Borrowings and Other Financing Instruments

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings and Other Financing Instruments

Short-Term Borrowings

PSCo 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 PSCo:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2022			Year Ended Dec. 31, 2021
Borrowing limit	$	250		$	250
Amount outstanding at period end	165			—
Average amount outstanding	49			12
Maximum amount outstanding	197			243
Weighted average interest rate, computed on a daily basis	2.06		%	0.07		%
Weighted average interest rate at period end	2.33			N/A

Commercial Paper — Commercial paper outstanding for PSCo:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2022			Year Ended Dec. 31, 2021
Borrowing limit	$	700		$	700
Amount outstanding at period end	—			147
Average amount outstanding	14			26
Maximum amount outstanding	170			322
Weighted average interest rate, computed on a daily basis	2.07		%	0.19		%
Weighted average interest rate at period end	N/A			0.22

Letters of Credit — PSCo uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At Sept. 30, 2022 and Dec. 31, 2021, there were $26 million and $8 million of letters of credit outstanding under the credit facility, respectively. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facility — In order to issue its commercial paper, PSCo 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, PSCo 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.

PSCo has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval.

At Sept. 30, 2022, PSCo had the following committed revolving credit facility available (in millions of dollars):

Credit Facility (a)		Drawn (b)		Available
$	700	$	26	$	674

(a)    Expires in September 2027.

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

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the credit facility outstanding at Sept. 30, 2022 and Dec. 31, 2021.

Long-Term Borrowings

During the nine months ended Sept. 30, 2022, 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.