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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, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-3034
Xcel Energy Inc.
(Exact name of registrant as specified in its charter)
Minnesota41-0448030
(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)
414 Nicollet MallMinneapolisMinnesota55401
(Address of principal executive offices)
(Zip Code)
(612)330-5500
(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 Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueXELNasdaq Stock Market LLC

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.
ClassOutstanding at Oct. 26, 2021
Common Stock, $2.50 par value538,675,570 shares



TABLE OF CONTENTS
This Form 10-Q is filed by Xcel Energy Inc. Additional information is available on various filings with the Securities and Exchange Commission.
2


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
WYCOWYCO Development, LLC
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
COEOColorado Energy Office
CPUCColorado Public Utilities Commission
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DOCMinnesota Department of Commerce
EPAUnited States Environmental Protection Agency
ERCOTElectric Reliability Council of Texas
FERCFederal Energy Regulatory Commission
MPUCMinnesota Public Utilities Commission
NDPSCNorth Dakota Public Service Commission
NMPRCNew Mexico Public Regulation Commission
NRCNuclear Regulatory Commission
OAGMinnesota Office of Attorney General
PSCWPublic Service Commission of Wisconsin
PUCTPublic Utility Commission of Texas
SECSecurities and Exchange Commission
UCAColorado Office of the Utility Consumer Advocate
Electric, Purchased Gas and Resource Adjustment Clauses
DSMDemand side management
FCAFuel clause adjustment
GUICGas utility infrastructure cost rider
PSIAPipeline System Integrity Adjustment
RESRenewable energy standard
TCRTransmission cost recovery adjustment
Other
AFUDCAllowance for funds used during construction
ALJAdministrative Law Judge
ASCFASB Accounting Standards Codification
C&ICommercial and Industrial
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDDCooling degree-days
CEOChief executive officer
CFOChief financial officer
COVID-19Novel coronavirus
DRIPDividend Reinvestment and Stock Purchase Program
EIPEnergy Impact Partners
EPSEarnings per share
ETREffective tax rate
FASBFinancial Accounting Standards Board
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
GCAGas cost adjustment
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
KEPCOKorea Electric Power Corporation
LLCLimited liability company
LP&LLubbock Power and Light
MDLMulti district litigation
MECMankato Energy Center
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOLNet operating loss
NOPRNotice of Proposed Rulemaking
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PFAS
Per- and PolyFluoroAlkyl Substances
PPAPower purchase agreement
PTCProduction tax credit
ROEReturn on equity
RTORegional Transmission Organization
SMMPASouthern Minnesota Municipal Power Agency
SPPSouthwest Power Pool, Inc.
THITemperature-humidity index
TOsTransmission owners
VaRValue at Risk
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, including the 2021 and 2022 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, 2020 and subsequent filing with the SEC 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 our nuclear generation facilities; 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 and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. 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; our subsidiaries’ ability to make dividend payments; 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

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions, except per share data)
Three Months Ended Sept. 30Nine Months Ended Sept. 30
2021202020212020
Operating revenues
Electric$3,176 $2,941 $8,643 $7,430 
Natural gas268 219 1,364 1,082 
Other23 22 69 67 
Total operating revenues3,467 3,182 10,076 8,579 
Operating expenses
Electric fuel and purchased power1,210 981 3,643 2,611 
Cost of natural gas sold and transported86 54 603 425 
Cost of sales — other11 11 28 28 
Operating and maintenance expenses568 579 1,752 1,708 
Conservation and demand side management expenses78 73 222 215 
Depreciation and amortization537 513 1,586 1,449 
Taxes (other than income taxes)152 158 472 453 
Total operating expenses2,642 2,369 8,306 6,889 
Operating income825 813 1,770 1,690 
Other (expense) income, net(3)1 5 (6)
Earnings from equity method investments13 12 47 29 
Allowance for funds used during construction — equity21 30 53 91 
Interest charges and financing costs
Interest charges — includes other financing costs of $7, $7, $22 and $21, respectively
211 221 628 628 
Allowance for funds used during construction — debt(7)(11)(18)(33)
Total interest charges and financing costs204 210 610 595 
Income before income taxes652 646 1,265 1,209 
Income tax expense (benefit)43 43 (17)24 
Net income$609 $603 $1,282 $1,185 
Weighted average common shares outstanding:
Basic539 526 539 526 
Diluted539 528 539 527 
Earnings per average common share:
Basic$1.13 $1.15 $2.38 $2.25 
Diluted1.13 1.14 2.38 2.25 
See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended Sept. 30Nine Months Ended Sept. 30
2021202020212020
Net income$609 $603 $1,282 $1,185 
Other comprehensive income (loss)
Pension and retiree medical benefits:
Reclassifications of loss to net income, net of tax of $1, $, $2 and $1, respectively
4 1 5 4 
Derivative instruments:
Net fair value increase (decrease), net of tax of $1, $, $1 and $(3), respectively
3  4 (10)
Reclassification of losses to net income, net of tax of $, $, $1 and $1, respectively
2 1 6 4 
Total other comprehensive income (loss)9 2 15 (2)
Total comprehensive income$618 $605 $1,297 $1,183 
See Notes to Consolidated Financial Statements



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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Nine Months Ended Sept. 30
 20212020
Operating activities
Net income$1,282 $1,185 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,597 1,459 
Nuclear fuel amortization86 94 
Deferred income taxes(9)45 
Allowance for equity funds used during construction(53)(91)
Earnings from equity method investments(47)(29)
Dividends from equity method investments31 32 
Provision for bad debts53 39 
Share-based compensation expense20 60 
Changes in operating assets and liabilities:
Accounts receivable(152)(108)
Accrued unbilled revenues58 124 
Inventories(82)(37)
Other current assets8 (68)
Accounts payable61 (97)
Net regulatory assets and liabilities(997)(139)
Other current liabilities(22)(54)
Pension and other employee benefit obligations(131)(138)
Other, net(124)(103)
Net cash provided by operating activities1,579 2,174 
Investing activities
Capital/construction expenditures(3,032)(3,681)
Sale of MEC 684 
Purchase of investment securities(540)(1,275)
Proceeds from the sale of investment securities531 1,260 
Other, net(24)(9)
Net cash used in investing activities(3,065)(3,021)
Financing activities
Proceeds from (repayments of) short-term borrowings, net1,163 (95)
Proceeds from issuances of long-term debt1,920 2,940 
Repayments of long-term debt, including reacquisition premiums(399)(701)
Proceeds from issuance of common stock13 5 
Dividends paid(698)(638)
Other, net(11)(27)
Net cash provided by financing activities1,988 1,484 
Net change in cash, cash equivalents and restricted cash502 637 
Cash, cash equivalents and restricted cash at beginning of period129 248 
Cash, cash equivalents and restricted cash at end of period$631 $885 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(592)$(582)
Cash paid for income taxes, net(6)(17)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$476 $933 
Inventory transfers to property, plant and equipment87 250 
Operating lease right-of-use assets4 361 
Allowance for equity funds used during construction53 91 
Issuance of common stock for reinvested dividends and/or equity awards26 51 
See Notes to Consolidated Financial Statements
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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
Sept. 30, 2021Dec. 31, 2020
Assets
Current assets
Cash and cash equivalents$631 $129 
Accounts receivable, net1,022 916 
Accrued unbilled revenues656 714 
Inventories587 535 
Regulatory assets1,073 640 
Derivative instruments228 49 
Prepaid taxes55 42 
Prepayments and other235 250 
Total current assets4,487 3,275 
Property, plant and equipment, net44,730 42,950 
Other assets
Nuclear decommissioning fund and other investments3,446 3,096 
Regulatory assets3,101 2,737 
Derivative instruments72 30 
Operating lease right-of-use assets1,342 1,490 
Other339 379 
Total other assets8,300 7,732 
Total assets$57,517 $53,957 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$621 $421 
Short-term debt1,747 584 
Accounts payable1,319 1,237 
Regulatory liabilities338 311 
Taxes accrued553 578 
Accrued interest206 203 
Dividends payable246 231 
Derivative instruments76 53 
Operating lease liabilities218 214 
Other440 407 
Total current liabilities5,764 4,239 
Deferred credits and other liabilities
Deferred income taxes4,913 4,746 
Regulatory liabilities5,389 5,302 
Asset retirement obligations3,094 2,884 
Derivative instruments99 131 
Customer advances199 197 
Pension and employee benefit obligations515 666 
Operating lease liabilities1,187 1,344 
Other207 228 
Total deferred credits and other liabilities15,603 15,498 
Commitments and contingencies
Capitalization
Long-term debt20,979 19,645 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 538,458,952 and 537,438,394 shares outstanding at Sept. 30, 2021 and Dec. 31, 2020, respectively
1,346 1,344 
Additional paid in capital7,443 7,404 
Retained earnings6,508 5,968 
Accumulated other comprehensive loss(126)(141)
Total common stockholders’ equity15,171 14,575 
Total liabilities and equity$57,517 $53,957 
See Notes to Consolidated Financial Statements
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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, except per share data; shares in actual amounts)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholders' Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended Sept. 30, 2021 and 2020
Balance at June 30, 2020525,204,978 $1,313 $6,679 $5,538 $(145)$13,385 
Net income603 603 
Other comprehensive income2 2 
Dividends declared on common stock ($0.43 per share)
(226)(226)
Issuances of common stock302,321 1 9 10 
Repurchase of common stock(54,475)— (4)(4)
Share-based compensation10 (3)7 
Balance at Sept. 30, 2020525,452,824 $1,314 $6,694 $5,912 $(143)$13,777 
Balance at June 30, 2021538,305,927 $1,346 $7,435 $6,146 $(135)$14,792 
Net income609 609 
Other comprehensive income9 9 
Dividends declared on common stock ($0.4575 per share)
(247)(247)
Issuances of common stock153,025