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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, 2022
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)

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. 25, 2022
Common Stock, $2.50 par value547,248,496 shares



TABLE OF CONTENTS
This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety.
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 SystemThe electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
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
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
FERCFederal Energy Regulatory Commission
MPUCMinnesota Public Utilities Commission
NDPSCNorth Dakota Public Service Commission
NRCNuclear Regulatory Commission
OAGMinnesota Office of Attorney General
PUCTPublic Utility Commission of Texas
SECSecurities and Exchange Commission
Electric, Purchased Gas and Resource Adjustment Clauses
GCAGas cost adjustment
GUICGas utility infrastructure cost rider
RESRenewable energy standard
TCRTransmission cost recovery adjustment
Other
AFUDCAllowance for funds used during construction
ALJAdministrative Law Judge
AMTAlternative minimum tax
ATMAt-the-market
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
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CFOChief financial officer
CORECORE Electric Cooperative
CPCNCertificate of Public Convenience and Necessity
CSPVCrystalline Silicon Photovoltaic
CUBCitizens Utility Board
DRIPDividend Reinvestment and Stock Purchase Program
EPSEarnings per share
ETREffective tax rate
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
IRAInflation Reduction Act
ITCInvestment Tax Credit
JSCJust Solar Coalition
LLCLimited liability company
LP&LLubbock Power and Light
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOPRNotice of Proposed Rulemaking
NOxNitrogen Oxides
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PFASPer- and PolyFluroroAlkyl Substances
PIMPerformance Incentive Mechanism
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
UCAColorado Office of the Utility Consumer Advocate
VaRValue at Risk
WACCWeighted average cost of capital
XLIXcel Large Industrial Customers
Measurements
MWMegawatts

3


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 those relating to 2022 and 2023 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, 2021 and subsequent filings 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, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility; operational safety, including our nuclear generation facilities and other utility operations; 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; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, 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; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters, including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
4

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
2022202120222021
Operating revenues
Electric$3,699 $3,176 $9,255 $8,643 
Natural gas357 268 1,923 1,364 
Other26 23 79 69 
Total operating revenues4,082 3,467 11,257 10,076 
Operating expenses
Electric fuel and purchased power1,497 1,210 3,772 3,643 
Cost of natural gas sold and transported173 86 1,134 603 
Cost of sales — other11 11 32 28 
O&M expenses611 568 1,827 1,752 
Conservation and demand side management expenses86 78 259 222 
Depreciation and amortization607 537 1,807 1,586 
Taxes (other than income taxes)173 152 523 472 
Total operating expenses3,158 2,642 9,354 8,306 
Operating income924 825 1,903 1,770 
Other (expense) income, net(15)(3)(20)5 
Earnings from equity method investments1 13 27 47 
Allowance for funds used during construction — equity20 21 53 53 
Interest charges and financing costs
Interest charges — includes other financing costs of $8, $7, $24 and $22, respectively
244 211 705 628 
Allowance for funds used during construction — debt(7)(7)(19)(18)
Total interest charges and financing costs237 204 686 610 
Income before income taxes693 652 1,277 1,265 
Income tax expense (benefit)44 43 (80)(17)
Net income$649 $609 $1,357 $1,282 
Weighted average common shares outstanding:
Basic548 539 546 539 
Diluted548 539 546 539 
Earnings per average common share:
Basic$1.19 $1.13 $2.48 $2.38 
Diluted1.18 1.13 2.48 2.38 
See Notes to Consolidated Financial Statements

5


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended Sept. 30Nine Months Ended Sept. 30
2022202120222021
Net income$649 $609 $1,357 $1,282 
Other comprehensive income
Pension and retiree medical benefits:
Net pension and retiree medical losses arising during the period, net of tax of $4, $, $4 and $, respectively
10  11  
Reclassifications of loss to net income, net of tax of $, $1, $1 and $2, respectively
1 4 2 5 
Derivative instruments:
Net fair value increase, net of tax of $, $1, $6 and $1, respectively
 3 15 4 
Reclassification of losses to net income, net of tax of $, $, $1 and $1, respectively
1 2 4 6 
Total other comprehensive income12 9 32 15 
Total comprehensive income$661 $618 $1,389 $1,297 
See Notes to Consolidated Financial Statements



6


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Nine Months Ended Sept. 30
 20222021
Operating activities
Net income$1,357 $1,282 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,821 1,597 
Nuclear fuel amortization91 86 
Deferred income taxes(85)(9)
Allowance for equity funds used during construction(53)(53)
Earnings from equity method investments(27)(47)
Dividends from equity method investments30 31 
Provision for bad debts41 53 
Share-based compensation expense19 20 
Changes in operating assets and liabilities:
Accounts receivable(221)(152)
Accrued unbilled revenues69 58 
Inventories(272)(82)
Other current assets13 8 
Accounts payable152 61 
Net regulatory assets and liabilities239 (997)
Other current liabilities51 (22)
Pension and other employee benefit obligations(59)(131)
Other, net1 (124)
Net cash provided by operating activities3,167 1,579 
Investing activities
Capital/construction expenditures(3,325)(3,032)
Purchase of investment securities(1,055)(540)
Proceeds from the sale of investment securities1,029 531 
Other, net30 (24)
Net cash used in investing activities(3,321)(3,065)
Financing activities
(Repayments of) proceeds from short-term borrowings, net(847)1,163 
Proceeds from issuances of long-term debt2,164 1,920 
Repayments of long-term debt, including reacquisition premiums(600)(399)
Proceeds from issuance of common stock156 13 
Dividends paid(754)(698)
Other, net(14)(11)
Net cash provided by financing activities105 1,988 
Net change in cash, cash equivalents and restricted cash(49)502 
Cash, cash equivalents and restricted cash at beginning of period166 129 
Cash, cash equivalents and restricted cash at end of period$117 $631 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(628)$(592)
Cash paid for income taxes, net(16)(6)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$393 $476 
Inventory transfers to property, plant and equipment34 87 
Operating lease right-of-use assets17 4 
Allowance for equity funds used during construction53 53 
Issuance of common stock for reinvested dividends and/or equity awards40 26 
See Notes to Consolidated Financial Statements
7


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
Sept. 30, 2022Dec. 31, 2021
Assets
Current assets
Cash and cash equivalents$117 $166 
Accounts receivable, net1,196 1,018 
Accrued unbilled revenues793 862 
Inventories870 631 
Regulatory assets1,275 1,106 
Derivative instruments456 123 
Prepaid taxes54 44 
Prepayments and other329 289 
Total current assets5,090 4,239 
Property, plant and equipment, net47,287 45,457 
Other assets
Nuclear decommissioning fund and other investments3,083 3,628 
Regulatory assets2,850 2,738 
Derivative instruments90 67 
Operating lease right-of-use assets1,155 1,291 
Other420 431 
Total other assets7,598 8,155 
Total assets$59,975 $57,851 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$651 $601 
Short-term debt158 1,005 
Accounts payable1,586 1,409 
Regulatory liabilities596 271 
Taxes accrued545 569 
Accrued interest244 209 
Dividends payable267 249 
Derivative instruments100 69 
Operating lease liabilities211 205 
Other545 459 
Total current liabilities4,903 5,046 
Deferred credits and other liabilities
Deferred income taxes4,762 4,894 
Deferred investment tax credits50 53 
Regulatory liabilities5,567 5,405 
Asset retirement obligations3,296 3,151 
Derivative instruments114 105 
Customer advances187 196 
Pension and employee benefit obligations255 306 
Operating lease liabilities997 1,146 
Other151 158 
Total deferred credits and other liabilities15,379 15,414 
Commitments and contingencies
Capitalization
Long-term debt23,309 21,779 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 547,006,076 and 544,025,269 shares outstanding at Sept. 30, 2022 and Dec. 31, 2021, respectively
1,368 1,360 
Additional paid in capital7,979 7,803 
Retained earnings7,128 6,572 
Accumulated other comprehensive loss(91)(123)
Total common stockholders’ equity16,384 15,612 
Total liabilities and equity$59,975 $57,851 
See Notes to Consolidated Financial Statements
8


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, 2022 and 2021
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  10 10 
Share-based compensation(2)(2)
Balance at Sept. 30, 2021538,458,952 $1,346 $7,443 $6,508 $(126)$15,171 
Balance at June 30, 2022546,807,793 $1,367 $7,960 $6,747 $(103)$15,971 
Net income649 649 
Other comprehensive income12 12 
Dividends declared on common stock ($0.4875 per share)
(267)(267)
Issuances of common stock198,283 1 13 14 
Share-based compensation6 (1)