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 |
Northern States Power Company | ||||||||
(Exact Name of Registrant as Specified in its Charter) | ||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S Employer Identification No.) | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
N/A | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
☒ | Smaller reporting company | ||||||||||||||||
Emerging growth company |
Class | Outstanding at October 27, 2022 | |||||||
Common Stock, $100 par value |
TABLE OF CONTENTS |
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 2 — | |||||||||||
Item 4 — | |||||||||||
PART II | OTHER INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 1A — | |||||||||||
Item 6 — | |||||||||||
Definitions of Abbreviations |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
e prime | e prime inc. | ||||
NSP-Minnesota | Northern States Power Company, a Minnesota corporation | ||||
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota | ||||
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
PSCo | Public Service Company of Colorado | ||||
SPS | Southwestern Public Service Company | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |||||
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit | ||||
EPA | United States Environmental Protection Agency | ||||
FERC | Federal Energy Regulatory Commission | ||||
MPSC | Michigan Public Service Commission | ||||
PSCW | Public Service Commission of Wisconsin | ||||
SEC | Securities and Exchange Commission |
Other | |||||
ACE | Affordable Clean Energy | ||||
AMT | Alternative minimum tax | ||||
C&I | Commercial and Industrial | ||||
CEO | Chief executive officer | ||||
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act | ||||
CFO | Chief financial officer | ||||
CSPV | Crystalline Silicon Photovoltaic | ||||
GAAP | United States generally accepted accounting principles | ||||
IRA | Inflation Reduction Act | ||||
ITC | Investment tax credit | ||||
MGP | Manufactured gas plant | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
NOx | Nitrogen Oxides | ||||
PFAS | Per- and PolyFluoroAlkyl Substances | ||||
PTC | Production tax credit | ||||
O&M | Operating and maintenance | ||||
ROE | Return on equity | ||||
TOs | Transmission owners |
Forward-Looking Statements |
ITEM 1 — FINANCIAL STATEMENTS |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric, non-affiliates | $ | $ | $ | $ | |||||||||||||||||||
Electric, affiliates | |||||||||||||||||||||||
Natural gas | |||||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power, non-affiliates | |||||||||||||||||||||||
Purchased power, affiliates | |||||||||||||||||||||||
Cost of natural gas sold and transported | |||||||||||||||||||||||
O&M expenses | |||||||||||||||||||||||
Conservation program expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes (other than income taxes) | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Allowance for funds used during construction — equity | |||||||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges, includes other financing costs of $ | |||||||||||||||||||||||
Allowance for funds used during construction — debt | ( | ( | ( | ||||||||||||||||||||
Total interest charges and financing costs | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ |
Nine Months Ended Sept. 30 | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Provision for bad debts | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accrued unbilled revenues | |||||||||||
Inventories | ( | ( | |||||||||
Other current assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Net regulatory assets and liabilities | ( | ||||||||||
Other current liabilities | ( | ||||||||||
Pension and other employee benefit obligations | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Capital/construction expenditures | ( | ( | |||||||||
Investments in utility money pool arrangement | ( | ( | |||||||||
Repayments from utility money pool arrangement | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
(Repayments of) proceeds from short-term borrowings, net | ( | ( | |||||||||
Borrowings under utility money pool arrangement | |||||||||||
Repayments under utility money pool arrangement | ( | ( | |||||||||
Proceeds from long-term debt | |||||||||||
Capital contributions from parent | |||||||||||
Dividends paid to parent | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net change in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | ( | $ | ( | |||||||
Cash paid for income taxes, net | ( | ( | |||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | $ | |||||||||
Inventory transfers to property, plant and equipment | |||||||||||
Allowance for equity funds used during construction |
Sept. 30, 2022 | Dec. 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Investments in money pool arrangements | |||||||||||
Accrued unbilled revenues | |||||||||||
Other receivables | |||||||||||
Inventories | |||||||||||
Regulatory assets | |||||||||||
Prepaid taxes | |||||||||||
Prepayments and other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Short-term debt | |||||||||||
Accounts payable | |||||||||||
Accounts payable to affiliates | |||||||||||
Dividends payable to parent | |||||||||||
Regulatory liabilities | |||||||||||
Taxes accrued | |||||||||||
Accrued interest | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | |||||||||||
Deferred investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Customer advances | |||||||||||
Pension and employee benefit obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | |||||||||||
Common stock — | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Total common stockholder's equity | |||||||||||
Total liabilities and equity | $ | $ |
Common Stock Issued | Retained Earnings | Total Common Stockholder's Equity | |||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||
Three Months Ended Sept. 30, 2022 and 2021 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at Sept. 30, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at Sept. 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Total Common Stockholder's Equity | |||||||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | ||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||
Nine Months Ended Sept. 30, 2022 and 2021 | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at Sept. 30, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at Sept. 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of dollars) | Sept. 30, 2022 | Dec. 31, 2021 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Less allowance for bad debts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
(Millions of dollars) | Sept. 30, 2022 | Dec. 31, 2021 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | $ | ||||||||||||
Fuel | ||||||||||||||
Natural gas | ||||||||||||||
Total inventories | $ | $ |
(Millions of dollars) | Sept. 30, 2022 | Dec. 31, 2021 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | $ | ||||||||||||
Natural gas plant | ||||||||||||||
Common and other property | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant and equipment | ||||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2022 | Year Ended Dec. 31, 2021 | ||||||||||||
Borrowing limit | $ | $ | ||||||||||||
Amount outstanding at period end | ||||||||||||||
Average amount outstanding | ||||||||||||||
Maximum amount outstanding | ||||||||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||||||||
Weighted average interest rate at period end | N/A | N/A |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2022 | Year Ended Dec. 31, 2021 | ||||||||||||
Borrowing limit | $ | $ | ||||||||||||
Amount outstanding at period end | ||||||||||||||
Average amount outstanding | ||||||||||||||
Maximum amount outstanding | ||||||||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||||||||
Weighted average interest rate at period end | N/A |
Credit Facility (a) | Outstanding (b) | Available | ||||||||||||
$ | $ | $ |
5. Revenues |
Three Months Ended Sept. 30, 2022 | ||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | Total | |||||||||||||||||
Major revenue types | ||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||
Residential | $ | $ | $ | |||||||||||||||||
C&I | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total retail | ||||||||||||||||||||
Interchange | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||
Total revenues | $ | $ | $ |
Three Months Ended Sept. 30, 2021 | ||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | Total | |||||||||||||||||
Major revenue types | ||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||
Residential | $ | $ | $ | |||||||||||||||||
C&I | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total retail | ||||||||||||||||||||
Interchange | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||
Total revenues | $ | $ | $ |
Nine Months Ended Sept. 30, 2022 | ||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | Total | |||||||||||||||||
Major revenue types | ||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||
Residential | $ | $ | $ | |||||||||||||||||
C&I | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total retail | ||||||||||||||||||||
Interchange | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||
Total revenues | $ | $ | $ |
Nine Months Ended Sept. 30, 2021 | ||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | Total | |||||||||||||||||
Major revenue types | ||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||
Residential | $ | $ | $ | |||||||||||||||||
C&I | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total retail | ||||||||||||||||||||
Interchange | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||
Total revenues | $ | $ | $ |
6. Income Taxes |
Nine Months Ended Sept. 30 | ||||||||||||||
2022 | 2021 | |||||||||||||
Federal statutory rate | % | % | ||||||||||||
State tax (net of federal tax effect) | ||||||||||||||
Decreases: | ||||||||||||||
Plant regulatory differences (a) | ( | ( | ||||||||||||
Other (net) | ( | ( | ||||||||||||
Effective income tax rate | % | % |
7. Fair Value of Financial Assets and Liabilities |
Sept. 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total (b) | |||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
Natural gas commodity | $ | $ | $ | $ | $ | $ |
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total (b) | |||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
Natural gas commodity | $ | $ | $ | $ | $ | $ |
Sept. 30, 2022 | Dec. 31, 2021 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | $ | $ | $ |
8. Benefit Plans and Other Postretirement Benefits |
Three Months Ended Sept. 30 | ||||||||||||||
2022 | 2021 | |||||||||||||
(Millions of Dollars) | Pension Benefits | |||||||||||||
Service cost | $ | $ | ||||||||||||
Interest cost (a) | ||||||||||||||
Expected return on plan assets (a) | ( | ( | ||||||||||||
Amortization of net loss (a) | ||||||||||||||
Settlement charge (b) | ||||||||||||||
Net periodic benefit cost | $ | $ | ||||||||||||
Effects of regulation | ( | ( | ||||||||||||
Net benefit cost recognized for financial reporting | $ | $ |
Nine Months Ended Sept. 30 | ||||||||||||||
2022 | 2021 | |||||||||||||
(Millions of Dollars) | Pension Benefits | |||||||||||||
Service cost | $ | $ | ||||||||||||
Interest cost (a) | ||||||||||||||
Expected return on plan assets (a) | ( | ( | ||||||||||||
Amortization of net loss (a) | ||||||||||||||
Settlement charge (b) | ||||||||||||||
Net periodic benefit cost | $ | $ | ||||||||||||
Effects of regulation | ( | ( | ||||||||||||
Net benefit cost recognized for financial reporting | $ | $ |
9. Commitments and Contingencies |
10. Segment Information |
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||||||||
Regulated Electric | ||||||||||||||
Total revenues (a) | $ | $ | ||||||||||||
Net income | ||||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues — external | $ | $ | ||||||||||||
Intersegment revenue | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Net (loss) | ( | ( | ||||||||||||
All Other | ||||||||||||||
Net income | $ | $ | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenues (a) | $ | $ | ||||||||||||
Reconciling eliminations | ( | |||||||||||||
Total operating revenues | $ | $ | ||||||||||||
Net income |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||||||||
Regulated Electric | ||||||||||||||
Total revenues (a) | $ | $ | ||||||||||||
Net income | ||||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues | $ | $ | ||||||||||||
Intersegment revenue | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Net income | ||||||||||||||
All Other | ||||||||||||||
Net income | $ | $ | ||||||||||||
Consolidated Total | ||||||||||||||
Operating revenues (a) | $ | $ | ||||||||||||
Reconciling eliminations | ( | |||||||||||||
Total revenues | $ | $ | ||||||||||||
Net income |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||||||||
Electric revenues | $ | 767 | $ | 700 | ||||||||||
Electric fuel and purchased power | (356) | (327) | ||||||||||||
Electric margin | $ | 411 | $ | 373 |
(Millions of Dollars) | Nine Months Ended Sept. 30, 2022 vs. 2021 | |||||||
Regulatory rate outcomes | $ | 26 | ||||||
Sales and demand (a) | 11 | |||||||
Other (net) | 1 | |||||||
Total increase | $ | 38 |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2022 | 2021 | ||||||||||||
Natural gas revenues | $ | 133 | $ | 110 | ||||||||||
Cost of natural gas sold and transported | (75) | (64) | ||||||||||||
Natural gas margin | $ | 58 | $ | 46 |
(Millions of Dollars) | Nine Months Ended Sept. 30, 2022 vs. 2021 | |||||||
Regulatory rate outcomes (Wisconsin) | $ | 7 | ||||||
Estimated impact of weather | 4 | |||||||
Other (net) | 1 | |||||||
Total increase | $ | 12 |
Public Utility Regulation and Other |
Environmental |
ITEM 4 — CONTROLS AND PROCEDURES |
ITEM 1 — LEGAL PROCEEDINGS |
ITEM 1A — RISK FACTORS |
ITEM 6 — EXHIBITS |
Exhibit Number | Description | Report or Registration Statement | Exhibit Reference | ||||||||
3.01* | NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 3.01 | |||||||||
3.02* | NSP-Wisconsin Form 10-K for the year ended Dec. 31, 2018 | 3.02 | |||||||||
4.01* | NSP-Wisconsin Form 8-K dated July 15, 2022 | 4.01 | |||||||||
Xcel Energy Inc. Form 8-K dated September 19, 2022 | 99.05 | ||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | Inline XBRL Schema | ||||||||||
101.CAL | Inline XBRL Calculation | ||||||||||
101.DEF | Inline XBRL Definition | ||||||||||
101.LAB | Inline XBRL Label | ||||||||||
101.PRE | Inline XBRL Presentation | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Northern States Power Company (a Wisconsin corporation) | ||||||||
10/27/2022 | By: | /s/ BRIAN J. VAN ABEL | ||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
(Duly Authorized Officer and Principal Financial Officer) |
/s/ ROBERT C. FRENZEL | |||||
Robert C. Frenzel | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer and Director | |||||
(Duly Authorized Officer and Principal Financial Officer) |
/s/ ROBERT C. FRENZEL | |||||
Robert C. Frenzel | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) | |||||
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer and Director | |||||
(Duly Authorized Officer and Principal Financial Officer) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Operating activities | ||
Net income | $ 102 | $ 82 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 118 | 110 |
Deferred income taxes | 0 | 10 |
Allowance for equity funds used during construction | 5 | 4 |
Provision for bad debts | 2 | 2 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1) | 11 |
Accrued unbilled revenues | 19 | 8 |
Inventories | (21) | (9) |
Other current assets | (2) | 5 |
Accounts payable | 2 | (2) |
Net regulatory assets and liabilities | 5 | (50) |
Other current liabilities | 6 | (6) |
Pension and other employee benefit obligations | (3) | (7) |
Other, net | (3) | 2 |
Net cash provided by operating activities | 219 | 152 |
Investing activities | ||
Capital/construction expenditures | (244) | (182) |
Investments in utility money pool arrangement | (36) | (71) |
Repayments from utility money pool arrangement | 0 | 71 |
Net cash used in investing activities | (280) | (182) |
Financing activities | ||
(Repayments of) proceeds from short-term borrowings, net | (83) | (19) |
Borrowings under utility money pool arrangement | 575 | 236 |
Repayments under utility money pool arrangement | (575) | (236) |
Proceeds from long-term debt | 99 | 99 |
Capital contributions from parent | 111 | 42 |
Dividends paid to parent | (67) | (82) |
Net cash provided by financing activities | 60 | 40 |
Net change in cash, cash equivalents and restricted cash | (1) | 10 |
Cash, cash equivalents and restricted cash at beginning of period | 11 | 2 |
Cash, cash equivalents and restricted cash at end of period | 10 | 12 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (30) | (29) |
Cash paid for income taxes, net | (26) | (17) |
Supplemental disclosure of non-cash investing and financing transactions: | ||
Accrued property, plant and equipment additions | 30 | 23 |
Inventory transfers to property, plant and equipment | 2 | 2 |
Allowance for equity funds used during construction | $ 5 | $ 4 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets | ||
Cash and cash equivalents | $ 10 | $ 11 |
Accounts receivable, net | 68 | 71 |
Accrued unbilled revenues | 49 | 69 |
Other receivables | 12 | 3 |
Inventories | 45 | 27 |
Regulatory assets | 52 | 21 |
Prepaid taxes | 20 | 25 |
Prepayments and other | 7 | 7 |
Total current assets | 299 | 234 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, net | 2,820 | 2,660 |
Other assets | ||
Regulatory assets | 188 | 225 |
Other | 5 | 4 |
Total other assets | 193 | 229 |
Total assets | 3,312 | 3,123 |
Current liabilities | ||
Short-term debt | 0 | 83 |
Accounts payable | 67 | 69 |
Accounts payable to affiliates | 20 | 23 |
Dividends payable to parent | 23 | 26 |
Regulatory liabilities | 17 | 4 |
Taxes accrued | 13 | 10 |
Accrued interest | 10 | 10 |
Other | 21 | 21 |
Total current liabilities | 171 | 246 |
Deferred credits and other liabilities | ||
Deferred income taxes | 333 | 325 |
Deferred investment tax credits | 5 | 5 |
Regulatory liabilities | 384 | 372 |
Customer advances | 24 | 23 |
Pension and employee benefit obligations | 15 | 16 |
Other | 43 | 46 |
Total deferred credits and other liabilities | 804 | 787 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 1,086 | 987 |
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Sept. 30, 2022 and Dec. 31, 2021, respectively | $ 93 | $ 93 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 100 | $ 100 |
Common stock, shares outstanding (in shares) | 933,000 | 933,000 |
Additional paid in capital | $ 752 | $ 642 |
Retained earnings | 406 | 368 |
Total common stockholder's equity | 1,251 | 1,103 |
Total liabilities and equity | 3,312 | 3,123 |
Investments Receivable in Utility Money Pool Arrangement | $ 36 | $ 0 |
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Millions |
Total |
Common stock |
Additional Paid In Capital |
Retained Earnings |
---|---|---|---|---|
Balance (in shares) at Dec. 31, 2020 | 933,000 | |||
Beginning Balance at Dec. 31, 2020 | $ 1,068 | $ 93 | $ 605 | $ 370 |
Increase (Decrease) in Stockholder's Equity | ||||
Net income | 82 | |||
Common dividends declared to parent | (83) | (83) | ||
Contribution of capital by parent | 36 | 36 | ||
Balance (in shares) at Sep. 30, 2021 | 933,000 | |||
Ending Balance at Sep. 30, 2021 | 1,103 | $ 93 | 641 | 369 |
Balance (in shares) at Jun. 30, 2021 | 933,000 | |||
Beginning Balance at Jun. 30, 2021 | 1,113 | $ 93 | 638 | 382 |
Increase (Decrease) in Stockholder's Equity | ||||
Net income | 36 | 36 | ||
Common dividends declared to parent | (49) | (49) | ||
Contribution of capital by parent | 3 | 3 | ||
Balance (in shares) at Sep. 30, 2021 | 933,000 | |||
Ending Balance at Sep. 30, 2021 | $ 1,103 | $ 93 | 641 | 369 |
Balance (in shares) at Dec. 31, 2021 | 933,000 | 933,000 | ||
Beginning Balance at Dec. 31, 2021 | $ 1,103 | $ 93 | 642 | 368 |
Increase (Decrease) in Stockholder's Equity | ||||
Net income | 102 | |||
Common dividends declared to parent | (64) | (64) | ||
Contribution of capital by parent | $ 110 | 110 | ||
Balance (in shares) at Sep. 30, 2022 | 933,000 | 933,000 | ||
Ending Balance at Sep. 30, 2022 | $ 1,251 | $ 93 | 752 | 406 |
Balance (in shares) at Jun. 30, 2022 | 933,000 | |||
Beginning Balance at Jun. 30, 2022 | 1,184 | $ 93 | 702 | 389 |
Increase (Decrease) in Stockholder's Equity | ||||
Net income | 40 | 40 | ||
Common dividends declared to parent | (23) | (23) | ||
Contribution of capital by parent | $ 50 | 50 | ||
Balance (in shares) at Sep. 30, 2022 | 933,000 | 933,000 | ||
Ending Balance at Sep. 30, 2022 | $ 1,251 | $ 93 | $ 752 | $ 406 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Income Statement [Abstract] | ||||
Other financing costs | $ 0 | $ 0 | $ 1 | $ 0 |
Management's Opinion |
9 Months Ended |
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Sep. 30, 2022 | |
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 GAAP, the financial position of NSP-Wisconsin and its subsidiaries as of Sept. 30, 2022 and Dec. 31, 2021; the results of NSP-Wisconsin's operations, including the components of net income, changes in stockholder's equity and comprehensive income for the three and nine months ended Sept. 30, 2022 and 2021; and NSP-Wisconsin's cash flows for the nine months ended Sept. 30, 2022 and 2021. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2022 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2021 balance sheet information has been derived from the audited 2021 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2021. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2021, filed with the SEC on Feb. 23, 2022. Due to the seasonality of NSP-Wisconsin’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
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Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2021 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | As of Sept. 30, 2022, there was no material impact from the recent adoption of new accounting pronouncements, nor expected material impact from recently issued accounting pronouncements yet to be adopted, on NSP-Wisconsin's consolidated financial statements. |
Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data |
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Borrowings and Other Financing Instruments |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments | Short-Term Borrowings NSP-Wisconsin meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. 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. 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. Money pool borrowings for NSP-Wisconsin:
Commercial Paper — Commercial paper outstanding for NSP-Wisconsin:
Letters of Credit — NSP-Wisconsin uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At both Sept. 30, 2022 and Dec. 31, 2021, there were no letters of credit outstanding under the credit facility. Revolving Credit Facility — In order to issue its commercial paper, NSP-Wisconsin must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. In September 2022, NSP-Wisconsin entered into an amended five-year credit agreement with a syndicate of banks, with substantially the same terms and conditions as the prior credit agreements. The maturity was extended from June 2024 to September 2027. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. As of Sept. 30, 2022, NSP-Wisconsin had the following committed revolving credit facility available (in millions of dollars):
(a)Expires in September 2027. (b)Includes outstanding commercial paper. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Wisconsin had no direct advances on the credit facility outstanding at Sept. 30, 2022 and Dec. 31, 2021. Other Short-Term Borrowings — Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, had an immaterial note payable to Xcel Energy Inc. as of Sept. 30, 2022 and Dec. 31, 2021, respectively. Long-Term Borrowings and Other Financing Instruments During the nine months ended Sept. 30, 2022, NSP-Wisconsin issued $100 million of 4.86% private placement first mortgage bonds due September 15, 2052.
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Wisconsin’s operating revenues consisted of the following:
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
Reconciliation between the statutory rate and effective tax rate:
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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 Measurements Accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires 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. •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: 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. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — 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 relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification. Derivative Instruments Fair Value Measurements NSP-Wisconsin 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 and utility commodity prices. Interest Rate Derivatives — NSP-Wisconsin may enter into various instruments that 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, 2022 and Dec. 31, 2021, NSP-Wisconsin had no unsettled interest rate derivatives. Commodity Derivatives — NSP-Wisconsin may enter 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 natural gas to generate electric energy and natural gas for resale. Consideration of Credit Risk and Concentrations — NSP-Wisconsin continuously monitors the creditworthiness of 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. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets. Impact of Derivative Activities on Income — Changes in the fair value of natural gas commodity derivatives resulted in $1 million in losses for the three and nine months ended Sept. 30, 2022, respectively. Changes in the fair value of natural gas commodity derivatives resulted in $3 million in gains for the three and nine months ended Sept. 30, 2021, which were recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. During the three months ended Sept. 30, 2022 and 2021, there were no settlement gains or losses on natural gas commodity derivatives. During the nine months ended Sept. 30, 2022 and 2021, there were $1 million of settlement losses, respectively, which were recognized subject to purchased natural gas cost recovery mechanisms, which result in reclassifications of derivative settlement gains and losses out of income to a regulatory asset or liability, as appropriate. NSP-Wisconsin had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2022 and 2021. Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
(a)NSP-Wisconsin nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b)Included in prepayments and other current assets at Sept. 30, 2022 and Dec. 31, 2021 on the consolidated balance sheets. Fair Value of Long-Term Debt Other financial instruments for which the carrying amount did not equal fair value:
Fair value of NSP-Wisconsin’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of Sept. 30, 2022 and Dec. 31, 2021 and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
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Benefit Plans and Other Postretirement Benefits |
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Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost
(a)The components of net periodic cost other than the service cost component are included in the line item “Other expense, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b)A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2022 and 2021 as a result of lump-sum distributions during the 2022 and 2021 plan years, NSP-Wisconsin recorded pension settlement charges of $4 million and $3 million, respectively, the majority of which were not recognized in earnings due to the effects of regulation. In January 2022, contributions of $50 million were made across four of Xcel Energy’s pension plans, of which $1 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2022.
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Commitments and Contingencies |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The following includes commitments, contingencies and unresolved contingencies that are material to NSP-Wisconsin’s financial position. Legal NSP-Wisconsin is involved in various litigation matters 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 losses 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, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Wisconsin’s consolidated financial statements. Legal fees are generally expensed as incurred. Gas Trading Litigation — 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. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. One case remains active which includes a multi-district litigation matter consisting of a Wisconsin purported class (Arandell Corp.). The Court issued a ruling on June 30, 2022 granting plaintiffs’ class certification. Defendants will work together to prepare and file a petition appealing the class certification ruling to the Seventh Circuit. Xcel Energy has concluded that a loss is remote for the remaining lawsuit. Rate Matters NSP-Wisconsin is involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the financial statements. MISO ROE Complaints — In November 2013 and February 2015, customer groups filed two ROE complaints against MISO TOs, which includes NSP-Minnesota and NSP-Wisconsin. The first complaint requested a reduction in base ROE transmission formula rates from 12.38% to 9.15% for the time period of Nov. 12, 2013 to Feb. 11, 2015, and removal of ROE adders (including those for RTO membership). The second complaint requested, for a subsequent time period, a base ROE reduction from 12.38% to 8.67%. The FERC subsequently issued various related orders (including Opinion Nos. 569, 569A and 569B) related to ROE methodology/calculations and timing. NSP-Minnesota has processed refunds to customers for applicable complaint periods based on the ROE in the most recent applicable opinions on behalf of the NSP System. The MISO TOs and various other parties have filed petitions for review of the FERC’s most recent applicable opinions at the D.C. Circuit. In August 2022, the D.C. Circuit ruled that FERC had not adequately supported its conclusions, vacated FERC’s related orders, and remanded the issue back to FERC for further proceedings, which remain pending. Environmental MGP, Landfill and Disposal Sites NSP-Wisconsin is investigating, remediating or performing post-closure actions at four MGP, landfill or other disposal sites across its service territories. NSP-Wisconsin has recognized its best estimate of costs/liabilities from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Federal Clean Water Act Section 316(b) — The Federal Clean Water Act requires the EPA to regulate cooling water intake structures to assure they reflect the best technology available for minimizing impingement and entrainment of aquatic species. NSP-Wisconsin estimates capital expenditures of approximately $4 million may be required to comply with the requirements. NSP-Wisconsin believes two plants could be required to make improvements to reduce impingement and entrainment. NSP-Wisconsin anticipates these costs will be recoverable through regulatory mechanisms.
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Segment Information |
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Segment Information | NSP-Wisconsin evaluates performance 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. NSP-Wisconsin has the following reportable segments: •Regulated Electric — The regulated electric utility segment generates electricity, which is transmitted and distributed in Wisconsin and Michigan. •Regulated Natural Gas — The regulated natural gas utility segment purchases, transports, stores and distributes natural gas in portions of Wisconsin and Michigan. Asset and capital expenditure information is not provided for NSP-Wisconsin's reportable segments. As an integrated electric and natural gas utility, NSP-Wisconsin operates significant assets that are not dedicated to a specific business segment. 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. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. NSP-Wisconsin's segment information:
(a)Total revenues include $51 million and $49 million of affiliate electric revenue for the three months ended Sept. 30, 2022 and 2021, respectively.
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Selected Balance Sheet Data (Tables) |
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Borrowings and Other Financing Instruments (Tables) |
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Credit Facilities | As of Sept. 30, 2022, NSP-Wisconsin had the following committed revolving credit facility available (in millions of dollars):
(a)Expires in September 2027. (b)Includes outstanding commercial paper.
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Short-Term Borrowings | Money pool borrowings for NSP-Wisconsin:
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Short-Term Borrowings | Commercial paper outstanding for NSP-Wisconsin:
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue | Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Wisconsin’s operating revenues consisted of the following:
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Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between the statutory rate and effective tax rate:
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Fair Value of Financial Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
(a)NSP-Wisconsin nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b)Included in prepayments and other current assets at Sept. 30, 2022 and Dec. 31, 2021 on the consolidated balance sheets.
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Carrying Amount and Fair Value of Long-term Debt | Other financial instruments for which the carrying amount did not equal fair value:
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Benefit Plans and Other Postretirement Benefits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost
(a)The components of net periodic cost other than the service cost component are included in the line item “Other expense, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b)A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2022 and 2021 as a result of lump-sum distributions during the 2022 and 2021 plan years, NSP-Wisconsin recorded pension settlement charges of $4 million and $3 million, respectively, the majority of which were not recognized in earnings due to the effects of regulation. In January 2022, contributions of $50 million were made across four of Xcel Energy’s pension plans, of which $1 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2022.
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | NSP-Wisconsin's segment information:
(a)Total revenues include $51 million and $49 million of affiliate electric revenue for the three months ended Sept. 30, 2022 and 2021, respectively.
(a)Total revenues include $150 million and $141 million of affiliate electric revenue for the nine months ended Sept. 30, 2022 and 2021, respectively.
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Selected Balance Sheet Data - Accounts Receivable (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts Receivable, Net | ||
Accounts receivable | $ 76 | $ 79 |
Less allowance for bad debts | (8) | (8) |
Accounts receivable, net | $ 68 | $ 71 |
Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory [Line Items] | ||
Total Inventories | $ 45 | $ 27 |
Materials and supplies | ||
Inventory [Line Items] | ||
Inventories | 8 | 8 |
Fuel | ||
Inventory [Line Items] | ||
Inventories | 12 | 9 |
Natural gas | ||
Inventory [Line Items] | ||
Inventories | $ 25 | $ 10 |
Selected Balance Sheet Data - Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
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Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,364 | $ 4,138 |
Less accumulated depreciation | (1,544) | (1,478) |
Property, plant and equipment, net | 2,820 | 2,660 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,507 | 3,348 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 445 | 423 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 255 | 233 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 157 | $ 134 |
Borrowings and Other Financing Instruments, Commercial Paper (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
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Sep. 30, 2022 |
Dec. 31, 2021 |
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Short-term Debt [Line Items] | ||||
Amount outstanding at period end | $ 0 | $ 83,000,000 | ||
Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | [1] | 150,000,000 | ||
Long-term Line of Credit | 0 | 0 | ||
Payable to Affiliates | ||||
Short-term Debt [Line Items] | ||||
Notes Payable, Related Parties, Current | 0 | 0 | ||
Commercial Paper | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | 150,000,000 | ||
Amount outstanding at period end | 0 | 83,000,000 | ||
Average amount outstanding | 8,000,000 | 3,000,000 | ||
Maximum amount outstanding | $ 86,000,000 | $ 83,000,000 | ||
Weighted average interest rate, computed on a daily basis | 2.14% | 0.18% | ||
Weighted average interest rate at period end | 0.21% | |||
Money Pool | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | $ 150,000,000 | ||
Amount outstanding at period end | 0 | 0 | ||
Average amount outstanding | 34,000,000 | 16,000,000 | ||
Maximum amount outstanding | $ 81,000,000 | $ 78,000,000 | ||
Weighted average interest rate, computed on a daily basis | 1.93% | 0.05% | ||
|
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Period | 1 year | |
Amount outstanding at period end | $ 0 | $ 83,000,000 |
Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 0 | $ 0 |
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | $ 150,000,000 | ||||
Outstanding | [2] | 0 | ||||
Available | 150,000,000 | |||||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | ||||
|
Borrowings and Other Financing Instruments (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Series Due September 15, 2052 | Bonds [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Face Amount | $ 100.0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.86% | |
Payable to Affiliates | ||
Short-term Debt [Line Items] | ||
Notes Payable, Related Parties, Current | $ 0.0 | $ 0.0 |
Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 294 | $ 274 | $ 900 | $ 810 |
Regulated Electric | Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 274 | 252 | 767 | 700 |
Regulated Natural Gas | Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20 | 22 | 133 | 110 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 237 | 221 | 733 | 656 |
Retail | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 87 | 81 | 295 | 262 |
Retail | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 148 | 138 | 432 | 387 |
Retail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 2 | 6 | 7 |
Retail | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 219 | 201 | 606 | 551 |
Retail | Regulated Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 78 | 73 | 226 | 208 |
Retail | Regulated Electric | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 139 | 126 | 374 | 336 |
Retail | Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 2 | 6 | 7 |
Retail | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 20 | 127 | 105 |
Retail | Regulated Natural Gas | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 9 | 8 | 69 | 54 |
Retail | Regulated Natural Gas | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 9 | 12 | 58 | 51 |
Retail | Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Interchange | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 51 | 48 | 150 | 140 |
Interchange | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 51 | 48 | 150 | 140 |
Interchange | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 2 | 6 | 4 |
Other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | 3 | 0 |
Other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 2 | 3 | 4 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 290 | 271 | 889 | 800 |
Total revenue from contracts with customers | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 271 | 249 | 759 | 691 |
Total revenue from contracts with customers | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19 | 22 | 130 | 109 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 4 | 3 | 11 | 10 |
Alternative revenue and other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 3 | 3 | 8 | 9 |
Alternative revenue and other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | $ 1 | $ 0 | $ 3 | $ 1 |
Income Taxes (Details) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 6.20% | 6.20% | ||
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent | [1] | (3.70%) | (3.90%) | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (1.40%) | (2.10%) | ||
Effective Income Tax Rate Reconciliation, Percent | 22.10% | 21.20% | ||
|
Fair Value of Financial Assets and Liabilities - Interest Rate Derivatives (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Notional Amount | $ 0 | $ 0 | ||||
Natural Gas Commodity | Other Derivative Instruments | Fair Value, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Net | [1] | 1 | 1 | |||
Natural Gas Commodity | Other Derivative Instruments | Other Current Assets | Fair Value, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Gross | 1 | 1 | ||||
Netting | [2] | 0 | 0 | |||
Natural Gas Commodity | Other Derivative Instruments | Other Current Assets | Level 1 | Fair Value, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | ||||
Natural Gas Commodity | Other Derivative Instruments | Other Current Assets | Level 2 | Fair Value, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Gross | 1 | 1 | ||||
Natural Gas Commodity | Other Derivative Instruments | Other Current Assets | Level 3 | Fair Value, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Gross | $ 0 | $ 0 | ||||
|
Fair Value of Financial Assets and Liabilities - Impact of Derivative Activities on Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||
Derivative instruments designated as fair value hedges | 0 | 0 | 0 | 0 |
Other Derivative Instruments | Natural Gas Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | (1) | (1) |
Other Derivative Instruments | Electric Commodity Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 1 | $ 3 | $ 1 | $ 3 |
Fair Value of Financial Assets and Liabilities - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||
Prepayments and other | $ 7 | $ 7 | ||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current | ||||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [1] | $ 1 | $ 1 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 1 | 1 | ||||
Netting | [2] | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | ||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 1 | 1 | ||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | $ 0 | $ 0 | ||||
|
Fair Value of Financial Assets and Liabilities - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 1,086 | $ 987 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 985 | $ 1,143 |
Benefit Plans and Other Postretirement Benefits (Details) - Pension Plan [Member] $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2022
USD ($)
Plan
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
|||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||||
Service cost | $ 2 | $ 1 | $ 4 | $ 4 | |||||
Interest cost (a) | [1] | 1 | 1 | 3 | 3 | ||||
Expected return on plan assets (a) | [1] | (2) | (2) | (6) | (6) | ||||
Amortization of net loss (a) | [1] | 1 | 2 | 3 | 4 | ||||
Net periodic benefit cost | 6 | 5 | 8 | 8 | |||||
Effects of regulation | (2) | (2) | (2) | (2) | |||||
Net benefit cost recognized for financial reporting | 4 | 3 | 6 | 6 | |||||
Contributions to pension plans | $ 1 | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | $ 4 | $ 3 | $ 4 | $ 3 | ||||
Parent Company [Member] | |||||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||||
Contributions to pension plans | $ 50 | ||||||||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 | ||||||||
|
Commitments and Contingencies Gas Trading Litigation (Details) |
Sep. 30, 2022 |
---|---|
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 1 |
MISO ROE Complaints (Details) - Federal Energy Regulatory Commission (FERC) - FERC Proceeding, MISO ROE Complaint - NSP Minnesota and NSP Wisconsin [Member] [Member] |
1 Months Ended | |
---|---|---|
Feb. 28, 2015 |
Nov. 30, 2013 |
|
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% |
Commitments and Contingencies (Details) - Enviromental Requirements |
Sep. 30, 2022
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Liability for estimated cost to comply with regulation | $ 4,000,000 |
Gain Contingencies [Line Items] | |
Liability for estimated cost to comply with regulation | 4,000,000 |
Plants required for improvements | $ 2 |
Other MGP, Landfill, or Disposal Sites [Domain] | |
Loss Contingencies [Line Items] | |
Number of identified MGP sites under current investigation and/or remediation | 4 |
Gain Contingencies [Line Items] | |
Number of identified MGP sites under current investigation and/or remediation | 4 |
Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income | $ 40 | $ 36 | $ 102 | $ 82 | ||||||||
Regulated and Unregulated Operating Revenue | 294 | 274 | 900 | [1] | 810 | [1] | ||||||
Affiliate Revenue | 51 | 49 | 150 | 141 | ||||||||
Natural gas | 20 | 22 | 133 | 110 | ||||||||
Total revenues | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Regulated and Unregulated Operating Revenue | 294 | [2] | 275 | [2] | 900 | 811 | ||||||
Intersegment Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income | 0 | (1) | ||||||||||
Regulated and Unregulated Operating Revenue | 0 | (1) | ||||||||||
Regulated Electric | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income | 42 | 38 | 89 | 77 | ||||||||
Regulated Electric | Total revenues | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Regulated Operating Revenue, Electric | 274 | [2] | 252 | [2] | 767 | [1] | 700 | [1] | ||||
Regulated Natural Gas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income | (3) | (4) | 11 | 3 | ||||||||
Revenues Including Intersegment Revenues | 20 | 23 | 133 | 111 | ||||||||
Regulated Natural Gas | Total revenues | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Natural gas | 20 | 22 | 133 | 110 | ||||||||
Regulated Natural Gas | Intersegment Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Natural gas | 0 | 1 | 0 | 1 | ||||||||
All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net income | $ 1 | $ 2 | $ 2 | $ 2 | ||||||||
|
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