| Segment/Quarter                      | Q4 2022  **[0000072903-23-000002_xcelearningsreleaseq42022.htm:3]**  | Q1 2023  **[0000072903-23-000026_xel-20230331.htm:29]**  | Q2 2023  **[0000072903-23-000113_xel-20230630.htm:36]**  | Q3 2023  **[0000072903-23-000161_xel-20230930.htm:36]**  | Q4 2023  **[0000072903-24-000028_xcelearningsreleaseq42023.htm:4]**  | Q1 2024  **[0000072903-24-000096_xel-20240331.htm:30]**  | Q2 2024  **[0000072903-24-000172_xel-20240630.htm:36]**  | Q3 2024  **[0000072903-24-000199_xel-20240930.htm:36]**  |
|--------------------------------------|----------------|---------------|---------------|---------------|----------------|---------------|---------------|---------------|
| **Regulated Electric (in millions)** | **$2,868**     | **$2,763**    | **$2,601**    | **$3,387**    | **$2,695**     | **$2,686**    | **$2,659**    | **$3,393**    |
| **Regulated Natural Gas (in millions)** | **$1,157**     | **$1,288**    | **$393**      | **$245**      | **$719**       | **$942**      | **$355**      | **$239**      |
| **All Other (in millions)**          | **$28**        | **$29**       | **$28**       | **$30**       | **$28**        | **$23**       | **$14**       | **$12**       |
| **Total Operating Revenues (in millions)** | **$4,053**     | **$4,080**    | **$3,022**    | **$3,662**    | **$3,442**     | **$3,649**    | **$3,028**    | **$3,644**    |

c9ac067e152cafa334bc629f8450d15323c5cc1d976496f6a05ad67d81883bd7

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

4cfb25f91018cb0133b9c84971a8372679cf7f3531dd0fe95b4bb9c7be5b30aa

195ecad1e8376bf2ef1b4565b1f668d197d6360b44b812583112bf2133d18df5

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

c6bcdaee3f9ed59367c0013fed6515bad4c273428fdf7206fc3653c3f6ccfbc7

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Megawatt Hours of Electricity (Million MWh) | N/A **[0000072903-23-000007_xel-20221231.htm:123]** | 41 **[0000072903-23-000026_xel-20230331.htm:19]** | 93 **[0000072903-23-000113_xel-20230630.htm:21]** | 68 **[0000072903-23-000161_xel-20230930.htm:21]** | N/A **[0000072903-24-000034_xel-20231231.htm:125]** | 35 **[0000072903-24-000096_xel-20240331.htm:18]** | 75 **[0000072903-24-000172_xel-20240630.htm:21]** | 56 **[0000072903-24-000199_xel-20240930.htm:21]** |
| Natural Gas (Million MMBtu) | N/A **[0000072903-23-000007_xel-20221231.htm:123]** | 117 **[0000072903-23-000026_xel-20230331.htm:19]** | 110 **[0000072903-23-000113_xel-20230630.htm:21]** | 105 **[0000072903-23-000161_xel-20230930.htm:21]** | 84 **[0000072903-24-000034_xel-20231231.htm:125]** | 78 **[0000072903-24-000096_xel-20240331.htm:18]** | 79 **[0000072903-24-000172_xel-20240630.htm:21]** | 82 **[0000072903-24-000199_xel-20240930.htm:21]** |
| Capacity under Long-term PPAs (MW) | 3,961 **[0000072903-23-000007_xel-20221231.htm:140]** | 4,053 **[0000072903-23-000026_xel-20230331.htm:27]** | 4,053 **[0000072903-23-000113_xel-20230630.htm:34]** | 4,053 **[0000072903-23-000161_xel-20230930.htm:34]** | 3,751 **[0000072903-24-000034_xel-20231231.htm:146]** | 3,751 **[0000072903-24-000096_xel-20240331.htm:28]** | 3,751 **[0000072903-24-000172_xel-20240630.htm:34]** | 3,751 **[0000072903-24-000199_xel-20240930.htm:34]** |

3d64c5536a7ee754d76ee8f6bd2fcab9d14b87f4fe58c732912c256af76b50f4

26209ec6b58987a1712123103a7afd5710dd5225bea5ee1df5e02aea0b58b1bc

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 **[0000072903-24-000034_xel-20231231.htm:10]**. 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 **[0000072903-24-000199_xel-20240930.htm:36]** **[0000072903-24-000172_xel-20240630.htm:36]**. Xcel Energy's primary focus is on electricity generation and distribution, which accounts for the majority of its revenue **[0000072903-24-000034_xel-20231231.htm:93]**.

1. **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.
2. **Regulated Natural Gas** - Transports, stores, and distributes natural gas primarily in Minnesota, Wisconsin, North Dakota, Michigan, and Colorado.
3. **All Other** - Includes smaller revenue streams such as steam revenue, appliance repair services, and non-utility real estate activities.

550f23964dea4cada3b0732074058a9b098b1a15d6915d553ca028459b161739

1. 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?
2. 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?
3. 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?
4. 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?
5. 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?

be0d5e22099fa342f609df07c4e5ac1f2a88b59c1b8f4d8fa325b8b4f9131063

Megawatt Hours of Electricity (Million MWh)

Natural Gas (Million MMBtu)

Capacity under Long-term PPAs (MW)

8fd8c9f23140f276237033345fc371c4dd62674a675717d6baaf31f84f6a5558

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

Regulated Electric

- Operating Revenues

- Intersegment Revenue

Regulated Natural Gas

All Other

Total Revenue

53cf30d306edabe56ec4af9697b655a642fd865a52a84986a72117ebb1bb1a5b

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **2024 Ongoing Earnings Guidance**: Reaffirmed at **$3.50 to $3.60 per share**  **[XEL_3405097_1]** **[XEL_3405097_4]** .
  2. **2025 Earnings Guidance**: Initiated at **$3.75 to $3.85 per share**, reflecting a 7% growth from the midpoint of the 2024 guidance  **[XEL_3405097_4]** .
  3. **Long-term EPS Growth Objective**: Updated to **6% to 8%**, with expectations to deliver earnings in the upper half of the range  **[XEL_3405097_4]** .
  4. **Dividend Growth Objective**: Modified to **4% to 6%**, with the expectation to be at the low end of the range  **[XEL_3405097_4]** .
  5. **Electric Sales Growth**: Forecasted at **5% per year** over the next five years, with approximately 50% of this growth coming from data centers  **[XEL_3405097_3]** .
  6. **O&M Forecast**: Revised to a **3% to 4% increase** relative to 2023  **[XEL_3405097_3]** .
  7. **Capital Investment Plan**: An updated **$45 billion 5-year base capital expenditure forecast**, reflecting annual rate base growth of **9.4%**  **[XEL_3405097_3]** .
  8. **Sales Guidance for 2025**: Sales growth expected at **3%** for 2025, increasing to **5% to 8%** in the years following  **[XEL_3405097_10]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Earnings Guidance**: Reaffirmed 2024 earnings guidance range of **$3.50 to $3.60 per share**, aligning with their long-term EPS growth objective of **5% to 7%**  **[XEL_3395660_4]** .
  2. **Electric Sales Forecast**: Updated 2024 forecast to reflect a **1% increase** for electric sales, with expected increases in Commercial & Industrial (C&I) load in the second half of the year  **[XEL_3395660_4]** .
  3. **Long-term Sales Forecast**: Expected to be in the **4% to 5% range**, incorporating high-probability loads into their 5-year guidance  **[XEL_3395660_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Earnings Guidance**: Reaffirmed 2024 earnings guidance range of **$3.50 to $3.60 per share**, consistent with their long-term EPS growth objective of **5% to 7%**  **[XEL_3380725_4]** .
  2. **Electric Sales Growth**: Revised projected electric sales growth to **1% to 2%** for the year, with long-term electric sales expected to grow **3% annually**  **[XEL_3380725_4]** .
  3. **O&M Guidance**: Aimed for a **1% to 2%** increase in O&M expenses for the year  **[XEL_3380725_15]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Earnings Per Share (EPS) Growth**: Expected to deliver earnings at or above the top end of their long-term EPS growth objective of **5% to 7%** starting in 2025  **[XEL_3370817_4]** .
  2. **Dividend Growth**: Plans to grow the dividend at the low end of their current **5% to 7%** range, with a target payout ratio of **50% to 60%**  **[XEL_3370817_4]** .
  3. **Electric Sales Growth**: Expected electric sales to increase by **2% to 3%** for 2024  **[XEL_3370817_3]** .
  4. **Operations and Maintenance (O&M) Expenses**: Guidance for 2024 indicates O&M expenses will be up **1% to 2%** relative to 2023, but flat compared to 2022  **[XEL_3370817_9]** .
  5. **Capital Expenditure (CapEx)**: Updated 5-year capital plan set at **$39 billion**, reflecting a **9%** rate base growth  **[XEL_3370817_3]** .
  6. **Equity Financing**: Plans to fund incremental capital investment with approximately **40% equity** and expects to raise at least **$500 million annually** through their ATM program over the next five years  **[XEL_3370817_4]** **[XEL_3370817_6]** .
  7. **Transfer Tax Credits**: Anticipates approximately **$3 billion** of transfer tax credits over the next five years, starting with **$500 million** in 2024 and growing to about **$700 million** by the end of the forecast period  **[XEL_3370817_22]** .

88591a6e6380a20c7de21f29faf1971dee37d7a9bd69ad0b665f52679b9e727e

| Name             | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                 |
|------------------|--------------------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert C. Frenzel| Chairman of the Board, President, and Chief Executive Officer            | August 2021      | Robert C. Frenzel has been serving as Chairman since **December 2021** and as President and CEO since **August 2021**. Previously, he was President and COO from March 2020 to August 2021 and EVP and CFO from 2016 to March 2020  **[0000072903-24-000034_xel-20231231.htm:24]** **[0000072903-24-000082_xel-20240405.htm:28]** .       |
| Brian J. Van Abel| Executive Vice President and Chief Financial Officer                     | March 2020       | Brian J. Van Abel has been the EVP and CFO since **March 2020**. He was previously the SVP of Finance and Corporate Development from September 2018 to March 2020, and VP and Treasurer from July 2015 to September 2018  **[0000072903-24-000034_xel-20231231.htm:24]** .                     |
| Patricia Correa  | Senior Vice President, Chief Human Resources Officer                     | February 2022    | Patricia Correa has been the SVP, Chief Human Resources Officer since **February 2022**. Before joining Xcel Energy, she was the SVP of Human Resources at Eaton Corporation from July 2019 to January 2022  **[0000072903-24-000034_xel-20231231.htm:24]** **[0000072903-23-000007_xel-20221231.htm:23]** .                               |
| Timothy O’Connor | Executive Vice President and Chief Operations Officer                    | August 2021      | Timothy O’Connor has been the EVP and COO since **August 2021**. He was previously the EVP and Chief Generation Officer from March 2020 to August 2021, and SVP and Chief Nuclear Officer from February 2013 to March 2020  **[0000072903-24-000034_xel-20231231.htm:24]** **[0000072903-23-000007_xel-20221231.htm:23]** .                |
| Frank Prager     | Senior Vice President, Strategy, Security and External Affairs and Chief Sustainability Officer | March 2022       | Frank Prager has been in his current role since **March 2022**. He was previously the SVP, Strategy, Planning and External Affairs from March 2020 to March 2022, and VP, Policy and Federal Affairs from January 2015 to March 2020  **[0000072903-24-000034_xel-20231231.htm:24]** .         |
| Amanda Rome      | Executive Vice President, Group President, Utilities, and Chief Customer Officer | October 2023     | Amanda Rome assumed her current role in **October 2023**. She was previously the EVP, Chief Legal and Compliance Officer from June 2022 to October 2023, and EVP, General Counsel from June 2020 to June 2022  **[0000072903-24-000034_xel-20231231.htm:24]** **[0000072903-24-000082_xel-20240405.htm:43]** .                             |

a75b6c9fdb0b2566015aafbb741f98537587927972045fead2e968aff0a6e5d6

**Annual guidance for FY 2024:**
- **Earnings guidance**: $3.50 to $3.60  **[XEL_3405097_1]** **[XEL_3405097_4]**  (no change from $3.50 to $3.60  **[XEL_3395660_4]** )

**Annual guidance for FY 2025:**
- **Earnings guidance**: $3.75 to $3.85  **[XEL_3405097_4]**  (no prior guidance)  
- **Sales guidance**: 3%  **[XEL_3405097_10]**  (no prior guidance)

0cab367eea4248b210b4550e4addd978675fd56147fd288ea1f5a328e07dc220

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0000072903-24-000034_xel-20231231.htm:92]**    | Present  | Current auditor   |

1737c094c4f3bb94f501e2c4676e5a00d2956b7647df54f8bddc53112b8f49e7

15a9a37e60e7ac98fa67de0abeea0ae2c60eacafea16b2a0f96f159e3a85d597

- Total Revenue: $3,644 million (-0.5% YoY)  **[0000072903-24-000199_xel-20240930.htm:36]** **[0000072903-23-000161_xel-20230930.htm:36]**   
- “All Other” Segment Revenue: $12 million (**-60%** YoY)  **[0000072903-24-000199_xel-20240930.htm:36]** **[0000072903-23-000161_xel-20230930.htm:36]**   
- Cost of Goods Sold: $1,126 million (**-11%** YoY)  **[0000072903-24-000199_xel-20240930.htm:7]** **[0000072903-23-000161_xel-20230930.htm:7]**   
- D&A: $681 million (**+10%** YoY)  **[0000072903-24-000199_xel-20240930.htm:7]** **[0000072903-23-000161_xel-20230930.htm:7]**   
- Interest Expense: $275 million (+8% YoY)  **[0000072903-24-000199_xel-20240930.htm:7]** **[0000072903-23-000161_xel-20230930.htm:7]**   

b950e4bf2842e7879502b5fdadb87c77f450c3fc1fc2150417151e6c68016f1d

| Year | Amount Due (Millions) | Debt Type         | Interest Rate (%) | % of Total Debt                                                                 |
|----------|---------------------------|-----------------------|-----------------------|------------------------------------------------------------------------------------|
| 2034     | $800                      | Senior Unsecured Notes | 5.50                 | 2.8% = ($800 / $28,670) * 100 **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:61]** **[0000072903-24-000199_xel-20240930.htm:14]**                              |
| 2034     | $450                      | First Mortgage Bonds   | 5.35                 | 1.6% = ($450 / $28,670) * 100 **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:61]** **[0000072903-24-000199_xel-20240930.htm:14]**                              |
| 2054     | $700                      | First Mortgage Bonds   | 5.40                 | 2.4% = ($700 / $28,670) * 100 **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:61]** **[0000072903-24-000199_xel-20240930.htm:14]**                              |
| 2054     | $750                      | First Mortgage Bonds   | 5.75                 | 2.6% = ($750 / $28,670) * 100 **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:61]** **[0000072903-24-000199_xel-20240930.htm:14]**                              |
| 2054     | $400                      | First Mortgage Bonds   | 5.65                 | 1.4% = ($400 / $28,670) * 100 **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:61]** **[0000072903-24-000199_xel-20240930.htm:14]**                              |
| 2054     | $600                      | First Mortgage Bonds   | 6.00                 | 2.1% = ($600 / $28,670) * 100 **[0000072903-24-000199_xel-20240930.htm:9]** **[0000072903-24-000199_xel-20240930.htm:61]** **[0000072903-24-000199_xel-20240930.htm:14]**                              |

df6ad281802fa6b6a696dc57ad300c3dc6b18b91d36e0f0956557bd2a74dc633

df0624e8d5bbeb88ebb7abaa2068fff1244e0e8645c7e10c062c73d6413b536d

fb06bf0c93c64b30c2b5363fefd67b9760f7934a2530b269144da2a411adaadd

- **Xcel Energy expects to deliver earnings at or above the top end of their 5%-7% long-term EPS growth rate**, driven by their **updated $39 billion 5-year capital plan**, which reflects **9% rate base growth**.  **[XEL_3370817_5]** **[XEL_3370817_4]**
- They have **added $5 billion of capital** to their plan, reflecting significant growth opportunities in **clean energy investments**, including renewable generation and transmission infrastructure, supporting customer needs and driving growth.  **[XEL_3370817_11]** **[XEL_3370817_5]** **[XEL_3370817_4]**
- **Forecasted electric sales growth of 2%-3% in 2024**, driven by strong **commercial and industrial load growth**, particularly in the SPS region and Colorado, including **data centers coming online**, contributing to earnings growth.  **[XEL_3370817_20]** **[XEL_3370817_21]**

cadf6323d1974f16fe7d49c12c325288370ef319b44a30f6b7d677b2f0f23c79

- **Regulatory lag and under-earning in Colorado:** Xcel Energy is experiencing regulatory lag and under-earning in Colorado, with earned ROEs below authorized levels, which may affect future earnings growth.  **[XEL_3370817_7]**
- **Equity issuance and potential dilution:** The company plans significant equity issuances to fund its large capital expenditure plan, potentially diluting existing shareholders and pressuring earnings per share growth.  **[XEL_3370817_2]** **[XEL_3370817_11]** **[XEL_3370817_6]**
- **Litigation risk from the Marshall Fire:** Xcel Energy faces significant litigation risk from the Marshall Fire, with claims potentially exceeding $2 billion, which could result in substantial financial liabilities.  **[XEL_3370817_12]** **[XEL_3370817_4]**

c79a993a978874b1d7d9e5e409fb600eca4dacda6fe1adc79b20d5b183b9b13f

1. **Data Center Load Growth**  
   **Q:** When will data center load growth translate into earnings growth?  
   **A:** The data center opportunity will lead to earnings growth as we secure contracts that benefit all customers and invest to support these **large loads**. We are currently updating our sales forecast and capital plan, with a broader update expected in **Q3**.  **[XEL_3395660_11]** 

2. **Increasing Sales Forecast**  
   **Q:** How is data center demand affecting your sales forecast?  
   **A:** We're seeing significant increases in customer requests, particularly in **Minnesota** and **Colorado**. Our long-term sales forecast, currently at **2%-3%** growth, is expected to increase to **4%-5%** when we incorporate these high-probability loads into our five-year guidance rolling out in **Q3**.  **[XEL_3395660_6]** 

3. **Regulatory Impact on Load Growth**  
   **Q:** How sensitive is data center load growth to regulatory proceedings?  
   **A:** Serving our current and future customers fairly requires resource planning and regulatory processes. We need to add generation and transmission capacity, and we've proven our ability to efficiently address expanding needs through existing RFPs and resource plans over the past **7-8 years**.  **[XEL_3395660_17]** 

4. **Colorado Legislation and ROE Improvement**  
   **Q:** How will the new Colorado legislation affect your ROE over time?  
   **A:** The legislation supports state policy on electrification and allows for necessary investments in our distribution system. Our earned ROE in Colorado has been about **8%**, and this will help significantly close that gap when fully implemented by **2026**, alongside other renewable and transition investments.  **[XEL_3395660_10]** 

5. **Wildfire Risk Mitigation**  
   **Q:** How is the wildfire mitigation plan reducing your wildfire risk?  
   **A:** Our operational mitigations dramatically reduce real-time wildfire risk across our enterprise daily. While we don't have a quantitative number today, our investments aim to reduce risk similar to leading utilities, allowing us to make our tools more surgical and less impactful to customers over time.  **[XEL_3395660_20]** 

6. **Smokehouse Fire Settlements**  
   **Q:** What's the progress on the Smokehouse fire settlements?  
   **A:** We have settled **43** of **141** claims, covering a variety of losses from homes to agricultural property. The settlements and a report estimating **$123 million** in agricultural losses support our **$250 million** liability accrual, validating our assumptions as we move forward.  **[XEL_3395660_13]** 

7. **Colorado Gas Rate Case**  
   **Q:** Can you settle the Colorado gas rate case, or will it be litigated?  
   **A:** We are open to settlement and have a deadline of **August 27**. We've reached settlements in past Colorado cases and are hopeful. If needed, we're prepared to proceed to hearings in mid-September, with a **CPUC decision by year-end**.  **[XEL_3395660_14]** 

8. **Financing and Equity Plans**  
   **Q:** Is ATM your primary vehicle for equity needs this year?  
   **A:** Yes, the **ATM** program is our primary vehicle, but we may be opportunistic with potential blocks or other equity products. With a CFO to debt ratio of **17%**, we have flexibility due to strong credit metrics and a strong balance sheet.  **[XEL_3395660_15]** 

9. **Generation Capacity for New Load**  
   **Q:** Will you need more gas-fired generation to meet new load?  
   **A:** We foresee increased needs for backup generation like **combustion turbines** to ensure reliability with growing loads. While we have no current plans for combined cycle additions, we will evaluate resource availability and load probability, keeping options open.  **[XEL_3395660_12]** 

10. **Transmission and Distribution Capacity**  
    **Q:** Is there enough T&D capacity to support data center growth?  
    **A:** We have some grid capacity today, but we'll need to expand transmission aggressively through initiatives like **MISO LRTP** and the **Colorado Power Pathway**. Our goal is to align transmission and generation expansion with high-probability customer needs.  **[XEL_3395660_18]** 

11. **Rate Design for Data Centers**  
    **Q:** How are you approaching rate design for data centers?  
    **A:** We use contract-by-contract approaches ensuring revenue from data centers covers more than incremental costs, so current customers aren't harmed. This may include provisions like **take-or-pay contracts**. Our aim is to present arrangements beneficial to all customers to the commission.  **[XEL_3395660_19]** 

12. **Wildfire Mitigation Plan Feedback**  
    **Q:** What feedback have you received on the Colorado wildfire plan?  
    **A:** Early feedback from first responders and the community has been positive. Our investment in technologies like **Pano AI cameras** has helped identify fires not started by us, aiding in proactive mitigation and protecting communities.  **[XEL_3395660_7]** 

13. **Minnesota Electric Rate Case Plans**  
    **Q:** What's the timing for the Minnesota electric rate case?  
    **A:** We plan to file a multiyear plan on **November 1**. We're in year three of our current multiyear plan and will look to see if there's an opportunity to settle, as we've done on the gas side.  **[XEL_3395660_16]** 

14. **Process for Pipeline Load Inclusion**  
    **Q:** How do you assess and include new load in forecasts?  
    **A:** We categorize loads based on probability. High-probability loads (about **80%** chance) are included in our five-year forecast, often backed by contracts or land sales. Lower probability opportunities are not yet in our forecast but may be included as they become more certain.  **[XEL_3395660_8]** 

15. **Virtual Power Plants' Role**  
    **Q:** What role do VPPs play in serving data center load?  
    **A:** VPPs are another demand-side management tool that could play a role in addressing significant load growth. We're exploring this through distribution legislation in Colorado and see potential in integrating VPPs and interruptible load provisions.  **[XEL_3395660_19]** 

16. **Wildfire Risk Reduction Quantification**  
    **Q:** Can you quantify how much wildfire risk has been reduced?  
    **A:** While we don't have specific numbers today, our operational mitigations have dramatically reduced real-time wildfire risk. Our investments aim to match the risk reduction seen by leading utilities, enhancing our tools to be less impactful to customers over time.  **[XEL_3395660_20]** 

27b94fbe9e989fd54c5a19e8e6ba8df9be4accfc1cc24fa103e2a1dbf0d9a014

1. **EPS Growth Guidance**  
   **Q:** Can you clarify your EPS growth rate guidance?  
   **A:** Management stated they expect to be **at or above the top end of their 5% to 7% EPS growth range over the next 5 years**, implying growth **above 6%**.  **[XEL_3370817_5]** **[XEL_3370817_15]**  They believe 5% to 7% is still a good long-term growth rate and will rebase off actual earnings.  **[XEL_3370817_5]** 

2. **Dividend Growth Trajectory**  
   **Q:** Why are you lowering the dividend growth to the low end of guidance?  
   **A:** Due to significant growth in their base plan, including an added **$5 billion of capital**, management decided to **lower dividend growth to the low end of the 5% to 7% range** to reduce equity needs and enhance financial flexibility.  **[XEL_3370817_10]**  This approach helps reduce financing risks while still delivering strong total shareholder returns.  **[XEL_3370817_10]** 

3. **Capital Expenditure Increase**  
   **Q:** How will the additional $5 billion CapEx affect your plans?  
   **A:** The updated **$39 billion capital plan** includes an extra **$5 billion** in investments.  **[XEL_3370817_13]**  The plan is accretive, and management expects to fund it with a balanced mix of equity and debt, while assessing dividend growth and financing needs as they update their plans.  **[XEL_3370817_10]** **[XEL_3370817_13]** 

4. **Equity Financing Needs**  
   **Q:** What are your equity financing plans given the CapEx increase?  
   **A:** Management confirms no change in equity guidance for this year, with **$350 million to $360 million** planned.  **[XEL_3370817_6]**  They expect to issue **at least $500 million annually through their ATM** over the next 5 years and will be opportunistic with any additional equity needs.  **[XEL_3370817_6]** **[XEL_3370817_8]** 

5. **PIMs in Colorado**  
   **Q:** How will the Colorado PIMs affect your operations?  
   **A:** The company is comfortable managing within the new Performance Incentive Mechanisms (PIMs) in Colorado, which include a **cost to construct PIM** with a **±5% deadband** and customer sharing beyond that.  **[XEL_3370817_13]**  There's also an **operational PIM** based on LCOE with a **±5% deadband**, where costs or savings beyond that are shared **80% customers, 20% company**.  **[XEL_3370817_13]**  They view these PIMs as manageable.  **[XEL_3370817_13]** 

6. **Hydrogen Tax Credit Concerns**  
   **Q:** What are your thoughts on recent hydrogen tax credit guidance?  
   **A:** Management is disappointed with the **45D tax credit draft guidance** from the Treasury, as it may make green hydrogen production more expensive and hinder industry development.  **[XEL_3370817_14]**  They believe strict **additionality and hourly matching** requirements will challenge cost-competitive hydrogen production.  **[XEL_3370817_14]** 

7. **O&M Savings and Outlook**  
   **Q:** Can you discuss the O&M savings from workforce reductions?  
   **A:** The company reduced approximately **550 positions**, resulting in **2% O&M savings on a run-rate basis**.  **[XEL_3370817_9]**  They aim to reinvest some savings into growth areas and maintain O&M roughly flat long-term, despite inflation.  **[XEL_3370817_9]**  Guidance for 2024 anticipates O&M up **1% to 2% relative to '23**, but flat compared to '22.  **[XEL_3370817_9]** 

8. **Load Growth Opportunities**  
   **Q:** What are the load growth prospects in SPS?  
   **A:** SPS experienced **load growth close to 5% in 2023** and expects significant growth to continue.  **[XEL_3370817_18]**  This is driven by large industrial customers' electrification forecasts, with a potential range of **5,000 to 10,000 megawatts** in the SPS resource plan.  **[XEL_3370817_18]**  They plan to launch an RFP in the summertime to accommodate this growth.  **[XEL_3370817_18]** 

9. **Volume Growth Acceleration**  
   **Q:** Where do you anticipate volume growth acceleration in 2024?  
   **A:** The company expects **2% to 3% volume growth in 2024**, primarily driven by SPS and electrification from large industrial customers.  **[XEL_3370817_21]**  Additional growth comes from new **C&I customers in Colorado**, including a data center.  **[XEL_3370817_21]**  Residential customer growth remains around **1%**.  **[XEL_3370817_21]** 

10. **Improving Colorado Earned ROE**  
    **Q:** How do you plan to improve earned ROE in Colorado?  
    **A:** Management acknowledges a significant gap between authorized and earned ROE in Colorado. They anticipate improvements through **timely recovery mechanisms**, like riders, for capital deployed in the clean energy transition.  **[XEL_3370817_19]**  They aim to reduce regulatory lag and ensure a financially healthy utility.  **[XEL_3370817_19]** **[XEL_3370817_20]** 

11. **Wildfire Mitigation Plan**  
    **Q:** Will the Colorado wildfire mitigation plan impact CapEx?  
    **A:** The updated wildfire mitigation plan in Colorado focuses on moving from pilot programs to **scale deployments** of measures like **coatings on poles**, **covered conductor**, and **incremental undergrounding**.  **[XEL_3370817_16]**  Management doesn't expect it to be a material driver of capital deployment but sees it enhancing risk reduction.  **[XEL_3370817_16]** 

12. **Marshall Fire Legal Proceedings**  
    **Q:** Any updates on the Marshall Fire lawsuits?  
    **A:** There's no update on the dollar amount of claims related to the Marshall Fire.  **[XEL_3370817_26]**  Management intends to vigorously defend against the allegations and will update stakeholders as the process unfolds.  **[XEL_3370817_12]** **[XEL_3370817_25]** 

b0d693369a4dc2e21f5a6c05a2f51bd44622fa672ece292abcf654f293f7d60b

1. **Texas Wildfire Impact**  
   **Q:** What is included in the Texas fire damage estimate?  
   **A:** The company estimates the lower end of damages at **$215 million**  **[XEL_3380725_8]** , which includes **noneconomic damages**.  **[XEL_3380725_8]**  Texas does not cap noneconomic damages  **[XEL_3380725_12]** , increasing potential liability exposure.

2. **Equity Needs and Financing Plans**  
   **Q:** Any change to equity plans given lower multiples?  
   **A:** Management expects **no changes** to current equity plans despite lower multiples.  **[XEL_3380725_6]**  They aim to maintain a **strong balance sheet** to fund clean energy investments  **[XEL_3380725_6]**  and are **not considering asset sales** at this time.  **[XEL_3380725_9]**  They may have **timing flexibility** on equity issuance.  **[XEL_3380725_21]** 

3. **CapEx Outlook and Cost Pressures**  
   **Q:** Are infrastructure costs expected to rise?  
   **A:** The company acknowledges potential **cost pressures** from increased infrastructure build-out, such as higher costs for **concrete and steel**, but believes current plans account for these factors.  **[XEL_3380725_22]** 

4. **Data Center Growth**  
   **Q:** How is data center growth progressing?  
   **A:** Xcel is seeing significant interest from **data center customers** across all service territories  **[XEL_3380725_11]** , including at the old Sherco site, which is powered with grid energy benefiting from **renewable sources**.  **[XEL_3380725_10]** 

5. **Nuclear Life Extension Impact**  
   **Q:** What's the financial impact of nuclear life extension?  
   **A:** The company plans to extend one plant to **2050** and another into the **early 2050s**  **[XEL_3380725_23]** , but has **not yet recognized** the lower depreciation rates in customer rates; approvals will take at least **18 months**.  **[XEL_3380725_23]** 

6. **Wildfire Mitigation and Regulatory Impact**  
   **Q:** Updates on wildfire mitigation plans?  
   **A:** They filed a Colorado Wildfire Mitigation Plan focusing on **early warning systems**, **asset resilience**, and **system segmentation** to reduce customer impact.  **[XEL_3380725_13]**  They view **Public Safety Power Shutoffs (PSPS)** as a last resort but necessary for public safety.  **[XEL_3380725_20]** 

7. **Insurance Costs**  
   **Q:** Are insurance costs changing?  
   **A:** Wildfire insurance premiums are expected to rise, with current coverage over **$500 million** at a **$40 million** premium.  **[XEL_3380725_17]**  Future capacity may decrease, and premiums are under **pressure**.  **[XEL_3380725_17]** 

8. **Rate Cases in Minnesota and Colorado**  
   **Q:** Any updates on Minnesota and Colorado gas cases?  
   **A:** In Minnesota, the Department of Commerce recommended a **$44 million** increase with a **9.4%** ROE  **[XEL_3380725_14]** ; hearings are in **mid-July**, and the company aims for a **settlement**.  **[XEL_3380725_14]**  Colorado is early in the process with hearings in **mid-September**.  **[XEL_3380725_14]** 

9. **Potential Wildfire Legislation**  
   **Q:** Goals for proactive wildfire legislation?  
   **A:** The company seeks **federal backstop insurance programs**, limitations on liabilities for utilities with approved mitigation plans, and relief on insurance costs to support the **energy transition**.  **[XEL_3380725_18]** 

10. **SPS Resiliency Plan**  
    **Q:** Timing and size of SPS resiliency plan?  
    **A:** Filing is expected in late **Q4 2024**, with approval likely in the following year's **Q3**.  **[XEL_3380725_15]**  Details on spending are being developed, focusing on **wildfire mitigation** and **distribution investments**.  **[XEL_3380725_15]** 

de108b675f62a41ef3cfa5f3e58c8e7f36ba9db206b1279bedd2f4bb49bf0d8c

- Xcel Energy anticipates significant electric sales growth driven by data center expansion, with **nearly 9,000 megawatts of data center opportunities** in the customer pipeline before 2030. They have included approximately **25% of this** in their five-year sales forecast, indicating potential upside.  **[XEL_3405097_5]**
- The company plans to invest heavily in clean energy generation and grid enhancements, adding between **15,000 and nearly 30,000 megawatts of generation** by 2030, and expects to build at least **$10 billion** worth of these projects.  **[XEL_3405097_11]**
- These investments are expected to result in **9.4% annual rate base growth**, and the company is confident about executing at the **upper half of their earnings growth range**, potentially exceeding it.  **[XEL_3405097_11]**

da5c806a6342ba35ad6f89cf7897a339c740638f2b441982567d2fa5c3103b8d

- Xcel Energy faces potential financial liability from the Smokehouse Creek wildfire in Texas, accruing a **$215 million** loss, and has been named as defendants in **15 lawsuits** related to the fire.  **[XEL_3380725_1]** **[XEL_3380725_12]**
- There is **no cap on noneconomic damages in Texas**, which could increase Xcel Energy's financial exposure related to wildfire litigation.  **[XEL_3380725_12]**
- The company anticipates **cost pressures** due to increased infrastructure build-out, including potential increases in **materials and labor costs**, which could affect profitability of planned projects.  **[XEL_3380725_22]**

9bcdb8de0010cbded8f2ac293de0a800ba89f9b188cdb59a69b843dc171d2cf6

- Xcel Energy is experiencing significant potential load growth from data center requests totaling **6,700 megawatts by 2030**, which could increase their long-term sales forecast from **2-3% to 4-5%** when updated in the third quarter.  **[XEL_3395660_6]** **[XEL_3395660_8]**
- The company is proactively expanding transmission and generation capacity to meet this demand, with multiple RFPs and resource plans in place, demonstrating their ability to efficiently address expanding customer needs.  **[XEL_3395660_18]** **[XEL_3395660_17]** **[XEL_3395660_9]**
- Xcel Energy's attractive service territory—offering **low-cost clean energy**, access to infrastructure, and abundant resources—positions them well for future economic development opportunities beyond data centers, potentially benefiting earnings growth.  **[XEL_3395660_6]** **[XEL_3395660_8]**

d9294a413d15996dae9c94dbd2f267fd8bafb3596c7aba1853da67fe6eb0e125

1. **CapEx Increase vs. Equity Needs**  
   **Q:** Why does equity need not match CapEx increase?  
   **A:** Despite a **$6 billion** rise in CapEx, equity needs increased by only **$0.5 billion** due to improved cash flow timing and a slight benefit from lowering the dividend growth rate, which provides more flexibility long-term. Credit metrics remain stable, allowing a more favorable financing mix than the typical **40-60%** debt-to-equity ratio.  **[XEL_3405097_7]** 

2. **Load Growth Expectations**  
   **Q:** How will load growth trend over the next years?  
   **A:** Load growth is expected at **3%** in 2025, increasing to **5-8%** in subsequent years. This acceleration is driven by data centers, oil and gas development in the Permian Basin, and beneficial electrification like EV adoption in Colorado.  **[XEL_3405097_10]** 

3. **Wildfire Mitigation and Insurance Costs**  
   **Q:** What actions are taken on wildfire mitigation?  
   **A:** The company has enhanced wildfire protection mechanisms, including operating the system with safety, enhanced power line safety settings, and the ability to execute Public Safety Power Shutoffs (PSPS). Insurance premiums have **tripled**, but they include constructive regulatory outcomes in their 2025 guidance, aiming for recovery of increased insurance costs and wildfire mitigation investments.  **[XEL_3405097_8]** 

4. **Financing Plans and ATM Issuance**  
   **Q:** Are you done with equity issuance for the year?  
   **A:** Yes, with about **$1 billion** of ATM issuance in Q3, the company's equity needs for the year are fulfilled. While they may remain opportunistic, there's no need to issue more equity through the end of the year. The ATM is viewed as an efficient mechanism, but they will consider other financing options moving forward.  **[XEL_3405097_6]** 

5. **Large Customer's Land Acquisition in Minnesota**  
   **Q:** Is a major land acquisition included in forecasts?  
   **A:** An undisclosed customer made a significant land acquisition in Minnesota, which is included in the company's **5%** consolidated load growth outlook. Negotiations on services and rate design are progressing, and discussions with the Minnesota Commission are constructive. This project is expected to drive economic growth and benefit all customers.  **[XEL_3405097_5]** 

6. **Timing of Equity in Capital Plan**  
   **Q:** How should we think about timing of equity issuance?  
   **A:** Equity issuance is expected to follow the shape of annual CapEx over the next five years, which is larger in the first few years. While specific timing isn't provided, it generally aligns with the capital spending schedule.  **[XEL_3405097_15]** 

7. **Impact on Customer Bills**  
   **Q:** What is the expected impact on customer bills?  
   **A:** Customer bills are projected to increase by **1-3%** over the next five years, which is considered manageable. In Colorado, a long-term plan projects a **2.2%** bill increase over a 20-year period, even with significant investments and a **9%** rate base growth. The company starts from a strong position, with bills lower than a decade ago and among the lowest share of wallet in the country.  **[XEL_3405097_22]** 

8. **Hydrogen Initiatives**  
   **Q:** Any updates on green hydrogen projects?  
   **A:** Green hydrogen initiatives are currently on the back burner. The company received a hydrogen grant with the DOE, but progress has been slow. No capital expenditures for hydrogen are included in the current forecast, though they recognize the potential future need for clean fuels.  **[XEL_3405097_21]** 

b6ce3ecf95cfd4ba601c154858e766eea34d2d189d472c60c5c41c836cdefef5

- **Xcel Energy faces ongoing uncertainty and potential financial exposure due to wildfire liabilities**, with **21 lawsuits filed** related to the Smokehouse Creek wildfire and an accrued liability of **$215 million**.  **[XEL_3395660_20]** **[XEL_3395660_13]**
- **Meeting the significant increase in load demand, including 6,700 megawatts of data center requests, may be constrained by regulatory approvals and the need for substantial capital investment** in transmission and generation capacity, potentially leading to delays and increased costs.  **[XEL_3395660_18]** **[XEL_3395660_17]** **[XEL_3395660_6]**
- **The company has been earning a return on equity below 8% in Colorado**, and improvements are not expected until full implementation of recent legislation by **2026**, which may impact financial performance in the near term.  **[XEL_3395660_10]**

16f48e6483140625117ca842cfb168e98efa6800854c76e7b8fc7916312b0fc9

- **Significant increase in wildfire insurance premiums, with premiums tripling and capacity shrinking, could pressure earnings if cost recovery is not approved by regulators.**  **[XEL_3405097_8]**
- **Large capital expenditure plans require substantial equity issuances, including $1.1 billion issued via ATM in 2024, potentially leading to shareholder dilution.**  **[XEL_3405097_4]**
- **Lowered dividend growth objective to the low end of the 4%-6% range to retain cash and reduce equity needs, which may disappoint investors expecting higher dividend growth.**  **[XEL_3405097_4]**

07809cf1bd08a14bb1c57f2123e86c1a1ea945b1e1564920d3341a5300e31e28

- The Department of Commerce recommended a **$44 million rate increase** in the Minnesota natural gas rate case with a **9.4% ROE**, and Xcel Energy is engaging stakeholders to potentially reach a favorable settlement, which could boost earnings.  **[XEL_3380725_14]**
- Xcel Energy expects to be **highly competitive** in the Southwestern Public Service RFP process due to their **scale and expertise in utility-owned wind, solar, and storage**, positioning them to win new generation projects.  **[XEL_3380725_5]**
- The company is **proactively managing** potential **cost pressures** from **reindustrialization and data center build-outs**, ensuring robust capital forecasts while capitalizing on growth opportunities.  **[XEL_3380725_22]**

8b4741fb499b6b81351109b9fbef1cfd4a14c97fff95703a8d1916ce26feab30

Xcel Energy Inc (XEL)

Financials