Xcel Energy is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota, serving customers in eight states through its four utility subsidiaries: NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS . The company operates in two primary segments: Regulated Electric and Regulated Natural Gas, focusing on generating, transmitting, and distributing electricity, as well as transporting, storing, and distributing natural gas . Xcel Energy's primary focus is on electricity generation and distribution, which accounts for the majority of its revenue .
- Regulated Electric - Generates, transmits, and distributes electricity across several states, including Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas, and New Mexico, and includes wholesale commodity and trading operations.
- Regulated Natural Gas - Transports, stores, and distributes natural gas primarily in Minnesota, Wisconsin, North Dakota, Michigan, and Colorado.
- All Other - Includes smaller revenue streams such as steam revenue, appliance repair services, and non-utility real estate activities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert C. Frenzel ExecutiveBoard | Chairman of the Board, President, and CEO | Board Member at Patterson Companies, Inc. | Joined XEL in 2016 as EVP and CFO; became President and CEO in August 2021 and Chairman in December 2021. Leads XEL's clean energy transition and corporate strategy. | View Report → |
Amanda Rome Executive | EVP, Group President, Utilities & CCO | Board Member at Energy Insurance Mutual and University of Idaho Energy Course | Joined XEL in 2015; promoted to EVP, Group President, Utilities & CCO in October 2023. Previously served as Chief Legal and Compliance Officer. | |
Brian J. Van Abel Executive | EVP and CFO | None | EVP and CFO since 2020. Oversees financial operations, including accounting, tax, and corporate development. | |
Patricia Correa Executive | SVP and Chief Human Resources Officer | None | Joined XEL in February 2022. Previously held senior HR roles at Eaton Corporation. | |
Timothy O’Connor Executive | EVP and COO | None | EVP and COO since August 2021. Previously served as EVP, Chief Generation Officer, and Chief Nuclear Officer. | |
Charles Pardee Board | Director | Chair of the Committee on Nuclear Power for Emirates Nuclear Energy Corporation | Director at XEL since 2020. Former COO at Tennessee Valley Authority and Exelon Generation. | |
Christopher J. Policinski Board | Director | Director at Hormel Foods Corporation | Director at XEL since 2009. Former President and CEO of Land O'Lakes, Inc. and current CEO of CJP Leadership Partners, LLC. | |
Daniel Yohannes Board | Director | Director at Dow Inc. | Director at XEL since 2017. Former U.S. Ambassador to OECD and CEO of Millennium Challenge Corporation. | |
Devin Stockfish Board | Director | President, CEO, and Board Member at Weyerhaeuser Co. | Director at XEL since January 2025. CEO of Weyerhaeuser Co. since 2019, with expertise in sustainable forest management and corporate strategy. | |
George J. Kehl Board | Director | None | Director at XEL since 2020. Former Office Managing Partner at KPMG LLP, with expertise in financial reporting and auditing. | |
James Prokopanko Board | Director | Director at Regions Financial Corporation and Vulcan Materials Company | Director at XEL since 2015. Former President and CEO of The Mosaic Company. | |
Kim Williams Board | Lead Independent Director | Director at Weyerhaeuser Corporation and E.W. Scripps Company | Director at XEL since 2009; became Lead Independent Director in 2023. Former Partner at Wellington Management Company LLP. | |
Lynn Casey Board | Director | None | Director at XEL since 2018. Former Chair and CEO of Padilla, with expertise in brand strategy and crisis communications. | |
Megan Burkhart Board | Director | EVP and CAO at Comerica Incorporated | Director at XEL since June 2022. Oversees HR, DEI, and corporate responsibility at Comerica. | |
Patricia L. Kampling Board | Director | Director at American Water Works Co. Inc. and Fidelity Equity and High Income Funds | Director at XEL since 2020. Former Chairman and CEO of Alliant Energy Corporation. | |
Richard T. O’Brien Board | Director | Director at Vulcan Materials Company and New Gold Inc. | Director at XEL since 2012. Former CEO of Newmont Mining Corporation and independent consultant since 2015. | |
Timothy Welsh Board | Director | Vice Chair at U.S. Bancorp, Chair of GREATER MSP, Vice Chair of Allina Health | Director at XEL since August 2023. Vice Chair for Consumer and Business Banking at U.S. Bancorp and founder of the Itasca Project. |
- Given the significant increase in O&M expenses, particularly from wildfire mitigation and storm expenses leading to a revised forecast of a 3% to 4% increase over 2023, what specific measures are you implementing to control these rising costs and ensure they don't negatively impact your earnings growth targets?
- With the tripling of excess liability insurance premiums and a reduction in capacity, along with $215 million in estimated accrued liabilities from the Smokehouse Creek wildfire, how do you plan to manage the financial impact of potential future wildfire events, and are you confident in your ability to secure regulatory approval for cost recovery?
- You issued $1.1 billion of equity through your ATM program this year, which is not part of your 2025 to 2029 financing plan; can you explain the rationale behind this unexpected equity issuance and how it affects your capital structure and shareholder dilution?
- You've updated your long-term EPS growth objective to 6% to 8% with expectations to deliver earnings in the upper half of the range, yet you've modified your dividend growth objective to 4% to 6% and expect to be at the low end; could you discuss the reasons for lowering dividend growth and how this decision balances shareholder returns with funding your capital investment plan?
- Considering your significant reliance on data center load growth, with nearly 9,000 megawatts of opportunities and 50% of your 5% per year electric sales growth coming from data centers, what are the risks if these large data center loads do not materialize as expected, and how are you mitigating potential demand fluctuations from these customers?
Research analysts who have asked questions during XCEL ENERGY earnings calls.
Carly Davenport
Goldman Sachs
4 questions for XEL
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for XEL
Julien Dumoulin-Smith
Jefferies
4 questions for XEL
Nicholas Campanella
Barclays
4 questions for XEL
Durgesh Chopra
Evercore ISI
3 questions for XEL
Travis Miller
Morningstar
3 questions for XEL
Anthony Crowdell
Mizuho Financial Group
2 questions for XEL
Sophie Karp
KeyBanc Capital Markets Inc.
2 questions for XEL
Steven Fleishman
Wolfe Research
2 questions for XEL
David Arcaro
Morgan Stanley
1 question for XEL
Paul Patterson
Glenrock Associates
1 question for XEL
Ross Fowler
Bank of America
1 question for XEL
Ryan Levine
Citigroup
1 question for XEL
Steve Fleishman
Wolfe Research, LLC
1 question for XEL
Recent press releases and 8-K filings for XEL.
- In Q3 2025, Xcel Energy recorded GAAP earnings of $0.88 per share and ongoing earnings of $1.24 per share, excluding a $290 million wildfire settlement charge; the company reaffirmed its 2025 EPS guidance of $3.75–$3.85 and initiated 2026 EPS guidance of $4.04–$4.16.
- Xcel updated its 2025–2030 capital expenditure forecast to $60 billion, representing approximately 11% annualized rate base growth; the company plans to fund incremental investments with 40% equity and 60% debt, including $23 billion of debt and $7 billion of equity content in 2026–2030.
- Xcel recorded a $290 million (or $0.36/share) non-recurring charge for the Marshall Wildfire settlement, updated its low-end liability estimate to $410 million with $360 million committed in settlement agreements and $500 million of insurance coverage.
- The company introduced an updated five-year infrastructure plan to deliver 7,500 MW of zero-carbon renewables, 3,000 MW of natural gas generation, 2,000 MW of energy storage, 1,500 high-voltage transmission line miles and ~$5 billion in distribution/transmission resiliency investments.
- GAAP EPS of $0.88 and ongoing EPS of $1.24 in Q3 2025, compared to ongoing EPS of $1.25 in Q3 2024
- Reaffirmed 2025 ongoing EPS guidance of $3.75–$3.85 and initiated 2026 guidance of $4.04–$4.16
- Comprehensive settlement reached to resolve the Marshall Fire litigation
- Updated five-year capital plan to $60 billion, targeting ~11% annual rate base growth from 2026–2030
- Energized Meta datacenter in Minnesota and updated base plan to ~3 GW of data center load contracted by 2026
- Xcel Energy delivered Q3 2025 GAAP diluted EPS of $0.88 (vs. $1.21) and ongoing diluted EPS of $1.24 (vs. $1.25), with net income of $524 million and ongoing earnings of $737 million.
- Year-to-date ongoing EPS rose to $2.84 from $2.69, and the company reaffirmed its 2025 ongoing EPS guidance of $3.75–$3.85 while initiating 2026 guidance of $4.04–$4.16.
- Third quarter ongoing earnings were driven by higher depreciation, interest charges and O&M expenses, partially offset by increased recovery of infrastructure investments.
- Xcel unveiled a $60 billion base capital expenditure plan for 2026–2030 to modernize and expand its energy infrastructure and support carbon reduction goals.
- On October 7, 2025, Xcel Energy Inc. issued $900 million aggregate principal amount of 6.25% Junior Subordinated Notes, Series due 2085, under its registration statement on Form S-3 (File No. 333-278797).
- The offering was conducted pursuant to an Underwriting Agreement dated September 29, 2025, with BofA Securities, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities as representatives of the underwriters.
- The notes are governed by Xcel Energy’s Junior Subordinated Indenture dated October 1, 2025, and Supplemental Indenture No. 1 dated October 7, 2025, with U.S. Bank Trust Company, National Association, as trustee.
- The notes bear interest at 6.25% per annum, payable quarterly on January 15, April 15, July 15 and October 15 beginning January 15, 2026, and include optional deferral and redemption provisions.
- Xcel Energy and telecom defendants reached agreements in principle to settle all claims from the 2021 Marshall Fire, with PSCo to pay $640 million, of which $350 million is covered by insurance, resulting in a $290 million charge to Q3 2025 earnings.
- The company reaffirmed its 2025 ongoing EPS guidance of $3.75–$3.85 per share, excluding the non-recurring settlement charge.
- Xcel Energy did not admit any fault or negligence in connection with the settlement agreements.
- In November 2024, Xcel’s subsidiary NSP-Minnesota filed for a $491 million (13.2%) base rate increase over two years, based on a 10.3% ROE and 52.5% equity ratio.
- The Minnesota Public Utilities Commission approved $192 million of interim 2025 rates (down from the $224 million requested), effective January 1, 2025.
- In March 2025, NSP-Minnesota updated its total revenue request to $473 million.
- Rebuttal testimony is due October 10, 2025; an ALJ Report is expected April 30, 2026, and a final MPUC decision is anticipated in Q3 2026.
- In March 2025, NSP-Wisconsin filed with the PSCW to raise electric rates by $94 million (11.8%) in 2026 and $57 million (7.1%) in 2027, and natural gas rates by $20 million (12.7%) in 2026 and $4 million (1.5%) in 2027.
- The requests are based on forward‐looking test years with a 10.0% return on equity and a 53.5% equity ratio.
- On August 8, 2025, PSCW Staff recommended adjusted increases of $115 million (14.4%) for electric and $21 million (12.3%) for natural gas, applying a 9.7% ROE and 53.5% equity ratio.
- Staff adjustments reflect net reductions for capital investments, ROE, O&M and other items, partially offset by a nuclear decommissioning accrual update.
- PSCW decision is anticipated late Q4 2025; the schedule includes rebuttal testimony on August 28 and a hearing on September 16, 2025.
- Xcel Energy delivered $0.75 EPS in Q2 2025 versus $0.54 in Q2 2024; earnings were driven by higher electric and gas revenues (+$0.24 EPS) and AFUDC (+$0.07 EPS), partly offset by increased interest (–$0.04 EPS), depreciation (–$0.03 EPS) and O&M costs (–$0.02 EPS).
- The company reaffirmed its 2025 EPS guidance of $3.75–$3.85 and remains confident in long-term earnings growth in the upper half of its 6–8% target range.
- Xcel outlined an incremental $15 billion of capital needs atop its $45 billion five-year plan to serve growing demand, including 5,200 MW of new generation/storage in Texas/New Mexico by 2030 and $3–$4 billion in transmission projects, with RFPs and regulatory filings planned in H2 2025 and decisions in 2026.
- The data center business has 1.1 GW under contract or construction, with a target of 2.5 GW by 2030 and a further ~7 GW pipeline of opportunities across its service territories.
- Wildfire risk plans received approvals for a $1.9 billion Colorado mitigation program (with securitization) and a $500 million Texas resiliency plan; Xcel is preparing for the Marshall Fire liability trial beginning September 25.
- On June 30, 2025, Xcel Energy’s Minnesota utility subsidiary filed with the South Dakota PUC for a $44 million (15%) net annual electric rate increase, based on a 2024 historic test year, 10.3% return on equity, $1.2 billion rate base and 52.87% equity ratio, seeking new rates effective Jan. 1, 2026.
- If approved as filed, the request would drive an average annual residential bill increase of 3% over the 2016–2026 period.
- XCEL ENERGY INC filed an 8-K on May 6, 2025, reporting the execution of a Fifth Amended and Restated Credit Agreement with a total facility value of $2,000,000,000 as disclosed in Exhibit 99.01.
- The announcement is part of a broader set of credit agreements among its affiliates, outlining key financial covenants and constraints, including debt-to-capital ratio limits and other operational restrictions.