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PP" - - - - E-
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•Electricity: 0% carbon reduction by 2030,
% carbon -free
•Natural % GHG reduction by 2030,
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112
-2026
Robust Base Capital Forecast 2022
s
Base capital forecast excludes potential incremental investment associated with resource plans
N
113
Enn -
-2,000 MW proposed additions across Colorado and Minnesota
resource plans, assuming 50%ownership
Enables renewables associated with the Colorado resource plan,
including network upgrades, voltage support and interconnection work
IN
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Bi
e ll'e r — . °lQ
1 2022 2023 2024 2 0 2 15 2026
i •+ Base CAGRs
2021 L y
•• Co CAGRs exclude potential
incremental
spend
115
on
$30 Up to $28.5 Billion
IM
W
M
2022 � 2026
investment for PPA
buy outs or future
wind repowerings
1
202 11 � 2031
M
N
a
\ silloiliq MM
RESOURCE PLANS
Expansion to enabler renewables
Assumed 50% ownership \ in Colorado, MISO and SPP
VRID RESILIENCY
Charging infrastructure, Hardening, automation and capacity for
programs and grid r i tri t resources t r growth
HY E
Blending into r generation
and natural gas LDC operations
N
117
=ans Transpar,ent Resou-me P!
Carbon reduction
Full coal it
New renewables
Spend horizon
A. LIST i.M3933MULUl
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NSP P S Cr 0
MISO Future 1 investment = -$30 billion
MISO Future 3 investment = - $100 billion
NSP Tranche 1 cap ex of -$1.2 billion
NSP Future 1: Estimated $4 - $5 billion
investment (over 10-15 years)
Additional $0.5 - 1.0 billion in potential
future projects
SPS
$0.5 - $1.0 billion in potential projects
that help alleviate congestion and enable
future load growth and renewables in SPP
In
6
Vehicle Infrastructure
RESIDENTIAL
• Charger installs and services
• Rebates for vehicles and
charger installs (rate based)
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COMMERCIAL
• Charging equipment/installs for
cities, schools and businesses
• EV purchase rebates (rate based)
Stations in major corridors
and underserved communities
M
a
System r n
Infrastructure upgrades and targeted undergroundingto protectagainst severe
weather events and minimize outage impacts
Grid Automation & Efficienucy
Monitoring and control systems, storage, microgrids and advanced
technologies that help prevent and mitigate outages
achy Expansion
New infrastructure to accommodate distributed resources and electric vehicles
WO
WA
s
DOWER G&�N
Lower -carbon electricity
a�
( CT/CCs}
delivered to customers
-`
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= P
blending
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Lower carbon emissions
power produce greenGAS
SYSTEMfrom
customer s use
electrolyzers hydrogen
Assumes • to blending gas
potential investment New gas generation and retrofits by 2031
MA
CO 2 < rate
f lower � If inflation1 illy
emissions carbon -free
customer bill increases
by 2030* by 2050*
;"
f lower
Net zero S o clial
tit - a
Local communities
emissions
by 2050 supported
��
- - f
consumption spend
water r r communitiesith diverse suppliers
owned and purchased electricity serving customers
Spans natural gas supply, distribution and customer use
M
123
N
20
1 1 1 1 1 1 1 1
r i Billion# Savings
from •Energy
2017 20181 1
Includes avoided fuel costs and PTCs
w
124
Millions
2,500
2,000
1,500
1,000
50
0
# 112# # •� •
2014 2015 2010 201 f 2010 2010 2020 2021
\\
AND DATA
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RIVE SUPPLE" C H A I N
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125
126
Wind Sr)eed
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127
Replacing Coal with Lower -Cost Wind
0
00
Variable cost of �$22-23/) RETIRE COAL Less carbon, fewer coal --
coal generation MWh assets, lower labor costs
Levelized Cos'L of
w-nd generat-on
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New owned wind (2018_2022)
0
8,760
Hours/year
K�
Fuel savings offset new
investment-, bills stay low
50% — - 16 million MWh annually
CaDacity factor —
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211 213 2015 2018 2020 222 224 2026 2028 23
Wind - PPS m Wind - Owned
Wind - % Ownership
m
129
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54%
w
ESG LEADERSHIP
131
Carbon Goals AINgned Wth Par's Accord�
Carbon Reduction
Goal owned and purchased power
Reduction Goal Carbon -Free
OW
Validated by a lead author for
Intergovernmentalthe .+
on ar `Change
132
me
2005
■ Coal
AMR
Natural Gas
am
2025
Nuclear 0 Renewables
m
133
A 2025 2030
*Conversion from coal to natural gas; Harrington pending approval
Based on Xcel Energy's ownership interest
M
134
25% Net GHG Emission Reduction by 2030, Net Zero by 2050
E OPERATE �OFFER U
E E _BEOPTIONS
_ - XEE(00 na
Incorporate
Goal compared to 2020 baseline; includes gas supply for electric system
Net zero assumes use of biologic offsets and carbon capture technologies
ffirafior
+�
IN
135
FFO/Debt
- € S
- € S
- € S
- € S
- € S
Equity Rati
S
S
S
S
S
Hold Co Debt/Total Debt
Xcel Energy Unsecured
+
NSP Secured
NSPW Secured
Aa3
A
A+
PSCo Secured
SecuredSPS
Credit metrics are based on five-year capital
plan and do not reflect rating
agency adjustments
he credit metrics reflect the incremental debt issued for the assumed
lag in Uri fuel cost recovery,
which are pending 4
regulatory decisions. FFO doesn't include impacts
of regulatory lag for
fuel recovery (a working capital adjustment).
136
Millions
m
2023 2024 2025 2026 202 7 2028 2029 2030
NSPM NSPW Psco
SPS Hold Co
m
137
Electric
Distribution
22%
Coal
7%
Electric
Distribution
28%
Base Capital Expenditures Dy Function
$ Millions
Electric Distribution
$1 A85
$1 MO 1
$1
1 M5
$1
-.a3
$0
Electric Transmission
$1,105
$1,220
$1,5 f 5
$1,965
$1,555
$f,420
Naturd Gas
$655
$670
$695
$660
$660
$1340
Electric Generation
$645
$580
$670
$650
$650
$3,195
Other
$725
$545
$450
$340
$450
$2,510
Renewables
$665
$345
$230
$340
$25
$1,605
Total
$5,280
$4,960
$5,140
$5,560
$5,060
$26,000
Base capital forecast does not include potential incremental investment associated with resource plans 46
139
Millions
NSPW$2,290
790
Total
$5=
h
h
Base capital forecast does not include potential incremental investment associated with resource plans
* -ncludes intercompany transfers for safe harbor wind turbines 4 7
Four
Operating Companies
2.1 Million
Natural Gas Customers
21 GJ W
Owned Gen. Capacity
As of 12131112021
lill 11 11 4 1 - , . ee LWWOV VAM
Minnesota, South Dakota, North Dakota
* 2021 Rate Base: $13.9 billion
* 2021 Ongoing EPS: $1.12
* 2022-2026 Base Cap Ex: $10.3 billion
Public Service Company of Colorado (PSCo)
Colorado
* 2021 Rate Base: $13.8 billion
* 2021 Ongoing EPS: $1.22
* 2022-2026 Base Cap Ex: $9.9 billion
Northern States Power Wisconsin (NSPW)
Wisconsin, Michigan
* 2021 Rate Base: $1.9 billion
* 2021 Ongoing EPS: $0.20
* 2022-2026 Base Cap Ex: $2.3 billion
Southwestern Public Service (SPS)
Texas, New Mexico
* 2021 Rate Base: $6.4 billion
* 2021 Ongoing EPS: $0.59
* 2022-2026 Base Cap Ex: $3.6 billion 54
IiiEff
Electric - Retail
1.5 million customers
33 million MWh
0
00
Coal
Natural Gas
Nuclear
ON
Wind
Solar
ON
Other
—
Hydro
I
wum
RM
2021 Financials
Net Income
Assets
ROE
Equity Ratio
GAAP & Ongoing
$606 million
$22.8 billion
8.45%
52.9%
Credit Ratings (Secured/Unsecured)
Moody's Aa3 / A2
S&P A/A-
Fitch
I=
RM
KE
2030
142
Full coal exit by 2030
i 11 retire
rc 1 ) retire
Firm Iking capacity (reliability driven) MW of repowered
Additional00 MW needed in 2030
J %Significant renewable additions
universal c sr
2,150 MW wind
Additional 1,1
kNAi-
(Monticello )
Transmission infrastructure
to enable new renewables
Anticipated i idecision
will go through a certificate of need- process for final approval
BE
143
q
Mtents-
ransm.s mon Investment
ISO Pomal —
* Future 1 investment —$30 billion
* Future 3 investment —$100 billion
MISO ranche 1
• Total of 18 projects totaling $10.3 billion
• NSP cap ex —$1.2 billion, including:
Alexandria - Lassie's Crossing
Iron Range - Benton - Cassie's Crossing
Wilmarth - North Rochester - Tremval
Tremval - Eau Claire - Jump River
Tremval - Rocky Run
LRTP Tranche I
—Jr
Vinew kv�
'Mm
Source: MISO with s.ight modifications
M
a
N'SPM Base Capital Expenditures Dy Function
Electric Distribution
$585
$ 6 2 5
$590
$610
$660
70
$3,01
Electric Transmission
$310
$320
$340
$440 1
$470 1
$1,880
Electric Generation
$325
$340
$345
$455
$535
$Z000
Natural Gas
$165
$115
$160
$160
$145
$805
Ot'her
$300
$250
75
$1,
135
.85
$ 1,045
Renewalbles
$565
$320
$220
$330
$1
$1A 0
Total
$23250
$23030
$1-3830
$23130
$23010
$103250
Excludes potential incremental investment associated with resource plans, PPA buyouts and future wind repow erings.
Approved NSPM 650 MW wind repowering projects are included in base capital expenditures.
in
145
North Dakota and South Dakota
• Forward test year with iinterim rates
• Historic test year (SD)
• Transmission rider ND & SD)
• Renewable energyrider (
infrastructure rider for cap
projects D
• Fuel clause adjustment (
NSPM Minnesota Electft Rate Case
Proceeding No. 21-630
In October 2021, NSPIVI filed a three-year electric rate case:
— Requesting rate increase of $677 million over three years
— ROE of 10.2% and equity ratio of
— 2022 - 2024 forecast test years
Rate request $396 $150 $131 $677
Increase 12.2% 4.8%
Rate base $10,931 $11,446 $11,918 N/A
* In 2021, the IVIPUC approved interim rates of $247 million, effective January 2022 (subject to refund)
* Decision expected 2023 Q2
on
147