Xcel Energy Files 8-K on Corporate Structure

TL;DR

Xcel Energy filed an 8-K detailing its corporate structure and subsidiary Northern States Power Co.

AI Summary

Xcel Energy Inc. filed an 8-K on August 25, 2025, reporting other events as of August 22, 2025. The filing details the company's structure, including its relationship with Northern States Power Co. and its primary business in electric and other services.

Why It Matters

This filing provides insight into Xcel Energy's corporate organization and its subsidiary, Northern States Power Co., which is relevant for understanding the company's operational and legal framework.

Risk Assessment

Risk Level: low — The filing is a routine corporate disclosure and does not contain information that would immediately impact the company's financial risk.

Key Numbers

• 4931 — SIC Code (Identifies Xcel Energy and Northern States Power Co. as being in the Electric & Other Services industry.)

Key Players & Entities

• XCEL ENERGY INC (company) — Filer
• NORTHERN STATES POWER CO /MN/ (company) — Former Company Name
• NORTHERN STATES POWER CO (company) — Subsidiary/Related Entity
• 0000072903-25-000233 (filing_id) — Accession Number

FAQ

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value per share XEL Nasdaq Stock Ma
• $491 million — ta, seeking a total revenue increase of $491 million (13.2%) over two years, based on a retu
• $13.2 billion — , a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. NSP-Mi
• $14 billion — rate base of $13.2 billion in 2025 and $14 billion in 2026. NSP-Minnesota also requested i
• $224 million — nnesota also requested interim rates of $224 million for 2025. In December 2024, the Minneso
• $192 m — ate case) and approved interim rates of $192 million, effective January 1, 2025. In M
• $473 million — , updating its total revenue request to $473 million. On August 22, 2025, eight parties fil
• $190 million — financial adjustments. XLI recommended $190 million in proposed adjustments, based on a red

Filing Documents

• xel-20250822.htm (8-K) — 62KB
• 0000072903-25-000233.txt ( ) — 215KB
• xel-20250822.xsd (EX-101.SCH) — 2KB
• xel-20250822_def.xml (EX-101.DEF) — 14KB
• xel-20250822_lab.xml (EX-101.LAB) — 26KB
• xel-20250822_pre.xml (EX-101.PRE) — 15KB
• xel-20250822_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events 2024 Minnesota Electric Rate Case In November 2024, Northern States Power Company, a Minnesota corporation ( NSP-Minnesota), and a wholly owned subsidiary of Xcel Energy Inc. filed an electric rate case in Minnesota, seeking a total revenue increase of $491 million (13.2%) over two years, based on a return on equity (ROE) of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. NSP-Minnesota also requested interim rates of $224 million for 2025. In December 2024, the Minnesota Public Utilities Commission (MPUC) reduced the interim rate request for wildfire mitigation costs (as these costs were deemed as new costs not previously approved in a rate case) and approved interim rates of $192 million, effective January 1, 2025. In March 2025, NSP-Minnesota filed supplemental direct testimony, updating its total revenue request to $473 million. On August 22, 2025, eight parties filed testimony. The Minnesota Department of Commerce (DOC), Office of Attorney General (OAG), Xcel Large Industrial Customers (XLI), the Citizens Utility Board of Minnesota (CUB), Walmart and Joint Intervenors were the only parties to quantify recommended financial adjustments. XLI recommended $190 million in proposed adjustments, based on a reduced ROE and a reduction in certain O&M expenses. CUB recommended proposed adjustments based on a reduced ROE and elimination of reconnection and late fee revenues. Walmart recommended an adjustment based on a reduced ROE. Other parties provided issue specific recommendations. Proposed DOC modifications to NSP-Minnesota's request are summarized below: (Millions of Dollars) 2025 2026 NSP-Minnesota's filed base revenue request $ 344 $ 473 Recommended adjustments: Rate of return (101) (107) O&M expenses (62) (56) Generation capacity revenue (a) (39) (40) Depreciation (29) (32) Federal production tax credits (a) (22) (10) Riverside Generating Plant outage (b) (18) (13) Prepaid pens

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. August 25, 2025 Xcel Energy Inc. (a Minnesota corporation) Northern States Power Company (a Minnesota corporation) By: /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