Xcel Energy Secures New $3B Credit Facility

TL;DR

Xcel Energy just upgraded its credit line to $3B from $2B, giving them more cash flexibility.

AI Summary

Xcel Energy Inc. announced on June 26, 2024, that it has entered into a new credit agreement with JPMorgan Chase Bank, N.A. as administrative agent. This agreement, effective June 25, 2024, establishes a new $3.0 billion revolving credit facility, replacing its previous $2.0 billion facility.

Why It Matters

This expansion of Xcel Energy's credit capacity provides greater financial flexibility to support its ongoing operations and capital investments, particularly in energy infrastructure and renewable projects.

Risk Assessment

Risk Level: low — The filing concerns a routine credit facility amendment, which is standard financial management and does not indicate any immediate operational or financial distress.

Key Numbers

• $3.0B — New Revolving Credit Facility (Increases borrowing capacity)
• $2.0B — Previous Revolving Credit Facility (Replaced by the new facility)

Key Players & Entities

• Xcel Energy Inc. (company) — Filer
• JPMorgan Chase Bank, N.A. (company) — Administrative Agent for the credit facility
• $3.0 billion (dollar_amount) — New revolving credit facility amount
• $2.0 billion (dollar_amount) — Previous revolving credit facility amount
• June 26, 2024 (date) — Date of report
• June 25, 2024 (date) — Effective date of the new credit agreement

FAQ

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value per share XEL Nasdaq Stock Ma
• $59 m — ural gas rate increase of approximately $59 million, or 9.6%. The request is based on
• $1.27 billion — st year with rate base of approximately $1.27 billion. In December 2023, the MPUC approved NS
• $51 million — es, subject to refund, of approximately $51 million (implemented on Jan. 1, 2024). On June
• $46 m — ng terms: Natural gas rate increase of $46 million, or 7.5%. ROE of 9.6%. Equity r
• $1.25 billion — . Equity ratio of 52.5%. Rate base of $1.25 billion. No change to Commission approved deco
• $3.50 — 4 GAAP and ongoing earnings guidance of $3.50 to $3.60 per share, which is based on s
• $3.60 — d ongoing earnings guidance of $3.50 to $3.60 per share, which is based on several ke

Filing Documents

• xel-20240626.htm (8-K) — 33KB
• 0000072903-24-000149.txt ( ) — 194KB
• xel-20240626.xsd (EX-101.SCH) — 3KB
• xel-20240626_def.xml (EX-101.DEF) — 14KB
• xel-20240626_lab.xml (EX-101.LAB) — 26KB
• xel-20240626_pre.xml (EX-101.PRE) — 15KB
• xel-20240626_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events 2024 Minnesota Natural Gas Rate Case On Nov. 1, 2023, NSP-Minnesota filed a request with the Minnesota Public Utility Commission (MPUC) for an annual natural gas rate increase of approximately $59 million, or 9.6%. The request is based on a Return on Equity (ROE) of 10.2%, a 52.5% equity ratio and a 2024 forward test year with rate base of approximately $1.27 billion. In December 2023, the MPUC approved NSP-Minnesota's request for interim rates, subject to refund, of approximately $51 million (implemented on Jan. 1, 2024). On June 26, 2024, NSP-Minnesota and various parties filed an uncontested settlement, which includes the following terms: Natural gas rate increase of $46 million, or 7.5%. ROE of 9.6%. Equity ratio of 52.5%. Rate base of $1.25 billion. No change to Commission approved decoupling. A MPUC decision and order is expected by the end of 2024. Xcel Energy reaffirms its 2024 GAAP and ongoing earnings guidance of $3.50 to $3.60 per share, which is based on several key assumptions, including constructive regulatory outcomes. Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including those relating to expected rate increases to customers, expectations and intentions regarding regulatory proceedings and the effective date of the rates, 2024 ongoing earnings guidance, 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

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. June 26, 2024 Xcel Energy Inc. (a Minnesota corporation) Northern States Power Company (a Minnesota corporation) /s/ BRIAN J. VAN ABEL Brian J. Van Abel Executive Vice President, Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR