[8-K] Xcel Energy, Inc. Reports Material Event

Rhea-AI Filing Summary

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.

Positive

• NSP-Wisconsin filed for substantial multi-year rate recovery totaling $151M (electric) and $24M (natural gas), indicating potential revenue increases if approved
• PSCW Staff still recommended net rate increases of $115M (electric) and $21M (natural gas), rather than denying recovery entirely
• Rate requests are based on forward-looking test years with explicit rate bases provided, supporting transparency in the company's recovery case

Negative

• PSCW Staff recommendation reduced electric revenue by $36M and natural gas revenue by $3M versus the company's filing
• Staff proposed a lower ROE of 9.7% compared with the company’s requested 10.0%, reducing potential returns
• Staff adjusted capital investments (including disallowing $7M tied to two MISO LRTP projects pending PSCW approval), which lowers near-term recoverable capital
• Final outcome remains uncertain until the PSCW issues a decision, currently anticipated late Q4 2025

Insights

Financial Analyst

TL;DR: The utility sought meaningful rate recovery, but PSCW Staff trimmed the request, lowering near-term revenue and ROE assumptions.

The company requested $151M (electric) and $24M (gas) across 2026-2027 using a 10.0% ROE; PSCW Staff proposed $115M and $21M using a 9.7% ROE. The staff adjustments primarily reduce capital investment recovery, O&M and update nuclear decommissioning accruals, lowering expected near-term rate-driven revenue by about $36M (electric) and $3M (gas) relative to the filing. Because the case remains pending and a final decision is expected late Q4 2025, the current recommendation represents an intermediate step, not a final outcome. For near-term financial modeling, analysts should incorporate the staff position as a plausible downside to the company’s request while tracking hearings and final order timing.

Regulatory Specialist

TL;DR: PSCW Staff’s historic practice to exclude unapproved transmission projects drove capital adjustments; final outcomes hinge on project approvals and the commission’s ratemaking judgment.

PSCW Staff reduced capital-related recoveries, including a $7M adjustment tied to two MISO LRTP projects pending PSCW approval; staff practice is to disallow projects until authorized. The Minnesota commission’s change to nuclear decommissioning accruals flowed through to NSP-Wisconsin and lowered the company’s request without earnings impact. Procedural dates include rebuttal testimony and a Sept. 16 hearing, with a decision anticipated in late Q4 2025. The matter is materially relevant to rate base and allowed returns, but remains subject to further evidentiary proceedings and commission discretion.

FALSE08/8/2025XCEL ENERGY INC0000072903MNNORTHERN STATES POWER CO /WI/0000072909WI00000729032025-08-082025-08-080000072903xel:NorthernStatesPowerCoMNMember2025-08-082025-08-080000072903xel:NorthernStatesPowerCo.WISCMember2025-08-082025-08-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 8, 2025

Commission File Number						Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number															IRS Employer Identification Number
001-3034						XCEL ENERGY INC.															41-0448030
						(a Minnesota corporation)
						414 Nicollet Mall
						Minneapolis			Minnesota						55401
						(612)						330-5500
001-03140						NORTHERN STATES POWER COMPANY															39-0508315
						(a Wisconsin corporation)
						1414 West Hamilton Avenue
						Eau Claire			Wisconsin						54701
						(715)						839-2625

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $2.50 par value per share

XEL

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Item 8.01. Other Events

Wisconsin Electric and Natural Gas Rate Request

In March 2025, Northern States Power Company-Wisconsin (NSP-Wisconsin), a wholly owned subsidiary of Xcel Energy Inc., filed a request with the Public Service Commission of Wisconsin (PSCW) for a multi-year electric and natural gas rate increase.

For the electric utility, NSP-Wisconsin requested a total electric revenue increase of $94 million (11.8%) in 2026 and an incremental $57 million (7.1%) in 2027, for a total of $151 million over the two-year period of 2026 and 2027. The electric rate increase is based on electric rate base of $2.9 billion in 2026 and $3.2 billion in 2027. For the natural gas utility, NSP-Wisconsin requested a total natural gas revenue increase of $20 million (12.7%) in 2026 and an incremental $4 million (1.5%) in 2027, for a total of $24 million (14.2%) over the two-year period of 2026 and 2027. The natural gas rate increase is based on natural gas rate base of $0.3 billion in 2026 and $0.4 billion in 2027. Both the electric and natural gas rate requests are based on forward-looking test years, with a 10.0% return on equity (ROE) and an equity ratio of 53.5%.

On August 8, 2025, the PSCW Staff and intervenors filed their direct testimony. The PSCW Staff recommended an electric base rate increase of $115 million or 14.4% over the two-year period. The PSCW Staff additionally recommended a natural gas rate increase of $21 million, or 12.3% over the two-year period, all based on a ROE of 9.7% and an equity ratio of 53.5%.

Intervenors mainly limited their comments on revenue requirements to ROE focusing the majority of their testimony on cost of service, rate design and other policy issues. The major components of the PSCW Staff recommendation are summarized below:

(Millions of Dollars)						Electric						Natural Gas
NSP-Wisconsin’s filed two-year rate request						$	151					$	24
PSCW Staff recommended adjustments:
Capital investments (a)						(15)						(1)
ROE adjustment						(7)						(1)
O&M expenses						(6)						(1)
Nuclear decommissioning accrual update (b)						(6)						—
Other, net						(2)						—
Proposed revenue change						$	115					$	21

(a)Capital investment adjustment includes $7 million associated with two MISO Long Range Transmission Plan (LRTP) projects that are pending PSCW approval (Grid Forward and Western Wisconsin Transmission Connection). It is PSCW Staff historic practice to recommend adjustments for projects until Commission approval is received. Approval of both LRTP projects is anticipated in the fourth quarter of 2025.

(b)Since filing the case, the Minnesota Public Utilities Commission authorized a reduction to the annual nuclear decommissioning accrual. This reduction, which flows to NSP-Wisconsin through the interchange agreement, reduced the NSP-Wisconsin rate request and is earnings neutral.

Key dates in the procedural schedule are as follows:

•Rebuttal testimony: August 28, 2025

•Hearing: Sept. 16, 2025

A PSCW decision is anticipated late fourth quarter 2025.

Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including those relating to expected rate increases to customers, expectations and intentions regarding regulatory proceedings and the effective date of the rates, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in NSP-Wisconsin’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of NSP-Minnesota to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

August 11, 2025			Xcel Energy Inc. (a Minnesota corporation)
			Northern States Power Company (a Wisconsin corporation)
			/s/ BRIAN J. VAN ABEL
			Brian J. Van Abel
			Executive Vice President, Chief Financial Officer

FAQ

What rate increases did XEL's Wisconsin utility request?

NSP-Wisconsin requested a total electric revenue increase of $151 million and a total natural gas revenue increase of $24 million for 2026-2027.

What did PSCW Staff recommend for XEL's Wisconsin rate case?

PSCW Staff recommended an electric base rate increase of $115 million and a natural gas increase of $21 million, using a 9.7% ROE and 53.5% equity ratio.

What ROE and equity ratio did XEL request for the filing?

The company’s request was based on a 10.0% ROE and an equity ratio of 53.5%.

What are the stated rate bases underlying the request?

Electric rate base of $2.9 billion for 2026 and $3.2 billion for 2027; natural gas rate base of $0.3 billion for 2026 and $0.4 billion for 2027.

When is a PSCW decision expected in the XEL Wisconsin rate case?

The filing states a PSCW decision is anticipated in late fourth quarter 2025.