[SCHEDULE 13G] Xcel Energy, Inc. SEC Filing

Rhea-AI Filing Summary

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.

Positive

• Material disclosure of ownership: Reports beneficial ownership of 31,652,941 shares, equal to 5.5% of XEL.
• Clear voting/dispositive breakdown: Specifies 29,337,555 shares with sole voting power and 31,639,218 with sole dispositive power.
• Certification of passive intent: Filing states holdings are held in the ordinary course and not to influence control of the issuer.

Negative

• None.

Insights

Financial Analyst

TL;DR: T. Rowe Price holds a disclosed 5.5% passive stake in Xcel Energy with material voting and dispositive positions.

The filing shows a sizeable institutional holding of 31,652,941 shares (5.5%). The split between sole voting power (29,337,555) and sole dispositive power (31,639,218) suggests the adviser exercises control over disposition decisions for slightly more shares than it votes. The certification that holdings are in the ordinary course and not intended to influence control frames this as a standard investment position rather than an activist stake. For investors, this confirms a meaningful, disclosed institutional ownership level without an expressed governance agenda.

Corporate Governance Specialist

TL;DR: Disclosure is material for ownership transparency but indicates no intent to alter issuer control.

The Schedule 13G filing provides clear, itemized authority figures: aggregate beneficial ownership of 31,652,941 shares and 5.5% of the class, with zero shared voting or dispositive power reported. The included certification states the position is held in the ordinary course and not to change control, which reduces immediate governance risk. This is a routine, material disclosure that informs stakeholders about significant passive ownership by a major investment adviser.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

XCEL ENERGY INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

98389B100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98389B100

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 29,337,555.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 31,639,218.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,652,941.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: XCEL ENERGY INC
(b)	Address of issuer's principal executive offices: 414 NICOLLET MALL, MINNEAPOLIS, MN, 55401
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 98389B100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 31652941
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 29337555
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 31639218
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	08/14/2025

FAQ

How many Xcel Energy (XEL) shares does T. Rowe Price beneficially own?

The filing reports beneficial ownership of 31,652,941 shares of Xcel Energy common stock.

What percentage of XEL does T. Rowe Price own according to the Schedule 13G?

T. Rowe Price's holdings represent 5.5% of Xcel Energy's class of common stock.

How much voting power does T. Rowe Price have in XEL shares?

The filing discloses sole voting power for 29,337,555 shares and 0 shares of shared voting power.

Does the Schedule 13G indicate T. Rowe Price intends to influence control of Xcel Energy?

No. The certification states the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

What type of SEC filing was submitted for this disclosure?

The position is disclosed on a Schedule 13G for Xcel Energy common stock (CUSIP 98389B100).