Borrowings and Other Financing Instruments

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings and Other Financing Instruments

Short-Term Borrowings

SPS 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 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 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.

Money pool borrowings:

(Amounts in Millions, Except Interest Rates)	Three Months Ended March 31, 2024			Year Ended Dec. 31, 2023
Borrowing limit	$	100		$	100
Amount outstanding at period end	100			27
Average amount outstanding	41			46
Maximum amount outstanding	100			100
Weighted average interest rate, computed on a daily basis	5.33		%	5.04		%
Weighted average interest rate at period end	5.33			5.34

Commercial Paper — Commercial paper outstanding:

(Amounts in Millions, Except Interest Rates)	Three Months Ended March 31, 2024			Year Ended Dec. 31, 2023
Borrowing limit	$	500		$	500
Amount outstanding at period end	145			75
Average amount outstanding	75			50
Maximum amount outstanding	156			119
Weighted average interest rate, computed on a daily basis	5.52		%	5.12		%
Weighted average interest rate at period end	5.52			5.56

Letters of Credit — SPS uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At both March 31, 2024 and Dec. 31, 2023, there were no letters of credit outstanding under the credit facility. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facility — In order to issue its commercial paper, SPS must have a revolving credit facility equal to or greater than the 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.

SPS 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.

As of March 31, 2024, SPS had the following committed revolving credit facility available (in millions of dollars):

Credit Facility (a)		Drawn (b)		Available
$	500	$	145	$	355

(a)Expires in September 2027.

(b)Includes outstanding letters of credit.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. SPS had no direct advances on the credit facility outstanding as of March 31, 2024 and Dec. 31, 2023.