Company Quick10K Filing
Northern States Power
Price-0.00 EPS88
Shares1 P/E-0
MCap-0 P/FCF-0
Net Debt806 EBIT134
TEV806 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-12-31 Filed 2018-07-27
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-28
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-10-31
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-26
8-K 2020-01-30
8-K 2019-08-01
8-K 2019-06-07
8-K 2019-04-25
8-K 2019-01-31
8-K 2018-10-25
8-K 2018-09-12
8-K 2018-07-26
8-K 2018-02-07

NSPW 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 6 - Exhibits
EX-31.01 nspwex3101q22020.htm
EX-31.02 nspwex3102q22020.htm
EX-32.01 nspwex3201q22020.htm

Northern States Power Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
0.30.20.20.10.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

nspw-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Northern States Power Company
(Exact name of registrant as specified in its charter)
Wisconsin001-0314039-0508315
(State or other jurisdiction or incorporation or organization)(Commission File Number)(IRS Employer Identification No.)
1414 West Hamilton AvenueEau ClaireWisconsin54701
(Address of Principal Executive Offices)(Zip Code)
715839-2625
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
N/AN/AN/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at July 31, 2020
Common Stock, $100 par value933,000 shares
Northern States Power Company meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to such Form 10-Q.



TABLE OF CONTENTS
PART IFINANCIAL INFORMATION
Item 1 —
Item 2 —
Item 4 —
   
PART IIOTHER INFORMATION 
Item 1 —
Item 1A —
Item 6 —
   
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
This Form 10-Q is filed by NSP-Wisconsin. NSP-Wisconsin is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available on various filings with the SEC. This report should be read in its entirety.



Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
IRSInternal Revenue Service
PSCWPublic Service Commission of Wisconsin
SECSecurities and Exchange Commission
Other
ADITAccumulated deferred income tax
ASCFASB Accounting Standards Codification
C&ICommercial and Industrial
CEOChief executive officer
CFOChief financial officer
COVID-19Novel coronavirus
ETREffective tax rate
FASBFinancial Accounting Standards Board
GAAPGenerally accepted accounting principles
MDLMulti-district litigation
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NOLNet operating loss
O&MOperating and maintenance
ROEReturn on equity
RTORegional Transmission Organization
TOsTransmission owners
UMPUtility Money Pool
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, 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 Quarterly Report on Form 10-Q and in other securities filings (including NSP-Wisconsin's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, and subsequent securities filings), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including nuclear generation; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of NSP-Wisconsin and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.


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PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended June 30Six Months Ended June 30
 2020201920202019
Operating revenues  
Electric, non-affiliates$157.8  $164.4  $328.7  $335.3  
Electric, affiliates41.5  43.5  82.4  87.6  
Natural gas19.0  20.9  64.2  82.0  
Other0.2  0.1  0.2  0.2  
Total operating revenues218.5  228.9  475.5  505.1  
Operating expenses  
Electric fuel and purchased power, non-affiliates3.4  3.1  6.3  5.0  
Purchased power, affiliates91.3  99.9  185.6  203.4  
Cost of natural gas sold and transported6.6  8.2  28.0  40.5  
Operating and maintenance expenses44.9  51.3  93.5  103.2  
Conservation program expenses3.2  3.1  6.3  6.0  
Depreciation and amortization38.8  34.4  77.4  68.5  
Taxes (other than income taxes)7.1  7.1  14.1  14.7  
Total operating expenses195.3  207.1  411.2  441.3  
Operating income23.2  21.8  64.3  63.8  
Other expense, net(1.8) (0.3) (4.3) (0.6) 
Allowance for funds used during construction — equity1.4  0.9  2.5  1.4  
Interest charges and financing costs  
Interest charges — includes other financing costs of $0.4, $0.3, $0.7 and $0.7, respectively
9.9  9.8  19.8  19.8  
Allowance for funds used during construction — debt(0.5) (0.3) (1.0) (0.6) 
Total interest charges and financing costs9.4  9.5  18.8  19.2  
Income before income taxes13.4  12.9  43.7  45.4  
Income tax expense (benefit)1.3  4.3  (2.0) 12.8  
Net income$12.1  $8.6  $45.7  $32.6  

See Notes to Consolidated Financial Statements

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NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Six Months Ended June 30
 20202019
Operating activities  
Net income$45.7  $32.6  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization78.0  68.9  
Deferred income taxes(15.2) 2.0  
Allowance for equity funds used during construction(2.5) (1.4) 
Provision for bad debts2.83.5
Changes in operating assets and liabilities:
Accounts receivable(4.2) 6.8  
Accrued unbilled revenues10.4  11.5  
Inventories0.2  0.7  
Other current assets(0.3) (0.4) 
Accounts payable(3.0) (8.9) 
Net regulatory assets and liabilities5.3  2.5  
Other current liabilities(1.9) 3.6  
Pension and other employee benefit obligations(6.9) (7.1) 
Other, net0.2  1.0  
Net cash provided by operating activities108.6  115.3  
Investing activities  
Utility capital/construction expenditures(121.0) (86.8) 
Net cash used in investing activities(121.0) (86.8) 
Financing activities  
Repayments of short-term borrowings, net(65.0) (1.0) 
Proceeds from (repayments of) long-term debt97.6  (0.1) 
Capital contributions from parent37.0  14.8  
Dividends paid to parent(31.6) (41.7) 
Other, net(0.2)   
Net cash provided by (used in) financing activities37.8  (28.0) 
Net change in cash, cash equivalents and restricted cash25.4  0.5  
Cash, cash equivalents and restricted cash at beginning of period1.3  2.2  
Cash, cash equivalents and restricted cash at end of period$26.7  $2.7  
Supplemental disclosure of cash flow information:  
Cash paid for interest (net of amounts capitalized)$(17.9) $(18.2) 
Cash paid for income taxes, net(13.1) (3.9) 
Supplemental disclosure of non-cash investing transactions:  
Accrued property, plant and equipment additions$18.5  $11.5  
   Inventory transfers to property, plant and equipment2.3  2.4  
   Allowance for equity funds used during construction2.5  1.4  

See Notes to Consolidated Financial Statements
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NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 June 30, 2020Dec. 31, 2019
Assets  
Current assets  
Cash and cash equivalents$26.7  $1.3  
Accounts receivable, net63.4  59.2  
Accrued unbilled revenues42.5  53.1  
Inventories13.4  16.0  
Regulatory assets45.9  71.9  
Prepaid taxes23.2  23.0  
Prepayments and other4.9  4.6  
Total current assets220.0  229.1  
Property, plant and equipment, net2,416.8  2,359.4  
Other assets  
Regulatory assets218.0  224.4  
Other3.5  3.1  
Total other assets221.5  227.5  
Total assets$2,858.3  $2,816.0  
Liabilities and Equity  
Current liabilities  
Short-term debt$  $65.0  
Accounts payable37.1  53.6  
Accounts payable to affiliates21.4  19.0  
Dividends payable to parent20.2  14.7  
Regulatory liabilities63.9  78.9  
Taxes accrued7.7  6.8  
Environmental liabilities4.5  5.7  
Accrued interest9.5  9.3  
Other15.9  20.7  
Total current liabilities180.2  273.7  
Deferred credits and other liabilities  
Deferred income taxes302.9  298.1  
Deferred investment tax credits6.2  6.5  
Regulatory liabilities360.6  370.8  
Environmental liabilities17.0  17.8  
Customer advances19.5  18.5  
Pension and employee benefit obligations26.6  33.4  
Other23.8  22.6  
Total deferred credits and other liabilities756.6  767.7  
Commitments and contingencies
Capitalization  
Long-term debt906.0  808.0  
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares
outstanding at June 30, 2020 and Dec. 31, 2019, respectively
93.3  93.3  
Additional paid in capital577.7  537.3  
Retained earnings344.5  336.0  
Total common stockholder’s equity1,015.5  966.6  
Total liabilities and equity$2,858.3  $2,816.0  

See Notes to Consolidated Financial Statements
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NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)
(amounts in millions, shares in thousands)
Common Stock IssuedRetained EarningsTotal
Common
Stockholder's
Equity
SharesPar ValueAdditional Paid In Capital
Three Months Ended June 30, 2020 and 2019
Balance at March 31, 2019933.0  $93.3  $510.1  $338.6  $942.0  
Net income8.6  8.6  
Common dividends declared to parent(15.9) (15.9) 
Contribution of capital by parent3.5  3.5  
Balance at June 30, 2019933.0  $93.3  $513.6  $331.3  $938.2  
Balance at March 31, 2020933.0  $93.3  $547.3  $352.6  $993.2  
Net income12.112.1
Common dividends declared to parent(20.2) (20.2) 
Contribution of capital by parent30.4  30.4  
Balance at June 30, 2020933.0  $93.3  $577.7  $344.5  $1,015.5  

Common Stock IssuedRetained EarningsTotal
Common
Stockholder's
Equity
SharesPar ValueAdditional Paid In Capital
Six Months Ended June 30, 2020 and 2019
Balance at Dec. 31, 2018933.0  $93.3  $510.1  $339.0  $942.4  
Net income32.6  32.6  
Common dividends declared to parent(40.3) (40.3) 
Contribution of capital by parent3.53.5  
Balance at June 30, 2019933.0  $93.3  $513.6  $331.3  $938.2  
Balance at Dec. 31, 2019933.0  $93.3  $537.3  $336.0  $966.6  
Net income45.7  45.7  
Common dividends declared to parent(37.1) (37.1) 
Contribution of capital by parent40.440.4
Adoption of ASC Topic 326(0.1) (0.1) 
Balance at June 30, 2020933.0  $93.3  $577.7  $344.5  $1,015.5  
See Notes to Consolidated Financial Statements



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NSP-WISCONSIN AND SUBSIDIARIES
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 U.S. GAAP, the financial position of NSP-Wisconsin and its subsidiaries as of June 30, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income, changes in stockholder's equity and comprehensive income for the three and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2020 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, 2019 balance sheet information has been derived from the audited 2019 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2019. These 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 NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the SEC on Feb. 21, 2020. Due to the seasonality of NSP-Wisconsin’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 NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
Recently Adopted
Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards.
NSP-Wisconsin implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $0.1 million (after tax) to retained earnings on Jan 1. 2020. Other than first-time recognition of an allowance for doubtful accounts on accrued unbilled revenues, the Jan. 1, 2020 adoption of ASC Topic 326 did not have a significant impact on NSP-Wisconsin’s consolidated financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)June 30, 2020Dec. 31, 2019
Accounts receivable, net
Accounts receivable$69.5  $64.7  
Less allowance for bad debts(6.1) (5.5) 
Accounts receivable, net$63.4  $59.2  
(Millions of Dollars)June 30, 2020Dec. 31, 2019
Inventories
Materials and supplies$7.3  $6.8  
Fuel4.1  4.0  
Natural gas2.0  5.2  
Total inventories$13.4  $16.0  
(Millions of Dollars)June 30, 2020Dec. 31, 2019
Property, plant and equipment, net
Electric plant$3,070.6  $3,024.6  
Natural gas plant375.2  365.5  
Common and other property203.7  201.5  
Construction work in progress120.4  82.8  
Total property, plant and equipment3,769.9  3,674.4  
Less accumulated depreciation(1,353.1) (1,315.0) 
Property, plant and equipment, net$2,416.8  $2,359.4  
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
NSP-Wisconsin meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility.
Commercial Paper Commercial paper outstanding for NSP-Wisconsin was as follows:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2020Year Ended Dec. 31, 2019
Borrowing limit$150  $150  
Amount outstanding at period end  65  
Average amount outstanding41  51  
Maximum amount outstanding91  93  
Weighted average interest rate, computed on a daily basis1.04 %2.38 %
Weighted average interest rate at period endN/A1.97  
Letters of Credit — NSP-Wisconsin uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At June 30, 2020 and Dec. 31, 2019, there were no letters of credit outstanding.
Revolving Credit Facility In order to use its commercial paper program to fulfill short-term funding needs, NSP-Wisconsin must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
As of June 30, 2020, NSP-Wisconsin had the following committed revolving credit facility available (in millions of dollars):
Credit Facility (a)
Outstanding (b)
Available
$150  $  $150  
(a)This credit facility expires in June 2024.
(b)Includes outstanding commercial paper.
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All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Wisconsin had no direct advances on the credit facility outstanding at June 30, 2020 and Dec. 31, 2019.
Other Short-Term Borrowings As of June 30, 2020 and Dec. 31, 2019, Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, had no notes payable to Xcel Energy Inc.
Long-Term Borrowings
During the six months ended June 30, 2020, NSP-Wisconsin issued $100 million of 3.05% first mortgage bonds due May 1, 2051.
5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Wisconsin’s operating revenues consists of the following:
Three Months Ended June 30, 2020
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$59.6  $10.6  $  $70.2  
C&I93.2  6.8    100.0  
Other2.0    0.2  2.2  
Total retail154.8  17.4  0.2  172.4  
Interchange