#1Xcel Energy® 089 FACT BOOK DANGER 000 BUILDING THE FUTURE 2023 INVESTOR FACT BOOK - OCTOBER 2023#2Company Description Minnesota North Dakota South Dakota Service Area Colorado Minnesota North Dakota New Mexico Texas South Dakota Wisconsin Michigan Wisconsin Michigan Colorado New Mexico Texas Xcel Energy is a major U.S. electric and natural gas company, with annual revenues of over $15 billion. Based in Minneapolis, MN, Xcel Energy operates in eight states. The company provides a comprehensive portfolio of energy-related products and services to 3.8 million electricity customers and 2.1 million natural gas customers. This book is intended only to be a summary of certain statistical information with respect to Xcel Energy and its subsidiaries. It should be read in conjunction with, and not in lieu of, the company's reports, including financials and notes to financials filed with the Securities and Exchange Commission (SEC). Refer to Xcel Energy's 2022 Form 10-K report to the SEC for more information. Some of the sections in this book contain forward-looking statements such as those regarding our 2023 and 2024 earnings per share guidance and assumptions, long-term earnings per share growth, dividend increases, dividend payout ratios, and capital expenditure forecasts, that involve risks, uncertainties, and assumptions. For a discussion of factors that could affect operating results and cause actual results to differ from those projected, please see the Item 1A - Risk Factors and Exhibit 99.01 in Xcel Energy's Form 10-K report to the SEC. The report can be found at xcelenergy.com, Investor Relations. The forward-looking statements contained in this book speak only as of October 27, 2023, and we expressly disclaim any obligation to update any forward-looking information. This summary is not intended for use in connection with any sale, or offer to sell, or solicitation of any offer to buy securities. Inquiries concerning this summary should be directed to: Investor Relations Paul Johnson Vice President, Treasurer & Investor Relations [email protected] 612-215-4535 Roopesh Aggarwal Senior Director, Investor Relations [email protected] 303-571-2855 Darin Norman Investor Relations Consultant [email protected] 612-337-2310 xcelenergy.com Our free investor relations app can be found in the app stores. Content Xcel Energy... 2-28 Northern States Power Company - Minnesota (NSPM)... .29-38 Northern States Power Company - Wisconsin (NSPW) .39-48 Public Service Company of Colorado (PSCO) .49-58 Southwestern Public Service Company (SPS).. .59-67 • Dividend payout ratio target of 60-70% • Maintain senior secured debt credit ratings in the A range Financial Objectives Long-term EPS growth of 5-7% • Annual dividend increases of 5-7%#3Company Overview Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. 2022 GAAP and Ongoing (diluted) EPS of $3.17 (net of -$0.29 impact from Xcel Energy Inc. and other costs) Northern States Power Company - (NSPM) Territory: MN, ND, and SD • 2022 Ongoing EPS Contribution: $1.23 • Electric Customers: 1.5 million • Natural Gas Customers: 0.5 million • Electric Generating Capacity: 8,949 MW • Natural Gas Storage Capacity: 17.1 Bcf • Total Assets: $23.7 billion Northern States Power Company - (NSPW) Territory: WI and MI • 2022 Ongoing EPS Contribution: $0.23 • Electric Customers: 0.3 million • Natural Gas Customers: 0.1 million • Electric Generating Capacity: 548 MW • Natural Gas Storage Capacity: 4.3 Bcf • Total Assets: $3.4 billion Public Service Company of Colorado (PSCo) Territory: CO • 2022 Ongoing EPS Contribution: $1.33 • Electric Customers: 1.6 million • Natural Gas Customers: 1.5 million • Electric Generating Capacity: 6,151 MW • Natural Gas Storage Capacity: 32.1 Bcf • Total Assets: $23.6 billion Southwestern Public Service Company (SPS) Territory: TX and NM • 2022 Ongoing EPS Contribution: $0.64 • Electric Customers: 0.4 million • Electric Generating Capacity: 5,249 MW • Total Assets: $9.7 billion WYCO Development LLC (50/50 joint venture with Colorado Interstate Gas Company that develops and leases natural gas pipelines, storage, and compression facilities) WestGas InterState, Inc. (interstate natural gas pipeline company) See page 4 and note 1 in our 2022 year end earnings report for more information about our use of non-GAAP numbers The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. The diluted earnings and EPS of each subsidiary discussed here do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole. Ongoing diluted EPS for Xcel Energy and by subsidiary is a financial measure not recognized under GAAP. Ongoing diluted EPS is calculated by dividing the net income or loss attributable to the controlling interest of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. We use this non- GAAP financial measure to evaluate and provide details of Xcel Energy's core earnings and underlying performance. We believe this measurement is useful to investors in facilitating period over period comparisons and evaluating or projecting financial results. This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP. 3#4Investor Fact Book October 2023 | Xcel Energy Financial Highlights Dollars in Millions, Except Per Share Data 2022 2021 2020 2019 2018 Operating revenues Operating expenses $15,310 $13,431 $11,526 $11,529 $11,537 $12,882 $11,228 $9,410 $9,425 $9,572 GAAP net income Ongoing earnings (a) $1,736 $1,597 $1,473 $1,372 $1,261 $1,736 $1,597 $1,473 $1,372 $1,261 GAAP diluted EPS $3.17 $2.96 $2.79 $2.64 $2.47 Ongoing diluted EPS (a) $3.17 $2.96 $2.79 $2.64 $2.47 (a) See table below for reconciliation of ongoing earnings to GAAP earnings Reconciliation of Ongoing Earnings to GAAP Earnings 2022 2021 2020 2019 Ongoing earnings $1,736 $1,597 $1,473 $1,372 2018 $1,261 Adjustments Total GAAP earnings $1,736 $1,597 $1,473 $1,372 $1,261 2022 2021 2020 2019 2018 Ongoing diluted EPS Adjustments GAAP diluted EPS $3.17 $2.96 $2.79 $2.64 $2.47 $3.17 $2.96 $2.79 $2.64 $2.47 Amounts may not sum due to rounding Xcel Energy's management believes that ongoing earnings reflects management's performance in operating the company and provides a meaningful representation of the performance of Xcel Energy's core business. In addition, Xcel Energy's management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors and when communicating its earnings outlook to analysts and investors. Total Shareholder Return Periods ended December 31, 2022 Xcel Energy 300% 250% Peer Group Average EEI Investor-Owned Electrics S&P 500 200% 150% 100% 50% 6.5% 2.1% 1.2% -18.1% 19.9% 13.9% 17.1% 24.8% 0% One-Year 67.9% 54.4% 52.7% 56.9% 190.9% 261.4% Three-Year Five-Year Ten-Year 180.5% 226.5%#5Investor Fact Book October 2023 | Xcel Energy Robert C. (Bob) Frenzel Chairman, President and Chief Executive Officer Xcel Energy Bob Frenzel is chairman, president and chief executive officer (CEO) of Xcel Energy, one of the largest public utilities in the country. The Fortune 300 energy company, headquartered in Minneapolis, serves utility customers in parts of eight states, providing electricity to 3.8 million customers and natural gas service to 2.1 million customers. In 2018, Xcel Energy was the first company to announce a vision to produce carbon-free electricity by 2050. Prior to becoming CEO, Frenzel served as president and chief operating officer (COO), where he led Xcel Energy's four utility operating companies, as well as the transmission, distribution and natural gas operations. Previously, he served as chief financial officer, where he led the finance, tax, accounting, and corporate development functions of Xcel Energy and its subsidiary companies. Frenzel joined Xcel Energy in 2016 from Energy Future Holdings, Inc., where he served as senior vice president and chief financial officer for Luminant, its competitive power generating subsidiary, and prior to that, senior vice president of Strategy and Corporate Development. Frenzel previously worked as vice president in the investment banking division of Goldman Sachs, following his tenure as a manager and senior consultant in the strategy, finance and economics practice at Arthur Anderson. After college, he served in the United States Navy for six years, working as a nuclear engineering officer and weapons officer. Following active duty, Frenzel served in the Navy Reserves and was promoted to lieutenant commander. Frenzel earned his bachelor's degree in industrial engineering from Georgia Tech and his master's degree in business administration from the University of Chicago Booth School of Business. He also graduated from the U.S. Navy's Nuclear Power School. Frenzel serves as Chairman of the Audit Committee of Patterson Companies, Inc. and Chairman of the Governance Committee of the Children's Theatre Company. LO 5#6Investor Fact Book October 2023 | Xcel Energy Tim O'Connor Executive Vice President and Chief Operations Officer Tim O'Connor is executive vice president and chief operations officer for Xcel Energy. He is responsible for all generation assets within Xcel Excel and its jurisdictions, including nuclear, fossil, hydro and renewables, along key operations functions to deliver energy to our customers, including transmission, distribution and natural gas. O'Connor also oversees the enterprise supply chain and commercial operations, which include fuels and energy markets. He was appointed executive vice president and chief generation officer in 2020. O'Connor was appointed senior vice president and chief nuclear officer for Xcel Energy in 2012. He was responsible for nuclear strategic direction, business plans, finance, and operations for the company. That includes corporate, the operations of the Monticello and Prairie Island nuclear generating plants, and the decommissioning and nuclear fuel storage. In June 2012, he was appointed vice president of corporate engineering/nuclear regulatory compliance and licensing for the nuclear fleet after five years as Monticello site vice president. O'Connor has nearly 40 years of commercial nuclear experience with both boiling water and pressurized water reactors. During that time, O'Connor has held a variety of senior leadership and executive leadership positions in several utilities and sites and variety of complex situations. This also included a position with the Institute of Nuclear Power Operations (INPO) as a Nuclear Plant Evaluation Team Manager on a reverse loaned assignment. O'Connor received his mechanical engineering degree from Marquette University in Milwaukee, WI and has completed several executive business programs with the Chicago Kellogg School of Business and with GAP International. He also serves on numerous industry committees. 60#7Investor Fact Book October 2023 | Xcel Energy Amanda Rome Executive Vice President and Group President, Utilities and Chief Customer Officer -- Amanda Rome is Executive Vice President, Group President Utilities and Chief Customer Officer with responsibility for the overall strategy and execution of each of Xcel Energy's four operating companies as well as the customer-facing organizations including Clean Transportation, Customer Solutions and Innovation and Customer Care. In her previous role as Chief Legal and Compliance Officer, she was responsible for the company's law department and overall legal strategy. Previously she served as vice president, deputy general counsel where she led the company's Regulatory, Commercial and Environmental Groups across all jurisdictions. Rome was previously the head regulatory attorney for Xcel Energy nationwide with responsibility for all federal and state regulatory jurisdictions. Rome started at Xcel in 2015 as the lead regulatory attorney for Xcel Energy's northern jurisdictions. Prior to joining Xcel Energy, she worked as a federal court litigator at Winston & Strawn in Chicago and Faegre Baker Daniels in Minneapolis. Rome has served on several Boards, including the Executive Boards of Twin Cities Diversity in Practice and the 2022 Women's Basketball Final Four. Rome currently serves on the Advisory Board of the University of Idaho Energy Executive Course. Rome also serves on the Board of Directors for Energy Insurance Mutual. Rome attended Penn State University where she was the starting outside hitter on a Penn State Women's Volleyball team that won the Division I National Championship. After graduating from Penn State, Amanda received her law degree from the Georgetown University Law Center. Brian Van Abel Executive Vice President and Chief Financial Officer Brian Van Abel is executive vice president and chief financial officer (CFO). He leads the finance functions of Xcel Energy and its subsidiary companies, which includes the Controller's Office, Treasury, Tax, Financial Planning & Analysis, Investor Relations and Corporate Development. He also leads the company's Innovation and Transformation Office. Prior to being named CFO in 2020, Van Abel served as senior vice president of Finance and Corporate Development. In that role he was responsible for developing the short- term and long-term financial plans of the company and executing on acquisitions and divestitures. Prior to that, Van Abel held the role of Vice President and Treasurer in which he was responsible for the financial integrity of the company by managing the capital structure and ensuring the company maintained sufficient liquidity. His work experience prior to Xcel Energy includes four years of management consulting in the retail banking sector where he advised financial institutions on a wide range of engagements. Van Abel earned a Master of Business Administration degree with emphasis in finance from the University of Michigan in 2010 and a Bachelor of Arts degree in economics from Dartmouth College in 2004. Brian serves on the board of Avivo, a non-profit focused on well-being through recovery and career advancement while working to end homelessness, and Wild Rivers Conservancy, a non-profit focused on conservation, water quality protection and watershed stewardship in the St. Croix River Valley. 7#8Investor Fact Book October 2023 | Xcel Energy Patricia Correa Senior Vice President, Human Resources & Employee Services, Chief Human Resources Officer Patricia Correa is senior vice president, Human Resources & Employee Services and Chief Human Resources Officer. Her areas of responsibility include Human Resources, Workforce Relations, Safety, Enterprise Learning and Technical Training, Aviation Services, Property Services, and Corporate Giving. Patricia joined Xcel Energy's leadership team in 2022 after serving as senior vice president, Human Resources, for the Industrial Sector at Eaton. In this role, Patricia was responsible for owning and leading programs that build the organizational capabilities and effectiveness of the sector, shaping an inclusive and trusting culture, and architecting programs that develop leadership capabilities and the talent pipeline. Patricia has extensive experience building high-performance teams and is a pragmatic business leader with a proven track record in leading and supporting large and complex organizations. Prior to joining Eaton, Patricia was senior director, Talent and Organizational Development, for Kellogg's, where she led strategic imperatives for the regions including talent, leadership development, change management and culture- building programs. She also worked for Pepsi Americas, Inc., for nearly nine years, where she held various strategic human resources roles of increasing responsibility. Patricia holds a bachelor's degree in Liberal Arts from The University of Illinois at Chicago and has continued to expand her learning through post-graduate courses in strategic leadership, organizational development and human resources management. 80 Peter Gardner Senior Vice President and Chief Nuclear Officer Peter (Pete) Gardner was appointed senior vice president and chief nuclear officer for Xcel Energy in March 2020. He is responsible for Xcel Energy's nuclear strategic direction, business plans, finance and operations in the various operating jurisdictions for the company. Currently that includes corporate, the operations of Monticello and Prairie Island Nuclear Generating plants, decommissioning and nuclear fuel storage. Gardner joined Xcel Energy in October 2013, as the director of site operations for the Monticello plant. He held the position of vice president of nuclear fleet ops governance & oversight & performance improvement from 2017 to 2020 and held the position of Monticello vice president from January 2014 until 2017. Pete has more than 36 years of diverse experience in the nuclear industry. Prior to Xcel Energy, he held the positions of plant manager, operations director and several other management roles at Exelon Corporation. He performed an on-loan rotation from Exelon to the Institute of Nuclear Power Operations and acted as an organizational team leader, visiting several domestic plants. Gardner graduated from Saint Joseph's University with an MBA in Finance, and also from Widener University with a BS in Engineering, and from Penn State University with a degree in Nuclear Engineering. He received a Senior Reactor Operator License from Limerick Generating Station and serves on several industry committees.#9Investor Fact Book October 2023 | Xcel Energy Alice Jackson Senior Vice President, System Strategy, Chief Planning Officer Alice Jackson is senior vice president, System Strategy, and chief planning officer for Xcel Energy. Jackson leads the company's Integrated System Planning organization, to focus on developing and executing integrated plans for generation, transmission and distribution on the electric and natural gas systems to meet the company's vision to deliver net-zero energy by 2050 while preserving reliability and affordability for customers. Prior to that role, Alice served as president of Xcel Energy - Colorado from 2018 to 2022. She was responsible for all aspects of the Colorado operating company, including state and local regulatory and government affairs, along with customer and community relations and charitable giving efforts in the state. Previously, Jackson was area vice president of Strategic Revenue Initiatives, leading the company's revenue growth strategy. From 2013-2016, she was regional vice president, Rates and Regulatory Affairs, Xcel Energy· Colorado. Jackson joined Xcel Energy in 2011 as regional vice president, Rates and Regulatory Affairs, Xcel Energy - Texas, New Mexico. She has a wealth of experience in managing government and stakeholder relations, as well as developing innovative products and services for customers gained over a two-decade career in the energy industry. Jackson received a bachelor of science in Management Information Systems from Texas A&M University and completed the Harvard Business School Program for Leadership Development. She serves on the board of directors of the American Red Cross. Tim Peterson Senior Vice President, Chief Technology Officer Tim Peterson is senior vice president, chief technology officer for Xcel Energy. Peterson is responsible for all technology services, including: Application Delivery, Infrastructure and Shared Services, Governance, Strategy and Performance, Customer & Employee Experience and Product Management. As CTO, Peterson drives innovation and transformation in the company by leveraging technology to create business value, helping Xcel Energy become a world class utility through the use of technology. Prior to joining Xcel Energy, Peterson spent time in the Financial Services industry as president of CUNA Mutual AdvantEdge Digital - an advanced analytics and technology solutions business and as senior vice president and CIO for CUNA Mutual Group. Prior to that, Peterson spent over 15 years in the healthcare industry with Wellmark and UnitedHealth Group, serving in CIO and various executive management roles. Peterson has had significant responsibilities leading large-scale digital transformation initiatives and specializations in data and analytics, cybersecurity, and consumer technology, as well as leading strategic business transformations from B2B to B2C and diversified business models through several mergers, acquisitions and organic growth. Peterson earned his Bachelor of Business Administration degree in Management Information Systems from the University of Wisconsin - Eau Claire and his MBA from the Carlson School of Management at the University of Minnesota. He has served in various advisory capacities in the healthcare, financial services and technology industries and ha maintains active holds certifications in cybersecurity. Peterson serves on the Minnesota Technology Association board, which is helping to build a stronger tech ecosystem and innovation economy in Minnesota. 9#10Investor Fact Book October 2023 | Xcel Energy Frank Prager Senior Vice President, Strategy, Security and External Affairs and Chief Sustainability Officer Frank Prager is senior vice president for Strategy, Security and External Affairs and Chief Sustainability Officer. As chief of staff to the CEO, Prager is responsible for the tracking and development of the company's strategic initiatives. His organization is also responsible for the company's energy, environmental and climate policy priorities and security and emergency management programs. As Chief Sustainability Officer, Prager develops Xcel Energy's sustainability strategy and promotes the company's sustainable priorities in its environmental, social and governance programs and practices. His organization includes Federal Government and Regulatory Affairs, Corporate Strategy and Planning, Strategic Communications, Resource Planning, Energy and Environmental Policy, and Enterprise Security and Emergency Management. Prager has worked at Xcel Energy for more than 25 years. Previously, he was the company's vice president of Policy and Strategy. He also served as vice president of Environmental Policy and Services where he was responsible for the company's environmental compliance and policy. Prager started his career at Xcel Energy as assistant general counsel, representing the company on environmental matters. Prager is a graduate of the University of Colorado, with degrees in Chemical Engineering and English. He earned his law degree from Stanford University. Prior to joining the utility industry, Prager was an associate at Holland & Hart in Denver and in-house environmental counsel at The Gates Corporation. 10 10 Jeff Savage Senior Vice President, Chief Audit and Financial Services Officer Jeff Savage is senior vice president, chief audit and financial services officer for Xcel Energy. Jeff is responsible for the company's Audit, Risk Management and Supply Chain functions. He began this role in 2022 after service as the controller for 10 years, where he was responsible for the overall accounting operations including, the production of periodic financial reports, maintenance of an adequate system of accounting records and a comprehensive set of controls designed to mitigate risk, enhance the accuracy of the company's reported financial results and ensure that reported results comply with generally accepted accounting principles and SEC requirements. In his prior position as senior director, Financial Reporting, Corporate and Technical Accounting, Savage had responsibility for preparing and filing financial and statistical reports with the Securities and Exchange Commission, Federal Energy Regulatory Commission and numerous state regulatory agencies for Xcel Energy and its four utility subsidiaries. Prior to joining Xcel Energy in 2007, Savage held financial reporting, technical accounting, financial consolidation, Sarbanes-Oxley, and internal audit positions at The Mosaic Company and Regis Corporation. He also spent six years as an audit manager at PricewaterhouseCoopers in Minneapolis, Minn. Savage earned his undergraduate degree in accounting and finance from Colorado State University in Fort Collins, Colo. He is a certified public accountant (inactive). Savage is also a former Board Member, Treasurer and Chair of the Finance and Audit committee and current Chairman of the Real Estate Holding Company for Comunidades Latinas Unidas En Servicio (CLUES) and a Board Member for Achieve Mpls.#11Investor Fact Book October 2023 | Xcel Energy Chris Clark President, Northern States Power Company - Minnesota Chris Clark is president of Northern States Power Company - Minnesota. Previously, Clark was Regional Vice President of Rates and Regulatory Affairs - Minnesota. He was responsible for Xcel Energy's regulatory filings with the utility commissions in Minnesota, North Dakota and South Dakota, including rate, resource acquisition and service quality filings. Clark joined Xcel Energy in 1999 as a senior attorney. He was later appointed Managing Attorney, Northern States Power Company - Minnesota, an Xcel Energy company, with responsibility for the company's state public utility law and power purchase agreement issues for operations in Minnesota, North Dakota, South Dakota and Wisconsin. He represented Xcel Energy in regulatory proceedings before the Minnesota Public Utilities Commission and handled most issues related to rate cases, renewable energy and long-term power purchase projects and supported retail product and programs, including conservation improvement programs. He has more than 20 years of experience in energy and regulation. Clark serves on the board of directors for the Minnesota Chamber of Commerce and People Serving People. Prior to joining Xcel Energy, he worked as an in-house attorney for Alliant Energy appearing for that company before public utility commissions in Iowa, Minnesota, Illinois and Wisconsin. He received his Bachelor of Arts degree in history and political science from the University of Iowa and earned his law degree from Drake University. 11#1212 Investor Fact Book October 2023 | Xcel Energy Robert Kenney President, Public Service Company of Colorado Robert S. Kenney is president of Xcel Energy's Colorado Operating Company. In this role, he is responsible for executive leadership and strategic guidance of state and local governmental and regulatory affairs, as well as customer and community relations, and charitable giving for the many Colorado communities Xcel Energy serves. In partnership with enterprise-wide teams, Robert is accountable for the strategic, commercial, financial, regulatory, and operational leadership of Xcel's Colorado Operating Company. Robert leverages more than 30 years of regulatory, legal, governmental, and public affairs experience to deliver outstanding energy service to the people of Colorado, while maintaining Xcel Energy's unwavering commitment to keeping customer bills low. At the same time, he leads his Colorado team in working with public policy makers, regulators, and community stakeholders to deliver strategic plans and customer programs, which will drive the state's and Xcel Energy's continued leadership in the clean energy transition, including transportation electrification. Prior to joining Xcel Energy, Robert served as senior vice president of regulatory and external affairs for Pacific Gas & Electric where he led state and federal regulatory affairs, local government affairs, and community relations and charitable giving. He has had an extensive career in the legal and regulatory sectors, including serving as Chairman of the Missouri Public Service Commission (PSC). He is a nationally recognized leader in public utility law and regulation and public policy development and implementation. Among other significant past experiences, he served on the Board of Directors of the National Association of Regulatory Utility Commissioners (NARUC) and as President of the Organization of MISO States (OMS). Robert holds a bachelor's degree in political science from Hampton University and a law degree from Saint Louis University School of Law.#13Investor Fact Book October 2023 | Xcel Energy Adrian Rodriguez President, New Mexico and Texas Adrian Rodriguez is President of Xcel Energy's New Mexico and Texas Southwestern Public Service Company (SPS), a wholly owned subsidiary of Xcel Energy Inc., that supplies retail electric utility services to 400,000 customers in eastern New Mexico and West Texas, in addition to wholesale power and interstate transmission services, and is a member of the Southwest Power Pool. Rodriguez joined Xcel Energy in 2022 from Puget Sound Energy where he served as senior vice president of regulatory and strategy, overseeing clean energy strategy, regulatory and governmental affairs, new product development, and energy efficiency. He previously served as interim Chief Executive Officer and General Counsel of El Paso Electric Company (formerly NYSE: EE), an electric utility serving customers in far West Texas and southern New Mexico, and he was a member of its board of directors. Rodriguez practiced law at Vinson & Elkins LLP in the firm's complex commercial litigation and energy regulatory practice groups, clerked for the U.S. District Court for the Western District of Texas, and previously worked in legislative and political affairs. Rodriguez earned a Bachelor of Arts degree with highest honors in economics and government from the University of Texas at Austin, a master's degree in public policy from Harvard University and a juris doctorate from Columbia University. Rodriguez is licensed to practice law in Texas and New Mexico and serves as a council member of the American Bar Association's Infrastructure & Regulated Industries Section. He is also a Texas middle and high school football official. Karl Hoesly President, Xcel Energy - Wisconsin and Michigan In this role, he is responsible for executive leadership and strategic guidance of state and local governmental and regulatory affairs, as well as customer and community relations, and charitable giving for the many Wisconsin and Michigan communities Xcel Energy serves. In partnership with enterprise-wide teams, Karl is accountable for the strategic, commercial, financial, regulatory, and operational leadership of Xcel Energy's Wisconsin and Michigan Operating Company. He also leads his team in working with public policy makers, regulators, and community stakeholders to deliver strategic plans and customer programs, which will drive the state's and Xcel Energy's continued leadership in the clean energy transition. Prior to that role, Karl served as regional vice president of Rates and Regulatory Affairs for Xcel Energy-Wisconsin and Michigan from 2018 to 2022 where he championed several projects, while maintaining fiscal responsibility and cultivating key relationships with both internal and external stakeholders. Previously, he was manager of Regulatory Affairs. Prior to joining Xcel Energy in 2007, Hoesly held a variety of positions with increasing responsibilities in the areas of rates, finance and regulatory affairs at Integrys Energy Company in Green Bay, Wis. A native of Granton, Wis., Karl holds a bachelor's degree in finance and economics from the University of Wisconsin-Green Bay. 13#1414 Investor Fact Book October 2023 | Xcel Energy Ryan Long General Counsel (interim) Ryan Long serves as interim General Counsel, responsible for the company's law department and overall legal strategy. Ryan joined Xcel Energy in 2015, most recently serving as Vice President and Deputy General Counsel where he managed the Federal and State Regulatory, Environmental and Real Estate legal teams. Before working for Xcel Energy, Ryan was a litigator at Faegre Baker Daniels in Minneapolis and Cravath Swaine & Moore in New York City. He is a graduate of Grinnell College and Cornell Law School. Ryan serves on the Board of Directors for Project for Pride in Living, a Minneapolis- based nonprofit organization that provides transformative affordable housing and career readiness services for individuals and families with lower incomes. Paul A. Johnson Vice President, Treasurer & Investor Relations Paul Johnson is Vice President, Treasurer and Investor Relations for Xcel Energy. His previous positions at Xcel Energy include: Vice President, Investor Relations, Vice President, Investor Relations & Business Development; Vice President, Investor Relations & Financial Management; Managing Director of Investor Relations and Assistant Treasurer; Director of Investor Relations, Director of External Reporting and Director of Internal Reporting, along with a variety of financial positions over 38 years. Paul graduated with a Bachelor of Science in Business from Winona State University and an MBA from the University of St. Thomas. In addition, he is a CFA charter holder and has passed the CPA and CMA exams. Amy Schneider Vice President, Corporate Secretary and Securities Amy Schneider is vice president, Corporate Secretary and Securities at Xcel Energy, overseeing the company's corporate secretary function and legal practice areas related to corporate governance, securities laws, employee benefits and compensation, real estate and privacy. Previously she served as assistant general counsel supporting the company in its corporate governance, SEC reporting and financing matters. Prior to joining Xcel Energy, Schneider spent 15 years in private practice at two Am Law 100 law firms, Faegre Drinker and Dorsey & Whitney, where she gained extensive experience advising large and small cap companies in the areas of corporate law, corporate governance and compliance, securities laws and executive compensation. She also served for five years as deputy general counsel and assistant secretary at UnitedHealth Group, where she provided support for the activities of the Board of Directors and its standing committees.#1515 Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Selected Financial Data Years Ended December 31 (Millions of Dollars, Except Per Share Data) 2022 2021 2020 2019 2018 Operating revenues $15,310 $13,431 $11,526 $11,529 $11,537 Operating expenses $12,882 $11,228 $9,410 $9,425 $9,572 Net income $1,736 $1,597 $1,473 $1,372 $1,261 Earnings available to common shareholders $1,736 $1,597 $1,473 $1,372 $1,261 Diluted earnings per common share $3.17 $2.96 $2.79 $2.64 $2.47 Financial information Dividends declared per common share Total assets Long-term debt (a) $1.95 $1.83 $1.72 $1.62 $1.52 $61,188 $22,813 $57,851 $21,779 $53,957 $19,645 $50,448 $17,407 $45,987 $15,803 (a) As a result of adopting Leases, Topic 842, finance lease obligations of $77 million are included in other noncurrent liabilities on the consolidated balance sheet at Dec. 31, 2019. These obligations were included in long-term debt prior to 2019. Xcel Energy Inc. | 2023 and 2024 Ongoing Earnings Guidance Assumptions As of October 27, 2023 Xcel Energy 2023 Earnings Guidance Xcel Energy's 2023 ongoing earnings guidance is a range of $3.32 to $3.37 per share (a) Key assumptions as compared with 2022 levels unless noted: • Constructive outcomes in all pending rate case and regulatory proceedings. • Normal weather patterns for the remainder of the year. • Weather-normalized retail electric sales are projected to increase ~1% to 2%. •Weather-normalized retail firm natural gas sales are projected to increase 1%. • Capital rider revenue is projected to increase $40 million to $50 million (net of PTCs). •O&M expenses are projected to decline ~1% to 2%. • Depreciation expense is projected to increase approximately $25 million to $35 million. •Property taxes are projected to decrease $30 million to $35 million. • Interest expense (net of AFUDC - debt) is projected to increase $90 million to $100 million. ⚫AFUDC - equity is projected to increase $10 million to $15 million. ⚫ETR is projected to be ~(9%) to (11%). The negative ETR is largely offset by PTCs flowing back to customers in the capital riders and fuel mechanisms and is largely earnings neutral. Xcel Energy 2024 Earnings Guidance Xcel Energy's 2024 ongoing earnings guidance is a range of $3.50 to $3.60 per share. (a) Key assumptions as compared with 2023 projected levels unless noted: Constructive outcomes in all pending rate case and regulatory proceedings. Normal weather patterns for the year. •Weather-normalized retail electric sales are projected to increase 2% to 3%. •Weather-normalized retail firm natural gas sales are projected to increase 1%. • Capital rider revenue is projected to increase $35 million to $45 million (net of PTCs). • O&M expenses are projected to increase 1% to 2%. • Depreciation expense is projected to increase approximately $250 million to $260 million. • Property taxes are projected to increase $40 million to $50 million. • Interest expense (net of AFUDC - debt) is projected to increase $115 million to $125 million. ⚫AFUDC - equity is projected to increase $40 million to $50 million. ⚫ETR is projected to be ~(4%) to (6%). The negative ETR is largely offset by PTCs flowing back to customers in the capital riders and fuel mechanisms and is largely earnings neutral. (a) Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management's view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. As Xcel Energy is unable to quantify the financial impacts of any additional adjustments that may occur for the year, we are unable to provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS.#16Investor Fact Book October 2023 | Xcel Energy Total operating revenues Xcel Energy Inc. | Consolidated Statements of Income Years Ended December 31 Amounts in Millions, Except Per Share Data Operating revenues Electric Natural gas Other Operating expenses 2022 2021 2020 $12,123 3,080 $11,205 2,132 $9,802 1,636 107 94 88 15,310 13,431 11,526 Electric fuel and purchased power 5,005 4,733 3,512 Cost of natural gas sold and transported 1,910 1,081 689 Cost of sales - other 44 38 37 Operating and maintenance expenses 2,491 2,321 2,324 Conservation and demand side management expenses 331 304 288 Depreciation and amortization 2,413 2,121 1,948 Taxes (other than income taxes) 688 630 612 Total operating expenses 12,882 11,228 9,410 Operating income 2,428 2,203 2,116 Other income (expense), net (13) 5 (6) Earnings from equity method investments 36 62 40 Allowance for funds used during construction - equity 75 73 115 Interest charges and financing costs Interest charges - includes other financing costs of $31, $29, and $28, respectively 953 842 840 Allowance for funds used during construction - debt (28) (26) (42) Total interest charges and financing costs 925 816 798 Income before income taxes Income tax (benefit) expense Net income Weighted average common shares outstanding: Basic Diluted Earnings per average common share: Basic Diluted 1,601 1,527 1,467 (135) (70) (6) $1,736 $1,597 $1,473 547 539 527 547 540 528 $3.18 $2.96 $2.79 3.17 2.96 2.79 16#1717 Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Consolidated Statements of Cash Flows Years Ended December 31 Amounts in Millions 2022 2021 2020 Operating activities Net income $1,736 $1,597 $1,473 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 2,436 2,143 1,959 Nuclear fuel amortization 118 114 123 Deferred income taxes (140) (79) (8) Allowance for equity funds used during construction (75) (73) (115) Earnings from equity method investments (36) (62) (40) Dividends from equity method investments 37 42 42 Provision for bad debts 73 60 60 Share-based compensation expense 20 31 73 Net realized and unrealized hedging and derivative transactions (57) (27) Changes in operating assets and liabilities: Accounts receivable Accrued unbilled revenues Inventories (429) (164) (154) (243) (149) (3) (203) (126) (80) Other current assets. (58) (34) (45) Accounts payable 195 138 (33) Net regulatory assets and liabilities 570 (973) (144) Other current liabilities 102 (1) 29 Pension and other employee benefit obligations (49) (135) (125) Other, net (122) (140) (164) Other, net Net cash provided by operating activities Investing activities Capital/construction expenditures Sale of MEC Purchase of investment securities Proceeds from the sale of investment securities Net cash used in investing activities Financing activities 3,932 2,189 2,848 (4,638) (4,244) (5,369) 684 (1,332) (757) (1,398) 1,297 743 1,378 20 (29) (35) (4,653) (4,287) (4,740) Proceeds from (repayments of) short-term borrowings, net (192) 421 (11) Proceeds from issuances of long-term debt 2,164 2,710 2,940 Repayments of long-term debt, including reacquisition premiums (601) (417) (1,001) Proceeds from issuance of common stock 322 366 727 Dividends paid (1,012) (935) (856) Other, net (15) (10) (26) Net cash provided by financing activities 666 2,135 1,773 Net change in cash and cash equivalents (55) 37 (119) Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period $166 $129 $248 $111 $166 $129#18Xcel Energy Inc. | Consolidated Balance Sheets December 31 Amounts in Millions, Except Share and Per Share Data Investor Fact Book October 2023 | Xcel Energy 2022 2021 Assets Current assets Cash and cash equivalents Accounts receivable, net Accrued unbilled revenues Inventories Regulatory assets Derivative instruments Prepaid taxes Prepayments and other Total current assets $111 $166 1,373 1,018 1,105 862 803 631 1,059 1,106 279 123 54 44 360 289 5,144 4,239 Property, plant and equipment, net 48,253 45,457 Other assets Nuclear decommissioning fund and other investments 3,234 3,628 Regulatory assets 2,871 2,738 Derivative instruments 93 67 Operating lease right-of-use assets 1,204 1,291 Other 389 431 Total other assets 7,791 8,155 Total assets 61,188 $57,851 Liabilities and Equity Current liabilities Current portion of long-term debt Short-term debt Accounts payable Regulatory liabilities Taxes accrued Accrued interest Dividends payable Derivative instruments Operating lease liabilities Other Total current liabilities Deferred credits and other liabilities Deferred income taxes Deferred investment tax credits Regulatory liabilities Asset retirement obligations Derivative instruments Customer advances Pension and employee benefit obligations Operating lease liabilities $1,151 $601 813 1,005 1,804 1,409 418 271 569 569 217 209 268 249 76 69 217 205 545 459 6,078 5,046 4,756 4,894 48 53 5,569 5,405 3,380 3,151 113 105 181 196 390 306 1,038 1,146 147 158 15,622 15,414 Other Total deferred credits and other liabilities Commitments and contingencies Capitalization Long-term debt 22,813 21,779 Common stock - 1,000,000,000 shares authorized of $2.50 par value; 549,578,018 and 544,025,269 shares outstanding at Dec. 31, 2022 and Dec. 31, 2021, respectively 1,374 1,360 Additional paid in capital 8,155 7,803 Retained earnings Accumulated other comprehensive loss Total common stockholders' equity Total liabilities and equity 7,239 6,572 (93) (123) 16,675 15,612 61,188 $57,851 18#1919 Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Consolidated Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data NSP-Minnesota Long-term debt First Mortgage Bonds, Series due: Aug. 15, 2022, 2.15% May 15, 2023, 2.60% July 1, 2025, 7.125% March 1, 2028, 6.50% April 1, 2031, 2.25% July 15, 2035, 5.25% June 1, 2036, 6.25% July 1, 2037, 6.20% Nov. 1, 2039, 5.35% 2022 2021 $- $300 400 400 250 250 150 150 425 425 250 250 400 400 350 350 300 300 Aug. 15, 2040, 4.85% 250 250 Aug. 15, 2042, 3.40% 500 500 May 15, 2044, 4.125% 300 300 Aug. 15, 2045, 4.0% 300 300 May 15, 2046, 3.60% Sept. 15, 2047, 3.60% March 1, 2050, 2.90% June 1, 2051, 2.60% April 1, 2052, 3.20% June 1, 2052, 4.50% Other long-term debt 350 350 600 600 600 600 700 700 425 425 500 3 3 Unamortized discount (45) (44) Unamortized debt expense (66) (62) Total 6,942 6,747 Less current maturities 400 300 Total NSP-Minnesota long-term debt $6,542 $6,447 NSP-Wisconsin First Mortgage Bonds, Series due: June 15, 2024, 3.30% 2022 2021 $200 $200 Sept. 1, 2038, 6.375% 200 200 Oct. 1, 2042, 3.70% 100 100 Dec. 1, 2047, 3.75% Sept. 1, 2048, 4.20% 100 100 200 200 May 1, 2051, 3.05% May 1, 2051, 2.82% 100 100 100 100 Sept. 15, 2052, 4.86% 100 Other long-term debt Unamortized discount 1 (3) (4) Unamortized debt expense (11) (10) Total NSP-Wisconsin long-term debt $1,086 $987#20Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Consolidated Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data PSCo First Mortgage Bonds, Series due: 2022 2021 Sept. 15, 2022, 2.25% $- $300 March 15, 2023, 2.50% May 15, 2025, 2.90% June 15, 2028, 3.70% Jan. 15, 2031, 1.90% June 15, 2031, 1.875% June 1, 2032, 4.10% Sept. 1, 2037, 6.25% Aug. 1, 2038, 6.50% 250 250 250 250 350 350 375 375 750 750 300 350 350 300 300 Aug. 15, 2041, 4.75% Sept. 15, 2042, 3.60% 250 250 500 500 March 15, 2043, 3.95% March 15, 2044, 4.30% 250 250 300 300 June 15, 2046, 3.55% 250 250 June 15, 2047, 3.80% 400 400 June 15, 2048, 4.10% 350 350 Sept. 15, 2049, 4.05% 400 400 March 1, 2050, 3.20% 550 550 Jan. 15, 2051, 2.70% 375 375 June 1, 2052, 4.50% 400 Unamortized discount Unamortized debt expense Total Less current maturities Total PSCo long-term debt $6,610 (37) (33) (53) (50) 6,860 6,467 250 300 $6,167 SPS First Mortgage Bonds, Series due: June 15, 2024, 3.30% Aug. 15, 2041, 4.50% Aug. 15, 2046, 3.40% Aug. 15, 2047, 3.70% Nov. 15, 2048, 4.40% June 15, 2049, 3.75% May 1, 2050, 3.15% May 1, 2050, 3.15% June 1, 2052, 5.15% Unsecured Senior C and D Notes, due Oct. 1, 2033, 6.00% Unsecured Senior F Notes, due Oct. 1, 2036, 6.00% Unamortized discount Unamortized debt expense Total SPS long-term debt Other Subsidiaries Various Eloigne Co. Affordable Housing Project Notes, due 2024-2055, 0.00% - 8.00% Less current maturities Total other subsidiaries long-term debt 2022 2021 $350 $350 400 400 300 300 450 450 300 300 300 300 350 350 250 250 200 100 100 250 250 (10) (9) (29) (28) $3,211 $3,013 2022 2021 $27 $27 1 1 $26 $26 20 20#21Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Consolidated Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data Unsecured Senior Notes, Series due: Xcel Energy, Inc. Oct. 15, 2023, 0.50% June 1, 2025, 3.30% Dec. 1, 2026, 3.35% March 15, 2027, 1.75% June 15, 2028, 4.00% Dec. 1, 2029, 2.60% June 1, 2030, 3.40% Nov. 15, 2031, 2.35% June 1, 2032, 4.60% July 1, 2036, 6.50% Sept. 15, 2041, 4.80% Dec. 1, 2049, 3.50% Unamortized discount Unamortized debt expense Total Less current maturities Total Xcel Energy Inc. long-term debt Total long-term debt 2022 2021 $500 $500 600 600 500 500 500 500 630 630 500 500 600 600 300 300 700 300 300 250 250 500 500 (7) (8) (35) (33) 5,838 5,139 500 5,338 5,139 $22,813 $21,779 Common Stockholders' Equity Common stock - 1,000,000,000 shares authorized of $2.50 par value; 549,578,018 and 544,025,269 $1,374 $1,360 shares outstanding at Dec. 31, 2022 and 2021, respectively Additional paid in capital 8,155 7,803 Retained earnings 7,239 6,572 Accumulated other comprehensive loss (93) (123) Total common stockholders' equity $16,675 $15,612 21 24#22Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Electric Operating Statistics Years Ended December 31 Electric sales (Millions of kWh) Residential C&I Public authorities and other Total retail 2022 26,414 2021 26,431 2020 26,364 64,351 62,304 61,098 993 971 982 91,758 89,706 88,444 Sales for resale 25,126 25,768 16,287 Total energy sold 116,884 115,474 104,731 Number of customers at end of period Residential 3,257,184 3,223,190 3,184,449 C&I 451,082 449,508 Public authorities and other 70,181 Total retail 3,778,447 69,975 3,742,673 1,268 69,795 3,698,961 Wholesale Total customers 69 74 69 3,778,516 3,742,747 3,699,030 Electric revenues (Millions of Dollars) Residential C&I $3,421 5,807 $3,421 5,440 $3,196 4,808 Public authorities and other Total retail Wholesale Other electric revenues Total electric revenues kWh sales per retail customer Revenue per retail customer Residential revenue per kWh 148 139 130 9,497 9,000 8,134 1,354 1,603 776 1,272 602 892 $12,123 $11,205 $9,802 24,285 23,968 23,910 $2,513 $2,405 $2,199 13.41¢ 12.94 ¢ 12.12 ¢ C&l revenue per kWh Total retail revenue per kWh 9.02 8.73 7.87 10.35 10.03 9.20 Xcel Energy Inc. | Natural Gas Operating Statistics Years Ended December 31 Natural gas deliveries (Thousands of MMBtu) Residential C&I Total retail Transportation and other Total deliveries Number of customers at end of period Residential C&I Total retail Transportation and other Total customers Natural gas revenues (Millions of Dollars) Residential C&I Total retail Transportation and other Total natural gas revenues 2022 151,505 2021 147,120 2020 152,649 95,534 92,488 93,668 247,039 239,608 246,317 153,702 166,287 198,023 400,741 405,895 444,340 1,971,224 162,136 2,133,360 7,805 1,947,089 161,053 2,141,165 2,108,142 7,939 2,116,081 1,924,806 160,243 2,085,049 8,045 2,093,094 $1,814 998 2,812 $1,266 666 1,932 $1,014 489 1,503 268 $3,080 200 $2,132 133 $1,636 MMBtu sales per retail customer 116 114 118 Revenue per retail customer $1,318 $917 $720 Residential revenue per MMBtu 11.97 8.61 6.64 C&I revenue per MMBtu 10.45 7.20 5.22 Transportation and other revenue per MMBtu 1.16 1.20 0.67 22#23Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Operating Company EPS Contributions The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. The diluted earnings and EPS of each subsidiary discussed here do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole. Ongoing diluted EPS for Xcel Energy and by subsidiary is a financial measure not recognized under GAAP. Ongoing diluted EPS is calculated by dividing the net income or loss attributable to the controlling interest of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. We use this non-GAAP financial measure to evaluate and provide details of Xcel Energy's core earnings and underlying performance. We believe this measurement is useful to investors in facilitating period over period comparisons and evaluating or projecting financial results. This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP. Diluted Earnings (Loss) Per Share PSCo NSPM SPS NSPW Equity earnings of unconsolidated subsidiaries Regulated utility Xcel Energy Inc. and other Total GAAP and ongoing diluted EPS 2022 2021 2020 $1.33 $1.22 $1.11 1.23 1.12 1.12 0.64 0.59 0.56 0.23 0.20 0.20 0.04 0.05 0.05 3.47 3.18 3.04 (0.29) (0.22) (0.25) $3.17 $2.96 $2.79 Xcel Energy's management believes that ongoing earnings reflects management's performance in operating the company and provides a meaningful representation of the performance of Xcel Energy's core business. In addition, Xcel Energy's management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors and when communicating its earnings outlook to analysts and investors. Amounts may not sum due to rounding. Xcel Energy Inc. | Estimated Impact of Weather on EPS Retail Electric NSPM NSPW PSCo SPS Xcel Energy Decoupling - CO Sales True-up - MN Xcel Energy (adjusted for recovery from decoupling) 2022 vs. Normal 2021 vs. Normal 2022 vs. 2021 $0.041 $0.064 ($0.023) 0.005 0.003 0.002 0.052 0.024 0.028 0.040 0.005 0.035 0.138 0.096 0.042 (0.033) (0.008) (0.025) (0.028) (0.058) 0.030 $0.077 $0.030 $0.047 2022 vs. Normal 2021 vs. Normal 2022 vs. 2021 Firm Natural Gas NSPM NSPW PSCo $0.010 0.004 0.023 ($0.006) $0.016 (0.002) 0.006 (0.017) 0.040 $0.037 ($0.025) $0.062 23 223 Xcel Energy Amounts may not sum due to rounding.#24Investor Fact Book October 2023 | Xcel Energy 7.02 (b) 6.20 (b) CO CO Natural Gas PSCO Wholesale TX Electric NM Electric SPS Wholesale WI Electric WI Natural Gas MI Electric & Natural Gas 9.20-9.50 Blackbox 9.05(b) Blackbox 8.61 (b) 5.25 (b) Blackbox 9.70 (elec.) / 10.00 (gas) 8.24(b) (a) The authorized ROE for PSCo transmission and production formula = 9.72% (b) Actual ROE, not weather-normalized (c) The transmission ROE = 10.50% and production formula ROE = 10.00% 9.80 (elec.); 10.00 (gas) 9.80 (elec.); 10.00 (gas) LELELEL Blackbox Blackbox MN MN Jurisdiction Electric Natural Gas ND Electric ND Natural Gas SD Electric Blackbox Electric 10,637 Xcel Energy Inc. | Authorized and Earned ROES These numbers are based on jurisdictional returns and do not represent financial returns. YE 2022 Rate Base ($ millions) 11,633 YE 2022 Authorized (%) YE 2022 YE 2021 YE 2021 YE 2020 YE 2020 W/N Earned (%) Authorized (%) W/A Earned (%) Authorized (%) W/A Earned (%) Xcel Energy Inc. | Base Capital Expenditure Forecast Dollars in Millions Electric Transmission Electric Distribution Electric Generation Other Natural Gas Renewables Total $1,880 $1,720 $2,150 $1,840 $2,500 $2,030 $1,160 $2,840 $2,200 $2,080 $2,410 $11,450 $10,200 111111 $6,700 $7,290 $6,650 $7,050 $3,240 $1,490 $34,000 Base capital forecast excludes potential additional investment associated with resource plans. Xcel Energy Inc. | Rate Base by Function 2022 Year-end Rate Base Balance -$39 billion Renewables Generation 9% 6% Coal 7% Natural gas 13% Nuclear Electric Distribution 14% 24% 4% 23% Other Electric Transmission 24 24#25Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Credit Ratings Company Xcel Energy Holding Company Credit Type Moody's S&P Fitch Xcel Energy Holding Company Senior Unsecured Debt Commercial Paper Baa1 BBB+ BBB+ P-2 A-2 F2 NSPM NSPM Senior Secured Debt Commercial Paper Aa3 A+ A+ P-1 A-1 F2 NSPW Senior Secured Debt Aa3 A A+ NSPW PSCo Commercial Paper Senior Secured Debt P-1 A-2 F2 A1 A A+ PSCo Commercial Paper P-2 A-2 F2 SPS SPS Senior Secured Debt A3 A A- Commercial Paper P-2 A-2 F2 Xcel Energy Inc. | Credit Facilities Dollars in Millions Company Xcel Energy Holding Company NSPM NSPW PSCo SPS Total Xcel Energy Inc. | Debt Maturities 25 25 Dollars in Millions Company Xcel Energy Holding Company NSPM NSPW PSCo SPS Total Facility Termination Date $1,500 September 2027 700 September 2027 150 September 2027 700 September 2027 500 September 2027 $3,550 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 0 $600 $500 $500 $630 $500 $600 $300 $700 $800 0 $250 0 0 $150 0 0 $425 0 0 $200 0 0 0 0 0 0 0 0 0 0 $250 0 0 $350 0 0 $1,125 $300 0 $350 $550 0 $1,100 0 0 0 0 0 0 0 $100 $500 $500 $1,130 $500 $600 $1,850 $1,000 $900#26Xcel Energy Inc. | System Energy Mix 2005 3%1% 5% 12% 56% 23% Investor Fact Book October 2023 | Xcel Energy 2022 2030 Projected 4% 1% 33% 23% 17% 12% 70% 24% 13% 3% Coal Natural Gas Hydro Nuclear Solar Wind Other Renewables Projected carbon reduction of 80% by 2030, with a vision to be carbon free by 2050. Xcel Energy Inc. | 2022 Renewable Energy Portfolio Units in MW Utility-scale Wind** Solar (AC) * Colorado (PSCo) Texas/New Mexico (SPS) 4,082 732 Hydro 268 Biomass 2,548 192 0 330 Total 5,085 2,740 Upper Midwest (NSP) 4,515 269 159 123 5,066 Total 11,145 1,193 427 126 12,891 * Excludes community solar gardens and distributed generation rooftop solar. ** Net dependable 26#27Investor Fact Book October 2023 | Xcel Energy Xcel Energy Inc. | Emissions Reductions Millions of Tons 86.2 86.4 87.8 83.2 77.5 77.9 76.4 70.7 70.2 68.1 63.4 57.7 55.4 54.3 48.6 42.0 43.1 41.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Carbon Emissions from Electricity Serving Customers - Owned and Purchased Generation (Millions of Tons) 22 27 Owned Generation Owned Generation 143,229 131,542 119,833 109,754 91,563 94.833 81,454 71,542 67,763 57,318 45,751 41,039 37,334 32,484 29,782 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 24,898 18,784 26,325 118,421 109,903 101,048 85,396 63,382 64,441 60,234 48,081 53,309 52,787 37,280 30,654 26,977 26,269 23,580 20,102 21,122 21,158 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sulfur Dioxide Emissions from Electricity Serving Customers (Tons) Owned Generation Nitrogen Oxide Emissions from Electricity Serving Customers (Tons) Owned Generation 6,863 8,765 8,499 8.253 7,285 6,899 7,436 4,687 3,710 4.604 2,598 2,081 2,241 1,838 1,561 1,324 1,743 1,692 2,556 2,469 2,035 1,920 1,837 1,510 1,298 1,297 1,300 1,116 239 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Mercury Emissions from Electricity Serving Customers (Pounds) Particulate Matter Emissions from Electricity Serving Customers (Tons) Xcel Energy Inc. | Customer Rates for the TTM Ended December 31, 2022 Cents per kWh National Average 12.85 7.91 7.95 11.40 11.51 11.54 11.56 12.70 13.03 SPS-TX SPS-NM NSPM-SD NSPW-WI NSPM-ND PSCo NSPW-MI NSPM-MN Source: EEI Typical Bills and Average Rates Report Winter 2023.#28Xcel Energy Inc. | Quarterly Stock & Dividend History Investor Fact Book October 2023 | Xcel Energy Stock Price Intraday High Intraday Low Dividends Declared 2022 First quarter Second quarter Third quarter $72.75 $63.81 $0.4875 $76.63 $63.57 $0.4875 $77.66 $63.84 $0.4875 Fourth quarter $72.99 $56.89 $0.4875 2021 First quarter $67.25 $57.23 $0.4575 Second quarter $72.94 $65.48 $0.4575 Third quarter $71.08 $61.16 $0.4575 Fourth quarter $69.57 $61.61 $0.4575 2020 First quarter $72.14 $46.58 $0.4300 Second quarter $67.54 $56.07 $0.4300 Third quarter $73.00 $62.14 $0.4300 Fourth quarter $76.44 $64.04 $0.4300 2019 First quarter $57.51 $47.70 $0.4050 Second quarter $61.97 $54.46 $0.4050 Third quarter $66.05 $58.74 $0.4050 Fourth quarter $65.14 $59.46 $0.4050 2018 First quarter $48.36 $41.51 $0.3800 Second quarter $47.38 $41.99 $0.3800 Third quarter $49.49 $44.54 $0.3800 Fourth quarter $54.11 $46.52 $0.3800 2017 First quarter $45.06 $40.04 $0.3600 Second quarter $48.50 $44.00 $0.3600 Third quarter $50.56 $45.18 $0.3600 Fourth quarter $52.22 $46.86 $0.3600 2016 First quarter $41.85 $35.19 $0.3400 Second quarter $44.78 $38.43 $0.3400 Third quarter $45.42 $40.34 $0.3400 Fourth quarter $41.80 $38.00 $0.3400 2015 First quarter $38.35 $33.41 $0.3200 Second quarter $35.35 $31.76 $0.3200 Third quarter $36.48 $32.12 $0.3200 Fourth quarter $37.25 $34.33 $0.3200 2014 First Quarter Second Quarter Third Quarter Fourth Quarter 2013 First Quarter Second Quarter $30.77 $27.27 $0.3000 $32.37 $29.83 $0.3000 $32.48 $29.60 $0.3000 $37.58 $30.18 $0.3000 $29.74 $26.77 $0.2700 $31.79 $27.38 $0.2800 Third Quarter Fourth Quarter $30.41 $26.90 $0.2800 $29.40 $27.14 $0.2800 Xcel Energy Inc.'s all-time high closing and intraday prices were $77.41 (9-12-2022) and $77.66 (9-12-2022), respectively. Xcel Energy Inc.'s all-time low closing and intraday prices were $5.66 (7-29-2002) and $5.12 (7-29-2002), respectively. 28#29Northern States Power Company - Minnesota (NSPM) 29 29 NSPM is an Xcel Energy operating company that conducts business in Minnesota, North Dakota and South Dakota. The company has electric operations in all three states that include the generation, purchase, transmission, distribution and sale of electricity. NSPM also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota. NSPM's electric production and transmission system is managed as an integrated system with that of NSPW, jointly referred to as the NSP System. Generally, NSPM's contribution to earnings ranges from 35% to 45% of Xcel Energy's consolidated earnings. Customers Electricity Natural gas 1.5 million 0.5 million MINOT GRAND FORKS BISMARCK FARGO 94 DICKINSON ✰ PIERRE BRAINERD CLOUD DELANO DULUTH MINNEAPOLIS & ST. PAUL MANKATO RED WING FARIBAULT ש WINONA#30NSPM | Consolidated Statements of Income Years Ended December 31 Amounts in Millions Operating revenues Electric, non-affiliates Electric, affiliates Natural gas Other Total operating revenues NSPM | Investor Fact Book October 2023 | Xcel Energy 2022 2021 2020 $5,103 514 $4,593 $4,131 501 440 1,022 623 493 45 39 37 6,684 5,756 5,101 Operating expenses Electric fuel and purchased power 2,416 2,042 1,626 Cost of natural gas sold and transported 741 385 263 Cost of sales - other 26 23 22 Operating and maintenance expenses 1,228 1,190 1,191 Conservation program expenses 163 144 119 Depreciation and amortization 1,014 926 825 Taxes (other than income taxes) 276 264 259 5,864 4,974 4,305 Total operating expenses Operating income 820 782 796 Other income (expense), net Allowance for funds used during construction - equity (7) 4 29 30 25 21 2 Interest charges and financing costs Interest charges - includes other financing costs of $8, $8 and $8, respectively Allowance for funds used during construction - debt 291 271 249 (12) (13) (11) Total interest charges and financing costs 279 258 238 Income before income taxes Income tax (benefit) expense Net income 563 558 585 $(112) $(48) $(6) $675 $606 $591 30#31NSPM | Investor Fact Book October 2023 | Xcel Energy 31 NSPM | Consolidated Statements of Cash Flows Years Ended December 31 Amounts in Millions 2022 2021 2020 Operating activities Net income $675 $606 $591 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 1,021 932 831 Nuclear fuel amortization 118 114 123 Deferred income taxes. (214) (36) (67) Allowance for equity funds used during construction (29) (30) (25) Provision for bad debts 21 24 24 Changes in operating assets and liabilities: Accounts receivable Accrued unbilled revenues Inventories (102) (89) (55) (53) (71) 1 (85) (22) (14) Other current assets (4) 3 (9) Accounts payable 46 69 (1) Net regulatory assets and liabilities 443 (282) (87) Other current liabilities 39 (5) (58) Pension and other employee benefit obligations (11) (41) (54) Other, net 6 (50) (8) Net cash provided by operating activities 1,871 1,122 1,192 Investing activities Capital/construction expenditures (1,901) (1,866) (1,901) Purchase of investment securities (1,332) (757) (1,398) Proceeds from the sale of investment securities 1,297 743 1,378 Investments in utility money pool arrangement (1,522) (821) (718) Repayments from utility money pool arrangement Other, net Net cash used in investing activities Financing activities (Repayments of) proceeds from short-term borrowings, net 1,613 730 718 6 1 1 (1,839) (1,970) (1,920) Borrowings under utility money pool arrangement Repayments under utility money pool arrangement Proceeds from issuance of long-term debt Repayment of long-term debt Capital contributions from parent Dividends paid to parent Other, net Net cash provided by financing activities Net change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period 207 (179) 149 6 434 136 (6) (434) (136) 489 836 677 (300) (300) 124 649 527 (560) (431) (408) 3 (40) 875 648 (8) 27 (80) 73 46 126 $65 $73 $46#32NSPM | Consolidated Balance Sheets December 31 Amounts in Millions, Except Share and Per Share Data Assets Current assets Cash and cash equivalents Accounts receivable, net Accounts receivable from affiliates Investments in money pool arrangements Accrued unbilled revenues Inventories Regulatory assets Derivative instruments Prepayments and other NSPM | Investor Fact Book October 2023 | Xcel Energy 2022 2021 $65 $73 534 429 45 29 91 372 319 384 309 384 527 89 53 62 46 1,935 1,876 17,478 16,430 Total current assets Property, plant and equipment, net Other assets Nuclear decommissioning fund and other investments 2,930 3,308 Regulatory assets 894 718 Derivative instruments 68 33 Operating lease right-of-use assets 324 408 Other 29 36 Total other assets 4,245 4,503 Total assets $23,658 $22,809 Liabilities and Equity Current liabilities Current portion of long-term debt Short-term debt Accounts payable Accounts payable to affiliates Regulatory liabilities Taxes accrued Accrued interest Dividends payable to parent Derivative instruments Operating lease liabilities Other Total current liabilities Deferred credits and other liabilities Deferred income taxes Deferred investment tax credits Regulatory liabilities Asset retirement obligations Derivative instruments Pension and employee benefit obligations Operating lease liabilities $400 $300 207 619 522 89 63 191 117 272 260 79 78 122 96 42 35 98 90 227 166 2,346 1,727 1,666 1,949 15 17 1,983 1,927 2,727 2,585 102 71 155 112 256 353 30 48 6,934 7,062 Other Total deferred credits and other liabilities Commitments and contingencies Capitalization Long-term debt 6,542 6,447 Common stock - 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at Dec. 31, 2022 and Dec. 31, 2021, respectively Additional paid in capital 5,374 5,202 Accumulated other comprehensive loss Retained earnings Total common stockholders' equity Total liabilities and equity 2,480 2,391 (18) 7,836 $23,658 (20) 7,573 $22,809 32 32#33NSPM | Investor Fact Book October 2023 | Xcel Energy 33 NSPM | Consolidated Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data 2022 2021 Long-term debt First Mortgage Bonds, Series due: Aug. 15, 2022, 2.15% May 15, 2023, 2.60% July 1, 2025, 7.125% March 1, 2028, 6.50% April 1, 2031, 2.25% July 15, 2035, 5.25% June 1, 2036, 6.25% July 1, 2037, 6.20% Nov. 1, 2039, 5.35% $- $300 400 400 250 250 150 150 425 425 250 250 400 400 350 350 300 300 Aug. 15, 2040, 4.85% 250 250 Aug. 15, 2042, 3.40% 500 500 May 15, 2044, 4.125% 300 300 Aug. 15, 2045, 4.0% 300 300 May 15, 2046, 3.60% 350 350 Sept. 15, 2047, 3.60% March 1, 2050, 2.90% June 1, 2051, 2.60% April 1, 2052, 3.20% June 1, 2052, 4.50% Other long-term debt Unamortized discount 600 600 600 600 700 700 425 425 500 3 3 (45) (44) Total Unamortized debt expense Less current maturities Total NSP-Minnesota long-term debt Common Stockholders' Equity (66) (62) 6,942 6,747 400 300 $6,542 $6,447 Common stock. - 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at Dec. 31, 2022 and 2021, respectively Additional paid in capital Retained earnings Accumulated other comprehensive loss Total common stockholders' equity $- $- 5,374 5,202 2,480 2,391 (18) (20) $7,836 $7,573#34NSPM | Electric Operating Statistics Years Ended December 31 NSPM | Investor Fact Book October 2023 | Xcel Energy 2022 2021 2020 Electric sales (Millions of kWh) Residential C&I Public authorities and other Total retail Sales for resale Total energy sold 10,722 10,847 10,615 22,477 22,091 21,601 193 194 200 33,392 33,132 32,416 13,797 12,137 1,322 47,189 45,269 33,738 Number of customers at end of period Residential 1,375,084 1,360,698 1,343,454 C&I Public authorities and other Total retail 162,286 8,220 1,545,590 161,999 8,090 1,530,787 160,551 7,941 1,511,946 Wholesale Total customers Electric revenues (Millions of Dollars) Residential 14 14 14 1,545,604 1,530,801 1,511,960 C&I $1,463 2,376 $1,486 2,317 $1,418 2,034 Public authorities and other 38 35 35 Total retail 3,877 3,838 3,487 Wholesale 668 467 208 Interchange revenues from NSP-Wisconsin 514 501 440 Other electric revenues 558 288 436 Total electric revenues kWh sales per retail customer Revenue per retail customer Residential revenue per kWh C&I revenue per kWh Total retail revenue per kWh $5,617 $5,094 $4,571 21,604 21,644 21,440 $2,508 $2,507 $2,306 13.65 ¢ 13.70 ¢ 13.36 ¢ 10.57 10.49 9.42 11.61 11.58 10.76 34#35NSPM | Investor Fact Book October 2023 | Xcel Energy 35 NSPM | Natural Gas Operating Statistics Years Ended December 31 Natural gas deliveries (Thousands of MMBtu) Residential C&I Total retail Transportation and other Total deliveries 2022 2021 2020 38,228 39,567 41,694 40,253 40,597 42,974 78,481 80,164 84,668 7,422 14,638 14,043 85,903 94,802 98,711 Number of customers at end of period Residential 500,558 493,242 486,432 C&I 45,842 45,440 45,054 Total retail Transportation and other Total customers 546,400 538,682 531,486 30 29 26 546,430 538,711 531,512 Natural gas revenues (Millions of Dollars) Residential C&I Total retail Transportation and other Total natural gas revenues MMBtu sales per retail customer Revenue per retail customer Residential revenue per MMBtu C&I revenue per MMBtu Transportation and other revenue per MMBtu NSPM | Plant Information $510 $339 $278 433 265 201 943 604 479 79 19 14 $1,022 $623 $493 144 149 159 $1,726 $1,121 $902 13.34 8.56 6.66 10.76 6.53 4.69 2.56 1.29 0.97 Station, Location and Unit Summer 2022 Fuel Installed Net Dependable Capability (MW) Emissions Control Steam: A.S. King-Bayport, MN, 1 Unit Coal 1968 511 Equipment BH (PM), DS (acid gases), SCR (NOx), ACI (mercury), OFA Sherco-Becker, MN Unit 1 Coal 1976 680 WS (PM & acid gases), Wet ESPS (PM), LNBS (NOx), OFA (NOx), ACI (mercury) Unit 2 Coal 1977 682 Unit 3 Coal 1987 517 (a) Monticello-Monticello, MN, 1 Unit Nuclear 1971 617 Prairie Island-Welch, MN Unit 1 Nuclear 1973 521 Unit 2 Nuclear 1974 519 Wood/Refuse- Various 36 (b) derived fuel Various locations, 4 Units Red Wing-Red Wing, MN, 2 Units Wilmarth-Mankato, MN, 2 Units WS (PM & acid gases), Wet ESPS (PM), LNBS (NOx), OFA (NOx), ACI (mercury) BH (PM), DS (acid gases), LNBS, ACI (mercury) Each unit: BH (PM), DLI (acid gases) Each unit: BH (PM), DS (acid gases)#36NSPM | Plant Information (con't) Station, Location and Unit Combustion Turbine: Fuel Installed NSPM | Investor Fact Book October 2023 | Xcel Energy Summer 2022 Net Dependable Emissions Control Capability (MW) Equipment Angus Anson-Sioux Falls, SD, 3 Units Oil/Natural Gas 1994-2005 327 Unit 2 Oil/Natural Gas WI (NOx) Unit 3 Oil/Natural Gas WI (NOx) Unit 4 Natural Gas LNBs Black Dog-Burnsville, MN, 3 Units Natural Gas 1987-2018 494 Combined cycle units 5 & 2 (Unit 5 is the combustion turbine and Natural Gas Combustion unit: LNBs and SCR (NOx) Unit 2 is the steam turbine) Unit 6 Blue Lake-Shakopee, MN, 6 Units Units 1-4 Units 7-8 High Bridge-St. Paul, MN, 3 Units 2 combined cycle units and 1 steam turbine Inver Hills-Inver Grove Heights, MN, 6 Units Riverside-Minneapolis, MN, 3 Units 2 combined cycle units and 1 steam turbine Various locations, 7 Units Wind: Natural Gas LNBs Oil/Natural Gas 1974-2005 447 Oil Natural Gas Natural Gas LNBs (NOx) Each combustion unit: LNBs 2008 530 Each combustion unit: LNBS and SCR (NOx) Oil/Natural Gas Natural Gas 1972 252 2009 454 Each combustion unit: LNBs and SCR Natural Gas Various 10 Blazing Star 1-Lincoln County, MN, 100 Units Wind 2020 200 (c) Blazing Star 2-Lincoln County, MN, 100 Units Wind 2021 200 (c) Border-Rolette County, ND, 75 Units Wind 2015 148 (c) Community Wind North-Lincoln County, MN, 12 Units Wind 2020 26 (c) Courtenay Wind, ND, 100 Units Wind 2016 190 (c) Crowned Ridge 2-Grant County, SD, 88 Units Wind 2020 192 (c) Dakota Range, SD, 72 Units Wind 2022 298 (c) Foxtail-Dickey County, ND, 75 Units Wind 2019 150 (c) Freeborn-Freeborn County, MN, 100 Units Wind 2021 200 (c) Grand Meadow-Mower County, MN, 67 Units Wind 2008 99 (c) Jeffers-Cottonwood County, MN, 20 Units Wind 2020 43 (c) Lake Benton-Pipestone County, MN, 44 Units Wind 2019 99 (c) Mower-Mower County, MN, 43 Units Wind 2021 91 (c) Nobles-Nobles County, MN, 134 Units Wind 2010 200 (c) Pleasant Valley-Mower County, MN, 100 Units Wind 2015 196 (c) Rock Aetna-Murray County, MN, 8 Units Wind 2022 20 (c) Total 8,949 (a) Based on NSPM's ownership of 59%. (b) Refuse-derived fuel is made from municipal solid waste. (c) Values disclosed are the generation levels at the point-of-interconnection for these wind units. Capacity is attainable only when wind conditions are sufficiently available (ondemand net dependable capacity is zero). PM - Particulate Matter SCR Selective Catalytic Reduction NOX Nitrogen Oxides ACI Activated Carbon Injection LNBs Low-NOx Burners CO LI-Lime Injection OFA - Overfire Air ESP Electrostatic Precipitator UI-Urea Injection DS- Dry Scrubber Carbon Monoxide BH Baghouse DLI Dry Limestone Injection WS- Wet Scrubber WI Water Injection MCM Mechanical Collector & Multiclone OC-Oxidation Catalyst 36#3737 NSPM | Investor Fact Book October 2023 | Xcel Energy NSPM | Base Capital Expenditure Forecast Dollars in Millions 2024 2025 2026 2027 2028 Total Electric Distribution $590 $580 $650 $700 $780 $3,300 Electric Transmission $340 $450 $690 $830 $580 $2,890 Electric Generation $480 $730 $600 $590 $430 $2,830 Other $390 $340 $280 $250 $270 $1,530 Renewables $640 $690 $20 $0 $0 $1,350 Natural Gas $220 $180 $140 $130 $120 $790 Total $2,660 $2,970 $2,380 $2,500 $2,180 $12,690 Excludes potential additional investment associated with resource plans, PPA buyouts and future wind repowerings. Approved NSPM 650 MW wind repowering projects and Sherco Solar are included in base capital expenditures. NSPM | Authorized Equity Ratios & ROES Minnesota Electric Minnesota Natural Gas North Dakota Electric North Dakota Natural Gas South Dakota Electric NSPM | Recovery Mechanisms Minnesota: Forward test year with interim rates Transmission rider Renewable energy rider Natural gas infrastructure rider Environmental improvement rider Recovery of grid modernization through transmission rider DSM incentive mechanism Fuel clause adjustment Electric decoupling/sale true-up for all classes (2016-2020) Multi-year rate plans up to 5 years North Dakota: Forward test year with interim rates Transmission rider Renewable energy rider Fuel clause adjustment South Dakota: Historic test year Transmission rider Infrastructure rider for capital projects Fuel clause adjustment Equity Ratio ROE 52.50% 9.25% 52.50% 9.57% 52.50% 9.50% 52.54% 9.80% Black box Black box#38NSP | System Energy Mix 2005 3% 2% 2022 1% 18% 30% 27% 50% 11% 7% 4% NSPM | Investor Fact Book October 2023 | Xcel Energy 2030 Projected 19% 39% 3% 13% 26% 6% 28% 13% Coal Natural Gas Hydro Nuclear Solar Wind Other NSPM | Renewable Portfolio Standards Minnesota: 31.5% (1.5% solar) (currently in compliance) North Dakota: No renewable portfolio standard South Dakota: 10% (currently in compliance) NSPM | Commission Profiles Minnesota: Commissioner, Party Valerie Means, D John Tuma, R Matt Schuerger Katie Sieben, D* Joseph Sullivan, D** Appointed Term Expiration 4/2019 1/2025 2/2015 1/2027 2/2016 1/2028 1/2017 1/2029 4/2020 1/2026 The MPUC consists of 5 commissioners appointed by the governor to staggered, 6-year terms. By law, no more than 3 commissioners can be of the same political party and at least one commissioner must reside at the time of appointment outside the 7-county metropolitan area. The governor designates 1 of the commissioners to serve as chair. North Dakota: Commissioner, Party Elected Term Expiration Randy Christmann, R* 1/2013 12/2024 Julie Fedorchak, R 1/2013 12/2028 Sheri Haugen-Hoffart, R 2/2022 12/2026 The Commission is comprised of 3 commissioners who are elected on a statewide basis to staggered, 6-year terms. The chair is elected by the commissioners. South Dakota: Commissioner, Party Kristie Fiegen, R* Gary Hanson, R** Chris Nelson, R South Dakotans elect their 3 commissioners to staggered, 6-year terms. The chair is elected by the commissioners. * Chair ** Vice Chair Elected Term Expiration 8/2011 1/2025 1/2003 1/2027 1/2011 1/2029 38#39Northern States Power Company - Wisconsin (NSPW) 39 ASHLAND HUDSON EAU CLAIRE NSPW is an Xcel Energy operating company that conducts business in Wisconsin and Michigan. In both states, the company generates, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas. NSPW's electric production and transmission system is managed as an integrated system with that of NSPM, jointly referred to as the NSP System. Generally, NSPW's contribution to earnings ranges from 5% to 10% of Xcel Energy's consolidated earnings. Customers Electricity Natural gas 0.3 million 0.1 million LA CROSSE 0 MADISON#40NSPW | Consolidated Statements of Income Years Ended December 31 Amounts in Millions NSPW | Investor Fact Book October 2023 | Xcel Energy 2022 2021 2020 Operating revenues Electric, non-affiliates Electric, affiliates Natural gas Other Total operating revenues $800 $733 $687 202 189 168 198 182 119 1 1 1,201 1,105 974 Operating expenses Electric fuel and purchased power, non-affiliates 17 20 13 Purchased power, affiliates 446 408 379 Cost of natural gas sold and transported 116 117 53 Operating and maintenance expenses 223 198 191 Conservation program expenses Depreciation and amortization Taxes (other than income taxes) Total operating expenses 13 13 13 158 147 156 31 28 28 1,004 931 833 Operating income 197 174 141 Other expense, net Allowance for funds used during construction - equity 27 (2) (1) €5 (8) 85 Interest charges and financing costs Interest charges - includes other financing costs of $1, $1 and $1, respectively Allowance for funds used during construction - debt 45 42 40 (3) (2) (2) Total interest charges and financing costs 42 40 38 Income before income taxes Income tax expense (benefit) Net income 160 138 100 35 30 (7) $125 $108 $107 40 40#41NSPW | Investor Fact Book October 2023 | Xcel Energy 41 NSPW | Consolidated Statements of Cash Flows Years Ended December 31 Amounts in Millions 2022 2021 2020 Operating activities Net income $125 $108 $107 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 159 148 158 Deferred income taxes (2) 9 (36) Allowance for equity funds used during construction (7) (5) (5) Provision for bad debts 4 4 7 Changes in operating assets and liabilities: Accounts receivable Accrued unbilled revenues Inventories (13) (5) (12) (5) (16) (14) (12) (5) Other current assets (20) (4) (3) Accounts payable 5 8 (3) Net regulatory assets and liabilities 18 (41) Other current liabilities 16 2 4 Pension and other employee benefit obligations (4) (9) (7) Other, net (5) (1) (3) Net cash provided by operating activities 257 186 202 Investing activities Capital/construction expenditures Investments in utility money pool arrangement Repayments from money pool arrangement Net cash used in investing activities (353) (264) (238) (100) (71) 100 71 (353) (264) (238) Financing activities Proceeds from (repayments of) short-term borrowings, net (35) Proceeds from issuance of long-term debt 99 99 64 (46) 99 Repayments of long-term debt (19) Borrowings under money pool arrangement 591 358 Repayments under money pool arrangement Capital contributions from parent Dividends paid to parent Net cash provided by (used in) financing activities Net change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period (591) (358) 114 46 (91) (103) (70) 87 87 gཆེ|||gཆེ (9) 9 1 11 2 1 $2 $11 $2#42NSPW | Consolidated Balance Sheets December 31 Amounts in Millions, Except Share and Per Share Data Assets Current assets Cash and cash equivalents Accounts receivable, net Accrued unbilled revenues Other receivables Inventories Regulatory assets Prepaid taxes Prepayments and other Total current assets Property, plant and equipment, net Other assets Regulatory assets Other Total other assets Total assets Liabilities and Equity Current liabilities Short-term debt Accounts payable Accounts payable to affiliates Dividends payable to parent Regulatory liabilities Taxes accrued Accrued interest Other Total current liabilities Deferred credits and other liabilities Deferred income taxes Deferred investment tax credits Regulatory liabilities Customer advances Pension and employee benefit obligations NSPW | Investor Fact Book October 2023 | Xcel Energy 2022 2021 $2 $11 84 71 74 69 19 3 39 27 44 21 27 25 11 7 300 234 2,914 2,660 193 225 3 4 196 $3,410 229 $3,123 47 83 92 69 19 23 23 26 21 4 13 10 12 10 28 21 255 246 333 325 5 5 383 372 23 23 23 16 43 46 810 787 Other Total deferred credits and other liabilities Commitments and contingencies Capitalization Long-term debt 1,086 987 Common stock - 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Dec. 31, 2022 and Dec. 31, 2021, respectively 93 93 Additional paid in capital 761 642 Retained earnings 405 368 Total common stockholders' equity 1,259 1,103 Total liabilities and equity $3,410 $3,123 42#43NSPW | Investor Fact Book October 2023 | Xcel Energy 43 NSPW | Consolidated Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data Long-term debt First Mortgage Bonds, Series due: June 15, 2024, 3.30% Sept. 1, 2038, 6.375% Oct. 1, 2042, 3.70% Dec. 1, 2047, 3.75% Sept. 1, 2048, 4.20% May 1, 2051, 3.05% May 1, 2051, 2.82% 2022 2021 $200 $200 200 200 100 100 100 100 200 200 100 100 100 100 100 Sept. 15, 2052, 4.86% Other long-term debt Unamortized discount Unamortized debt expense Total NSP-Wisconsin long-term debt 1 (3) (4) (11) (10) $1,086 $987 Common Stockholders' Equity Common stock - 1,000,000 shares authorized of $100 par value; $93 $93 933,000 shares outstanding at Dec. 31, 2022 and 2021, respectively Additional paid in capital 761 642 Retained earnings 405 368 Total common stockholders' equity $1,259 $1,103#44NSPW | Electric Operating Statistics Years Ended December 31 NSPW | Investor Fact Book October 2023 | Xcel Energy Electric sales (Millions of kWh) Residential C&I Public authorities and other Total energy sold 2022 2021 2020 2,001 1,980 1,969 4,939 4,781 4,614 25 25 6,965 6,786 25 6,608 Number of customers at end of period Residential 225,252 223,615 222,158 C&I 41,488 41,502 41,095 Public authorities and other 1,187 Total customers 267,927 1,123 266,240 1,112 264,365 Electric revenues (Millions of Dollars) Residential $293 $273 $262 C&I 485 438 414 Public authorities and other 7 6 6 Total retail 785 717 682 Interchange revenues from NSP-Minnesota 202 189 168 Other electric revenues 15 16 5 Total electric revenues $1,002 $922 $855 kWh sales per retail customer Revenue per retail customer Residential revenue per kWh C&I revenue per kWh Total retail revenue per kWh 25,995 25,490 24,999 $2,930 $2,693 $2,580 14.64 ¢ 13.79¢ 13.30 ¢ 9.82 9.16 8.97 11.27 10.57 10.32 44#45NSPW | Investor Fact Book October 2023 | Xcel Energy 45 NSPW | Natural Gas Operating Statistics Years Ended December 31 Natural gas deliveries (Thousands of MMBtu) Residential C&I Total retail Transportation and other Total deliveries 2022 2021 2020 8,124 7,099 7,284 9,242 8,861 9,258 17,366 15,960 16,542 5,672 5,151 4,554 23,038 21,111 21,096 Number of customers at end of period Residential 107,402 106,274 104,835 C&I 13,646 13,520 13,424 Total retail 121,048 119,794 118,259 Transportation and other Total customers 46 44 43 121,094 119,838 118,302 Natural gas revenues (Millions of Dollars) Residential C&I $103 $89 $65 87 84 51 Total retail Transportation and other Total natural gas revenues 190 173 116 8 9 3 $198 $182 $119 MMBtu sales per retail customer 143 133 140 Revenue per retail customer $1,570 $1,449 $976 Residential revenue per MMBtu 12.68 12.55 8.91 C&I revenue per MMBtu 9.41 9.53 5.46 Transportation and other revenue per MMBtu 0.71 1.72 0.69#46NSPW | Plant Information NSPW | Investor Fact Book October 2023 | Xcel Energy Fuel Installed Summer 2022 Net Dependable Capability (MW) Emissions Control Equipment Station, Location and Unit Steam: Coal/Wood/ Bay Front-Ashland, Wis., 3 Units 1948-1956 41 Natural Gas Unit 1 Coal/Wood/ Natural Gas Coal/Wood/ Unit 2 Natural Gas Wood/Refuse- French Island-La Crosse, Wis., 2 Units 1940-1948 16 (a) derived fuel Combustion Turbine: French Island-La Crosse, Wis., 2 Units Oil 1974 122 Wheaton-Eau Claire, Wis., 5 Units Natural Gas/Oil 1973 234 Hydro: Various locations, 62 Units Hydro Various 135 Total 548 (a) Refuse-derived fuel is made from municipal solid waste. BH (PM), ACI (mercury), UI (NOx) BH (PM), ACI (mercury), UI (NOx) Each unit: BH (PM), LI (acid gases), UI (NOx), ACI (Mercury) PM Particulate Matter SCR Selective Catalytic Reduction NOX - Nitrogen Oxides ACI Activated Carbon Injection LNBs Low-NOx Burners OFA - Overfire Air CO Carbon Monoxide ESP Electrostatic Precipitator BH - Baghouse DLI Dry Limestone Injection LI-Lime Injection UI-Urea Injection DS-Dry Scrubber WS Wet Scrubber WI Water Injection MCM Mechanical Collector & Multiclone OC- Oxidation Catalyst 46#47NSPW | Investor Fact Book October 2023 | Xcel Energy 47 NSPW | Base Capital Expenditure Forecast Dollars in Millions Electric Transmission Electric Distribution Electric Generation Other Natural Gas Total 111111 2024 2025 2026 2027 2028 Total $140 $150 $250 $290 $330 $170 $170 $140 $160 $170 $40 $160 $180 $50 $50 $1,160 $850 $440 $60 $60 $70 $70 $60 $50 $310 $50 $40 $40 $570 $600 $570 $600 $40 $650 $230 $2,990 NSPW | Authorized Equity Ratios & ROES Wisconsin Electric Wisconsin Natural Gas Michigan Electric Michigan Natural Gas NSPW | Recovery Mechanisms Wisconsin: Forward test year Biennial rate case Annual electric fuel plan with reconciliation Purchased natural gas adjustment Michigan: Forward test year Natural gas cost recovery mechanism Power supply cost recovery Equity Ratio 52.50% ROE 10.00% 52.50% 10.00% 52.50% 9.70% 52.60% 9.80%#48NSPW | Renewable Portfolio Standards Wisconsin: 12.89% (currently in compliance) Michigan: 15% (currently in compliance) NSPW | Investor Fact Book October 2023 | Xcel Energy NSPW | Commission Profiles Wisconsin: Commissioner, Party Rebecca Cameron Valcq, D* Tyler Huebner, D Summer Strand The PSCW is composed of 3 full-time commissioners who decide the cases brought to the PSCW for changes in utility operations, rates and for construction projects after a complete and thorough review of all the records compiled in the case, including public comments. Commissioners are appointed by the governor and confirmed by the State Senate for staggered, 6-year terms. One of these commissioners is appointed chair by the governor for a 2-year term. Michigan: Commissioner, Party Katherine Peretick Dan Scripps, D* Alessandra Carreon, D The Michigan MPSC is composed of 3 commissioners appointed by the governor with the advice and consent of the Senate. Appointees serve staggered, 6-year terms. No more than 2 commissioners may represent the same political party. The governor designates the chair. * Chair Appointed 1/2019 Term Expiration 3/2025 3/2020 3/2027 3/2023 3/2029 Appointed 1/2021 Term Expiration 7/2027 2/2019 7/2023 7/2023 7/2025 48#49Public Service Company of Colorado (PSCo) 49 GRAND JUNCTION RIFLE CARBONDALE LEADVILLE 25 PSCO is an Xcel Energy operating company that conducts business in Colorado. The company generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas. Generally, PSCo's contribution to earnings ranges from 35% to 45% of Xcel Energy's consolidated earnings. Customers Electricity 1.6 million Natural gas 1.5 million FT. COLLINS ESTES PARK GREELEY BOULDER VAIL ALAMOSA 25 25 DENVER PUEBLO BRUSH STERLING#50PSCO | Consolidated Statements of Income Years Ended December 31 Amounts in Millions PSCO | Investor Fact Book October 2023 | Xcel Energy 2022 2021 2020 Operating revenues Electric Natural gas Other Total operating revenues $3,795 1,860 $3,413 1,355 $3,116 1,024 53 47 43 5,708 4,815 4,183 Operating expenses Electric fuel and purchased power 1,485 1,336 1,132 Cost of natural gas sold and transported 1,053 606 374 Cost of sales steam and other 18 15 13 Operating and maintenance expenses 905 831 811 Demand side management expenses 133 132 141 Depreciation and amortization Taxes (other than income taxes) Total operating expenses Operating income 848 744 655 272 256 234 4,714 3,920 3,360 994 895 823 Other income (expense), net Allowance for funds used during construction ― equity སྱེསྐྱ (2) 32 28 +00 19 (1) 35 Interest charges and financing costs ― Interest charges Allowance for funds used during construction - debt - includes other financing costs of $8, $7 and $7, respectively 271 243 238 (11) (9) (14) Total interest charges and financing costs 260 234 224 Income before income taxes Income tax expense Net income 764 693 633 37 33 45 $727 $660 $588 50#5151 PSCO | Investor Fact Book October 2023 | Xcel Energy PSCO | Consolidated Statements of Cash Flows Years Ended December 31 Amounts in Millions 2022 2021 2020 Operating activities Net income $727 $660 $588 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 854 754 656 Deferred income taxes (10) 21 2 Allowance for equity funds used during construction (32) (28) (35) Provision for bad debts 38 26 24 Changes in operating assets and liabilities: Accounts receivable Accrued unbilled revenues Inventories (227) (58) (51) (169) (52) (5) (86) (71) (27) Prepayments and other 12 (23) (8) Accounts payable 183 66 (14) Net regulatory assets and liabilities 82 (526) 58 Other current liabilities 8 30 45 Pension and other employee benefit obligations (13) (53) (41) Other, net (112) (19) (18) Net cash provided by operating activities 1,255 727 1,174 Investing activities Utility capital/construction expenditures Investments in utility money pool arrangement Repayments from utility money pool arrangement Net cash used in investing activities (1,880) (45) (1,604) (273) (1,671) (122) 45 273 122 (1,880) (1,604) (1,671) Financing activities Proceeds from (repayments of) short-term borrowings, net 146 11 136 Borrowings under utility money pool arrangement Repayments under utility money pool arrangement 1,199 743 1,189 (1,199) (800) (1,171) Proceeds from issuance of long-term debt 686 737 735 Repayments of long-term debt Capital contributions from parent Dividends paid to parent (300) (400) 569 650 856 (491) (467) (831) 610 874 514 Net cash provided by financing activities Net change in cash and cash equivalents (15) (3) 17 Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period 25 28 11 $10 $25 $28#52PSCO | Consolidated Balance Sheets December 31 Amounts in Millions, Except Share and Per Share Data Assets Current assets Cash and cash equivalents Accounts receivable, net Accounts receivable from affiliates Accrued unbilled revenues Inventories Regulatory assets Derivative instruments Prepayments and other Total current assets Property, plant and equipment, net Other assets PSCO | Investor Fact Book October 2023 | Xcel Energy 2022 2021 $10 $25 562 374 11 13 519 350 319 245 411 353 65 39 103 104 2,000 1,503 19,652 18,444 Regulatory assets 1,277 1,293 Derivative instruments 22 27 Operating lease right-of-use assets 437 409 Other 231 246 Total other assets 1,967 1,975 Total assets 23,619 $21,922 Liabilities and Equity Current liabilities Current portion of long-term debt $250 $300 Short-term debt 294 147 Accounts payable 764 531 Accounts payable to affiliates 75 69 Regulatory liabilities 59 95 Taxes accrued 242 252 Accrued interest Dividends payable to parent Derivative instruments Operating lease liabilities Other Total current liabilities Deferred credits and other liabilities Deferred income taxes Regulatory liabilities Asset retirement obligations Derivative instruments Customer advances Pension and employee benefit obligations Operating lease liabilities 59 58 120 104 30 30 80 84 115 109 2,088 1,779 1,983 1,960 2,489 2,397 476 422 9 29 144 160 13 23 379 351 198 190 5,691 5,532 Other Total deferred credits and other liabilities Commitments and contingencies Capitalization Long-term debt 6,610 6,167 Common stock 100 shares authorized of $0.01 par value; 100 shares outstanding at Dec. 31, 2022 and Dec. 31, 2021, respectively Additional paid in capital 6,992 6,426 Retained earnings Accumulated other comprehensive loss Total common stockholders' equity Total liabilities and stockholders' equity 2,260 2,040 (22) 9,230 (22) 8,444 $23,619 $21,922 52 62#5353 PSCO | Investor Fact Book October 2023 | Xcel Energy PSCO | Consolidated Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data Long-term debt First Mortgage Bonds, Series due: Sept. 15, 2022, 2.25% March 15, 2023, 2.50% May 15, 2025, 2.90% June 15, 2028, 3.70% Jan. 15, 2031, 1.90% June 15, 2031, 1.875% June 1, 2032, 4.10% Sept. 1, 2037, 6.25% Aug. 1, 2038, 6.50% Aug. 15, 2041, 4.75% Sept. 15, 2042, 3.60% March 15, 2043, 3.95% March 15, 2044, 4.30% June 15, 2046, 3.55% June 15, 2047, 3.80% June 15, 2048, 4.10% Sept. 15, 2049, 4.05% March 1, 2050, 3.20% Jan. 15, 2051, 2.70% June 1, 2052, 4.50% Unamortized discount 2022 2021 $- $300 250 250 250 250 350 350 375 375 750 750 300 350 350 300 300 250 250 500 500 250 250 300 300 250 250 400 400 350 350 400 400 550 550 375 375 400 (37) (33) (53) (50) 6,860 6,467 250 300 $6,610 $6,167 Unamortized debt expense Total Less current maturities Total PSCo long-term debt Common Stockholders' Equity Common Stock - 100 shares authorized of $0.01 par value; 100 shares $- $- outstanding at Dec. 31, 2022 and 2021, respectively. Additional paid-in capital 6,992 6,426 Retained earnings 2,260 2,040 Accumulated other comprehensive loss (22) (22) Total common stockholders' equity $9,230 $8,444#54PSCO | Electric Operating Statistics Years Ended December 31 Electric sales (Millions of kWh) Residential C&I Public authorities and other Total retail PSCO | Investor Fact Book October 2023 | Xcel Energy 2022 9,848 2021 2020 9,996 9,992 18,698 18,690 18,612 244 241 240 28,790 28,927 28,844 4,736 33,526 4,592 33,519 4,456 33,300 Sales for resale Total energy sold Number of customers at end of period Residential 1,337,356 C&I 168,165 1,321,738 167,311 1,305,303 164,932 Public authorities and other 54,436 Total retail 1,559,957 54,454 1,543,503 54,411 1,524,646 Wholesale 50 55 50 1,560,007 1,543,558 1,524,696 Total customers Electric revenues (Millions of Dollars) Residential C&I Public authorities and other Total retail Wholesale Other electric revenues Total electric revenues kWh sales per retail customer Revenue per retail customer Residential revenue per kWh C&l revenue per kWh Total retail revenue per kWh $1,341 $1,245 1,843 1,751 $1,145 1,606 52 53 53 3,236 3,049 2,804 286 250 216 273 114 96 $3,795 $3,413 $3,116 18,456 18,741 18,919 $2,074 $1,975 $1,839 13.62 ¢ 12.45¢ 11.46 ¢ 9.86 9.37 8.63 11.24 10.54 9.72 54 5#5555 PSCO | Investor Fact Book October 2023 | Xcel Energy PSCO | Natural Gas Operating Statistics Years Ended December 31 Natural gas deliveries (Thousands of MMBtu) Residential C&I Total retail Transportation and other Total deliveries Number of customers at end of period Residential C&I Total retail Transportation and other Total customers Natural gas revenues (Millions of Dollars) 2022 2021 2020 105,153 100,454 103,671 46,039 43,030 41,436 151,192 143,484 145,107 140,608 146,498 179,426 291,800 289,982 324,533 1,363,264 1,347,573 1,333,539 102,648 1,465,912 7,729 102,093 1,449,666 101,765 1,435,304 1,473,641 7,866 1,457,532 7,975 1,443,279 Residential C&I $1,203 479 $839 $671 316 236 Total retail Transportation and other Total natural gas revenues 1,682 1,155 907 178 200 117 $1,860 $1,355 $1,024 MMBtu sales per retail customer 103 99 101 Revenue per retail customer $1,147 $797 $631 Residential revenue per MMBtu 11.14 8.35 6.47 C&I revenue per MMBtu 10.4 7.34 5.70 Transportation and other revenue per MMBtu 1.07 1.37 0.65#56PSCO | Plant Information Station, Location and Unit Steam: Comanche-Pueblo, CO Unit 2 Unit 3 Craig-Craig, CO, 2 Units PSCO | Investor Fact Book October 2023 | Xcel Energy Summer 2022 Net Dependable Fuel Installed Capability (MW) Emissions Control Equipment Coal 1975 335 BH (PM), DS (acid gases), LNBS (NOx), ACI (mercury) Coal 2010 500 (a) Coal 1979-1980 82 (b) Hayden-Hayden, CO, 2 Units Coal 1965-1976 233 (c) BH (PM), DS (acid gases), LNBS (NOx), SCR (NOx), ACI (mercury) Each unit: BH (PM), WS (acid gases), LNBS (NOx), OFA (NOx) Each unit: BH (PM), DS (acid gases), OFA (NOx), SCRS (NOx), LNBs BH (PM), DS (acid gases), LNBS (NOx), SCR (NOx), CA (mercury), OFA Pawnee-Brush, CO, 1 Unit Coal 1981 505 Cherokee-Denver, CO, 1 Unit Combustion Turbine: Natural Gas 1968 310 Blue Spruce-Aurora, CO, 2 Units Natural Gas 2003 264 Each combustion unit: LNBs (NOx), OC (CO) Cherokee-Denver, CO, 3 Units Natural Gas 2015 576 Each combustion unit: 2 combined cycle units and 1 steam turbine SCR (NOx), LNBs, OC (CO) Fort St. Vrain-Platteville, CO, 6 Units Unit 4: SCR (NOx) Natural Gas 1972-2009 973 (1 steam turbine) Units 2-6: LNBs Manchief, CO, 2 Units Natural Gas 2000 250 Rocky Mountain-Keenesburg, CO, 3 Units Natural Gas 2004 580 2 combined cycle units and 1 steam turbine Each combustion unit: SCR (NOx), OC (CO), LNBS Various locations, 8 Units Natural Gas Various 251 Wind: Rush Creek, CO, 300 Units Wind 2018 582 (d) Cheyenne Ridge, CO, 229 units Wind 2020 477 (d) Hydro: Cabin Creek-Georgetown, CO Pumped Storage, 2 Units Various locations, 6 Units Hydro Hydro 1967 210 Various 23 Total 6,151 (a) Based on PSCo's ownership of 67% of Unit 3 (b) Based on PSCo's ownership interest of 10%. (c) Based on PSCo's ownership interest of 76% of Unit 1 and 37% of Unit 2. (d) Values disclosed are the generation levels at the point-of-interconnection. Capacity is attainable only when wind conditions are sufficiently available (on-demand net dependable capacity is zero). PM Particulate Matter SCR Selective Catalytic Reduction NOX - Nitrogen Oxides ACI Activated Carbon Injection LNBs Low-NOx Burners OFA Overfire Air CO Carbon Monoxide ESP Electrostatic Precipitator BH - Baghouse DLI - Dry Limestone Injection LI-Lime Injection UI-Urea Injection DS Dry Scrubber WS- Wet Scrubber WI Water Injection MCM - Mechanical Collector & Multiclone OC Oxidation Catalyst CA Chemical Additive 56#5757 PSCO | Investor Fact Book October 2023 | Xcel Energy PSCO | Base Capital Expenditure Forecast Dollars in Millions 2024 2025 2026 2027 2028 Total Electric Transmission $990 $1,240 $1,310 $1,310 $840 $5,690 Electric Distribution $710 $790 $910 $1,000 $1,090 $4,500 Natural Gas $460 $450 $450 $450 $410 $2,220 Other $220 $210 $220 $220 $190 $1,060 Electric Generation $180 $200 $120 $80 $100 $680 Renewables Total $20 $2,580 $50 $20 $10 $10 $110 $2,940 $3,030 $3,070 $2,640 $14,260 Excludes potential additional generation investment associated with the Colorado resource plan, PPA buyouts and future wind repowerings. PSCO | Authorized Equity Ratios & ROES Colorado Electric Colorado Natural Gas PSCO | Recovery Mechanisms Colorado: Ability to file multi-year requests Ability to file either historic or forward test years Purchased capacity cost adjustment Clean Air-Clean Jobs Act rider (forward looking) Transmission rider (forward looking) Natural gas pipeline integrity rider Renewable energy rider DSM incentive mechanism Energy cost adjustment Natural gas cost adjustment Transportation electrification/EV rider Equity Ratio 55.69% 52-55% ROE 9.30% 9.20-9.50%#58PSCO | System Energy Mix 2005 2% 2% 31% 65% 2022 PSCO | Investor Fact Book October 2023 | Xcel Energy 2030 Projected 4% 36% 27% 16% 57% 31% 4% 1% Coal Natural Gas Hydro Solar Wind Other PSCO | Renewable Portfolio Standards Colorado: 30% (distributed generation standard of 3%) (currently in compliance) PSCO | Commission Profile Colorado: Commissioner, Party Eric Blank* Megan Gilman Tom Plant The CPUC consists of 3 governor-appointed commissioners. Appointees are then confirmed by the Senate. No more than 2 members of the CPUC shall be affiliated with the same political party, and any appointment to fill a vacancy shall be for the unexpired term. The governor designates the chair. * Chair 23% Appointed 1/2021 Term Expiration 1/2025 3/2020 1/2024 2/2023 1/2027 58#5959 Southwestern Public Service Company (SPS) SPS is an Xcel Energy operating company that conducts business in Texas and New Mexico. In both states, the company generates, purchases, transmits, distributes and sells electricity. Generally, SPS' contribution to earnings ranges from 15% to 20% of Xcel Energy's consolidated earnings. Customers Electricity 0.4 million DALHART SANTA FE 25 ALBUQUERQUE TUCUMCARI BORGER HEREFORD AMARILLO 27 CLOVIS PLAINVIEW LUBBOCK ROSWELL LEVELLAND 25 HOBBS CARLSBAD 35 DALLAS AUSTIN 35 SAN ANTONIO#60SPS | Statements of Income Years Ended December 31 Amounts in Millions Operating revenues Operating expenses Electric fuel and purchased power Operating and maintenance expenses Demand side management expenses Depreciation and amortization Taxes (other than income taxes) Total operating expenses Operating income SPS | Investor Fact Book October 2023 | Xcel Energy 2022 $2,426 2021 $2,465 2020 $1,870 1,157 1,432 835 317 271 275 23 17 16 388 300 295 107 79 90 1,992 2,099 1,511 434 366 359 Other income (expense), net Allowance for funds used during construction. ― equity 3 14 I (2) 33 Interest charges and financing costs Interest charges - includes other financing costs of $4, $4 and $4, respectively Allowance for funds used during construction - debt 143 (2) Total interest charges and financing costs 141 112 ཎྜསེ" 114 119 (2) (14) 105 Income before income taxes 296 259 285 Income tax (benefit) expense Net income $(53) $(59) $(10) $349 $318 $295 60 60#6161 SPS | Investor Fact Book October 2023 | Xcel Energy SPS | Statements of Cash Flows Years Ended December 31 Amounts in Millions 2022 2021 2020 Operating activities Net income $349 $318 $295 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 391 303 298 Deferred income taxes 17 (47) 22 Allowance for equity funds used during construction (3) (4) (33) Provision for bad debts 9 6 6 Changes in operating assets and liabilities: Accounts receivable Accrued unbilled revenues Inventories (67) (29) (14) (16) (10) (19) (21) (35) Prepayments and other (50) 16 (14) Accounts payable 22 4 8 Net regulatory assets and liabilities (5) (154) (115) Other current liabilities 52 (1) 13 Pension and other employee benefit obligations 1 (18) (16) Other, net (5) (4) (1) Net cash provided by operating activities 676 359 414 Investing activities Utility capital/construction expenditures Investments in utility money pool arrangement Receipts from utility money pool arrangement Net cash used in investing activities (578) (580) (1,142) (176) (83) (4) 176 83 4 (578) (580) (1,142) Financing activities (Repayments of) proceeds from short-term borrowings, net (103) (113) 250 Proceeds from issuance of long-term debt, net 196 247 343 Borrowings under utility money pool arrangement 336 539 561 Repayments under utility money pool arrangement Capital contributions from parent (427) (448) (561) 220 301 438 Dividends paid to parent (319) (310) (313) Net cash provided by financing activities (97) 216 718 Net change in cash and cash equivalents Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period 1 (5) (10) 1 6 16 $2 $1 $6#62SPS | Balance Sheets December 31 Amounts in Millions, Except Share and Per Share Data Assets Current assets Cash and cash equivalents Accounts receivable, net Accounts receivable from affiliates Accrued unbilled revenues Inventories Regulatory assets Derivative instruments Prepaid taxes Prepayments and other Total current assets Property, plant and equipment, net Other assets Regulatory assets Derivative instruments Operating lease right-of-use assets Other Total other assets Total assets SPS | Investor Fact Book October 2023 | Xcel Energy 2022 2021 $2 $1 167 115 15 9 140 125 61 51 217 193 122 30 5 3 68 21 797 548 8,129 7,838 359 380 3 6 434 463 26 27 822 876 $9,748 $9,262 Liabilities and Equity Current liabilities Short-term debt 34 137 Borrowings under utility money pool arrangement 91 Accounts payable 209 172 Accounts payable to affiliates 23 16 Regulatory liabilities 148 54 Taxes accrued 61 47 Accrued interest 31 30 Dividends payable to parent 61 58 Derivative instruments Operating lease liabilities Other Total current liabilities Deferred credits and other liabilities Deferred income taxes Regulatory liabilities Asset retirement obligations Derivative instruments Pension and employee benefit obligations Operating lease liabilities 4 4 31 30 58 24 660 663 739 702 715 709 147 116 2 6 12 8 403 434 9 8 2,027 1,983 Other Total deferred credits and other liabilities Commitments and contingencies Capitalization Long-term debt 3,211 3,013 Common stock - 200 shares authorized of $1.00 par value; 100 shares outstanding at Dec. 31, 2022 and Dec. 31, 2021, respectively Additional paid in capital 3,311 3,091 Retained earnings Accumulated other comprehensive loss Total common stockholders' equity Total liabilities and equity 540 513 (1) (1) 3,850 3,603 $9,748 $9,262 62 62#6363 SPS Investor Fact Book October 2023 | Xcel Energy SPS | Statements of Capitalization December 31 Amounts in Millions, Except Share and Per Share Data 2022 2021 Long-term debt First Mortgage Bonds, Series due: June 15, 2024, 3.30% Aug. 15, 2041, 4.50% Aug. 15, 2046, 3.40% Aug. 15, 2047, 3.70% Nov. 15, 2048, 4.40% June 15, 2049, 3.75% May 1, 2050, 3.15% May 1, 2050, 3.15% June 1, 2052, 5.15% Unsecured Senior C and D Notes, due Oct. 1, 2033, 6.00% Unsecured Senior F Notes, due Oct. 1, 2036, 6.00% Unamortized discount Unamortized debt expense Total SPS long-term debt Common Stockholders' Equity $350 $350 400 400 300 300 450 450 300 300 300 300 350 350 250 250 200 100 100 250 250 (10) (9) (29) (28) $3,211 $3,013 Common stock - 200 shares authorized of $1.00 par value, $- $- 100 shares outstanding at Dec. 31, 2022 and 2021, respectively Additional paid in capital 3,311 3,091 Retained earnings 540 513 Accumulated other comprehensive loss (1) (1) Total common stockholders' equity $3,850 $3,603#64SPS | Electric Operating Statistics Years Ended December 31 Electric sales (Millions of kWh) Residential C&I Public authorities and other Total retail SPS | Investor Fact Book October 2023 | Xcel Energy 2022 2021 2020 3,844 3,608 3,787 18,236 16,741 16,271 531 511 516 22,611 20,860 20,574 6,594 9,040 10,510 29,205 29,900 31,084 Sales for resale Total energy sold Number of customers at end of period Residential 319,492 317,139 313,534 C&I 79,143 78,696 78,139 Public authorities and other 6,338 6,308 6,331 Total retail 404,973 402,143 398,004 Wholesale 5 5 5 404,978 402,148 398,009 Total customers Electric revenues (Millions of Dollars) Residential $445 $417 $370 C&I 1,102 933 755 Public authorities and other 51 45 39 Total retail 1,598 1,395 1,164 Wholesale 407 886 351 Other electric revenues 421 184 355 Total electric revenues $2,426 $2,465 $1,870 kWh sales per retail customer 55,835 51,872 51,694 Revenue per retail customer $3,946 $3,469 $2,925 Residential revenue per kWh 11.58 ¢ 11.56¢ 9.77¢ C&l revenue per kWh 6.04 5.57 4.64 Total retail revenue per kWh 7.07 6.69 5.66 64#6565 99 SPS Investor Fact Book October 2023 | Xcel Energy SPS | Plant Information Station, Location and Unit Steam: Fuel Installed Summer 2022 Net Dependable Capability (MW) Emissions Control Equipment Cunningham-Hobbs, NM, 2 Units Natural Gas Harrington-Amarillo (a), TX, 3 Units Coal 1957-1965 1976-1980 225 1,018 Unit 1 Unit 2 ESP (PM), LNBs (NOx), ACI (mercury), OFA BH (PM), LNBs (NOx), ACI (mercury), OFA BH (PM), LNBs (NOx), ACI (mercury), OFA Unit 3 Jones-Lubbock, TX, 2 Units Natural Gas 1971-1974 486 Each unit: OFA (NOx) Maddox-Hobbs, NM, 1 Unit Natural Gas 1967 112 OFA (NOx) Nichols-Amarillo, TX, 3 Units Natural Gas 1960-1968 457 Each unit: OFA (NOx) Plant X-Earth, TX, 4 Units Natural Gas 1952-1964 298 Unit 4: OFA (NOx) Each unit: BH (PM), LNBS Tolk-Muleshoe, TX, 2 Units Coal 1982-1985 1,067 (NOx), ACI (mercury) Combustion Turbine: Cunningham-Hobbs, NM, 2 Units Natural Gas 1998 207 Each unit: LNBs (NOx) Jones-Lubbock, TX, 2 Units Natural Gas 2011-2013 334 Each unit: LNBs (NOx) Maddox-Hobbs, NM, 1 Unit Natural Gas 1963-1976 61 Wind: Hale-Plainview, TX, 239 Units Sagamore-Dora, NM, 240 Units Wind Wind 2019 477 (b) 2020 507 (b) Total 5,249 (a) Expected to be converted to natural gas by the end of 2024. (b) Values disclosed are the generation levels at the point-of-interconnection for these wind units. Capacity is attainable only when wind conditions are sufficiently available (on demand net dependable capacity is zero). PM Particulate Matter SCR Selective Catalytic Reduction NOX - Nitrogen Oxides ACI Activated Carbon Injection LNBs Low-NOx Burners OFA - Overfire Air CO Carbon Monoxide ESP Electrostatic Precipitator BH - Baghouse DLI- Dry Limestone Injection LI-Lime Injection UI-Urea Injection DS-Dry Scrubber WS- Wet Scrubber WI Water Injection MCM - Mechanical Collector & Multiclone OC-Oxidation Catalyst#66SPS | Base Capital Expenditure Forecast Dollars in Millions SPS | Investor Fact Book October 2023 | Xcel Energy 2024 2025 2026 2027 2028 Total Electric Transmission $410 $310 $250 $410 $330 $1,710 Electric Distribution $250 $300 $300 $340 $360 $1,550 Other $110 $100 $90 $90 $110 $500 Electric Generation $130 $70 $20 $20 $20 $260 Renewables $10 $0 $0 $10 $10 $30 Total $910 $780 $660 $870 $830 $4,050 Excludes potential additional investment associated with PPA buyouts SPS | Authorized Equity Ratios & ROES Texas Electric New Mexico Electric (a) For AFUDC purposes. (b) Previous rate case SPS | Recovery Mechanisms Texas: Historic test year (wind settlement reduced regulatory lag) DSM incentive mechanism Fuel clause adjustment Purchased Capacity Cost Recovery Factor Transmission Cost Recovery Factor Distribution Cost Recovery Factor AMI rider Generation rider New Mexico: Ability to file forward test year DSM incentive mechanism Fuel clause adjustment Equity Ratio 54.62% (a)(b) 54.72% ROE 9.35% (a) 9.35% 66#6720 67 SPS Investor Fact Book October 2023 | Xcel Energy SPS | System Energy Mix 2005 2% 1% 2022 43% 54% 37% 26% 2030 Projected 74% 35% 2% Coal Natural Gas Solar Wind Other SPS | Renewable Portfolio Standards Texas: ~3% (currently in compliance) New Mexico: 20% (currently in compliance) 40% by 2025 50% by 2030 80% by 2040 100% by 2045 16% 10% SPS | Commission Profiles Texas Commissioner, Party Appointed Term Expiration Will McAdams, R 4/2021 8/2025 Lori Cobos 6/2021 8/2021 Jimmy Glotfelty 8/2021 8/2025 Kathleen Jackson* 8/2022 8/2027 Commissioners are appointed by the governor and serve staggered, 6-year terms. The governor designates the chair. New Mexico: Elected Commissioner, Party Term Expiration Patrick O'Connell, D* 1/2023 12/2028 1/2023 12/2024 James Ellison Gabriel Aguilera, D 1/2023 12/2026 Commissioners are appointed by the governor and serve 6-year terms. The chair is elected by the commissioners. * Chair ** Vice Chair#68Xcel Energy® 414 Nicollet Mall Minneapolis, MN 55401 xcelenergy.com | © 2023 Xcel Energy Inc. | Xcel Energy is a registered trademark of Xcel Energy Inc. | 23-10-522