Xcel Energy Inc SEC Filings

Xcel Energy Inc. director reports stock acquisition

A director of Xcel Energy Inc. reported acquiring 976.462 shares of common stock on 12/17/2025, recorded at a price of $0 per share. After this transaction, the director beneficially owns a total of 976.462 common shares held directly.

The holding includes 244.462 stock equivalent units, each economically equal to one share of common stock. Whole stock equivalent units are payable in shares of common stock after the director’s service ends, while fractional units are settled in cash at that time.

XCEL ENERGY INCno non-derivative securities beneficially owned and no derivative securities, such as options or warrants, listed as of the reported date of 12/17/2025. The form is filed for a single reporting person and notes a power of attorney authorizing Kristin L. Westlund to sign on her behalf.

Xcel Energy Inc. reported that its Board of Directors elected Maria Demaree, 57, as a new director effective December 17, 2025. She will serve on the Audit Committee and the Operations, Nuclear, Environmental and Safety Committee, and the Board determined she meets the independence requirements of the Nasdaq Stock Market and Xcel Energy’s own standards. With her election, the Board increased its size from 11 to 12 directors under the company’s bylaws.

Demaree is currently Senior Vice President, Enterprise Business and Digital Transformation and Chief Information Officer at Lockheed Martin Corporation, where she has held numerous leadership roles since 1990. Her compensation will match that of other non‑employee directors, prorated from the start of her service until the 2026 Annual Meeting of Shareholders. The company stated there are no related person transactions or familial relationships involving Demaree that require disclosure.

Xcel Energy Inc. executive Michael G. Lamb, EVP and Chief Delivery Officer, reported an indirect transaction in the company’s common stock. On 12/16/2025, a transaction coded “G” in Table I shows that 700 shares of common stock held by the Michael G. Lamb Family Trust were disposed of at a price of $0 per share.

Following this transaction, the filing shows 23,808.444 shares of Xcel Energy common stock beneficially owned indirectly through the family trust. It also reports 2,009.271 shares held indirectly in the Xcel Energy Stock Fund under the Xcel Energy 401(k) Savings Plan, based on a plan statement dated December 10, 2025.

Xcel Energy Inc. has launched three cash tender offers to purchase for cash up to $345,000,000 aggregate principal amount of certain outstanding first mortgage bonds issued by its wholly owned Minnesota subsidiary, Northern States Power Company. The offers are described in an Offer to Purchase and a related Notice of Guaranteed Delivery, both dated December 15, 2025.

The transactions involve using cash to buy back existing utility first mortgage bonds and will proceed only in accordance with the terms and conditions set out in those offer documents and applicable law.

Xcel Energy Inc. (XEL) reported an insider equity transaction by an executive officer. EVP and Chief Legal officer Ryan Long reported a transaction dated 11/21/2025 involving Xcel Energy common stock, coded as “G,” indicating a gift of 1,265 shares at a price of $0. Following this transaction, Long directly beneficially owns 11,466.894 shares of Xcel Energy common stock. He also has indirect beneficial ownership of 1,905.901 shares held in the Xcel Energy Stock Fund under the Xcel Energy 401(k) Savings Plan, based on a plan statement dated November 21, 2025.

Xcel Energy’s Colorado utility, Public Service Company of Colorado, has filed for a significant electric rate increase with state regulators. The company is asking the Colorado Public Utilities Commission to approve an additional $356 million in annual revenue, a 9.9% increase, or $526 million when including rider roll-ins. The request is built on a 9.8% return on equity, a 55% equity ratio, and a 2025 test year with a projected rate base of $13 billion.

The proposal is driven mainly by $294 million of distribution system investment, higher liability insurance of $65 million, additional operating costs of $51 million, and $49 million from changes in cost of capital, partly offset by $(120) million related to coal retirements. A decision and implementation of final rates are anticipated in the third quarter of 2026, and outcomes will depend on the regulatory process and identified risk factors.

Xcel Energy Inc., through its subsidiary Southwestern Public Service Company (SPS), has filed an electric rate case with the New Mexico Public Regulation Commission seeking a $175 million increase in base rate revenue, described as 16.7%. The request uses a future test year ending November 30, 2027 and is based on a proposed return on equity of 10.5%, an equity ratio of 56% and a New Mexico retail rate base of $3.9 billion.

The filing reflects significant retail revenue growth, continued capital investment to support the clean energy transition and load growth, and the planned roll-off of 100 megawatts of wholesale load in 2026. Key drivers of the request include capital investment of $133 million, a $148 million increase in allocation of assets and costs to New Mexico retail, $36 million of higher O&M expenses, $34 million from depreciation and amortization changes, and $28 million from a higher requested return on equity, partly offset by a $204 million impact from retail revenue growth. A commission decision and implementation of final rates are anticipated in the fourth quarter of 2026.

Xcel Energy’s Wisconsin utility, NSP‑Wisconsin, reported a verbal decision from the Public Service Commission of Wisconsin approving a multi‑year rate increase totaling $126 million for electric service and $22 million for natural gas. The decision reflects a 9.8% ROE and 52.5% equity ratio, compared with the company’s request based on a 10.0% ROE and 53.5% equity ratio.

For electric, the approved two‑year change is $126 million, split between $68 million in 2026 and an incremental $58 million in 2027. For natural gas, the approved two‑year change is $22 million, split between $18 million in 2026 and an incremental $4 million in 2027. Versus NSP‑Wisconsin’s filed request of $151 million (electric) and $24 million (gas), adjustments include reductions for capital investments, rate of return, O&M, and a nuclear decommissioning accrual update, partially offset by recovery of excess liability insurance deferrals. A final written PSCW order is expected in December 2025, with new rates effective in January 2026.