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37 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

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