Xcel Energy : EEI Conference

ESSENTIAL

EEI Financial Conference November 13-15, 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 those relating to 2022 and 2023 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 disasters and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; 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.

Contacts

Paul Johnson

Vice President, Treasurer & IR 612-215-4535 [e-mail]

Roopesh Aggarwal	Darin Norman
Senior Director, Investor Relations	Consultant, Investor Relations
303-571-2855	612-337-2310
[e-mail]	[e-mail]

Website: https://investors.xcelenergy.com/

Xcel Energy app also available

Attractive Investment Thesis

Pure-Play Regulated Utility that Consistently Delivers

~8-10% 5-7% EPS Growth

Total Shareholder

Return

~3% Dividend Yield 5-7% CAGR ׀ 60-70% Payout Ratio

 Sustainable long-term growth  Strong ESG leadership  Proven track record

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Strategy

VISION

We will be the preferred and trusted provider of the energy our customers need

MISSION

We provide our customers the safe, clean, reliable energy services they want and value at a competitive price

VALUES Connected

PRIORITIES

CO2 Lead the Clean Energy Transition

• Electricity: 80% carbon reduction by 2030, 100% carbon-free by 2050
• Natural gas: 25% GHG reduction by 2030, net-zero by 2050

Enhance the Customer Experience

• Conservation, new products/services

• 1 in 5 EVs enabled by 2030

Keep Bills Low

Average bill increases <rate of inflation

Committed Safe Trustworthy

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Robust Base Capital Forecast 2023 - 2027

Investment by Function

Other	Electric
11%	Distribution
	32%

Natural

Gas LDC ~$29.5

12% Billion

Electric Electric Generation Transmission

13%29% Renewables

3%

Investment by Company

SPS NSPM

13%15% NSPM37%

40%

~$29..5 Billion

PSCo	NSPW
38%	NSPW
	10%
	9%

Base capital forecast excludes potential incremental investment associated with resource plans

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