. Xcel Energy Inc. was formerly known as Northern States Power Co /MN/. The filing was made on April 25, 2024.

Why It Matters

For investors and stakeholders tracking XCEL ENERGY INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Xcel Energy Inc., crucial for evaluating its performance and making investment decisions. Understanding the company's financial health and operational status in Q1 2024 is key for stakeholders assessing its future prospects and potential risks.

Risk Assessment

Risk Level: low — XCEL ENERGY INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to assess Xcel Energy's performance in Q1 2024 and identify any emerging trends or risks.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-04-25 — Filing Date (10-Q filing)
• 4931 — SIC Code (Electric & Other Services Combined)

Key Players & Entities

• XCEL ENERGY INC (company) — Filer name
• 0000072903 (company) — Central Index Key
• NORTHERN STATES POWER CO /MN/ (company) — Former company name
• 4931 (company) — Standard Industrial Classification
• 2024-04-25 (date) — Filing date
• 2024-03-31 (date) — Period of report

FAQ

Industry Context

Xcel Energy Inc. operates in the Electric & Other Services Combined industry, providing essential utility services.

Regulatory Implications

As a public utility company, Xcel Energy Inc. is subject to extensive regulation by state and federal agencies regarding its operations and rates.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any management discussion and analysis (MD&A) for insights into operational performance.
3. Check for any new risk factors or legal proceedings disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date Xcel Energy Inc. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value XEL Nasdaq Stock Market LLC

Filing Documents

• xel-20240331.htm (10-Q) — 1747KB
• xcelex3101q12024.htm (EX-31.01) — 10KB
• xcelex3102q12024.htm (EX-31.02) — 10KB
• xcelex3201q12024.htm (EX-32.01) — 8KB
• xel-20240331_g1.jpg (GRAPHIC) — 8KB
• 0000072903-24-000096.txt (&nbsp;) — 9705KB
• xel-20240331.xsd (EX-101.SCH) — 55KB
• xel-20240331_cal.xml (EX-101.CAL) — 71KB
• xel-20240331_def.xml (EX-101.DEF) — 326KB
• xel-20240331_lab.xml (EX-101.LAB) — 740KB
• xel-20240331_pre.xml (EX-101.PRE) — 549KB
• xel-20240331_htm.xml (XML) — 1797KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

— Financial Statements (unaudited)

Item 1 — Financial Statements (unaudited) 5 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Cash Flows 7 Consolidated Balance Sheets 8 Consolidated Statements of Common Stockholders' Equity 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 22

— Quantitative and Qualitative Disclosures A bout Market Risk

Item 3 — Quantitative and Qualitative Disclosures A bout Market Risk 31

— Controls and Procedures

Item 4 — Controls and Procedures 32

OTHER INFORMATION

PART II OTHER INFORMATION

— Legal Proceedings

Item 1 — Legal Proceedings 32

— Risk Factors

Item 1A — Risk Factors 32

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 32

— Other Information

Item 5 — Other Information 32

— Exhibits

Item 6 — Exhibits 33

SIGNATURES

SIGNATURES 34 This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety. 2 Definitions of Abbreviations 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 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 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 Federal and State Regulatory Agencies CPUC Colorado Public Utilities Commission D.C. Circuit United States Court of Appeals for the District of Columbia Circuit DOC Minnesota Department of Commerce DOE United States Department of Energy EPA United States Environmental Protection Agency FERC Federal Energy Regulatory Commission MPUC Minnesota Public Utilities Commission MPSC Michigan Public Service Commission NDPSC North Dakota Public Service Commission NMPRC New Mexico Public Regulation Commission NRC Nuclear Regulatory Commission OAG Minnesota Office of Attorney General PSCW Public Service Commission of Wisconsin PUCT Public Utility Commission of Texas SEC Securities and Exchange Commission SDPUC South Dakota Public Utilities Commission Other AFUDC Allowance for funds used during construction ALJ Administrative Law Judge ATM At-the-market BART Best available retrofit technology 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 offic

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 in Xcel Energy's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and subsequent filings with the SEC, 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 prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to r

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) ( amounts in millions, except per share data) Three Months Ended March 31 2024 2023 Operating revenues Electric $ 2,685 $ 2,763 Natural gas 941 1,288 Other 23 29 Total operating revenues 3,649 4,080 Operating expenses Electric fuel and purchased power 948 1,117 Cost of natural gas sold and transported 483 844 Cost of sales — other 8 12 Operating and maintenance expenses 605 650 Conservation and demand side management expenses 97 76 Depreciation and amortization 658 624 Taxes (other than income taxes) 171 184 Total operating expenses 2,970 3,507 Operating income 679 573 Other income, net 14 5 Earnings from equity method investments 8 11 Allowance for funds used during construction — equity 37 19 Interest charges and financing costs Interest charges — includes other financing costs 291 253 Allowance for funds used during construction — debt ( 14 ) ( 10 ) Total interest charges and financing costs 277 243 Income before income taxes 461 365 Income tax benefit ( 27 ) ( 53 ) Net income $ 488 $ 418 Weighted average common shares outstanding: Basic 556 551 Diluted 556 551 Earnings per average common share: Basic $ 0.88 $ 0.76 Diluted 0.88 0.76 See Notes to Consolidated Financial Statements 5 Table of Contents XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (amounts in millions) Three Months Ended March 31 2024 2023 Net income $ 488 $ 418 Other comprehensive income Derivative instruments: Net fair value increase (decrease), net of tax 22 ( 5 ) Reclassification of losses to net income, net of tax 1 1 Total other comprehensive income (loss) 23 ( 4 ) Total comprehensive income $ 511 $ 414 See Notes to Consolidated Financial Statements 6 Table of Contents XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (amounts in

Notes to Consolidated Financial Statements (UNAUDITED)

Notes to Consolidated Financial Statements (UNAUDITED) In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of March 31, 2024 and Dec. 31, 2023; the results of Xcel Energy's operations, including the components of net income, comprehensive income, cash flows and changes in stockholders' equity for the three months ended March 31, 2024 and 2023. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2024, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of Xcel Energy's electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. 1. Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for

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View this 10-Q filing on SEC EDGAR