Item 8.01. Other Events



Electric Resource Plan
On March 31, 2021, Public Service Company of Colorado (PSCo), a Colorado
corporation and wholly owned subsidiary of Xcel Energy Inc., filed its 2021
Electric Resource Plan with the Colorado Public Utilities Commission (CPUC). The
filing outlines the proposed future retirements/conversions of PSCo's remaining
coal plants and the planned actions to achieve an 80% carbon emissions reduction
target by 2030.
The major components of PSCo's proposed preferred plan include:
•Early retirement of Comanche Generating Station: Unit 3 in 2040 (currently
2070);
•Early retirement of Hayden Generating Station: Unit 1 in 2028 (currently 2030);
Unit 2 in 2027 (currently 2036);
•Conversion of Pawnee Generating Station from coal to natural gas by 2028
(conversion costs of approximately $50 million) with retirement in 2041;
•The addition of 2,300 megawatts of wind power;
•The addition of 1,600 megawatts of large-scale solar power;
•The addition of 400 megawatts of energy storage;
•The addition of 1,300 megawatts of flexible dispatchable resources (including
natural gas); and
•The addition of 1,200 megawatts of distributed generation solar resources.
The preferred plan proposes to create a regulatory asset to recover costs over
their original depreciation lives for the Hayden power plant and the coal
handling equipment at Pawnee. It also proposes the use of securitization to
finance the remaining book life and decommissioning costs for Comanche 3 upon
retirement in 2040.
A CPUC decision on the resource plan is expected by the end of 2021 (Phase I)
with the solicitation for resource additions expected in 2022 (Phase II).
Incremental generation system costs to meet carbon emission reduction targets
are proposed to be recovered through a statutorily-authorized Clean Energy Plan
Rider, to be implemented following the CPUC's Phase II decision.

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Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including our expectations regarding the regulatory proceedings, 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 and PSCo's Annual Report on Form 10-K for the year ended Dec. 31, 2020, 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; operational safety; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of PSCo 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; 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; and costs of potential regulatory penalties.

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