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XEL-20200630_G1.JPG
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Xcel Energy Inc.
(Exact name of registrant as specified in its charter)
Minnesota 001-3034 41-0448030
(State or Other Jurisdiction of Incorporation or Organization)
(Commission File Number)


(IRS Employer Identification No.)
414 Nicollet Mall Minneapolis Minnesota 55401
(Address of Principal Executive Offices)
(Zip Code)
612 330-5500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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 XEL Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 28, 2020
Common Stock, $2.50 par value 525,342,304 shares



TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1 —
4
4
5
6
7
8
9
Item 2 —
Item 3 —
Item 4 —
PART II OTHER INFORMATION
Item 1 —
Item 1A —
Item 2 —
Item 6 —
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
This Form 10-Q is filed by Xcel Energy Inc. Additional information is available on various filings with the Securities and Exchange Commission (SEC).
2


Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e prime e prime inc.
NSP-Minnesota Northern States Power Company, a Minnesota corporation
NSP System The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin Northern States Power Company, a Wisconsin corporation
PSCo Public Service Company of Colorado
SPS Southwestern Public Service Co.
Utility subsidiaries NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGI West Gas Interstate
Xcel Energy Xcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUC Colorado Public Utilities Commission
D.C. Circuit United States Court of Appeals for the District of Columbia Circuit
DOC Department of Commerce
EPA United States Environmental Protection Agency
FERC Federal Energy Regulatory Commission
IRS Internal Revenue Service
MPUC Minnesota Public Utilities Commission
NMPRC New Mexico Public Regulation Commission
NRC Nuclear Regulatory Commission
OAG Minnesota Office of the Attorney General
PSCW Public Service Commission of Wisconsin
PUCT Public Utility Commission of Texas
SEC Securities and Exchange Commission
Electric, Purchased Gas and Resource Adjustment Clauses
DSM Demand side management
FCA Fuel clause adjustment
FPPCAC Fuel and purchased power cost adjustment clause
GUIC Gas utility infrastructure cost rider
RES Renewable energy standard
TCR Transmission cost recovery adjustment
Other
AFUDC Allowance for funds used during construction
ALJ Administrative Law Judge
ASC FASB Accounting Standards Codification
C&I Commercial and Industrial
CCR Coal combustion residual
CCR Rule Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD Cooling degree-days
CEO Chief executive officer
CFO Chief financial officer
COVID-19 Novel coronavirus
CWIP Construction work in progress
DRIP Dividend Reinvestment and Stock Purchase Program
EPS Earnings per share
ETR Effective tax rate
FASB Financial Accounting Standards Board
FTR Financial transmission right
GAAP Generally accepted accounting principles
GE General Electric
HDD Heating degree-days
IPP Independent power producing entity
LLC Limited liability company
MDL Multi district litigation
MEC Mankato Energy Center
MGP Manufactured gas plant
MISO Midcontinent Independent System Operator, Inc.
NAV Net asset value
NOL Net operating loss
O&M Operating and maintenance
OATT Open Access Transmission Tariff
PPA Power purchase agreement
PTC Production tax credit
ROE Return on equity
ROFR Right-of-first refusal
RTO Regional Transmission Organization
SMMPA Southern Minnesota Municipal Power Agency
SPP Southwest Power Pool, Inc.
THI Temperature-humidity index
TOs Transmission owners
VIE Variable interest entity
Measurements
KV Kilovolts
MW Megawatts
Forward-Looking Statements
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 the 2020 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future bad debt expense, and future operating performance, 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 elsewhere in this Quarterly Report on Form 10-Q and in other securities filings (including Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, and subsequent securities filings), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries 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; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.
3


PART I — FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions, except per share data)
Three Months Ended June 30 Six Months Ended June 30
2020 2019 2020 2019
Operating revenues
Electric $ 2,286    $ 2,249    $ 4,489    $ 4,574   
Natural gas 280    308    863    1,102   
Other 20    20    45    42   
Total operating revenues 2,586    2,577    5,397    5,718   
Operating expenses
Electric fuel and purchased power 833    813    1,630    1,727   
Cost of natural gas sold and transported 86    112    371    591   
Cost of sales — other   10    17    19   
Operating and maintenance expenses 550    586    1,129    1,184   
Conservation and demand side management expenses 68    65    142    137   
Depreciation and amortization 473    439    936    872   
Taxes (other than income taxes) 146    142    295    292   
Total operating expenses 2,164    2,167    4,520    4,822   
Operating income 422    410    877    896   
Other income (expense), net     (7)    
Equity earnings of unconsolidated subsidiaries     17    19   
Allowance for funds used during construction — equity 37    20    61    40   
Interest charges and financing costs
Interest charges — includes other financing costs of $7, $6, $14 and $13, respectively
208    189    407    379   
Allowance for funds used during construction — debt (12)   (10)   (22)   (20)  
Total interest charges and financing costs 196    179    385    359   
Income before income taxes 274    262    563    602   
Income tax (benefit) expense (13)   24    (19)   49   
Net income $ 287    $ 238    $ 582    $ 553   
Weighted average common shares outstanding:
Basic 527    516    526    515   
Diluted 527    518    527    517   
Earnings per average common share:
Basic $ 0.54    $ 0.46    $ 1.10    $ 1.07   
Diluted 0.54    0.46    1.10    1.07   
See Notes to Consolidated Financial Statements

4


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended June 30 Six Months Ended June 30
2020 2019 2020 2019
Net income $ 287    $ 238    $ 582    $ 553   
Other comprehensive income (loss)
Pension and retiree medical benefits:
Net pension and retiree medical gains arising during the period, net of tax of $—, $—, $— and $1, respectively
—      —     
Reclassifications of loss to net income, net of tax of $1, $—, $1 and $—, respectively
  —       
Derivative instruments:
Net fair value decrease, net of tax of $—, $(3), $(3) and $(5), respectively
—    (10)   (10)   (17)  
Reclassification of loss to net income, net of tax of $1, $—, $1 and $—, respectively
       
Total other comprehensive income (loss)   (8)   (4)   (11)  
Total comprehensive income $ 290    $ 230    $ 578    $ 542   
See Notes to Consolidated Financial Statements



5


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
  Six Months Ended June 30
  2020 2019
Operating activities
Net income $ 582    $ 553   
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 942    881   
Nuclear fuel amortization 65    58   
Deferred income taxes —    47   
Allowance for equity funds used during construction (61)   (40)  
Equity earnings of unconsolidated subsidiaries (17)   (19)  
Dividends from unconsolidated subsidiaries 21    20   
Provision for bad debts 26    17   
Share-based compensation expense 41    35   
Changes in operating assets and liabilities:
Accounts receivable 19    105   
Accrued unbilled revenues 97    115   
Inventories 15    25   
Other current assets   19   
Accounts payable (160)   (157)  
Net regulatory assets and liabilities 12    25   
Other current liabilities (241)   (195)  
Pension and other employee benefit obligations (146)   (139)  
Other, net (54)   (16)  
Net cash provided by operating activities 1,148    1,334   
Investing activities
Capital/construction expenditures (2,569)   (1,689)  
Purchases of investment securities (1,160)   (488)  
Proceeds from the sale of investment securities 1,150    478   
Other, net (1)   (9)  
Net cash used in investing activities (2,580)   (1,708)  
Financing activities
Proceeds from short-term borrowings, net 815    559   
Proceeds from issuances of long-term debt 2,447    819   
Repayments of long-term debt, including reacquisition premiums —    (400)  
Dividends paid (421)   (387)  
Other, net (23)   (11)  
Net cash provided by financing activities 2,818    580   
Net change in cash, cash equivalents and restricted cash 1,386    206   
Cash, cash equivalents and restricted cash at beginning of period 248    147   
Cash, cash equivalents and restricted cash at end of period (a)
$ 1,634    $ 353   
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized) $ (364)   $ (344)  
Cash (paid) received for income taxes, net (10)   54   
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions $ 436    $ 304   
Inventory transfers to property, plant and equipment 194    40   
Operating lease right-of-use assets   1,843   
Allowance for equity funds used during construction 61    40   
Issuance of common stock for equity awards 35    32   
(a) As of June 30, 2020, $9 million of cash was recorded in Prepayments and other current assets related to MEC.
See Notes to Consolidated Financial Statements
6


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
June 30, 2020 Dec. 31, 2019
Assets
Current assets
Cash and cash equivalents $ 1,625    $ 248   
Accounts receivable, net 799    837   
Accrued unbilled revenues 613    713   
Inventories 487    544   
Regulatory assets 513    488   
Derivative instruments 72    55   
Prepaid taxes 73    43   
Prepayments and other 208    185   
Total current assets 4,390    3,113   
Property, plant and equipment, net 41,124    39,483   
Other assets
Nuclear decommissioning fund and other investments 2,683    2,731   
Regulatory assets 2,973    2,935   
Derivative instruments 38    22   
Operating lease right-of-use assets 1,229    1,672   
Other 1,019    492   
Total other assets 7,942    7,852   
Total assets $ 53,456    $ 50,448   
Liabilities and Equity
Current liabilities
Current portion of long-term debt $ 1,101    $ 702   
Short-term debt 1,410    595   
Accounts payable 1,188    1,294   
Regulatory liabilities 420    407   
Taxes accrued 343    466   
Accrued interest 200    192   
Dividends payable 226    212   
Derivative instruments 40    38   
Operating lease liabilities 149    194   
Other 396    468   
Total current liabilities 5,473    4,568   
Deferred credits and other liabilities
Deferred income taxes 4,569    4,509   
Deferred investment tax credits 47    49   
Regulatory liabilities 5,310    5,077   
Asset retirement obligations 2,881    2,701   
Derivative instruments 181    175   
Customer advances 201    203   
Pension and employee benefit obligations 636    785   
Operating lease liabilities 1,125    1,549   
Other 185    186   
Total deferred credits and other liabilities 15,135    15,234   
Commitments and contingencies
Capitalization
Long-term debt 19,463    17,407   
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 525,204,978
and 524,539,000 shares outstanding at June 30, 2020 and Dec. 31, 2019, respectively
1,313    1,311   
Additional paid in capital 6,679    6,656   
Retained earnings 5,538    5,413   
Accumulated other comprehensive loss (145)   (141)  
Total common stockholders’ equity 13,385    13,239   
Total liabilities and equity $ 53,456    $ 50,448   
See Notes to Consolidated Financial Statements
7


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, shares in thousands)
Common Stock Issued Retained Earnings Accumulated
Other
Comprehensive
Loss
Total
Common
Stockholders’
Equity
Shares Par Value Additional Paid In Capital
Three Months Ended June 30, 2020 and 2019
Balance at March 31, 2019 514,668    $ 1,287    $ 6,173    $ 4,996    $ (127)   $ 12,329   
Net income 238    238   
Other comprehensive loss (8)   (8)  
Dividends declared on common stock ($0.41 per share)
(209)   (209)  
Issuances of common stock 197    —    10    10   
Share-based compensation   (1)    
Balance at June 30, 2019 514,865    $ 1,287    $ 6,190    $ 5,024    $ (135)   $ 12,366   
Balance at March 31, 2020 525,034    $ 1,313    $ 6,659    $ 5,478    $ (148)   $ 13,302   
Net income 287    287   
Other comprehensive income    
Dividends declared on common stock ($0.43 per share)
(226)   (226)  
Issuances of common stock 171    —    11    11   
Share-based compensation   (1)    
Balance at June 30, 2020 525,205    $ 1,313    $ 6,679    $ 5,538    $ (145)   $ 13,385   
Common Stock Issued Retained Earnings Accumulated
Other
Comprehensive
Loss
Total
Common
Stockholders’
Equity
Shares Par Value Additional Paid In Capital
Six Months Ended June 30, 2020 and 2019            
Balance at Dec. 31, 2018 514,037    $ 1,285    $ 6,168    $ 4,893    $ (124)   $ 12,222   
Net income 553    553   
Other comprehensive loss (11)   (11)  
Dividends declared on common stock ($0.81 per share)
(419)   (419)  
Issuances of common stock 834      20    22   
Repurchases of common stock (6)   —    —    —   
Share-based compensation   (3)   (1)  
Balance at June 30, 2019 514,865    $ 1,287    $ 6,190    $ 5,024    $ (135)   $ 12,366   
Balance at Dec. 31, 2019 524,539    $ 1,311    $ 6,656    $ 5,413    $ (141)   $ 13,239   
Net income 582    582   
Other comprehensive loss (4)   (4)  
Dividends declared on common stock ($0.86 per share)
(453)   (453)  
Issuances of common stock 666      21    23   
Share-based compensation   (2)   —   
Adoption of ASC Topic 326 (2)   (2)  
Balance at June 30, 2020 525,205    $ 1,313    $ 6,679    $ 5,538    $ (145)   $ 13,385   
See Notes to Consolidated Financial Statements

8

XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of June 30, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income and comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 2020 and 2019.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2020, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2019, balance sheet information has been derived from the audited 2019 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the SEC on Feb. 21, 2020. Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
1. Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
Recently Adopted
Credit Losses In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards.
Xcel Energy implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $2 million (after tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for doubtful accounts on accrued unbilled revenues, the Jan. 1, 2020, adoption of ASC Topic 326 did not have a significant impact on Xcel Energy’s consolidated financial statements.


3. Selected Balance Sheet Data
(Millions of Dollars) June 30, 2020 Dec. 31, 2019
Accounts receivable, net
Accounts receivable $ 859    $ 892   
Less allowance for bad debts (60)   (55)  
Accounts receivable, net $ 799    $ 837   

(Millions of Dollars) June 30, 2020 Dec. 31, 2019
Inventories
Materials and supplies $ 277    $ 270   
Fuel 173    191   
Natural gas 37    83   
Total inventories $ 487    $ 544   

(Millions of Dollars) June 30, 2020 Dec. 31, 2019
Property, plant and equipment, net
Electric plant $ 45,413    $ 44,355   
Natural gas plant 6,747    6,560   
Common and other property 2,385    2,341   
Plant to be retired (a)
292    259   
CWIP 3,060    2,329   
Total property, plant and equipment 57,897    55,844   
Less accumulated depreciation (17,097)   (16,735)  
Nuclear fuel 2,925    2,909   
Less accumulated amortization (2,601)   (2,535)  
Property, plant and equipment, net $ 41,124    $ 39,483   
(a)In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
Short-Term Debt Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows:
(Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2020 Year Ended Dec. 31, 2019
Borrowing limit $ 4,300    $ 3,600   
Amount outstanding at period end 1,410    595   
Average amount outstanding 1,496    1,115   
Maximum amount outstanding 1,770    1,780   
Weighted average interest rate, computed on a daily basis 1.65  % 2.72  %
Weighted average interest rate at period end 0.76    2.34   
Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At both June 30, 2020 and Dec. 31, 2019, there were $20 million of letters of credit outstanding under the credit facilities. The contract amounts of these letters of credit approximate their fair value and are subject to fees.
9

Revolving Credit Facilities — In order to use commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper borrowing limits and cannot issue commercial paper in an aggregate amount exceeding available capacity under these credit facilities. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
As of June 30, 2020, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Outstanding (b)
Available
Xcel Energy Inc. $ 1,250    $ 210    $ 1,040   
PSCo 700      692   
NSP-Minnesota 500      498   
SPS 500    10    490   
NSP-Wisconsin 150    —    150   
Total $ 3,100    $ 230    $ 2,870   
(a)Expires in June 2024.
(b)Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the revolving credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2020 and Dec. 31, 2019.
Term Loan Agreements In December 2019, Xcel Energy Inc. entered into a $500 million 364-Day Term Loan Agreement that matures Dec. 1, 2020. Xcel Energy has an option to request an extension through Nov. 30, 2021. In March 2020, Xcel Energy Inc. entered into a $700 million, 364-Day Term Loan Agreement. The loan is unsecured and matures March 22, 2021. Xcel Energy has an option to request an extension through March 21, 2022. The term loans include one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65 percent. Interest is at a rate equal to either the Eurodollar rate, plus 60.0 basis points, or an alternate base rate.
As of June 30, 2020, Xcel Energy Inc.’s term loan borrowings were as follows:
(Millions of Dollars) Limit Amount Used Available
Xcel Energy Inc. $ 1,200    $ 1,200    $ —   
Bilateral Credit Agreement
In March 2019, NSP-Minnesota entered into a one year uncommitted bilateral credit agreement. The credit agreement is limited in use to support letters of credit. In March 2020, NSP-Minnesota renewed its bilateral credit agreement for an additional one year term.
As of June 30, 2020, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows:
(Millions of Dollars) Limit Amount Outstanding Available
NSP-Minnesota $ 75    $ 31    $ 44   
Long-Term Borrowings
During the six months ended June 30, 2020, Xcel Energy Inc. and its utility subsidiaries issued the following:
Xcel Energy Inc. issued $600 million of 3.40% senior unsecured notes due June 1, 2030;
PSCo issued $375 million of 2.70% first mortgage bonds due Jan. 15, 2051 and $375 million of 1.90% first mortgage bonds due Jan. 15, 2031;
SPS issued $350 million of 3.15% first mortgage bonds due May 1, 2050;
NSP-Wisconsin issued $100 million of 3.05% first mortgage bonds due May 1, 2051; and
NSP-Minnesota issued $700 million of 2.60% first mortgage bonds due June 1, 2051.
Forward Equity Agreements In November 2019, Xcel Energy Inc. entered into forward sale agreements in connection with a completed $743 million public offering of 11.8 million shares of Xcel Energy common stock. The initial forward agreement was for 10.3 million shares with an additional agreement for 1.5 million shares that was exercised at the option of the banking counterparty.
At June 30, 2020, the forward agreements could have been settled with physical delivery of 11.8 million common shares to the banking counterparty in exchange for cash of $728 million. The forward instruments could also have been settled at June 30, 2020, with delivery of approximately $24 million of cash or approximately 0.4 million shares of common stock to the counterparty, if Xcel Energy unilaterally elected net cash or net share settlement, respectively.
The forward price used to determine amounts due at settlement is calculated based on the November 2019 public offering price for Xcel Energy’s common stock of $62.69, increased for the overnight bank funding rate, less a spread of 0.75% and less expected dividends on Xcel Energy’s common stock during the period the instruments are outstanding.
Xcel Energy may settle the agreements at any time up to the maturity date of Dec. 31, 2020. Depending on settlement timing, cash proceeds are expected to be approximately $720 million to $730 million.
Forward equity instruments were recognized within stockholders’ equity at fair value at execution of the agreements and will not be subsequently adjusted until settlement.
Other Equity Xcel Energy Inc. issued $20 million and $19 million of equity through the DRIP during the six months ended June 30, 2020 and 2019, respectively. The program allows shareholders to elect dividend reinvestment in Xcel Energy Inc. common stock through a non-cash transaction.
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5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consists of the following:
Three Months Ended June 30, 2020
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 718    $ 167    $ 10    $ 895   
C&I 1,075    73      1,154   
Other 31    —      32   
Total retail 1,824    240    17    2,081   
Wholesale 160    —    —    160   
Transmission 153    —    —    153   
Other 21    26    —    47   
Total revenue from contracts with customers 2,158    266    17    2,441   
Alternative revenue and other 128    14      145   
Total revenues $ 2,286    $ 280    $ 20    $ 2,586   
Three Months Ended June 30, 2019
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 624    $ 182    $ 10    $ 816   
C&I 1,201    90      1,297   
Other 31    —      32   
Total retail 1,856    272    17    2,145   
Wholesale 154    —    —    154   
Transmission 127    —    —    127   
Other 11    26    —    37   
Total revenue from contracts with customers 2,148    298    17    2,463   
Alternative revenue and other 101    10      114   
Total revenues $ 2,249    $ 308    $ 20    $ 2,577   
Six Months Ended June 30, 2020
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 1,394    $ 522    $ 21    $ 1,937   
C&I 2,141    253    15    2,409   
Other 60    —      62   
Total retail 3,595    775    38    4,408   
Wholesale 326    —    —    326   
Transmission 285    —    —    285   
Other 38    58    —    96   
Total revenue from contracts with customers 4,244    833    38    5,115   
Alternative revenue and other 245    30      282   
Total revenues $ 4,489    $ 863    $ 45    $ 5,397   
Six Months Ended June 30, 2019
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 1,351    $ 677    $ 19    $ 2,047   
C&I 2,341    345    15    2,701   
Other 63    —      65   
Total retail 3,755    1,022    36    4,813   
Wholesale 343    —    —    343   
Transmission 258    —    —    258   
Other 29    60    —    89   
Total revenue from contracts with customers 4,385    1,082    36    5,503   
Alternative revenue and other 189    20      215   
Total revenues $ 4,574    $ 1,102    $ 42    $ 5,718   

6. Income Taxes
Note 7 to the consolidated financial statements included in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2019, represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference.
The following table reconciles the difference between the statutory rate and the ETR:
Three Months Ended June 30 Six Months Ended June 30
2020 2019 2020 2019
Federal statutory rate 21.0  % 21.0  % 21.0  % 21.0  %
State tax (net of federal tax effect) 5.1    5.0    5.0    5.0   
Decreases in tax from:
Wind PTCs (21.1)   (11.9)   (19.1)   (10.0)  
Plant regulatory differences (a)
(7.1)   (5.5)   (7.8)   (5.6)  
Other tax credits, net NOL & tax credit allowances (1.9)   (0.6)   (1.4)   (1.8)  
Other (net) (0.7)   1.2    (1.1)   (0.5)  
Effective income tax rate (4.7) % 9.2  % (3.4) % 8.1  %
(a)  Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions.
Federal Audits Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows:
Tax Years Expiration
2009 2013
September 2020
2014 2016
June 2021
In 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. Xcel Energy filed a protest with the IRS. In April 2020, Xcel Energy and Appeals reached an agreement and no material adjustments were required.
In 2018, the IRS began an audit of tax years 2014 - 2016. As of June 30, 2020, no adjustments have been proposed.
State Audits  Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns.
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As of June 30, 2020, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows:
State Year
Colorado 2009
Minnesota 2009
Texas 2009
Wisconsin 2014
In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of June 30, 2020, no material adjustments have been proposed.
No other state income tax audits were in progress as of June 30, 2020.
Unrecognized Benefits — Unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority to an earlier period.
Unrecognized tax benefits — permanent vs. temporary:
(Millions of Dollars) June 30, 2020 Dec. 31, 2019
Unrecognized tax benefit — Permanent tax positions $ 36    $ 35   
Unrecognized tax benefit — Temporary tax positions 10     
Total unrecognized tax benefit $ 46    $ 44   
Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
(Millions of Dollars) June 30, 2020 Dec. 31, 2019
NOL and tax credit carryforwards $