4 of 17 - Required Information

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4 of 17 - Required Information
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PART
Item
Business
AND
DEFINITION OF ABBREVIATIONS
Xcel
Energy Inc.s
Affiliates
current
Subsidiaries
and
Cheyenne
Cheyenne
Colorado
Eloigne
Eloigne
NCE
New
NMC
Nuclear
The
electric
Northern
PSCo
Public
PSRI
P.S.R Investments
SPS
Southwestern
States
Service
WYCO
Xcel
Xcel
Energy
and
State
Co
Service
NSP-Wisconsin
Inc
PSCo and SPS
Inc
LLC
Development
and
its
subsidiaries
Regulatory
Agencies
ASLB
CFTC
CPUC
Atomic Safety and Licensing Board
Commodity Futures Trading Commission
Colorado
Public
Commission
Utilities
DOE
United
States
Department
of Energy
DOI
United
States
Department
of
DOT
United
States
Department
of Transportation
EIB
New Mexico
EPA
FERC
United
Environmental
Federal Energy
MPCA
Minnesota
MPSC
Michigan
MPUC
Minnesota
NDPSC
North
Dakota
NERC
North
American
NMPRC
New Mexico
NRC
Nuclear
PSCW
Public Service
PUCT
Public
SDPUC
South
SEC
Securities
WDNR
Wisconsin
Resource
CIP
DCRF
DRC
DSM
DSMCA
Purchased
Adjustment
Revenue
Board
Agency
Service
Pollution
Public
Protection
Commission
Regulatory
Internal
Interior
Improvement
Environmental
States
IRS
Electric
the
Control
Agency
Commission
Service
Public
Commission
Utilities
Electric
Public
Regulatory
Commission
Service
Public
Reliability
Corporation
Commission
Regulation
Commission
Commission
of Wisconsin
Commission of Texas
Utility
Dakota
Public
and
Utilities
Department
Commission
Commission
Exchange
of Natural Resources
Gas and
Clauses
Conservation
Distribution
improvement
cost
recovery
Deferred
renewable
Demand
side
management
Demand
side
management
ECA
Retail
EE
Energy
electric
cost
program
factor
rider
cost
adjustment
commodity adjustment
efficiency
system
corporation
Inc
Public
InterState
Energy
corporation
transmission
of Colorado
Company
NSP-Minnesota
WestGas
Minnesota
and
production
managed by NSP-Minnesota
Power Company
Wisconsin
NSP-Wisconsin
WYCO
Inc
Company LLC
Power Company
States
integrated
NSPWisconsin
WGI
Company
Company
Energies
Management
Northern
subsidiaries
Gas
Company
NSP
System
Power
Fuel and
Light
Interstate
Century
NSP-Minnesota
Federal
TERMS
and former
CIG
Utility
INDUSTRY
of NSP-Minnesota
and
EECRF
Energy
EIR
Environmental
improvement
environmental
improvements
cost
efficiency
EPU
FCA
Extended
FPPCAC
Fuel and
GAP
Gas
affordability
GCA
Gas
cost
OArr
PCCA
Open access transmission
Purchased
PCRF
Power
PGA
Purchased
PSIA
Pipeline
Fuel
QSP
RDF
RES
power
clause
factor
recovery
rider
to
recovers
fossil
associated
with investments
in
plants
uprate
power
cost
clause
adjustment
program
adjustment
cost
capacity
cost
tariff
adjustment
factor
recovery
the
recovers
of
costs
certain
purchased
power costs
gas adjustment
system
of
integrity
service
adjustment
plan
Renewable
development
Renewable
energy
standard
recovers
RESA
SCA
Renewable
energy
standard
adjustment
Steam
adjustment
SEP
State
TCA
Transmission
cost
adjustment
TCR
Transmission
cost
recovery
TCRF
Transmission
cost
recovery
Other
costs
generation
adjustment
purchased
Quality
and
the
fuel
cost
energy
fund
the
costs
of
new renewable
generation
policy
wholesale
in
changes
adjustment
factor
transmission
recovers
transmission
infrastructure
improvement
charges
Terms and Abbreviations
AFUDC
Allowance
AU
APBO
ARC
Administrative
Accumulated
Asset
ASU
FASB
BART
CAA
Best
retirement
available
Standards
retrofit
Air Act
Clean
Air Clean
Clean
Air
CapX2O2O
Alliance
of
Update
technology
Rule
electric
CCN
Certificate
CO2
Carbon
COLI
Corporate
CON
Certificate
of need
Certificate
of
cooperatives
in
of convenience
and
and
municipals
transmission
joint
line
investor-owned
planning and
necessity
dioxide
owned
convenience
public
Cross-State Air
insurance
life
Pollution
CWIP
Construction
EEl
Edison
EGU
Electric
EPS
Earnings
per
share
Effective
tax
rate
Financial
Accounting
Financial
transmission
work
Electric
in
Generally accepted
IFRS
International
progress
Standards
Board
right
accounting
principles
gas
Low-level
Liquefied
necessity
unit
generating
Greenhouse
and
Rule
Institute
GAAP
GHG
LLW
LNG
MACT
MGP
obligation
Jobs Act
Interstate
Midwest involved
FTR
benefit
obligation
Accounting
Clean
ETR
FASB
during construction
customers
retail
CACJA
CAIR
CPCN
CSAPR
used
law judge
postretirement
of
Aggregator
ARO
funds
for
Financial
radioactive
natural
Maximum
Standards
gas
achievable
Manufactured
Reporting
waste
gas
MISO
Midwest Independent
Moodys
Moodys
MVP
Multi-value
Investor
project
control
technology
plant
Transmission
Services
System
Operator
Inc
utilities
construction
in the
effort
upper
costs
Native
load
demand
Customer
serve under
NEI
Nuclear
NOL
Net
NOx
Notice
Notifications
OM
of
violation
to
and
Operating
construct
maintenance
OCI
Other
Performance-based
Polychiorinated
Private
PJM
PJM
PM
Particulate
Purchased
Provident
Performance
Production
PURPA
Public
PV
Photovoltajc
Qualifying
Return
Renewable
RSG
Revenue
RSU
Restricted
credit
equity
standards
portfolio
guarantee
sufficiency
stock
unit
catalytic
Sulfur
Policy Act
proposal
Transmission
State
Organization
reduction
implementation
plan
dioxide
Southwest
TSR
Regulatory
Selective
SO2
Poors
plan
Regional
SIP
SPP
on
Power
Pool Inc
Poors Ratings Services
Standard
Total shareholder
return
Measurements
Billion
cubic
Gigawatt
feet
hours
Kilovolts
Kilowatt
Mcf
Thousand
MMBtu
Million
MW
Megawatts
hours
cubic
British
Megawatt hours
Company
credit
energy
for
ROE
Insurance
party
facilities
Renewable
RTO
SCR
share
tax
Utilities
RPS
Accident
responsible
PTC
Request
LLC
power agreement
Life
PSP
RFP
LLC
matter
Potentially
QF
REC
biphenyl
Fuel Storage
Provident
plan
regulatory
Interconnection
PPA
PRP
income
comprehensive
PFS
MWh
customers
contract
loss
PBRP
PCB
GWh
KV
KWh
wholesale
Nitrogen oxide
NTC
Bcf
and
long-term
Institute
Energy
operating
NOV
Standard
of retail
statute or
feet
thermal
units
of 1978
that
utility
has an
obligation
to
COMPANY OVERVIEW
Xcel
Inc
Energy
in eight
amendments
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20549
those
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Xcel
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Xcel Energy
www.xcelenergy.com
on Form 10-Q current
quarterly
reports
address
Form 10-K
on
Texas
Xcel
2012
In
electric
serve
Dakota
continuing
of Minnesota
website
Its
information
with
the
that
PSCo and SPS and
NSP-Wisconsin
South
business
utility
subsidiaries
utility
gas pipelines
comprise
laws
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furnished pursuant
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utility
Michigan
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designed
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and recover
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costs
or
of
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policy
shareholder value
creating
NSP-Minnesota
NSF-Minnesota
in
electricity
is
approximately
to
service
utility
to
2012
diversified
in the
percent
electric
sales
Such
owns
Corporation
of
and
coal
include
direct
following
owns
NMC
as
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35
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inactive
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Land
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and
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industrial
customers
educational services Generally
by NSP-Minnesota
for the
of
sharing
of NSP-Minnesota
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are
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related
Company
NSP-Wisconsin
generation and
to
which
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its
holds
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income
net
and
gas
electric
customers
in
operations
consolidated
Energys
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obligations
United
derived from
natural
sells
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million
0.5
approximately
For small commercial
products
companies
to
retail
commercial
large
food
electric
and
distributes
transports
were
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sale
by NSP-Minnesota comprised
Dakota NSP-Minnesota
North
service
utility
gas
and
distribution
transmission
served
purchases
operating revenues
and
potential
subsidiaries
an
natural
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entire
the
purchase
customers
Minnesota
following
percent
the
between
current
and
electric
well
as
of
costs
in
gas
NSP-Minnesotas
customers
Agreement
NSP-Minnesota
natural
commercial
approximately
costs
the
2012
retail
large
portion
transmission
which
in
customeis
million
include
contribute
Interchange
NSP-Minnesota
Nuclear
1.4
petroleum
retail
NSP System
sold
generation
Dakota The wholesale
South
customer-owned
NSP-Minnesotas
production and
electric
FERC-approved
KWh
total
significant
earnings
and
NSP-Minnesotas
of
industries
following
the
its
approximately
Although
Minnesotas
of
of
Dakota
transports
in the
primarily engaged
utility
North
industries
significant
The
and
89
Approximately
during
operating
percent
customers
retail
an
Minnesota
real
transmission
and
estate
costs
facilities
generating
NSF
company
NSP-Wisconsin
NSP-Wisconsin
is
an operating
portions
of northwestern
served
by NSP-Wisconsin
distributes
transports
territory
from
are
small
and
10
in
operations
comprised
sales
108000
include
of
dining
percent
Wisconsin
many
customers
commercial
customers
and
in the
industrial
establishments and
of Xcel
Energys
western
to retail
gas
electric
2012
percent
of
and
customers
educational
consolidated
98
to
services
total
paper
sold
and
electric
of
allied
retail
large
products
commercial
and
large
earnings
gas
electricity
also
natural
gas
purchases
operating revenues
electric
and
well
in the
contribute
as
oil
were
retail
industrial
and
following
service
service
utility
industrial
gas
in
customers
same
in the
commercial
as
products
include customers
NSP-Wisconsins
and
electric
retail
food
NSP-Wisconsin
natural
customers
of
sale
The wholesale
Michigan
in.2012
NSF-Wisconsins
sales
of
customer-owned
251000
of NSF-Wisconsins
portion
Generally
income
KWh
transports
NSP-Wisconsins
significant
net
its
and
distribution
transmission
Upper Peninsula
the
approximately
percent
significant
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generation
of
customers
Although
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following
portion
utility service
Approximately
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in the
approximately
sells natural
NSP-Wisconsin provides
approximately
and
comprised
and
in the
primarily engaged
utility
Wisconsin
to
derived
customers
electric
extraction
industries
approximately
For
grocery
percent
to
of
The management
NSP-Wisconsin
the
owns
electric
the
direct
following
Inc
Clearwater Investments
reservoirs
and
production
transmission
Chippewa and Flambeau
subsidiaries
which
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system
owns
interests
in the
generation
affordable
in
is
Co which
Improvement
hydro
operates
NSP Lands Inc
and
housing
NSP-Minnesota
with
integrated
which
holds
real
estate
PSCo
PSCo
an operating
is
also
purchases
customers
PSCos
large
portion
of
in the
45
to
PSCo owns
following
55
interests
PSRI
which
and
held
small
relatively
Green
and
For
consolidated
net
Clear Lakes
1480
water
employees
life
and
are
gas
of
industrial
to
Colorado
2012
gas PSCo
natural
2012
1.3
million
Although
significant
industries
metal
fabricated
electric
sales
retail
contribute
earnings
in
PSCo
approximately
during
significant
PSCos
in
industries
following
customers
Generally
service
diversified
in the
of electricity
sold
customer-owned
in
many
sale
KWh
total
its
utility
operations
comprised
and
of
transports
natural
establishments
include
approximately
income
Inc
Welton
Company
and
and
distribution
percent
include customers
sales
dining
13
derived from
commercial
small
transmission
customers
retail
customers
customers
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estate
purchase
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were
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million
retail
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1.4
operating revenues
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of Xcel
percent
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and
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percent
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products
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primarily
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portions
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customers
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WYCO
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small
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gas
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381000
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include
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of
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in the
Texas
and
Texas
during
net
in
total
its
2012
industries
industries
following
industries
and
oil
electric
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agricultural
of
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in
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customers
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electricity
percent
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many
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33
approximately
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are
and
distribution
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commercial
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approximately
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Energy
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Energy
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projects
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from
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See Note
16
continuing
to the
in the
following
consolidated
operations and
reportable
financial
related
segments
statements
financial
regulated
for further
information
electric
discussion
utility
relating
low-income
regulated
to
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74 percent
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24
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in
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See Notes
Prairie
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storage
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operate
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and
Xcel
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nuclear
2013
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29
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to
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FERC
the
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2017
through
and
forecasted
million
Statistics
Year Ended
2012
Millions
of
KWh
Dec.31
2011
Percent
of
Millions
2010
of
Percent
KWh
Generation
of
Millions
of
Percent
KWh
Generation
of
Generation
Coal
16023
35%
20131
44%
19579
42%
Nuclear
13231
29
13332
29
14628
31
6200
13
3016
3887
Wind
5443
12
4312
3760
Hydroelectric
3193
3444
3487
Other
1617
1453
Natural
Gas
45707
Total
Owned
generation
Purchased
generation
Total
100%
includes
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Includes
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energy de-bundled
may
seilsurplus
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100%
100%
46835
31365
69%
31668
69%
33758
14342
31
14020
31
13077
100%
45707
This category
1494
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RECs
The
NSP
System
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28
100%
46835
RECs
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RECs
solar biomass
oil
and refuse
12
Distributed
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the
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and
Fuel Supply
The following
all
shows
table
the
generation
Costs
the
of
percentage
delivered
cost
total fuel
per
MMBtu
of each
significant
requirements represented
by each
category
of
of
fuel
category
consumed
fuel
and
the
total
for
owned
weighted
electric
of
cost
average
fuels
Weighted
Coal5
NSP
System
Plants
Generating
Cost
Nudear
Percent
Gas
Natural
Cost
Percent
Cost
Owned
Average
Percent
Fuel
Cost
2012
213
47%
0.90
42%
4.21
2011
2.06
55
0.89
40
6.56
1.82
2010
1.89
51
0.83
42
6.29
1.73
Includes
See
refuse-derived
1A and
Items
and
fuel
11%
1.88
wood
for further
of
discussion
fuel
supply and costs
Fuel Sources
The NSP System normally maintains
approximately 41
Coal
and 2011
coal
were
purchased
The
respectively
NSP-Minnesota
and
for
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percent
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counter
transactions
NSF-Minnesota
of
percent
To
Nuclear
uranium
to
and
with
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on
2013
contracted
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have
2013
mines
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for
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2014
nuclear
and
filled
Coal
contracts
delivery
contract
conversion
strategy
of
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coal
Dec 31
at
low-sulfur
and
2011
and
9.5
2012
western
coal
million
requirements
purchasing
procurement
provide
in
tons
for delivery
in
2013
is
objective
two years and
to
33
or over-the-
process
of
to short-term
subject
100
and
80
interruptions
or
of equipment
secures
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availability
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NSP-Minnesota
plants
The
and
2012
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the
through
use
tons
year 67 percent
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fabrication
million
inventories
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During
7.2
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The NSP Systems
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NSF-Minnesotas
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Current
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Fabrication
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2021
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and
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supply
of
requirements through
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requirements through
percent
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the
requirements through
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and
approximately 84
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2025
Prairie
uranium
100 percent
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2025
2025
cover 99.7
Island
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for
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and
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Monticello
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supply
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pricing
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Current
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NSP-Minnesotas
issues
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for fuel
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100 percent
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requirements
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coal
percentage
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contracts
NSP Systems
estimated
48
and NSF-Wisconsin
declining
contract
under
primarily
for the
requirements
and
39
approximately
100 percent
being
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negotiated
conversion
Some exposure
contracts
13
to
for
services
through
2015
and
2025
and enrichment
spot market
price
and
2014
contract
respectively
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services
volatility
will
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for
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Natural
The NSP System uses both firm and
gas
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certain
demand
peak
have
timing or
amount of allowable
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obligations
31
to
2012
gas
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gas
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tariff
NSP
the
transportation
and
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and
The NSP System
Renewable
storage
contracts
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facilities
generation
from renewable
Renewable
2012 and 2011
NSP
and
purchased
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percent
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under
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new
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At
delivery
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commitments
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Commitments
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In
largest
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System
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System
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retail
7.5
sales
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owned and purchased
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of
percent
power comprised
the
in
wind
of
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energy
on
energy
total
owned
3.1
approximately
and
the
farm
their
MWh
177000
of
solar
of
energy
SolarRewards
the
2012
and
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2011
respectively
Project
which
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addition
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to
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Generally
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purchased
state
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number of
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In
Southwestern
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year of
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contracts
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of
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three
MW
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contract
MWh
voluntary
largest
or
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184000
with
Wind
200
these
and
from
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the
encourage
Dec 31
place
Rose
this
receives
by
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PPAs with wind
under
energy
varies
to
and over
capacity
Prairie
of
purchase
purchased
program
output from
one
to
homes and businesses
their
agreements
requirements
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and
Additionally
purchasing
for
2012
factors
contracts
and motivation to complete
among manufacturers
2012 In January 2013 the Federal PTC was extended
excess capacity
technology
expiration
the
which
electric
owned
total
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Windsource
customers
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energy
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from
energy
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percent
Biomass
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23000
began
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power from both owned
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with mandated
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the
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these
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and
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MW
System
of
Wisconsin
100 of
than
biomass
Federal
PTCs
in
2013
The NSP System
Farm began
MW
1600
Hydroelectric
owns 20
were
of changes
agreements
in lieu of
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based
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approval
transportation
and
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2028
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in
respectively
Minnesota
in
majority of
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benefited
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Wind
over
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make payments
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energy
2011
2011
6.7
was
percent
energy
install
to
installed
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acquires
NSP
the
these
including
through
and
The average cost per MWh
respectively The cost per MWh of wind
2012
contract
and
turbines
procured
serves
upon FERC
gas supply contracts
primarily
percent
2011
and
24000
2012
in
19.7
Minnesota
requirements
2011
are
piants
market Generally
spot
based
and $462
hydroelectric
11.9
renewable
in
incentives
been
and
and
2012
Approximately
offered
MW
MW
266
2012 and
energy
resource
and
for
energy
program
have
capacity
more than 200
December
wind
are
The NSP System
approximately
liquid
or to
gas
to
million
System
Hydroelectric
2012
for
System
sources
The NSP System
to
power
combustion
in
oil
gas primarily
gas supply and
from 2013
8.89 percent
comprised
customer-focused
Windsource
the
of aggregate
Wind
natural
revision
natural
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related
years
NSP
and
Over 561 PV systems with approximately
Minnesota
MW
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programs allows customers
system customers
MW
of
$384
wind
the
percent
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NSP
offers
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Most
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22.0
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Wind
the
energy
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oil storage
portfolio
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renewable
on
volumes
as
through
subject
Certain
in various
of 18 percent
and 201
on
percent
The NSP System
are
approximately
expire
fuel
procured
any commitments
Dec 31 2012
of
resources
2012
energy
2.8
energy
respectively
for
System
rates
specified
were
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PPAs As
and
generating
the
of
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However
gas indices
natural
by providers
delivery
contracts
The NSP Systems renewable
for
various
be
to
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recovery
System
able
services
storage
Sources
Energy
respectively
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storage
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to
These
and/or
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2011
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rates
transportation
and
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gas supply and
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requirements
that
pricing
approved
associated
provide an adequate
to
forecasted
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contracts
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gas
with various terms
contracts
and
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owns and
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of wind
PPAs
purchases
on
The NSP System
hydroelectric
nine
energy
in
plants
place
approximately
acquires
provided
MW
in
2008
system
throughout
which
850
its
wind
two
operates
electricity
at
its
farms
and
the
2010
101
and
energy
and Minnesota
approximately
37
MW
respectively
end of 2012
hydroelectric
Wisconsin
The
MW
of generation from Manitoba
of
Collectively
2011
from
which
Meadow
Grand
Wind
NSP
the
Farm and
MW
201
the
had over
System
Nobles
1870MW
and
respectively
both
owned generation and PPAs The NSP System
provide 274
Hydro which
MW
capacity
hydroelectric
is
sourced
of capacity
Additionally
primarily from
For most of
NSP
the
its
fleet
2012
there
System
of
hydroelectric
facilities
Wholesale
Commodity
NSP-Minnesota
energy-related
conducts
products
Marketing Operations
various
See
Item
wholesale
marketing
for further
operations
discussion
14
including
the
purchase
and
sale
of
electric
capacity
energy
and
NSP-Wisconsin
Public
Regulation
Utility
Summary
of Regulatory
AgenciEs
operations
are
by
certifies
the
need
Wisconsin
is
licensing
PSCW
for
Rate
rate
in
of
cost
electric
of
and any
are
projected
NSP-Wisconsin
increase
to
Wisconsin
was
customers
and
Demand
NSP-Wisconsin
operates
Capacity
Energy
NSP-Wisconsin
an
an
operates
CapX2 020
Minn
new transmission
to
La
by
to
expects
$8.1
recover
integrated
over
to
2012
will
include
June
2011
of
million
costs
longer
be
subject
with
compliance
NSP
commerce
electric
sales
must submit
electric
annual
Wisconsin
fuel
rate
fuel
for
opportunity
any wholesale
formula
to
or
cost plan
hearing
for
changes
municipal
rate true-up
in
2013
which
factors
recovery
plan
ROE
and revenues
billings
cost
adjustment
cost
over-collection
of
authorized
whereby
fuel
fuel
cost
Approval
an
serves
to
12-month
statewide
in rates
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after
recently
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submitted
NSP-Wisconsin
program
most
power supply
is
the
and
or refund
PSCW
utilitys
for
amount of any
the
the
an automatic
forward-looking
recovery
by
the
subsequent
efficiency
NSP-Minnesota
with
rate
provide
in
the
Historically
the
on
reconciliation
In
energy
future
customers
Goals
2014
Transmission
generation
commerce
year NSP-Wisconsin
not have
defer
NSP-Wisconsin
provided
customers
state
system
hydroelectric
make wholesale
to
NSP
built
RTO
submit
determined
FCA
period
does
utilities
for
is
2013
Michigan
approximately
million
integrated
over-collections
are
are
refunded
period
biennial
funding
budget
costs
program
has recovered
bill
effective
in
2012
in
these
was
2012
This
costs
in
signed
into
Based
on
amount
rates
is
law
this
expected
charged
to
forward
going
See
NSP-Minnesota
Capacity
See
NSP-Minnesota
Energy
Demand
and
Initiatives
system
to
the
NSP-Minnesota
with
Wisconsin
portion
of
the
order
line
is
The PSCW
Wis
PSCW
The
line
CPCN
Crosse
PSCWs
challenges
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for
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sited
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Sources
and Related
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NSF-Wisconsin
Rochester
$8.6
and Related
Sources
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allocated
approximately
retail
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MISO
numbered
utilities
based
test
services
for
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band
include
12-month
plan
costs
Jan
municipal
rules
cost
earnings
schedules
schedules
fuel
deferred
an
and Conservation
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the
of
to
from
gas
of
may be
facilities
from
the
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collected
odd
the
in interstate
authorization
By June of each
of
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electricity
natural
of
aspects
operations
of
joint
other
addition
electric
mergers and
owning member
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annual
After each
wholesale
its
transmission
under Wisconsin
approves
rate
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the
Mechanisms
subject
energy
rate
projections
Energy
is
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electric
retail
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cost
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action
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fuel
before
In
January
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percent
lines
and
services
states
and
continued
requirement
refund or
recovery
for
Rates
12-month
Wisconsin
two
wholesale
customers
on
which
excess of
to
respect
for resale
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following
PSCW
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and purchased
fuel
NSP-Wisconsins
based
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with
rates
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transactions
granted
is
customers
deferred
NSP-Wisconsins
in the
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rate filing
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adjustment
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sales
asset
Retail
within
electric
FERC
the
Cost Recovery
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retail
approval
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have
year beginning
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for
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standards
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of
Jurisdiction
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plants
prices NSP-Wisconsin
and Purchased
clause
and
wholesale
practices
reliability
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filing for the
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generating
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market-based
The
new
and Areas of
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to the jurisdiction
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electric
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at
for
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NERC
the
regulated
by
345
also
KV
issued
project
route
approved
intervenors
anticipated
were
to
in
begin
CPCN
May 2012
for the
permit and
unsuccessful
in
2014
and
Wisconsin
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the
cost
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line
NSP-Minnesota
See
is
is
portion
estimated
rendering
expected
at
the
to
of
the
consists
portion
$21
into
of approximately
million Subsequent
PSCWs
go
CapX2O2O Hampton
order
service
final
in
2015
operates
an
integrated
system
with
15
NSP-Minnesota
Fuel Supply
and Costs
to
legal
Construction
Supply and Costs
NSP-Wisconsin
Minn
50 miles of
on
the
PSCo
Public
Regulation
Utility
of Regulatory
Summary
operations
accounting
commerce
compliance
and Areas
Agencies
and issuance
services
accounts
rates
practices
with
of
electric
Purchased Energy and Conservation
Fue4
recover
fuel purchased
ECA
The
through
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PCCA
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base
its
with changes
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service
in fuel
costs
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DSMCA
RESA
The RESA
of
Wind
charge
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with
transactions
gas
PSCo has
to
respect
wholesale
its
to
respect
transmission
the
resale
CPUC
the
with
of
retail
facilities
in interstate
electricity
commerce
in interstate
several
its
electric
clauses
adjustment
that
sales
shared
are
margins
with
customers
retail
capacity
between
The SCA
DSM
payments
PSCos
rate
actual
service
interruptible
of
cost
revised annually
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in
credit
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fuel
amount of
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well
as
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as
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on an
and performance
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costs
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basis
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initiatives
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goals
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of compliance
costs
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and
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at
set
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level
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choose
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Wind
Service
Energy
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for
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power costs Short-term
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purchased
rates
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costs
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sales
standards
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recovers
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SCA
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and
energy
PSCo
licensing
hydroelectric
NERC
the
PSCo
of Jurisdktion
securities
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Energy
to increase
the
premium
is
of renewable
level
service
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generation used
resource
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meet
to
voluntarily
customers
pay
load
requirements
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TCA
The
transmission
recovers
revenue
plant
and
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for
CWIP
on
return
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outside
rate
cases
PSCo recovers
by
approved
pay
purchased
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costs
generation
and
fuel
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fuel
through
their jurisdictional
in
have
costs
PSCo
monitors and records
regularly
the
year following
extend
the
quarter
of
terms of
the
PSCo
period
and approve
these
QSP
current
necessary
rate
files
the
through
end
rate
proposed
its
of
annually
This
2015
PSCo
refund
is
July
fuel
of
renewable
certain
in settlement
The wholesale
plan provides
the
PBRP
filed
for
and customer
under
obligation
PSCo
energy purchase
and
customers
with true-up
rate
reliability
under
2012
clause
cost adjustment
resources
those
regulatory
adjustment
In
through
formula
to electric
relating
an estimated customer
adjustments
with
associated
PBRP
electric
full cost
forecasted
fully
targets
customers
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the
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The CPUC
In
credits
April
the
2012
of each
CPUC
resolution
expects
to
through
conducts
with
application
and
discussions
bill
service
in the
to
first
2013
and Demand
Capacity
Uninterrupted
normal
measurement
review
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proceedings
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pay
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through
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PSCo operates under
customers if PSCo does not achieve certain performance
electric
to
agreed
receive
exchange
of production
allocation
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its
customers
and
clause
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costs
energy
wholesale
system
weather
peak
listed
is
demand
for
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electric
for
utility
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of
the
last three
System
2010
PSCo
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primarily
demand
June
due
to
for
the
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PSCo expects
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typically
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system
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options
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of normal
and
facilities
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assumption
Energy Sources
generation
PSCos
25 2012
capacity
and
in the
hot
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2011
6436
on
years
and
the
forecast
for
2013
assuming
below
summer
in
6896
The 2012
MW
2012
Forecast
6428
system
uninterrupted
day The forecasted 2013
2013
6689
system peak
is
peak
demand
lower than
the
for
2012
PSCo
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weather
Initiatives
requirements through
phased
expansion
of
existing
existing
16
electric
generation
power purchases
generating
stations
select
power plants
at
new
Purchased
Power
purchased
power
company-owned
contracts
typically
PSCo
purchased
actually
from
PSCo has
contracts
makes
also
under
units
to
power from other
purchase
require
periodic
short-term
payment
to
to
meet
purchases
maintenance
or
the
meet
to
and
capacity
for the
Long-term
associated
requirements
to replace
obligations
or to obtain
reserve
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power producers
charge
and energy
load
system
during outages
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utilities
secure
energy
generation
at
energy
lower cost
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transmission
service
PSCo Resource
PPAs
under
that
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of
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2012
due
of
received
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CPUC
also
property
production
acquire
an
propose
2017
EPA
emission
The
total
on
plan
as
Cherokee
expected
569
own
MW
be
Unit
2012
obtained
the
then
Shutdown
shut
purchase
PSCo
to
energy
Unit
Unit
station
generating
gas and
to natural
2013
terminate
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the
made
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the
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the
the
decision
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at
instead
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transaction
to retire
to
pursuant
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to the
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be
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RFP
including
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Install
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for controlling
the
of
is
or
of
to
the
terms
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in this
be compared
first
bids
credit
annual
changes
of
$1.0
approximately
at
to
garden
solar
solar
Community
compliance
projects
called
their
generation on
of
2012
in
The
generation
gardens program
solar
their share
the
emissions of
levels
MW
900
solar
install
RES
2013
the
and
solar
gardens
seek
will
to
discussion
from 2008
at least
related
SolarRewards
reduce
to
and
of
PSCo implemented
who prefer not to
by renewable
supplied
community
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receive
for
are
PSCos 2012
MW
to
for further
plan
proposed
in
to
Phase
MW
be
at
MW
NOx
and
2015
be
in
new
by 2017
coal-fired
billion
NOx
from
the
coal-fired
The plan allows PSCo
units
generating
2017
through
In
to
Colorado
in
by
2012
September
the
PSCo plants
of
end
the
retired
to
the
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of
gas combined-cycle
the
support
by 2017
PSCo Resource
at
and Cherokee
respectively
natural
gas
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the
2012
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retired
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at
Phase
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and
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MW
in
186
Unit
2011
synchronous
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issued
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352
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up
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year and
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with
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capacity
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to
was an
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to
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In
and
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for
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plan
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ability
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or
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filled
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PSCo
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PSCo
plant
Based
common
in
30
least
at
allow customers
bill
2013
plan by
Dec 31
to
best
standard
solar projects
2012
June
in
interests
required
controls
MW
Cherokee
in
in the
investment
of
with an
Power
decision
pay-for-performance
will
their electric
formally approved
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to
solely
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to
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identified
was
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that
generation
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CACJA
generation
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that
law mandates
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30
together
electric
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of
switching
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transaction
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gas
resource
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generating Units
and 2022
MW
109
fuel
of Brush
acquisition
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permanently
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Colorado
Community
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to
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update
MW
237
provide
and
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with
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with
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retire
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to
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including
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with
contracts
customers
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PSCos
to
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units
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phase
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program
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energy
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all
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The CPUC
and
plan
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for
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to
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as
associated
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by 2020 and
to
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2017
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agreement
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PSCo
approval
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the
resource
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energy
plan
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to
purchase
phase
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to
power and energy
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in
presented
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LLC
Power
set to expire
capacity
September
acquisition
2012
July
$75 million
This was
the
replacing
In
In
application
2013
of
are
In
to deliver
Brush
purchase
of approximately
price
end
Plan
to
application
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providers
Plan
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cost-effective
2013
If
MW
365
built
transmission system
more
unless
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unit
in
bid
more
is
at
in total
Cherokee
2012
PSCo
to
provided
bid
cost-effective
and
is
2017
2013
of 2013
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more
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at the
end
of
bid
cost-effective
early
2013
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is
provided
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cost
to
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effective
bid
2013
2017
scrubber
is
Station
for controlling
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17
in
SO2
2016
on
Pawnee Generating
Station
in
2014
and
in
is
in
CPCNs
PSCo has received
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for the
of Cherokee
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in the
new
for
steam
services
the
decision
end
after
for
of
impact
and
expected
in late
2013
purposes
of
was
intended
this
project
of
PSCo
2011
October
was
it
resource
solar
retail
plan
will
be
$3.2
million
and
determined
need
to
lower
transmission
Court by Blanca
District
County
Generation
the
CPUC
gas
and Transmission
construction
2011
gas and
PSCo
steam of
for natural
substation
March
In
for
gas and
the
2016
January
requirement
packaged
for natural
The
project
CPUC
line
CPCN
granted
LLC
Ranch Holdings
for
and
Court
the
load
growth lower gas prices and the higher cost of solar thermal
PSCo is awaiting
final Phase
decision
in its
foreseeable future
in the
CPUC
determination
final
and
line
customers
to
beginning
requirement
two
construct
rates
would combine
plan
PSCo and Tn-State
KY
345
Costilla
projected
line
and
Luis Yalley
before
revenue
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regulatory
revenue
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in the
May 2009
In
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plan before making
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in the
power
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230
for
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for
plan
gas and steam customers
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have
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to
for
filed
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The proposed
service
in
PSCo
2012
PSCos
for
rates
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with
decisions
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regulatory
December
approval
placed
setting
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generation
2011
assist
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In
to
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Station
and
In
sought
Cherokee
at
Units
Plan
also
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filed
unit
gas combined-cycle
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and
2013
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the
million
Association
of
application
$3.2
approximately
is
The
requirements
that
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natural
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steam
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at the
Arapahoe
process
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boilers
and
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to
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Shutdown
is
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of Cherokee
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PSCo
following
decision on
the
resource
plan
is
in the
anticipated
first
quarter
2013
SGC Cost
SmartGridCity
and $4
capital
2011
February
CPUC
the
PSCo requested
Recovery
of annual
million
OM
allowed
costs
incurred
to
of approximately
recovery
of
recovery
develop
and
$28
revenue
the
SGC
operate
of
million
the
of
part
and
cost
capital
2010
its
with $45
associated
requirements
as
electric
of
all
rate
OM
the
of
million
In
case
costs
In
CPUC approval for the recovery of the remaining capital investment in SGC and also provided
the additional
information requested
On Jan 17 2013 the AU recommended
denial
of PSCos request for recovery of the
On Feb
that the
remaining portion of the SOC investment
2013 PSCo filed exceptions to the ALT recommendation
requesting
result of the Alls recommended
decision
CPUC grant recovery of its investment
However
as
denying
recoyery PSCo
December
2011
$10.7
recognized
included
PSCo requested
million
OM
in
pre-tax
Boulder Cola Franchise
first
measure
purpose
revenue
retained
multiple
Council
City
commencement
oppormnities
discuss
many of
formation of
obtain
for
full
exploration
has not
reaching
these
seek
its
electric
for the
appropriate
the
whether
or
FERC
net
book value
of
measures
were
goals
utility
and
proceed
PSCo
cost
2013
business
compensation
and
disallowed
the
FERC
with
in lieu
Should
of
initial
formation
the
In
of
the
which
investment
is
attempt
costs
18
with
and
the
the
PSCo
and
rates
and debt
as
electric
several
municipal
2012
duration with
power
service
to
for
will
decide
condemn
all
FERC
damages
system
the
in
issuance
of
Boulder
coverage
to
to
with
has
the
white paper
that
it is
proceed
facilities
resulting
or
utility
issued
whether
PSCo
and
stated
other consultants
electric
Boulder
the
distribution
utility
The
of Boulder
citizens
the
PSCo has advised Boulder
City Council
Boulder
limited
light
well
December
of condemnation
that
as
matters
taken by Boulder
for stranded
acquiring
passed by
for
annually
municipal
level
the
proceeding
has announced
in April
property and
million
utility
including
stranded
with
Boulder
will
ballot
$1.9
and operation of
condemnation
it
two
municipal
formaton
in
2011
additional
an
restrictions
specialize
energy
November
to raise
certain
decided
opportunities
municipal
also
yet
that
to
condemnation
compensation
PSCo would
the
representing
of forming
costs
authorized
subject
firms
legal
In
tax
occupation
measure
bonds
of
Agreement
the
the
The second
enterprise
The
increased
of funding
Boulder
2012
in
charge
expense
with
its
to
the
PSCo would
PSCo and
exploring
willing
seek
to
system
Source
Energy
Statistics
Year Ended
2012
Millions
of
Percent
KWh
Coal
of
Gas
Wind
Millions
59%
Total
category
wind
includes
and
requirements
may
energy from
Includes
sell
energy de-bundled
27
5752
16
4518
12
3830
10
681
446
324
100%
257
100%
36484
37154
100%
23766
66%
23743
65%
24444
12136
34
12741
35
12710
100%
RECs
from
and
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Windsource
includes
100%
36484
RECs
uses
to
66%
34
37154
meet
or
exceed
100%
resource
state
RECs
surplus
other
61%
22767
9854
35902
This
61%
of
Generation
24
263
generation
Percent
KWh
Generation
22065
590
generation
Millions of
8896
35902
Purchased
of
22
Other
Owned
Percent
7930
Hydroelectric
Total
2010
of
KWh
Generation
21367
Natural
Dec.31
2011
sources
nuclear
including
and
oil
biomass
solar
refuse
Distributed
from
generation
SolarRewards
the
program
is
not
included
Fuel
Supply and
The following
all
shows
table
the
generation
Costs
the
of
percentage
delivered
cost
total fuel
MMBtu
per
requirements
of each
significant
by each
represented
category
of
of
fuel
category
consumed
fuel
and
the
total
owned
for
weighted
electric
average
cost
of
fuels
Weighted
Coal
PSC0
Generating
Plants
Gc
Natural
Cost
Percent
Cost
Owned
Average
Percent
Fuel
Cost
2012
1.77
78%
4.25
22%
2.31
2011
1.77
76
4.98
24
2.54
2010
1.58
85
5.05
15
2.11
See Items
and
for further
of
discussion
supply and costs
fuel
Fuel Sources
PSCo
Coal
were
normally maintains approximately
46 and 48
approximately
primarily
under
for existing
were
11.4
approximately
requirements
in
requirements
for
PSCo has
coal
problems
will
transportation
Coal
weather
supply
years
following
requirements
respectively
delivery
and
suppliers
41 days of
in
operating
11.3
and
10.5
coal
Colorado
million
Coal supply
inventory
PSCos
respectively
generation
and
stations
Wyoming
During
tons respectively
inventories
at
Dec 31
use low-sulfur western
2012
and
The estimated
2011
coal
coal
PSCos
2012
and
2011
purchased
coal
requirements
requirements
for
2013
are
tons
for coal
subsequent
the
usage
approximately
million
PSCo has contracted
Remaining
with
contracts
plants
days
to
year 67
be
filled
contracts
may be
availability
provide 97 percent
PSCos
general
percent
that
subject
its
procurement
provide
to
of
for delivery
short-term
coal
purchasing
of requirements
the
through
coal
in
requirements
objective
two
of 100
of equipment
19
or
in
and
2013
to contract
years and
process
interruptions
is
for
33 percent
over-the-counter
and 46
percent
or reductions
of requirements
of
100 percent
in three
of
years
transactions
of
due
percentage
declining
approximately
its
to
coal
requirements
operation of
the
in
mines
2013
and
2014
transportation
PSCo uses both
Natural gas
Natural
serves
primarily
gas
hedges
of
portion
Most
discussion
natural
gas supply and
various
from 2013
which
contracts
commitments
PSCo has
limited
renewable
PPAs As
and
and purchased
owned
2.7
energy
and
also
wind
includes
portfolio
of
2.2
electric
2012
for
energy
and purchased
percent
PSCo
and
facilities
storage
Dec 31 2012 PSCo was
of
of 12 percent
resources
oil
approved
to
changes
of
billion
2060
were
natural
statements
and/or
purchase
and
million
to
of
to
Services
PSCo
transportation
rates
by providers
Certain
volumes
related
to
gas
of
which
contracts
are
natural
expire
and
Dec 31 2011
million At
commitments
aliquid
Energy
transportation
gas
as natural
for further
specified
gas supply
related
$754
approximately
recovery
delivery
related
and commitments
cost
boilers
through
indices
gas
rates These
allowable
commitments
$1.1
with Anadarko
financial
tariff
transportation
be procured
to
in various
consolidated
certain
However
in
storage
PSCos
and
transportation
million
approximately $819
fuel
through
tied
for the
able
are
long-term agreement
the
to
approximately $730
were
contracts
by
timing or amount
obligations
approximately
from 2013
years
gas supply
on-site
include
11
Dec 31 2012 PSCos
At
were
FERC
in the
requirements
features
and
turbines
on
relies
primarily
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market
spot
for
incremental supplies
Energy Sources
Renewable
PSCos
to
were
contracts
storage
in various
expire
related
covered
is
pricing
on
of changes
agreements
2023
through
have
based
is
pricing
of delivery
in lieu
contract
combustion
in
oil
provide an adequate supply of fuel
to
forecasted
instruments See Note
approval
transportation
make payments
years
contract
contracts
any remaining
contracts
financial
FERC
supply and standby
gas
under
procured
demand
supply
gas
through
upon
are
gas supply under
natural
natural
risk
based
to revision
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and peak
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subject
gas
of
that
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interruptible
plants
power
intermediate
balance
the
Company
and
firm
PSCos
The majority of
market
spot
for
supplies
gas
2012
for
energy
2011
customer-focused
offers
2011
energy
renewable
2012
and
14.6
solar
of
percent
and
percent
12.4 percent
PSCo total owned
of PSCos total
power comprised
approximately
2011
Windsource
initiatives
energy
and
percent
16.0
facilities
generating
generation from renewable
require
biomass
Hydroelectric
and
which
comprised
owned
power from both
solar
18.7
comprised
energy
respectively
for
energy
and
RPS
with mandated
Wind
respectively
and
of renewable
percent
biomass
hydroelectric
compliance
sales Renewable
retail
and
in
of
one
the
nations
voluntary renewable
largest
or all of their electricity
from renewable
sources Approximately 34000
portion
programs allows customers to purchase
and 36000
customers in Colorado
MWh and 212000 MWh of electricity under the Windsource program in
purchased 201000
energy
2012
and
2011
incentives
138
approximately
have
been
PSCo
wind
wind
these
as
program
with
place
PV
9600
2012
the
and
2011
from
are
MW
110
offered
PV
Over 12500
systems
of aggregate
with
capacity
respectively
owners
in size
customers
system
program
with approximately
300
over
to
RECs
Colorado
in
primarily
2MW
wind
receives
typically
on
energy
SolarRewards
farm
ranging
also
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the
systems
Dec 31
of
facilities
PSCo
agreements
under
PPAs with wind
from
energy
in
agreements
under
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of
growth
businesses
capacity and over
under
its
the
encourage
homes and
their
which
are
and
MW
used
In
to
PSCo
Wyoming
addition
meet
to
state
receiving
renewable
The average cost per MWh of wind energy under these contracts
was approximately $47 and $45 for 2012
number of factors
The cost per MWh of wind energy varies by contract
and may be influenced by
respectively
requirements
2011
state
regulation
including
executed
in
2012
construction
prior
specific
renewable
resource
from improvements
benefited
to the
anticipated
in
of
expiration
and
requirements
Federal
the
the
year of
PTCs
execution
contract
excess capacity
technology
among
2012 In January
in
2013
Generally
and
manufacturers
the
contracts
motivation
Federal
to
complete
PTC was
extended
2013
through
In
Colorado
energy
on
of aggregate
these
to
Additionally
panels
majority of
has 19 of
purchased
new
MW
in
the
acquires
resource
solar
installed
currently
and
respectively
to install
November
contract
2012
the
200
MW
Limon Wind
PSCo has long-term PPAs
operations
is
approximately
$35 per
to
Energy
acquire
MWh
which
Center and
200
output of both
the
is
lower
the
than
MW
Limon Wind
facilities
average
Energy
The average
cost
per
cost
MWh
Center
over
the
of purchased
II
began
commercial
25 year term of
wind
energy
on
the
the
Lirnon
PSCo
system
Additionally
1999
PSCo
PSCo owns and
had
collectively
the
operates
approximately
26
MW
2200
Ponnequin
MW
and
Wind
1800
Farm
MW
in northern
of wind
Colorado
energy
on
its
which
system
at
has been
the
in service
end of 2012
and
since
2011
respectively
Wlholesale
Commodity
PSCo conducts
related
products
Marketing
various wholesale
See
Item
Operations
marketing
for further
operations
the
including
discussion
20
purchase
and
sale
of
electric
capacity
energy
and energy
sPs
Public
Utility
Summary
have
Regulation
of Regulatory
over
jurisdiction
SPS
deny
electric
NMPRC
operations
NERC
with
received
also
has
electric
Texas
standards
FERC
the
have
fuel purchased
DCRF
DRC
rider
The DCRF
in effect
is
EECRF
EE
DRC
The
asset
The EE
FPPCAC
The PCRF
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allows recovery
The TCRF
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regulations
fuel
part
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the
SPS
recovered
purchased
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the
energy
utilitys
require
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clause
fuel
economic
energy
Capacity
and
Uninterrupted
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its
in
commerce compliance
interstate commerce
SPS has
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with providing
associated
with providing
recover
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of certain
energy
energy
energy
difference
programs
between
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in
programs
efficiency
efficiency
New Mexico
in
in
programs
actual
The
Texas
and purchased
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power
purchased
infrastructure
power
costs
Texas
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and
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through
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Based
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approval
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TCRF
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Texas
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base
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fuel
rates
energy
SO2 and NOx allowance
2011
The
factor
energy recovery
factor
recovery
annual
provides
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fuel
for
the
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or
energy
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costs
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over- or under- recovery
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regulations
fuel
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purchased
amounts including
rolling
require
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fuel
SPS
request
years
adjustment
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The
and
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of
policies
review
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purchased
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costs
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energy
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authority
NMPRC
fuel
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12-month
SPS
by
least
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customers
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its
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for filing
at
costs
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commitments
basis
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SPS
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interest
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efficient
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file
an
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for
application
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use
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monthly
power
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costs
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through
wholesale
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fuel
November
2014
and purchased
FERC
Demand
system
peak
demand
for
SPS
for
each
of
the
last
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years
and
the
forecast
Peak
System
SPS
demand
Aug
for the
SPS system
typically
occurs
in the
Demand
2011
4985
on
costs
retail jurisdiction
2010
peak
current
New Mexico
2013
for
assuming
normal
weather
below
occurred
one
prices
SPS has
with renewable
SPS New Mexico
recovery
refunding
require
retrospectively
SPS recovers
The
to
respect
in
times per year
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up
of
that
request
also
acquisition
to
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gas
with
can
municipality
rate denials
in interstate
electricity
market-based
Each
municipal
FERC
The
continue
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natural
all
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by
regulated
of
hears
and
operations
states
Texas
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associated
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Fuel and purchased
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are
four percent
PUCT
listed
which
Regulations
expected
the
2011
costs
fuel
expenses
energy
SPS
approved
revenues
at
communities
in those
which
electric
retail
in their respective
Texas
in
February
recovery
PUCT
of
rates
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sales
Mechanisms
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The
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2013
The FPPCAC
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NMPRC
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Cost-Recovery
recovers
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Fuel Purchased Energy and Conservation
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Jurisdiction
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and
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rate
The
hearing
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SPS
which
in
municipalities
and Areas
Agencies
its
summer The
2012
21
5210
2012
in
MW
2012
uninterrupted
2013
5265
system
Forecast
5193
peak
demand
for
SPS
is
and
Energy Sources
SPS expects
use
to
Related
Transmission
electric
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generating
Purchased
Power
purchased
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SPS
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owned
SPS has
contracts
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These
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PUCT
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TUCO Inc
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to
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In
which
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SPP members
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the
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It
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is
SPS
2011
and implement
2014
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with
accordance
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SPP
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be complete
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its
EPAs
of
in
2014
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plan
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22
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of
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capacity
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2015
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implement
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biomass
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SPS compensates
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2009
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New Mexico
Integrated
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SPS made
the
2012
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to
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Oklahoma
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and
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168
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increasing
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statements
SPS
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2011
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process
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2012 provided
New Mexico 2012
Circuit
build
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PM
D.C
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Woodward
SPS estimated investment in the TUCO
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SPP
Jones
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January
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SPS
Texas
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KY
345
0GB
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energy
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PUCT
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at
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Electric
approved
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Station
renewable
its
allow
2011
and
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Gas
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building
SPS
Mexico
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of
Note
In
Oklahoma
The PUCT
estimated
Jones
Plans
New
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August
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for projects
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costs
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voltage
line and
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SPP members
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SPS Resource
2011
to replace
Long-term
associated
$200 million per year but may vary Under their
of all SPP identified
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state
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to
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SPP NTCs may have
345
process
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Panhandle
Jones
variance
substation
Woodward
to
be recovered
its
SPP and
which
portfolio
span
approximately
District extra
ratemaking
The Hitchmand
and Texas
and
typically
projects
permissible
Woodward
to
Woodward
Texas
Lubbock
inside the Oklahoma
line to just
AFUDC
are
are
miles of transmission
through
SPS
to
NTCs
accepts
study process
and
projects
the
approved
near
substation
to
have
SPP SPS
of
hundred
is
projects
identified
Projects
Costs
policies
the
net
for the
or to obtain
obligations
with
arrangements
interconnection
generator
transmission
electric
transmission
and
presented
serve
its
power producers
charge
energy requirements
load customers
native
its
and
capacity
reserve
operating
contractual
to
the
system load and
meet
to
and independent
utilities
secure
to
payment
met
to
SPS has
and energy
from other
power
periodic
during outages
SPS has accepted NTCs for several
approximately $800 million These
to
meet
to
options
more than one year
transmission
SPP
purchase
purchases
Servkes
deliver
SPS Transmission
process
to
require
short-term
Transmission
PSCo
contracts
typically
makes
also
under
units
Purchased
there
DSM
and
power purchases
stations
requirements
capacity
for
Initiatives
in
SO2 and NOx
the
CSAPR
CSAPR
and
from
but
CAIR
utilities
required
are
located
continued
discussed
further
Energy Source
Statistics
Year Ended
2012
Millions
of
Percent
KWh
Coal
Natural
Gas
Millions
14818
48%
15486
51%
13167
43
12206
40
wind
may
energy from
Includes
sell
energy de-bundled
409
361
100%
30780
19940
70%
19310
63%
19303
64%
30
11470
37
11045
36
100%
RECs
from
and
also
30780
30348
100%
RECs
Windsource
includes
100%
SPS
RECs
uses
to
100%
30348
meet
exceed
or
100%
resource
state
RECs
surplus
other
2295
sources
nuclear
including
solar biomass
hydroelectric
and refuse
oil
Distributed
from
generation
Solar5Rewards
the
program
included
not
is
2386
8433
includes
and
of
Generation
49%
generation
category
Percent
KWh
43
28373
This
Millions of
28373
Owned generation
requirements
of
Generation
177
Total
Percent
14005
2103
Purchased
2010
of
KWh
Generation
Other
and Costs
Fuel Supply
The
of
12088
Wind
Total
Dec.31
2011
shows
table
following
the percentage
of
the delivered
cost
fuel requirements
total
MMBtu
per
of each
by each
represented
significant
of
category
of
category
and
fuel
the
fuel
consumed
weighted
total
owned
for
electric
of
cost
average
generation
fuels
all
Weighted
Coal
SPS
Generating
Plants
2012
2011
2010
See Items
Natural
Cost
IA and
for further
discussion
of
Percent
Gas
Cost
Owned
Average
Percent
Fuel Cost
1.87
67%
2.99
33%
2.24
1.89
67
4.37
33
2.71
1.84
71
4.59
29
2.64
supply and
fuel
costs
Fuel Sources
Coal
SPS purchases
TUCO TUCO
from
coal
to
SPS
meet
The
and handlers
has
coal
requirements
requirements
Natural
gas
Natural
gas
Most
in
coal
natural
of
limited
both
power
firm
or less
$57
contract
$229
gas
million
on-site
fuel
coal
percent
and
based
on
transportation
and
oil
million
S242
storage
storage
FERC
at
facilities
to
provide
2012
primarily
standby
declining
for
oil
expire
in
in various
SPS
for the
commitments
to
2011
relies
suppliers
and Tolk
on
gas
of requirements
combustion
years
of
in
three
and
turbines
which
from 2013
the
100 percent
to
2033
of
years
certain
is
typically
approved
purchase
related
to
and
transportation
and/or
transportation
delivery
gas supply
storage
of
contracts
contracts
respectively
the
spot
market
of
transporters
station
percentage
approximately
percent
Commission of Texas
related
23
33
delivery
40 and 43 days supply respectively
an adequate supply of fuel
obligations
and
station
coal
stations
and
All
boilers
purchased
of
the
gas indices
natural
include
Harrington
and
2013
generating
weighing
with
to contract
years and
contracts
of delivery
Dec 31
and
two
and Railroad
commitments
in
is
gas supply and
contracts
and
for the
electric
crushing
contracts
approximately
objective
in
handling
administering
requirements
tied to various
in lieu
and
million
coal
natural
and
and Tolk
Harrington
unloading
SPS were
at
purchasing
agreements
make payments
and $24
SPS
under
is
facilities
2016 and 2017
in
expires
of requirements
transportation
is
of
coal
transporting
inventories
interruptible
procured
that
two
its
for negotiating
coal
general
pricing
pricing
or to
million
The
have
contracts
TUCO
67 percent
is
plants
for
receiving
responsible
2011
SPS
year
gas supply and
natural
approximately
and
supply 92
following
uses
SPS
is
with
contract
to
SPS
for
approximately
SPS has
supply
years
for the
requirements
purchase
TUCO
subsequent
transportation
volumes
coal
for the
agreements
gas supply
Certain
the
requirements
with terms of one
year
natural
of
As of Dec 31 2012
respectively
TUCO
all
arranges
for
incremental supplies
tariff rates
specified
were
were
Renewable
SPS
renewable
SPS
2012
and
Sources
Energy
New Mexico
and
and
RPS
with mandated
compliance
of Texas
10 percent
wind
includes
portfolio
energy
in
is
electric
power from both owned
solar
which
Renewable
sales respectively
retail
resources
energy
7.9
comprised
of
SPS
total
owned
and purchased
energy
for
2012
and
2011
respectively
Wind
energy
percent
of
SPS
total
owned
and purchased
energy
for
2012
and
2011
respectively
Solar
power comprised
percent
and
SPS
also
of renewable
percent
customer-focused
offers
for
energy
renewable
and
2012
2011
one of
Windsource
portion or
programs allows customers in New Mexico to purchase
1100 and 1200 customers purchased 5000 MWh and 7000
Approximately
2012
and
offered
are
incentives
have
capacity
will
SPS
SPS
capacity
also
average
cost
cost
MWh
per
renewable
and
2012
Wholesale
SPS had
SPS
See
purchases
Item
MW
by
MW
860
nearly
in
The FERC has
subsidiaries
uses
and
marketing
and
physical
over
other
to the
Order
for
revisions
as
to
In
2012
Inc.s
discussed
and
SPP
in
cost
the
NSP
addition
to
meet
QF
and
Spinning
to
Wind
Spur
qualified
resource
wind
facilities
generating
these
SPS
is
PURPA
in the
The
The
contracts
executed
contracts
Generally
in
2012
of wind
on
energy
its
system
for
SPS
agreements
Additionally
defined
as
and
MW
161
to
operations
under
energy
of Texas
area
commercial
requirements
PV
80
of aggregate
2MW
from under
Ranch began
purchased
receiving
renewable
state
execution
MW
the
including
operations
instruments
of Recent
and
purchase
minimize
to
NERC
of
specific
from
benefited
prior
At
to
the
end
the
of
respectively
of
sale
commodity
electric
and
price
capacity
credit
and energy
energy
and hedge
risk
and
sales
see
Note
activities
12
to the
commerce
in interstate
and
practices
electric
mandatory
Developments
Regulatory
service
accounting
subsidiaries
below
Federal
transmission
transportation
Tariff
for
in
Therefore
System
in
new requirements
MISO
reliability
including
certain
other
standards
consolidated
and
and
retail
sold
electricity
of Xcel
activities
State
of
regulation
accompanying
signed
Order
were
local
wholesale
at
Inc.s
Energy
have
agencies
statements
utility
jurisdiction
and environmental
rates
financial
North
to future
of
is
expected
Dakota
in the
that
This
and
transmission
and
have
South
is
development
to the
the
and
24
effective
MISO
in
rights
expects
the
of incumbent
on
future
Wisconsin
ownership
are
issued Order
In
matters
for
discussion of
1000
adopting
The requirements
prospectively
for
the
2012
October
to legislation
FERC
Tariff
Interconnection
impacts
For
be
Energy
filing
similar
limited
Dakota
to
Xcel
Western
preserves
legislation
to
revisions
compliance
its
utilities
legislation
by
Pricing
The
Order 1000
and development
addressed
submitted
systems
1000
Cost AllacaLion
allocation
Transmission
consortium
to their
Minnesota
relating
cost
SPS PSCo
WestConnect
and
Planning
allocation
below
Mirmesotas Governor
Dakota
In
contract
700
for electric
planning
transmission interconnected
South
MW
Over
Panhandle
Texas
in size
ranging
customers
was approximately $26 for each of 2012 and 2011
number of factors including regulation state
and may be influenced by
financial
utility
Transmission
discussed
the
participation
gas
enforcement
transmission
transmission planning
Wisconsin
161
in the
primarily
facilities
program
New Mexico
matters
1000
requirements
rates
natural
Energy
matters
regulatory
FERC
over
jurisdiction
many of Xcel
addition
in
system
sources
Windsource
the
discussion
for further
including
the
on
energy
renewable
under
electricity
Marketing Operations
licensing
facility
of
and motivation to complete
new construction
among manufacturers
2012 In January 2013 the Federal PTC was extended through 2013
Summary
hydro
from
MW
with
energy from
PPA
the
7.8
0.5
voluntary renewable
largest
under the SolarRewards
program
70 PV systems with approximately
of Dec 31 2012 and 2011
respectively
wind farm owners
place
used
of wind
as
in
facility
year of
the
the
are
contract
PTCs
Federal
wholesale
various
products
MW
which
MWh
solar
nations
the
their electricity
over
program
with
2012
excess capacity
the
Commodity
SPS conducts
related
of
PPAs
under
energy
varies
energy
technology
expiration
2011
250
this
agreements
late
161
this
requirements and
resource
anticipated
of wind
In
of
growth
and
capacity
8.2
and
percent
approximately
homes and businesses
their
under
these
RECs
wind
additional
an
of
MW
of
output
of wind
in
six
than 600
MWh
per
improvements
has
receives
purchasing
currently
New Mexico
the
encourage
of aggregate
from long-term
energy
entire
typically
on
panels
MW
in
currently
greater
the
purchase
solar
4.5
installed
wind
its
acquires
total
to install
been
New Mexico
to
respectivelyAdditionally
with approximately
systems
SPS
2011
of
all
energy
in
7.4
comprised
percent
and
percent
respectively
initiatives
energy
Dec 31
of
of approximately
percent
0.4
PPAs As
and
facilities
generating
generation from renewable
require
The
NSP-Minnesota
proposing
filing
is
to
utilities
previously
to
in
FERC
North
transmission development
portion
uncertain
of
the
NSP System
by
through
and
construct
NSP
be addressed
comply
pending
passed
and
will
requirements
new
for
action
own
Dakota
and
and ownership
the
impacts
in
of
the
to their
of
1000
SPS
of
Icel
Xcel
utilities
to
equally
FERC
grant
of
development
ATCs
of
ATC
that
under
by Xcel
should
single
facility
MISO
inc
the
2009
In
customers
of
and
on
FERC
December2011
The FERC
exploring
recent
pilot
open
Electric
Transmission
services
FERC
rules
the
electric
of
of
on
are
then
utilities
and
RTO
SPP
the
RTO
transmission
in
offering
FERC
the
MISO
an
Transmission
allocated
expected
load
are
to
to
serving
allocated
all
loads
and
would
was
an
to
protecting
Line
In
state
KV
transmission
line
In
February
Inc.s
NSF-
and
line
belong
to
FERC
FERC
the
line that
action
concerning
MISO
also
is
2013
February
the
with
proceed
pending
with
that
but did not
consideration
order
La
proposed
and requested
issues
ATC
against
In
the
transmission
further
on rehearing
regulatory
345
Wis
rehearing
of
purposes
In
or
Hampton
RTOs
with
turn
ARCs
the
order
compliance
percent
FERC
the
provide
multiple
Certain
parties
region
purposes
have
the
FERC
the
have
ATC
the
should
to
been
line
to
determine
line
designated
the
as
The FERC
Madison
that
as
of
dismissal
seeking
complaint
La Crosse
alleging
complaint
Madison
an answer
filed
Line
lines
are
found
separate
the
CIP
services
the
regulates
over
the
rates
functional
and
and
filed
to
prohibit
to
more
as
the
June
their
offered
MPUC
compliance
NSP-Minnesota
the
MISO
for
electric
with
the
in their states
MISO
the
state
NSP
by
ARCs
end-use
proposed
and
2010
of
of
aspects
within
interact
fully
in
to
MISOs
Under
operation
most
ARCs
and terms and
control
tariff rates
tariff to
services
second
of
are
for
2011
provides
are
fully
to
percent
eligibility
improved
is
loads
local
generally
tariff
25
If
reduced
orders
to
energy
near
was
is
The most
market
for
congestion
U.S
FERC
in
effective
as
first
in the
for the
MVP
the
345 KY
transmission
for
future
of
other
costs
of 2009
impact
new
reliability
would
Seventh
that
but would
and higher
renewable
for the
of
consortium
material
costs
and
vicinity
Court of Appeals
within
quarter
had
not
sale
member
is
members
All
in the
has
methods
voltage
for the
WestConnect
functions
project
qualifies
higher
the
transmission
assets
MISO RTO SPS
tariff
market
the
the
utilities
allocation
project
the
of
by
other
tariff
to loads
obtained
transmission
WestConnect
for different
allocated
reliability
FERC MYP
approval
The
may provide wholesale
members
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participate
of
conditions
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quarter
presently
projects
80
the
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aggregation
ARCs
effective
prohibiting
NSF-Wisconsin
transmission
in the
Tariff
be
revisions
and approving
rules
of
operation
2012
PSCo
MVP
such
appealed
should
Energy
transmission
La Crosse
the
Transmission
NSP-Wisconsin
demand response programs
retail
tariff
authorities
retail
WestConnect
regionally
MISO
that
Wis
and
demand response
the
or temporarily
rehearing of
regional
some lower voltage
in the
and
denying
to offer
state-regulated
its
regulatory
firm transmission
The MISO
Pricing
Xcel
prohibited
agency
prohibiting
existing
2009
revenues
ATC
ATC
Thus
facility
an
La Crosse
to
line
La Crosse and
to
allow
to
NSP-Minnesota
files
rates
Minn
Inc NSF-Minnesota
La Crosse to Madison
against
Tariff
issued
The FERC
separately
non
state
to
RTO
and
FERC
the
requested
November
utilities
in the
ruling
single
regulatory
denying
expand
in
Services
RTO
20
requested
Madison Wis
to
La Crosse CapX2O2O
to
that
orders
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transmission investments
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all
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approved
be considered
impact
of Order
provisions
legislation
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Madison
to
complaint
Rochester
purported
2013
M1SO
allowing
to those
PSCo transmission usage
not
and
136 mile
to
Agreement
the
competition
Regulation
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of
state
rules
docket
services
Each
ruling
NSP-Wisconsin
subsidiary
requiring
issued
encourages
subjected
has
utilities
will
stand
relevant
2010
In
that
Rate
policy
its
Owners
decisions
operate
the
program
in this
filing
further
routing
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Energy
FERC
Rochester
On Feb
adopted
FERC
the
retained
to
planning process
NSF-Wisconsin
filing
for
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line
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2012
July
line portion
NDPSC SDPUC PSCW and MPSC
In
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filed
La Crosse
to the
MISO
behalf of
2012
unless
would
in the
Hampton
ownership
utilities
ARCs
revisions
Minnesota
the
together on
Hampton Minn
against
Transmission
its
applied
prior
large
forth
Madison
to
October
in
MISOs
ARCs
MISO
the
properly
Therefore
tariff
Services
designated
complaint
the
Wis
ATC
LLC
rehearing
FERCs
pending
Madison
Wis
Inc and MISO
complaint
set
under
Cardinal
Madison
granted
LLC
the
by
1000
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La Crosse
working
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complaint
Services
La Crosse
the
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that
have
are
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right
FERC concerning ownership of
FERC granted Xcel Energy Services
the
the
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Madison
to
Company
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the
in effect
addition
to
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to construct
Transmission
2012
companies
In
principles
Energy
MISO
remains
Iowa
ATC filed
legal
American
this
transmission
the
PSCo may be impacted
New Mexico nor Colorado
with
2012
July
that
expect
own
protect
areas
complaint
In
statutes
and
Crosse Wis
filed
and
to construct
state
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neither
service
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responsibilities
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two
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connects
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rehearing
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transmission
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2012
filed
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project
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and
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the
granted
the
the
project
build
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believes
Energy
SPS
of
portion
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August
the
the
the
request
ownership
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of
Thus
stay
grant
to
right
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parties
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incumbent
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parties
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2012
of whether
issue
by some
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disputed
own
and
portion
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is
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the
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in
Furthermore
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fully
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energy
Circuit
and
In
in
Order
its
which
MISO
transmission
charges
RSG
2010
is
with
tariff
by
In
committed
cormuitments
regulators
in
each
NSP-Minnesota
Certain
jurisdiction
Court of Appeals
for the
D.C
of
market
to
and
is
the
Circuit
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FERCs
have
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been
to
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loads
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that
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any
In
energy
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costs
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by
the
orders
to the
requests
Statistics
Statistics
Year Ended
2012
Electric
other
among MISO
approved
appeals of
disposition
to
costs
portion
with
which
periods
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RSG
the
for
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for
transmission
designed
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the
in future
participants
FERCs
and
to the
eligible
constructed
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allocation
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MISO
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charge
of
costs
significant
on rehearing and
pending
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for start-up
has accepted
requirements
recover
price
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of
from
System
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FERC
share
pays
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the
exemptions
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in
also
allocation
cost
charge
and
Electric
Electric
less
reliability
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will receive
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recent
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resources
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projects
that
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2013 The NSP System has certain new transmission
facilities
costs
anticipated
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2012 MISO proposed
allocating
recovery
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than
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participants
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rather
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paid
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customers
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filing in
compliance
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cost
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other
1000
the
sales
of
Millions
Dec.31
2011
2010
KWh
25033
25278
25143
commercial
and
industrial
27396
27419
27167
Small commercial
and
industrial
35660
35597
35650
1109
1135
1100
89198
89.429
89060
Residential
Large
Publicauthoritiesandother
Total
Sales
retail
for resale
Total
sold
energy
Number
of customers
at
end
and
industrial
Small commercial
and
industrial
and
authorities
Total
20532
109592
2940024
commercial
Public
20177
109606
of period
Residential
Large
15781
104979
1147
419618
68510
other
3429299
retail
Wholesale
Total
Electric
Thousands
revenues
1129
415755
69350
3405894
75
customers
2919660
2906248
1112
413750
70413
3391523
78
88
3429374
3405972
3391611
2622284
of Dollars
2713575
2712340
commercial
and
industrial
1534728
1616596
1533993
Small commercial
and
industrial
3023154
3025416
2956077
Residential
Large
Public
and
authorities
Total
130538
other
7401995
retail
Wholesale
Other
electric
Total
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revenues
electric
sales
Revenue
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per
per
retail
retail
revenue
customer
customer
per
KWh
commercial
and
industrial
revenue
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and
industrial
revenue
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Wholesale
revenue
per
687912
936875
427389
345540
8517296
revenues
per
per
KWh
KWh
KWh
26
129826
7484178
8766593
126345
7238699
960505
252641
8451845
26011
26257
26260
2158
2197
2134
10.84
10.73
10.43
5.60
5.90
8.48
8.50
5.65
8.29
4.36
4.64
4.68
Energy Source
Statistics
Ended
Year
2012
Millions
of
Percent
KWh
Coal
Dec.31
2011
of
2010
Millions of
Percent
KWh
Generation
of
Millions of
Percent
KWh
Generation
of
Generation
51395
47%
57014
50%
57832
51%
26218
24
Wind
25080
22
25947
23
13298
12
11216
10
9885
Nuclear
13249
12
13781
12
15012
Gas
Natural
Hydroelectric
3800
Other
4203
2022
Total
Owned
112953
75071
68%
74722
66%
77506
34911
32
38231
34
36831
109982
This
wind
includes
category
and
requirements
may
energy from
Includes
sell
dc-bundled
energy
100%
RECs
from
and
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112953
sources
solar
including
oil
biomass
NATURAL
and
refuse
Distributed
GAS UTILITY
114337
100%
RECs
Windsource
includes
100%
Xcel
RECs
surplus
other
1663
100%
generation
Total
1659
109982
generation
Purchased
13
3998
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28
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NSP-Wisconsin
Public
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CPUC
the
compliance
safety
actual
the
through
Jan
performance
the
low-income
recovered
by
that
costs
quarterly
PSCo has
are
conducts
to
recovers
program
Requirements
achieve
pipeline
FERC
to full
subject
regulated
certificate
is
FERC
PSCo holds
Cost-Recovery
resource
revised
is
to
PSCo
Jurisdiction
of
securities
Conservation
other
GCA
The
customers
QSP
with regards
Gas and
Purchased Natural
purchased
of
PSCo becoming
without
the
and Areas
Agencies
and issuance
services
accounts
interstate
to
Regulation
Utility
report
the
of each
and
supplies
by October
year
services
of each
previous 12-month
projecting
for the
year
and describing
12-month
reporting
the
period of
actual
quantities
the
and
period
and Costs
natural
gas supply
decreased
that
have
transportation
interruption
been
approved
and
by
and
financial
the
storage
risk
and
CPUC
30
alternatives
economical
to
yield
rates
In
diversified
addition
portfolio
that
PSCo conducts
provides
natural
gas
price
The following
natural
retail
table
summarizes
the
delivered
average
cost
per
MMBtu
of
natural
for resale
gas purchased
2012
PSCos
regulated
4.28
2011
4.99
2010
5.10
PSCo has
natural
PSCo purchases
natural
gas
Items
of
$2.0
approximately
supply
gas
volumes
specified
See
by
business
distribution
gas
natural
billion
natural
gas
1A and
or to
such
in
and
for the
obligations
Dec 31 2012
in
expire
short-term
various
natural
and/or
purchase
PSCo was committed
from 2013
years
firm
gas purchases
gas from approximately
natural
gas supply and
natural
At
which
contracts
balance of long-term
of
discussion
these
include
of delivery
in lieu
PSCo purchased
2012
During
for further
under
obligations
that
agreements
storage
make payments
by optimizing
contracts
storage
and
transportation
gas
41
of
delivery
to
through
2029
and
transportation
suppliers
costs
SPS
Gas
Natural
SPS does not provide
natural
operates
of
jurisdiction
and
the
gas
for further
but
certain
purchases
the
connecting
to
respect
safety
Generation
gas service
facilities
with
for pipeline
1A and
Electric
natural
retail
pipeline
FERC
the
PUCT
See Items
Used for
Facffities
and
generation
natural
gas
transports
facilities
transactions
natural
gas
to interstate
in interstate
for certain
natural
gas
of
and
commerce
its
SPS
of
discussion
natural
to the jurisdiction
Gas Operating
Total
and
industrial
retail
and
Transportation
Total
other
deliveries
Number
of customers
at
Total
Total
Natural
industrial
other
Revenue
225988
225408
Thousands
116611
117654
121261
343642
346669
industrial
488644
1453286
and
sales
per
Residential
Commercial
per
retail
84088
and
1537374
customer
customer
revenue
Transportation
other
gas revenues
retail
per
MMBtu
industrial
and
other
revenue
revenue
1747153
153911
1901064
5395
1735032
152937
1887969
5281
1906459
1893250
1133888
11115253
of Dollars
retail
natural
137809
318294
964642
Transportation
MMBtu
87599
201683
1920311
gas revenues
Commercial and
Total
86788
5789
customers
Residential
Total
139200
77848
1914522
and
2010
123835
154158
retail
Transportation
Dec.31
2011
1760364
and
DOT
end of period
Residential
Commercial
the
MMBtu
of
Thousands
Residential
Commercial
of
and
to the
Statistics
Year Ended
deliveries
subject
gas costs
2012
gas
is
compliance
Natural
Natural
facilities
generation
pipelines
per
per
MMBtu
MMBtu
31
601298
1735186
76740
1811926
589449
1704702
77880
1782582
105.34
118.87
759
913
903
7.79
8.15
8.09
6.28
6.93
6.73
0.72
0.65
0.64
119.39
GENERAL
Seasonality
The demand
overall
in the
may
results
operating
revenues
less
generated
by seasonal
power and natural gas is affected
summer and winter months and peak sales of
for electric
occur
electricity
and
of
on
substantially
when weather
income
Discussion
Managements
fluctuate
conditions
Condition
Financial
seasonal
and
differences
natural
weather
in the
basis Additionally Xcel
milder
are
cooler
of
general peak
sales
months As
result
Energys
winter and
in the
In
the winter
in
gas occur
have
operations
summer
in the
the
historically
See Item
Results of Operations
Competition
Xcel
In
heating
Inc.s
to
utility
wholesale
Xcel
as
are
and
subsidiaries
and use
Inc.s
to
the
renew
with
competitive
Xcel
Energys
registrations
permits
for the
strives
been
extent
Energys
There
are
impact
of
these
Energy
emissions
evolve
on
reporting
entities
Xcel
Energy
As
to
do
on
The Climate Registrys
which
includes
from generation
15.1
to
million
Xcel
associated
and
Energy
approximately
and
Energy
19.9
electric
gas-fired
also
million
customers
decrease of
2.1
basis
to serve
to
Xcel
load
If
city
power or gas such
electric
access
Energy
their native
renewal
to periodic
challenges
Xcel
result
for
has
of competing
resources
subject
water
The FERC
region
believes
Energy
their rates
million
tons
ia
transactions
3.9
of
state
specifics
of
continue
Xcel
2011
is
to
not
the
change
to
Xcel
evolve
began
whether
Energy
expects
GHG
GHG
future
technologies
for
prepare
the
and regulation
to
emissions
additional
reporting
we
rates
efforts
emissions
and
clean
reduce
CO2 emissions based
GHG
current
plants
emitted
third
of
CO2
approximately
decreased
million
2012
by
MWh
and
5.5
of
Energy
2011
million
estimated
Energy
59.1
with
associated
Xcel
parties
in
Xcel
protocol
reporting
million
electricity
estimates
that
respectively
tons
generation
in
32
its
these
Estimated
current
million
purchased
2012 compared
The average
CO2 per year
that
and 59.8
for resale
GHG
the
in reporting
EPA
could
its
on
from
data
changes
to the
regulations
electric
of
to
Currently
require
annual decrease
in
in
2012
Energy
emitted
CO2 emissions
2011 The decrease
total
generating portfolio
CO2
Xcel
facilities
third-party
to
tons
or
Xcel
upon
goals Although
through
through
compiles
reporting
to
changeand
legislation
initiatives
regulation
provides and
when
energy
climate
for calculating
methodology
determine
may have
efficiency
policies
Energys
Energy
of changes
to
requirements and
current
these
clean
to
Xcel
Xcel
discussion
for further
and energy
of
necessary
result
regulations
air
require
systems
possible
as
use of
the
federal
cost
climate
Energy
clear
and
state
or
related
meet
to
not
is
laws
regulations
all
standards
required
statements
renewable
that
it
be
encourage
initiatives
to
organization
It
future
environmental
adopted
protocols
effect
financial
we would recover
nonprofit
will
consideration
potential
However
facilities
activities
distribution
environmental
over
jurisdiction
company
has received
Energy
transmission and
operations
have
agencies
Various
applicable
or what
and
Starting
with
consolidated
the
These
transactions
by
tons
its
policies
the
respond
change
estimated emissions
owned
facilities
with
means As
citizens
its
these
Xcel
agencies
number of
practke
reporting
REC
Based
for
to
While
on
depend
climate
REC
address
CO2 emissions
Xcel
other
substances
generation
manner Xcel Energy
CO2 emissions
not
these
or planned
under
change
The Climate Registry
CO2
to
emissions and
will
addressing
third-party
13
has undertaken
GHG
cost-effective
of
respectively
and
cities
agencies
compliance
existing
regulations
commission
reporting
coal-
12 and
climate
Energy
state
reported
rules
reporting
for
faces
hazardous
its
applicable
of
enforcement
or
NOtes
and
from
in
to operate
regulations
address
wastes
operation of
modifications
to
prior
of
and
methodology
or
and
on Xcel
committed
protocols
constructed
reduce
balanced
reporting
EPA
GHGs
policies
is
in
cost
comparable
certain
means
subsidiaries
environmental
state
and approvals
environmental
future
regulations
that based
believe
Xcel
to
future
with
alternative
utility
solid
continued
interpretations
See Item
significant
continue
energy
and
facilities
and
federal
by
environmental
all
regulations
emissions of
potential
seek
Inc.s
discharges
inspections
and
designed
operations
regulate
could
it
on
subsidiaries
utility
agreements
lower
from generation
own
their
or chilled
to
transmission
output
to generate
gas steam
alternatives
regulated
licenses
additional
environmental
the
franchise
Energy
available
construction
comply with
to
what
are
facilities
have
system of
have
the
purchase
facilities
natural
as
their facilities
access
open
can
fuels such
other
relocating
through
own or operate
to
ability
MATTERS
authorizations
to
of Xcel
water quality wastewater
emissions
facilities
custoniers
agreement
each
currently
ENVIRONMENTAL
markets
wholesale
also
the
substituting
option of
or the
transmission
the
franchise
While
municipalization
their
have
of
option
wholesale
subsidiaries
utility
customers
the
purposes
competitive
suppliers
not
elected
may have
and manufacturing
promote
Energy
commercial
large
customers
addition
cooling
continued
and
industrial
Energys
electricity
CO2 emissions
2011
approximately
associated
in
and
customers
with
emissions
since
2010
service
was
is
CAPITAL
See
AND FINANCING
SPENDiNG
Item
for
discussion
of expected
expenditures and
capital
funding sources
EMPLOYEES
As of Dec 31 2012
under
Xcel
had
Energy
11028
fulltime employees
See Note
agreements
collective-bargaining
and
170
consolidated
to the
of which
employees
part-time
statements
financial
for further
5476
were
covered
discussion
EXECUTIVE OFFICERS
G.S
Benjamin
present
Officer
Xcel
October
2003
Chief
54
III
Financial
Inc
Energy
Financial
Vice
54
Eves
and Chief Operating
November
President
Director
Xcel
Energy
Services
Xcel
Energy
Services
63 Vice
Cathy
Hart
Services
Group Xcel Energy
Xcel
53
Larson
Energy
Supply
Inc
Services
Vice
56
President
and
Wave
Field
Marvin
McDaniel
Previously
Jr 52
Talent and
Technology
Xcel
March
2012
and
to
to
to
of Resource
Resource
President
2006
and
Planning
President
Services
Corporate
to
and
Planning
and Vice
present
Inc
President
SPS December
Director
President
Energy
2003 and Vice
November 2002
Business
Group
2009
to
PSCo
Vice
present Previously
Xcel
President
Energy
2006
February
to
President
Inc November
Services
November
2007
and
2006
to
Inc
Services
President
Inc
Xcel
Vice
to
to
President
Services
Inc
February
2006
Energy
2004
April
2011
September
2011
September
2006
February
and
Chief
present Previously
Transmission
State
Xcel
to
Vice
Energy
2008
August
President
NSP
2004
and Chief Financial
President
Business
Inc
Energy
Xcel
Unit
2003
February
Senior Vice
and
Business
to July
Energy
Officer Xcel
2004
January
Inc
and
2003
to
and
2007
February
Inc
to
2003
August
Corporate
Inc
Energy
September
to
Vice
2004
January
Controller
to
present
of Finance
President
Chief
Interim
Wave
Rogue
2011
September
2011
Financial
Officer
October
Inc
Software
2000
to
Senior Vice
Vice
and
President
at
Officer Xcel
Xcel
July
Vice
Energy
2007
to
President
plant
Public
President
Officer
and
Compliance
responsibilities
Chief
Administrative
Energy
Services
Services
Inc
2009
August
Xcel
Officer
2009
to
President
and Controller Energy
2009
Markets
to
Unit
Xcel
to
to
President
2012
President
Human
Energy
Services
Energy
present
August
and Vice
Controller Xcel
Assistant
Business
2011
2011
Vice
2011
2012
August
September
September
September
and
Inc
Energy
Inc
Services
Inc August
August
Vice
Officer Xcel
Energy
Services
Inc
2005
Acting Chief Nuclear
Regulatory
and
President
Chief Administrative
Areas
Services
June
OConnor 53
Site
site
Vice
Maintenance
Energy
2010
Services
Energy
Controller Xcel
President
Energy
2005
2004
Previously
Nuclear
and
Xcel
Vice
Regional
2000
Financial
Xcel
present Previously
President
Vice
SPS November
Regional
February
Inc March
Xcel
and Chief Administrative
Resources
Timothy
Inc
Senior Vice
President
February
and
Operations
Software
2010
to April
Senior Vice
to
Operations
2000
Director
August
Chief
to
Vice
2003
February
Inc.
Operations
2004
Services
October
to
to
and
2011
August
Executive
and Treasurer
August
2009
Vice
present Previously
2009
Construction
President
President
President and
2009
Inc
Energy
to
Officer
November
to
PSCo March
Relations
2000
Inc
2011
2011
September
and Chief Executive
March
to
to
2011
2002
Inc
Energy
August
Officer
November
PSCo December
November
to
Xcel
Secretary
September
2005
Energy
Jurisdictional
Vice
Customer
Rogue
2008
August
Madden
Previously
Inc
July2009
President
Senior Vice
September
Teresa
SPS
Officer Xcel
President
Minnesota
Services
and Construction
Design
Kent
Vice
2009
to July
Director
Financial
December2009
to
to
Vice
2009
August
Services
Energy
Officer
2009
2006
to
Chief
Inc
Energy
Unit Xcel
August
and Corporate
President
Officer
Xcel
Chief Executive
SPS
2008
President
2Q09
Inc November 2002 to July 2006 and Managing
Inc August 2000 to November 2002
President Director
Chief Operating
2007
Vice
53
Hill
Riley
and
and
Business
PSCo November
Inc November
Services
Energy
Vice
Officer XceI
Inc August
Energy
Inc December
2008
and Treasurer
Officer
Acquisition
Officer Xcel
Energy
Markets
Officer
Acquisition
Board President and Chief Executive
December
President
Chief Executive
2009
to
Officer Energy
Director
the
Xcel
Officer
David
of
Chief Operating
May 2004
May 2004
to
Chairman
President and
and Chief
President
and
Fowke
Previously
and Chief Nuclear
NSF-Minnesota
Licensing
July
2012
manager Nine Mile
Service
Enterprise
Officer Xcel
September
to
September
Point Station
Group
Hope
33
and
2012
2012
to
Energy
Inc February
Services
February
Monticello
2013
Site
Vice
Vice
Constellation
Energy
2004
Salem
between
the
plants
2013
to
present
President Engineering
President
to
years
in
May
May 2007
of 1999
and
to
2007
and
to July
corporate
2004
Roy Palmer 54 Senior Vice
2011
Vice
Previously
present
Government Affairs Xcel Energy
52
Poferl
Judy
Vice
Regional
Xcel
Affairs
August
Director
Financial
Director
Financial
Vice
Mark
George
Tyson
Reporting
Revenue
Officer Xcel
2008
August
to
to
January
to
September
2009
Regional
present Previously
2000
and Chief Executive
Vice
September
Development
President and Treasurer
Inc
Energy
to
July
Xcel
July
2003
Officer
NSP-Wisconsin
Energy
Services
and
2011
September
Vice
and
2009
2Q07
March
to
present
President
2011
and Director
President
and
2Q08
August
2011
September
December
to
September
Vice
to
Director
Acting
Government and
President
January2007
to
May 2004
and Associate
2003
to
Inc
to
Executive
Director
Vice
2012
January
Inc August2000
Energy Inc May 2004
Xcel
to
August
2009
2007
2009
2009
to
Senior Director
Previously
present
2006
Services
Energy
Inc
August
January
Director
47
Xcel
Energy
President
Strategy
Services
Energy
Group President
NSP-Minnesota
and Business
to
Accounting
Energy
56
Government
2Q01
to
family
other
risks
Xcel
Energy
to
present
of Origination
Vice
present Previously
Previously
Markets
Energy
Bank
President Deutsche
to
December
to
Securities
2011
Managing Director
Business
Unit Xcel
December
1996 to
that
in
Oversight
our industry
may adversely
be
further
the
risks
cross-cutting
is
responsible
As
described
risks
management
communication
and
executive
is
Energy
the
to
Energy
Public Affairs
State
Director
to
present Previously
Xcel
Inc August2001
Services
Services
Energy
to
November
Inc
2001
arid
2001
August
officers
subject
to
financial
business
together
with
that
not
or financial
or directors
the
variety
condition
other
of
many of which
risks
and
information
of
results
set forth
are
beyond
are
operations
and
in this report
our control
further
described
in future
reports
below
that
risk
management
process
and
more
fully
below
that
these
risks
risk
are
condition
known
presently
in the
or are
not
believed
currently
to
be
material
that
may
future
Processes
for identifying
such
Our
Xcel
affect
uncertainties
and Related
The goal of Xcel Energys
accountable
the
Xcel
1998
2011
September
Inc September 2009 to September 2011 Vice
Inc August 2008 to September 2009 Executive Director
SEC
our performance
of Risk
Management
any of
Services
Counsel
Inc
Energy
Services
2008
August
Inc December
considered
carefully
with
files
affect
to
Xcel
Counsel
Energy
XceI Energy
2006
General
Assistant
between
exist
Affairs
Inc March
Services
Xcel
Planning
Factors
should
may be
Resource
2006
Energy
companies
risks
These
adversely
March
Xcel
Risk
Important
and
and Regulatory
relationships
1A
President and General
Senior Vice
Services
Energy
Senior Attorney
senior
2009
Inc December
Inc March 2007
Services
The Mosaic Company January
Financial
Officer
2011
September
Energy
Xcel
Inc
Regulatory
Xcel
November
are
to
to
2002
President
There
Xcel
Services
Xcel
Wilensky
Like
2007
and Director
2007
August
Accounting
NSP-Minnesota
Officer
Inc May 2002
Services
President
Item
November
NSP-Minnesota
Inc
Energy
Accounting
President and
and Chief
Treasurer Xcel
Assistant
Scott
No
to
2011
2005
April
Officer
Controller Xcel
and Technical
52
President
Energy
Chief Executive
Technical
and Technical
Affairs
Portfolio
Vice
and
Reporting
President
Stoering
April
President and
Chief Executive
President and
and
Vice
Corporate
Chief Executive
Regulatory
to
Inc November
Services
2005
April
Services
2007
to
Sparby 58 Senior Vice
Previously
and
November
2000
41
Financial Reporting
David
and
2004
Energy
Inc
Inc September
Inc January 2009
Services
Energy
and Regulatory
NSP-Minnesota September 2Q08 to August2009
Managing Director Government
Services
Inc November 2007 to September 2008 and Director Regulatory Administration XceI Energy
Energy
Savage
Jeffrey
President Director
Xcel
Affairs
Services
Energy
Inc March
Services
Affairs Xcel
Government Affairs Xcel Energy
State
President
Inc
Services
Xcel
Public Affairs
State
Director
Federal and
Government and Regulatory
Managing Director
Executive
Public Policy and External
President
President
management
Xcel
are
is
to
managing
Energy
discussed
process
has
understand
manage and
risks while
the
is
and
three
faced
with
managed
parts
and disclosure
34
Board
of
when
number of
across
identification
possible
different
business
and
areas
mitigate
oversees
Directors
types
and
analysis
of
material
and holds
risk
coordinated
management
risk
management
Many
of
these
risks
by Xcel Energys
and
mitigation
and
Management
with
and
financial
of
development
Xcel
Energys
area
to
take
seeks
and
groups
At
mitigate
our code
committees
and
managed
the
Board
also
Board
presentation
the
Board
strategy
The
are
responsibility
for
for risk
and
for the
Risks
are
to
subject
air
hazardous
registrations
laws
and
public
he
other
control
to
also
the
can
business
Xcel
management
including
material
for risk mitigation
management
and
risks
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million
penalties
material
The FERC
and
of $1
penalties
potential
could
of regulatory
flu
in
and
epidemic
revenues
face
severe
sudden
the
storm
and
within
and
grid
interstate
our generation
risk
of
severe
significant
natural
possible
temperature
increase
or
additional
costs
or
to
results
41
on
repair
and
due
local
to
natural
in
wind
assets which
system
could
or
caused
any
by
facility
disruption
Any such
have
fuel
sources
distribution
transmission
generation
neighboring
or other
gas
disruption
generator or
extremes
decrease
infrastructure
pipeline
of business
loss
our operating systems
significant
gas
transmission systems
the
outage
of
pipeline
work
force
could
impact
are
of
actions
disruption
material
could
companies
on
such
result
our
in
The degree
execution
and
we
which
to
Its
results
difficult
We
operate
and
network
in
to
In
assets
affected
by
well
as
new
of
exposing
us
system
disruption
business
In
additional
markets
processed
resulting
Rising
energy
Higher
fuel
the
oil
as
of our
results
could
costs
of
electric
Because
weather
have
security
result
to
access
we may
providers
over
may
to assets
financial
to
to
We
reporting
are
unable
and
network
our technology
to
our
level
cyber
significant
and
infrastructure
the
including
were
systems
functions
the
quantify
State
our supply and
incidents
business
gas
potential
may cause
disrupt
security
critical
fulfill
Federal and
the
revenues
systems
If
and
or
negatively impact
actions These
related
cyber
or information
be unable
both
natural
grid
also
potentially
technology
be vulnerable
incidents
security
of an interconnected
part
could
at
in
and
or compliance
our information
protect
they process
decrease
or
indirectly
operations
transmission
scrutiny
subsequent
or
material
are
pipelines
data
individuals
infrastructure
or
directly
our customer
operations
regulatory
other
collect
usage
delaying our development
electric
regional
threats
in
repairs insurance
gas
providers
receive
could
controls
negatively impact
customer
potential
to
or
fail
including
impact
of cyber
gas
gas
is
utility
heavily
quarters
related
when
weather
conditions
on
our
to
collection
We
seasonal
businesses
used
our
on
is
for
often
are
if
of
fuel
unable
cost
for
requests
debt expense
are
service
territory
heating season
are
milder
in the
condition
and quarterly
seasonal
in the
greater
residential
the
financial
the
flows
cash
bad
increase
which
recoveries
to predict
as
future
are
recovery
could
or
material
In
addition
the
ultimate
for
fuel
of such
impact
higher
on our
impact
with expenditures
compared
prices
unsuccessful
have
also
on
prices
flows
for electricity
throughout
patterns
our
of operations
results
and/or
timing of
on
our business
our
impact
demand
in the
or cash
natural
Demand
natural
effect
internal
would
cyber
unauthorized
service
service
action
designed
third-party
party
the
be
other
by human error Cyber
disrupting
natural
as
of
could
systems
create
energy
and
and
systems
assets
to
customer
data
capabilities
facilities
well
as
of such
claims
or
third
and
distributing
existing
incident
security
an event
information
assets
may fluctuate
fourth
adverse
the
as
an impact
results
and
performance
fuels
significantly
reduce
operations
Our operating
party
measures
certain
could
prices
could
purchases
impact
regulatory
third
of
such
that
other
well
cyber
sources or of our
potential
security
of
impact
fuel
and
of operations Delays
results
to
projects
condition
technology
infrastructure
shareholders
technology
those caused
including
and
and
company
contractors
infrastructure
transmitting
financial
on our business
could
costs
incidents
security
including
information
facilities
our
information
sophisticated
we use our systems
dependents
our systems
in
improvement
anticipate
or failures
or those
incidents
security
also
assets
maintaining
effectively
the
by
penalties
gas
disability
be breached
Our
we
we maintain
these
storage
our generating
or capital
or other
e.g
costs
other assets
cyber
fuel
their
on
the
through
potentially
events
impacts
operation of
information
and
events
certain
on our business
of business
sensitive
employees
and
and corresponding
for natural
Although
our
caused
to quantify
incidents
course
As generation and transmission systems
to liability
unable
are
security
fuel
facilities
addition
the
distribution
limiting
continued
requires
of
impact
associated
effect
unforeseen
to
response
financial
and
material
ordinary
information
the
events
have
otherwise process
deliberate
or
infrastructure
pipeline
We
the
as
unintentional
construction
in the
regarding customers
harm our businesses by
could
that
industry
addition
Our generation transmission
physical
of such
could
in
operations
determine
in part
magnitude
breach
of and
use disclose store dispose
and personal information
the
security
infrastructure
will
plans
predict
regulated
highly
maintain day-to-day
to
continuity
or cyber
incident
cyber
able
are
of our business
and
and
winter and
weather
summer
commercial
significant
Accordingly
results
and
our
cooler
and
be
patterns
can
adversely
have
winter months
amount
the
of
have
summer
or cash
42
and can
heating
operations
in the
of operations
basis
flows
natural
for this
impact
product
are
generated
mild
winters
on
weather
our
cooling and
with
gas revenues
historically
Unusually
material
associated
demand
by milder
affected
depends
and
heating
heavily
recognized
less
operating
revenues
in the
and
summers could
upon
first
and
income
have
an
lB
Item
Unresolved
Comments
Staff
None
Item
Properties
of the
utility
of the
electric
all
Virtually
all
Virtually
Electric
plant
plant
NSP-Minnesota
and NSP-Wisconsin
PSCo and SPS
of
property
is
subject
is
subject
to the
to the lien of their
lien of their
first
first
mortgage bond
mortgage bond
NSP-Minnesota
Summer
Net
and
Location
Station
indentures
indentures
Stations
Generating
Utility
of
property
utility
Unit
2012
Dependable
MW
Fuel
Installed
Coal
1968
511
Unit
Coal
1976
680
Unit2
Coal
1977
682
Coal
1987
507
Nuclear
1971
554
Nuclear
1973
521
Nuclear
1974
519
1955-1960
232
Capability
Steam
A.S
Minn
King-Bayport
Unit
Minn
Sherco-Becker
Unit
Minn
Monticello-Monticello
Prairie
Unit
Minn
Island-Welch
Unit
Unit
Black
Minn
Dog-Burnsville
Various
Gas
Wood/Refuse-derived
Various
fuel
36
Turbine
Angus
Anson-Sioux
Black
Dog-Bumsville
Blue
Lake-Shakopee
High
Bridge-St
Inver
Hills-Inver
S.D Units
Mmii Units
Minn Units
Minn Units
Falls
Paul
Grove
Riverside-Minneapolis
Various
Coal/Natural
Units
locations
Combustion
Units
Heights
Minn
Minn
Units
Units
17 Units
locations
Natural
Gas
1994-2005
327
Natural
Gas
1987-2002
271
Natural
Gas
1974-2005
453
Natural
Gas
2008
534
Natural
Gas
1972
282
Natural
Gas
2009
470
Natural
Gas
Various
101
Wind
Grand
Meadow-Mower
Nobles-Nobles
County
Minn
County
Minn
134
67
Units
Units
Wind
2008
101
Wind
2010
201
Total
Based on NSP-Minnesotas
Agency
expenenced
Refuse-derived
This
net
fuel
is
capacity
dependable
ownership
made
is
oniy
available
capacity
is
of
failure
significant
from
59
of
municipal
when
In
percent
its
wind
nirbine
solid
November
generator
2011
and
Shinto
exciter
Unit
jointly
owned
systems See NoteS
to the
by NSP-Minnesota
consolidated
and Southern
financial
6982
Minnesota
statements
Power
Municipal
for further
discussion
waste
conditions
are
sufficiently
high enough
to
support
the
noted
values
generation
above
the
Therefore
on-demand
zero
NSP-Wisconsin
Summer
Net
Station
Location
and
Unit
Fuel
Installed
Steam
Wis
Bay Front-Ashland
French
Island-La
Combustion
Flambeau
French
Crosse
Units
Wis
Coal/Wood/Natural
Units
Wood/Refuse-derived
Gas
fuel
2012
Dependable
Capability
MW
1948-1956
56
1940-1948
16
Turbine
Station-Park
Island-La
Wheaton-Eau
Unit
Wis
Units
Wis
Wis
Units
Falls
Crosse
Claire
Natural
Gas
1969
Natural
Gas
1974
122
Natural
Gas
1973
290
12
Hydro
Various
locations
Refuse-derived
63 Units
fuel
is
made
Hydro
from
municipal
solid
waste
43
Various
135
Total
631
PSCo
Summer
Net
Location
Station
and
Fuel
Unit
Installed
2012
Dependable
MW
Capability
Steam
Cob
Cob
Units
Coal
1951-1955
144
Units
Coal
1957-1968
504
Unit
Coal
1973
325
Unit
Coal
1975
335
Unit
Coal
2010
511
Coal
1979-1980
Coal
1965-1976
237
Coal
1981
505
Coal
1964
184
Coal
1948-1954
Arapahoe-Denver
Cherokee-Denver
Cob
Comanche-Pueblo
Cob Units
Units
Hayden-Hayden Cob
Unit
Pawnee-Brush Cob
Valmont-Boulder
Cob Unit
Zuni-Denver
Cob Unit
Craig-Craig
Fort
Cob
Spruce-Aurora
St
Units
Cob
Vrain-Platteville
Various locations
Units
Cob
Mountain-Keenesburg
Rocky
60
Turbine
Combustion
Blue
83
Units
Units
Natural
Gas
2003
264
Natural
Gas
1972-2009
969
Natural
Gas
2004
580
Natural
Gas
Various
172
Hydro
1967
210
Hydro
Various
Hydro
Cabin
Cob
Creek-Georgetown
Pumped
Units
Storage
Units
Various locations
26
Wind
Cob
County
Ponnequin-Weld
37
Wind
Units
1999-2001
25
5134
Total
Cherokee
Unit
Based
on
PSCos
ownership
interest
of 67
Based
on
PSCos
ownership
interest
of 10 percent
Based
on
PSC0s
ownership
interest
mis
net
was
is
capacity
dependable
only
taken
out of
when
available
is
capacity
service
in
2011
October
Cherokee
Unit
wastaken
out
of
service
in
May
2012
of Unit
percent
of 76
percent
wind
conditions
of Unit
are
and 37 percent
sufficiently
high
of Unit
enough
to
support
the
noted
values
generation
above
Therefore
the
ss
Summer
Net
and
Location
Station
on-demand
zero
Fuel
Unit
Installed
2012
Dependable
Capability
MW
Steam
N.M
Cunningham-Hobbs
Jones-Lubbock
Texas
Maddox-Hobbs
N.M
Moore
Unit
Unit
Texas
Units
Texas
Texas
X-Earth
Combustion
Units
Units
County-Amarillo
Nichols-Amarillo
Plant
Units
Texas
Tobk-Muleshoe
Units
Texas
Harrington-Amarillo
Units
Coal
1976-1980
1018
Coal
1982-1985
1067
Natural
Gas
1957-1965
254
Natural
Gas
1971-1974
486
Natural
Gas
1967
Natural
Gas
1954
Natural
Gas
1960-1968
457
Natural
Gas
1952-1964
412
Natural
Gas
1968
Natural
Gas
1998
212
171
112
46
Turbine
Carlsbad-Carlsbad
Cunningham-Hobbs
N.M
N.M
Unit
Units
Jones-Lubbock
Texas
Unit
Natural
Gas
2011
Maddox-Hobbs
N.M
Unit
Natural
Gas
1963-1976
Total
Construction
of Jones
Unit
was
completed
in
2011
44
10
61
4306
Electric
Conductor
overhead
utility
and
underground
transmission
Miles
and
distribution
NSP-Minnesota
500KV
230
6388
than
Electric
115
utility
1568
7129
1737
KY
82963
transmission
and
distribution
substations
at
32090
mains
utility
NSP-Wisconsjn
3Legal
normal
Note
22067
PSCo
SPS
230
WGI
2236
2243
11
21542
Proceedings
course
the
426
PSC0
NSP-Wisconsin
9732
Additional
11479
73813
137
Distribution
of
4923
204
NSP-Minnesota
Transmission
Item
6805
9684
Dec 31 2012
at
Miles
estimate
1614
12228
Dec 31 2012
349
Natural gas
See
SPS
1152
NSP-Minnesota
the
Dec 31 2012
at
PSCo
281
Quantity
Item
miles
92
115KV
Less
conductor
1801
KY
138
in
NSP-Wisconsjn
161KV
In
measured
2917
KY
KY
345
lines
of business
probable
various
of
settlement
consolidated
financial
cost
and
lawsuits
or
other
claims have
arisen
for
disposition
such
Xcel
against
Energy Xcel
Energy
has recorded
claims and environmental
proceedings
an
matters
Information
13
to the
Item
and
Note
other
regulatorymatters
Item
4Mine
12
to
the
statements
consolidated
for further
financial
of
discussion
statements
for
legal
of proceedings
discussion
involving
See
and
rates
utility
Safety Disclosures
None
PART
5Market
Item
for Registrants
Common Equity
Related
II
Stockholder
Matters
and
Purchases
Issuer
of Equity
Securities
Quarterly
Xcel
of
Stock
sales
Inc.s
Energy
common
prices
common
shareholders
based
those
during
Data
on
the
stock
of record
NYSE
is
as
the
New
York Stock Exchange
Dec 31
2012
was
listed
of
Composite
on
Transactions
approximately
for the
quarters
NYSE The
73414 The
of
2012 and 2011
symbol
trading
following
and
are
the
the
dividends
quarters
2012
Low
High
Dividends
First quarter
27.93
25.92
0.2600
Second
29.12
25.89
0.2700
29.92
27.25
0.2700
28.34
25.84
0.2700
quarter
Third
quarter
Fourth
quarter
2011
Low
High
First
quarter
Second
Third
quarter
quarter
Fourth
quarter
45
is
Dividends
24.67
23.17
0.2525
25.39
23.38
0.2600
25.60
21.20
0.2600
27.78
23.48
0.2600
XEL
reported
The
high
declared
number
and low
per
share
Xcel
to
Inc.s
Energy
stock
preferred
the
is
financial
consolidated
The following
investment
in
and
each
On Oct 31 2011
on
vehicle
The EEl Investor-Owned
TSR
Dec 31 2007
Index
the
Among
stock
OF
Xcel
amount of common
redeemed
with
Stock
Price
reinvestment
includes 51
currently
COMPARISON
Inc
discussion of Xcel
Composite
and
the
on
Energy
common
on
Poors 500
Electrics
Xcel
for further
statements
Standard
the
restrictions
place
Incorporation
our cumulative
compares
Index
Electrics
of
Articles
outstanding
the
cumulative
Index
all
Inc.s
over
dividends
stock
its
dividend
last five
can
pay
See
when
Item
and Note
policy
of
total return
the
it
stock
preferred
the
fiscal
EEl Investor-Owned
years
assuming
$100
dividends
and
companies
broad
is
of
measure
industry
performance
CUMULATIVE TOTAL RETURN
YEAR
Energy
of
Energy
of
series
all
Inc
the
EEl Investor-Owned
and
the
SP
Electrics
500
200
i....
Ti
2007
2005
2009
XceI
$100
invested
Dec 31
on
2007
in stock
and
Energy
Inc
EEl Investor-Owned
SP
Electrics
500
Securities
Authorized
Information
Energy
Inc.s
required
Proxy
for Issuance
under
Item
Statement
for
2013
aSP
EFlFiectrks
including
2012
500
reinvestment of dividends
2008
2009
Fiscal
2010
years ending
2012
86
104
120
147
100
74
82
88
105
100
63
80
92
Compensation
Authorized
Annual
Meeting
for
148
108
109
94
Plans
Issuance
Under Equity Compensation
of Shareholders
46
Dec 31
2011
100
Under Equity
Securities
its
2011
2010
Inc
index
2007
Xcel
I0iergy
which
is
incorporated
Plans
is
contained
by reference
in
Xcel
UNREGISTERED
Purchases
SALES OF EQUITY
Securities
of Equity
The following
the
and
by the Issuer
provides information
table
12 of
to Section
Act
Exchange
about
Purchasers
Affiliated
our purchases
year ended
for the
AND USE OF PROCEEDS
SECURITIES
of
securities
equity
that
are
by Xcel
registered
Inc
Energy
pursuant
Dec 31 2012
Issuer
Purchases
of Equity
Securities
Maximum
or
Total
Number
Shares
Total
Number
of Shares
Period
Feb
Paid
Purchased
12012Jan
12012Feb
Jan
March
31 2012
29 2012
March
12012
12012Dec
April
31
31
as
Shares
of Publicly
Be
Announced
per
Dollar
Purchased
Part
Share
Plans
May
Purchased
or
of
Value
That
Yet
Under
the Plans or
Programs
Programs
26.69
17487
2012
Price
Average
of
Number
Approximate
26.42
700000
2012
Total
717487
XceI
Inc
Energy
The
XceI
Inc
Energy
of awards
vesting
one of
or
its
agents
periodically
purchases
common
shares
in
order
to
satisfy
under
obligations
the
Stock
Equivalent
Plan
for
Non-
Directors
Employee
Board
under
of
Directors
Xcel
the
approved
Inc
Energy
2005
the
repurchase
Long-Term
of up
to
700000
Plan
Incentive
of
shares
Purchases
common
were
stock
authorized
for the
be
to
issuance of
made
in
the
shares
open
itt
market
with
connection
pursuant
to
the
Rule
lOb-18
Item
Selected
Millions
of Dollars
Financial
Thousands
Data
of Shares
Except
Per Share
Data
2012
2011
2010
Operating
revenues
10128
10655
Operating
expenses
8306
8873
905
Income
Net
from continuing
operations
income
available
Earnings
Weighted
to
common
common
average
shareholders
shares
2009
2008
9644
11203
8691
8176
9812
841
752
686
646
905
841
756
681
646
905
834
752
677
641
10311
outstanding
Basic
487899
485039
462052
456433
437054
Diluted
488434
485615
463391
457139
441813
Earnings
per
from continuing operations
share
Basic
1.86
1.72
1.62
1.49
1.47
Diluted
1.85
1.72
1.61
1.49
1.46
Basic
1.86
1.72
1.63
1.48
1.47
Diluted
1.85
1.72
162
1.48
1.46
Earnings
per
Dividends
Total
share
declared
per
common
assets
Long-term
debt
Bookvaluepershare
Return
Includes
Sec
common
to fixed
earnings
capital
Exhibit
1.07
lease
equity
charges
1.03
1.00
31141
29497
27388
10144
8849
17.44
18.19
on average
Ratio of
share
10.4%
2.8
obligations
12.01
47
10.1%
2.8
0.97
0.94
25306
24805
9263
7889
7732
16.76
15.92
15.35
9.8%
9.5%
9.7%
2.7
2.5
2.5
Item
Managements
Segments and
Business
Continuing
Operations
Xcel
Inc
Energy
Dakota South Dakota
natural
the
Xcel
housing
and
Inc.s
nonregulated
and
Condition
Xcel
2012
In
company
gas customers
natural
Results of Operations
in portions
WGI
and
continuing
These
states
of
WYCO
Along with
facilities
Energys
in eight
serve customers
utilities
and Wisconsin
compression
continuing regulated
Energy
tax
Texas
storage
gas pipelines
comprise
and
electric
PSCo and SPS These
NSP-Wisconsin
North
holding
utility
serve
that
of Financial
Overview
Organizational
public
is
utility subsidiaries
and Analysis
Discussion
an
included
operations
utility subsidiaries
interstate
venture
formed
natural
gas
four
Mexico
with
and
these
company
pipeline
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activity
Minnesota New
CIG to develop
Colorado Michigan
joint
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NSP-Minnesota
are
lease
companies
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invests
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projects
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credits
Forward-Looking Statements
historical
for the
Except
2013
the
including
anticipate
should
are
made
cause
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actual
results
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delay
customer
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employee
Annual
NRC
work
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on
to
clean
overall
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time
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99.01
Exhibit
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foreign
and
degree
to
policies
those
settlements
filed
with
enters
the
SEC
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electric
and
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natural
entry
of
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of
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in
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actions
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or cost
Operations
interest
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geopolitical
affect
approval
Risk Factors
of
environmental
and claims
availability
financial
of
that
rates
to obtain
timing
effects
they
could
U.S economy
in the
and
date
that
inflation
has
impose
or the
Results of Continuing
the
down
initiatives
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subsidiaries
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weather
investigations
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extent
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as
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Energy
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ownership
by regulatory bodies
Factors Affecting
that
and
Xcel
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competition
costs
of
risk
where
unusual
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operation
which
affecting
imposed
in reports
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after
Inc
including
subsidiaries
legislative
asset
proceedings
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on
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statements
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speak
conditions
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occur
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competitive
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Inc
statements
of Xcel
policies
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document
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Energy
speed
items described
identified
general economic
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accounting
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agencies
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by Xcel Energy
to
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rating
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be
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on
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fair return
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Form 10-K and
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markets
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uncertainties
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differ
competition
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Actual
report
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and assumptions
expect
expressions
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growth
investment
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to
subject
estimate
to
business
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BPS
year
fluctuations
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we do not undertake
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believe
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contained
statements
statements
forward-looking
our regulated
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on
strategic
energy
at
businesses
utility
our
utility
plans
is
and
investments
designed
reasonable
price
to
provide our
Below
is
investors
discussion
strategy
48
with an
of our
three
attractive
primary
total return
and
our customers
objectives
and
how they support our
with
Obtain
holder alignment
stake
Successful
execution
initiatives
prior
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Delivering
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our transmission and
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Xcel
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outage
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public
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support
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believe
related
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for large
and
alignment
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stakeholder
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decisions
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Energy
legislative
uncertainty
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achieved
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our power
plants
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have
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at
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we
we
public
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conservation
and renewable
to
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our
regulated
2013
impactat
energy
programs
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that
percent
or
Xcel
investments
2014
and
safely
amount
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plan
amount
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expand
on time
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investment
capital
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sure
projects
base
rate
of approximately
rate
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Our
environment
make
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on
work hard
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and
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believe
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without
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filing
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and
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rate rider
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provide reasonable
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Energys
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provide
costs
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provide recovery
objectives
treatment
it
or
anticipate
debt
the
right
this
key
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last several
years
are
strategy
percent
to continue
Beyond
we
are
of
positioned
to deliver
Energy
combination
through
percent
percent
ratings
annually
in the
increase
to
to
in the
objectives
of
an
attractive
earnings
to
growth
total return
and
to
dividend
our
shareholders
yield
percent
and
percent
BBB
to
range
Our ongoing earnings have grown
2005 In addition our current
since
BBB
timeframe
flexibility to
are
rate
of
earnings growth
this
allow Xcel
to
credit
financial
3.3
subsidiaries
having
been
increases
these
2014
total return
EPS growth
annual
unsecured
believe
attractive
have
dividend
utility
plan should
strategic
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objectives
positioned
we
reduce
and
projects
in
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demand
customer
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investments
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utility
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achieved
2013
Therefore
meet
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with obtaining
of
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believe
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designed
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is
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requests
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in
improve
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utility
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billion
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grow
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our customers
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believes
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base
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phase
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Earn
our
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while providing
business
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projects
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our
for
cost
we
the
continue
to
range
of
percent
dividend
to
deliver
49
to
at
an
percent
rate
base
faster
rate
that
anticipate
attractive
approximately
senior
unsecured
and dividend growth
and
earnings
in the
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Financial
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The following
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future
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This
non-GAAP
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Results
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on
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periods presented
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income or
net
common
as
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shares
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of
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effect
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impact
notes
to
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as
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for the
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allocated
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Xcel
believes
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contribution
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The earnings and EPS of each
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Energy
liabilities
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projected
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and
assets
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shares
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liabilities as
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to evaluate
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are
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to evaluate
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traded
publicly
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diluted
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The following
Diluted
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accordance
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measure
useful
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diluted
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interest
calculated
is
average
with
conjunction
The only common equity securities
discussed below do not
subsidiary
weighted
cash
statements
financial
represent
focuses
management
by
analysis
of
results
condition
summarizes
table
Loss
Earnings
the
BPS
diluted
for
Xcel
Energy
Per Share
2011
2012
2010
PSCo
0.90
0.82
0.86
NSP-Minnesota
0.70
0.73
0.60
SPS
0.22
0.18
0.17
NSP-Wisconsin
0.10
0.10
0.09
0.04
0.04
0.04
1.96
1.87
1.76
0.14
0.15
0.14
1.82
1.72
Equity
Regulated
Xcel
of unconsolidated
earnings
continuing
utility
Inc
Energy
and
other
subsidiaries
operations
costs
Ongoing diluted earnings per share
drug
Prescription
per share
Earnings
Earnings
GAAP
Xcel
per
share
Energys
to
and
analysts
subsidies
provisions
of
retiree
benefits
per share
tax
1.85
1.72
1.85
1.72
1.61
0.01
ongoing
earnings provide
for reporting
results
meaningful
power Xcel
core earnings
Board
to the
of
of earnings
comparison
Energys
Directors
and
results
management uses ongoing
and when communicating
1.62
is
earnings
its
internally
outlook
earnings
to
Part
In
drag
health
equivalent
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care
costs
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third
quarter
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million
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This
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Energy
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2004
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As
2010
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allocation
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benefit
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In
retiree
GAAP
generate
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benefit.
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approximately
to
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analysis
GAAP
for prescription
2010 Adjustment
Medicare
to
drug
funding of Xcel
recognized
operations
operations
investors
2012 Adjustment
Prescription
believes
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1.62
001
0.03
settlement
per share
management
planning and
COLI
and
Part
from continuing
from discontinued
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financial
Medicare
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diluted earnings
representative
for
tax
2010
revenue
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Medicare
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extent
Part
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relating
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received
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the
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50
Care
legislation
Act
was signed
One of
by plan sponsors
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Energy
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that
expensed
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into
provisions
provide
law The law
reduces
retiree
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first
quarter
of
includes
the
prescription
$17
2010
deductibility
drug
million
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with
settlement
COLI
its
2010
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year
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$9.4
approximately
cash
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agreement
closing
In
of
Xcel
2010
Xcel
Xcel
settlement
Company
Energy
increases
and
PSCo
PSCos
effective
May 2012
due
ETR
to the
ongoing
the
of
and
expenses
SPS
depreciation
2011
Ice
Energy
electric
PSCo
of
The
electric
rates
partially
2012
SFS
expenses
and
ongoing
partially
were
2012
The
in
COLI
IRS
of account
related
final
million
$0.3
to
claims
all
COLI program
discontinued
were
of
2012
January
Ongoing
not
America
asserted
Under
by
the
terms
Insurance
Life
income
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earnings
reflect
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The
than
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Corp
offset
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The
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increases
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electric
expense
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utility
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of
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expenses
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due
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to the
taxes higher
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rate increases
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rate increase
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primarily
decline higher
rate increase
result
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during
an
to
by decreased
decrease
sales
2012
the
is
weather
offset
depreciation
electric
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due
primarily
partially
quarter
The
of milder
was
$0.03 per share
first
partially
2012
for
impact
increase
increase
the
during
share
the
OM
by higher
ETR
New Mexico
and
higher
year
for
flat
2012
Ongoing
were
earnings
positively
impacted
rate
by
expenses
$0.10
increased
normal
than
$0.04 per
per
summer
expense
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partially
subject
expenses
$0.01
effective
for
for
share
weather
2011
months
2011
Ongoing
Xcel
across
offset
by
and
share
first
for
quarter
decrease
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is
2011
The
2011
OM
in
due
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the
increase
the
2011
due
expenses
months
The
to
primarily
territories
and
and
June
expenses
summer
due
primarily
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OM
to higher
interim
incentives
program
and property taxes
electric
weather
in
expense
rates
higher
in the
and conservation
adjustments
higher
seasonal
year
temperatures
is
to higher
business
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the
due
rate increases
interest
depreciation
of
increase
Dakota
warmer summer
increased
implementation of
of warmer
regulatory
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service
Xcel Energys
other
and North
net of
and
for
earnings
Energys
impact
share
Minnesota
expense
of
favorable
$0.13 per
in
refund
depreciation
per
in the
to
The
and lower throughout
earnings increased
2011
OM
share
summer
taxes
property
NSP-Wisconsjn
offset
the
which
cases
Black
earnings were
ongoing
in the
higher
in early
rate increase
NSF-Wisconsin
of expense
reduction
proceeds
2012
for
rate
decreased
earnings
per
by
for
with
decreases
$0.04
earnings
NSP-Minnesota
by higher
depreciation
associated
dispute
statements
by Provident and Reassure
million
factors
weather
winter weather
offset
offset
of wanner
SPS earnings increased
retail
to
2007
the
PSCos
and
with Provident
with
million
share
per
share
agreement
These
increased
decreased
were
effective
offset
IRS
the
agreement
$25
various
positive
$0.08 per
sales
partially
ongoing
result
expense
NSP-Minnesota
to
2010
earnings
rates
related
on
Earnings
wanner summer
normal
2012
January
as
PSCo
seasonal
depreciation
rates
with
states
property
Texas
further
The higher margins were partially offset by
in
expected increases
taxes The increase
in expenses was largely
driven
by capital investment
various
2010
2012
Overall
margins
IRS
and property taxes
expense
earnings
with
Comparison
Inc.s
Energy
associated
paid $25
2010
in
these
offsetting
NSP-Wisconsins
effective
the
follow
and property taxes
expense
increases
settlement
of
than
depreciation
January
NSP-WLcconsin
of Xcel
finalized
lawsuit
$0.10
the
long-term power
warmer
ongoing
effective
EPS
Ongoing
increased
NSP-Minnesotas
Texas
was
increased
impact
of
impact
of
$0.05
expenses
unfavorable
SPS
2007
through
conclusion
earnings
and
expiration
PSRI As
by
and recognized
million
by
Partially
NSF-Minnesota
OM
$0.7
earnings
driven
OM
expense
with
settlement
managed
in principle
Inc PSCo and PSRI were
ongoing
margins
lower
and
2011
Overall
depreciation
2003
years
approximately
with
in electric
business
tax
for Certain Items
Adjusted
2012 Comparison
Ice
an agreement
received
Energy
Energy
in
resulting
Earnings
reached
PSCo reached
and
owned
were
of this review
Upon completion
PSRJ recorded
net non-recurring
tax and interest
charge of
in 2010
The Tax Court proceedings were dismissed in December 2010 and
January 2011 Upon
Xcel
covering
Inc
Energy
policies
Energy Inc PSCo and PSRI entered
into
Inc PSCo and PSRI against Provident in
Energy
the
million
2011
in
IRS
the
1993
Xcel
COLI
These
settlement during
dating
2007
During
program
revenues
partially
primarily
offset
by
due
higher
to
the
OM
property taxes
earnings increased
OM
expenses
and
$0.01
depreciation
per
share
expense
51
for
2011
The
increase
is
primarily
due
to
higher
electric
Changes
The following
Diluted
discussed
are
Loss
Earnings
GAAP
2011
summarizes
table
which
periods
EPS
Diluted
in
Lower
effective
Lower
conservation
Higher
AFUDC
tax
Higher
operating
Higher
depreciation
Higher
taxes
Diluted
DSM
expenses
COLI
diluted
gas margins
Higher
operating
and
DSPP
Dec.31
per share
taxes
Higher
conservation
Higher
depreciation
including
of
Millions
Ongoing
drug
income
GAAP
Diluted
1.62
vs 2010
0.04
benefit
and
plans
the
income
taxes
and
DSM
expenses
and
amortization
interest
and
2010
common
generally
offset
issuance
equity
in
reconciliation
revenues
of
preferred
tax
per share
of ongoing
1.72
and
GAAP
earnings
benefit
Medicare
and
Part
COLT
Prescription
tax
per share
Earnings
Earnings
per
share
diluted
Includes
the
earnings
per diluted
Medicare
from continuing
dividend
2011
on
and
Part
16.9
0.5
905.2
841.4
905.2
841.2
2011
Dec 31
756.4
4.5
751.9
COLI
settlement
1.62
0.01
0.03
1.85
operations
3.9
755.8
2010
1.72
1.72
1.61
0.01
operations
1.85
preferred
ended
2010
840.9
1.82
per share
requirements
years
888.3
2012
from discontinued
earnings
for the
0.2
per share
benefit
share
operations
Per Share
earnings
drug
and
settlement
operations
Loss
diluted
0.04
stock
2012
from discontinued
Earnings
0.08
0.06
0.05
0.04
premium on redemption
diluted earnings
provides
0.11
earnings
Ongoing
GAAP
0.01
per share
Dollars
continuing
Loss
1.61
operations
earnings
Prescription
Total
from continuing
expenses
and ongoing
table
1.62
0.01
operations
maintenance
than
other
Higher
following
1.85
0.44
natural
The
1.82
0.03
2011
Higher
GAAP
0.01
stock
per share
earnings
margins
2011
preferred
per share
settlement
electric
from
of
premium on redemption
Per Share
Higher
net
0.04
0.04
0.01
taxes
and
interest
Components of change
Other
0.05
amortization
income
earnings
and
Part
Dilution
0.03
expenses
from discontinued
share
2010 ongoing
revenues
0.01
maintenance
2010 diluted earnings per share
Medicare
in
0.02
diluted earnings
per
offset
generally
benefit
tax
Loss
Earnings
Earnings
vs 2011
0.15
and
diluted
GAAP
2010
1.72
charges
drug
prior
Dec.31
diluted earnings
GAAP
2012
and
EPS compared with
0.04
and
including
Prescription
diluted
rate
other than
2012 ongoing
in the
gas margins
interest
net
changes
Equity
natural
Other
to the
contributing
later
margins
Higher
Higher
detail
diluted earnings per share
2012
Components of change
Higher
components
significant
more
Per Share
and ongoing
electric
in
stock
52
1.72
1.62
Continuing
Regulated
Other
of
consist
operations
following
utility subsidiaries
summarizes
table
the
in the
operating
subsidiaries
nonregulated
The following
the
and
Xcel
natural
and
gas segments
Inc
of Xcel
contributions
earnings
and
electric
Energy
business
Energys
segments
rutrihiifmnc
of Dollars
Millions
2012
Regulated
electric
Regulated
natural
All
income
851.9
gas income
Inc
Energy
and
income
Total
Loss
other
costs
operations
from discontinued
17.9
32.4
66.9
67.3
60.3
905.2
Regulated
electric
Regulated
natural
Loss
Earnings
Per Share
Total
earnings
Discontinued
Total
The following
in
on
historically
financial
or
the
weather
used
in place
Energys
Normal
below
of
regulator
is
is
65
CDD
period
of
Note
16
affected
to
the
the
consolidated
the
0.08
0.14
1.85
1.72
1.61
1.72
1.62
statements
financial
revenue
individual
and
expense
hot
summers
items
in the
reported
of
which
humidity
commercial
as either
impact
on
the
65
in the
sales
as
cold
gas or
winters
increase
the
levels
affect
can
electric
of weather
electricity
from normal
based
customers
or
In
differs
process
defined above
are
extent
counted
is
Xcel
less
to
impact
53
To
derive
by
to
are
weather
of
below
which
the
the
to
on
average
Xcel
maintain comfortable
HDD
65
most
likely
daily
average
to
the
is
Fahrenheit
one cooling degree-day
service
rises
temperature
and each
degree
of
THI
is
territories
the
impact
of
measure
and cooling
usage
of Xcel
sensitive
actual
jurisdiction
calculate
the
falls
as
required
degree-days
Energys more humid
THI
and
30-year average
weather
setting
the
on
Fahrenheit
of energy
Heating
temperature
daily
CDD HDD CDD
20-year
rate
natural
weather
and humidity
degree-day
heating
to
in
amounts
estimate
average
weather
Industrial
the
to
in the
of normal
calculation
estimated volumes
weather
factor
used
above
one
customers
defined
in the
as
is
temperature
which
variation
counted
is
adds
are
to
extent
of temperature
degree
Fahrenheit
the
data
amount of
the
or
The estimated impact
sales
gas
demand perspective
and
average
and
natural
deviations
Accordingly
THI
Unusually
and
electric
variances
temperature
days
the
on
Earnings
reduces
an energy
Index
measure
Each
of time used
to
that
weather
customers
on each
based
conditions
in establishing
applied
mild
from both
based
the
and
residential
weather
historical
factor
CDD
Fahrenheit
temperature
in
on Regulated
Changes
Temperature-Humidity
in the
items
uses per degree of temperature
levels
65
0.04
0.15
stock
the
conversely
performance
indoor temperature
above
0.05
income
number
the
Energys
degree-days
results
segment
preferred
summarizes
of
while
on
customer
variation
other
all
of Temperature
sales
based
Degree-day
1.43
0.24
1.85
Included
discussion
gas
is
earnings
1.62
0.21
eq
diluted
requirements
segment
Impact
natural
1.74
0.20
0.01
statements
Estimated
Per Share
2010
Income Analysis
of
consolidated
Loss
Earnings
0.14
continuing operations
share
per
dividend
the
Statement
costs
share
per
reportable
Includes
other
Diluted
operations
earnings
Not
and
and
to
755.8
2011
gas
Inc
Energy
3.9
841.2
2012
other
Xcel
751.9
0.2
Contributions
All
841.4
905.2
Diluted
to
114.6
22.1
operations
Totalnetincome
Contributions
665.2
101.8
eq
continuing
income
2010
789.0
98.1
other
Xcel
Tnpnma
in
2011
historical
based
impact
on
weather
the
of weather
amount of demand
conditions
The
time period used by
associated
on
demand
with
the
the
demand
weather
The percentage
decrease
increase
in
normal
HDD
actual
and
vs
2012
HDD
CDD
Weather
normal
October
for the
Adjusted
2010
The following
sale
SPS
of
electric
1.0
37.9
0.2
29.9
6.1
assets
Sales
the
to
2011
vs
of
Texas
Lubbock
of tumperature
0.033
refined
Energy
EPS
on
fOr
Growth Decline
sales
for the
its
estimate
prior
The following
years ended
the
to incorporate
periods has been
tables
Dec 31
2012
vs
Normal
0.08
impact
normalized
city
estimated impact
the
gas
Xcel
3.5%
4.3
36.1
0.04
2012
14.8
vs
2010
23.4
electric
weather
2011
11.9
Total
In
vs
2010
Normal
5.7
2012
natural
vs
2011
table
following
38.1
Normal
Firm
2012
in the
provided
EPS compared with
on
variations
under
sales
conditions
weather
Retail
are
46.1
distilbution
summarizes
table
THI
Normal
15.9
THI
and
vs
2011
Normal
CDD
summarize
vs
2010
0.080
0.001
0.040
0.040
0.035
0.010
0.012
0.082
0.034
0.030
0.052
of weather
comparison
Xcel
with
compared
2011
vs
Normal
0.002
impact
for
adjusted
2010
vs
2011
the
demand
on
As
charges
the
result
estimated
purposes
Energys
sales
growth
and
for actual
decline
weather-
previous year
Dec 312012
Dc
Without
312012
Leap
Weather
Actual
Electric
residential
Electric
commercial
Total
Firm
electric
retail
natural
and
industrial
Actual
0.1
0.0
106
Normalized
1.2
0.2
0.0
0.3
sales
sales
gas
Normalized
1.0
01
Day
Weather
0.3
0.4
0.2
0.5
0.3
11.0
0.8
Dec 312011
Weather
Weather
Actual
residential
Electric
commercial
Total
Firm
electric
retail
natural
Adjusted
and
gas
October
Weather-normalized
Electric
and
revenues
uranium
used
these
expenses
2010
sales
percent
Revenues
Electric
sales
sales
for the
approximately
industrial
and
and
price
for
of
2013
for retail
SPS
are
electric
distribution
to
projected
firm natural
to the
assets
0.2%
0.5
0.3
0.0
0.7
0.4
0.1
0.6
0.9
2.5
N/A
city
of
Lubbock
grow approximately
0.5
Texas
percent
for
electric
retail
and
customers
and
purchased
generation of
fluctuations
have
power
electricity
little
expenses
but
impact
as
on
are
largely
impacted
of
design
result
electric
the
margin
by
of
the
fuel
The following
fluctuation
recovery
table
in the
details
the
of
price
mechanisms
to
natural
recover
Milliuns
of
Electric
fuel
Electric
2012
Dollars
revenues
decline
and purchased
power
margin
54
2011
gas
current
revenues
electric
margin
Electric
to
by
gas customers
Margin
fuel
in the
sale
Lubbock
Normalized
0.5%
Electric
Normalized
2010
8517
8767
8452
3624
3992
4011
4893
4775
4441
and
coal
The
Electric
Revenues
Millions
of Dollars
Fuel and
summarize
tables
following
the
of
components
the
in electric
changes
and
revenues
electric
for the
margin
vs
2012
purchased
cost
power
2011
394
recovery
Firm wholesale
Retail
sales
excluding weather
DSM
and
and
Transmission
Demand
offset by expenses
Mexico
South
Wisconsin
Dakota
North
Dakota
Minnesota
125
revenue
44
revenue
Conservation
Estimated
Other
revenue
impact
Colorado Texas New
rate increases
Michigan
13
DSM
and
incentive
12
of weather
impact
net
18
decrease
Total
Decrease
2012
58
decrease
Conservation
Retail
is
in electric
to the
of
expiration
Electric
This
expense
wholesale
long-term
revenues
decrease
was
decreased
by
the
with
Black
lower
fuel
agreement
due
primarily
offset
partially
sales
power
to
various
rate
increases
Hills
Corp
and purchased
across
Jan
effective
all
of
power
the
2012
cost
of Dollars
rate
2012
Colorado Texas New Mexico
increases
and
Michigan
Demand
South
Wisconsin
Dakota
North
2011
vs
Dakota
Minnesota
125
revenue
13
Transmission
revenue
Conservation
and
Estimated
of
net
DSM
costs
13
incentive
12
of weather
impact
Firm wholesale
Retail
sales
48
decrease
Conservation
DSM
and
weather
excluding
revenue
impact
offset
by expenses
net
Other
Total
13
increase
Decrease
2012
which
recovery
subsidiaries
utility
Margin
Millions
Retail
250
revenue
with 2011
in operating
Electric
due
primarily
Comparison
offset
Dec 31
ended
years
is
in electric
due
primarily
to
the
2011
to
Comparison
margin
118
of
expiration
The
wholesale
long-term
increase
in electric
sales
power
margin
was
with Black
agreement
due
primarily
to the
Hills
Corp
various
effective
rate
Jan
increases
2012
across
all
of
the
subsidiaries
utility
Electric
Revenues
Millions
of lollars
Revenue
Retail
2011
requirements
Transmission
revenue
Conservation
and
Trading
generation
subject
to
vs
refund
102
45
revenue
power
DSM
cost
offset
by expenses
31
recovery
19
18
incentive
14
PSCo renewable
increase
increase
retail
in electric
in
revenue
rate
revenue
energy
credit
19
19
sales
revenue
requirements
requirements
increases
2010
124
acquisition
net
These
The
and
including
Total
The
gas
of weather
impact
Conservation
Other
DSM
purchased
Estimated
PSCo
net of revenue
rate increases
Fuel and
for
include
are
315
for
partially
final
rates
PSCo
offset
in
generation
by higher
Wisconsin
reflects
the
of
acquisition
OM
expense
Texas
Minnesota
depreciation
and
55
North
the
Rocky
expense
Dakota
Mountain
property
and
taxes
Blue Spruce
and
financing
natural
costs
gas
facilities
in late
2010
is
2011
with
Comparison
and Blue
Mountain
and
revenues
Electric
natural
gas
increased
at
facilities
due
primarily
PSCo and
to
the
cost
retail rate increases
in
of
recovery
Minnesota
the
of
acquisition
the
Rocky
Texas North
Wisconsin
Dakota
Michigan
Margin
Electric
of Dollars
Millioni
Revenue
Retail
2011
requirements
DSM
and
Transmission
revenue
Estimated
impact
Conservation
Non-fuel
Other
2011
retail
and
20
rate
to
2010
The
Spruce
30
adjustments
for
PSCo
offset
rates
in
reflects
generation
by higher
Wisconsin
increase
OM
gas
margin
facilities
at
of
acquisition
expense
and North
was
due
natural
gas have
natural
to
gas
little
vary with changing
cost
recovery
effect
on
sales
mechanisms
natural
gas
requirements and
to
recover
the
current
margin The following
cost
financing
of
recovery
in
natural
gas
facilities
in late
natural
The following
the
of
acquisition
the
Texas North
of
cost
expenses
table
natural
details
and
sold
gas
the
components
of
the
changes
in natural
retail
gas revenues
and
margin
2010
1812
1783
1164
1163
648
and
due
natural
620
gas margin
for the
years
Gas Revenues
Natural
of Dollars
Millions
Purchased
natural
Estimated
impact
Conservation
PSIA
rider
Retail
rate
Other
net
2012
gas adjustment
DSM
Colorado
increase
which
17
offset by expenses
by expenses
29
Colorado Wisconsin
16
to
is
2011
26
revenue
offset
in natural
Comparison
recovery
vs
282
recovery
of weather
and
Total decrease
clause
2011
offset
in
275
gas revenues
Natural gas revenues
decreased
primarily
operating expense
56
due
to the
purchased
natural
to the
fluctuations
customers
gas revenues
2011
656
summarize
tables
to
natural
881
transported
However
gas purchases
for sales
Dec 31
ended
2010
costs
Wisconsin
Minnesota
1537
Natural gas margin
2012
and
2012
Natural gas revenues
Cost of
to the
rate increases
retail
of Dollars
Millions
and Blue Spruce
taxes
property
Dakota
primarily
PSCo and
Mountain
Rocky
the
depreciation
Minnesota
Texas
in electric
natural
the
expense
and Margin
gas tends
natural
of purchased
of
fuel
334
partially
final
and Blue
deferred
Michigan
of
cost
are
include
increases
and
margin
requirements
Gas Revenues
cost
31
costs
firm wholesale
requirements
Mountain
design
102
offset by expenses
14
revenue
in
revenue
Natural
The
124
refund
incentive
in electric
increase
Dakota
of
to
18
Comparison
Rocky
net
subject
2010
vs
acquisition
DSM
including
These
The
revenue
generation
of weather
and
increase
The
PSCo gas
riders
net
Total
for
net of revenue
increases
rate
Conservation
the
2010
Spruce
gas adjustment
clause
in
Natural
Gas Margin
Millions
of Jollars
2012
PSIA
rider
Retail
rate increase
Estimated
Colorado
Other
2012
29
16
of weather
DSM
and
increase
revenue
in natural
offset
26
17
by expenses
increased
gas margins
primarily
impact
Return
PSCo gas
PSIA
rider
which
is
offset
in operating
expense
on
vs
2010
by expenses
13
in storage
clause
gas adjustment
decrease
Conservation
offset
Colorado
natural
sales
revenue
of weather
rate increase
Purchased
DSM
and
recovery
weather
excluding
impact
incentive
net
Other
Total
2011
increase
in natural
to
Comparison
Minnesota
and
__________
gas revenues
2010
Natural
weather
colder
in
29
gas revenues
2011
at
increased
primarily
due
to
higher
conservation
and
DSM
rates
at
NSP
PSCo and NSP-Minnesota
Gas Margin
Natural
Millions
of Dollars
Conservation
impact
Return
PSCo gas
on
revenue
offset
2010
by expenses
13
of weather
Retail
rate increase
Retail
sales
in storage
Colorado
decrease
Conservation
vs
2011
DSM
and
Estimated
excluding
DSM
and
weather
impact
incentive
net
Other
Total
increase
in natural
Comnparison
to
NSP-Minnesota
Non-Fuel
or 4.0
Operating
Millions
Natural
Expenses
2011
28
in
2011
and Other
expenses
compared
increased
gas margins
coder weather
OM
for
percent
gas margin
2010
and
OMExpenses
increased
with
2010
at
primarily
$35.8
million
The following
or 1.7
percent
tables
summarize
Island
costs
and
Other
net
Total
higher conservation
and
for
2012
the
compared
changes
in
with
OM
2011
and
vs
2011
11
EPU
10
costs
17
10
labor
contract
increase
in
OM
DSM
by $83.0
expenses
20
expense
Labor
to
36
integrity
generation
debt
due
2012
SmartGridCity
Prairie
to increased
rates
Items
benefits
system
Pipeline
due
PSCo and NSP-Minnesota
of Dollars
Employee
Bad
to the
2011
DSM
and
Estimated
Plant
due
of Dollars
Conservation
Retail
Natural
Gas Revenues
Millions
Retail
gas margin
2011
to
Comparison
Natural
at
2011
net
Total
2011
vs
by expenses
Colorado Wisconsin
impact
Conservation
offset
12
expenses
36
57
million
2012
to
Comparison
2011
Higher
employee
Higher
pipeline
recovered
system
the
through
See Item
Island
Lower
plant
increase
OM
in
mainly due
are
costs
integrity
and Note
12
to
increased
pension
increased
to
driven
largely
the
by
following
expenses
and
compliance
which
initiatives
inspection
Colorado
in
are
rider
integrity
financial
consolidated
the
was
2012
for
expenses
to
relate
system
pipeline
Business
Prairie
for further
statements
of SmartGridCity
discussion
and
EPU
costs
generation
fourth
Higher
The
benefits
are
and
labor
quarter
attributable
primarily
labor
contract
costs
fewer
to
are
overhauls
plant
driven
largely
2012
in
and
by vegetation management
substation
maintenance
2011
of Dollars
Millions
plant
generation
Higher
labor
and
contract
labor
Higher
employee
benefit
expense
Higher
nuclear
insurance
Higher
2011
Higher
higher
Higher
nuclear
is
expense
2011
Jones
service
service
due
offset
the
in
and
due
the
in
due
2011
several
Nobles
to
$3
2010
settlement
electric
Taxes
other
due
an
to
than
income
increase
Income
settlement
business
retail
in
2011
Net
in July
are
taxes
increased
for property
Other
income
$42.9
taxes
net
or
EPU
system
depreciation
Minnesota
the
million
or
$21.9
into
the
of
impact
taxes
12.9
million
2010
58
for
into
for
2011
are
to
well
7.4
as
the
recovered
generally
the
encourage
order
reduces
reduce
to
peak
serves
emissions
in
June
2010
with
The
2011
to
higher
of
2010
and
normal
by approximately $30
territories
This
increase
the
acquisition
of
expansion
system
in the
million
in
EPU
Monticello
the
in late
2011
service
2010
with
compared
NSP-Minnesota
at
Energys
portion
2012
for
percent
May
compared
including
two
The
fourth
case
$34.1
2011
in
in
Xcel
across
million
Minnesota
for
million
or 4.0
operations
service
in
as
expenses
service
2011
service
rate settlement
percent
$29.6
million
increased
in
compared
program
going
rate
million or
rates
designed
patterns
2011
for
the
expense
primarily
are
$20.9
rider
expenses
capacity
plant
expansion
electric
multi-year
of approximately
decreased
and
in service
customers
commercial
commencing
program
$35.4
percent
into
going
decreased
usage
percent
increased
or 3.7
million
programs
recover
Monticello
projects
the
energy
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12
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generation and
members
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Midwest
in the
electric
are
structure
approved
investment
factors
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capital
utility
Energy
SPP NSP-Minnesota
of
mechanisms See Note
12
discussion
Inc.s
Energy
markets
regional
charges
for further
Xcel
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and
services
other
costs
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are
plant
depending
results
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Inc.s
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The
NSP-Minnesota and NSP-Wisconsin
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In
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Market
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In
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addition
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$263
million
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2012
$265
million
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2011
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million
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2010
Energy
materials
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rates
fluctuate
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$180
million
$473
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Item
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Additionally
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$48
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See
Note
13
to
the
consolidated
financial
statements
for
further
discussion
of Xcel
Energys environmental
contingencies
Inflation
Inflation
potential
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gas
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at
its
future
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services
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in
61
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
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cash
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as
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proceeds
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2011
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2012
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$100
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Millions
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2010
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payments
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2011
2011
partially
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2012
of long-term
2010
205
350
increased
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long-term debt
existing
Net cash
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2011
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and
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termination
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the
EPU
Actual
of Dollars
Millions
for the
Prairie
years
Island
Forecast
2012
2013
2014
2015
2016
2017
By Subsidiary
NSP-Minnesota
1018
1395
1135
910
925
887
1075
1000
850
800
840
PSCo
SPS
1080
389
490
400
305
300
345
155
180
240
245
230
235
2775
2310
2255
2500
NSP-Wisconsin
WYCO
15
Total
expenditures
capital
2450
By Function
Electric
3155
2012
2013
2014
2015
2016
2017
generation
772
1025
710
550
465
Electric
transmission
734
1010
870
650
635
770
Electric
distribution
486
515
525
525
535
545
247
355
Natural
gas
Nuclear
fuel
Other
Total
capital
expenditures
expenditures
major
Natural
gas
Nuclear
fuel
Total
The
transmission
capital
capital
legislative
compliance
corporate
pipeline
320
100
140
145
158
155
150
150
155
3155
projects
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life
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future
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of Xcel
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environmental
the
due
to
are
subject
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availability
requirements
2017
1555
1600
345
235
90
15
320
415
1755
245
260
175
295
140
100
140
170
190
130
135
53
95
155
100
140
145
50
60
50
to
270
3155
continuing
in electric
and
2016
1610
350
of purchased
RPS
2015
2500
1710
39
Energy
2014
150
2255
179
2450
expenditure programs
2310
170
extension
expenditures
2775
2013
1720
project
increases
capacity
expenditures
325
155
189
CapX2O2O transmission
Nuclear
335
95
2012
capital
PSCoCACJA
Other
365
53
2450
By Project
Other
570
and
merger
strategies
69
review
natural
power
2775
gas
and
acquisition
modification
projected
alternative
and
2310
plans
load
for
divestiture
Actual
growth
meeting
50
2255
2500
construction
utility
regulatory
decisions
long-term energy
opportunities
to
support
needs
Contractual
obligations
obligations
and
and
Notes
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Obligations
and
13
other
commitments
other
commercial
to the
consolidated
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In
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Dec 31 2012
at
its
capital
See
statements
the
of
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312011
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31
2012
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long-term
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at
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regulatory
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In
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Inc NSP-Minnesota NSP-Wisconsin PSCo and SPS
Dec 31 2012 approximately $5.7 million of cash was held
Energy
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Months
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period end
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602
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Twelve
Twelve
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As of Feb
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441.0
359.0
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359.4
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1.0
697.0
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5000
257.2
242.8
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275.0
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Dec 312011
312012
147.8
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The money
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2042
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However
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to
repay
due
short-
Plans
Financing
construction
During
Xcel
Xcel
2013
and
its
may
PSCo may
approximately $500
SPS may
Financing
plans
issue
are
issue
of
on
depending
first
first
refinance
to
of
bonds
mortgage
in the
in the
short-term
fund
debt
corporate purposes
of
half
cash
half
first
of
half
first
first
internal
expenditures
capital
bonds
in the
bonds
general
following
mortgage
first
mortgage
for other
the
issuing
maturities reduce
retiring
and
acquisitions
million
of
million
million
$100
change
to
asset
anticipate
S400
approximately
approximately
subject
fund
subsidiaries
utility
NSP-Minnesota
issue
securities
equity
in subsidiaries
equity
Inc and
Energy
debt
issues
Energy
infuse
programs
of
2013
2013
2013
generation
market
and
conditions
other
factors
Credit
Access
RaEings
credit
due
metrics
to
Off-Balance-Sheet
Xcel
to
have
operations
Earnings
Xcel
reasonably
of
levels
high
priced
markets
capital
expenditures and
capital
in part
dependent
is
on
SPS by one notch
Moodys downaded
2012
The outlook
lag
regulatory
and
credit
based
on
ratings
the
2011
In
expected
Moodys placed
of SPS
moderation
now stable
is
Arrangements
does
Energy
likely
to
On Oct
outlook
SPS on negative
not have
current
liquidity
off-balance-sheet
any
or future
on
effect
expenditures or
capital
condition
changes
resources
that
capital
than those
other
arrangements
financial
material
is
disclosed
currently
in financial
condition
that
revenues
or
have
or
are
expenses
reasonably
results
Guidance
Energys
2013
earnings guidance
Constructive
outcomes
Normal weather
in
case
rate
all
are
patterns
$1.85
is
retail electric
Weather-adjusted
retail
and
for certain
per share
are
sales
gas
related
to
2013 earnings
are
detailed
year
to
projected
been
grow approximately
to
projected
are
have
projects
Key assumptions
proceedings
regulatory
for the
sales
utility
firm natural
recovery
$1.95
to
experienced
Weather-adjusted
Rider revenue
rolled
decline
into
base
0.5
percent
by approximately
rates
therefore
percent
the
change
is
no
longer
meaningful
OM
are
expenses
Depreciation
Interest
are
expense
The ETR
is
7A
Quantitative
See Item
incorporated
Item
See
Financial
Item
See Note
15-1
17
to
for
the
an
is
to
and
to
to
approximately
increase
is
to increase
equivalents
Qualitative
projected
34
percent
projected
About
Disclosures
to
$35
$85
million
to
$30
million
$15
over
percent
million
decrease
to
approximately
are
to
percent
million
approximately
be approximately
and
$75
increase
AFUDC debt
projected
stock
increase
projected
projected
projected
common
Average
is
net of
AFUDC equity
to
projected
expense
Property taxes
Item
of
investors
to
over
$40
million
million
to
2012
$20
to
over
$35
million
index of
and
Supplementary
financial
consolidated
financial
statements
to
be
approximately
Market
490
Risk
Data
for
over
million
included herein
statements
2012 levels
million
from 2012
2012
levels
500
million
levels
36 percent
to
by reference
Statements
2012 levels
levels
summarized
74
quarterly
financial
data
to
shares
below
Management
Report on Internal Controls
The management
Xcel
reporting
and
management
All
be
internal
31
can
2012
Xcel
Xcel
Energy
reporting
Energy
Inc.s
Their
IS BENJAMIN
Benjamin
Chairman
G.S
no
management
this
COSO
Commission
directors
systems
making
In
of
is
internal
how
G.S
Fowke
well
designed
control
auditors
with
the
criteria
Integrated
over
have
financial
issued
an
and
to
designed
and
preparation
effectiveness
used
Control
internal
independent
report
President
in Internal
Inc.s
the
it
the
assurance
assessed
assessment
was
system
regarding
matter
for establishing
responsible
control
provide only reasonable
Inc
Energy
2012
Inc
Energy
Inc.s
board
control
effective
Xcel
of Xcel
Energy
Over Financial Reporting
have
fair presentation
inherent
to
respect
of Xcel
set forth
reporting
is
report
the
Based
on
effective
on
the
control
our assessment
on
those
Energy
Inc.s
those
and
over
of Sponsoring
based
Xcel
even
we
over
Energy
financial
Inc.s
statements
financial
preparation
internal
Committee
control
Xcel
to
assurance
Therefore
statement
Inc.s
Energy
by
internal
adequate
of published
limitations
financial
Framework
audit
maintaining
provide reasonable
determined
systems
financial
reporting
Organizations of
believe
that
as
the
of
III
ISI
III
and
TERESA
Teresa
Chief Executive
Officer
control
over
financial
Feb 22
75
MADDEN
Madden
Senior Vice
Feb 22 2013
President
2013
of
Dec 31
appears herein
FOWKE
as
and Chief
Financial
Officer
Dec
Treadway
criteria
internal
to
presentation

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