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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 Sept. 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-3034
Xcel Energy Inc.
(Exact Name of Registrant as Specified in its Charter)
Minnesota41-0448030
(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)
414 Nicollet MallMinneapolisMinnesota55401
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueXELNasdaq 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, a 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 filerAccelerated filer
Non-accelerated filerSmaller 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.
ClassOutstanding at October 24, 2023
Common Stock, $2.50 par value551,816,319 shares



TABLE OF CONTENTS
This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety.
2


Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP SystemThe electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Company
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WYCOWYCO Development, LLC
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DOCMinnesota Department of Commerce
DOEUnited States Department of Energy
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
MPUCMinnesota Public Utilities Commission
NMPRCNew Mexico Public Regulation Commission
NRCNuclear Regulatory Commission
OAGMinnesota Office of Attorney General
PSCWPublic Service Commission of Wisconsin
PUCTPublic Utility Commission of Texas
SECSecurities and Exchange Commission
SDPUCSouth Dakota Public Utilities Commission
Electric, Purchased Gas and Resource Adjustment Clauses
ECARetail electric commodity adjustment
Other
AFUDCAllowance for funds used during construction
ALJAdministrative Law Judge
ATMAt-the-market
BARTBest available retrofit technology
C&ICommercial and Industrial
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDDCooling degree-days
CEOChief executive officer
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CFOChief financial officer
CORECORE Electric Cooperative
CSPVCrystalline Silicon Photovoltaic
DRIPDividend Reinvestment and Stock Purchase Program
EPSEarnings per share
ETREffective tax rate
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
IRPIntegrated Resource Plan
JTIQJoint Target Interconnection Queue
LLCLimited liability company
LP&LLubbock Power and Light
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOxNitrogen Oxides
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PFASPer- and Polyfluoroalkyl Substances
PPAPower purchase agreement
PTCProduction tax credit
RFPRequest for proposal
ROEReturn on equity
RTORegional Transmission Organization
SMMPASouthern Minnesota Municipal Power Agency
SPPSouthwest Power Pool, Inc.
TCATransmission cost adjustment
THITemperature-humidity index
TOsTransmission owners
UCAColorado Office of the Utility Consumer Advocate
VaRValue at Risk
Measurements
MWMegawatts

3


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 those relating to 2023 and 2024 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, 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 in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or 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; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
4

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 Sept. 30Nine Months Ended Sept. 30
2023202220232022
Operating revenues
Electric$3,387 $3,699 $8,751 $9,255 
Natural gas245 357 1,926 1,923 
Other30 26 87 79 
Total operating revenues3,662 4,082 10,764 11,257 
Operating expenses
Electric fuel and purchased power1,181 1,497 3,328 3,772 
Cost of natural gas sold and transported70 173 1,084 1,134 
Cost of sales — other14 11 37 32 
Operating and maintenance expenses586 611 1,864 1,827 
Conservation and demand side management expenses76 86 215 259 
Depreciation and amortization618 607 1,807 1,807 
Taxes (other than income taxes)168 173 489 523 
Loss on Comanche Unit 3 litigation34  34  
Total operating expenses2,747 3,158 8,858 9,354 
Operating income915 924 1,906 1,903 
Other income (expense), net3 (15)19 (20)
Earnings from equity method investments7 1 27 27 
Allowance for funds used during construction — equity26 20 63 53 
Interest charges and financing costs
Interest charges — includes other financing costs of $8, $8, $24 and $24, respectively
269 244 790 705 
Allowance for funds used during construction — debt(14)(7)(36)(19)
Total interest charges and financing costs255 237 754 686 
Income before income taxes696 693 1,261 1,277 
Income tax expense (benefit)40 44 (101)(80)
Net income$656 $649 $1,362 $1,357 
Weighted average common shares outstanding:
Basic552 548 551 546 
Diluted552 548 552 546 
Earnings per average common share:
Basic$1.19 $1.19 $2.47 $2.48 
Diluted1.19 1.18 2.47 2.48 
See Notes to Consolidated Financial Statements

5


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended Sept. 30Nine Months Ended Sept. 30
2023202220232022
Net income$656 $649 $1,362 $1,357 
Other comprehensive income
Pension and retiree medical benefits:
Net pension and retiree medical losses arising during the period, net of tax of $, $4, $ and $4, respectively
 10  11 
Reclassifications of loss to net income, net of tax of $, $, $ and $1, respectively
 1 1 2 
Derivative instruments:
Net fair value increase, net of tax of $1, $, $4 and $6, respectively
3  11 15 
Reclassification of losses to net income, net of tax of $, $, $1 and $1, respectively
1 1 3 4 
Total other comprehensive income4 12 15 32 
Total comprehensive income$660 $661 $1,377 $1,389 
See Notes to Consolidated Financial Statements



6


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Nine Months Ended Sept. 30
 20232022
Operating activities
Net income$1,362 $1,357 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,824 1,821 
Nuclear fuel amortization84 91 
Deferred income taxes(173)(85)
Allowance for equity funds used during construction(63)(53)
Earnings from equity method investments(27)(27)
Dividends from equity method investments26 30 
Provision for bad debts58 41 
Share-based compensation expense17 19 
Changes in operating assets and liabilities:
Accounts receivable95 (221)
Accrued unbilled revenues375 69 
Inventories73 (272)
Other current assets104 13 
Accounts payable(226)152 
Net regulatory assets and liabilities771 239 
Other current liabilities183 51 
Pension and other employee benefit obligations(35)(59)
Other, net(95)1 
Net cash provided by operating activities4,353 3,167 
Investing activities
Capital/construction expenditures(4,240)(3,325)
Purchase of investment securities(704)(1,055)
Proceeds from the sale of investment securities678 1,029 
Other, net(26)30 
Net cash used in investing activities(4,292)(3,321)
Financing activities
Repayments of short-term borrowings, net(813)(847)
Proceeds from issuances of long-term debt2,631 2,164 
Repayments of long-term debt, including reacquisition premiums(651)(600)
Proceeds from issuance of common stock83 156 
Dividends paid(814)(754)
Other, net(14)(14)
Net cash provided by financing activities422 105 
Net change in cash, cash equivalents and restricted cash483 (49)
Cash, cash equivalents and restricted cash at beginning of period111 166 
Cash, cash equivalents and restricted cash at end of period$594 $117 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(652)$(628)
Cash paid for income taxes, net(68)(16)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$409 $393 
Inventory transfers to property, plant and equipment42 34 
Operating lease right-of-use assets73 17 
Allowance for equity funds used during construction63 53 
Issuance of common stock for reinvested dividends and/or equity awards46 40 
See Notes to Consolidated Financial Statements
7

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data
Sept. 30, 2023Dec. 31, 2022
Assets
Current assets
Cash and cash equivalents$594 $111 
Accounts receivable, net1,220 1,373 
Accrued unbilled revenues731 1,105 
Inventories688 803 
Regulatory assets695 1,059 
Derivative instruments146 279 
Prepaid taxes71 54 
Prepayments and other257 360 
Total current assets4,402 5,144 
Property, plant and equipment, net50,613 48,253 
Other assets
Nuclear decommissioning fund and other investments3,393 3,234 
Regulatory assets2,757 2,871 
Derivative instruments72 93 
Operating lease right-of-use assets1,114 1,204 
Other519 389 
Total other assets7,855 7,791 
Total assets$62,870 $61,188 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$1,051 $1,151 
Short-term debt 813 
Accounts payable1,445 1,804 
Regulatory liabilities462 418 
Taxes accrued541 569 
Accrued interest288 217 
Dividends payable287 268 
Derivative instruments59 76 
Operating lease liabilities231 217 
Other709 545 
Total current liabilities5,073 6,078 
Deferred credits and other liabilities
Deferred income taxes4,702 4,756 
Deferred investment tax credits45 48 
Regulatory liabilities5,809 5,569 
Asset retirement obligations3,332 3,380 
Derivative instruments83 113 
Customer advances173 181 
Pension and employee benefit obligations355 390 
Operating lease liabilities930 1,038 
Other149 147 
Total deferred credits and other liabilities15,578 15,622 
Commitments and contingencies
Capitalization
Long-term debt24,910 22,813 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 551,662,803 and 549,578,018 shares outstanding at Sept. 30, 2023 and December 31, 2022, respectively
1,379 1,374 
Additional paid in capital8,269 8,155 
Retained earnings7,739 7,239 
Accumulated other comprehensive loss(78)(93)
Total common stockholders’ equity17,309 16,675 
Total liabilities and equity$62,870 $61,188 
See Notes to Consolidated Financial Statements
8


XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, except per share data; shares in actual amounts)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholders' Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended Sept. 30, 2023 and 2022
Balance at June 30, 2022546,807,793 $1,367 $7,960 $6,747 $(103)$15,971 
Net income649 649 
Other comprehensive income12 12 
Dividends declared on common stock ($0.4875 per share)
(267)(267)
Issuances of common stock198,283 1 13 14 
Share-based compensation6 (1)5 
Balance at Sept. 30, 2022547,006,076 $1,368 $7,979 $7,128 $(91)$16,384 
Balance at June 30, 2023551,375,255 $1,378 $8,247 $7,371 $(82)$16,914 
Net income656 656 
Other comprehensive income4 4 
Dividends declared on common stock ($0.52 per share)
(287)(287)
Issuances of common stock287,548 1 17 18 
Share-based compensation5 (1)4 
Balance at Sept. 30, 2023551,662,803 $1,379 $8,269 $7,739 $(78)$17,309 
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive LossTotal Common Stockholders' Equity
SharesPar ValueAdditional Paid
In Capital
Nine Months Ended Sept. 30, 2023 and 2022      
Balance at Dec. 31, 2021544,025,269 $1,360 $7,803 $6,572 $(123)$15,612 
Net income1,357 1,357 
Other comprehensive income32 32 
Dividends declared on common stock ($1.4625 per share)
(798)(798)
Issuances of common stock2,980,807 8 177 185 
Share-based compensation(1)(3)(4)
Balance at Sept. 30, 2022547,006,076 $1,368 $7,979 $7,128 $(91)$16,384 
Balance at Dec. 31, 2022549,578,018 $1,374 $8,155 $7,239 $(93)$16,675 
Net income1,362 1,362 
Other comprehensive income15 15 
Dividends declared on common stock ($1.56 per share)
(859)(859)
Issuances of common stock2,084,785 5 108 113 
Share-based compensation6 (3)3 
Balance at Sept. 30, 2023551,662,803 $1,379 $8,269 $7,739 $(78)$17,309 
See Notes to Consolidated Financial Statements

9

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 GAAP, the financial position of Xcel Energy as of Sept. 30, 2023 and Dec. 31, 2022; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2023 and 2022; and Xcel Energy’s cash flows for the nine months ended Sept. 30, 2023 and 2022.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2023, 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, 2022 balance sheet information has been derived from the audited 2022 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2022.
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, 2022, filed with the SEC on Feb. 23, 2023.
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, 2022 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
As of Sept. 30, 2023, there was no material impact from the recent adoption of new accounting pronouncements, nor expected material impact from recently issued accounting pronouncements yet to be adopted, on Xcel Energy’s consolidated financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)Sept. 30, 2023Dec. 31, 2022
Accounts receivable, net
Accounts receivable$1,347 $1,495 
Less allowance for bad debts(127)(122)
Accounts receivable, net$1,220 $1,373 

(Millions of Dollars)Sept. 30, 2023Dec. 31, 2022
Inventories
Materials and supplies$368 $330 
Fuel193 201 
Natural gas127 272 
Total inventories$688 $803 
(Millions of Dollars)Sept. 30, 2023Dec. 31, 2022
Property, plant and equipment, net
Electric plant$51,377 $49,639 
Natural gas plant9,005 8,514 
Common and other property3,227 2,970 
Plant to be retired (a)
2,109 2,217 
Construction work in progress2,951 2,124 
Total property, plant and equipment68,669 65,464 
Less accumulated depreciation(18,363)(17,502)
Nuclear fuel3,282 3,183 
Less accumulated amortization(2,975)(2,892)
Property, plant and equipment, net$50,613 $48,253 
(a)Amounts include Sherco Units 1, 2 and 3 and A.S. King for NSP-Minnesota; Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion for PSCo; and Tolk and coal generation assets at Harrington pending facility gas conversion for SPS. 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:
(Amounts in Millions, Except Interest Rates)Three Months Ended Sept. 30, 2023Year Ended Dec. 31, 2022
Borrowing limit$3,550 $3,550 
Amount outstanding at period end 813 
Average amount outstanding190 552 
Maximum amount outstanding613 1,357 
Weighted average interest rate, computed on a daily basis5.35 %1.47 %
Weighted average interest rate at period endN/A4.66 
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $46 million and $43 million of letters of credit outstanding under the credit facilities at both Sept. 30, 2023 and Dec. 31, 2022. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. 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.
10

As of Sept. 30, 2023, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,500 $ $1,500 
PSCo700 29 671 
NSP-Minnesota700 15 685 
SPS500 2 498 
NSP-Wisconsin150  150 
Total$3,550 $46 $3,504 
(a)Expires in September 2027.
(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 credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the 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 of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2023 and Dec. 31, 2022.
Bilateral Credit Agreement
In April 2023, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of Sept. 30, 2023, NSP-Minnesota had $56 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
During the nine months ended Sept. 30, 2023, Xcel Energy Inc. and its utility subsidiaries issued the following:
Xcel Energy Inc. issued $800 million of 5.45% Senior Notes due August 15, 2033.
PSCo issued $850 million of 5.25% first mortgage bonds due April 1, 2053.
NSP-Minnesota issued $800 million of 5.10% first mortgage bonds due May 15, 2053.
NSP-Wisconsin issued $125 million of 5.30% first mortgage bonds due June 15, 2053.
SPS issued $100 million of 6.00% first mortgage bonds due September 15, 2053.
ATM Equity Offering — In November 2021, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $800 million of its common stock through an ATM program. In 2021, 5.33 million shares were issued (approximately $350 million in net proceeds and $3 million in transaction fees paid). In 2022, 4.30 million shares of common stock were issued (approximately $300 million in net proceeds and $3 million in transaction fees paid). In the nine months ended Sept. 30, 2023, 0.9 million shares were issued (approximately $62 million in net proceeds and $1 million in transaction fees paid). No shares were issued under the ATM program during the quarter ended Sept. 30, 2023. As of Sept. 30, 2023, approximately $88 million remained available for sale under the ATM program. Xcel Energy Inc. plans to file a new ATM program in 2023.
Equity through DRIP and Benefits Program Xcel Energy issued $78 million and $59 million of equity through the DRIP and benefits programs during the nine months ended Sept. 30, 2023 and 2022, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
Three Months Ended Sept. 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$1,086 $125 $16 $1,227 
C&I1,657 75 7 1,739 
Other42  3 45 
Total retail2,785 200 26 3,011 
Wholesale244   244 
Transmission178   178 
Other9 33  42 
Total revenue from contracts with customers3,216 233 26 3,475 
Alternative revenue and other171 12 4 187 
Total revenues$3,387 $245 $30 $3,662 
Three Months Ended Sept. 30, 2022
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$1,109 $181 $15 $1,305 
C&I1,734 116 6 1,856 
Other42  2 44 
Total retail2,885 297 23 3,205 
Wholesale450   450 
Transmission210   210 
Other20 43  63 
Total revenue from contracts with customers3,565 340 23 3,928 
Alternative revenue and other134 17 3 154 
Total revenues$3,699 $357 $26 $4,082 
Nine Months Ended Sept. 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$2,708 $1,130 $44 $3,882 
C&I4,347 622 27 4,996 
Other115  5 120 
Total retail7,170 1,752 76 8,998 
Wholesale642   642 
Transmission498   498 
Other22 113  135 
Total revenue from contracts with customers8,332 1,865 76 10,273 
Alternative revenue and other419 61 11 491 
Total revenues$8,751 $1,926 $87 $10,764 
11

Nine Months Ended Sept. 30, 2022
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$2,723 $1,100 $30 $3,853 
C&I4,385 636 15 5,036 
Other111  25 136 
Total retail7,219 1,736 70 9,025 
Wholesale1,027   1,027 
Transmission518   518 
Other55 125  180 
Total revenue from contracts with customers8,819 1,861 70 10,750 
Alternative revenue and other436 62 9 507 
Total revenues$9,255 $1,923 $79 $11,257 
6. Income Taxes
Reconciliation between the statutory rate and ETR:
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