Xcel Energy 2012 Annual Report Download - page 102

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92
Commercial Paper — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through
the issuance of commercial paper and borrowings under their credit facilities. Commercial paper outstanding for Xcel Energy was
as follows:
Three
Months
Ended
(Amounts in Millions, Except Interest Rates)
Dec. 31, 2012
Borrowing limit ................................
................................
$ 2,450
Amount outstanding at period end................................
................
602
Average amount outstanding ................................
....................
398
Maximum amount outstanding................................
...................
602
Weighted average interest rate, computed on a daily basis
..........................
0.36%
Weighted average interest rate at end of period ................................
....
0.36
Twelve
Months
Ended
Twelve
Months
Ended
Twelve
Months
Ended
(Amounts in Millions, Except Interest Rates)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Borrowing limit ................................................................ $ 2,450 $
2,450
$ 2,177
Amount outstanding at period end................................................
602
219
466
Average amount outstanding ....................................................
403
430
263
Maximum amount outstanding...................................................
634
824
653
Weighted average interest rate, computed on a daily basis ..........................
0.35%
0.36
%
0.36%
Weighted average interest rate at end of period ....................................
0.36
0.40
0.40
Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide
financial guarantees for certain operating obligations. At Dec. 31, 2012 and 2011, there were $14.2 million and $12.7 million of
letters of credit outstanding, respectively, under the credit facilities. There were no letters of credit outstanding that were not
issued under the credit facilities at Dec. 31, 2012. There were $1.1 million of letters of credit outstanding at Dec. 31, 2011 that
were not issued under the credit facilities. The contract amounts of these letters of credit approximate their fair value and are
subject to fees determined in the marketplace.
Credit Facilities — In order to use their commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its
utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper
borrowing limits and cannot issue commercial paper in an aggregate amount exceeding available capacity under these credit
facilities. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up
support for commercial paper borrowings.
At Dec. 31, 2012, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available:
(Millions of Dollars)
Credit Facility
Drawn (a)
Available
Xcel Energy Inc. ................................
.....
$
800.0
$
179.0
$
621.0
PSCo ................................
................
700.0
158.0
542.0
NSP-Minnesota ................................
......
500.0
231.2
268.8
SPS ................................
.................
300.0
9.0
291.0
NSP-Wisconsin ................................
......
150.0
39.0
111.0
Total................................
...............
$
2,450.0
$
616.2
$
1,833.8
(a) Includes outstanding commercial paper and letters of credit.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity
under the respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities
outstanding at Dec. 31, 2012 and 2011.