XCEL ENERGY INC (XEL)

Xcel Energy is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota, and incorporated in Minnesota in 1909. It provides energy-related products and services and describes its vision as being the preferred and trusted provider of the energy its customers need. Its strategy centers on customers, people and performance, with a focus on affordability, reliability and leading the clean energy transition.

The regulated utility operations consist of four utility subsidiaries: NSP-Minnesota, NSP-Wisconsin and PSCo, which provide electric and gas service, and SPS, which provides electric service. Two other regulated subsidiaries are WGI, an interstate natural gas pipeline company, and WYCO, a joint venture with CIG that develops and leases natural gas pipelines and storage facilities. Nonregulated subsidiaries include Eloigne, Capital Services, Venture Holdings and Nicollet Project Holdings. The system includes about 20,800 MW of owned electric generating capacity, 53.3 Bcf of natural gas storage capacity, 115,000 conductor miles of electric transmission lines, 225,000 conductor miles of electric distribution lines, 2,100 miles of natural gas transmission lines and 38,000 miles of natural gas distribution lines. Total assets are $81.4 billion. Wind capacity is about 11,000 MW, including nearly 4,500 MW owned, and the Sherco Solar project in Minnesota is being expanded in phases.

Xcel Energy serves approximately 3.9 million electric customers and 2.2 million natural gas customers in portions of eight states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. The company reports robust new demand in its territories from AI and data centers, industrial electrification and electric vehicle adoption. It states that its customers' average residential electric and natural gas bills are 28% and 12% below the national average, based on five-year EIA data.

To meet this demand, the company plans $60 billion of capital investment over 2026 to 2030, including about $29 billion for transmission and distribution. The base plan includes about 9,500 MW of new and repowered wind, solar and battery storage and about 3,000 MW of new natural gas generation. It has goals of zero-carbon electricity by 2050, net-zero natural gas service by 2050, a full exit from coal by the end of 2030, and charging infrastructure for 1.5 million electric vehicles by 2035. Its operations include nuclear generation facilities. It reports cost-saving programs such as lean operations and its Steel for Fuel strategy. It had 11,534 full-time employees as of December 2025, about 44% of whom were covered by collective bargaining agreements.