XCEL ENERGY INC

Public Service Company of Colorado (PSCo), a subsidiary of Xcel Energy, has filed a comprehensive non-unanimous settlement agreement regarding its natural gas rate case. The settlement proposes a $123 million revenue increase, which is lower than the initial request of $190 million. Key terms include a 9.2% return on equity and a 54.5% equity ratio. A CPUC decision and implementation of final rates are expected in the fourth quarter of 2026.

Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, filed an electric rate case in New Mexico, initially requesting a $168 million revenue increase. A non-unanimous stipulation has been filed, proposing a $90 million base rate revenue increase, a 9.5% return on equity, and a 54.70% equity ratio. A hearing is scheduled for July 2026, with a decision anticipated in Q4 2026 and rates implemented in December 2026. Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Xcel Energy's subsidiary, Northern States Power Company (NSP-Minnesota), received a verbal decision from the Minnesota Public Utilities Commission (MPUC) on its electric rate case. The decision includes an estimated rate increase of approximately $211 million over two years, an average of 2.9% annually. The MPUC approved a Return on Equity (ROE) of 9.60%, an increase from the current 9.25%, while maintaining an equity ratio of 52.5%. Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16, with a final written order expected by July 31, 2026.

Xcel Energy's subsidiary, Public Service Company of Colorado (PSCo), filed a natural gas rate case seeking a $190 million (11.6%) revenue increase based on a 10.75% return on equity. However, intervenors have proposed significant modifications. CPUC Staff recommended a $(15) million revenue change with an 8.50% ROE, while the Colorado Office of the Utility Consumer Advocate (UCA) proposed an $86 million increase with a 9.20% ROE. A final decision from the Colorado Public Utilities Commission is expected in the fourth quarter of 2026.

Public Service Company of Colorado (PSCo), an Xcel Energy subsidiary, filed a non-unanimous settlement agreement for its electric rate case. The settlement proposes a $225 million (6.3%) revenue increase, lower than the initial $356 million request, and sets a 9.3% return on equity and 54.5% equity ratio. While some parties oppose it, Xcel Energy reaffirmed its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Xcel Energy's wholly owned subsidiary, Northern States Power Company (NSP-Minnesota), reached a non-unanimous settlement in its 2025 Minnesota natural gas rate case. The settlement proposes a total revenue increase of $38 million, which is less than the initial request of $62 million (8.2%). The agreement also includes a weighted average cost of capital of 7.21%, an increase from the previously authorized 7.16%. A final decision from the Minnesota Public Utilities Commission (MPUC) is anticipated in November 2026.

Southwestern Public Service Company (SPS), a wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case with the New Mexico Public Regulation Commission (NMPRC) seeking a $168 million (16.0%) revenue increase. Intervenors, including NMPRC Staff and the New Mexico Department of Justice, have filed testimony proposing significant adjustments to SPS's request. The proposed revenue changes from intervenors range from $28 million to $113 million, substantially lower than the original request. A NMPRC decision and implementation of final rates are anticipated in the fourth quarter of 2026.

Xcel Energy Inc. has entered into an equity distribution agreement to offer and sell shares of its common stock with an aggregate gross sales price of up to $4.3 billion. The agreement involves a consortium of sales agents and forward purchasers, providing flexibility for the company to issue and sell shares directly or through various forward sale transactions, including initially priced and collared forward transactions. This mechanism allows Xcel Energy to raise capital over time.

Xcel Energy Inc. reported a 15.1% increase in net income to $556 million for Q1 2026, with diluted earnings per share rising to $0.89 from $0.84 in Q1 2025. Total operating revenues grew by 2.9% to $4,021 million. The company also engaged in significant financing activities, including issuing $3.26 billion in long-term debt and entering into a $1.5 billion term loan agreement, with $750 million outstanding.

Xcel Energy Inc. reported strong first quarter 2026 results with ongoing earnings per share increasing to $0.91 from $0.84 in Q1 2025, and GAAP EPS rising to $0.89 from $0.84. Net income grew to $556 million on total operating revenues of $4,021 million. The company reaffirmed its 2026 ongoing EPS guidance of $4.04 to $4.16. Despite unseasonably warm weather, earnings benefited from increased recovery of electric infrastructure investments and electric sales growth, partially offset by higher financing costs and depreciation. Xcel Energy also highlighted a new data center agreement with Google and provided updates on various rate cases and wildfire litigation.