Borrowings and Other Financing Instruments

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings and Other Financing Instruments

Short-Term Borrowings

Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.

Commercial paper and term loan borrowings outstanding for Xcel Energy:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2022			Year Ended Dec. 31, 2021
Borrowing limit	$	3,550		$	3,100
Amount outstanding at period end	158			1,005
Average amount outstanding	187			1,399
Maximum amount outstanding	329			2,054
Weighted average interest rate, computed on a daily basis	2.51		%	0.57		%
Weighted average interest rate at period end	3.40			0.31

Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $39 million and $19 million of letters of credit outstanding under the credit facilities at Sept. 30, 2022 and Dec. 31, 2021, respectively. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities at least equal to the amount of commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

Amended Credit Agreements — In September 2022, Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS each entered into an amended five-year credit agreement with a syndicate of banks. The aggregate borrowing limit was increased to $3.55 billion. The amended credit agreements have substantially the same terms and conditions as the prior agreements, with the following changes:

•Maturities were extended from June 2024 to September 2027.

•Borrowing limit for Xcel Energy Inc. was increased from $1.25 billion to $1.5 billion.

•Borrowing limit for NSP-Minnesota was increased from $500 million to $700 million.

As of Sept. 30, 2022, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:

(Millions of Dollars)	Credit Facility (a)		Drawn (b)		Available
Xcel Energy Inc.	$	1,500	$	158	$	1,342
PSCo	700		26		674
NSP-Minnesota	700		11		689
SPS	500		2		498
NSP-Wisconsin	150		—		150
Total	$	3,550	$	197	$	3,353

(a)Expires in September 2027.

(b)Includes outstanding commercial paper and letters of credit.

Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2022 and Dec. 31, 2021.

Bilateral Credit Agreement

In April 2022, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.

As of Sept. 30, 2022, NSP-Minnesota had $50 million of outstanding letters of credit under the $75 million bilateral credit agreement.

Long-Term Borrowings and Other Financing Instruments

During the nine months ended September 30, 2022, Xcel Energy Inc. and its utility subsidiaries issued the following:

•Xcel Energy issued $700 million of 4.60% unsecured senior notes due June 1, 2032.

•NSP-Minnesota issued $500 million of 4.50% first mortgage bonds due June 1, 2052.

•PSCo issued $300 million of 4.10% first mortgage bonds due June 1, 2032 and $400 million of 4.50% first mortgage bonds due June 1, 2052.

•SPS issued $200 million of 5.15% first mortgage bonds due June 1, 2052.

•NSP-Wisconsin issued $100 million of 4.86% first mortgage bonds due September 15, 2052.

ATM Equity Offering — In November 2021, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $800 million of its common stock through an ATM program. In 2021, 5.33 million shares were issued (approximately $350 million). In the second quarter of 2022, 2.13 million shares of common stock were issued (approximately $150 million). As of Sept. 30, 2022, approximately $300 million remained available for sale under the ATM program. Other Equity — Xcel Energy Inc. issued $34 million and $38 million of equity through the DRIP during the nine months ended Sept. 30, 2022 and 2021, respectively. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock