Xcel Energy : 2022 First Quarter Earnings Report Presentation

2022 Q1 EARNINGS REPORT PRESENTATION

APRIL 28, 2022

Safe Harbor

Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including the 2022 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, 2021 and subsequent filings with the Securities and Exchange Commission, 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, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility; 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; 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, 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; 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; costs of potential regulatory penalties; and regulatory changes and/or limitations related to the use of natural gas as an energy source.

Contacts

Paul Johnson

Vice President, Treasurer & IR [e-mail]

Emily Ahachich

Director, Investor Relations [e-mail]:https://investors.xcelenergy.com/

Darin Norman

Senior Analyst, Investor Relations [e-mail] Energy app also available

Financial and Operational Highlights

• • Approval of our Minnesota resource plan, including coal exit in the Upper Midwest by 2030

• • Reached a revised Colorado resource plan settlement, including accelerating the retirement of our Comanche 3 coal unit to no later than January 1, 2031

• • Approval of our $1.7 billion Colorado Pathway transmission project

• • Approval of transportation plan in Minnesota

• • Approval of constructive rate case settlements in Colorado, New Mexico and Michigan

• • Recognition of ESG leadership:

  • - World's Most Ethical Companies ® - Ethisphere (third consecutive year)

  • - World's Most Admired Companies - Fortune (ninth consecutive year)

  • - Best for Vets employer - Military Times (eighth consecutive year)

  • - Military Friendly employer - GI Jobs (fifteenth consecutive year)

• • Reaffirming 2022 EPS guidance of $3.10 to $3.20

Minnesota Resource Plan

85% Carbon Reduction & Coal Exit by 2030

Full coal exit by 2030

• • King (511 MW) retire 2028

• • Sherco 3 (517 MW) retire 2030

Firm peaking capacity (reliability driven)

• • 800 MW of hydrogen ready CTs

• • 300 MW of repowered black start CTs

• • Additional 1,900 MW needed in 2030 and beyond

Significant renewable additions

• • 2,500 MW universal scale solar

• • 2,150 MW wind

• • Additional 1,100 MW beyond 2032

Nuclear extension (Monticello to 2040)

Transmission infrastructureto enable new renewables

February 2022	2022 H2	2023 H1
Plan approved	RFPs issued	Anticipated Commission decision

* CTs will go through a certificate of need process for final approval

Colorado Resource Plan

85% Carbon Reduction by 2030 & Coal Exit by 2031

Full coal exit by January 2031

• • Hayden 1 & 2 (233 MW) retire 2028/2027

• • Pawnee (505 MW) conversion to natural gas no later than January 2026

• • Comanche 3 (500 MW) retires by January 2031; reduced operations begin 2025

Firm peaking capacity

• • ~1,300 MW flexible resources

• • ~400 MW storage

Significant renewable additions

• • ~2,400 MW wind

• • ~1,600 MW universal scale solar

• • ~1,200 MW distributed solar

Transmission expansion (approved)

Pathway enables additional renewables

while improving reliability

April 2022 Revised settlement

June 2022 Anticipated decision

2022 H2 RFPs issued

2023 H1

Anticipated Commission decision