October 30, 2025
© 2025 Xcel Energy Inc. 1
2025 Q3 HIGHLIGHTS
2025 Q3 GAAP and ongoing EPS of $0.88 and $1.24, compared to ongoing EPS of $1.25 in 2024 Q3
2025 YTD GAAP and ongoing EPS of $2.47 and $2.84, compared to ongoing EPS of $2.69 in 2024 YTD
Comprehensive settlement reached to resolve Marshall Fire litigation
Updated $60 billion five-year investment plan that provides ~11% annual rate base growth
Energized Meta datacenter in Minnesota. Updated base plan to ~3 GW of data center load contracted by 2026
Issued RFPs for 6,000+ MW of incremental resources in SPS and PSCo
Reaffirmed 2025 ongoing EPS guidance of $3.75 to $3.85
Initiated 2026 ongoing EPS guidance of $4.04 to $4.16
Updated long-term EPS growth objective to 6-8+%
2025-2029 Capital Plan
$45 Billion
SPS and NSP Generation Portfolios MISO and SPP Transmission
$15 Billion
$60 billion total capital investment
~7,500 MW renewable generation
~3,000 MW natural gas generation
~1,900 MW energy storage
~1,500 new transmission line miles
~$5 billion for wildfire mitigation
CAPITAL FORECAST 2026 - 2030Investment by Function
Other
6%
Electric Generation Capacity Mix
Natural Gas LDC 6%
Electric Distribution 23%
Storage
16%
Natural Gas
24N%SPM
37%
Other $252%2.5
~1B2illGioWn
SolRarenewables 20%
24%
Wind
3N6S%PW
10%
$60
Billion
Electric
Electric Transmission
Generation
39%
26%
STRONG RATE BASE GROWTHXcel Energy Consolidated Rate Base
OpCo Base CAGRs 2025 - 2030
$90
$94
$ Billions
$86
$77
$66
2025 - 2030 CAGR: ~11%
$56
NSPM
~10%
PSCo
~7%
XEL
~11%
NSPW
~13%
SPS
~22%
2025 2026 2027 2028 2029 2030
ADDITIONAL INFRASTRUCTURE INVESTMENTPSCo
Near-term procurement for ~4,000 MW renewables and ~500 MW thermal / firm dispatchable resources
Additional resources from IRP to serve sales and data center growth beyond base plan
NSP
Future RFPs to fill remainder of approved IRP need
MISO tranche 2.2
Resources to serve additional data center growth beyond base plan
SPS
2025 RFP for ~870 MW accredited capacity (~1,500 - 3,000 MW nameplate)
SPP ITP 2025 portfolio
Resources to serve additional data center growth beyond base plan
Every $1 billion of additional capital investment increases rate base growth by ~20-25 basis points
KEEPING CUSTOMER BILLS LOW2014 - 2025E Residential Electric CAGR = ~1.6% 2014 - 2025E Natural Gas CAGR = ~0.8%
$98 $98 $99 $99
Average Xcel Energy Residential Bill to National Average**
Electric Natural Gas
$83
$80
$81 $81
$84 $80
$84 $89
$81
Electric
$62
$68
$67
$54
$58
$48
$51
$42
$45
$48
$44
-12%
Natural Gas
2014 2016 2018 2020 2022 2024
2025E*
-28%
* 2025E is an estimate based on weather-adjusted volumes and current / historical fuel prices, and is subject to change
** Based on trailing 5-year customer bill data from EIA (2020 - 2024 for electric; 2019 - 2023 for natural gas)
LOW CUSTOMER SHARE OF WALLETResidential Electric Share of Wallet*
2024
2014
1.2%
1.6%
Residential Electric Share of Wallet by State** | |
Colorado | 1.0% (#1 of 50) |
North Dakota | 1.2% (#3 of 50) |
Michigan | 1.3% (#4 of 50) |
Minnesota | 1.3% (#5 of 50) |
South Dakota | 1.6% (#9 of 50) |
Wisconsin | 1.6% (#12 of 50) |
Texas | 1.9% (#25 of 50) |
New Mexico | 2.2% (#35 of 50) |
* Average Xcel Energy residential bill divided by household income
** Average Xcel Energy residential customer as compared to average share of wallet for other states based on 2024 EIA data
SALES FORECAST 2025 - 2030Base Retail Electric Sales CAGR by OpCo
8%
Base Retail Electric Sales CAGR by Source
EV & Other
0.5%
5%
4%
4%
4%
Oil & Gas
1.5%
~5%Data Center
3.0%
SPS NSPW PSCo NSPM Xcel
Energy
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Xcel Energy Inc. published this content on October 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 30, 2025 at 10:32 UTC.
