Xcel Energy : Q3 2024 Earnings Presentation

THIRD QUARTER 2024 EARNINGS PRESENTATION

October 31, 2024

© 2024 Xcel Energy

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Xcel Energy 2024 Q3 Highlights

• Reached settlement in Minnesota Resource Plan
• Filed Colorado Resource Plan with up to 14,000 MW of potential capacity from 2028-2031
• Data center pipeline of ~9,000 MW
• Updated capital plan of $45 billion for 2025-2029 with $10+ billion pipeline of additional capital investment
• Continued progress on wildfire mitigation efforts
• Reaffirmed 2024 ongoing EPS guidance of $3.50 to $3.60
• Initiated 2025 ongoing EPS guidance of $3.75 to $3.85
• Long-termgrowth objectives:
• • EPS growth of 6-8%
  • Dividend growth of 4-6%

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Updated Base Capital Forecast 2025 - 2029

Investment by Function	Investment by Driver
Other
8%			Carbon-Free
Natural Gas	Electric	Other	Generation
SPS	14% NSPM
LDC 8%	Distribution	18%
15%	37%
	35%			T&D
Electric	$45		$45
		Wildfire	$22.5	Resiliency
Generation	Billion	11%	Billion	29%
10%
Renewables	Electric	Economic	NSPW
11%	Transmission	10%
	Growth
	28%		22%

Generation

Reliability 6%

Base capital forecast excludes additional generation investment associated with resource plans and SPP and MISO Tranche 2 transmission projects

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Strong Rate Base Growth

Xcel Energy Consolidated Rate Base

$73.5

$ Billions	$69.7
$66.2
	$61.3
	$54.9

$46.9

2024 - 2029 CAGR: ~9.4%

2024

2025

2026

2027

2028

2029

OpCo Base CAGRs

2024 - 2029

NSPM			PSCo
~6%				~12%
	XEL
		~9%
NSPW			SPS
~12%			~8%

OpCo CAGRs exclude potential additional capital investment

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Additional Investment Pipeline

Generation RFPs	• MN resource plan settlement for ~5,000 MW
• SPS resource plan targeting 5,000 - 10,000 MW
	• Colorado resource plan with up to 14,000 MW

Transmission	• MISO Tranche 2
• SPP 2024 ITP Portfolio

Data Center Growth	• Incremental generation and transmission required
for future data center load

$10+ Billion

Pipeline of

Additional

Investment

Every $1 billion of additional capital investment increases rate base growth by ~25-30 basis points

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Resource Plan Updates

Colorado Resource

Plan

Minnesota

Resource Plan

SPS Resource Plan

• Filed October 2024
• Forecasted need of 5,000 - 14,000 MW of new capacity from 2028 to 2031
• Assumes 3 - 7% annual sales growth in resource scenarios
• Commission decision expected by Fall 2025
• RFPs expected in early 2026
• Settlement filed October 2024
• Selected company owned resources: 420 MW natural gas CT; 300 MW battery
• Extension of 2 natural gas PPAs
• Need for 4,200 MW of additional resources from 2027-2030
• Life extension of Prairie Island (2053 / 2054) and Monticello (2050)
• Requested Commission approval by 2025 Q1
• RFP issued in July 2024 for 5,000 - 10,000 MW of generation by 2030
• Bids due January 2025
• Commission decisions expected in 2026

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Electric Sales Growth Forecast

Base Retail Electric Sales CAGR (2024-2029)

6.5%

5.9%

5.1%

~5%

0.3%

NSPM

SPS

PSCo

NSPW

Xcel Energy

Sales growth is back-end loaded in the five-year forecast, reflecting new data center load timing

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Data Center Growth

Data Center Load Growth

Total Customer Requests = ~8,900 MW

Data Center

Sales CAGR

+2.6%

2024	2029
		Base Data Center Forecast	Additional Opportunity

1 GW Data Center

1M Residential Customers

~3 GW Renewable &

Firm Dispatchable

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Keeping Customer Bills Low

2014-2024E Residential Electric CAGR = ~1.7%

2014-2024E Natural Gas CAGR = ~(0.8%)

								$98	$98	$99
$83				$84		$84	$89
$80	$81	$81	$80		$81
$62			Electric					$68
						$54			$57
					$51
	$48	$42	$45	$48
		$44
				Natural Gas
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024E

Residential Electricity Share of Wallet*

1.59%

-13%

1.38%

20142023

* Average Xcel Energy residential bill divided by household income

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