Xcel Energy (NASDAQ: XEL) wins Minnesota rate hike, keeps 2026 EPS guidance

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Xcel Energy and its subsidiary NSP-Minnesota report a verbal decision from the Minnesota Public Utilities Commission on their 2024 electric rate case. The decision includes an estimated rate increase of approximately $211 million over two years, averaging about 2.9% per year.

The decision sets a 9.60% return on equity, up from 9.25%, while maintaining a 52.5% equity ratio, and continues existing sales true-up mechanisms with new tracker mechanisms. A final written order is expected by July 31, 2026, and Xcel Energy reaffirms its 2026 ongoing EPS guidance of $4.04 to $4.16.

Insights

Minnesota rate decision modestly boosts returns while affirming 2026 EPS outlook.

The MPUC verbal decision gives NSP-Minnesota an estimated $211 million rate increase over two years, averaging about 2.9% annually. It also raises the allowed return on equity to 9.60% from 9.25%, with a 52.5% equity ratio and continued true-up mechanisms.

True-up and tracker mechanisms can reduce earnings volatility by better matching costs and revenues, though the exact impact depends on future regulatory details. The reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16 suggests current expectations already incorporate this outcome.

Investors will look to the final written MPUC order expected by July 31, 2026 for precise rate design, implementation timing, and any conditions that could influence how quickly the approved revenue increase converts into realized earnings.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Estimated rate increase: $211 million over two years Average annual rate increase: 2.9% per year New allowed ROE: 9.60% +5 more

8 metrics

Estimated rate increase $211 million over two years MPUC verbal decision on 2024 Minnesota electric rate case

Average annual rate increase 2.9% per year Stated average impact of two-year rate increase

New allowed ROE 9.60% Return on equity approved in Minnesota electric rate case

Prior ROE 9.25% Current return on equity before new decision

Equity ratio 52.5% Capital structure assumption used in rate case

Interim rate increase $192 million Interim rates approved effective Jan. 1, 2025

Rate base 2025 $13.2 billion Rate base used for 2025 in original filing

2026 EPS guidance $4.04 to $4.16 per share Reaffirmed 2026 ongoing earnings guidance

Key Terms

return on equity, rate base, interim rates, true-up mechanisms, +2 more

6 terms

return on equity financial

"filed an electric rate case in Minnesota based on a return on equity (ROE) of 10.3%"

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

rate base financial

"based on a return on equity (ROE) of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025"

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

interim rates financial

"the MPUC approved interim rates of $192 million, effective Jan. 1, 2025"

true-up mechanisms financial

"Continuation of existing true-up mechanisms inclusive of the sales true-up, coupled with authorization of new tracker mechanisms."

tracker mechanisms financial

"Continuation of existing true-up mechanisms inclusive of the sales true-up, coupled with authorization of new tracker mechanisms."

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Understanding 8-K Material Events →

06/22/2026 - 07:08 AM

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) June 18, 2026


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

001-31387	NORTHERN STATES POWER COMPANY				41-1967505
	(a Minnesota corporation)
	414 Nicollet Mall
	Minneapolis	Minnesota		55401
	(612)		330-5500

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

6.25% Junior Subordinated Notes due 2085

XELLL

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

2024 Minnesota Electric Rate Case Verbal Order

In November 2024, Northern States Power Company (NSP-Minnesota), a Minnesota corporation and wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case in Minnesota based on a return on equity (ROE) of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. In December 2024, the Minnesota Public Utilities Commission (MPUC) approved interim rates of $192 million, effective Jan. 1, 2025. In October 2025, NSP-Minnesota filed rebuttal testimony, updating its total revenue request to $365 million.

On June 18, 2026, the MPUC issued a verbal decision. Terms of the decision include:

•Estimated rate increase of approximately $211 million over two years (average of 2.9% per year).

•ROE of 9.60%, an increase from our current 9.25% ROE, while maintaining the equity ratio of 52.5%.

•Continuation of existing true-up mechanisms inclusive of the sales true-up, coupled with authorization of new tracker mechanisms.

A final written MPUC order is expected by July 31, 2026.

Xcel Energy reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 on-going EPS guidance, expected rate and revenue changes, and our expectations and intentions regarding regulatory proceedings, 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-Minnesota’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 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; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors or third-parties; our ability to recover costs; risks associated with the growth in large load customers; 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; 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.


June 22, 2026		Xcel Energy Inc. (a Minnesota corporation)
		Northern States Power Company (a Minnesota corporation)

	By:	/s/ BRIAN J. VAN ABEL
		Brian J. Van Abel
		Executive Vice President, Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

What did Xcel Energy (XEL) announce about the Minnesota electric rate case?

Xcel Energy reported a verbal decision from the Minnesota Public Utilities Commission on NSP-Minnesota’s 2024 rate case. The decision includes an estimated $211 million rate increase over two years, a higher allowed return on equity, and continued use of true-up and tracker mechanisms.

How much is the estimated Minnesota rate increase for Xcel Energy (XEL)?

The decision includes an estimated rate increase of approximately $211 million over two years. This equates to an average increase of about 2.9% per year, affecting NSP-Minnesota’s electric customers and supporting recovery of its approved revenue requirement.

What return on equity did the MPUC approve for NSP-Minnesota in this case?

The Minnesota regulator set NSP-Minnesota’s allowed return on equity at 9.60%. This is an increase from the company’s prior 9.25% return on equity, while maintaining a 52.5% equity ratio as part of the approved capital structure for setting rates.

Did Xcel Energy change its 2026 earnings guidance after the rate decision?

Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance range of $4.04 to $4.16. This indicates that the company’s existing financial outlook already reflects expectations around the Minnesota rate case outcome described in the current disclosure.

When is the final written order expected in Xcel Energy’s Minnesota rate case?

The Minnesota Public Utilities Commission’s final written order is expected by July 31, 2026. That document will formalize the verbal decision, providing detailed terms on rates, mechanisms, and implementation that will govern NSP-Minnesota’s electric revenues.

What were the original revenue requests in Xcel Energy’s Minnesota rate filing?

NSP-Minnesota originally filed the case using a 10.3% return on equity, a 52.5% equity ratio, and rate base of $13.2 billion in 2025 and $14 billion in 2026. Rebuttal testimony later updated its total revenue request to $365 million before the verbal decision.

Filing Exhibits & Attachments

4 documents

Xcel Energy (NASDAQ: XEL) wins Minnesota rate hike, keeps 2026 EPS guidance

Rhea-AI Filing Summary

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