Xcel Energy, Inc. 8-K Filings

Xcel Energy Inc. elected Peter Carter, 63, president of Delta Air Lines, to its Board of Directors effective July 29, 2026, for a term expiring at the 2027 Annual Meeting of Shareholders. In connection with his election, the Board increased its size from 10 to 11 directors.

Carter was appointed to the Board’s Audit Committee and Governance, Compensation and Nominating Committee. The Board determined he is independent under Nasdaq and company standards. He will receive prorated non-employee director compensation consistent with other directors, and there are no reportable related person transactions involving him.

Xcel Energy Inc. and its subsidiary Public Service Company of Colorado describe a comprehensive non-unanimous settlement of PSCo’s December 2025 Colorado natural gas rate case. PSCo initially sought a $190 million revenue increase, or 11.6%, based on a 10.75% return on equity and a projected 2025 rate base of $4.7 billion.

Under the July 13, 2026 settlement filed with the Colorado Public Utilities Commission and other parties, key terms include a revenue increase of $123 million, described as a 7.5% total increase (an annual average of 3.7% since the last rate case), and an authorized return on equity of 9.2% with a 54.5% equity ratio, using a 2025 historic test year with forward-looking known and measurable adjustments. Several stakeholders do not oppose or take no position, one transportation shipper opposes, and hearings are scheduled for July 2026, with a CPUC decision and implementation of final rates anticipated in the fourth quarter of 2026.

Xcel Energy, through its subsidiary Southwestern Public Service Company, has reached a comprehensive non-unanimous stipulation in its New Mexico electric rate case. SPS had requested a $168 million revenue increase based on a future test year ending Nov. 30, 2027, with a 10.5% return on equity, a 56% equity ratio and a $3.9 billion retail rate base.

The stipulation instead reflects a base rate revenue increase of $90 million, equal to a 7.7% total increase or about 2.4% per year since the last rate case, with a 9.5% return on equity and a 54.70% equity ratio. A hearing is scheduled for July 2026, with a commission decision expected in the fourth quarter of 2026 and new rates targeted for December 2026. Xcel Energy also reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

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.

Public Service Company of Colorado, a subsidiary of Xcel Energy, outlines the status of its natural gas rate case filed with the Colorado Public Utilities Commission. The company requested a $190 million revenue increase, or 11.6%, based on a 10.75% return on equity, a 55% equity ratio and a projected $4.7 billion 2025 test-year rate base.

Testimony from CPUC Staff and the Colorado Office of the Utility Consumer Advocate proposes significant downward adjustments. CPUC Staff adjustments would reduce the requested increase to a $15 million decrease in revenue, or an $85 million increase when excluding largely earnings-neutral depreciation changes. UCA proposals would support an $86 million increase.

The filing lists proposed ROEs of 8.50% (CPUC Staff) and 9.20% (UCA) with equity ratios of 52.5% and 50.0%, respectively. Key dates include rebuttal testimony on July 2, 2026, a settlement deadline on July 8, 2026, hearings from July 23–31, 2026, and an anticipated CPUC decision with new rates implemented in the fourth quarter of 2026.

Xcel Energy’s Colorado utility, PSCo, has reached a comprehensive non-unanimous settlement in its 2025 electric rate case with state regulators and other parties. PSCo originally sought a $356 million (9.9%) revenue increase, or $526 million including rider roll-ins, based on a 9.8% ROE, 55% equity ratio and a projected 2025 test-year rate base of $13 billion.

The settlement instead provides a $225 million (6.3%) revenue increase excluding rider roll-ins, using a 2025 historic test year with limited forward-looking adjustments, a 9.3% ROE and 54.5% equity ratio. It also includes a performance framework for the Comanche Unit 3 coal facility through 2029, transfers prior transmission investments into rate base, and continues existing trackers and deferrals. Hearings are scheduled for June 2026, with a CPUC decision and final rates anticipated in the third quarter of 2026. Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Xcel Energy Inc. held its 2026 Annual Meeting of Shareholders on May 20, 2026. Shareholders elected all ten board nominees, each receiving over 495 million votes in favor with additional broker non-votes recorded.

Investors also approved on an advisory basis the company’s executive compensation, with 463,774,474 votes for, 48,813,045 against, and 2,233,719 abstentions. They further ratified Deloitte & Touche LLP as independent registered public accounting firm for 2026, with 542,538,119 votes for, 19,035,065 against, and 650,636 abstentions.

Xcel Energy’s Minnesota gas utility reached a partial settlement in its 2025 Minnesota natural gas rate case. Northern States Power Company – Minnesota originally sought a total revenue increase of $62 million (a 8.2% hike) based on a 2026 forecast test year, including a 10.65% return on equity, a 52.5% equity ratio and $1.5 billion of rate base.

The non‑unanimous settlement instead reflects a smaller total revenue increase of $38 million and a weighted average cost of capital of 7.21%, up slightly from the previously authorized 7.16%. Interim rates of $51 million were already in effect from January 1, 2026. An evidentiary hearing is scheduled for May 11‑12, 2026, with an administrative law judge report due by September 1, 2026 and a Minnesota Public Utilities Commission decision expected in November 2026.

Southwestern Public Service Company, an Xcel Energy subsidiary, is pursuing a New Mexico electric rate case seeking a $168 million revenue increase, equal to 16.0%, based on a future test year ending Nov. 30, 2027. The request assumes a 10.5% return on equity, a 56% equity ratio and a $3.9 billion retail rate base. On May 1, 2026, key intervenors proposed substantially lower outcomes, with total revenue changes of $48 million (Staff), $105 million (NMDOJ), $28 million (NMLCG) and $113 million (LES-FEA), alongside recommended ROEs between 8.10% and 9.75%. Rebuttal testimony is scheduled for May 29, 2026, a hearing on July 7, 2026, and the end of the rate suspension on Nov. 30, 2026, with a final NMPRC decision and rate implementation anticipated in the fourth quarter of 2026.

Xcel Energy Inc. entered into an equity distribution agreement allowing it to offer and sell shares of common stock with an aggregate gross sales price of up to $4,300,000,000 through sales agents and forward transactions. This structure includes traditional at-the-market offerings, “Initially Priced Forward Transactions,” and “Collared Forward Transactions.”

Sales may occur on Nasdaq or through other permitted methods, with sales agent and forward seller commissions of up to 1.00% of the sales price. All shares are registered under an existing Form S-3 shelf registration and a new prospectus supplement dated May 1, 2026.

Xcel Energy Inc. reported first quarter 2026 GAAP diluted earnings per share of $0.89, up from $0.84 in 2025, on net income of $556 million and operating revenues of $4.021 billion. Ongoing diluted EPS, which excludes Prairie Island outage refunds and Marshall Wildfire insurance recoveries, was $0.91.

Results benefited from higher electric revenues, increased allowance for funds used during construction and regulatory rate outcomes, partly offset by higher interest expense, increased depreciation and the negative earnings impact of warm weather. Xcel Energy reaffirmed its 2026 ongoing EPS guidance of $4.04 to $4.16 and outlined substantial planned financing and resource investments while updating wildfire-related loss estimates and insurance recoveries.

Xcel Energy Inc. disclosed that it issued $800,000,000 in aggregate principal amount of 5.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series due 2056. The notes were sold under an existing shelf registration on Form S-3 and an underwriting agreement dated February 26, 2026.

The notes are governed by a Junior Subordinated Indenture dated October 1, 2025 and Supplemental Indenture No. 2 dated March 3, 2026, with U.S. Bank Trust Company, National Association, as trustee. This report mainly files the supplemental indenture and related legal and tax opinions as exhibits.

Xcel Energy Inc. filed a Form 8-K to report that it released its earnings results for the fourth quarter of 2025. The earnings information was made available on February 5, 2026 and is provided in an Earnings Release furnished as Exhibit 99.01.

The filing is a standard current report under Item 2.02 for results of operations and financial condition and does not itself include detailed financial figures, which are contained in the referenced exhibit.

Xcel Energy Inc. entered into a new $1.5 billion 364-day unsecured delayed draw term loan facility with a syndicate of lenders, with U.S. Bank National Association as administrative agent. On the same date, Xcel Energy borrowed $750 million under this facility to support general corporate operations and other general corporate purposes.

The loan matures on January 30, 2027 and bears interest at either a Term SOFR-based rate plus an 85 basis point margin or an alternate base rate. The agreement includes one key financial covenant requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be no more than 70 percent, along with standard restrictions on mergers, asset sales, and liens. The facility can be accelerated upon various events of default, including cross-defaults and certain large monetary judgments.

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. 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’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.

Xcel Energy Inc. filed a Form 8-K stating it released earnings results for the third quarter of 2025. The company furnished an Earnings Release as Exhibit 99.01 under Item 2.02.

Xcel Energy Inc. executed a Junior Subordinated Indenture dated October 1, 2025 and a Supplemental Indenture No. 1 dated October 7, 2025 that creates $900,000,000 aggregate principal amount of 6.25% Junior Subordinated Notes due 2085. Legal and tax opinions from Jones Day are included, and the filing contains the interactive cover page XBRL file. The filing is signed by Todd A. Wehner, Vice President and Treasurer.

This action documents the issuance framework for long‑dated subordinated notes carrying a fixed coupon of 6.25% and a final maturity in 2085, establishing a new long‑term liability class on the company’s capital structure.

Xcel Energy Inc. and Public Service Company of Colorado report that settlement agreements in principle have been reached to resolve Marshall Fire-related claims from subrogation insurers, public entities and individual plaintiffs. PSCo expects to pay approximately $640 million, with about $350 million funded by remaining insurance coverage after legal costs. As a result, PSCo expects to record an approximately $290 million charge to earnings in the quarter ending September 30, 2025, which will be treated as a non-recurring adjustment when calculating 2025 ongoing earnings. The companies state that PSCo does not admit fault, wrongdoing or negligence in connection with these settlements and continues to dispute that its power lines caused the Marshall Fire. Xcel Energy Inc. reaffirms its 2025 ongoing earnings per share guidance of $3.75 to $3.85 on an ongoing, non-GAAP basis.

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.