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Borrowings and Other Financing Instruments
9 Months Ended
Sep. 30, 2022
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:
(Amounts in Millions, Except Interest Rates)Three Months Ended Sept. 30, 2022Year Ended Dec. 31, 2021
Borrowing limit$150 $150 
Amount outstanding at period end— — 
Average amount outstanding34 16 
Maximum amount outstanding81 78 
Weighted average interest rate, computed on a daily basis1.93 %0.05 %
Weighted average interest rate at period endN/AN/A
Commercial Paper Commercial paper outstanding for NSP-Wisconsin:
(Amounts in Millions, Except Interest Rates)Three Months Ended Sept. 30, 2022Year Ended Dec. 31, 2021
Borrowing limit$150 $150 
Amount outstanding at period end— 83 
Average amount outstanding
Maximum amount outstanding86 83 
Weighted average interest rate, computed on a daily basis2.14 %0.18 %
Weighted average interest rate at period endN/A0.21 
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):
Credit Facility (a)
Outstanding (b)
Available
$150 $— $150 
(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.