Xcel Energy Inc SEC Filings

Timothy A. Welsh, a director of Xcel Energy (XEL), received 473.007 stock-equivalent units as part of his director retainer on 09/28/2025. The grant consists of 394.173 units issued in lieu of a quarterly cash retainer at an attributable price of $79.28 per unit and 78.834 units granted at no cost as a 20% premium on that retainer. Of the total, 99.85 units were acquired through reinvestment of dividend equivalents. Following the reported transaction, Mr. Welsh beneficially owns 13,479.333 shares or share-equivalents.

The units are payable in whole shares after termination of service, with fractional units payable in cash, and the Form 4 was submitted by an attorney-in-fact on behalf of the reporting person.

Patricia L. Kampling, a director of Xcel Energy Inc. (XEL), received 363.269 stock-equivalent units on 09/28/2025 as director compensation. Of those units, 302.725 were granted in lieu of a quarterly cash retainer at a referenced unit price of $79.28 and 60.544 were granted at no cost as a 20% premium on the retainer amount. The total includes 68.25 units from reinvested dividend equivalents. After the reported grant, the filing shows beneficial ownership of 21,088.135 shares or share-equivalents. The Form 4 was executed by an attorney-in-fact and dated 09/30/2025.

Xcel Energy (XEL) prospectus supplement excerpt describes unsecured notes that include an issuer option to defer interest payments for up to 40 consecutive quarterly Interest Payment Periods (an "Optional Deferral Period"). During any Optional Deferral Period deferred interest will accrue additional interest, compounded quarterly, at a rate shown in the prospectus supplement (rate not shown in this excerpt). If interest is deferred for U.S. federal income tax purposes the deferred interest is treated as original issue discount, meaning holders taxable on a net income basis must include deferred interest in income before receiving cash. The notes rank equally in right of payment with future unsecured indebtedness but are effectively subordinated to any secured debt and structurally subordinated to obligations of Xcel Energy's subsidiaries. As of June 30, 2025, Xcel Energy reported approximately $7.5 billion of outstanding Senior Indebtedness and its operating subsidiaries reported approximately $45.7 billion of indebtedness. The excerpt also contains interim financial line amounts and other offering mechanics and tax withholding rules for non-U.S. holders.

Michael G. Lamb, who is listed as a director and as EVP, Chief Delivery Officer of Xcel Energy Inc. (XEL), reported transactions dated 09/04/2025 on a Form 4 filed 09/05/2025. The filing shows a disposition of 24,508.444 shares of XEL common stock at $0 (coded as a gift) and a contemporaneous acquisition of 24,508.444 shares recorded as indirect ownership through the Michael G. Lamb Family Trust. Following the reported transactions, the form lists 7,474.12 shares as directly owned and 1,995.876 shares held in the Xcel Energy 401(k) Savings Plan (per a plan statement dated 08/29/2025). The filing includes an explanatory note that the shares were gifted to a revocable trust for the benefit of the reporting person’s wife. The Form 4 was signed by Kristin L. Westlund as attorney-in-fact.

T. Rowe Price Associates, Inc. reported beneficial ownership of 31,652,941 shares of Xcel Energy common stock, representing 5.5% of the class. The filing discloses sole voting power for 29,337,555 shares and sole dispositive power for 31,639,218 shares, showing the firm controls voting rights for most, but not all, of the shares it can dispose of.

The statement is reported on a Schedule 13G and includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Xcel Energy's Wisconsin utility filed a multi-year rate case seeking $151 million in electric revenue and $24 million in natural gas revenue across 2026-2027, based on forward-looking test years with a requested 10.0% ROE and 53.5% equity ratio. The request reflects electric rate bases of $2.9 billion (2026) and $3.2 billion (2027) and natural gas rate bases of $0.3 billion (2026) and $0.4 billion (2027).

PSCW Staff and intervenors submitted direct testimony on August 8, 2025. PSCW Staff recommended lower increases — $115 million for electric and $21 million for natural gas — reflecting adjustments for capital investments, a modest ROE reduction to 9.7%, O&M and other items. The filing notes pending approval of two MISO LRTP transmission projects that affect capital adjustments and states a PSCW decision is anticipated late in the fourth quarter of 2025.