x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Minnesota | 41-0448030 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
414 Nicollet Mall | ||
Minneapolis, Minnesota | 55401 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer ¨ | |
Non-accelerated filer ¨ | Smaller reporting company ¨ | |
(Do not check if smaller reporting company) | Emerging growth company ¨ |
Class | Outstanding at October 23, 2017 | |
Common Stock, $2.50 par value | 507,762,881 shares |
PART I | FINANCIAL INFORMATION | |||
Item 1 — | ||||
Item 2 — | ||||
Item 3 — | ||||
Item 4 — | ||||
PART II | OTHER INFORMATION | |||
Item 1 — | ||||
Item 1A — | ||||
Item 2 — | ||||
Item 6 — | ||||
Certifications Pursuant to Section 302 | 1 | |||
Certifications Pursuant to Section 906 | 1 | |||
Statement Pursuant to Private Litigation | 1 |
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (amounts in thousands, except per share data) | |||||||||||||||
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating revenues | |||||||||||||||
Electric | $ | 2,783,569 | $ | 2,799,964 | $ | 7,420,646 | $ | 7,209,225 | |||||||
Natural gas | 214,253 | 221,956 | 1,129,795 | 1,046,544 | |||||||||||
Other | 19,075 | 18,227 | 57,806 | 56,500 | |||||||||||
Total operating revenues | 3,016,897 | 3,040,147 | 8,608,247 | 8,312,269 | |||||||||||
Operating expenses | |||||||||||||||
Electric fuel and purchased power | 1,006,160 | 1,037,263 | 2,850,480 | 2,755,083 | |||||||||||
Cost of natural gas sold and transported | 63,998 | 67,566 | 543,452 | 469,754 | |||||||||||
Cost of sales — other | 8,451 | 8,648 | 25,216 | 25,225 | |||||||||||
Operating and maintenance expenses | 541,539 | 590,009 | 1,706,102 | 1,764,397 | |||||||||||
Conservation and demand side management expenses | 73,728 | 63,914 | 206,121 | 177,266 | |||||||||||
Depreciation and amortization | 371,091 | 328,503 | 1,102,015 | 971,057 | |||||||||||
Taxes (other than income taxes) | 133,571 | 117,190 | 410,591 | 400,982 | |||||||||||
Total operating expenses | 2,198,538 | 2,213,093 | 6,843,977 | 6,563,764 | |||||||||||
Operating income | 818,359 | 827,054 | 1,764,270 | 1,748,505 | |||||||||||
Other income, net | 5,089 | 578 | 14,143 | 6,388 | |||||||||||
Equity earnings of unconsolidated subsidiaries | 7,080 | 9,701 | 22,496 | 32,500 | |||||||||||
Allowance for funds used during construction — equity | 23,483 | 17,199 | 54,182 | 45,042 | |||||||||||
Interest charges and financing costs | |||||||||||||||
Interest charges — includes other financing costs of $5,923, $6,060, $17,657 and $19,026, respectively | 167,803 | 165,857 | 497,932 | 485,280 | |||||||||||
Allowance for funds used during construction — debt | (10,724 | ) | (7,532 | ) | (25,359 | ) | (20,206 | ) | |||||||
Total interest charges and financing costs | 157,079 | 158,325 | 472,573 | 465,074 | |||||||||||
Income before income taxes | 696,932 | 696,207 | 1,382,518 | 1,367,361 | |||||||||||
Income taxes | 204,791 | 238,412 | 423,844 | 471,459 | |||||||||||
Net income | $ | 492,141 | $ | 457,795 | $ | 958,674 | $ | 895,902 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 508,581 | 508,941 | 508,468 | 508,840 | |||||||||||
Diluted | 509,242 | 509,566 | 509,052 | 509,396 | |||||||||||
Earnings per average common share: | |||||||||||||||
Basic | $ | 0.97 | $ | 0.90 | $ | 1.89 | $ | 1.76 | |||||||
Diluted | 0.97 | 0.90 | 1.88 | 1.76 | |||||||||||
Cash dividends declared per common share | $ | 0.36 | $ | 0.34 | $ | 1.08 | $ | 1.02 | |||||||
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (amounts in thousands) | |||||||||||||||
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 492,141 | $ | 457,795 | $ | 958,674 | $ | 895,902 | |||||||
Other comprehensive income | |||||||||||||||
Pension and retiree medical benefits: | |||||||||||||||
Amortization of losses included in net periodic benefit cost, net of tax of $582, $536, $1,805 and $1,635, respectively | 982 | 878 | 2,886 | 1,954 | |||||||||||
Derivative instruments: | |||||||||||||||
Net fair value increase (decrease), net of tax of $15, $(2), $32 and $3, respectively | 23 | (4 | ) | 49 | 4 | ||||||||||
Reclassification of losses to net income, net of tax of $587, $588, $1,632 and $1,786, respectively | 981 | 960 | 2,609 | 2,834 | |||||||||||
1,004 | 956 | 2,658 | 2,838 | ||||||||||||
Marketable securities: | |||||||||||||||
Net fair value increase, net of tax of $0, $0, $0 and $0, respectively | — | — | 1 | — | |||||||||||
Other comprehensive income | 1,986 | 1,834 | 5,545 | 4,792 | |||||||||||
Comprehensive income | $ | 494,127 | $ | 459,629 | $ | 964,219 | $ | 900,694 | |||||||
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (amounts in thousands) | |||||||
Nine Months Ended Sept. 30 | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net income | $ | 958,674 | $ | 895,902 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 1,113,418 | 982,682 | |||||
Conservation and demand side management program amortization | 1,927 | 3,089 | |||||
Nuclear fuel amortization | 87,654 | 89,475 | |||||
Deferred income taxes | 501,013 | 479,100 | |||||
Amortization of investment tax credits | (3,835 | ) | (3,920 | ) | |||
Allowance for equity funds used during construction | (54,182 | ) | (45,042 | ) | |||
Equity earnings of unconsolidated subsidiaries | (22,496 | ) | (32,500 | ) | |||
Dividends from unconsolidated subsidiaries | 32,316 | 34,502 | |||||
Share-based compensation expense | 44,239 | 29,872 | |||||
Net realized and unrealized hedging and derivative transactions | (62 | ) | 3,307 | ||||
Other, net | (2,577 | ) | (266 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (31,337 | ) | (29,585 | ) | |||
Accrued unbilled revenues | 104,175 | 87,015 | |||||
Inventories | (9,158 | ) | (6,203 | ) | |||
Other current assets | 64,208 | 80,566 | |||||
Accounts payable | (67,759 | ) | 50,526 | ||||
Net regulatory assets and liabilities | (26,556 | ) | 3,911 | ||||
Other current liabilities | (111,512 | ) | (63,524 | ) | |||
Pension and other employee benefit obligations | (134,455 | ) | (96,350 | ) | |||
Change in other noncurrent assets | (15,002 | ) | (11,815 | ) | |||
Change in other noncurrent liabilities | (61,513 | ) | (25,401 | ) | |||
Net cash provided by operating activities | 2,367,180 | 2,425,341 | |||||
Investing activities | |||||||
Utility capital/construction expenditures | (2,256,452 | ) | (2,186,483 | ) | |||
Proceeds from insurance recoveries | — | 1,595 | |||||
Allowance for equity funds used during construction | 54,182 | 45,042 | |||||
Purchases of investment securities | (971,469 | ) | (390,031 | ) | |||
Proceeds from the sale of investment securities | 948,558 | 327,378 | |||||
Investments in WYCO Development LLC and other | (7,616 | ) | (3,962 | ) | |||
Other, net | (5,803 | ) | 204 | ||||
Net cash used in investing activities | (2,238,600 | ) | (2,206,257 | ) | |||
Financing activities | |||||||
Proceeds from (repayments of) short-term borrowings, net | 122,000 | (480,000 | ) | ||||
Proceeds from issuances of long-term debt | 1,422,163 | 1,632,642 | |||||
Repayments of long-term debt, including reacquisition premiums | (1,030,099 | ) | (580,167 | ) | |||
Repurchases of common stock | (2,943 | ) | (2,810 | ) | |||
Dividends paid | (538,045 | ) | (507,817 | ) | |||
Other | (18,291 | ) | (12,487 | ) | |||
Net cash (used in) provided by financing activities | (45,215 | ) | 49,361 | ||||
Net change in cash and cash equivalents | 83,365 | 268,445 | |||||
Cash and cash equivalents at beginning of period | 84,476 | 84,940 | |||||
Cash and cash equivalents at end of period | $ | 167,841 | $ | 353,385 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | (488,574 | ) | $ | (461,302 | ) | |
Cash received for income taxes, net | 42,051 | 61,245 | |||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||
Property, plant and equipment additions in accounts payable | $ | 268,932 | $ | 221,155 | |||
Issuance of common stock for equity awards | 23,394 | 17,527 | |||||
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (amounts in thousands, except share and per share data) | |||||||
Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 167,841 | $ | 84,476 | |||
Accounts receivable, net | 807,621 | 776,289 | |||||
Accrued unbilled revenues | 625,657 | 729,832 | |||||
Inventories | 616,675 | 604,226 | |||||
Regulatory assets | 407,639 | 363,655 | |||||
Derivative instruments | 74,533 | 38,224 | |||||
Prepaid taxes | 55,788 | 106,697 | |||||
Prepayments and other | 143,120 | 138,682 | |||||
Total current assets | 2,898,874 | 2,842,081 | |||||
Property, plant and equipment, net | 33,949,952 | 32,841,750 | |||||
Other assets | |||||||
Nuclear decommissioning fund and other investments | 2,300,265 | 2,091,858 | |||||
Regulatory assets | 3,011,462 | 3,080,867 | |||||
Derivative instruments | 49,124 | 50,189 | |||||
Other | 259,117 | 248,532 | |||||
Total other assets | 5,619,968 | 5,471,446 | |||||
Total assets | $ | 42,468,794 | $ | 41,155,277 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 305,415 | $ | 255,529 | |||
Short-term debt | 514,000 | 392,000 | |||||
Accounts payable | 992,498 | 1,044,959 | |||||
Regulatory liabilities | 256,191 | 220,894 | |||||
Taxes accrued | 427,275 | 457,392 | |||||
Accrued interest | 147,860 | 172,901 | |||||
Dividends payable | 182,795 | 172,456 | |||||
Derivative instruments | 27,659 | 26,959 | |||||
Other | 486,713 | 503,953 | |||||
Total current liabilities | 3,340,406 | 3,247,043 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 7,362,931 | 6,784,319 | |||||
Deferred investment tax credits | 59,381 | 63,216 | |||||
Regulatory liabilities | 1,358,558 | 1,383,212 | |||||
Asset retirement obligations | 2,883,799 | 2,782,229 | |||||
Derivative instruments | 131,058 | 148,146 | |||||
Customer advances | 190,995 | 195,214 | |||||
Pension and employee benefit obligations | 984,794 | 1,112,366 | |||||
Other | 144,528 | 223,965 | |||||
Total deferred credits and other liabilities | 13,116,044 | 12,692,667 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 14,572,967 | 14,194,718 | |||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 507,762,881 and 507,222,795 shares outstanding at Sept. 30, 2017 and Dec. 31, 2016, respectively | 1,269,407 | 1,268,057 | |||||
Additional paid in capital | 5,888,729 | 5,881,494 | |||||
Retained earnings | 4,386,050 | 3,981,652 | |||||
Accumulated other comprehensive loss | (104,809 | ) | (110,354 | ) | |||
Total common stockholders’ equity | 11,439,377 | 11,020,849 | |||||
Total liabilities and equity | $ | 42,468,794 | $ | 41,155,277 | |||
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (amounts in thousands) | ||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | ||||||||||||||||||||
Three Months Ended Sept. 30, 2017 and 2016 | ||||||||||||||||||||||
Balance at June 30, 2016 | 507,953 | $ | 1,269,882 | $ | 5,896,394 | $ | 3,643,653 | $ | (106,795 | ) | $ | 10,703,134 | ||||||||||
Net income | 457,795 | 457,795 | ||||||||||||||||||||
Other comprehensive income | 1,834 | 1,834 | ||||||||||||||||||||
Dividends declared on common stock | (173,786 | ) | (173,786 | ) | ||||||||||||||||||
Issuances of common stock | 48 | 120 | — | 120 | ||||||||||||||||||
Repurchases of common stock | (48 | ) | (120 | ) | (2,021 | ) | (2,141 | ) | ||||||||||||||
Share-based compensation | 4,523 | (3,537 | ) | 986 | ||||||||||||||||||
Balance at Sept. 30, 2016 | 507,953 | $ | 1,269,882 | $ | 5,898,896 | $ | 3,924,125 | $ | (104,961 | ) | $ | 10,987,942 | ||||||||||
Balance at June 30, 2017 | 507,763 | $ | 1,269,407 | $ | 5,881,475 | $ | 4,079,068 | $ | (106,795 | ) | $ | 11,123,155 | ||||||||||
Net income | 492,141 | 492,141 | ||||||||||||||||||||
Other comprehensive income | 1,986 | 1,986 | ||||||||||||||||||||
Dividends declared on common stock | (184,061 | ) | (184,061 | ) | ||||||||||||||||||
Share-based compensation | 7,254 | (1,098 | ) | 6,156 | ||||||||||||||||||
Balance at Sept. 30, 2017 | 507,763 | $ | 1,269,407 | $ | 5,888,729 | $ | 4,386,050 | $ | (104,809 | ) | $ | 11,439,377 | ||||||||||
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (Continued) (amounts in thousands) | ||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | ||||||||||||||||||||
Nine Months Ended Sept. 30, 2017 and 2016 | ||||||||||||||||||||||
Balance at Dec. 31, 2015 | 507,536 | $ | 1,268,839 | $ | 5,889,106 | $ | 3,552,728 | $ | (109,753 | ) | $ | 10,600,920 | ||||||||||
Net income | 895,902 | 895,902 | ||||||||||||||||||||
Other comprehensive income | 4,792 | 4,792 | ||||||||||||||||||||
Dividends declared on common stock | (520,968 | ) | (520,968 | ) | ||||||||||||||||||
Issuances of common stock | 486 | 1,216 | 15,110 | 16,326 | ||||||||||||||||||
Repurchases of common stock | (69 | ) | (173 | ) | (2,810 | ) | (2,983 | ) | ||||||||||||||
Share-based compensation | (2,510 | ) | (3,537 | ) | (6,047 | ) | ||||||||||||||||
Balance at Sept. 30, 2016 | 507,953 | $ | 1,269,882 | $ | 5,898,896 | $ | 3,924,125 | $ | (104,961 | ) | $ | 10,987,942 | ||||||||||
Balance at Dec. 31, 2016 | 507,223 | $ | 1,268,057 | $ | 5,881,494 | $ | 3,981,652 | $ | (110,354 | ) | $ | 11,020,849 | ||||||||||
Net income | 958,674 | 958,674 | ||||||||||||||||||||
Other comprehensive income | 5,545 | 5,545 | ||||||||||||||||||||
Dividends declared on common stock | (551,614 | ) | (551,614 | ) | ||||||||||||||||||
Issuances of common stock | 611 | 1,527 | 3,510 | 5,037 | ||||||||||||||||||
Repurchases of common stock | (71 | ) | (177 | ) | (2,943 | ) | (3,120 | ) | ||||||||||||||
Share-based compensation | 6,668 | (2,662 | ) | 4,006 | ||||||||||||||||||
Balance at Sept. 30, 2017 | 507,763 | $ | 1,269,407 | $ | 5,888,729 | $ | 4,386,050 | $ | (104,809 | ) | $ | 11,439,377 | ||||||||||
See Notes to Consolidated Financial Statements |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | 859,242 | $ | 827,112 | ||||
Less allowance for bad debts | (51,621 | ) | (50,823 | ) | ||||
$ | 807,621 | $ | 776,289 |
(Thousands of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 320,195 | $ | 312,430 | ||||
Fuel | 166,173 | 181,752 | ||||||
Natural gas | 130,307 | 110,044 | ||||||
$ | 616,675 | $ | 604,226 |
(Thousands of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 39,067,098 | $ | 38,220,765 | ||||
Natural gas plant | 5,563,536 | 5,317,717 | ||||||
Common and other property | 2,028,743 | 1,888,518 | ||||||
Plant to be retired (a) | 11,412 | 31,839 | ||||||
Construction work in progress | 1,861,576 | 1,373,380 | ||||||
Total property, plant and equipment | 48,532,365 | 46,832,219 | ||||||
Less accumulated depreciation | (14,982,709 | ) | (14,381,603 | ) | ||||
Nuclear fuel | 2,668,586 | 2,571,770 | ||||||
Less accumulated amortization | (2,268,290 | ) | (2,180,636 | ) | ||||
$ | 33,949,952 | $ | 32,841,750 |
(a) | In the third quarter of 2017, PSCo early retired Valmont Unit 5 and converted Cherokee Unit 4 from a coal-fueled generating facility to natural gas. PSCo also expects Craig Unit 1 to be early retired in approximately 2025. Amounts are presented net of accumulated depreciation. |
4. | Income Taxes |
State | Year | |
Colorado | 2009 | |
Minnesota | 2009 | |
Texas | 2009 | |
Wisconsin | 2012 |
• | In 2016, Minnesota began an audit of years 2010 through 2014. As of Sept. 30, 2017, Minnesota had not proposed any material adjustments; |
• | In 2016, Texas began an audit of years 2009 and 2010, and, in September 2017, began an audit of 2011. As of Sept. 30, 2017, Texas had not proposed any material adjustments; |
• | In 2016, Wisconsin began an audit of years 2012 and 2013. As of Sept. 30, 2017, Wisconsin had not proposed any material adjustments; and |
• | As of Sept. 30, 2017, there were no other state income tax audits in progress. |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 20.6 | $ | 29.6 | ||||
Unrecognized tax benefit — Temporary tax positions | 22.2 | 104.1 | ||||||
Total unrecognized tax benefit | $ | 42.8 | $ | 133.7 |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
NOL and tax credit carryforwards | $ | (29.2 | ) | $ | (43.8 | ) |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Payable for interest related to unrecognized tax benefits at beginning of period | $ | (3.4 | ) | $ | (0.1 | ) | ||
Interest income (expense) related to unrecognized tax benefits recorded during the period | 1.9 | (3.3 | ) | |||||
Payable for interest related to unrecognized tax benefits at end of period | $ | (1.5 | ) | $ | (3.4 | ) |
5. | Rate Matters |
• | Four-year period covering 2016-2019; |
• | Annual sales true-up with decoupling subject to a 3 percent cap; |
• | Return on equity (ROE) of 9.2 percent and an equity ratio of 52.5 percent; |
• | Nuclear related costs will not be considered provisional; |
• | Continued use of all existing riders, however no new riders may be utilized during the four-year term; |
• | Deferral of incremental 2016 property tax expense above a fixed threshold to 2018 and 2019; |
• | Four-year stay-out provision for rate cases; |
• | Property tax true-up mechanism for 2017-2019; and |
• | Capital expenditure true-up mechanism for 2016-2019. |
(Millions of Dollars, Incremental) | 2016 | 2017 | 2018 | 2019 | Total | |||||||||||||||
Revenues | $ | 74.99 | $ | 59.86 | $ | — | $ | 50.12 | $ | 184.97 | ||||||||||
NSP-Minnesota’s sales true-up | 59.95 | — | — | (0.20 | ) | 59.75 | ||||||||||||||
Total rate impact | $ | 134.94 | $ | 59.86 | $ | — | $ | 49.92 | $ | 244.72 |
Revenue Request (Millions of Dollars) | 2018 | 2019 | 2020 | 2021 | Total | |||||||||||||||
Revenue request | $ | 74.6 | $ | 74.9 | $ | 59.7 | $ | 35.7 | $ | 244.9 | ||||||||||
Clean Air Clean Jobs Act (CACJA) revenue conversion to base rates (a) | 90.4 | — | — | — | 90.4 | |||||||||||||||
Transmission Cost Adjustment (TCA) revenue conversion to base rates (a) | 42.7 | — | — | — | 42.7 | |||||||||||||||
Total (b) | $ | 207.7 | $ | 74.9 | $ | 59.7 | $ | 35.7 | $ | 378.0 | ||||||||||
Expected year-end rate base (billions of dollars) (b) | $ | 6.8 | $ | 7.1 | $ | 7.3 | $ | 7.4 |
(a) | The roll-in of each of the TCA and CACJA rider revenues into base rates will not have an impact on total customer bills or total revenue as these costs are already being recovered through a rider. Transmission investments for 2019 through 2021 will be recovered through the TCA rider. |
(b) | This base rate request does not include the impacts associated with the renewable energy standard adjustment and retail electric commodity adjustment for the Rush Creek wind investments or any impacts of the proposed Colorado Energy Plan. |
Revenue Request (Millions of Dollars) | 2018 | 2019 | 2020 | Total | ||||||||||||
Revenue request | $ | 63.2 | $ | 32.9 | $ | 42.9 | $ | 139.0 | ||||||||
Pipeline System Integrity Adjustment (PSIA) revenue conversion to base rates (a) | — | 93.9 | — | 93.9 | ||||||||||||
Total | $ | 63.2 | $ | 126.8 | $ | 42.9 | $ | 232.9 | ||||||||
Expected year-end rate base (billions of dollars) (b) | $ | 1.5 | $ | 2.3 | $ | 2.4 |
(a) | The roll-in of PSIA rider revenue into base rates will not have an impact on customer bills or total revenue as these costs are already being recovered through the rider. PSCo plans to request new PSIA rates for 2018 in November 2017. The recovery of incremental PSIA related investments in 2019 and 2020 are included in the base rate request. |
(b) | The additional rate base in 2019 predominantly reflects the roll-in of capital associated with the PSIA rider. |
(Millions of Dollars) | Staff | OCC | ||||||
Filed 2018 new revenue request | $ | 63.2 | $ | 63.2 | ||||
Impact of the change in test year | 4.4 | 4.4 | ||||||
PSCo’s filed 2016 HTY | $ | 67.6 | $ | 67.6 | ||||
Recommended adjustments: | ||||||||
ROE (9.0 percent) | (13.5 | ) | (13.5 | ) | ||||
Capital structure and cost of debt | (10.2 | ) | (7.5 | ) | ||||
Change in amortization period | (5.4 | ) | — | |||||
Prepaid pension and retiree medical assets | (5.2 | ) | — | |||||
Change from 2016 year end to average rate base | (4.8 | ) | (4.8 | ) | ||||
Other, net | (5.0 | ) | (5.5 | ) | ||||
Total adjustments | $ | (44.1 | ) | $ | (31.3 | ) | ||
Total recommended rate increase | $ | 23.5 | $ | 36.3 |
• | Rebuttal testimony — Nov. 3, 2017; |
• | Intervenor sur-rebuttal testimony — Nov. 15, 2017; |
• | Hearings — Dec. 11 - 15 and 18 - 19, 2017; and |
• | Statements of position — Jan. 19, 2018. |
Revenue Request (Millions of Dollars) | ||||
Incremental revenue request | $ | 69.2 | ||
Transmission Cost Recovery Factor (TCRF) revenue conversion to base rates (a) | (14.6 | ) | ||
Net revenue increase request | $ | 54.6 |
(a) | The roll-in of the TCRF rider revenue into base rates will not have an impact on customer bills or total revenue as these costs are already being recovered through the rider. SPS can request another TCRF rider after the conclusion of this rate case to recover transmission investments subsequent to June 30, 2017. |
• | Intervenors’ direct testimony — Feb. 22, 2018; |
• | PUCT Staff direct testimony — March 1, 2018; |
• | PUCT Staff and intervenors’ cross-rebuttal testimony — March 22, 2018; |
• | SPS’ rebuttal testimony — March 23, 2018; |
• | Hearings — April 10 - 20, 2018; and |
• | Statutory deadline — Aug. 31, 2018. |
6. | Commitments and Contingencies |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Guarantees issued and outstanding | $ | 19.1 | $ | 18.8 | ||||
Current exposure under these guarantees | — | 0.1 | ||||||
Bonds with indemnity protection | 51.9 | 43.0 |
7. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2017 | Year Ended Dec. 31, 2016 | ||||||
Borrowing limit | $ | 2,750 | $ | 2,750 | ||||
Amount outstanding at period end | 514 | 392 | ||||||
Average amount outstanding | 679 | 485 | ||||||
Maximum amount outstanding | 867 | 1,183 | ||||||
Weighted average interest rate, computed on a daily basis | 1.50 | % | 0.74 | % | ||||
Weighted average interest rate at period end | 1.53 | 0.95 |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | |||||||||
Xcel Energy Inc. | $ | 1,000 | $ | 422 | $ | 578 | ||||||
PSCo | 700 | 4 | 696 | |||||||||
NSP-Minnesota | 500 | 21 | 479 | |||||||||
SPS | 400 | 3 | 397 | |||||||||
NSP-Wisconsin | 150 | 92 | 58 | |||||||||
Total | $ | 2,750 | $ | 542 | $ | 2,208 |
(a) | These credit facilities expire in June 2021. |
(b) | Includes outstanding commercial paper and letters of credit. |
• | PSCo issued $400 million of 3.80 percent first mortgage bonds due June 15, 2047; |
• | SPS issued $450 million of 3.70 percent first mortgage bonds due Aug. 15, 2047; and |
• | NSP-Minnesota issued $600 million of 3.60 percent first mortgage bonds due Sept. 15, 2047. |
• | On Aug. 30, 2017, SPS reacquired $250 million of debt with a coupon rate of 8.75 percent and an original maturity date of Dec. 1, 2018. The redemption resulted in payment of an early redemption premium of $21.6 million which was deferred as a regulatory asset. |
• | On Sept. 29, 2017, NSP-Minnesota reacquired $500 million of debt with a coupon rate of 5.25 percent and an original maturity date of March 1, 2018. The redemption resulted in payment of an early redemption premium of $7.9 million which was deferred as a regulatory asset. |
8. | Fair Value of Financial Assets and Liabilities |
Sept. 30, 2017 | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Investments Measured at NAV (b) | Total | ||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||
Cash equivalents | $ | 32,727 | $ | 32,727 | $ | — | $ | — | $ | — | $ | 32,727 | ||||||||||||
Commingled funds: | ||||||||||||||||||||||||
Non U.S. equities | 257,487 | 204,502 | — | — | 86,654 | 291,156 | ||||||||||||||||||
Emerging market debt funds | 97,285 | — | — | — | 106,842 | 106,842 | ||||||||||||||||||
Private equity investments | 139,185 | — | — | — | 192,098 | 192,098 | ||||||||||||||||||
Real estate | 129,219 | — | — | — | 195,506 | 195,506 | ||||||||||||||||||
Other commingled funds | 146,179 | 14,964 | — | — | 145,313 | 160,277 | ||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Government securities | 45,310 | — | 44,944 | — | — | 44,944 | ||||||||||||||||||
U.S. corporate bonds | 251,138 | — | 252,868 | — | — | 252,868 | ||||||||||||||||||
Non U.S. corporate bonds | 46,245 | — | 46,611 | — | — | 46,611 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. equities | 258,075 | 509,564 | — | — | — | 509,564 | ||||||||||||||||||
Non U.S. equities | 152,575 | 224,139 | — | — | — | 224,139 | ||||||||||||||||||
Total | $ | 1,555,425 | $ | 985,896 | $ | 344,423 | $ | — | $ | 726,413 | $ | 2,056,732 |
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $131.8 million of equity investments in unconsolidated subsidiaries and $111.7 million of rabbi trust assets and miscellaneous investments. |
(b) | Due to limited availability of published pricing and a lack of immediate redeemability, certain fund investments measured at NAV are not required to be categorized within the fair value hierarchy. |
Dec. 31, 2016 | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Investments Measured at NAV (b) | Total | ||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||
Cash equivalents | $ | 20,379 | $ | 20,379 | $ | — | $ | — | $ | — | $ | 20,379 | ||||||||||||
Commingled funds: | ||||||||||||||||||||||||
Non U.S. equities | 260,877 | 133,126 | — | — | 112,233 | 245,359 | ||||||||||||||||||
Emerging market debt funds | 93,597 | — | — | — | 97,543 | 97,543 | ||||||||||||||||||
Commodity funds | 106,571 | — | — | — | 92,091 | 92,091 | ||||||||||||||||||
Private equity investments | 132,190 | — | — | — | 190,462 | 190,462 | ||||||||||||||||||
Real estate | 128,630 | — | — | — | 187,647 | 187,647 | ||||||||||||||||||
Other commingled funds | 151,048 | — | — | — | 159,489 | 159,489 | ||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Government securities | 32,764 | — | 31,965 | — | — | 31,965 | ||||||||||||||||||
U.S. corporate bonds | 104,913 | — | 105,772 | — | — | 105,772 | ||||||||||||||||||
Non U.S. corporate bonds | 21,751 | — | 21,672 | — | — | 21,672 | ||||||||||||||||||
Municipal bonds | 13,609 | — | 13,786 | — | — | 13,786 | ||||||||||||||||||
Mortgage-backed securities | 2,785 | — | 2,816 | — | — | 2,816 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. equities | 270,779 | 473,400 | — | — | — | 473,400 | ||||||||||||||||||
Non U.S. equities | 189,100 | 218,381 | — | — | — | 218,381 | ||||||||||||||||||
Total | $ | 1,528,993 | $ | 845,286 | $ | 176,011 | $ | — | $ | 839,465 | $ | 1,860,762 |
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $132.8 million of equity investments in unconsolidated subsidiaries and $98.3 million of rabbi trust assets and miscellaneous investments. |
(b) | Due to limited availability of published pricing and a lack of immediate redeemability, certain fund investments measured at NAV are not required to be categorized within the fair value hierarchy. |
Final Contractual Maturity | ||||||||||||||||||||
(Thousands of Dollars) | Due in 1 Year or Less | Due in 1 to 5 Years | Due in 5 to 10 Years | Due after 10 Years | Total | |||||||||||||||
Government securities | $ | — | $ | 1,275 | $ | 2,303 | $ | 41,366 | $ | 44,944 | ||||||||||
U.S. corporate bonds | 3,834 | 64,119 | 150,741 | 34,174 | 252,868 | |||||||||||||||
Non U.S. corporate bonds | — | 13,793 | 26,651 | 6,167 | 46,611 | |||||||||||||||
Debt securities | $ | 3,834 | $ | 79,187 | $ | 179,695 | $ | 81,707 | $ | 344,423 |
Sept. 30, 2017 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Rabbi Trusts (a) | ||||||||||||||||||||
Cash equivalents | $ | 11,227 | $ | 11,227 | $ | — | $ | — | $ | 11,227 | ||||||||||
Mutual funds | 46,368 | 48,944 | — | — | 48,944 | |||||||||||||||
Total | $ | 57,595 | $ | 60,171 | $ | — | $ | — | $ | 60,171 |
Dec. 31, 2016 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Rabbi Trusts (a) | ||||||||||||||||||||
Cash equivalents | $ | 47,831 | $ | 47,831 | $ | — | $ | — | $ | 47,831 | ||||||||||
Mutual funds | 1,663 | 1,901 | — | — | 1,901 | |||||||||||||||
Total | $ | 49,494 | $ | 49,732 | $ | — | $ | — | $ | 49,732 |
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. |
(Amounts in Thousands) (a)(b) | Sept. 30, 2017 | Dec. 31, 2016 | ||||
Megawatt hours of electricity | 78,733 | 46,773 | ||||
Million British thermal units of natural gas | 62,279 | 121,978 | ||||
Gallons of vehicle fuel | 300 | — |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Three Months Ended Sept. 30, 2017 | |||||||||||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains Recognized During the Period in Income | |||||||||||||||||||
(Thousands of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 1,579 | (a) | $ | — | $ | — | ||||||||||
Vehicle fuel and other commodity | 38 | — | (11 | ) | (b) | — | — | ||||||||||||||
Total | $ | 38 | $ | — | $ | 1,568 | $ | — | $ | — | |||||||||||
Other derivative instruments | |||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 1,282 | (c) | ||||||||||
Electric commodity | — | 17,750 | — | (3,122 | ) | (d) | — | ||||||||||||||
Natural gas commodity | — | (2,076 | ) | — | — | — | |||||||||||||||
Total | $ | — | $ | 15,674 | $ | — | $ | (3,122 | ) | $ | 1,282 |
Nine Months Ended Sept. 30, 2017 | |||||||||||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | |||||||||||||||||||
(Thousands of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 4,257 | (a) | $ | — | $ | — | ||||||||||
Vehicle fuel and other commodity | 81 | — | (16 | ) | (b) | — | — | ||||||||||||||
Total | $ | 81 | $ | — | $ | 4,241 | $ | — | $ | — | |||||||||||
Other derivative instruments | |||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 8,069 | (c) | ||||||||||
Electric commodity | — | 17,245 | — | (9,435 | ) | (d) | — | ||||||||||||||
Natural gas commodity | — | (9,921 | ) | — | 1,075 | (e) | (4,070 | ) | (e) | ||||||||||||
Total | $ | — | $ | 7,324 | $ | — | $ | (8,360 | ) | $ | 3,999 |
Three Months Ended Sept. 30, 2016 | |||||||||||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | Pre-Tax Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | |||||||||||||||||||
(Thousands of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 1,502 | (a) | $ | — | $ | — | ||||||||||
Vehicle fuel and other commodity | (6 | ) | — | 46 | (b) | — | — | ||||||||||||||
Total | $ | (6 | ) | $ | — | $ | 1,548 | $ | — | $ | — | ||||||||||
Other derivative instruments | |||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 1,779 | (c) | ||||||||||
Electric commodity | — | 15,497 | — | 2,491 | (d) | — | |||||||||||||||
Natural gas commodity | — | (5,737 | ) | — | — | (6 | ) | (e) | |||||||||||||
Total | $ | — | $ | 9,760 | $ | — | $ | 2,491 | $ | 1,773 |
Nine Months Ended Sept. 30, 2016 | |||||||||||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | Pre-Tax Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | |||||||||||||||||||
(Thousands of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 4,470 | (a) | $ | — | $ | — | ||||||||||
Vehicle fuel and other commodity | 7 | — | 150 | (b) | — | — | |||||||||||||||
Total | $ | 7 | $ | — | $ | 4,620 | $ | — | $ | — | |||||||||||
Other derivative instruments | |||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 3,269 | (c) | ||||||||||
Electric commodity | — | 14,528 | — | 30,024 | (d) | — | |||||||||||||||
Natural gas commodity | — | (2,376 | ) | — | 11,666 | (e) | (5,005 | ) | (e) | ||||||||||||
Total | $ | — | $ | 12,152 | $ | — | $ | 41,690 | $ | (1,736 | ) |
(a) | Amounts are recorded to interest charges. |
(b) | Amounts are recorded to operating and maintenance (O&M) expenses. |
(c) | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. |
(d) | Amounts are recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. |
(e) | Certain derivatives are utilized to mitigate natural gas price risk for electric generation and are recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2017 included no settlement gains or losses and $0.9 million of settlement gains, respectively. Amounts for the three and nine months ended Sept. 30, 2016 included no settlement gains or losses. The remaining derivative settlement gains and losses for the three and nine months ended Sept. 30, 2017 and 2016 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery and reclassified out of income to a regulatory asset or liability, as appropriate. |
Sept. 30, 2017 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | Total | |||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 56 | $ | — | $ | 56 | $ | — | $ | 56 | ||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | 1,412 | 12,172 | 86 | 13,670 | (6,692 | ) | 6,978 | |||||||||||||||||
Electric commodity | — | — | 62,951 | 62,951 | (2,841 | ) | 60,110 | |||||||||||||||||
Natural gas commodity | — | 1,898 | — | 1,898 | (135 | ) | 1,763 | |||||||||||||||||
Total current derivative assets | $ | 1,412 | $ | 14,126 | $ | 63,037 | $ | 78,575 | $ | (9,668 | ) | 68,907 | ||||||||||||
PPAs (a) | 5,626 | |||||||||||||||||||||||
Current derivative instruments | $ | 74,533 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 11 | $ | — | $ | 11 | $ | — | $ | 11 | ||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | 84 | 30,613 | 5,661 | 36,358 | (7,574 | ) | 28,784 | |||||||||||||||||
Total noncurrent derivative assets | $ | 84 | $ | 30,624 | $ | 5,661 | $ | 36,369 | $ | (7,574 | ) | 28,795 | ||||||||||||
PPAs (a) | 20,329 | |||||||||||||||||||||||
Noncurrent derivative instruments | $ | 49,124 |
Sept. 30, 2017 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | Total | |||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | $ | 1,289 | $ | 10,204 | $ | 3 | $ | 11,496 | $ | (7,495 | ) | $ | 4,001 | |||||||||||
Electric commodity | — | — | 2,842 | 2,842 | (2,841 | ) | 1 | |||||||||||||||||
Natural gas commodity | — | 962 | — | 962 | (135 | ) | 827 | |||||||||||||||||
Total current derivative liabilities | $ | 1,289 | $ | 11,166 | $ | 2,845 | $ | 15,300 | $ | (10,471 | ) | 4,829 | ||||||||||||
PPAs (a) | 22,830 | |||||||||||||||||||||||
Current derivative instruments | $ | 27,659 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | $ | 52 | $ | 23,072 | $ | — | $ | 23,124 | $ | (10,239 | ) | $ | 12,885 | |||||||||||
Total noncurrent derivative liabilities | $ | 52 | $ | 23,072 | $ | — | $ | 23,124 | $ | (10,239 | ) | 12,885 | ||||||||||||
PPAs (a) | 118,173 | |||||||||||||||||||||||
Noncurrent derivative instruments | $ | 131,058 |
(a) | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
(b) | Xcel Energy nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2017. At Sept. 30, 2017, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $3.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Dec. 31, 2016 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | Total | |||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | $ | 13,179 | $ | 14,105 | $ | — | $ | 27,284 | $ | (20,637 | ) | $ | 6,647 | |||||||||||
Electric commodity | — | — | 19,251 | 19,251 | (1,976 | ) | 17,275 | |||||||||||||||||
Natural gas commodity | — | 8,839 | — | 8,839 | — | 8,839 | ||||||||||||||||||
Total current derivative assets | $ | 13,179 | $ | 22,944 | $ | 19,251 | $ | 55,374 | $ | (22,613 | ) | 32,761 | ||||||||||||
PPAs (a) | 5,463 | |||||||||||||||||||||||
Current derivative instruments | $ | 38,224 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | $ | 100 | $ | 31,029 | $ | — | $ | 31,129 | $ | (7,323 | ) | $ | 23,806 | |||||||||||
Natural gas commodity | — | 1,652 | — | 1,652 | — | 1,652 | ||||||||||||||||||
Total noncurrent derivative assets | $ | 100 | $ | 32,681 | $ | — | $ | 32,781 | $ | (7,323 | ) | 25,458 | ||||||||||||
PPAs (a) | 24,731 | |||||||||||||||||||||||
Noncurrent derivative instruments | $ | 50,189 |
Dec. 31, 2016 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | Total | |||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | $ | 13,787 | $ | 11,320 | $ | 22 | $ | 25,129 | $ | (20,974 | ) | $ | 4,155 | |||||||||||
Electric commodity | — | — | 1,976 | 1,976 | (1,976 | ) | — | |||||||||||||||||
Total current derivative liabilities | $ | 13,787 | $ | 11,320 | $ | 1,998 | $ | 27,105 | $ | (22,950 | ) | 4,155 | ||||||||||||
PPAs (a) | 22,804 | |||||||||||||||||||||||
Current derivative instruments | $ | 26,959 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Commodity trading | $ | 89 | $ | 23,424 | $ | — | $ | 23,513 | $ | (10,727 | ) | $ | 12,786 | |||||||||||
Total noncurrent derivative liabilities | $ | 89 | $ | 23,424 | $ | — | $ | 23,513 | $ | (10,727 | ) | 12,786 | ||||||||||||
PPAs (a) | 135,360 | |||||||||||||||||||||||
Noncurrent derivative instruments | $ | 148,146 |
(a) | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
(b) | Xcel Energy nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2016. At Dec. 31, 2016, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $3.7 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Three Months Ended Sept. 30 | ||||||||
(Thousands of Dollars) | 2017 | 2016 | ||||||
Balance at July 1 | $ | 69,237 | $ | 24,517 | ||||
Purchases | — | 274 | ||||||
Settlements | (33,144 | ) | (33,982 | ) | ||||
Net transactions recorded during the period: | ||||||||
Gains recognized in earnings (a) | 548 | 9 | ||||||
Net gains recognized as regulatory assets and liabilities | 29,212 | 33,777 | ||||||
Balance at Sept. 30 | $ | 65,853 | $ | 24,595 | ||||
Nine Months Ended Sept. 30 | ||||||||
(Thousands of Dollars) | 2017 | 2016 | ||||||
Balance at Jan. 1 | $ | 17,253 | $ | 18,028 | ||||
Purchases | 80,073 | 33,296 | ||||||
Settlements | (75,121 | ) | (60,707 | ) | ||||
Net transactions recorded during the period: | ||||||||
Gains (losses) recognized in earnings (a) | 5,769 | (33 | ) | |||||
Net gains recognized as regulatory assets and liabilities | 37,879 | 34,011 | ||||||
Balance at Sept. 30 | $ | 65,853 | $ | 24,595 |
(a) | These amounts relate to commodity derivatives held at the end of the period. |
Sept. 30, 2017 | Dec. 31, 2016 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 14,878,382 | $ | 16,192,542 | $ | 14,450,247 | $ | 15,513,209 |
9. | Other Income, Net |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income | $ | 5,772 | $ | 1,385 | $ | 11,679 | $ | 6,439 | ||||||||
Other nonoperating income | — | 341 | 5,013 | 2,517 | ||||||||||||
Insurance policy expense | (528 | ) | (1,148 | ) | (2,549 | ) | (2,568 | ) | ||||||||
Other nonoperating expense | (155 | ) | — | — | — | |||||||||||
Other income, net | $ | 5,089 | $ | 578 | $ | 14,143 | $ | 6,388 |
10. | Segment Information |
• | Xcel Energy’s regulated electric utility segment generates, transmits and distributes electricity primarily in portions of Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated electric utility also includes commodity trading operations. |
• | Xcel Energy’s regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. |
• | Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include steam revenue, appliance repair services, nonutility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits. |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Three Months Ended Sept. 30, 2017 | ||||||||||||||||||||
Operating revenues from external customers | $ | 2,783,569 | $ | 214,253 | $ | 19,075 | $ | — | $ | 3,016,897 | ||||||||||
Intersegment revenues | 351 | 378 | — | (729 | ) | — | ||||||||||||||
Total revenues | $ | 2,783,920 | $ | 214,631 | $ | 19,075 | $ | (729 | ) | $ | 3,016,897 | |||||||||
Net income (loss) | $ | 503,058 | $ | 1,853 | $ | (12,770 | ) | $ | — | $ | 492,141 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Three Months Ended Sept. 30, 2016 | ||||||||||||||||||||
Operating revenues from external customers | $ | 2,799,964 | $ | 221,956 | $ | 18,227 | $ | — | $ | 3,040,147 | ||||||||||
Intersegment revenues | 282 | 292 | — | (574 | ) | — | ||||||||||||||
Total revenues | $ | 2,800,246 | $ | 222,248 | $ | 18,227 | $ | (574 | ) | $ | 3,040,147 | |||||||||
Net income (loss) | $ | 479,399 | $ | (5,297 | ) | $ | (16,307 | ) | $ | — | $ | 457,795 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Nine Months Ended Sept. 30, 2017 | ||||||||||||||||||||
Operating revenues from external customers | $ | 7,420,646 | $ | 1,129,795 | $ | 57,806 | $ | — | $ | 8,608,247 | ||||||||||
Intersegment revenues | 1,081 | 927 | — | (2,008 | ) | — | ||||||||||||||
Total revenues | $ | 7,421,727 | $ | 1,130,722 | $ | 57,806 | $ | (2,008 | ) | $ | 8,608,247 | |||||||||
Net income (loss) | $ | 924,773 | $ | 77,946 | $ | (44,045 | ) | $ | — | $ | 958,674 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Nine Months Ended Sept. 30, 2016 | ||||||||||||||||||||
Operating revenues from external customers | $ | 7,209,225 | $ | 1,046,544 | $ | 56,500 | $ | — | $ | 8,312,269 | ||||||||||
Intersegment revenues | 1,038 | 820 | — | (1,858 | ) | — | ||||||||||||||
Total revenues | $ | 7,210,263 | $ | 1,047,364 | $ | 56,500 | $ | (1,858 | ) | $ | 8,312,269 | |||||||||
Net income (loss) | $ | 863,076 | $ | 84,974 | $ | (52,148 | ) | $ | — | $ | 895,902 |
11. | Earnings Per Share |
• | Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions for settlement have been satisfied by the end of the reporting period. |
• | Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. |
Three Months Ended Sept. 30, 2017 | Three Months Ended Sept. 30, 2016 | |||||||||||||||||||||
(Amounts in thousands, except per share data) | Income | Shares | Per Share Amount | Income | Shares | Per Share Amount | ||||||||||||||||
Net income | $ | 492,141 | — | — | $ | 457,795 | — | — | ||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Earnings available to common shareholders | 492,141 | 508,581 | $ | 0.97 | 457,795 | 508,941 | $ | 0.90 | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Time based equity awards | — | 661 | — | — | 625 | — | ||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Earnings available to common shareholders | $ | 492,141 | 509,242 | $ | 0.97 | $ | 457,795 | 509,566 | $ | 0.90 | ||||||||||||
Nine Months Ended Sept. 30, 2017 | Nine Months Ended Sept. 30, 2016 | |||||||||||||||||||||
(Amounts in thousands, except per share data) | Income | Shares | Per Share Amount | Income | Shares | Per Share Amount | ||||||||||||||||
Net income | $ | 958,674 | — | — | $ | 895,902 | — | — | ||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Earnings available to common shareholders | 958,674 | 508,468 | $ | 1.89 | 895,902 | 508,840 | $ | 1.76 | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Time based equity awards | — | 584 | — | — | 556 | — | ||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Earnings available to common shareholders | $ | 958,674 | 509,052 | $ | 1.88 | $ | 895,902 | 509,396 | $ | 1.76 | ||||||||||||
12. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended Sept. 30 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 23,547 | $ | 22,940 | $ | 465 | $ | 432 | ||||||||
Interest cost | 36,702 | 40,027 | 5,984 | 6,527 | ||||||||||||
Expected return on plan assets | (52,318 | ) | (52,575 | ) | (6,155 | ) | (6,249 | ) | ||||||||
Amortization of prior service credit | (442 | ) | (478 | ) | (2,672 | ) | (2,672 | ) | ||||||||
Amortization of net loss | 26,671 | 24,384 | 1,672 | 1,011 | ||||||||||||
Net periodic benefit cost (credit) | 34,160 | 34,298 | (706 | ) | (951 | ) | ||||||||||
Costs not recognized due to the effects of regulation | (3,610 | ) | (3,976 | ) | — | — | ||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 30,550 | $ | 30,322 | $ | (706 | ) | $ | (951 | ) | ||||||
Nine Months Ended Sept. 30 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 70,641 | $ | 68,805 | $ | 1,395 | $ | 1,295 | ||||||||
Interest cost | 110,106 | 120,078 | 17,952 | 19,580 | ||||||||||||
Expected return on plan assets | (156,953 | ) | (157,725 | ) | (18,466 | ) | (18,746 | ) | ||||||||
Amortization of prior service credit | (1,326 | ) | (1,439 | ) | (8,015 | ) | (8,015 | ) | ||||||||
Amortization of net loss | 80,012 | 73,154 | 5,016 | 3,031 | ||||||||||||
Net periodic benefit cost (credit) | 102,480 | 102,873 | (2,118 | ) | (2,855 | ) | ||||||||||
Costs not recognized due to the effects of regulation | (11,523 | ) | (12,587 | ) | — | — | ||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 90,957 | $ | 90,286 | $ | (2,118 | ) | $ | (2,855 | ) |
13. | Other Comprehensive Income (Loss) |
Three Months Ended Sept. 30, 2017 | ||||||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Unrealized Gains and Losses on Marketable Securities | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||
Accumulated other comprehensive (loss) income at June 30 | $ | (49,497 | ) | $ | 111 | $ | (57,409 | ) | $ | (106,795 | ) | |||||
Other comprehensive income before reclassifications | 23 | — | — | 23 | ||||||||||||
Losses reclassified from net accumulated other comprehensive loss | 981 | — | 982 | 1,963 | ||||||||||||
Net current period other comprehensive income | 1,004 | — | 982 | 1,986 | ||||||||||||
Accumulated other comprehensive (loss) income at Sept. 30 | $ | (48,493 | ) | $ | 111 | $ | (56,427 | ) | $ | (104,809 | ) |
Three Months Ended Sept. 30, 2016 | ||||||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Unrealized Gains and Losses on Marketable Securities | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||
Accumulated other comprehensive (loss) income at June 30 | $ | (52,980 | ) | $ | 110 | $ | (53,925 | ) | $ | (106,795 | ) | |||||
Other comprehensive loss before reclassifications | (4 | ) | — | — | (4 | ) | ||||||||||
Losses reclassified from net accumulated other comprehensive loss | 960 | — | 878 | 1,838 | ||||||||||||
Net current period other comprehensive income | 956 | — | 878 | 1,834 | ||||||||||||
Accumulated other comprehensive (loss) income at Sept. 30 | $ | (52,024 | ) | $ | 110 | $ | (53,047 | ) | $ | (104,961 | ) |
Nine Months Ended Sept. 30, 2017 | ||||||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Unrealized Gains on Marketable Securities | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||
Accumulated other comprehensive (loss) income at Jan. 1 | $ | (51,151 | ) | $ | 110 | $ | (59,313 | ) | $ | (110,354 | ) | |||||
Other comprehensive income before reclassifications | 49 | 1 | — | 50 | ||||||||||||
Losses reclassified from net accumulated other comprehensive loss | 2,609 | — | 2,886 | 5,495 | ||||||||||||
Net current period other comprehensive income | 2,658 | 1 | 2,886 | 5,545 | ||||||||||||
Accumulated other comprehensive (loss) income at Sept. 30 | $ | (48,493 | ) | $ | 111 | $ | (56,427 | ) | $ | (104,809 | ) |
Nine Months Ended Sept. 30, 2016 | ||||||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Unrealized Gains on Marketable Securities | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||
Accumulated other comprehensive (loss) income at Jan. 1 | $ | (54,862 | ) | $ | 110 | $ | (55,001 | ) | $ | (109,753 | ) | |||||
Other comprehensive income (loss) before reclassifications | 4 | — | (653 | ) | (649 | ) | ||||||||||
Losses reclassified from net accumulated other comprehensive loss | 2,834 | — | 2,607 | 5,441 | ||||||||||||
Net current period other comprehensive income | 2,838 | — | 1,954 | 4,792 | ||||||||||||
Accumulated other comprehensive (loss) income at Sept. 30 | $ | (52,024 | ) | $ | 110 | $ | (53,047 | ) | $ | (104,961 | ) |
(Thousands of Dollars) | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||
Three Months Ended Sept. 30, 2017 | Three Months Ended Sept. 30, 2016 | ||||||||
Losses (gains) on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 1,579 | (a) | $ | 1,502 | (a) | |||
Vehicle fuel derivatives | (11 | ) | (b) | 46 | (b) | ||||
Total, pre-tax | 1,568 | 1,548 | |||||||
Tax benefit | (587 | ) | (588 | ) | |||||
Total, net of tax | 981 | 960 | |||||||
Defined benefit pension and postretirement losses: | |||||||||
Amortization of net loss | 1,622 | (c) | 1,478 | (c) | |||||
Prior service credit | (58 | ) | (c) | (64 | ) | (c) | |||
Total, pre-tax | 1,564 | 1,414 | |||||||
Tax benefit | (582 | ) | (536 | ) | |||||
Total, net of tax | 982 | 878 | |||||||
Total amounts reclassified, net of tax | $ | 1,963 | $ | 1,838 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Nine Months Ended Sept. 30, 2017 | Nine Months Ended Sept. 30, 2016 | |||||||
Losses (gains) on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 4,257 | (a) | $ | 4,470 | (a) | |||
Vehicle fuel derivatives | (16 | ) | (b) | 150 | (b) | ||||
Total, pre-tax | 4,241 | 4,620 | |||||||
Tax benefit | (1,632 | ) | (1,786 | ) | |||||
Total, net of tax | 2,609 | 2,834 | |||||||
Defined benefit pension and postretirement losses: | |||||||||
Amortization of net loss | 4,868 | (c) | 4,434 | (c) | |||||
Prior service credit | (177 | ) | (c) | (192 | ) | (c) | |||
Total, pre-tax | 4,691 | 4,242 | |||||||
Tax benefit | (1,805 | ) | (1,635 | ) | |||||
Total, net of tax | 2,886 | 2,607 | |||||||
Total amounts reclassified, net of tax | $ | 5,495 | $ | 5,441 |
(a) | Included in interest charges. |
(b) | Included in O&M expenses. |
(c) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 12 for details regarding these benefit plans. |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||
Diluted Earnings (Loss) Per Share | 2017 | 2016 | 2017 | 2016 | ||||||||||||
NSP-Minnesota | $ | 0.45 | $ | 0.41 | $ | 0.81 | $ | 0.74 | ||||||||
PSCo | 0.37 | 0.34 | 0.78 | 0.74 | ||||||||||||
SPS | 0.13 | 0.13 | 0.25 | 0.24 | ||||||||||||
NSP-Wisconsin | 0.04 | 0.05 | 0.12 | 0.11 | ||||||||||||
Equity earnings of unconsolidated subsidiaries | 0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||
Regulated utility (a) | 1.00 | 0.94 | 1.98 | 1.87 | ||||||||||||
Xcel Energy Inc. and other | (0.03 | ) | (0.04 | ) | (0.10 | ) | (0.11 | ) | ||||||||
GAAP diluted EPS | $ | 0.97 | $ | 0.90 | $ | 1.88 | $ | 1.76 |
(a) | Amounts may not add due to rounding. |
Diluted Earnings (Loss) Per Share | Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||
2016 GAAP diluted EPS | $ | 0.90 | $ | 1.76 | ||||
Components of change — 2017 vs. 2016 | ||||||||
Higher electric margins | 0.02 | 0.14 | ||||||
Lower ETR (a) | 0.07 | 0.10 | ||||||
Lower O&M expenses | 0.06 | 0.07 | ||||||
Higher natural gas margins | — | 0.01 | ||||||
Higher depreciation and amortization | (0.05 | ) | (0.16 | ) | ||||
Higher conservation and DSM expenses (offset by higher revenues) | (0.01 | ) | (0.03 | ) | ||||
Other, net | (0.02 | ) | (0.01 | ) | ||||
2017 GAAP diluted EPS | $ | 0.97 | $ | 1.88 |
(a) | Lower ETR includes the impact of an additional $9.6 million and $18.4 million of wind production tax credits (PTCs) for the three and nine months ended Sept. 30, 2017, respectively, which are largely flowed back to customers through electric margin. |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||
2017 vs. Normal | 2016 vs. Normal | 2017 vs. 2016 | 2017 vs. Normal | 2016 vs. Normal | 2017 vs. 2016 | ||||||||||||
HDD | (16.5 | )% | (52.6 | )% | 67.5 | % | (13.6 | )% | (12.7 | )% | (2.2 | )% | |||||
CDD | 5.3 | 11.0 | (4.5 | ) | 5.9 | 8.3 | (1.8 | ) | |||||||||
THI | (11.6 | ) | 6.5 | (17.5 | ) | (10.6 | ) | 8.6 | (18.5 | ) |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||
2017 vs. Normal | 2016 vs. Normal | 2017 vs. 2016 | 2017 vs. Normal | 2016 vs. Normal | 2017 vs. 2016 | ||||||||||||||||||
Retail electric | $ | (0.011 | ) | $ | 0.024 | $ | (0.035 | ) | $ | (0.032 | ) | $ | 0.020 | $ | (0.052 | ) | |||||||
Firm natural gas | — | (0.001 | ) | 0.001 | (0.020 | ) | (0.014 | ) | (0.006 | ) | |||||||||||||
Total (excluding decoupling) | $ | (0.011 | ) | $ | 0.023 | $ | (0.034 | ) | $ | (0.052 | ) | $ | 0.006 | $ | (0.058 | ) | |||||||
Decoupling – Minnesota | 0.015 | (0.008 | ) | 0.023 | 0.023 | (0.009 | ) | 0.032 | |||||||||||||||
Total (adjusted for recovery from decoupling) | $ | 0.004 | $ | 0.015 | $ | (0.011 | ) | $ | (0.029 | ) | $ | (0.003 | ) | $ | (0.026 | ) |
Three Months Ended Sept. 30 | |||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Actual | |||||||||||||||
Electric residential (a) | (6.8 | )% | (2.5 | )% | (7.4 | )% | (6.9 | )% | (5.3 | )% | |||||
Electric commercial and industrial | (2.7 | ) | 0.8 | (1.0 | ) | 1.5 | (0.9 | ) | |||||||
Total retail electric sales | (3.9 | ) | (0.3 | ) | (2.5 | ) | (0.8 | ) | (2.2 | ) | |||||
Firm natural gas sales | 8.5 | 4.7 | N/A | 11.4 | 6.2 |
Three Months Ended Sept. 30 | |||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Weather-normalized | |||||||||||||||
Electric residential (a) | (1.5 | )% | (3.0 | )% | (2.0 | )% | (0.4 | )% | (2.1 | )% | |||||
Electric commercial and industrial | (1.9 | ) | 0.7 | 0.3 | 3.0 | (0.2 | ) | ||||||||
Total retail electric sales | (1.8 | ) | (0.6 | ) | (0.3 | ) | 2.0 | (0.8 | ) | ||||||
Firm natural gas sales | 6.9 | (0.6 | ) | N/A | 9.6 | 2.1 |
Nine Months Ended Sept. 30 | |||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Actual | |||||||||||||||
Electric residential (a) | (3.3 | )% | (1.9 | )% | (4.4 | )% | (2.7 | )% | (2.9 | )% | |||||
Electric commercial and industrial | (1.6 | ) | 0.6 | 0.7 | 1.5 | (0.2 | ) | ||||||||
Total retail electric sales | (2.1 | ) | (0.2 | ) | (0.4 | ) | 0.3 | (1.0 | ) | ||||||
Firm natural gas sales | 4.4 | (5.5 | ) | N/A | 4.5 | (1.9 | ) |
Nine Months Ended Sept. 30 | |||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Weather-normalized | |||||||||||||||
Electric residential (a) | (0.5 | )% | (1.5 | )% | (1.7 | )% | 0.4 | % | (1.0 | )% | |||||
Electric commercial and industrial | (1.0 | ) | 0.7 | 1.0 | 2.1 | 0.2 | |||||||||
Total retail electric sales | (0.9 | ) | — | 0.3 | 1.6 | (0.2 | ) | ||||||||
Firm natural gas sales | 4.4 | (1.0 | ) | N/A | 4.0 | 1.0 |
Nine Months Ended Sept. 30 (Excluding Leap Day) (b) | |||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Weather-normalized - adjusted for leap day | |||||||||||||||
Electric residential (a) | (0.2 | )% | (1.2 | )% | (1.3 | )% | 0.8 | % | (0.6 | )% | |||||
Electric commercial and industrial | (0.7 | ) | 1.0 | 1.3 | 2.4 | 0.6 | |||||||||
Total retail electric sales | (0.5 | ) | 0.3 | 0.7 | 1.9 | 0.2 | |||||||||
Firm natural gas sales | 5.3 | (0.3 | ) | N/A | 4.8 | 1.8 |
(a) | Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized and actual growth estimates. |
(b) | The estimated impact of the 2016 leap day is excluded to present a more comparable year-over-year presentation. The estimated impact of the additional day of sales in 2016 was approximately 30-40 basis points for retail electric and 70-80 basis points for firm natural gas for the nine months ended. |
• | NSP-Minnesota’s residential sales decrease was a result of lower use per customer, partially offset by customer growth. The decline in commercial and industrial (C&I) sales was largely due to reduced usage, which offset an increase in the number of customers. Declines in services offset increased sales to large customers in manufacturing and energy industries. |
• | PSCo’s decline in residential sales reflects lower use per customer, partially offset by customer additions. C&I growth was mainly due to an increase in customers and higher use for large C&I customers that support the mining, oil and natural gas industries, which were partially reduced by lower use for the small C&I class. |
• | SPS’ residential sales fell largely due to lower use per customer. The increase in C&I sales reflects customer additions and greater use per customer driven by the oil and natural gas industry in the Permian Basin. |
• | NSP-Wisconsin’s residential sales increase was primarily attributable to higher use per customer and customer additions. C&I growth was largely due to higher use per customer and an increase in sales to customers in the sand mining industry and large customers in the energy and manufacturing industries. |
• | Across most service territories, higher natural gas sales reflect an increase in the number of customers, partially offset by a decline in customer use. |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Electric revenues | $ | 2,784 | $ | 2,800 | $ | 7,421 | $ | 7,209 | ||||||||
Electric fuel and purchased power | (1,006 | ) | (1,037 | ) | (2,850 | ) | (2,755 | ) | ||||||||
Electric margin | $ | 1,778 | $ | 1,763 | $ | 4,571 | $ | 4,454 |
(Millions of Dollars) | Three Months Ended Sept. 30 2017 vs. 2016 | Nine Months Ended Sept. 30 2017 vs. 2016 | ||||||
Retail rate increases (Texas, Minnesota, New Mexico and Wisconsin) | $ | 25 | $ | 102 | ||||
Trading | 8 | 50 | ||||||
Non-fuel riders | 19 | 39 | ||||||
Higher conservation and DSM revenues (offset by higher expenses) | 10 | 24 | ||||||
Decoupling (weather portion - Minnesota) | 17 | 24 | ||||||
Fuel and purchased power cost recovery | (55 | ) | 1 | |||||
Wholesale transmission revenue | (12 | ) | — | |||||
Estimated impact of weather | (26 | ) | (39 | ) | ||||
Conservation incentive | (8 | ) | (12 | ) | ||||
Other, net | 6 | 23 | ||||||
Total (decrease) increase in electric revenues | $ | (16 | ) | $ | 212 |
(Millions of Dollars) | Three Months Ended Sept. 30 2017 vs. 2016 | Nine Months Ended Sept. 30 2017 vs. 2016 | ||||||
Retail rate increases (Texas, Minnesota, New Mexico and Wisconsin) | $ | 25 | $ | 102 | ||||
Non-fuel riders | 19 | 39 | ||||||
Higher conservation and DSM revenues (offset by higher expenses) | 10 | 24 | ||||||
Decoupling (weather portion - Minnesota) | 17 | 24 | ||||||
Estimated impact of weather | (26 | ) | (39 | ) | ||||
Wholesale transmission revenue, net of costs | (24 | ) | (37 | ) | ||||
Conservation incentive | (8 | ) | (12 | ) | ||||
Other, net | 2 | 16 | ||||||
Total increase in electric margin | $ | 15 | $ | 117 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Natural gas revenues | $ | 214 | $ | 222 | $ | 1,130 | $ | 1,047 | ||||||||
Cost of natural gas sold and transported | (64 | ) | (68 | ) | (543 | ) | (470 | ) | ||||||||
Natural gas margin | $ | 150 | $ | 154 | $ | 587 | $ | 577 |
(Millions of Dollars) | Three Months Ended Sept. 30 2017 vs. 2016 | Nine Months Ended Sept. 30 2017 vs. 2016 | ||||||
Purchased natural gas adjustment clause recovery | $ | (4 | ) | $ | 72 | |||
Infrastructure and integrity riders | (1 | ) | 11 | |||||
Estimated impact of weather | 1 | (4 | ) | |||||
Other, net | (4 | ) | 4 | |||||
Total (decrease) increase in natural gas revenues | $ | (8 | ) | $ | 83 |
(Millions of Dollars) | Three Months Ended Sept. 30 2017 vs. 2016 | Nine Months Ended Sept. 30 2017 vs. 2016 | ||||||
Infrastructure and integrity riders | $ | (1 | ) | $ | 11 | |||
Estimated impact of weather | 1 | (4 | ) | |||||
Other, net | (4 | ) | 3 | |||||
Total (decrease) increase in natural gas margin | $ | (4 | ) | $ | 10 |
(Millions of Dollars) | Three Months Ended Sept. 30 2017 vs. 2016 | Nine Months Ended Sept. 30 2017 vs. 2016 | ||||||
Plant generation costs | $ | (4.5 | ) | $ | (33.9 | ) | ||
Nuclear plant operations and amortization | (11.0 | ) | (17.3 | ) | ||||
Electric distribution costs | (16.0 | ) | (10.7 | ) | ||||
Transmission costs | (3.1 | ) | (9.9 | ) | ||||
Employee benefits expense | (7.0 | ) | 9.7 | |||||
Texas 2016 electric rate case cost deferral | — | 7.9 | ||||||
Other, net | (6.9 | ) | (4.1 | ) | ||||
Total decrease in O&M expenses | $ | (48.5 | ) | $ | (58.3 | ) |
• | Plant generation costs decreased primarily due to the timing of planned maintenance and overhauls at a number of generation facilities; |
• | Nuclear plant operations and amortization expenses are lower mostly due to savings initiatives and reduced refueling outage costs; |
• | Electric distribution costs declined as a result of storm damage expense incurred in 2016; and |
• | Transmission costs decreased mostly due to the timing of transmission line maintenance. |
Project Name | Capacity (MW) | State | Estimated Year of Completion | Ownership/PPA | Regulatory Status | ||||||
Rush Creek | 600 | CO | 2018 | PSCo | Approved by CPUC | ||||||
Freeborn | 200 | MN/IA | 2020 | NSP-Minnesota | Approved by MPUC | ||||||
Blazing Star 1 | 200 | MN | 2019 | NSP-Minnesota | Approved by MPUC | ||||||
Blazing Star 2 | 200 | MN | 2020 | NSP-Minnesota | Approved by MPUC | ||||||
Lake Benton | 100 | MN | 2019 | NSP-Minnesota | Approved by MPUC | ||||||
Foxtail | 150 | ND | 2019 | NSP-Minnesota | Approved by MPUC | ||||||
Crowned Ridge | 300 | SD | 2019 | NSP-Minnesota | Approved by MPUC | ||||||
Dakota Range | 300 | SD | 2021 | NSP-Minnesota | Pending MPUC Approval | ||||||
Hale | 478 | TX | 2019 | SPS | Pending PUCT & NMPRC Approval | ||||||
Sagamore | 522 | NM | 2020 | SPS | Pending PUCT & NMPRC Approval | ||||||
Total Ownership | 3,050 | ||||||||||
Crowned Ridge | 300 | SD | 2019 | PPA | Approved by MPUC | ||||||
Clean Energy 1 | 100 | ND | 2019 | PPA | Approved by MPUC | ||||||
Bonita | 230 | TX | 2019 | PPA | Pending PUCT & NMPRC Approval | ||||||
Total PPA | 630 | ||||||||||
Total Wind Capacity | 3,680 |
• | The termination of a PPA with Benson Power LLC (Benson) for its 55 MW biomass facility in Benson, Minn., including the purchase and closure of the facility. The purchase of the Benson biomass facility requires FERC approval, which was requested in August 2017. The transaction would result in payments of $95 million to terminate the PPA and acquire the facility, as well as additional expenditures of approximately $26 million to temporarily operate then close the facility. |
• | The termination of a PPA with Laurentian Energy Authority I, LLC (Laurentian) for its 35 MW of biomass facilities in Hibbing and Virginia, Minn. The termination of the Laurentian PPA would result in $108.5 million of contract cancellation payments over six years. |
• | The remaining two requested PPA changes involve a PPA extension for a 34 MW waste-to-energy facility at a price reflective of current market conditions and termination of another 12 MW waste-to-energy PPA. |
• | Hampton, Minn. to Rochester, Minn. to La Crosse, Wis. 161/345 kilovolt (KV) transmission lines — The final 161 KV and 345 KV segments of the project went into service in January 2016 and September 2016, respectively; |
• | Brookings County, S.D. to Hampton, Minn. 345 KV transmission line — The project was placed in service in March 2015; |
• | Bemidji, Minn. to Grand Rapids, Minn. 230 KV transmission line — The project was placed in service in September 2012; |
• | Monticello, Minn. to Fargo, N.D. 345 KV transmission line — The final portion of the project was placed in service in April 2015; and |
• | Big Stone South to Brookings County, S.D. 345 KV transmission line — The project was placed in service in September 2017. |
• | Early retirement of 660 MW of coal-fired generation at Comanche Units 1 (2022) and 2 (2025); |
• | An RFP which could result in the addition of up to 1,000 MW of wind, 700 MW solar and 700 MW of natural gas and/or storage; |
• | Utility ownership targets of 50 percent renewable generation resources and 75 percent of natural gas-fired, storage, or renewable with storage generation resources; |
• | Accelerated depreciation for the early retirement of the two Comanche units and establishment of a regulatory asset to collect the incremental depreciation expense and related costs; |
• | Reduction of the Renewable Energy Standard Adjustment rider, from two percent to one percent, subject to regulatory proceedings, effective beginning 2021 or 2022; and |
• | Construction of a new transmission switching station to further the development of renewable generating resources. |
• | Effective Jan. 1, 2018 through December 2023 (subject to establishing new rates in the next electric rate case); |
• | Applicable to the residential class and small commercial class; |
• | Based on total class revenues (subject to establishing the base period in the next electric rate case); |
• | Based on actual sales; and |
• | Subject to a soft cap of 3 percent on any annual adjustment. |
• | Finance Boulder’s municipalization efforts; |
• | Design or construct future Boulder electric distribution facilities; |
• | Enter into joint use of pole arrangements with Boulder; and |
• | Use a third party to design and build facilities. |
• | Filing an agreement between Boulder and PSCo providing permanent rights for PSCo to place and access facilities in Boulder needed to continue to serve its customers; |
• | Filing a complete and accurate revised list of distribution assets to be transferred; and |
• | Filing an agreement to address numerous aspects of payments from Boulder to PSCo for costs of Boulder’s municipalization efforts. |
• | An extension and increase of the UOT for funding Boulder’s exploration of municipalization; |
• | Requiring final voter approval prior to Boulder issuing debt to acquire assets and fund the start up of a local electric utility; and |
• | Extending Boulder city council’s authority to hold non-public, executive sessions to discuss legal strategy related to municipalization, but not to discuss certain settlement options with PSCo. |
• | Are located within a FERC-approved organized wholesale market operated by an RTO or Independent System Operator; |
• | Have 90 days of on-site fuel storage; |
• | Provide essential energy and ancillary reliability services to the grid; |
• | Are in compliance with all environmental mandates; and |
• | Are not subject to cost-of-service regulation by any state or local authority. |
Futures / Forwards | |||||||||||||||||||||||
(Thousands of Dollars) | Source of Fair Value | Maturity Less Than 1 Year | Maturity 1 to 3 Years | Maturity 4 to 5 Years | Maturity Greater Than 5 Years | Total Futures/ Forwards Fair Value | |||||||||||||||||
NSP-Minnesota | 1 | $ | 2,465 | $ | 3,898 | $ | 3,712 | $ | — | $ | 10,075 | ||||||||||||
PSCo | 1 | 107 | 105 | — | — | 212 | |||||||||||||||||
PSCo | 2 | 2 | — | — | — | 2 | |||||||||||||||||
$ | 2,574 | $ | 4,003 | $ | 3,712 | $ | — | $ | 10,289 |
Options | |||||||||||||||||||||||
(Thousands of Dollars) | Source of Fair Value | Maturity Less Than 1 Year | Maturity 1 to 3 Years | Maturity 4 to 5 Years | Maturity Greater Than 5 Years | Total Futures/ Forwards Fair Value | |||||||||||||||||
NSP-Minnesota | 1 | $ | (365 | ) | $ | (15 | ) | $ | — | $ | — | $ | (380 | ) | |||||||||
NSP-Minnesota | 2 | — | 3,921 | 1,579 | — | 5,500 | |||||||||||||||||
$ | (365 | ) | $ | 3,906 | $ | 1,579 | $ | — | $ | 5,120 |
Nine Months Ended Sept. 30 | ||||||||
(Thousands of Dollars) | 2017 | 2016 | ||||||
Fair value of commodity trading net contract assets outstanding at Jan. 1 | $ | 9,771 | $ | 11,040 | ||||
Contracts realized or settled during the period | (9,118 | ) | (2,628 | ) | ||||
Commodity trading contract additions and changes during the period | 14,756 | 3,139 | ||||||
Fair value of commodity trading net contract assets outstanding at Sept. 30 | $ | 15,409 | $ | 11,551 |
(Millions of Dollars) | Three Months Ended Sept. 30 | VaR Limit | Average | High | Low | |||||||||||||||
2017 | $ | 0.07 | $ | 3.00 | $ | 0.13 | $ | 0.63 | $ | 0.03 | ||||||||||
2016 | 0.10 | 3.00 | 0.18 | 0.38 | 0.05 |
Nine Months Ended Sept. 30 | ||||||||
(Millions of Dollars) | 2017 | 2016 | ||||||
Cash provided by operating activities | $ | 2,367 | $ | 2,425 |
Nine Months Ended Sept. 30 | ||||||||
(Millions of Dollars) | 2017 | 2016 | ||||||
Cash used in investing activities | $ | (2,239 | ) | $ | (2,206 | ) |
Nine Months Ended Sept. 30 | ||||||||
(Millions of Dollars) | 2017 | 2016 | ||||||
Cash (used in) provided by financing activities | $ | (45 | ) | $ | 49 |
Base Capital Forecast | ||||||||||||||||||||||||
By Subsidiary (Millions of Dollars) | 2018 | 2019 | 2020 | 2021 | 2022 | 2018 - 2022 Total | ||||||||||||||||||
NSP-Minnesota | $ | 1,370 | $ | 1,910 | $ | 1,450 | $ | 1,590 | $ | 1,500 | $ | 7,820 | ||||||||||||
PSCo | 1,650 | 1,020 | 950 | 1,150 | 1,410 | 6,180 | ||||||||||||||||||
SPS | 1,020 | 1,140 | 710 | 470 | 540 | 3,880 | ||||||||||||||||||
NSP-Wisconsin | 250 | 250 | 240 | 280 | 290 | 1,310 | ||||||||||||||||||
Other (a) | 20 | (90 | ) | (90 | ) | (30 | ) | — | (190 | ) | ||||||||||||||
Total capital expenditures | $ | 4,310 | $ | 4,230 | $ | 3,260 | $ | 3,460 | $ | 3,740 | $ | 19,000 |
Base Capital Forecast | ||||||||||||||||||||||||
By Function (Millions of Dollars) | 2018 | 2019 | 2020 | 2021 | 2022 | 2018 - 2022 Total | ||||||||||||||||||
Electric distribution | $ | 750 | $ | 810 | $ | 870 | $ | 1,110 | $ | 1,380 | $ | 4,920 | ||||||||||||
Renewables | 1,410 | 1,860 | 880 | 270 | — | 4,420 | ||||||||||||||||||
Electric transmission | 770 | 540 | 570 | 860 | 980 | 3,720 | ||||||||||||||||||
Electric generation | 520 | 370 | 290 | 520 | 530 | 2,230 | ||||||||||||||||||
Natural gas | 460 | 400 | 410 | 420 | 510 | 2,200 | ||||||||||||||||||
Other (b) | 400 | 250 | 240 | 280 | 340 | 1,510 | ||||||||||||||||||
Total capital expenditures | $ | 4,310 | $ | 4,230 | $ | 3,260 | $ | 3,460 | $ | 3,740 | $ | 19,000 |
(a) | Other category includes intercompany transfers for safe harbor wind turbines. |
(b) | Amounts in other category are net of intercompany transfers. |
(Millions of Dollars) | ||||
Funding Capital Expenditures | ||||
Cash from Operations* | $ | 13,920 | ||
New Debt** | 4,695 | |||
Equity through the Dividend Reinvestment Program (DRIP) and Benefit Programs | 385 | |||
Base Capital Expenditures 2018-2022 | $ | 19,000 | ||
Maturing Debt | $ | 3,450 |
• | In January 2017, contributions of $150.0 million were made across four of Xcel Energy’s pension plans; |
• | In 2016, contributions of $125.2 million were made across four of Xcel Energy’s pension plans; and |
• | For future years, contributions will be made as deemed appropriate based on evaluation of various factors including the funded status of the plans, minimum funding requirements, interest rates and expected investment returns. |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||
Xcel Energy Inc. | $ | 1,000 | $ | 366 | $ | 634 | $ | 1 | $ | 635 | ||||||||||
PSCo | 700 | 4 | 696 | 18 | 714 | |||||||||||||||
NSP-Minnesota | 500 | 22 | 478 | — | 478 | |||||||||||||||
SPS | 400 | 3 | 397 | 49 | 446 | |||||||||||||||
NSP-Wisconsin | 150 | 119 | 31 | 1 | 32 | |||||||||||||||
Total | $ | 2,750 | $ | 514 | $ | 2,236 | $ | 69 | $ | 2,305 |
(a) | These credit facilities expire in June 2021. |
(b) | Includes outstanding commercial paper and letters of credit. |
• | $1 billion for Xcel Energy Inc.; |
• | $700 million for PSCo; |
• | $500 million for NSP-Minnesota; |
• | $400 million for SPS; and |
• | $150 million for NSP-Wisconsin. |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2017 | Year Ended Dec. 31, 2016 | ||||||
Borrowing limit | $ | 2,750 | $ | 2,750 | ||||
Amount outstanding at period end | 514 | 392 | ||||||
Average amount outstanding | 679 | 485 | ||||||
Maximum amount outstanding | 867 | 1,183 | ||||||
Weighted average interest rate, computed on a daily basis | 1.50 | % | 0.74 | % | ||||
Weighted average interest rate at period end | 1.53 | 0.95 |
• | PSCo issued $400 million of 3.80 percent first mortgage bonds due June 15, 2047; |
• | SPS issued $450 million of 3.70 percent first mortgage bonds due Aug. 15, 2047; |
• | NSP-Minnesota issued $600 million of 3.60 percent first mortgage bonds due Sept. 15, 2047; |
• | NSP-Wisconsin plans to issue approximately $100 million of first mortgage bonds in the fourth quarter; and |
• | Xcel Energy Inc. plans to issue short-term debt in the fourth quarter to meet financing needs. |
• | Xcel Energy Inc. plans to issue approximately $750 million of senior unsecured bonds; |
• | NSP-Minnesota plans to issue approximately $300 million of first mortgage bonds; |
• | NSP-Wisconsin plans to issue approximately $150 million of first mortgage bonds; |
• | PSCo plans to issue approximately $700 million of first mortgage bonds; and |
• | SPS plans to issue approximately $300 million of first mortgage bonds. |
• | On Aug. 30, 2017, SPS reacquired $250 million of debt with a coupon rate of 8.75 percent and an original maturity date of Dec. 1, 2018. The redemption resulted in payment of an early redemption premium of $21.6 million which was deferred as a regulatory asset. |
• | On Sept. 29, 2017, NSP-Minnesota reacquired $500 million of debt with a coupon rate of 5.25 percent and an original maturity date of March 1, 2018. The redemption resulted in payment of an early redemption premium of $7.9 million which was deferred as a regulatory asset. |
• | Constructive outcomes in all rate case and regulatory proceedings. |
• | Normal weather patterns are experienced for the remainder of the year. |
• | Weather-normalized retail electric sales are projected to be within a range of 0 percent to 0.5 percent over 2016 levels. |
• | Weather-normalized retail firm natural gas sales are projected to be within a range of 0 percent to 0.5 percent over 2016 levels. |
• | Capital rider revenue is projected to increase by $45 million to $55 million over 2016 levels. |
• | O&M expenses are projected to be flat. |
• | Depreciation expense is projected to increase approximately $180 million to $190 million over 2016 levels. |
• | Property taxes are projected to be within a range of approximately $0 million to $10 million over 2016 levels. |
• | Interest expense (net of AFUDC — debt) is projected to increase $10 million to $20 million over 2016 levels. |
• | AFUDC — equity is projected to increase approximately $10 million to $20 million from 2016 levels. |
• | The ETR is projected to be approximately 31 percent. |
• | Average common stock and equivalents are projected to be approximately 509 million shares. |
• | Constructive outcomes in all rate case and regulatory proceedings. |
• | Normal weather patterns. |
• | Weather-normalized retail electric sales are projected to be within a range of 0 percent to 0.5 percent over 2017 levels. |
• | Weather-normalized retail firm natural gas sales are projected to be within a range of 0 percent to 0.5 percent below 2017 levels. |
• | Capital rider revenue is projected to increase by $40 million to $50 million over 2017 levels. |
• | O&M expenses are projected to be flat. |
• | Depreciation expense is projected to increase approximately $120 million to$130 million over 2017 levels. |
• | Property taxes are projected to increase approximately $35 million to $45 million over 2017 levels. |
• | Interest expense (net of AFUDC — debt) is projected to increase $20 million to $30 million over 2017 levels. |
• | AFUDC — equity is projected to increase approximately $20 million to $30 million from 2017 levels. |
• | The ETR is projected to be approximately 30 percent to 32 percent. |
• | Average common stock and equivalents are projected to be approximately 510 million shares. |
(a) | Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. Xcel Energy is unable to forecast if any of these items will occur or provide a quantitative reconciliation of the guidance for ongoing diluted EPS to corresponding GAAP diluted EPS. |
• | Deliver long-term annual EPS growth of 5 percent to 6 percent off of a 2017 base of $2.30 per share (which represents the midpoint of the 2017 guidance range of $2.25 to $2.35 per share); |
• | Deliver annual dividend increases of 5 percent to 7 percent; |
• | Target a dividend payout ratio of 60 percent to 70 percent; and |
• | Maintain senior unsecured debt credit ratings in the BBB+ to A range. |
Issuer Purchases of Equity Securities | |||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||
July 1, 2017 — July 31, 2017 | — | $ | — | — | — | ||||||||
Aug. 1, 2017 — Aug. 31, 2017 | — | — | — | — | |||||||||
Sept. 1, 2017 — Sept. 30, 2017 | — | — | — | — | |||||||||
Total | — | — | — |
3.01* | |
3.02* | |
4.01* | |
4.02* | |
10.1+ | |
101 | The following materials from Xcel Energy Inc.’s Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2017 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Balance Sheets, (v) the Consolidated Statements of Common Stockholders’ Equity, (vi) Notes to Consolidated Financial Statements, and (vii) document and entity information. |
XCEL ENERGY INC. | ||
Oct. 27, 2017 | By: | /s/ JEFFREY S. SAVAGE |
Jeffrey S. Savage | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) | ||
/s/ ROBERT C. FRENZEL | ||
Robert C. Frenzel | ||
Executive Vice President, Chief Financial Officer | ||
(Principal Financial Officer) |
1. | Section 1.2.4 is amended in its entirety to read as follows: |
1.2.4 | Annual Incentive Bonus — the annual incentive award, if any, payable to a |
2. | Section 3.3(c) is amended in its entirety to read as follows: |
(c) | Employer Matching Credits. At such time as the Administrator shall determine, but no later than 180 days after the close of the Plan Year, the Employer will determine whether an Employer Matching Contribution will be made for the Plan Year. If the Employer determines that an Employer Matching Contribution will be made on behalf of its Participants, then the Employer Matching Credit Subaccount of each such Participant (other than a Participant subject to the Traditional Benefit under the Xcel Energy Pension Plan) who makes Pre-tax Salary Deferrals for a Plan Year, and whose Base Salary exceeds the limit of Code Section 401(a)(17), or whose maximum allowable elective deferral is limited by Code Sections 415 or 402(g) that otherwise prohibits the Participant from receiving a full match within the Xcel Energy 401(k) Savings Plan for the Plan Year shall be allocated an Employer Matching Credit. The Employer Matching Credit formula will be based on the Matching Contribution formula applicable to such Participant under the Xcel Energy 401(k) Savings Plan for the Plan Year, calculated as though none of the afore-mentioned limits apply. |
3. | Section 3.4.4 “Phantom Stock” is amended to read as follows: |
1. | I have reviewed this report on Form 10-Q of Xcel Energy Inc. (a Minnesota corporation); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, President, Chief Executive Officer and Director | |
(Principal Executive Officer) |
1. | I have reviewed this report on Form 10-Q of Xcel Energy Inc. (a Minnesota corporation); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer | |
(Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Xcel Energy as of the dates and for the periods expressed in the Form 10-Q. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, President, Chief Executive Officer and Director | |
(Principal Executive Officer) | |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer | |
(Principal Financial Officer) |
• | Economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures; |
• | The risk of a significant slowdown in growth or decline in the U.S. economy, the risk of delay in growth recovery in the U.S. economy or the risk of increased cost for insurance premiums, security and other items as a consequence of past or future terrorist attacks; |
• | Trade, monetary, fiscal, taxation and environmental policies of governments, agencies and similar organizations in geographic areas where Xcel Energy has a financial interest; |
• | Customer business conditions, including demand for their products or services and supply of labor and materials used in creating their products and services; |
• | Financial or regulatory accounting principles or policies imposed by the FASB, the SEC, the FERC and similar entities with regulatory oversight; |
• | Availability of cost or capital such as changes in: interest rates; market perceptions of the utility industry, Xcel Energy Inc. or any of its subsidiaries; or security ratings; |
• | Factors affecting utility and nonutility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, maintenance or repairs; unanticipated changes to fossil fuel, nuclear fuel or natural gas supply costs or availability due to higher demand, shortages, transportation problems or other developments; nuclear or environmental incidents; cyber incidents; or electric transmission or natural gas pipeline constraints; |
• | Employee workforce factors, including loss or retirement of key executives, collective-bargaining agreements with union employees, or work stoppages; |
• | Increased competition in the utility industry or additional competition in the markets served by Xcel Energy Inc. and its subsidiaries; |
• | State, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures and affect the speed and degree to which competition enters the electric and natural gas markets; industry restructuring initiatives; transmission system operation and/or administration initiatives; recovery of investments made under traditional regulation; nature of competitors entering the industry; retail wheeling; a new pricing structure; and former customers entering the generation market; |
• | Environmental laws and regulations, including legislation and regulations relating to climate change, and the associated cost of compliance; |
• | Rate-setting policies or procedures of regulatory entities, including environmental externalities, which are values established by regulators assigning environmental costs to each method of electricity generation when evaluating generation resource options; |
• | Nuclear regulatory policies and procedures, including operating regulations and spent nuclear fuel storage; |
• | Social attitudes regarding the utility and power industries; |
• | Cost and other effects of legal and administrative proceedings, settlements, investigations and claims; |
• | Technological developments that result in competitive disadvantages and create the potential for impairment of existing assets; |
• | Risks associated with implementations of new technologies; and |
• | Other business or investment considerations that may be disclosed from time to time in Xcel Energy Inc.’s SEC filings, including “Risk Factors” in Item 1A of Xcel Energy’s Form 10-K for the year ended Dec. 31, 2016, or in other publicly disseminated written documents. |
Document and Entity Information - shares |
9 Months Ended | |
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Sep. 30, 2017 |
Oct. 23, 2017 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | XCEL ENERGY INC | |
Entity Central Index Key | 0000072903 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 507,762,881 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Operating revenues | ||||
Electric | $ 2,783,569 | $ 2,799,964 | $ 7,420,646 | $ 7,209,225 |
Natural gas | 214,253 | 221,956 | 1,129,795 | 1,046,544 |
Other | 19,075 | 18,227 | 57,806 | 56,500 |
Total operating revenues | 3,016,897 | 3,040,147 | 8,608,247 | 8,312,269 |
Operating expenses | ||||
Electric fuel and purchased power | 1,006,160 | 1,037,263 | 2,850,480 | 2,755,083 |
Cost of natural gas sold and transported | 63,998 | 67,566 | 543,452 | 469,754 |
Cost of sales — other | 8,451 | 8,648 | 25,216 | 25,225 |
Operating and maintenance expenses | 541,539 | 590,009 | 1,706,102 | 1,764,397 |
Conservation and demand side management expenses | 73,728 | 63,914 | 206,121 | 177,266 |
Depreciation and amortization | 371,091 | 328,503 | 1,102,015 | 971,057 |
Taxes (other than income taxes) | 133,571 | 117,190 | 410,591 | 400,982 |
Total operating expenses | 2,198,538 | 2,213,093 | 6,843,977 | 6,563,764 |
Operating income | 818,359 | 827,054 | 1,764,270 | 1,748,505 |
Other income, net | 5,089 | 578 | 14,143 | 6,388 |
Equity earnings of unconsolidated subsidiaries | 7,080 | 9,701 | 22,496 | 32,500 |
Allowance for funds used during construction — equity | 23,483 | 17,199 | 54,182 | 45,042 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $5,923, $6,060, $17,657 and $19,026, respectively | 167,803 | 165,857 | 497,932 | 485,280 |
Allowance for funds used during construction — debt | (10,724) | (7,532) | (25,359) | (20,206) |
Total interest charges and financing costs | 157,079 | 158,325 | 472,573 | 465,074 |
Income before income taxes | 696,932 | 696,207 | 1,382,518 | 1,367,361 |
Income taxes | 204,791 | 238,412 | 423,844 | 471,459 |
Net income | $ 492,141 | $ 457,795 | $ 958,674 | $ 895,902 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 508,581 | 508,941 | 508,468 | 508,840 |
Diluted (in shares) | 509,242 | 509,566 | 509,052 | 509,396 |
Earnings per average common share: | ||||
Basic (in dollars per share) | $ 0.97 | $ 0.90 | $ 1.89 | $ 1.76 |
Diluted (in dollars per share) | 0.97 | 0.90 | 1.88 | 1.76 |
Cash dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.34 | $ 1.08 | $ 1.02 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Interest charges and financing costs | ||||
Other financing costs | $ 5,923 | $ 6,060 | $ 17,657 | $ 19,026 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Comprehensive income: | ||||
Net income | $ 492,141 | $ 457,795 | $ 958,674 | $ 895,902 |
Pension and retiree medical benefits: | ||||
Amortization of losses included in net periodic benefit cost, net of tax of $582, $536, $1,805 and $1,635, respectively | 982 | 878 | 2,886 | 1,954 |
Derivative instruments: | ||||
Net fair value increase (decrease), net of tax of $15, $(2), $32 and $3, respectively | 23 | (4) | 49 | 4 |
Reclassification of losses to net income, net of tax of $587, $588, $1,632 and $1,786, respectively | 981 | 960 | 2,609 | 2,834 |
Total derivative instruments, net of tax | 1,004 | 956 | 2,658 | 2,838 |
Marketable securities: | ||||
Net fair value increase, net of tax of $0, $0, $0 and $0, respectively | 0 | 0 | 1 | 0 |
Other comprehensive income | 1,986 | 1,834 | 5,545 | 4,792 |
Comprehensive income | $ 494,127 | $ 459,629 | $ 964,219 | $ 900,694 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Pension and retiree medical benefits: | ||||
Amortization of losses included in net periodic benefit cost, tax | $ 582 | $ 536 | $ 1,805 | $ 1,635 |
Derivative instruments: | ||||
Net fair value increase (decrease), tax | 15 | (2) | 32 | 3 |
Reclassification of losses to net income, tax | 587 | 588 | 1,632 | 1,786 |
Marketable securities: | ||||
Net fair value increase (decrease), tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Capitalization, Long-term Debt and Equity | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares outstanding (in shares) | 507,762,881 | 507,222,795 |
Management's Opinion |
9 Months Ended |
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Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of Xcel Energy Inc. and its subsidiaries as of Sept. 30, 2017 and Dec. 31, 2016; the results of its operations, including the components of net income and comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2017 and 2016; and its cash flows for the nine months ended Sept. 30, 2017 and 2016. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2017 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, 2016 balance sheet information has been derived from the audited 2016 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2016. These 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, 2016, filed with the SEC on Feb. 24, 2017. 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. |
Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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, 2016, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Revenue Recognition — In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09), which provides a new framework for the recognition of revenue. Xcel Energy expects its adoption will primarily result in increased disclosures regarding revenue related to arrangements with customers, as well as separate presentation of alternative revenue programs. Xcel Energy currently expects to implement the standard on a modified retrospective basis, which requires application to contracts with customers effective Jan. 1, 2018, with the cumulative impact on contracts not yet completed as of Dec. 31, 2017 recognized as an adjustment to the opening balance of retained earnings. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01), which eliminates the available-for-sale classification for marketable equity securities and also replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes. Under the new standard, other than when the consolidation or equity method of accounting is utilized, changes in the fair value of equity securities are to be recognized in earnings. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2017. Xcel Energy expects that as a result of application of accounting principles for rate regulated entities, changes in the fair value of the securities in the nuclear decommissioning fund, currently classified as available-for-sale, will continue to be deferred to a regulatory asset, and that the overall impacts of the Jan. 1, 2018 adoption will not be material. Leases — In February 2016, the FASB issued Leases, Topic 842 (ASU No. 2016-02), which for lessees requires balance sheet recognition of right-of-use assets and lease liabilities for most leases. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018. Xcel Energy has not yet fully determined the impacts of implementation. However, adoption is expected to occur on Jan. 1, 2019 utilizing the practical expedients provided by the standard. As such, agreements entered prior to Jan. 1, 2017 that are currently considered leases are expected to be recognized on the consolidated balance sheet, including contracts for use of office space, equipment and natural gas storage assets, as well as certain purchased power agreements (PPAs) for natural gas-fueled generating facilities. Xcel Energy expects that similar agreements entered after Dec. 31, 2016 will generally qualify as leases under the new standard, but has not yet completed its evaluation of certain other contracts, including arrangements for the secondary use of assets, such as land easements. Presentation of Net Periodic Benefit Cost — In March 2017, the FASB issued Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 715 (ASU No. 2017-07), which establishes that only the service cost element of pension cost may be presented as a component of operating income in the income statement. Also under the guidance, only the service cost component of pension cost is eligible for capitalization. Xcel Energy expects that as a result of application of accounting principles for rate regulated entities, a similar amount of pension cost, including non-service components, will be recognized consistent with the current ratemaking treatment and that the impacts of adoption will be limited to changes in classification of non-service costs in the consolidated statement of income. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2017. Recently Adopted Stock Compensation — In March 2016, the FASB issued Improvements to Employee Share-Based Payment Accounting, Topic 718 (ASU No. 2016-09), which simplifies accounting and financial statement presentation for share-based payment transactions. The guidance requires that the difference between the tax deduction available upon settlement of share-based equity awards and the tax benefit accumulated over the vesting period be recognized as an adjustment to income tax expense. Xcel Energy adopted the guidance in 2016, resulting in immaterial 2016 adjustments to income tax expense and changes in classification of cash flows related to tax withholding in the consolidated statements of cash flows for the years ended Dec. 31, 2016, 2015 and 2014. |
Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Except to the extent noted below, Note 6 to the consolidated financial statements included in Xcel Energy Inc.’s Annual Report on Form 10-K for the year ended Dec. 31, 2016 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Federal Loss Carryback Claims — In 2012-2015, Xcel Energy identified certain expenses related to 2009, 2010, 2011, 2013, 2014 and 2015 that qualify for an extended carryback beyond the typical two-year carryback period. As a result of a higher tax rate in prior years, Xcel Energy recognized a tax benefit of approximately $5 million in 2015, $17 million in 2014, $12 million in 2013 and $15 million in 2012. Federal Audits — Xcel Energy files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s 2009 through 2011 and 2012 through 2013 federal income tax returns, following extensions, expires in June 2018 and October 2018, respectively. In 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. The IRS proposed an adjustment to the federal tax loss carryback claims that would have resulted in $14 million of income tax expense for the 2009 through 2011 claims, and the 2013 through 2015 claims. In the fourth quarter of 2015, the IRS forwarded the issue to the Office of Appeals (Appeals). In the third quarter of 2017, Xcel Energy and Appeals reached an agreement and the benefit related to the agreed upon portions was recognized. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. In the third quarter of 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s net operating loss (NOL) and effective tax rate (ETR). After evaluating the proposed adjustment, Xcel Energy filed a protest with the IRS. Xcel Energy anticipates the issue will be forwarded to Appeals. As of Sept. 30, 2017, Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown. State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions of Colorado, Minnesota, Texas, and Wisconsin, and various other state income-based tax returns. As of Sept. 30, 2017, Xcel Energy’s earliest open tax years that are subject to examination by state taxing authorities in its major operating jurisdictions were as follows:
Unrecognized Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. A reconciliation of the amount of unrecognized tax benefit is as follows:
The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
It is reasonably possible that Xcel Energy’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS Appeals progresses and audits resume, the Minnesota, Texas and Wisconsin audits progress, and other state audits resume. As the IRS Appeals, Minnesota, Texas and Wisconsin audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $19 million. The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. A reconciliation of the beginning and ending amount of the payable for interest related to unrecognized tax benefits are as follows:
No amounts were accrued for penalties related to unrecognized tax benefits as of Sept. 30, 2017 or Dec. 31, 2016. |
Rate Matters |
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Public Utilities, General Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate Matters | Rate Matters Except to the extent noted below, the circumstances set forth in Note 12 to the consolidated financial statements included in Xcel Energy Inc.’s Annual Report on Form 10-K for the year ended Dec. 31, 2016 and in Note 5 to Xcel Energy Inc.’s Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2017 and June 30, 2017, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. NSP-Minnesota Pending and Recently Concluded Regulatory Proceedings — Minnesota Public Utilities Commission (MPUC) Minnesota 2016 Multi-Year Electric Rate Case — In June 2017, the MPUC issued a written order. NSP-Minnesota estimated the total rate increase to be approximately $245 million over the four-year period covering 2016-2019. Key terms:
In September 2017, the MPUC ordered NSP-Minnesota to collect final rates beginning March 1, 2017 (requested date was Jan. 1, 2017). As a result, NSP-Minnesota estimates the adjusted total rate increase to be approximately $240 million over the four-year period covering 2016-2019. Annual Automatic Adjustment of Fuel Clause Charges — In May 2017, the MPUC voted to disallow approximately $4.4 million of replacement energy costs for the Prairie Island (PI) nuclear facility outages allocated to the Minnesota jurisdiction in 2015. This disallowance was recognized in the second quarter of 2017. In September 2017, the Minnesota Department of Commerce (DOC) recommended the MPUC should hold utilities responsible for incremental costs of replacement power incurred due to unplanned outages under certain circumstances. In addition, the DOC is continuing its review of nuclear costs and operations focusing on PI under the initial rate case and resource plan orders as well as the recently finalized rate case. NSP-Wisconsin Pending Regulatory Proceeding — Public Service Commission of Wisconsin (PSCW) Wisconsin 2018 Electric and Natural Gas Rate Case — In May 2017, NSP-Wisconsin filed a request with the PSCW to increase electric rates by $24.7 million, or 3.6 percent, and natural gas rates by $12.0 million, or 10.1 percent, effective Jan. 1, 2018. The rate filing is based on a 2018 forecast test year, a ROE of 10.0 percent, an equity ratio of 52.53 percent and a forecasted rate base of approximately $1.2 billion for the electric utility and $138.4 million for the natural gas utility. In September 2017, the PSCW Staff and the intervenors filed testimony. The PSCW Staff recommended an electric rate increase of $10.9 million, or 1.6 percent, and a natural gas rate increase of $9.9 million, or 8.3 percent, based on a ROE of 9.8 percent and an equity ratio of 51.45 percent. A PSCW decision is anticipated in December 2017 with new rates effective in January 2018. PSCo Pending Regulatory Proceedings — Colorado Public Utilities Commission (CPUC) Colorado 2017 Multi-Year Electric Rate Case — In October 2017, PSCo filed a multi-year request with the CPUC seeking to increase electric rates approximately $245 million over four years. The request, summarized below, is based on forecast test years (FTY) ending Dec. 31, a 10.0 percent ROE and an equity ratio of 55.25 percent.
Final rates are expected to be effective in June 2018. PSCo also proposed a stay-out provision and earnings test through 2021. Colorado 2017 Multi-Year Natural Gas Rate Case — In June 2017, PSCo filed a multi-year request with the CPUC seeking to increase retail natural gas rates approximately $139 million over three years. The request, detailed below, is based on FTYs, a 10.0 percent ROE and an equity ratio of 55.25 percent.
In October 2017, several parties filed answer testimony. The CPUC Staff (Staff) and the Office of Consumer Counsel (OCC), recommended a single 2016 historic test year (HTY), based on an average 13-month rate base, and opposed a multi-year plan (MYP). The Staff and OCC recommended an equity capital structure of 48.73 percent and 51.2 percent, respectively. Both the Staff and the OCC recommended the existing PSIA rider expire with the 2018 rates rolled into base rates beginning Jan. 1, 2019. Planned investments in 2019 and 2020 would be recoverable through base rates, subject to a future rate case. The following represents adjustments to PSCo’s filed request made by Staff and OCC for 2018:
The next steps in the procedural schedule are as follows:
Interim rates, subject to refund, are expected to be effective Jan. 1, 2018. A final decision by the CPUC is anticipated in March 2018. Annual Electric Earnings Test — PSCo must share with customers earnings that exceed the authorized ROE of 9.83 percent for 2015 through 2017, as part of an annual earnings test. The current estimate of the 2017 earnings test, based on annual forecasted information, did not result in the recognition of a liability as of Sept. 30, 2017. SPS Pending Regulatory Proceedings — Public Utility Commission of Texas (PUCT) Appeal of the Texas 2015 Electric Rate Case Decision — In 2014, SPS had requested an overall retail electric revenue rate increase of $42.1 million. In 2015, the PUCT approved an overall rate decrease of approximately $4.0 million, net of rate case expenses. In April 2016, SPS filed an appeal, with the Texas State District Court, of the PUCT’s order that had denied SPS’ request for rehearing on certain items in SPS’ Texas 2015 electric rate case related to capital structure, incentive compensation and wholesale load reductions. In March 2017, the Travis County District Court denied SPS’ appeal. In April 2017, SPS appealed the District Court’s decision to the Court of Appeals. Texas 2017 Electric Rate Case — In August 2017, SPS filed a $66.4 million, or 7.1 percent, retail electric, non-fuel base rate increase case in Texas with each of its Texas municipalities and the PUCT. The request was based on the 12-month period ended June 30, 2017, with the final three months based on estimates, a requested ROE of 10.25 percent, a Texas retail electric rate base of approximately $1.9 billion and an equity ratio of 53.97 percent. In October 2017, SPS revised its request to $54.6 million, or 5.8 percent, which reflects updated actual results. In addition, approximately $4.4 million of rate case expenses was bifurcated into a separate docket. The following table summarizes SPS’ revised rate increase request:
Key dates in the procedural schedule are as follows:
The final rates are expected to be effective retroactive to Jan. 23, 2018 through a customer surcharge. A PUCT decision is expected in the third quarter of 2018. Pending Regulatory Proceeding — New Mexico Public Regulation Commission (NMPRC) New Mexico 2016 Electric Rate Case — In November 2016, SPS filed an electric rate case with the NMPRC seeking an increase in base rates of approximately $41.4 million, representing a total revenue increase of approximately 10.9 percent. The rate filing was based on a requested ROE of 10.1 percent, an equity ratio of 53.97 percent, an electric rate base of approximately $832 million and a future test year ending June 30, 2018. In April 2017, the NMPRC dismissed SPS’ rate case. In May 2017, SPS filed a notice of appeal to the New Mexico Supreme Court. A decision from the New Mexico Supreme Court is not expected until the second or third quarter of 2018. SPS plans to file another base rate case by November 2017 utilizing a HTY ending June 2017. Pending Regulatory Proceeding — Federal Energy Regulatory Commission (FERC) Midcontinent Independent System Operator, Inc. (MISO) ROE Complaints — In November 2013, a group of customers filed a complaint at the FERC against MISO transmission owners (TOs), including NSP-Minnesota and NSP-Wisconsin. The complaint argued for a reduction in the ROE in transmission formula rates in the MISO region from 12.38 percent to 9.15 percent, and the removal of ROE adders (including those for Regional Transmission Organization (RTO) membership), effective Nov. 12, 2013. In December 2015, an administrative law judge (ALJ) recommended the FERC approve a base ROE of 10.32 percent for the MISO TOs. The ALJ found the existing 12.38 percent ROE to be unjust and unreasonable. The recommended 10.32 percent ROE applied a FERC ROE policy adopted in a June 2014 order (Opinion 531). The FERC approved the ALJ recommended 10.32 percent base ROE in an order issued in September 2016. This ROE would be applicable for the 15 month refund period from Nov. 12, 2013 to Feb. 11, 2015, and prospectively from the date of the FERC order. The total prospective ROE would be 10.82 percent, including a 50 basis point adder for RTO membership. Various parties requested rehearing of the September 2016 order. The requests are pending FERC action. In February 2015, a second complaint seeking to reduce the MISO ROE from 12.38 percent to 8.67 percent prior to any adder was filed with the FERC, resulting in a second period of potential refund from Feb. 12, 2015 to May 11, 2016. In June 2016, the ALJ recommended a ROE of 9.7 percent, applying the methodology adopted by the FERC in Opinion 531. A final FERC decision on the second ROE complaint was expected later in 2017, but in April 2017, the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit) by opinion, vacated and remanded Opinion 531. It is unclear how the D.C. Circuit’s opinion to vacate and remand Opinion 531 will affect the September 2016 FERC order or the timing and outcome of the second ROE complaint. The MISO TOs are evaluating the impact of the D.C. Circuit ruling on the November 2013 and February 2015 ROE complaints. In September 2017, certain MISO TOs (not including NSP-Minnesota and NSP-Wisconsin) filed a motion to dismiss the second ROE complaint. The motion to dismiss is pending FERC action. As of Sept. 30, 2017, NSP-Minnesota has processed the refunds for the Nov. 12, 2013 to Feb. 11, 2015 complaint period based on the 10.32 percent ROE provided in the September 2016 FERC order. NSP-Minnesota has also recognized a current refund liability consistent with the best estimate of the final ROE for the Feb. 12, 2015 to May 11, 2016 complaint period. Southwest Power Pool, Inc. (SPP) Open Access Transmission Tariff (OATT) Upgrade Costs — Under the SPP OATT, costs of participant-funded, or “sponsored,” transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP OATT has allowed SPP to charge for these upgrades since 2008, but SPP had not been charging its customers for these upgrades. In July 2016, the FERC granted SPP’s request for a waiver to allow SPP to recover the charges not billed since 2008. In November 2016, SPP billed SPS a net amount, for the period from 2008 through August 2016, of $12.8 million for these charges, to be paid over a five-year period commencing November 2016. SPP is also billing SPS ongoing charges of approximately $0.5 million per month. On the retail level, in October 2016, SPS filed applications for deferred accounting and future recovery of related costs in New Mexico and Texas. In December 2016, SPS’ New Mexico application was consolidated with its base rate case, but the NMPRC dismissed that rate case in April 2017. SPS will seek recovery of these SPP charges in its next New Mexico base rate case by November 2017. In March 2017, SPS withdrew its Texas application and is now seeking to recover these SPP charges in its pending rate case filed in August 2017. In October 2017, SPS filed a complaint against SPP regarding the amounts billed on and after November 2016 asserting that SPP has assessed upgrade charges to SPS even where SPS’ transmission service was not dependent upon the upgrade as required by the SPP OATT. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the differential in future rate proceedings. Also in October 2017, SPP made adjustments to its previous calculations of upgrade charges to SPP customers, and the impact was immaterial to SPS. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 above, the circumstances set forth in Notes 12, 13 and 14 to the consolidated financial statements included in Xcel Energy Inc.’s Annual Report on Form 10-K for the year ended Dec. 31, 2016, and in Notes 5 and 6 to the consolidated financial statements included in Xcel Energy Inc.’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2017 and June 30, 2017 appropriately represent, in all material respects, the current status of commitments and contingent liabilities and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to Xcel Energy’s financial position. PPAs Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from independent power producing entities for which the utility subsidiaries are required to reimburse natural gas or biomass fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the associated independent power producing entity. The Xcel Energy utility subsidiaries had approximately 3,537 megawatts (MW) of capacity under long-term PPAs as of Sept. 30, 2017 and Dec. 31, 2016, with entities that have been determined to be variable interest entities. Xcel Energy has concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. These agreements have expiration dates through 2041. Guarantees and Bond Indemnifications Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities under specified agreements or transactions. The guarantees and bond indemnities issued by Xcel Energy Inc. guarantee payment or performance by its subsidiaries. As a result, Xcel Energy Inc.’s exposure under the guarantees and bond indemnities is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum guarantee or indemnity amount. As of Sept. 30, 2017 and Dec. 31, 2016, Xcel Energy Inc. and its subsidiaries had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. The following table presents guarantees and bond indemnities issued and outstanding for Xcel Energy:
Other Indemnification Agreements Xcel Energy Inc. and its subsidiaries provide indemnifications through contracts entered into in the normal course of business. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. The maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated. Environmental Contingencies Ashland Manufactured Gas Plant (MGP) Site — NSP-Wisconsin was named a potentially responsible party (PRP) for contamination at a site in Ashland, Wis. The Ashland/Northern States Power Lakefront Superfund Site (the Site) includes NSP-Wisconsin property, previously operated as a MGP facility (the Upper Bluff), and two other properties: an adjacent city lakeshore park area (Kreher Park); and an area of Lake Superior’s Chequamegon Bay adjoining the park. In 2012, NSP-Wisconsin agreed to remediate the Phase I Project Area (which includes the Upper Bluff and Kreher Park areas of the Site), under a settlement agreement with the United States Environmental Protection Agency (EPA). In January 2017, NSP-Wisconsin agreed to remediate the Phase II Project Area (the Sediments), under a settlement agreement with the EPA. The settlement was approved by the U.S. District Court for the Western District of Wisconsin. NSP-Wisconsin initiated field activities to perform a full scale wet dredge remedy of the Sediments in 2017 and anticipates completion of restoration activities in 2018. The current remediation cost estimate for the entire site (both the Phase I Project Area and the Sediments) is approximately $162.9 million, of which approximately $131.8 million has been spent. As of Sept. 30, 2017 and Dec. 31, 2016, NSP-Wisconsin had recorded a total liability of $31.1 million and $64.3 million, respectively, for the entire site. NSP-Wisconsin has deferred the unrecovered portion of the estimated Site remediation costs as a regulatory asset. The PSCW has authorized NSP-Wisconsin rate recovery for all remediation costs incurred at the Site. In 2012, the PSCW agreed to allow NSP-Wisconsin to pre-collect certain costs, to amortize costs over a ten-year period and to apply a three percent carrying cost to the unamortized regulatory asset. In May 2017, NSP-Wisconsin filed a natural gas rate case which included recovery of additional expenses associated with remediating the Site. If approved, the annual recovery of MGP clean-up costs would increase from $12.4 million in 2017 to $18.1 million in 2018. Fargo, N.D. MGP Site — In May 2015, underground pipes, tars and impacted soils were discovered in a right-of-way in Fargo, N.D. that appeared to be associated with a former MGP operated by NSP-Minnesota or prior companies. NSP-Minnesota removed impacted soils and other materials from the right-of-way and commenced an investigation of the historic MGP and adjacent properties (the Fargo MGP Site). NSP-Minnesota has recommended that targeted source removal of impacted soils and historic MGP infrastructure should be performed. The North Dakota Department of Health approved NSP-Minnesota’s proposed cleanup plan in January 2017. It is anticipated that remediation activities will be performed in 2018, although the timing and final scope of remediation is dependent on whether reasonable access is provided to NSP-Minnesota to perform and implement the approved cleanup plan. Access agreements have been reached with a majority of the property owners in the area to perform the work. NSP-Minnesota has also initiated insurance recovery litigation in North Dakota. The U.S. District Court for the District of North Dakota agreed to the parties’ request for a stay of the litigation until January 2018. As of Sept. 30, 2017 and Dec. 31, 2016, NSP-Minnesota had recorded a liability of $16.2 million and $11.3 million, respectively, for the Fargo MGP Site. The current cost estimate for the remediation of the site is approximately $23.0 million, of which approximately $6.8 million has been spent. In December 2015, the North Dakota Public Service Commission (NDPSC) approved NSP-Minnesota’s request to defer costs associated with the Fargo MGP Site, resulting in deferral of all investigation and response costs with the exception of approximately 12 percent allocable to the Minnesota jurisdiction. Uncertainties related to the liability recognized include obtaining access to perform the approved remediation (including the prospective purchase of the historic MGP property), and the potential for contributions from entities that may be identified as PRPs. Other MGP and Landfill Sites — Xcel Energy is currently involved in investigating and/or remediating several other MGP and landfill sites. Xcel Energy has identified eleven sites across its service territories in addition to the sites in Ashland, Wis. and Fargo, N.D., where former MGP or landfill disposal activities have or may have resulted in site contamination and are under current investigation and/or remediation. At some or all of these sites, there are other parties that may have responsibility for some portion of any remediation. Xcel Energy anticipates that the majority of the investigation or remediation at these sites will continue through at least 2018. Xcel Energy had accrued $4.5 million and $2.0 million for these sites as of Sept. 30, 2017 and Dec. 31, 2016, respectively. There may be insurance recovery and/or recovery from other PRPs to offset any costs incurred. Xcel Energy anticipates that any significant amounts incurred will be recovered from customers. Environmental Requirements Water and Waste Federal Clean Water Act (CWA) Waters of the United States Rule — In 2015, the EPA and the U.S. Army Corps of Engineers (Corps) published a final rule that significantly expanded the types of water bodies regulated under the CWA and broadened the scope of waters subject to federal jurisdiction. In October 2015, the U.S. Court of Appeals for the Sixth Circuit issued a nationwide stay of the final rule and subsequently ruled that it, rather than the federal district courts, had jurisdiction over challenges to the rule. In January 2017, the U.S. Supreme Court agreed to resolve the dispute as to which court should hear challenges to the rule. A ruling is expected in the first quarter of 2018. In February 2017, President Trump issued an executive order requiring the EPA and the Corps to review and revise the final rule. On June 27, 2017, the agencies issued a proposed rule that rescinds the 2015 final rule and reinstates the prior 1986 definition of “Water of the U.S.” The agencies are also undertaking a rulemaking to develop a new definition of “Waters of the U.S.” Federal CWA Effluent Limitations Guidelines (ELG) — In 2015, the EPA issued a final ELG rule for power plants that use coal, natural gas, oil or nuclear materials as fuel and discharge treated effluent to surface waters as well as utility-owned landfills that receive coal combustion residuals. In September 2017, the EPA delayed the compliance date for flue gas desulfurization wastewater and bottom ash transport water until November 2020 while the agency conducts a rulemaking process to potentially revise the effluent limitations and pretreatment standards for these waste streams. Air Greenhouse Gas (GHG) Emission Standard for Existing Sources (Clean Power Plan or CPP) — In 2015, the EPA issued its final rule for existing power plants. Among other things, the rule requires that state plans include enforceable measures to ensure emissions from existing power plants achieve the EPA’s state-specific interim (2022-2029) and final (2030 and thereafter) emission performance targets. The CPP was challenged by multiple parties in the D.C. Circuit Court. In February 2016, the U.S. Supreme Court issued an order staying the final CPP rule. In September 2016, the D.C. Circuit Court heard oral arguments in the consolidated challenges to the CPP. The stay will remain in effect until the D.C. Circuit Court reaches its decision and the U.S. Supreme Court either declines to review the lower court’s decision or reaches a decision of its own. In March 2017, President Trump signed an executive order requiring the EPA Administrator to review the CPP rule and if appropriate, publish proposed rules suspending, revising or rescinding it. Accordingly, the EPA has requested that the D.C. Circuit Court hold the litigation in abeyance until the EPA completes its work under the executive order. The D.C. Circuit granted the EPA’s request and is holding the litigation in abeyance, while considering briefs by the parties on whether the court should remand the challenges to the EPA rather than holding them in abeyance, determining whether and how the court continues or ends the stay that currently applies to the CPP. In October 2017, the EPA published a proposed rule to repeal the CPP, based on an analysis that the CPP exceeds the EPA’s statutory authority under the Clean Air Act (CAA). The EPA will take public comment on the proposal for 60 days. The EPA stated it has not yet determined whether it will promulgate a new rule to regulate GHG emissions from existing electric generating units. Regional Haze Rules — The regional haze program is designed to address widespread haze that results from emissions from a multitude of sources. The Best Available Retrofit Technology (BART) requirements of the EPA’s regional haze rules require the installation and operation of emission controls for industrial facilities emitting air pollutants that reduce visibility in national parks and wilderness areas. Under BART, regional haze plans identify facilities that will have to reduce Sulfur Dioxide (SO2), Nitrogen Oxide (NOx) and particulate matter emissions and set emission limits for those facilities. BART requirements can also be met through participation in interstate emission trading programs such as the Clean Air Interstate Rule (CAIR) and its successor, Cross-State Air Pollution Rule (CSAPR). The requirements of the regional haze plans developed by Minnesota and Colorado that apply to NSP-Minnesota and PSCo have been fully approved and implemented in those states. States are required to revise their plans every ten years. The next plans for Minnesota and Colorado will be due in 2021. Texas’ first regional haze plan has undergone federal review as described below. BART Determinations for Texas: Texas developed a State Implementation Plan (SIP) that found the CAIR equal to BART for electric generating units. As a result, no additional controls beyond CAIR compliance would have been required. In 2014, the EPA proposed to approve the BART portion of the SIP, with substitution of CSAPR compliance for Texas’ reliance on CAIR. In January 2016, the EPA adopted a final rule that deferred its approval of CSAPR compliance as BART until the EPA considered further adjustments to CSAPR emission budgets under the D.C. Circuit Court’s remand of the Texas SO2 emission budgets. The EPA then published a proposed rule in January 2017 that could have had the effect of requiring installation of dry scrubbers to reduce SO2 emissions from Harrington Units 1 and 2. Investment costs associated with dry scrubbers for Harrington Units 1 and 2 could have been approximately $400 million. In September 2017, the EPA issued a final rule adopting a Texas only SO2 trading program as a BART Alternative. The program allocated SO2 allowances to electric generating units in Texas, including all three Harrington units and both Tolk units, consistent with their allocation under CSAPR, resulting in an emissions budget for Texas that is consistent with the EPA’s 2012 rule. SPS expects the allowance allocations to be sufficient for SO2 emissions from Harrington and Tolk units in 2019 and future years. The anticipated costs of compliance are not expected to have a material impact on the results of operations, financial position or cash flows; and SPS believes that compliance costs would be recoverable through regulatory mechanisms. Reasonable Progress Rule: In January 2016, the EPA adopted a final rule establishing a federal implementation plan for the state of Texas, which imposed SO2 emission limitations that reflect the installation of dry scrubbers on Tolk Units 1 and 2, with compliance required by February 2021. Investment costs associated with dry scrubbers could be approximately $600 million. SPS appealed the EPA’s decision and requested a stay of the final rule. The United States Court of Appeals for the Fifth Circuit (Fifth Circuit) granted the stay. In March 2017, the Fifth Circuit remanded the rule to the EPA for reconsideration, while leaving the stay in effect. The Fifth Circuit is now holding the case in abeyance until the EPA completes its reconsideration of the rule. In the final BART rule that affects Tolk and Harrington described above, the EPA noted that it will address the remanded rule in a future action. Such a rule will address whether further SO2 emission reductions are needed at Tolk to address the “reasonable progress” requirements of the regional haze program. The risk of these controls being imposed along with the risk of investments to provide additional cooling water to Tolk have caused SPS to seek to decrease the remaining depreciable life of the Tolk units. Revisions to the National Ambient Air Quality Standard (NAAQS) for Ozone — In 2015, the EPA revised the NAAQS for ozone by lowering the eight-hour standard from 75 parts per billion (ppb) to 70 ppb. In areas where Xcel Energy operates, current monitored air quality concentrations comply with the new standard in the Twin Cities Metropolitan Area in Minnesota and meet the 70 ppb level in the Texas panhandle. In documents issued with the new standard, the EPA projects that both areas will meet the new standard. The Denver Metropolitan Area is currently not meeting the prior ozone standard and will therefore not meet the new, more stringent standard, however PSCo’s scheduled retirement of coal fired plants in Denver that began in 2011 and was completed in August 2017, should help in any plan to mitigate non-attainment. In August 2017, the EPA withdrew its prior decision delaying designations of nonattainment areas under the 2015 ozone NAAQS to October 2018. The CAA requires areas to be designated within two years after a revision to the NAAQS but allows a one year extension if the EPA has insufficient information on which to base a decision. The EPA is now re-assessing to what extent it has sufficient information to make designations in October 2017 and whether in some cases an extension is still necessary. Legal Contingencies Xcel Energy is involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on Xcel Energy’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Employment, Tort and Commercial Litigation Gas Trading Litigation — e prime, inc. (e prime) is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Thirteen lawsuits were commenced against e prime and Xcel Energy (and NSP-Wisconsin, in two instances) between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. e prime, Xcel Energy and its other affiliates were sued along with several other gas marketing companies. These cases were all consolidated in the U.S. District Court in Nevada. Six of the cases remain active, which includes one multi-district litigation (MDL) matter consisting of a Colorado class (Breckenridge), a Wisconsin class (Arandell Corp.), a Missouri class, a Kansas class, and two other cases identified as “Sinclair Oil” and “Farmland.” A motion for class certification was denied and plaintiffs have appealed the ruling to the U.S. Court of Appeals for the Ninth Circuit (Ninth Circuit). Motions for summary judgment were granted by the MDL judge in favor of e prime and Xcel Energy in Sinclair Oil and Farmland. Plaintiffs in both cases appealed this decision to the Ninth Circuit. Motions for summary judgment were also filed by defendants, including e prime, in all of the remaining lawsuits. These motions were denied and e prime subsequently filed an appeal in September 2017. Dates for all matters pending before the Ninth Circuit have not been scheduled. Xcel Energy, NSP-Wisconsin and e prime have concluded that a loss is remote. Line Extension Disputes — In December 2015, Development Recovery Company (DRC) filed a lawsuit in Denver State Court, stating PSCo failed to award proper allowances and refunds for line extensions to new developments pursuant to the terms of electric and gas service agreements entered into by PSCo and various developers. The dispute involves claims by over fifty developers. In May 2016, the district court granted PSCo’s motion to dismiss the lawsuit, concluding that jurisdiction over this dispute resides with the CPUC. In June 2016, DRC appealed the district court’s dismissal of the lawsuit, and the Colorado Court of Appeals affirmed the lower court decision in favor of PSCo. In July 2017, DRC filed a petition to appeal the decision with the Colorado Supreme Court. It is uncertain whether the Colorado Supreme Court will grant the petition. DRC also brought a proceeding before the CPUC as assignee on behalf of two developers, Ryland Homes and Richmond Homes of Colorado. In March 2016, the ALJ issued an order rejecting DRC’s claims for additional allowances and refunds. In June 2016, the ALJ’s determination was approved by the CPUC. DRC did not file a request for reconsideration before the CPUC contesting the decision, but filed an appeal in the Denver District Court in August 2016. In July 2017, a stipulation to dismiss this lawsuit with prejudice was filed on behalf of all parties and granted by the Denver District Court. PSCo has concluded that a loss is remote with respect to this matter as the service agreements were developed to implement CPUC approved tariffs and PSCo has complied with the tariff provisions. Also, if a loss were sustained, PSCo believes it would be allowed to recover these costs through traditional regulatory mechanisms. The amount or range in dispute is presently unknown and no accrual has been recorded for this matter. |
Borrowings and Other Financing Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Short-Term Borrowings Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. NSP-Wisconsin does not participate in the money pool. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. The money pool balances are eliminated in consolidation. Commercial Paper — 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. Commercial paper outstanding for Xcel Energy was as follows:
Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At Sept. 30, 2017 and Dec. 31, 2016, there were $28 million and $19 million, respectively, of letters of credit outstanding under the credit facilities. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Credit Facilities — In order to use their commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper borrowing limits and cannot issue commercial paper in an aggregate amount exceeding available capacity under these credit facilities. 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 Sept. 30, 2017, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available:
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2017 and Dec. 31, 2016. Long-Term Borrowings During 2017, Xcel Energy Inc. and its utility subsidiaries issued the following:
Debt Redemption
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Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Fair Value Measurements The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. The three levels in the hierarchy are as follows: Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset value (NAV). Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs, which take into consideration the value of underlying fund investments, as well as the other accrued assets and liabilities of a fund, in order to determine a per-share market value. The investments in commingled funds may be redeemed for NAV with proper notice. Proper notice varies by fund and can range from daily with one or two days notice to annually with 90 days notice. Private equity investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate investments may be redeemed with proper notice, which is typically quarterly with 45-90 days notice; however, withdrawals from real estate investments may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contractual settlements extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as financial transmission rights (FTRs). FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. The valuation process for FTRs utilizes the cleared prices for each FTR for the most recent auction. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited transparency in the auction process, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms as applicable in each jurisdiction, and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of FTRs, the limited transparency associated with the valuation of FTRs are insignificant to the consolidated financial statements of Xcel Energy. Non-Derivative Instruments Fair Value Measurements Nuclear Decommissioning Fund The Nuclear Regulatory Commission (NRC) requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Together with all accumulated earnings or losses, the assets of the nuclear decommissioning fund are legally restricted for the decommissioning the Monticello and PI nuclear generating plants. The fund contains cash equivalents, debt securities, equity securities and other investments – all classified as available-for-sale. NSP-Minnesota plans to reinvest matured securities until decommissioning begins. NSP-Minnesota uses the MPUC approved asset allocation for the escrow and investment targets by asset class for both the escrow and qualified trust. NSP-Minnesota recognizes the costs of funding the decommissioning of its nuclear generating plants over the lives of the plants, assuming rate recovery of all costs. Given the purpose and legal restrictions on the use of nuclear decommissioning fund assets, realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund, including any other-than-temporary impairments, are deferred as a component of the regulatory asset for nuclear decommissioning. Unrealized gains for the nuclear decommissioning fund were $511.7 million and $378.6 million as of Sept. 30, 2017 and Dec. 31, 2016, respectively, and unrealized losses and amounts recorded as other-than-temporary impairments were $10.3 million and $46.9 million as of Sept. 30, 2017 and Dec. 31, 2016, respectively. The following tables present the cost and fair value of Xcel Energy’s non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund as of Sept. 30, 2017 and Dec. 31, 2016:
For the three and nine months ended Sept. 30, 2017 and 2016 there were no Level 3 nuclear decommissioning fund investments and no transfers of amounts between levels. The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, as of Sept. 30, 2017:
Rabbi Trusts In June 2016, Xcel Energy established rabbi trusts to provide partial funding for future distributions of its supplemental executive retirement plan and deferred compensation plan. The following tables present the cost and fair value of the assets held in rabbi trusts as of Sept. 30, 2017 and Dec. 31, 2016:
Derivative Instruments Fair Value Measurements Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. Interest Rate Derivatives — Xcel Energy enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. As of Sept. 30, 2017, accumulated other comprehensive losses related to interest rate derivatives included $2.6 million of net losses expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for unsettled hedges, as applicable. Wholesale and Commodity Trading Risk — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy’s risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee, which is made up of management personnel not directly involved in the activities governed by this policy. Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs, vehicle fuel and weather derivatives. As of Sept. 30, 2017, Xcel Energy had various vehicle fuel contracts designated as cash flow hedges extending through December 2018. Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, but may not be designated as qualifying hedging transactions. Changes in the fair value of non-trading commodity derivative instruments are recorded in other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Xcel Energy recorded immaterial amounts to income related to the ineffectiveness of cash flow hedges for the three and nine months ended Sept. 30, 2017 and 2016. As of Sept. 30, 2017, net gains related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses included $0.1 million of net gains expected to be reclassified into earnings during the next 12 months as the hedged transactions occur. Additionally, Xcel Energy enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenues, net of amounts credited to customers under margin-sharing mechanisms. The following table details the gross notional amounts of commodity forwards, options and FTRs as of Sept. 30, 2017 and Dec. 31, 2016:
The following tables detail the impact of derivative activity during the three and nine months ended Sept. 30, 2017 and 2016, on accumulated other comprehensive loss, regulatory assets and liabilities, and income:
Xcel Energy had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2017 and 2016. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of the counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Given this assessment, as well as an assessment of the impact of Xcel Energy’s own credit risk when determining the fair value of derivative liabilities, the impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. Xcel Energy Inc. and its subsidiaries employ additional credit risk control mechanisms when appropriate, such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of Sept. 30, 2017, three of Xcel Energy’s 10 most significant counterparties for these activities, comprising $36.1 million or 22 percent of this credit exposure, had investment grade credit ratings from Standard & Poor’s, Moody’s or Fitch Ratings. Six of the 10 most significant counterparties, comprising $44.2 million or 27 percent of this credit exposure, were not rated by these external agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. The one remaining significant counterparty, comprising of $8.1 million or 5 percent of this credit exposure, had credit quality less than investment grade, based on ratings from external analysis. Nine of these significant counterparties are municipal or cooperative electric entities or other utilities. Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the balance sheet, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies or for cross-default contractual provisions that could result in the settlement of such contracts if there was a failure under other financing arrangements related to payment terms or other covenants. As of Sept. 30, 2017 and Dec. 31, 2016, there were no derivative instruments in a material liability position with such underlying contract provisions. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2017 and Dec. 31, 2016. Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, Xcel Energy’s derivative assets and liabilities measured at fair value on a recurring basis as of Sept. 30, 2017:
The following table presents for each of the fair value hierarchy levels, Xcel Energy’s derivative assets and liabilities measured at fair value on a recurring basis as of Dec. 31, 2016:
The following table presents the changes in Level 3 commodity derivatives for the three and nine months ended Sept. 30, 2017 and 2016:
Xcel Energy recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and nine months ended Sept. 30, 2017 and 2016. Fair Value of Long-Term Debt As of Sept. 30, 2017 and Dec. 31, 2016, other financial instruments for which the carrying amount did not equal fair value were as follows:
The fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of Sept. 30, 2017 and Dec. 31, 2016, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other Income, Net |
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Other Income, Net | Other Income, Net Other income, net consisted of the following:
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Segment Information |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo are each separately and regularly reviewed by Xcel Energy’s chief operating decision maker. Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. Xcel Energy has the following reportable segments: regulated electric utility, regulated natural gas utility and all other.
Xcel Energy had equity investments in unconsolidated subsidiaries of $131.8 million and $132.8 million as of Sept. 30, 2017 and Dec. 31, 2016, respectively, included in the regulated natural gas utility segment. Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments because as an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment, and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. To report income from operations for regulated electric and regulated natural gas utility segments, the majority of costs are directly assigned to each segment. However, some costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
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Earnings Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) was computed by dividing the earnings available to Xcel Energy Inc.’s common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS was computed by dividing the earnings available to Xcel Energy Inc.’s common shareholders by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. currently has common stock equivalents related to certain equity awards in share-based compensation arrangements. Common stock equivalents causing a dilutive impact to EPS include commitments to issue common stock related to time based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock, granted to settle amounts due to certain employees under the Xcel Energy Inc. Executive Annual Incentive Award Plan, is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:
The dilutive impact of common stock equivalents affecting EPS was as follows:
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Benefit Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost (Credit)
In January 2017, contributions of $150.0 million were made across four of Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2017. |
Other Comprehensive Income |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income (Loss) Changes in accumulated other comprehensive (loss) income, net of tax, for the three and nine months ended Sept. 30, 2017 and 2016 were as follows:
Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2017 and 2016 were as follows:
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Selected Balance Sheet Data (Tables) |
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Accounts Receivable, Net |
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Property, Plant and Equipment, Net |
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earliest Open Tax Years Subject to Examination by State Taxing Authorities in the Major Operating Jurisdictions | State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions of Colorado, Minnesota, Texas, and Wisconsin, and various other state income-based tax returns. As of Sept. 30, 2017, Xcel Energy’s earliest open tax years that are subject to examination by state taxing authorities in its major operating jurisdictions were as follows:
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Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
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Interest Payable related to Unrecognized Tax Benefits [Table Text Block] | The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. A reconciliation of the beginning and ending amount of the payable for interest related to unrecognized tax benefits are as follows:
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Rate Matters (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota 2016 Rate Case Final Order |
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Colorado 2017 Multi-Year Electric Rate Case | The request, summarized below, is based on forecast test years (FTY) ending Dec. 31, a 10.0 percent ROE and an equity ratio of 55.25 percent.
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Colorado 2017 Multi-Year Gas Rate Case | The request, detailed below, is based on FTYs, a 10.0 percent ROE and an equity ratio of 55.25 percent.
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Colorado 2017 Multi-Year Gas Rate Case - Answer Testimony | The following represents adjustments to PSCo’s filed request made by Staff and OCC for 2018:
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Texas 2017 Rate Case | The following table summarizes SPS’ revised rate increase request:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and Bond Indemnities Issued and Outstanding | The following table presents guarantees and bond indemnities issued and outstanding for Xcel Energy:
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Borrowings and Other Financing Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | Commercial paper outstanding for Xcel Energy was as follows:
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Credit Facilities | As of Sept. 30, 2017, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available:
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Fair Value of Financial Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost and Fair Value of Nuclear Decommissioning Fund Investments | The following tables present the cost and fair value of Xcel Energy’s non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund as of Sept. 30, 2017 and Dec. 31, 2016:
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Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, as of Sept. 30, 2017:
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Rabbi Trust Securities Amortized Cost and Fair Value Measured on Recurrring Basis [Table Text Block] | In June 2016, Xcel Energy established rabbi trusts to provide partial funding for future distributions of its supplemental executive retirement plan and deferred compensation plan. The following tables present the cost and fair value of the assets held in rabbi trusts as of Sept. 30, 2017 and Dec. 31, 2016:
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Gross Notional Amounts of Commodity Forwards, Options, and FTRs | The following table details the gross notional amounts of commodity forwards, options and FTRs as of Sept. 30, 2017 and Dec. 31, 2016:
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Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | The following tables detail the impact of derivative activity during the three and nine months ended Sept. 30, 2017 and 2016, on accumulated other comprehensive loss, regulatory assets and liabilities, and income:
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Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, Xcel Energy’s derivative assets and liabilities measured at fair value on a recurring basis as of Sept. 30, 2017:
The following table presents for each of the fair value hierarchy levels, Xcel Energy’s derivative assets and liabilities measured at fair value on a recurring basis as of Dec. 31, 2016:
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Changes in Level 3 Commodity Derivatives | The following table presents the changes in Level 3 commodity derivatives for the three and nine months ended Sept. 30, 2017 and 2016:
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Carrying Amount and Fair Value of Long-term Debt | As of Sept. 30, 2017 and Dec. 31, 2016, other financial instruments for which the carrying amount did not equal fair value were as follows:
|
Other Income, Net (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other income, net consisted of the following:
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Operations by Reportable Segment |
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dilutive Impact of Common Stock Equivalents | The dilutive impact of common stock equivalents affecting EPS was as follows:
|
Benefit Plans and Other Postretirement Benefits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit)
|
Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive (loss) income, net of tax, for the three and nine months ended Sept. 30, 2017 and 2016 were as follows:
|
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Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2017 and 2016 were as follows:
|
Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts receivable, net | ||
Accounts receivable | $ 859,242 | $ 827,112 |
Less allowance for bad debts | (51,621) | (50,823) |
Accounts receivable, net | $ 807,621 | $ 776,289 |
Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 616,675 | $ 604,226 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 320,195 | 312,430 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 166,173 | 181,752 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 130,307 | $ 110,044 |
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2015 |
Sep. 30, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Income Tax Examination [Line Items] | |||||||
Number Of Years Of Tax Loss Carryback Period | 2 years | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 5,000,000 | $ 17,000,000 | $ 12,000,000 | $ 15,000,000 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ (1,500,000) | $ (3,400,000) | $ (100,000) | ||||
Interest Expense related to unrecognized tax benefits | 1,900,000 | (3,300,000) | |||||
Unrecognized Tax Benefits [Abstract] | |||||||
Unrecognized tax benefit — Permanent tax positions | 20,600,000 | 29,600,000 | |||||
Unrecognized tax benefit — Temporary tax positions | 22,200,000 | 104,100,000 | |||||
Total unrecognized tax benefit | 42,800,000 | 133,700,000 | |||||
NOL and tax credit carryforwards | (29,200,000) | (43,800,000) | |||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 19,000,000 | ||||||
Amounts accrued for penalties related to unrecognized tax benefits | 0 | $ 0 | |||||
Internal Revenue Service (IRS) | |||||||
Tax Audits [Abstract] | |||||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | |||||
Year of carryback claim under examination | 2009 | ||||||
Potential Tax Adjustments | $ 14,000,000 | ||||||
Earliest year subject to examination | 2009 | ||||||
Colorado | |||||||
Tax Audits [Abstract] | |||||||
Earliest year subject to examination | 2009 | ||||||
Minnesota | |||||||
Tax Audits [Abstract] | |||||||
Year(s) under examination | 2010 through 2014 | ||||||
Earliest year subject to examination | 2009 | ||||||
Texas | |||||||
Tax Audits [Abstract] | |||||||
Year(s) under examination | 2009 and 2010 | ||||||
Earliest year subject to examination | 2009 | ||||||
Wisconsin | |||||||
Tax Audits [Abstract] | |||||||
Year(s) under examination | 2012 and 2013 | ||||||
Earliest year subject to examination | 2012 |
Rate Matters, NSP-Minnesota (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
May 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Feb. 28, 2015 |
Nov. 30, 2013 |
Sep. 30, 2017 |
|
Minnesota Public Utilities Commission | Annual Automatic Adjustment of Charges | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities; Approved Decrease Related To Disallowance Of Replacement Energy Costs | $ 4,400 | ||||||||
NSP-Minnesota | FERC Proceeding, MISO ROE Complaint | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% | |||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, Number Of Years Rate Case Is Applicable For | 4 years | 4 years | |||||||
Public Utilities, Cap on Annual True-Up for Decoupled Classes, Percentage | 3.00% | ||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.20% | ||||||||
Public Utilities, Approved Equity Capital Structure, Percentage | 52.50% | ||||||||
Public Utilities, Length of Stay-out Provision, In Years | 4 years | ||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 184,970 | ||||||||
Public Utilities, Increase (Decrease) Related to Sales True-up | 59,750 | ||||||||
Public Utilities, Rate Impact | $ 240,000 | 244,720 | |||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2016 | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 74,990 | ||||||||
Public Utilities, Increase (Decrease) Related to Sales True-up | 59,950 | ||||||||
Public Utilities, Rate Impact | 134,940 | ||||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2017 | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 59,860 | ||||||||
Public Utilities, Increase (Decrease) Related to Sales True-up | 0 | ||||||||
Public Utilities, Rate Impact | 59,860 | ||||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2018 | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 0 | ||||||||
Public Utilities, Increase (Decrease) Related to Sales True-up | 0 | ||||||||
Public Utilities, Rate Impact | 0 | ||||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2019 | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 50,120 | ||||||||
Public Utilities, Increase (Decrease) Related to Sales True-up | (200) | ||||||||
Public Utilities, Rate Impact | $ 49,920 | ||||||||
NSP-Minnesota | Federal Energy Regulatory Commission (FERC) | FERC Proceeding, MISO ROE Complaint | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | 10.32% | |||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended | 10.32% | ||||||||
Public Utilities, Length of Refund Period, In Months | 15 months | ||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% | ||||||||
Public Utilities, ROE Basis Point Adder, Approved | 50 | ||||||||
NSP-Minnesota | Administrative Law Judge | FERC Proceeding, MISO ROE Complaint | |||||||||
Rate Matters [Abstract] | |||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 9.70% |
Rate Matters Rate Matters, NSP-Wisconsin (Details) - NSP-Wisconsin - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Sep. 30, 2017 |
May 31, 2017 |
|
Public Service Commission of Wisconsin (PSCW) | PSCW Proceeding - Wisconsin 2018 Electric and Natural Gas Rate Case - Electric Rates 2018 [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 24.7 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 3.60% | |
Public Utilities, Requested Rate Base, Amount | $ 1,200.0 | |
Public Service Commission of Wisconsin (PSCW) | PSCW Proceeding - Wisconsin 2018 Electric and Natural Gas Rate Case - Gas Rates 2018 [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 12.0 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 10.10% | |
Public Utilities, Requested Rate Base, Amount | $ 138.4 | |
Public Service Commission of Wisconsin (PSCW) | PSCW Proceeding - Wisconsin 2018 Electric and Natural Gas Rate Case [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |
Public Utilities, Requested Equity Capital Structure, Percentage | 52.53% | |
Public Service Commission of Wisconsin (PSCW) Staff | PSCW Proceeding - Wisconsin 2018 Electric and Natural Gas Rate Case - Electric Rates 2018 [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 10.9 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 1.60% | |
Public Service Commission of Wisconsin (PSCW) Staff | PSCW Proceeding - Wisconsin 2018 Electric and Natural Gas Rate Case - Gas Rates 2018 [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 9.9 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 8.30% | |
Public Service Commission of Wisconsin (PSCW) Staff | PSCW Proceeding - Wisconsin 2018 Electric and Natural Gas Rate Case [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Return on Equity, Percentage | 9.80% | |
Public Utilities, Requested Equity Capital Structure, Percentage | 51.45% |
Rate Matters Rate Matters - PSCo (Details) - PSCo - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2017 |
Jun. 30, 2017 |
Sep. 30, 2017 |
||||||||||
CPUC Proceeding - 2017 Multi-Year Gas Rate Case | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Number of Years Which Rates are Requested to Increase | 3 years | |||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 55.25% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 139.0 | |||||||||||
Public Utilities, Rate Impact | 232.9 | |||||||||||
CPUC Proceeding - 2017 Multi-Year Gas Rate Case, Gas Rates 2018 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 63.2 | |||||||||||
Public Utilities, Rate Impact | 63.2 | |||||||||||
Public Utilities, Expected Year-End Rate Base | [1] | 1,500.0 | ||||||||||
CPUC Proceeding - 2017 Multi-Year Gas Rate Case, Gas Rates 2019 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 32.9 | |||||||||||
Public Utilities, Rate Impact | 126.8 | |||||||||||
Public Utilities, Expected Year-End Rate Base | [1] | 2,300.0 | ||||||||||
CPUC Proceeding - 2017 Multi-Year Gas Rate Case, Gas Rates 2020 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 42.9 | |||||||||||
Public Utilities, Rate Impact | 42.9 | |||||||||||
Public Utilities, Expected Year-End Rate Base | [1] | 2,400.0 | ||||||||||
CPUC Proceeding - Annual Electric Earnings Test 2015 through 2017 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Return on Equity Threshold for Earnings Sharing | 9.83% | |||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Approximate Rate Increase (Decrease), Amount | $ 245.0 | |||||||||||
Public Utilities, Number of Years Which Rates are Requested to Increase | 4 years | |||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 55.25% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 244.9 | |||||||||||
Public Utilities, Rate Impact | [2] | 378.0 | ||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2018 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 74.6 | |||||||||||
Public Utilities, Rate Impact | [2] | 207.7 | ||||||||||
Public Utilities, Expected Year-End Rate Base | [2] | 6,800.0 | ||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2019 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 74.9 | |||||||||||
Public Utilities, Rate Impact | [2] | 74.9 | ||||||||||
Public Utilities, Expected Year-End Rate Base | [2] | 7,100.0 | ||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2020 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 59.7 | |||||||||||
Public Utilities, Rate Impact | [2] | 59.7 | ||||||||||
Public Utilities, Expected Year-End Rate Base | [2] | 7,300.0 | ||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2021 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 35.7 | |||||||||||
Public Utilities, Rate Impact | [2] | 35.7 | ||||||||||
Public Utilities, Expected Year-End Rate Base | [2] | $ 7,400.0 | ||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Gas Rate Case | CPUC Staff | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Recommended Length of Average Rate Base | 13 months | |||||||||||
Public Utilities, Recommended Equity Capital Structure, Percentage | 48.73% | |||||||||||
Public Utilities, Impact of Change in Test Year | $ 4.4 | |||||||||||
Public Utilities, Increase (Decrease) Filed Historic Test Year Revenue Request, Amount | 67.6 | |||||||||||
Public Utilities, Increase (Decrease) of Recommended ROE | $ (13.5) | |||||||||||
Public Utilities, Recommended ROE, Percentage | 9.00% | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Capital Structure and Cost of Debt | $ (10.2) | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Change in Amortization Period | (5.4) | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Prepaid Pension and Retiree Medical Assets | (5.2) | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Change to Average Rate Base | (4.8) | |||||||||||
Public Utilities, Increase (Decrease) Other, net | (5.0) | |||||||||||
Public Utilities, Total Recommended Adjustments | (44.1) | |||||||||||
Public Utilities, Total Recommended Rate Increase (Decrease) | $ 23.5 | |||||||||||
Subsequent Event | CPUC Proceeding - 2017 Multi-Year Gas Rate Case | Office of Consumer Council (OCC) | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Recommended Length of Average Rate Base | 13 months | |||||||||||
Public Utilities, Recommended Equity Capital Structure, Percentage | 51.20% | |||||||||||
Public Utilities, Impact of Change in Test Year | $ 4.4 | |||||||||||
Public Utilities, Increase (Decrease) Filed Historic Test Year Revenue Request, Amount | 67.6 | |||||||||||
Public Utilities, Increase (Decrease) of Recommended ROE | $ (13.5) | |||||||||||
Public Utilities, Recommended ROE, Percentage | 9.00% | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Capital Structure and Cost of Debt | $ (7.5) | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Change in Amortization Period | 0.0 | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Prepaid Pension and Retiree Medical Assets | 0.0 | |||||||||||
Public Utilities, Increase (Decrease) of Recommended Change to Average Rate Base | (4.8) | |||||||||||
Public Utilities, Increase (Decrease) Other, net | (5.5) | |||||||||||
Public Utilities, Total Recommended Adjustments | (31.3) | |||||||||||
Public Utilities, Total Recommended Rate Increase (Decrease) | 36.3 | |||||||||||
Pipeline System Integrity Adjustment (PSIA) Rider | CPUC Proceeding - 2017 Multi-Year Gas Rate Case | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [3] | 93.9 | ||||||||||
Pipeline System Integrity Adjustment (PSIA) Rider | CPUC Proceeding - 2017 Multi-Year Gas Rate Case, Gas Rates 2018 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [3] | 0.0 | ||||||||||
Pipeline System Integrity Adjustment (PSIA) Rider | CPUC Proceeding - 2017 Multi-Year Gas Rate Case, Gas Rates 2019 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [3] | 93.9 | ||||||||||
Pipeline System Integrity Adjustment (PSIA) Rider | CPUC Proceeding - 2017 Multi-Year Gas Rate Case, Gas Rates 2020 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [3] | $ 0.0 | ||||||||||
Clean Air Clean Jobs Act (CACJA) Recovery Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 90.4 | ||||||||||
Clean Air Clean Jobs Act (CACJA) Recovery Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2018 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 90.4 | ||||||||||
Clean Air Clean Jobs Act (CACJA) Recovery Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2019 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 0.0 | ||||||||||
Clean Air Clean Jobs Act (CACJA) Recovery Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2020 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 0.0 | ||||||||||
Clean Air Clean Jobs Act (CACJA) Recovery Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2021 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 0.0 | ||||||||||
Transmission Cost Adjustment (TCA) Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 42.7 | ||||||||||
Transmission Cost Adjustment (TCA) Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2018 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 42.7 | ||||||||||
Transmission Cost Adjustment (TCA) Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2019 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 0.0 | ||||||||||
Transmission Cost Adjustment (TCA) Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2020 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | 0.0 | ||||||||||
Transmission Cost Adjustment (TCA) Rider | Subsequent Event | CPUC Proceeding - 2017 Multi-Year Electric Rate Case, Electric Rates 2021 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Rider Conversion to Base Rates | [4] | $ 0.0 | ||||||||||
|
Rate Matters, SPS (Details) - SPS - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Oct. 31, 2017 |
Aug. 31, 2017 |
Nov. 30, 2016 |
Sep. 30, 2017 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
PUCT Proceeding - Appeal of the Texas 2015 Electric Rate Case Decision | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 42.1 | |||||||
PUCT Proceeding - Texas 2017 Electric Rate Case | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 66.4 | |||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 7.10% | |||||||
Public Utilities, Number of Months in Test Year | 12 months | |||||||
Public Utilities, Number of Months in Test Year which are Estimated | 3 months | |||||||
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |||||||
Public Utilities, Requested Rate Base, Amount | $ 1,900.0 | |||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.97% | |||||||
NMPRC Proceeding - New Mexico 2016 Electric Rate Case | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 41.4 | |||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 10.90% | |||||||
Public Utilities, Requested Return on Equity, Percentage | 10.10% | |||||||
Public Utilities, Requested Rate Base, Amount | $ 832.0 | |||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.97% | |||||||
Public Utility Commission of Texas (PUCT) | PUCT Proceeding - Appeal of the Texas 2015 Electric Rate Case Decision | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Approved Rate Decrease, Net of Rate Case Expenses | $ 4.0 | |||||||
Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 12.8 | |||||||
Public Utilities, Length of Payment Period Requested, In Years | 5 years | |||||||
Public Utilities, Monthly Billed Charges For Transmission Service Upgrades | $ 0.5 | |||||||
Subsequent Event | PUCT Proceeding - Texas 2017 Electric Rate Case | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Revised Requested Rate Increase | $ 54.6 | |||||||
Public Utilities, Revised Requested Rate Increase, Percentage | 5.80% | |||||||
Public Utilities, Rate Case Expenses Addressed in Separate Proceeding | $ 4.4 | |||||||
Public Utilities, Revised Incremental Revenue Request | 69.2 | |||||||
Transmission Cost Recovery Factory (TCRF) Rider | Subsequent Event | PUCT Proceeding - Texas 2017 Electric Rate Case | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Rider Conversion to Base Rates | [1] | $ 14.6 | ||||||
|
Commitments and Contingencies, Purchased Power Agreements (Details) - Independent Power Producing Entities - MW |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Purchased Power Agreements [Abstract] | ||
Generating capacity under long term purchased power agreements (in MW) | 3,537 | 3,537 |
Purchase Power Agreement Expiration (Year) | 2041 |
Commitments and Contingencies, Guarantees and Indemnifications (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Guarantees [Abstract] | ||
Assets held as collateral | $ 0 | $ 0 |
Payment or Performance Guarantee | ||
Guarantees [Abstract] | ||
Guarantees issued and outstanding | 19,100,000 | 18,800,000 |
Current exposure under these guarantees | 0 | 100,000 |
Payment or Performance Guarantee | Surety Bonds | ||
Guarantees [Abstract] | ||
Guarantees issued and outstanding | $ 51,900,000 | $ 43,000,000 |
Commitments and Contingencies, Environmental Contingencies - Site Contingencies (Details) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017
USD ($)
Site
|
Dec. 31, 2016
USD ($)
|
|
Other MGP Sites [Member] | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Accrual for Environmental Loss Contingencies, Gross | $ 4.5 | $ 2.0 |
Number of identified MGP sites under current investigation and/or remediation in addition to those separately disclosed | 11 | |
NSP-Wisconsin | Ashland MGP Site | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Number of properties not owned included in superfund site | Site | 2 | |
Accrual for Environmental Loss Contingencies, Gross | $ 31.1 | 64.3 |
Current Cost Estimate for Site Remediation | 162.9 | |
Estimated amount spent on cleanup | $ 131.8 | |
Approved amortization period for recovery of remediation costs in natural gas rates (in years) | 10 | |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% | |
NSP-Minnesota | Fargo MGP Site | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Accrual for Environmental Loss Contingencies, Gross | $ 16.2 | 11.3 |
Current Cost Estimate for Site Remediation | 23.0 | |
Estimated amount spent on cleanup | $ 6.8 | |
Percentage of Response Costs Allocable to the Minnesota Jurisdiction | 12.00% | |
PSCW Proceeding - Gas Rate Case 2017 - Gas Rates 2017 | NSP-Wisconsin | Ashland MGP Site | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Public Utilities, Requested annual recovery collected through base rates | $ 12.4 | |
PSCW Proceeding - Gas Rate Case 2017 - Gas Rates 2018 [Member] | NSP-Wisconsin | Ashland MGP Site | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Public Utilities, Requested annual recovery collected through base rates | $ 18.1 |
Commitments and Contingencies, Environmental Contingencies - Unrecorded Unconditional Purchase Obligation (Details) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2015 |
|
Clean Power Plan [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Length of Public Comment Period | 60 days | |
Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Length of Time States Are Required to Revise Plans (in Years) | 10 years | |
National Ambient Air Quality Standards for Ozone [Member] | ||
Environmental Requirements [Abstract] | ||
Number of hours measured for standard | 8 | |
Former Level of Air Quality Concentrations (in parts per billion) | 75 | |
Revised Level of Air Quality Concentrations (in parts per billion) | 70 | |
Number of years for the state to achieve the designated attainment standard after revision to the standard | 2 years | |
Number of years for the extension for the state to achieve the designated attainment standard | 1 year | |
SPS | Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Number of units receiving allocated allowances under program | 3 | |
SPS | National Ambient Air Quality Standards for Ozone [Member] | ||
Environmental Requirements [Abstract] | ||
Revised Level of Air Quality Concentrations (in parts per billion) | 70 | |
Harrington Units 1 and 2 [Member] | Capital Commitments | SPS | Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Liability for Estimated Cost to Comply with Regulation | $ 400 | |
Tolk Units 1 and 2 [Member] | Capital Commitments | SPS | Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Liability for Estimated Cost to Comply with Regulation | $ 600 |
Commitments and Contingencies, Legal Contingencies (Details) |
1 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2017 |
Dec. 31, 2009 |
|
Gas Trading Litigation | |||
Legal Contingencies [Abstract] | |||
Loss Contingency, Pending Claims, Number | 6 | 13 | |
Loss Contingency, Multi-District Litigation Claims, Number | 1 | ||
Loss Contingency, Subset of Cases within Multi-District Litigation, Number | 2 | ||
NSP-Wisconsin | Gas Trading Litigation | |||
Legal Contingencies [Abstract] | |||
Loss Contingency, Pending Claims, Number | 2 | ||
Minimum | PSCo | Line Extension Disputes | |||
Legal Contingencies [Abstract] | |||
Loss Contingency, Number of Plaintiffs | 50 |
Borrowings and Other Financing Instruments, Commercial Paper (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 514,000,000 | $ 392,000,000 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 2,750,000,000 | 2,750,000,000 |
Amount outstanding at period end | 514,000,000 | 392,000,000 |
Average amount outstanding | 679,000,000 | 485,000,000 |
Maximum amount outstanding | $ 867,000,000 | $ 1,183,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.50% | 0.74% |
Weighted average interest rate at period end (percentage) | 1.53% | 0.95% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 514,000 | $ 392,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 28,000 | $ 19,000 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financing Instruments, Credit Facilities (Details) - Credit Facilities - USD ($) |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 2,750,000,000 | |||||
Drawn | [2] | 542,000,000 | |||||
Available | 2,208,000,000 | ||||||
Direct advances on the credit facility outstanding | 0 | $ 0 | |||||
Xcel Energy Inc. | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | 1,000,000,000 | |||||
Drawn | [2] | 422,000,000 | |||||
Available | $ 578,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
PSCo | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 700,000,000 | |||||
Drawn | [2] | 4,000,000 | |||||
Available | $ 696,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
NSP-Minnesota | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 500,000,000 | |||||
Drawn | [2] | 21,000,000 | |||||
Available | $ 479,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
SPS | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 400,000,000 | |||||
Drawn | [2] | 3,000,000 | |||||
Available | $ 397,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
NSP-Wisconsin | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 150,000,000 | |||||
Drawn | [2] | 92,000,000 | |||||
Available | $ 58,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
|
Borrowings and Other Financing Instruments Borrowings and Other Financing Instruments, Long-Term Borrowings (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 29, 2017 |
Aug. 30, 2017 |
Sep. 30, 2017 |
|
PSCo | Bonds | Series Due June 15, 2047 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||
Maturity Date | Jun. 15, 2047 | ||
SPS | Series Due Dec. 1, 2018 | Bonds | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
Maturity Date | Dec. 01, 2018 | ||
Debt Repayment, Amount | $ 250,000,000 | ||
Redemption Premium | $ 21,600,000 | ||
SPS | Bonds | Series Due Aug. 15, 2047 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 450,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||
Maturity Date | Aug. 15, 2047 | ||
NSP Minnesota | Series Due March 1, 2018 | Bonds | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||
Maturity Date | Mar. 01, 2018 | ||
Debt Repayment, Amount | $ 500,000,000 | ||
Redemption Premium | $ 7,900,000 | ||
NSP Minnesota | Bonds | Series Due Sept. 15, 2047 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||
Maturity Date | Sep. 15, 2047 |
Fair Value of Financial Assets and Liabilities (Details) |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Minimum | Commingled and international equity funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 1 day |
Minimum | Real Estate Funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 45 days |
Maximum | Commingled and international equity funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 90 days |
Maximum | Real Estate Funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 90 days |
Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Nuclear Decommissioning Fund (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Available-for-sale Securities, Gross Unrealized Gain | $ 511,700 | $ 378,600 | |||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 10,300 | 46,900 | |||||||||||
Investments [Abstract] | |||||||||||||
Equity investments in unconsolidated subsidiaries | 131,800 | 132,800 | |||||||||||
Miscellaneous investments | 111,700 | 98,300 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Cash Equivalents | 32,727 | [1] | 20,379 | [2] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 1,555,425 | [1] | 1,528,993 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 257,487 | [1] | 260,877 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Emerging market debt funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 97,285 | [1] | 93,597 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commodity funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | [2] | 106,571 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Private equity investments | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 139,185 | [1] | 132,190 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Real estate | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 129,219 | [1] | 128,630 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Other commingled funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 146,179 | [1] | 151,048 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Government securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 45,310 | [1] | 32,764 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 251,138 | [1] | 104,913 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Non U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 46,245 | [1] | 21,751 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Municipal bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 13,609 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Mortgage-backed securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 2,785 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 258,075 | [1] | 270,779 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 152,575 | [1] | 189,100 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Cash Equivalents | 32,727 | [1] | 20,379 | [2] | |||||||||
Alternative Investment, Fair Value Disclosure | 726,413 | [1],[3] | 839,465 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 2,056,732 | [1] | 1,860,762 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 0 | [1],[3] | 0 | [2],[4] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Non U.S. equities | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 86,654 | [1],[3] | 112,233 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 291,156 | [1] | 245,359 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Emerging market debt funds | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 106,842 | [1],[3] | 97,543 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 106,842 | [1] | 97,543 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commodity funds | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | [2],[4] | 92,091 | |||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | [2] | 92,091 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Private equity investments | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 192,098 | [1],[3] | 190,462 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 192,098 | [1] | 190,462 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Real estate | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 195,506 | [1],[3] | 187,647 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 195,506 | [1] | 187,647 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Other commingled funds | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 145,313 | [1],[3] | 159,489 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 160,277 | [1] | 159,489 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Government securities | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 0 | [1],[3] | 0 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 44,944 | [1] | 31,965 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | U.S. corporate bonds | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 0 | [1],[3] | 0 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 252,868 | [1] | 105,772 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Non U.S. corporate bonds | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 0 | [1],[3] | 0 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 46,611 | [1] | 21,672 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Municipal bonds | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | [2],[4] | 0 | |||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 13,786 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Mortgage-backed securities | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | [2],[4] | 0 | |||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 2,816 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | U.S. equities | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 0 | [1],[3] | 0 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 509,564 | [1] | 473,400 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Non U.S. equities | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Alternative Investment, Fair Value Disclosure | 0 | [1],[3] | 0 | [2],[4] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 224,139 | [1] | 218,381 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Cash Equivalents | 32,727 | [1] | 20,379 | [2] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 985,896 | [1] | 845,286 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 204,502 | [1] | 133,126 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Emerging market debt funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commodity funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Private equity investments | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Real estate | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Other commingled funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 14,964 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Government securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Non U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Municipal bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Mortgage-backed securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 509,564 | [1] | 473,400 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 224,139 | [1] | 218,381 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Cash Equivalents | 0 | [1] | 0 | [2] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 344,423 | [1] | 176,011 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Emerging market debt funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commodity funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Private equity investments | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Real estate | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Other commingled funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Government securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 44,944 | [1] | 31,965 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 252,868 | [1] | 105,772 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Non U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 46,611 | [1] | 21,672 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Municipal bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 13,786 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Mortgage-backed securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 2,816 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Cash Equivalents | 0 | [1] | 0 | [2] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Emerging market debt funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commodity funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Private equity investments | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Real estate | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Other commingled funds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Government securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Non U.S. corporate bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Municipal bonds | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Mortgage-backed securities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Debt Securities | [2] | 0 | |||||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | 0 | [1] | 0 | [2] | |||||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Non U.S. equities | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||
Available-for-sale Securities, Equity Securities | $ 0 | [1] | $ 0 | [2] | |||||||||
|
Fair Value of Financial Assets and Liabilities, Final Contractual Maturity Dates of Debt Securities in Nuclear Decommissioning Fund (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
---|---|
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | $ 3,834 |
Due in 1 to 5 Years | 79,187 |
Due in 5 to 10 Years | 179,695 |
Due after 10 Years | 81,707 |
Total | 344,423 |
Government securities | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 1,275 |
Due in 5 to 10 Years | 2,303 |
Due after 10 Years | 41,366 |
Total | 44,944 |
U.S. corporate bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 3,834 |
Due in 1 to 5 Years | 64,119 |
Due in 5 to 10 Years | 150,741 |
Due after 10 Years | 34,174 |
Total | 252,868 |
Non U.S. corporate bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 13,793 |
Due in 5 to 10 Years | 26,651 |
Due after 10 Years | 6,167 |
Total | $ 46,611 |
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Rabbi Trust (Details) - Fair Value, Measured on a Recurring Basis - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Cost | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | $ 57,595 | $ 49,494 | ||
Cost | Rabbi Trust [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents | [1] | 11,227 | 47,831 | ||
Cost | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 46,368 | 1,663 | ||
Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 60,171 | 49,732 | ||
Fair Value | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 60,171 | 49,732 | ||
Fair Value | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 0 | 0 | ||
Fair Value | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 0 | 0 | ||
Fair Value | Rabbi Trust [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents | [1] | 11,227 | 47,831 | ||
Fair Value | Rabbi Trust [Member] | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents | [1] | 11,227 | 47,831 | ||
Fair Value | Rabbi Trust [Member] | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents | [1] | 0 | 0 | ||
Fair Value | Rabbi Trust [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents | [1] | 0 | 0 | ||
Fair Value | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 48,944 | 1,901 | ||
Fair Value | Mutual Funds [Member] | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 48,944 | 1,901 | ||
Fair Value | Mutual Funds [Member] | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | 0 | 0 | ||
Fair Value | Mutual Funds [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | [1] | $ 0 | $ 0 | ||
|
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) gal in Thousands, MWh in Thousands, MMBTU in Thousands, $ in Millions |
Sep. 30, 2017
USD ($)
gal
MMBTU
MWh
Counterparty
|
Dec. 31, 2016
gal
MMBTU
MWh
|
|||||
---|---|---|---|---|---|---|---|
Credit Concentration Risk | |||||||
Consideration of Credit Risk and Concentrations [Abstract] | |||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | ||||||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | |||||||
Consideration of Credit Risk and Concentrations [Abstract] | |||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 9 | ||||||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies [Member] | |||||||
Consideration of Credit Risk and Concentrations [Abstract] | |||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | ||||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 44.2 | ||||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 27.00% | ||||||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | |||||||
Consideration of Credit Risk and Concentrations [Abstract] | |||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | ||||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 36.1 | ||||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 22.00% | ||||||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | |||||||
Consideration of Credit Risk and Concentrations [Abstract] | |||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 1 | ||||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 8.1 | ||||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 5.00% | ||||||
Interest Rate Swap | |||||||
Interest Rate Derivatives [Abstract] | |||||||
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | $ (2.6) | ||||||
Electric Commodity (in megawatt hours) | |||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||||||
Derivative, Nonmonetary Notional amount | MWh | [1],[2] | 78,733 | 46,773 | ||||
Natural Gas Commodity (in million British thermal units) | |||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||||||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 62,279 | 121,978 | ||||
Vehicle Fuel Commodity (in gallons) | |||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||||||
Derivative, Nonmonetary Notional amount | gal | [1],[2] | 300 | 0 | ||||
|
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||||||||||||||
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||||||||||||||||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | 0 | 0 | ||||||||||||||
Designated as Hedging Instrument | Cash Flow Hedges | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 38,000 | (6,000) | 81,000 | 7,000 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 1,568,000 | 1,548,000 | 4,241,000 | 4,620,000 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||||||||||||
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | [1] | 1,579,000 | 1,502,000 | 4,257,000 | 4,470,000 | |||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||||||||||||
Designated as Hedging Instrument | Cash Flow Hedges | Vehicle Fuel And Other Commodity | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 38,000 | (6,000) | 81,000 | 7,000 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | [2] | (11,000) | 46,000 | (16,000) | 150,000 | |||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||||||||||||
Other Derivative Instruments | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 15,674,000 | 9,760,000 | 7,324,000 | 12,152,000 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (3,122,000) | 2,491,000 | (8,360,000) | 41,690,000 | ||||||||||||||
Pre-tax gains (losses) recognized during the period in income | 1,282,000 | 1,773,000 | 3,999,000 | (1,736,000) | ||||||||||||||
Other Derivative Instruments | Commodity Trading | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax gains (losses) recognized during the period in income | [3] | 1,282,000 | 1,779,000 | 8,069,000 | 3,269,000 | |||||||||||||
Other Derivative Instruments | Electric Commodity | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 17,750,000 | 15,497,000 | 17,245,000 | 14,528,000 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [4] | (3,122,000) | 2,491,000 | (9,435,000) | 30,024,000 | |||||||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||||||||||||
Other Derivative Instruments | Natural Gas Commodity | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (2,076,000) | (5,737,000) | (9,921,000) | (2,376,000) | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 1,075,000 | [5] | 11,666,000 | [5] | ||||||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | $ (6,000) | [5] | (4,070,000) | [5] | $ (5,005,000) | [5] | |||||||||||
Other Derivative Instruments | Natural Gas Commodity for Electric Generation | ||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 0 | $ 900,000 | ||||||||||||||||
|
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Derivative instruments in a gross liability position | $ 0 | $ 0 |
Collateral posted on derivative instruments | 0 | 0 |
Collateral posted related to adequate assurance clauses in derivative contracts | $ 0 | $ 0 |
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 0 | $ 0 | |||||||||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 3,500 | 3,700 | |||||||||||
Other Current Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 74,533 | 38,224 | |||||||||||
Other Noncurrent Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 49,124 | 50,189 | |||||||||||
Other Current Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 27,659 | 26,959 | |||||||||||
Other Noncurrent Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 131,058 | 148,146 | |||||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 68,907 | 32,761 | |||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (9,668) | [1] | (22,613) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 6,978 | 6,647 | |||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (6,692) | [1] | (20,637) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 60,110 | 17,275 | |||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2,841) | [1] | (1,976) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,763 | 8,839 | |||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (135) | [1] | 0 | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 28,795 | 25,458 | |||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (7,574) | [1] | (7,323) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 28,784 | 23,806 | |||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (7,574) | [1] | (7,323) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,652 | ||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [2] | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 4,829 | 4,155 | |||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (10,471) | [1] | (22,950) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 4,001 | 4,155 | |||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (7,495) | [1] | (20,974) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 1 | 0 | |||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (2,841) | [1] | (1,976) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 827 | ||||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (135) | |||||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 12,885 | 12,786 | |||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (10,239) | [1] | (10,727) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 12,885 | 12,786 | |||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (10,239) | [1] | (10,727) | [2] | |||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,412 | 13,179 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,412 | 13,179 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 84 | 100 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 84 | 100 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 1,289 | 13,787 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 1,289 | 13,787 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 52 | 89 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 52 | 89 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 14,126 | 22,944 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 12,172 | 14,105 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,898 | 8,839 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 30,624 | 32,681 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 30,613 | 31,029 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,652 | ||||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 11,166 | 11,320 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 10,204 | 11,320 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 962 | ||||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 23,072 | 23,424 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 23,072 | 23,424 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 63,037 | 19,251 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 86 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 62,951 | 19,251 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 5,661 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 5,661 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,845 | 1,998 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 3 | 22 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,842 | 1,976 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||||||||||
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 5,626 | [3] | 5,463 | [4] | |||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 20,329 | [3] | 24,731 | [4] | |||||||||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 22,830 | [3] | 22,804 | [4] | |||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | Purchased Power Agreements | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 118,173 | [3] | 135,360 | [4] | |||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 78,575 | 55,374 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 13,670 | 27,284 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 62,951 | 19,251 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,898 | 8,839 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 36,369 | 32,781 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 36,358 | 31,129 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,652 | ||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 15,300 | 27,105 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 11,496 | 25,129 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,842 | 1,976 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 962 | ||||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 23,124 | 23,513 | |||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 23,124 | $ 23,513 | |||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Other Current Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 56 | ||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | 0 | |||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 11 | ||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | 0 | |||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 56 | ||||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 11 | ||||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||||
Cash Flow Hedges | Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||||
Cash Flow Hedges | Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 56 | ||||||||||||
Cash Flow Hedges | Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | $ 11 | ||||||||||||
|
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Balance at beginning of period | $ 69,237,000 | $ 24,517,000 | $ 17,253,000 | $ 18,028,000 | ||
Purchases | 0 | 274,000 | 80,073,000 | 33,296,000 | ||
Settlements | (33,144,000) | (33,982,000) | (75,121,000) | (60,707,000) | ||
Gains (losses) recognized in earnings | [1] | 548,000 | 9,000 | 5,769,000 | (33,000) | |
Net gains recognized as regulatory assets and liabilities | 29,212,000 | 33,777,000 | 37,879,000 | 34,011,000 | ||
Balance at end of period | 65,853,000 | 24,595,000 | 65,853,000 | 24,595,000 | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | ||
|
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term Debt, Including Current Portion | $ 14,878,382 | $ 14,450,247 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term Debt, Including Current Portion | $ 16,192,542 | $ 15,513,209 |
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 5,772 | $ 1,385 | $ 11,679 | $ 6,439 |
Other nonoperating income | 0 | 341 | 5,013 | 2,517 |
Insurance policy expense | (528) | (1,148) | (2,549) | (2,568) |
Other nonoperating expense | 155 | 0 | 0 | 0 |
Other income, net | $ 5,089 | $ 578 | $ 14,143 | $ 6,388 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | $ 131,800 | $ 131,800 | $ 132,800 | ||
Operating revenues | 3,016,897 | $ 3,040,147 | 8,608,247 | $ 8,312,269 | |
Net income (loss) | 492,141 | 457,795 | 958,674 | 895,902 | |
Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2,783,920 | 2,800,246 | 7,421,727 | 7,210,263 | |
Net income (loss) | 503,058 | 479,399 | 924,773 | 863,076 | |
Regulated Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | 131,800 | 131,800 | $ 132,800 | ||
Operating revenues | 214,631 | 222,248 | 1,130,722 | 1,047,364 | |
Net income (loss) | 1,853 | (5,297) | 77,946 | 84,974 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 19,075 | 18,227 | 57,806 | 56,500 | |
Net income (loss) | (12,770) | (16,307) | (44,045) | (52,148) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 3,016,897 | 3,040,147 | 8,608,247 | 8,312,269 | |
Operating Segments | Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2,783,569 | 2,799,964 | 7,420,646 | 7,209,225 | |
Operating Segments | Regulated Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 214,253 | 221,956 | 1,129,795 | 1,046,544 | |
Operating Segments | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 19,075 | 18,227 | 57,806 | 56,500 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (729) | (574) | (2,008) | (1,858) | |
Net income (loss) | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 351 | 282 | 1,081 | 1,038 | |
Intersegment Eliminations | Regulated Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 378 | 292 | 927 | 820 | |
Intersegment Eliminations | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Dilutive Impact of Common Stock Equivalents on Earnings per Share (Abstract] | ||||
Net income | $ 492,141 | $ 457,795 | $ 958,674 | $ 895,902 |
Basic earnings per share [Abstract] | ||||
Earnings available to common shareholders | $ 492,141 | $ 457,795 | $ 958,674 | $ 895,902 |
Weighted average common shares outstanding - basic (in shares) | 508,581 | 508,941 | 508,468 | 508,840 |
Earnings available to common shareholders - basic (in dollars per share) | $ 0.97 | $ 0.90 | $ 1.89 | $ 1.76 |
Effect of dilutive securities [Abstract] | ||||
Time based equity awards (in shares) | 661 | 625 | 584 | 556 |
Diluted earnings per share [Abstract] | ||||
Earnings available to common shareholders | $ 492,141 | $ 457,795 | $ 958,674 | $ 895,902 |
Weighted average common shares outstanding - diluted (in shares) | 509,242 | 509,566 | 509,052 | 509,396 |
Earnings available to common shareholders - diluted (in dollars per share) | $ 0.97 | $ 0.90 | $ 1.88 | $ 1.76 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Jan. 31, 2017
USD ($)
Plan
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
|
Pension Plan [Member] | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost | $ 23,547 | $ 22,940 | $ 70,641 | $ 68,805 | |
Interest cost | 36,702 | 40,027 | 110,106 | 120,078 | |
Expected return on plan assets | (52,318) | (52,575) | (156,953) | (157,725) | |
Amortization of prior service credit | (442) | (478) | (1,326) | (1,439) | |
Amortization of net loss | 26,671 | 24,384 | 80,012 | 73,154 | |
Net periodic benefit cost (credit) | 34,160 | 34,298 | 102,480 | 102,873 | |
Costs not recognized due to the effects of regulation | (3,610) | (3,976) | (11,523) | (12,587) | |
Net benefit cost (credit) recognized for financial reporting | 30,550 | 30,322 | 90,957 | 90,286 | |
Total contributions to Xcel Energy's pension plans during the period | $ 150,000 | ||||
Number of pension plans to which contributions were made | Plan | 4 | ||||
Other Postretirement Benefits Plan [Member] | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 465 | 432 | 1,395 | 1,295 | |
Interest cost | 5,984 | 6,527 | 17,952 | 19,580 | |
Expected return on plan assets | (6,155) | (6,249) | (18,466) | (18,746) | |
Amortization of prior service credit | (2,672) | (2,672) | (8,015) | (8,015) | |
Amortization of net loss | 1,672 | 1,011 | 5,016 | 3,031 | |
Net periodic benefit cost (credit) | (706) | (951) | (2,118) | (2,855) | |
Costs not recognized due to the effects of regulation | 0 | 0 | 0 | 0 | |
Net benefit cost (credit) recognized for financial reporting | $ (706) | $ (951) | $ (2,118) | $ (2,855) |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | $ 11,020,849 | |||
(Gains) losses reclassified from net accumulated other comprehensive loss | $ 1,963 | $ 1,838 | 5,495 | $ 5,441 |
Accumulated other comprehensive income (loss) at end of period | 11,439,377 | 11,439,377 | ||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | (49,497) | (52,980) | (51,151) | (54,862) |
Other comprehensive income (loss) before reclassifications | 23 | (4) | 49 | 4 |
(Gains) losses reclassified from net accumulated other comprehensive loss | 981 | 960 | 2,609 | 2,834 |
Net current period other comprehensive income (loss) | 1,004 | 956 | 2,658 | 2,838 |
Accumulated other comprehensive income (loss) at end of period | (48,493) | (52,024) | (48,493) | (52,024) |
Unrealized Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | 111 | 110 | 110 | 110 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 1 | 0 |
(Gains) losses reclassified from net accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 0 | 0 | 1 | 0 |
Accumulated other comprehensive income (loss) at end of period | 111 | 110 | 111 | 110 |
Defined Benefit Pension and Postretirement Items | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | (57,409) | (53,925) | (59,313) | (55,001) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | (653) |
(Gains) losses reclassified from net accumulated other comprehensive loss | 982 | 878 | 2,886 | 2,607 |
Net current period other comprehensive income (loss) | 982 | 878 | 2,886 | 1,954 |
Accumulated other comprehensive income (loss) at end of period | (56,427) | (53,047) | (56,427) | (53,047) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | (106,795) | (106,795) | (110,354) | (109,753) |
Other comprehensive income (loss) before reclassifications | 23 | (4) | 50 | (649) |
(Gains) losses reclassified from net accumulated other comprehensive loss | 1,963 | 1,838 | 5,495 | 5,441 |
Net current period other comprehensive income (loss) | 1,986 | 1,834 | 5,545 | 4,792 |
Accumulated other comprehensive income (loss) at end of period | $ (104,809) | $ (104,961) | $ (104,809) | $ (104,961) |
Other Comprehensive Income (Reclassifications from AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Operating and maintenance expenses | $ 541,539 | $ 590,009 | $ 1,706,102 | $ 1,764,397 | |||||||
Total, pre-tax | (696,932) | (696,207) | (1,382,518) | (1,367,361) | |||||||
Tax benefit | 204,791 | 238,412 | 423,844 | 471,459 | |||||||
Total amounts reclassified, net of tax | 1,963 | 1,838 | 5,495 | 5,441 | |||||||
Gains and Losses on Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total amounts reclassified, net of tax | 981 | 960 | 2,609 | 2,834 | |||||||
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total, pre-tax | 1,568 | 1,548 | 4,241 | 4,620 | |||||||
Tax benefit | (587) | (588) | (1,632) | (1,786) | |||||||
Total, net of tax | 981 | 960 | 2,609 | 2,834 | |||||||
Prior service credit | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total, pre-tax | [1] | 1,622 | 1,478 | 4,868 | 4,434 | ||||||
Amortization of net loss | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total, pre-tax | [1] | (58) | (64) | (177) | (192) | ||||||
Defined Benefit Pension and Postretirement Items | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total amounts reclassified, net of tax | 982 | 878 | 2,886 | 2,607 | |||||||
Defined Benefit Pension and Postretirement Items | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total, pre-tax | 1,564 | 1,414 | 4,691 | 4,242 | |||||||
Tax benefit | (582) | (536) | (1,805) | (1,635) | |||||||
Total amounts reclassified, net of tax | 982 | 878 | 2,886 | 2,607 | |||||||
Interest Rate Swap | Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest charges | [2] | 1,579 | 1,502 | 4,257 | 4,470 | ||||||
Vehicle Fuel Derivatives | Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Operating and maintenance expenses | [3] | $ (11) | $ 46 | $ (16) | $ 150 | ||||||
|
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