Company Quick10K Filing
Public Service Co of Colorado
Price-0.01 EPS5,334,000
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt5,056 EBIT768
TEV5,056 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-29
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 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-23
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 2015-10-30
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
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 2010-10-29
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-15
8-K 2020-02-05
8-K 2020-01-30
8-K 2019-09-20
8-K 2019-08-13
8-K 2019-08-01
8-K 2019-06-07
8-K 2019-04-25
8-K 2019-03-13
8-K 2019-01-31
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-06-21
8-K 2018-04-26
8-K 2018-02-07

PSCO 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 pscoex3101q32020.htm
EX-31.02 pscoex3102q32020.htm
EX-32.01 pscoex3201q32020.htm

Public Service Co of Colorado Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.31.00.80.50.30.02012201420172020
Rev, G Profit, Net Income
0.70.40.2-0.1-0.3-0.62012201420172020
Ops, Inv, Fin

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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 Sept. 30, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Public Service Company of Colorado
(Exact name of registrant as specified in its charter)
Colorado001-0328084-0296600
(State or Other Jurisdiction of Incorporation or Organization)(Commission File Number)(IRS Employer Identification No.)
1800 Larimer, Suite 1100DenverCO80202
(Address of Principal Executive Offices)(Zip Code)
(303)571-7511
(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, a 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.
Class Oct. 29, 2020
Common Stock, $0.01 par value 100 shares

Public Service Company of Colorado meets the conditions set forth in General Instruction 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 l —
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 Public Service Company of Colorado (PSCo). PSCo is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available in various filings with the Securities and Exchange Commission. 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
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Company
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel EnergyXcel Energy Inc. and subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
IRSInternal Revenue Service
SECSecurities and Exchange Commission
Electric, Purchased Gas and Resource Adjustment Clauses
DSMDemand side management
Other
AFUDCAllowance for funds used during construction
AGISAdvanced Grid Intelligence and Security
ALJAdministrative Law Judge
ASCFASB Accounting Standards Codification
C&ICommercial and Industrial
CCRCoal combustion residual
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CEOChief executive officer
CFOChief financial officer
COVID-19Novel coronavirus
ETREffective tax rate
FASBFinancial Accounting Standards Board
GAAPGenerally accepted accounting principles
IPPIndependent power producing entity
MDLMulti district litigation
MGPManufactured gas plant
NOLNet operating loss
O&MOperating and maintenance
PPAPower purchase agreement
PTCProduction tax credit
ROEReturn on equity
VIEVariable interest entity
Measurements
MWMegawatts










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 filings with the SEC (including PSCo’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019 and subsequent 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; 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 PSCo 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.


Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1FINANCIAL STATEMENTS
PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended Sept. 30Nine Months Ended Sept. 30
 2020201920202019
Operating revenues  
Electric$915.9 $880.7 $2,343.1 $2,314.8 
Natural gas156.4 153.9 674.1 830.7 
Other8.8 9.7 31.7 31.8 
Total operating revenues1,081.1 1,044.3 3,048.9 3,177.3 
Operating expenses  
Electric fuel and purchased power299.1 284.7 828.3 829.5 
Cost of natural gas sold and transported34.7 34.3 222.1 376.7 
Cost of sales — steam and other3.7 3.5 9.7 11.9 
Operating and maintenance expenses195.9 198.4 589.7 597.9 
Demand side management expenses35.6 36.6 107.3 100.9 
Depreciation and amortization164.4 153.5 478.9 448.6 
Taxes (other than income taxes)57.9 49.0 166.5 154.8 
Total operating expenses791.3 760.0 2,402.5 2,520.3 
Operating income289.8 284.3 646.4 657.0 
Other (expense) income, net(0.6)1.4 (0.8)1.9 
Allowance for funds used during construction — equity9.5 3.8 29.5 12.9 
Interest charges and financing costs
Interest charges — includes other financing costs of $1.9, $1.6, $5.4 and $4.9, respectively
60.3 59.2 183.3 176.3 
Allowance for funds used during construction — debt(4.0)(2.2)(12.5)(7.0)
Total interest charges and financing costs56.3 57.0 170.8 169.3 
Income before income taxes242.4 232.5 504.3 502.5 
Income tax expense24.0 28.0 49.1 57.7 
Net income$218.4 $204.5 $455.2 $444.8 
See Notes to Consolidated Financial Statements
4

Table of Contents
PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended Sept. 30Nine Months Ended Sept. 30
 2020201920202019
Net income$218.4 $204.5 $455.2 $444.8 
Other comprehensive income
Derivative instruments:
Reclassification of loss to net income, net of tax of $0.1, $0.1, $0.3 and $0.3, respectively
0.3 0.3 0.9 0.9 
Total other comprehensive income0.3 0.3 0.9 0.9 
Total comprehensive income$218.7 $204.8 $456.1 $445.7 
See Notes to Consolidated Financial Statements

5

Table of Contents
PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Nine Months Ended Sept. 30
 20202019
Operating activities  
Net income$455.2 $444.8 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization482.2 452.2 
Deferred income taxes26.0 24.1 
Amortization of investment tax credits(1.9)(1.9)
Allowance for equity funds used during construction(29.5)(12.9)
Provision for bad debts16.1 11.4 
Net realized and unrealized hedging and derivative transactions(11.2)64.5 
Changes in operating assets and liabilities:
Accounts receivable(19.3)1.7 
Accrued unbilled revenues72.1 84.8 
Inventories(11.4)(15.1)
Other current assets(9.6)(12.4)
Accounts payable(50.5)(96.0)
Net regulatory assets and liabilities31.3 72.3 
Other current liabilities(40.9)(66.3)
Pension and other employee benefit obligations(44.9)(44.4)
Other, net(5.9)(72.4)
Net cash provided by operating activities857.8 834.4 
Investing activities
Utility capital/construction expenditures(1,292.9)(1,098.6)
Investments in utility money pool arrangement(366.0)(397.0)
Repayments from utility money pool arrangement366.0 397.0 
Net cash used in investing activities(1,292.9)(1,098.6)
Financing activities
Repayments of short-term borrowings, net (307.0)
Borrowings under utility money pool arrangement1,382.0 58.0 
Repayments under utility money pool arrangement(1,360.0)(58.0)
Proceeds from issuance of long-term debt734.6 928.6 
Repayments of long-term debt(400.0)(400.0)
Capital contributions from parent787.7 632.7 
Dividends paid to parent(703.7)(295.4)
Other, net(0.3) 
Net cash provided by financing activities440.3 558.9 
Net change in cash and cash equivalents5.2 294.7 
Cash and cash equivalents at beginning of period11.4 33.4 
Cash and cash equivalents at end of period$16.6 $328.1 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(183.6)$(173.4)
Cash paid for income taxes, net(16.8)(43.7)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$159.0 $228.5 
Inventory transfers to property, plant and equipment26.4 24.4 
Operating lease right-of-use assets14.4 653.8 
Allowance for equity funds used during construction29.5 12.9 
See Notes to Consolidated Financial Statements
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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 Sept. 30, 2020Dec. 31, 2019
Assets  
Current assets  
Cash and cash equivalents$16.6 $11.4 
Accounts receivable, net324.9 303.9 
Accounts receivable from affiliates 52.7 
Accrued unbilled revenues220.9 293.9 
Inventories177.0 192.0 
Regulatory assets96.0 64.0 
Derivative instruments19.0 7.2 
Prepayments and other77.2 55.9 
Total current assets931.6 981.0 
Property, plant and equipment, net17,204.5 16,155.0 
Other assets
Regulatory assets1,053.4 1,038.1 
Derivative instruments3.1  
Operating lease right-of-use assets520.5 574.0 
Other250.9 259.4 
Total other assets1,827.9 1,871.5 
Total assets$19,964.0 $19,007.5 
Liabilities and Stockholder's Equity
Current liabilities
Current portion of long-term debt$ $400.0 
Borrowings under utility money pool arrangement61.0 39.0 
Accounts payable414.8 573.3 
Accounts payable to affiliates60.3 43.9 
Regulatory liabilities75.0 69.2 
Taxes accrued186.1 202.1 
Accrued interest35.8 53.4 
Dividends payable to parent102.9 111.5 
Derivative instruments20.8 8.7 
Operating lease liabilities92.1 85.8 
Other88.8 98.8 
Total current liabilities1,137.6 1,685.7 
Deferred credits and other liabilities
Deferred income taxes1,911.0 1,850.8 
Deferred investment tax credits21.0 22.8 
Regulatory liabilities2,316.9 2,036.8 
Asset retirement obligations359.2 324.0 
Derivative instruments42.5 52.5 
Customer advances170.1 173.6 
Pension and employee benefit obligations165.9 211.9 
Operating lease liabilities457.2 517.6 
Other149.2 150.9 
Total deferred credits and other liabilities5,593.0 5,340.9 
Commitments and contingencies
Capitalization
Long-term debt5,722.7 4,984.7 
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at Sept. 30, 2020 and Dec. 31, 2019, respectively
  
Additional paid in capital5,693.4 4,939.4 
Retained earnings1,843.0 2,083.4 
Accumulated other comprehensive loss(25.7)(26.6)
Total common stockholder's equity7,510.7 6,996.2 
Total liabilities and stockholder's equity$19,964.0 $19,007.5 
See Notes to Consolidated Financial Statements
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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)
(amounts in millions, except share data)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholder's Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended Sept. 30, 2020 and 2019
Balance at June 30, 2019100 $ $4,618.3 $2,019.7 $(24.9)$6,613.1 
Net income204.5 204.5 
Other comprehensive income0.3 0.3 
Dividends declared to parent(97.3)(97.3)
Contribution of capital by parent285.0 285.0 
Balance at Sept. 30, 2019100 $ $4,903.3 $2,126.9 $(24.6)$7,005.6 
Balance at June 30, 2020100 $ $5,693.7 $1,752.4 $(26.0)$7,420.1 
Net income218.4 218.4 
Other comprehensive income0.3 0.3 
Dividends declared to parent(127.8)(127.8)
Contribution of capital by parent(0.3)(0.3)
Balance at Sept. 30, 2020100 $ $5,693.4 $1,843.0 $(25.7)$7,510.7 
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive LossTotal Common Stockholder's Equity
SharesPar ValueAdditional Paid
In Capital
Nine Months Ended Sept. 30, 2020 and 2019
Balance at Dec. 31, 2018100 $ $4,340.5 $1,983.2 $(25.5)$6,298.2 
Net income444.8 444.8 
Other comprehensive income0.9 0.9 
Dividends declared to parent(301.1)(301.1)
Contribution of capital by parent562.8 562.8 
Balance at Sept. 30, 2019100 $ $4,903.3 $2,126.9 $(24.6)$7,005.6 
Balance at Dec. 31, 2019100 $ $4,939.4 $2,083.4 $(26.6)$6,996.2 
Net income455.2 455.2 
Other comprehensive income0.9 0.9 
Dividends declared to parent(694.9)(694.9)
Contribution of capital by parent754.0 754.0 
Adoption of ASC Topic 326(0.7)(0.7)
Balance at Sept. 30, 2020100 $ $5,693.4 $1,843.0 $(25.7)$7,510.7 
See Notes to Consolidated Financial Statements




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PUBLIC SERVICE CO. OF COLORADO 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 PSCo and its subsidiaries as of Sept. 30, 2020 and Dec. 31, 2019; the results of operations, including the components of net income, comprehensive income and changes in stockholder’s equity for the three and nine months ended Sept. 30, 2020 and 2019; and cash flows for the nine months ended Sept. 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 Sept. 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 PSCo 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 PSCo 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 PSCo’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 PSCo 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.
PSCo implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $0.7 million (after tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for bad debts on accrued unbilled revenues, the Jan. 1, 2020, adoption of ASC Topic 326 did not have a significant impact on PSCo’s consolidated financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)Sept. 30, 2020Dec. 31, 2019
Accounts receivable, net
Accounts receivable$350.6 $324.9 
Less allowance for bad debts(25.7)(21.0)
Accounts receivable, net$324.9 $303.9 
(Millions of Dollars)Sept. 30, 2020Dec. 31, 2019
Inventories
Materials and supplies$63.9 $62.6 
Fuel63.8 77.1 
Natural gas49.3 52.3 
Total inventories$177.0 $192.0 

(Millions of Dollars)Sept. 30, 2020Dec. 31, 2019
Property, plant and equipment, net
Electric plant$15,512.7 $14,361.9 
Natural gas plant4,894.2 4,631.4 
Common and other property1,157.3 1,113.5 
Plant to be retired (a)
286.8 259.9 
Construction work in progress613.5 912.7 
Total property, plant and equipment22,464.5 21,279.4 
Less accumulated depreciation(5,260.0)(5,124.4)
Property, plant and equipment, net$17,204.5 $16,155.0 
(a)In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.
Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc.
Money pool borrowings for PSCo were as follows:
(Amounts in Millions, Except Interest Rates)Three Months Ended Sept. 30, 2020Year Ended Dec. 31, 2019
Borrowing limit$250 $250 
Amount outstanding at period end