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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 March 31, 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 April 21, 2022
Common Stock, $2.50 par value544,653,284 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
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
IRSInternal Revenue Service
MPUCMinnesota Public Utilities Commission
NDPSCNorth Dakota Public Service Commission
NMPRCNew Mexico Public Regulation 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
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
BARTBest available retrofit technology
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
CORECORE Electric Cooperative
COVID-19Novel coronavirus
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
GCAGas cost adjustment
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
LLCLimited liability company
LP&LLubbock Power and Light
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOPRNotice of Proposed Rulemaking
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
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
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 those relating to 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, 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 Code of Conduct; 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; costs of potential regulatory penalties; and regulatory changes and/or limitations related to the use of natural gas as an energy source.

3

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 March 31
20222021
Operating revenues
Electric$2,633 $2,870 
Natural gas1,090 647 
Other28 24 
Total operating revenues3,751 3,541 
Operating expenses
Electric fuel and purchased power1,094 1,386 
Cost of natural gas sold and transported710 299 
Cost of sales — other10 8 
Operating and maintenance expenses602 584 
Conservation and demand side management expenses92 73 
Depreciation and amortization562 521 
Taxes (other than income taxes)171 163 
Total operating expenses3,241 3,034 
Operating income510 507 
Other income, net1 5 
Earnings from equity method investments15 14 
Allowance for funds used during construction — equity13 14 
Interest charges and financing costs
Interest charges — includes other financing costs of $8 and $7, respectively
214 205 
Allowance for funds used during construction — debt(5)(5)
Total interest charges and financing costs209 200 
Income before income taxes330 340 
Income tax benefit(50)(22)
Net income$380 $362 
Weighted average common shares outstanding:
Basic545 538 
Diluted545 539 
Earnings per average common share:
Basic$0.70 $0.67 
Diluted0.70 0.67 
See Notes to Consolidated Financial Statements

4


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended March 31
20222021
Net income$380 $362 
Other comprehensive income
Pension and retiree medical benefits:
Reclassifications of loss to net income, net of tax of $1 and $, respectively
1  
Derivative instruments:
Net fair value increase, net of tax of $1 and $, respectively
5  
Reclassification of losses to net income, net of tax of $1 and $1, respectively
1 3 
Total other comprehensive income7 3 
Total comprehensive income$387 $365 
See Notes to Consolidated Financial Statements



5


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Three Months Ended March 31
 20222021
Operating activities
Net income$380 $362 
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization567 517 
Nuclear fuel amortization30 30 
Deferred income taxes(55)(23)
Allowance for equity funds used during construction(13)(14)
Earnings from equity method investments(15)(14)
Dividends from equity method investments10 11 
Provision for bad debts17 14 
Share-based compensation expense4 9 
Changes in operating assets and liabilities:
Accounts receivable(191)(57)
Accrued unbilled revenues146 123 
Inventories107 39 
Other current assets(10)8 
Accounts payable(34)(21)
Net regulatory assets and liabilities215 (961)
Other current liabilities51 13 
Pension and other employee benefit obligations(31)(132)
Other, net(38)(40)
Net cash provided by (used in) operating activities1,140 (136)
Investing activities
Capital/construction expenditures(942)(1,024)
Purchase of investment securities(156)(199)
Proceeds from the sale of investment securities147 194 
Other, net(1)(6)
Net cash used in investing activities(952)(1,035)
Financing activities
Proceeds from (repayments of) short-term borrowings, net(9)893 
Proceeds from issuances of long-term debt 1,821 
Repayments of long-term debt, including reacquisition premiums (400)
Dividends paid(240)(223)
Other, net(15)(10)
Net cash (used in) provided by financing activities(264)2,081 
Net change in cash, cash equivalents and restricted cash(76)910 
Cash, cash equivalents and restricted cash at beginning of period166 129 
Cash, cash equivalents and restricted cash at end of period$90 $1,039 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(202)$(206)
Cash paid for income taxes, net (3)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$288 $412 
Inventory transfers to property, plant and equipment20 22 
Allowance for equity funds used during construction13 14 
Issuance of common stock for reinvested dividends and/or equity awards11 19 
See Notes to Consolidated Financial Statements
6


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 March 31, 2022 and 2021
Balance at Dec. 31, 2020537,438,394 $1,344 $7,404 $5,968 $(141)$14,575 
Net income362 362 
Other comprehensive income3 3 
Dividends declared on common stock ($0.4575 per share)
(246)(246)
Issuances of common stock638,268 1 14 15 
Share-based compensation(7)(2)(9)
Balance at March 31, 2021538,076,662 $1,345 $7,411 $6,082 $(138)$14,700 
Balance at Dec. 31, 2021544,025,269 $1,360 $7,803 $6,572 $(123)$15,612 
Net income380 380 
Other comprehensive income7 7 
Dividends declared on common stock ($0.4875 per share)
(265)(265)
Issuances of common stock505,718 1 11 12 
Share-based compensation(13)(1)(14)
Balance at March 31, 2022544,530,987 $1,361 $7,801 $6,686 $(116)$15,732 
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)
March 31, 2022Dec. 31, 2021
Assets
Current assets
Cash and cash equivalents$90 $166 
Accounts receivable, net1,190 1,018 
Accrued unbilled revenues716 862 
Inventories505 631 
Regulatory assets1,049 1,106 
Derivative instruments125 123 
Prepaid taxes40 44 
Prepayments and other307 289 
Total current assets4,022 4,239 
Property, plant and equipment, net45,837 45,457 
Other assets
Nuclear decommissioning fund and other investments3,492 3,628 
Regulatory assets2,841 2,738 
Derivative instruments94 67 
Operating lease right-of-use assets1,239 1,291 
Other460 431 
Total other assets8,126 8,155 
Total assets$57,985 $57,851 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$851 $601 
Short-term debt996 1,005 
Accounts payable1,257 1,409 
Regulatory liabilities359 271 
Taxes accrued685 569 
Accrued interest209 209 
Dividends payable265 249 
Derivative instruments97 69 
Operating lease liabilities203 205 
Other430 459 
Total current liabilities5,352 5,046 
Deferred credits and other liabilities
Deferred income taxes4,822 4,894 
Deferred investment tax credits52 53 
Regulatory liabilities5,470 5,405 
Asset retirement obligations3,210 3,151 
Derivative instruments107 105 
Customer advances192 196 
Pension and employee benefit obligations262 306 
Operating lease liabilities1,094 1,146 
Other158 158 
Total deferred credits and other liabilities15,367 15,414 
Commitments and contingencies
Capitalization
Long-term debt21,534 21,779 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 544,530,987 and 544,025,269 shares outstanding at March 31, 2022 and Dec. 31, 2021, respectively
1,361 1,360 
Additional paid in capital7,801 7,803 
Retained earnings6,686 6,572 
Accumulated other comprehensive loss(116)(123)
Total common stockholders’ equity15,732 15,612 
Total liabilities and equity$57,985 $57,851 
See Notes to Consolidated Financial Statements
8

XCEL ENERGY INC. 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 GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of March 31, 2022 and Dec. 31, 2021; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three months ended March 31, 2022 and 2021; and Xcel Energy’s cash flows for the three months ended March 31, 2022 and 2021.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2022, 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, 2021 balance sheet information has been derived from the audited 2021 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2021.
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 Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2021, filed with the SEC on Feb. 23, 2022.
Due to the seasonality of Xcel Energy’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 Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2021 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
As of March 31, 2022, there was no material impact from the recent adoption of new accounting pronouncements, nor expected material impact from recently issued accounting pronouncements yet to be adopted, on Xcel Energy’s consolidated financial statements.

3. Selected Balance Sheet Data
(Millions of Dollars)March 31, 2022Dec. 31, 2021
Accounts receivable, net
Accounts receivable$1,303 $1,124 
Less allowance for bad debts(113)(106)
Accounts receivable, net$1,190 $1,018 

(Millions of Dollars)March 31, 2022Dec. 31, 2021
Inventories
Materials and supplies$299 $289 
Fuel147 182 
Natural gas59 160 
Total inventories$505 $631 
(Millions of Dollars)March 31, 2022Dec. 31, 2021
Property, plant and equipment, net
Electric plant$49,495 $48,680 
Natural gas plant7,881 7,758 
Common and other property2,715 2,602 
Plant to be retired (a)
1,151 1,200 
Construction work in progress1,733 1,969 
Total property, plant and equipment62,975 62,209 
Less accumulated depreciation(17,420)(17,060)
Nuclear fuel3,085 3,081 
Less accumulated amortization(2,803)(2,773)
Property, plant and equipment, net$45,837 $45,457 
(a)Includes regulator-approved retirements of Comanche Units 1 and 2 and jointly owned Craig Unit 1 for PSCo and Sherco Units 1, 2 and 3 and A.S. King for NSP-Minnesota. Also includes SPS’ expected retirement of Tolk and conversion of Harrington to natural gas, and PSCo’s planned retirement of jointly owned Craig Unit 2.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
Short-Term Debt Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2022Year Ended Dec. 31, 2021
Borrowing limit$3,100 $3,100 
Amount outstanding at period end996 1,005 
Average amount outstanding1,061 1,399 
Maximum amount outstanding1,357 2,054 
Weighted average interest rate, computed on a daily basis0.42 %0.57 %
Weighted average interest rate at period end0.93 0.31 
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $39 million and $19 million of letters of credit outstanding under the credit facilities at March 31, 2022 and Dec. 31, 2021, respectively. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities at least equal to the amount of commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
As of March 31, 2022, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,250 $780 $470 
PSCo700 31 669 
NSP-Minnesota500 11 489 
SPS500 214 286 
NSP-Wisconsin150  150 
Total$3,100 $1,036 $2,064 
(a)Expires in June 2024.
(b)Includes outstanding commercial paper and letters of credit.
9

Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available credit facilities capacity. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of March 31, 2022 and Dec. 31, 2021.
Bilateral Credit Agreement
In April 2022, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of March 31, 2022, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows:
(Millions of Dollars)LimitAmount OutstandingAvailable
NSP-Minnesota$75 $45 $30 
Other Equity Xcel Energy Inc. issued $10 million and $13 million of equity through the DRIP during the three months ended March 31, 2022 and 2021, respectively. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
Three Months Ended March 31, 2022
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$817 $663 $9 $1,489 
C&I1,235 356 2 1,593 
Other32  14 46 
Total retail2,084 1,019 25 3,128 
Wholesale259   259 
Transmission152   152 
Other23 45  68