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ANNUAL REPORT 2013
TRUSTED

Table of contents

  • Page 1
    TRUSTED ANNUAL REPORT 2013

  • Page 2
    ...N Xcel Energy is a major U.S. electric and natural gas company, with annual revenues of $10.9 billion. Based in Minneapolis, Minn., the company operates in eight states and provides a comprehensive portfolio of energy-related products and services to 3.5 million electricity customers and 1.9 million...

  • Page 3
    .... Positive weather and lower interest expenses also contributed to good results. We grew our dividend in 2013 for the 10th consecutive year and established a new dividend growth objective of 4 percent to 6 percent. Early in 2014, we actually increased the dividend ANNUAL REPORT 2013 XCEL ENERGY 1

  • Page 4
    ...unit to our natural gas-fired Jones generating station to meet growing electric demand in the area. That unit not only came in on time but substantially below our market estimate. Also on time and on budget is our Clean Air Clean Jobs effort in Colorado to retire coal-fired plants, replace some of...

  • Page 5
    Place Bridge Academy in Denver is one of many Denver Public Schools (DPS) facilities taking advantage of Xcel Energy's Solar*Rewards® program, which offers customers incentives to install solar panels for their homes and businesses. "The Place Bridge Academy solar project is part of an overall ...

  • Page 6

  • Page 7
    ...the city's manager of public works. "The Denver Police Department is reporting a dramatic reduction in nighttime crime in the pilot area, and we expect the cost savings to be equally as dramatic." Xcel Energy plans to increase its portfolio of wind energy by 40 percent, the company announced in 2013...

  • Page 8
    ...Energy Regulatory Commission (FERC) designed in part to initiate competition for certain transmission projects. To make sure we are ready to compete with others entering that market, we plan to establish a separate subsidiary that will enable us to build new transmission-in our own service territory...

  • Page 9
    ...lling that vision. Investing in the energy grid As we look ahead to a changing energy landscape, we become more cognizant of the value of our service and, Oil production in Texas and New Mexico increased electric demand in the area by almost 10 percent in 2013. Xcel Energy is planning, permitting...

  • Page 10
    ...two new wind farms in North Dakota and Minnesota that Xcel Energy will own. Given the current price of wind energy, this is an excellent way to protect customers Celebrating the best employees in the business We've always appreciated the fact that our employees are essential to our success-and 2013...

  • Page 11
    ... the type of service that best fits their needs. He also helps identify and manage rebate programs for energy efficient equipment and provides ongoing information about any kind of work Xcel Energy might be doing on the electric system that could affect Latisys. ANNUAL REPORT 2013 XCEL ENERGY 9

  • Page 12
    ... to those vice president of business development. "A growing partnership" is how McEver locations. As a result, we were able describes the company's relationship with Xcel Energy. Since 2010, Xcel Energy's to improve restoration time by one sand mine accounts have grown from four customers to 22...

  • Page 13
    XCEL ENERGY ANNUAL REPORT 2013 11

  • Page 14
    ... replaced its coal-fired High Bridge generating plant with a new combined-cycle natural gas-fired facility, the company worked with the city of Saint Paul to develop a dog park on seven acres of land that were part of the former plant grounds. "We have an outstanding relationship with Minnesota...

  • Page 15
    ...) Minnesota (State or other jurisdiction of incorporation or organization) 41-0448030 (I.R.S. Employer Identification No.) Xcel Energy Inc. 414 Nicollet Mall Minneapolis, MN 55401 (Address of principal executive offices) Registrant's telephone number, including area code: 612-330-5500 Securities...

  • Page 16

  • Page 17
    ... Federal Regulatory Developments ...Electric Operating Statistics ...NATURAL GAS UTILITY OPERATIONS ...NSP-Minnesota...NSP-Wisconsin...PSCo ...SPS ...Natural Gas Operating Statistics...GENERAL...ENVIRONMENTAL MATTERS ...CAPITAL SPENDING AND FINANCING ...EMPLOYEES ...EXECUTIVE OFFICERS ...Item 1A...

  • Page 18

  • Page 19
    ... Fuel and Power Company Eloigne ...Eloigne Company NCE ...New Century Energies, Inc. NMC...Nuclear Management Company, LLC NSP-Minnesota ...Northern States Power Company, a Minnesota corporation NSP System ...The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated...

  • Page 20
    ... fuel generation plants) EPU ...Extended power uprate ERP...Electric resource plan FCA ...Fuel clause adjustment FPPCAC ...Fuel and purchased power cost adjustment clause GAP ...Gas affordability program GCA ...Gas cost adjustment OATT ...Open access transmission tariff PCCA ...Purchased capacity...

  • Page 21
    ... Financial Reporting Standards Life cycle management Low-level radioactive waste Liquefied natural gas Maximum achievable control technology Manufactured gas plant Midcontinent Independent Transmission System Operator, Inc. Moody's Investor Services Multi-value project Customer demand of...

  • Page 22
    ... under the laws of Minnesota in 1909. Xcel Energy's executive offices are located at 414 Nicollet Mall, Minneapolis, Minn. 55401. Its website address is www.xcelenergy.com. Xcel Energy makes available, free of charge through its website, its annual report on Form 10-K, quarterly reports on Form 10...

  • Page 23
    ... electricity in Colorado. The wholesale customers served by PSCo comprised approximately 13 percent of its total KWh sold in 2013. PSCo also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. PSCo provides electric utility service...

  • Page 24
    ...in 2014. These costs are recovered through an annual costrecovery mechanism for electric conservation and energy management program expenditures. CIP Triennial Plan - In October 2012, the DOC approved NSP-Minnesota's 2013 through 2015 CIP Triennial Plan, which increases the savings goals and budgets...

  • Page 25
    ... in 2011, 2012, and 2013 respectively. The 2014 forecast assumes normal peak day weather. Energy Sources and Related Transmission Initiatives NSP-Minnesota expects to use existing power plants, power purchases, CIP options, new generation facilities and expansion of existing power plants to meet its...

  • Page 26
    ... Grand Rapids, Minn. line was placed in service in September 2012. Minnesota Solar Initiatives - In May 2013, Minnesota's Governor signed into law legislation requiring that 1.5 percent of a public utility's total electric retail sales to retail customers be generated using solar energy by 2020. Of...

  • Page 27
    ... a municipal utility. Results of the exploratory study authorized by the Minneapolis City Council are due in the first quarter of 2014. Nuclear Power Operations and Waste Disposal NSP-Minnesota owns two nuclear generating plants: the Monticello plant and the Prairie Island plant. Nuclear power plant...

  • Page 28
    ...from NSP-Minnesota's Monticello and Prairie Island nuclear plants is currently disposed at the Clive facility located in Utah. If off-site LLW disposal facilities become unavailable, NSP-Minnesota has storage capacity available on-site at Prairie Island and Monticello that would allow both plants to...

  • Page 29
    ... discussion regarding nuclear related items. Nuclear Plant Power Uprates and Life Extension Prairie Island Independent Spent Fuel Storage Installation (ISFSI) License Renewal - The current license to operate an ISFSI at Prairie Island was scheduled to expire in October 2013. An application to renew...

  • Page 30
    ... electric generation, the percentage of total fuel requirements represented by each category of fuel and the total weighted average cost of all fuels. Coal NSP System Generating Plants Cost (a) Nuclear Percent Cost Percent Natural Gas Cost Percent Weighted Average Owned Fuel Cost 2013 ...2012...

  • Page 31
    ... and Prairie Island are 100 percent committed through 2027 and 2019, respectively. NSP-Minnesota expects sufficient uranium concentrates, conversion services and enrichment services to be available for the total fuel requirements of its nuclear generating plants. Some exposure to spot market price...

  • Page 32
    ... the need for new generating plants and electric transmission lines before the facilities may be sited and built. NSP-Wisconsin is subject to the jurisdiction of the FERC with respect to its wholesale electric operations, hydroelectric generation licensing, accounting practices, wholesale sales for...

  • Page 33
    ...a FCA to provide for adjustments to billings and revenues for changes in the cost of fuel and purchased energy. However, as of Jan. 1, 2013, NSP-Wisconsin no longer served any wholesale municipal electric customers. Rates for wholesale municipal services provided in 2012 were subject to a final true...

  • Page 34
    ... to pay an additional charge to increase the level of renewable resource generation used to meet the customer's load requirements. TCA - The TCA recovers transmission plant revenue requirements and allows for a return on CWIP outside of rate cases. PSCo recovers fuel and purchased energy costs...

  • Page 35
    ... electric bill. See Renewable Energy Sources for further discussion. In July 2013, PSCo filed its 2014 RES compliance plan which included continuing both the Solar*Rewards and Solar*Rewards Community programs, maintaining approximately the same capacity expected to be installed in 2013. PSCo also...

  • Page 36
    .... PSCo's generation stations use low-sulfur western coal purchased primarily under contracts with suppliers operating in Colorado and Wyoming. During 2013 and 2012, PSCo's coal requirements for existing plants were approximately 11.3 million tons. The estimated coal requirements for 2014 are...

  • Page 37
    ... MW. In October 2013, the CPUC approved the addition of 450 MW of Colorado wind generation PPA's. In addition to receiving purchased wind energy under these agreements, PSCo also typically receives wind RECs, which are used to meet state renewable resource requirements. The average cost per MWh of...

  • Page 38
    ... rates of SPS' New Mexico retail jurisdiction. PCRF - The PCRF rider allows recovery of certain purchased power costs in Texas. TCRF - The TCRF rider recovers transmission infrastructure improvement costs and changes in wholesale transmission charges in Texas. Fuel and purchased energy costs are...

  • Page 39
    ... power contracts typically require a periodic payment to secure the capacity and a charge for the associated energy actually purchased. SPS also makes short-term purchases to meet system load and energy requirements, to replace generation from companyowned units under maintenance or during outages...

  • Page 40
    .... Includes energy from other sources, including nuclear, hydroelectric, solar, biomass, oil and refuse. Distributed generation from the Solar*Rewards program is not included, was approximately 0.011, 0.008, and 0.006 net million KWh for 2013, 2012, and 2011, respectively. Fuel Supply and Costs The...

  • Page 41
    ... Developments The FERC has jurisdiction over rates for electric transmission service in interstate commerce and electricity sold at wholesale, hydro facility licensing, natural gas transportation, asset transactions and mergers, accounting practices and certain other activities of Xcel Energy...

  • Page 42
    ..., though this view is disputed by some parties. The State of New Mexico does not have legislation protecting ROFR rights for incumbent utilities. Xcel Energy Services Inc. and NSP-Wisconsin vs. ATC (La Crosse, Wis. to Madison, Wis. Transmission Line) - In February 2012, Xcel Energy Services Inc. and...

  • Page 43
    ..., Minn. to La Crosse, Wis. Transmission Line) - In October 2012, ATC filed a complaint against MISO, Xcel Energy Services Inc., NSP-Minnesota and NSP-Wisconsin, alleging that, under the legal principles set forth in the July 2012 FERC ruling in the La Crosse, Wis. to Madison, Wis. transmission line...

  • Page 44
    ... Statistics Year Ended Dec. 31 2013 2012 2011 Electric sales (Millions of KWh) Residential...Large commercial and industrial...Small commercial and industrial...Public authorities and other...Total retail ...Sales for resale ...Total energy sold ...Number of customers at end of period Residential...

  • Page 45
    Energy Source Statistics Year Ended Dec. 31 2013 Xcel Energy Millions of KWh Percent of Generation Millions of KWh 2012 Percent of Generation Millions of KWh 2011 Percent of Generation Coal ...Natural Gas ...Wind (a) ...Nuclear ...Hydroelectric...Other (b) ...Total ...Owned generation ...Purchased ...

  • Page 46
    ...and propaneair plants provide a cost-effective alternative to annual fixed pipeline transportation charges to meet the peaks caused by firm space heating demand on extremely cold winter days. NSP-Minnesota is required to file for a change in natural gas supply contract levels to meet peak demand, to...

  • Page 47
    ... pipeline transportation charges to meet the peaks caused by firm space heating demand on extremely cold winter days. NSP-Wisconsin is required to file a natural gas supply plan with the PSCW annually to change natural gas supply contract levels to meet peak demand. NSP-Wisconsin's winter 2013-2014...

  • Page 48
    ... services were 1,865,207 MMBtu on Dec. 5, 2013 and 1,539,864 MMBtu on Dec. 19, 2012. PSCo purchases natural gas from independent suppliers, generally based on market indices that reflect current prices. The natural gas is delivered under transportation agreements with interstate pipelines...

  • Page 49
    ... natural gas transactions in interstate commerce; and to the jurisdiction of the DOT and the PUCT for pipeline safety compliance. See Items 1A and 7 for further discussion of natural gas supply and costs. Natural Gas Operating Statistics Year Ended Dec. 31 2013 2012 2011 Natural gas deliveries...

  • Page 50
    ... planning programs that promote competition in the acquisition of electricity generation resources used to provide service to retail customers. In addition, FERC Order 1000 seeks to establish competition for construction and operation of certain new electric transmission facilities. Xcel Energy...

  • Page 51
    ... gas-fired plants, emitted approximately 57.1 million and 59.2 million tons of CO2 in 2013 and 2012, respectively. Xcel Energy also estimated emissions associated with electricity purchased for resale to Xcel Energy customers from generation facilities owned by third parties. Xcel Energy estimates...

  • Page 52
    ...2004 to present. Previously, Managing Director and Assistant Treasurer, Xcel Energy Inc., July 2003 to May 2004; Director of Origination, Energy Markets Business Unit, Xcel Energy Services Inc., May 2002 to July 2003; and Associate and Vice President, Deutsche Bank Securities, December 1996 to April...

  • Page 53
    ...'s strategy. The process for risk mitigation includes adherence to our code of conduct and other compliance policies, operation of formal risk management structures and groups, and overall business management. At a threshold level, Xcel Energy has developed a robust compliance program and promotes...

  • Page 54
    ... in additional generating assets, transmission and other infrastructure to serve increased load. Decreased energy use due to weather changes may affect our financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can...

  • Page 55
    ...rating agencies. For example, Standard & Poor's calculates an imputed debt associated with capacity payments from purchased power contracts. An increase in the overall level of capacity payments would increase the amount of imputed debt, based on Standard & Poor's methodology. Therefore, Xcel Energy...

  • Page 56
    ...authorized Xcel Energy and its subsidiaries to take advantage of this end-user exception. In addition, the CFTC has granted an increase in the de minimis level for swap transactions with defined utility special entities, generally entities owning or operating electric or natural gas facilities, from...

  • Page 57
    ... fuels mix, availability of water for cooling, availability of fuel transportation, electric generation capacity, transmission, natural gas pipeline capacity, etc. Our subsidiary, NSP-Minnesota, is subject to the risks of nuclear generation. NSP-Minnesota's two nuclear stations, Prairie Island...

  • Page 58
    ... our natural gas transmission or distribution lines located near populated areas the level of potential damages resulting from these risks is greater. Additionally, the operating or other costs that may be required in order to comply with potential new regulations, including the Pipeline Safety Act...

  • Page 59
    ... our nuclear power plants under the NRC's design basis threat requirements, such as additional physical plant security and additional security personnel. We have also already incurred increased costs for compliance with NERC reliability standards associated with critical infrastructure protection...

  • Page 60
    ... decrease in revenues and may cause significant additional costs (e.g., penalties, third party claims, repairs, insurance or compliance) and potentially disrupt our supply and markets for natural gas, oil and other fuels. We maintain security measures designed to protect our information technology...

  • Page 61
    ...sufficiently high enough to support the noted generation values above. Therefore, the on-demand net dependable capacity is zero. Summer 2013 Net Dependable Capability (MW) NSP-Wisconsin Station, Location and Unit Fuel Installed Steam: Bay Front-Ashland, Wis., 3 Units...French Island-La Crosse, Wis...

  • Page 62
    ... are sufficiently high enough to support the noted generation values above. Therefore, the on-demand net dependable capacity is zero. Summer 2013 Net Dependable Capability (MW) SPS Station, Location and Unit Fuel Installed Steam: Harrington-Amarillo, Texas, 3 Units ...Tolk-Muleshoe, Texas, 2 Units...

  • Page 63
    ... Equity Securities Quarterly Stock Data Xcel Energy Inc.'s common stock is listed on the New York Stock Exchange (NYSE). The trading symbol is XEL. The number of common shareholders of record as of Dec. 31, 2013 was approximately 70,548. The following are the reported high and low sales prices based...

  • Page 64
    ...7 and Note 4 to the consolidated financial statements for further discussion of Xcel Energy Inc.'s dividend policy. The following compares our cumulative TSR on common stock with the cumulative total return of the EEI Investor-Owned Electrics Index and the Standard & Poor's 500 Composite Stock Price...

  • Page 65
    ... Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Jan. 1, 2013 - Jan. 31, 2013 (a) ...Feb. 1, 2013 - Dec. 31, 2013 ...Total ...(a) 18,175 - 18,175 $ 27.43 - - - - - - - Xcel Energy Inc. or...

  • Page 66
    ... Business Segments and Organizational Overview Xcel Energy Inc. is a public utility holding company. In 2013, Xcel Energy's operations included the activity of four utility subsidiaries that serve electric and natural gas customers in eight states. These utility subsidiaries are NSP-Minnesota...

  • Page 67
    ... impact in the future. It should be read in conjunction with the accompanying consolidated financial statements and the related notes to consolidated financial statements. The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. The earnings and EPS as well...

  • Page 68
    ...) Per Share 2013 2012 2011 PSCo...$ NSP-Minnesota ...SPS ...NSP-Wisconsin...Equity earnings of unconsolidated subsidiaries ...Regulated utility ...Xcel Energy Inc. and other costs ...Ongoing diluted earnings per share ...SPS 2004 FERC complaint case orders ...Prescription drug tax benefit ...GAAP...

  • Page 69
    ... NSP-Wisconsin's ongoing earnings increased $0.02 per share for 2013. Higher ongoing earnings from electric and natural gas rates and cooler winter weather were partially offset by higher O&M expenses and depreciation. 2012 Comparison with 2011 Xcel Energy - Overall, ongoing earnings increased $0.10...

  • Page 70
    ...$ $ Includes the dividend requirements on preferred stock in 2011. The following tables summarize the earnings contributions of Xcel Energy's business segments. (Millions of Dollars) 2013 2012 2011 GAAP income (loss) by segment Regulated electric income ...$ Regulated natural gas income ...Other...

  • Page 71
    ... number of customers, temperature variances and the amount of natural gas or electricity the average customer historically uses per degree of temperature. Accordingly, deviations in weather from normal levels can affect Xcel Energy's financial performance, from both an energy and demand perspective...

  • Page 72
    ...) 2013 vs. 2012 Fuel and purchased power cost recovery...$ Retail rate increases (a) ...Transmission revenue ...Non-fuel riders...Estimated impact of weather ...PSCo earnings test refund obligation ...Firm wholesale ...Conservation and DSM program incentives ...Trading...SPS 2004 FERC complaint...

  • Page 73
    ... Fuel and purchased power cost recovery...$ Firm wholesale (a) ...Retail sales decrease, excluding weather impact...Conservation and DSM revenue (offset by expenses)...Retail rate increases (Colorado, Texas, New Mexico, Wisconsin, South Dakota, North Dakota, Michigan and Minnesota) ...Transmission...

  • Page 74
    ... Margin (Millions of Dollars) 2012 vs. 2011 Retail rate increases (Colorado, Texas, New Mexico, Wisconsin, South Dakota, North Dakota, Michigan and Minnesota) ...$ Demand revenue ...Transmission revenue, net of costs ...Conservation and DSM incentive ...Estimated impact of weather ...Firm wholesale...

  • Page 75
    2013 Comparison to 2012 - Natural gas margins increased primarily due to cooler winter weather and rate increases in Colorado and Wisconsin. Natural Gas Revenues (Millions of Dollars) 2012 vs. 2011 Purchased natural gas adjustment clause recovery ...$ Estimated impact of weather ...Conservation and...

  • Page 76
    ... increased $18.8 million for 2012, compared with 2011. The increase is primarily due to the expansion of PSCo's transmission facilities, additional construction related to the Colorado CACJA and life extension work at the Prairie Island nuclear generating plant. Interest Charges - Interest charges...

  • Page 77
    ...Xcel Energy's utility revenues depend on customer usage, which varies with weather conditions, general business conditions and the cost of energy services. Various regulatory agencies approve the prices for electric and natural gas service within their respective jurisdictions and affect Xcel Energy...

  • Page 78
    ... services, Xcel Energy has, consistent with FERC policy, implemented formula rates for each of the utility subsidiaries that will provide annual rate changes as transmission or production investments increase in a manner similar to the retail rate riders. NSP-Minnesota and NSP-Wisconsin have no cost...

  • Page 79
    ... and spent nuclear fuel disposal expenses, costs charged to operating expenses for environmental monitoring and disposal of hazardous materials and waste were approximately 275 million in 2013; $263 million in 2012; and $265 million in 2011. Xcel Energy estimates an average annual expense of...

  • Page 80
    ... business and on the results reported even if the nature of the accounting policies applied have not changed. The following is a list of accounting policies and estimates that are most significant to the portrayal of Xcel Energy's financial condition and results, and that require management's most...

  • Page 81
    .... Employee Benefits Xcel Energy's pension costs are based on an actuarial calculation that includes a number of key assumptions, most notably the annual return level that pension and postretirement health care investment assets will earn in the future and the interest rate used to discount future...

  • Page 82
    ... by pension accounting standards are deferred as a regulatory liability. Colorado, Texas, New Mexico and FERC jurisdictions allow the recovery of other post retirement benefit costs only to the extent that recognized expense is matched by cash contributions to an irrevocable trust. Xcel Energy has...

  • Page 83
    ...the AROs could change materially. However, changes in estimates have minimal impact on results of operations as NSP-Minnesota expects to continue to recover all costs in future rates. Xcel Energy continually makes judgments and estimates related to these critical accounting policy areas, based on an...

  • Page 84
    ...manage commodity price risk within each rate-regulated operation to the extent such exposure exists. Wholesale and Commodity Trading Risk - Xcel Energy Inc.'s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy...

  • Page 85
    ... for a discussion of Xcel Energy Inc. and its subsidiaries' interest rate derivatives. NSP-Minnesota also maintains a nuclear decommissioning fund, as required by the NRC. The nuclear decommissioning fund is subject to interest rate risk and equity price risk. At Dec. 31, 2013, the fund was invested...

  • Page 86
    ... nuclear EPU project as well as the Prairie Island steam generator replacement and certain other transmission line projects. Other differences mainly related to changes in restricted cash. Net cash used in investing activities increased by $85 million for 2012 as compared to 2011. The increase...

  • Page 87
    ... 320 75 175 2,685 2018 Other major transmission projects ...$ CapX2020 transmission project ...PSCo CACJA ...Natural gas pipeline replacement ...Nuclear fuel ...NSP-Minnesota wind projects ...Southwest infrastructure expansion ...NSP-Minnesota Black Dog...Other capital expenditures ...Total capital...

  • Page 88
    ... its current coal, nuclear fuel and natural gas requirements. Additionally, the utility subsidiaries of Xcel Energy Inc. have entered into agreements with utilities and other energy suppliers for purchased power to meet system load and energy requirements, replace generation from company-owned units...

  • Page 89
    ... and 2012, respectively. 2013 2012 Pension Assumptions Discount rate ...Expected long-term rate of return ...Capital Sources 4.75% 7.05 4.00% 6.88 Short-Term Funding Sources - Xcel Energy uses a number of sources to fulfill short-term funding needs, including operating cash flow, notes payable...

  • Page 90
    .... As of Feb. 18, 2014, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available to meet liquidity needs: (Millions of Dollars) Facility (a) Drawn (b) Available Cash Liquidity Xcel Energy Inc...PSCo ...NSP-Minnesota ...SPS ...NSP-Wisconsin ...Total...

  • Page 91
    ... junior subordinated notes. Upon redemption, Xcel Energy Inc. recognized $6.3 million of related unamortized debt issuance costs as interest charges. Financing Plans - Xcel Energy issues debt and equity securities to refinance retiring maturities, reduce short-term debt, fund construction programs...

  • Page 92
    ... Fitch Ratings upgraded both PSCo senior unsecured debt and PSCo senior secured debt by one notch. On Jan. 31, 2014, Moody's upgraded each of the following ratings by one notch Xcel Energy Inc. senior unsecured debt; NSP-Minnesota senior unsecured debt; NSP-Minnesota commercial paper; NSP-Wisconsin...

  • Page 93
    ... an audit report on the Xcel Energy Inc.'s internal control over financial reporting. Their report appears herein. /s/ BENJAMIN G.S. FOWKE III Benjamin G.S. Fowke III Chairman, President and Chief Executive Officer Feb. 21, 2014 /s/ TERESA S. MADDEN Teresa S. Madden Senior Vice President and Chief...

  • Page 94
    ... REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Xcel Energy Inc. Minneapolis, Minnesota We have audited the accompanying consolidated balance sheets and statements of capitalization of Xcel Energy Inc. and subsidiaries (the "Company") as of December 31, 2013 and 2012...

  • Page 95
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Xcel Energy Inc. Minneapolis, Minnesota We have audited the internal control over financial reporting of Xcel Energy Inc. and subsidiaries (the "Company") as of December 31, 2013, based on criteria ...

  • Page 96
    XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) Year Ended Dec. 31 2013 2012 2011 Operating revenues Electric ...Natural gas ...Other ...Total operating revenues ...Operating expenses Electric fuel and purchased power...Cost of ...

  • Page 97
    XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (amounts in thousands) Year Ended Dec. 31 2013 2012 2011 Net income ...Other comprehensive income (loss) Pension and retiree medical benefits: Net pension and retiree medical benefit gains (losses) arising during the ...

  • Page 98
    ... of non-cash investing and financing transactions: Property, plant and equipment additions in accounts payable...Issuance of common stock for reinvested dividends and 401(k) plans ...See Notes to Consolidated Financial Statements $ Year Ended Dec. 31 2012 $ 905,229 943,702 7,258 102,651 508...

  • Page 99
    XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) Dec. 31 2013 Assets Current assets Cash and cash equivalents ...Accounts receivable, net ...Accrued unbilled revenues ...Inventories...Regulatory assets ...Derivative instruments ......

  • Page 100
    ... compensation ...37,439 Balance at Dec. 31, 2012 ...487,960 $ 1,219,899 $ 5,353,015 $ 2,413,816 $ Net income ...Other comprehensive income ...Dividends declared on common stock ...Issuances of common stock ...10,012 Share-based compensation ...Balance at Dec. 31, 2013 ...497,972 948,234 (554,067) 25...

  • Page 101
    XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CAPITALIZATION (amounts in thousands, except share and per share data) Dec. 31 2013 2012 Long-Term Debt NSP-Minnesota First Mortgage Bonds, Series due: Aug. 15, 2015, 1.95% ...March 1, 2018, 5.25% ...Aug. 15, 2022, 2.15% ...May 15, 2023, ...

  • Page 102
    XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CAPITALIZATION - (Continued) (amounts in thousands, except share and per share data) Dec. 31 2013 2012 NSP-Wisconsin First Mortgage Bonds, Series due: Oct. 1, 2018, 5.25% ...Sept. 1, 2038, 6.375% ...Oct. 1, 2042, 3.7% ...City of La Crosse...

  • Page 103
    ...Minnesota, NSP-Wisconsin, PSCo and SPS. These utility subsidiaries serve electric and natural gas customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Also included in Xcel Energy's operations are WGI, an interstate natural gas pipeline...

  • Page 104
    ... costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. Conservation Programs - Xcel Energy Inc.'s utility subsidiaries have implemented programs in many of their retail jurisdictions to assist customers in conserving energy and reducing peak demand on the electric...

  • Page 105
    ... as NSP-Minnesota's nuclear generating plants use fuel, includes the cost of fuel used in the current period (including AFUDC), as well as future disposal costs of spent nuclear fuel and costs associated with the end-of-life fuel segments. Nuclear Refueling Outage Costs - Xcel Energy uses a deferral...

  • Page 106
    .... See Note 6 for further discussion of income taxes. Types of and Accounting for Derivative Instruments - Xcel Energy uses derivative instruments in connection with its interest rate, utility commodity price, vehicle fuel price, short-term wholesale and commodity trading activities, including...

  • Page 107
    .... For the nuclear decommissioning fund, published trading data and pricing models, generally using the most observable inputs available, are utilized to estimate fair value for each class of security. See Note 11 for further discussion. Cash and Cash Equivalents - Xcel Energy considers investments...

  • Page 108
    ... - Xcel Energy maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans under applicable accounting guidance requires management to make various assumptions and estimates. Based...

  • Page 109
    ... 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: (Amounts in Millions, Except Interest Rates) Three Months Ended Dec. 31, 2013...

  • Page 110
    ...capacity under the respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities outstanding at Dec. 31, 2013 and 2012. Long-Term Borrowings and Other Financing Instruments Generally, all real and personal property of NSP-Minnesota, NSP-Wisconsin...

  • Page 111
    ... general corporate purposes. Debt Redemption - On May 31, 2013, Xcel Energy Inc. redeemed the entire $400 million principal amount of its 7.60 percent junior subordinated notes. Upon redemption, Xcel Energy Inc. recognized $6.3 million of related unamortized debt issuance costs as interest charges...

  • Page 112
    ...covenants, Xcel Energy Inc. is required to be current on particular interest payments before dividends can be paid. As discussed below, the most restrictive dividend limitations for NSP-Minnesota, NSP-Wisconsin and SPS are imposed by their respective state regulatory commission. PSCo's dividends are...

  • Page 113
    ..., Xcel Energy recorded an R&E benefit of $5 million related to 2012 and an estimated $6 million related to 2013. Prescription drug tax benefit - In the third quarter of 2012, Xcel Energy implemented a tax strategy related to the allocation of funding of Xcel Energy's retiree prescription drug plan...

  • Page 114
    ... claim for 2013. Xcel Energy is continuing to work through the audit process, but the outcome and timing of a resolution are uncertain. State Audits - Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions of Colorado, Minnesota, Texas, and Wisconsin...

  • Page 115
    ...ending Dec. 31: 2013 2012 2011 Federal statutory rate ...Increases (decreases) in tax from: Tax credits recognized, net of federal income tax expense...Regulatory differences - utility plant items ...NOL carryback ...State income taxes, net of federal income tax benefit...Change in unrecognized tax...

  • Page 116
    ...776 Unbilled revenue - fuel costs ...58,908 60,068 Rate refund ......service, performance or market condition associated with these awards. Restricted stock, granted to settle amounts due to certain employees under the Xcel Energy Inc. Executive Annual Incentive Award Plan, is included in common shares...

  • Page 117
    ... shares in the open market at an average price of $26.42 per share. In addition, approximately 0.9 million shares of common stock were purchased in February 2012 through an agent independent of Xcel Energy to fulfill requirements for the employer match pursuant to the Xcel Energy 401(k) Savings Plan...

  • Page 118
    ... are based on EPS growth, with an additional condition that Xcel Energy Inc.'s annual dividend paid on its common stock remains at a specified amount per share or greater. These RSUs issued in 2011, 2012 and 2013, plus associated dividend equivalents, will be settled or forfeited and the restricted...

  • Page 119
    ... as of the dividend date. The stock equivalent units are payable as a distribution of Xcel Energy Inc.'s common stock upon a director's termination of service. The stock equivalent units granted for the years ended Dec. 31 were as follows: (Units in Thousands) 2013 2012 2011 Granted units ...Grant...

  • Page 120
    ... years ended 2013, 2012 and 2011, respectively. In October 2013, Xcel Energy determined that it would settle the 2013 401(k) employer match in cash instead of common stock for all employee groups except PSCo bargaining employees. Share-based compensation accounting for the impacted employee groups...

  • Page 121
    ... current market interest rate forecasts. Pension Benefits Xcel Energy has several noncontributory, defined benefit pension plans that cover almost all employees. Benefits are based on a combination of years of service, the employee's average pay and social security benefits. Xcel Energy's policy...

  • Page 122
    ..., Xcel Energy's pension plan assets that are measured at fair value as of Dec. 31, 2013 and 2012: Dec. 31, 2013 (Thousands of Dollars) Level 1 Level 2 Level 3 Total Cash equivalents ...$ Derivatives...Government securities ...Corporate bonds...Asset-backed securities ...Mortgage-backed securities...

  • Page 123
    ...$ 2,943,783 The following tables present the changes in Xcel Energy's Level 3 pension plan assets for the years ended Dec. 31, 2013, 2012 and 2011: Net Realized Gains (Losses) Net Unrealized Gains (Losses) Purchases, Issuances and Settlements, Net Transfers Out of Level 3 (a) (Thousands of Dollars...

  • Page 124
    ... pension benefit obligation and plan assets for Xcel Energy is presented in the following table: (Thousands of Dollars) 2013 2012 Accumulated Benefit Obligation at Dec. 31 ... $ 3,282,651 $ 3,475,154 Change in Projected Benefit Obligation: Obligation at Jan. 1 ...$ Service cost ...Interest cost...

  • Page 125
    ... pension plan into the qualified pension plans. Xcel Energy also modified the benefit formula for nonbargaining new hires beginning in 2012 to a reduced benefit level. Benefit Costs - The components of Xcel Energy's net periodic pension cost were: (Thousands of Dollars) 2013 2012 2011 Service cost...

  • Page 126
    ... Xcel Energy Inc.'s utility subsidiaries also have issued guidelines related to the funding of postretirement benefit costs. SPS is required to fund postretirement benefit costs for Texas and New Mexico jurisdictional amounts collected in rates. PSCo is required to fund postretirement benefit costs...

  • Page 127
    ...computed benefit obligation and plan assets for Xcel Energy is presented in the following table: (Thousands of Dollars) 2013 2012 Change in Projected Benefit Obligation: Obligation at Jan. 1 ...$ Service cost ...Interest cost ...Medicare subsidy reimbursements ...Plan amendments...Plan participants...

  • Page 128
    ... during 2014. Plan Amendments - The 2013 decrease of the projected Xcel Energy and PSCo postretirement health and welfare benefit obligation for plan amendments is due to changes in the participant co-pay structure for certain retiree groups. The 2012 decrease of the projected Xcel Energy and PSCo...

  • Page 129
    2013 2012 2011 Significant Assumptions Used to Measure Costs: Discount rate ...Expected average long-term rate of return on assets...Projected Benefit Payments 4.10% 7.11 5.00% 6.75 5.50% 7.50 The following table lists Xcel Energy's projected benefit payments for the pension and ...

  • Page 130
    ...by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact...

  • Page 131
    ... Monticello and Prairie Island nuclear generating plants. The fund contains cash equivalents, debt securities, equity securities and other investments - all classified as available-for-sale. NSP-Minnesota plans to reinvest matured securities until decommissioning begins. NSP-Minnesota uses the MPUC...

  • Page 132
    ...The following tables present the changes in Level 3 nuclear decommissioning fund investments: Gains Recognized as Regulatory Assets and Liabilities (Thousands of Dollars) Jan. 1, 2013 Purchases Settlements Transfers Out of Level 3 (a) Dec. 31, 2013 Private equity investments ...$ Real estate...

  • Page 133
    ... from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and vehicle fuel. At Dec. 31, 2013, Xcel Energy...

  • Page 134
    ...had credit quality consistent with investment grade. All 10 of these significant counterparties are municipal or cooperative electric entities or other utilities. Financial Impact of Qualifying Cash Flow Hedges - The impact of qualifying interest rate and vehicle fuel cash flow hedges on Xcel Energy...

  • Page 135
    ...the years ended Dec. 31, 2012 and 2011 included $5.0 million and $12.7 million, respectively, of settlement losses on derivatives entered to mitigate natural gas price risk for electric generation, recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to...

  • Page 136
    ..., as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory...

  • Page 137
    ..., as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory...

  • Page 138
    ...,866 The fair value of Xcel Energy's long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of Dec. 31, 2013 and 2012, and given the observability of...

  • Page 139
    ...; Reply Brief - Oct. 14, 2014; and ALJ Report - Dec. 22, 2014. A final MPUC decision is anticipated in March 2015. NSP-Minnesota - Minnesota 2013 Electric Rate Case - In November 2012, NSP-Minnesota filed a request with the MPUC for an increase in annual revenues of approximately $285 million, or...

  • Page 140
    ... for nuclear plants ...Incentive compensation ...Sales forecast ...Pension ...Employee benefits ...Black Dog remediation ...Estimated impact of the theoretical depreciation reserve ...NSP-Wisconsin wholesale allocation ...Other, net ...Recommended rate increase ...Estimated impact of cost deferrals...

  • Page 141
    ... scheduled outages. The information indicated reductions to the estimated benefit of the uprate project. As a result, NSP-Minnesota concluded that further investment in this project would not benefit customers. In February 2013, the MPUC issued an order terminating the CON for the Prairie Island...

  • Page 142
    ... not change rates for NSP-Wisconsin's natural gas utility. New electric rates went into effect on Jan. 1, 2014. PSCo Pending and Recently Concluded Regulatory Proceedings - CPUC PSCo - Colorado 2013 Gas Rate Case - In December 2012, PSCo filed a multi-year request with the CPUC to increase Colorado...

  • Page 143
    ... management's best estimate of an accrual for the 2013 test year. SmartGridCity (SGC) Cost Recovery - PSCo requested recovery of the revenue requirements associated with $45 million of capital and $4 million of annual O&M costs incurred to develop and operate SGC as part of its 2010 electric rate...

  • Page 144
    ... annually to reflect changes in costs, subject to a true-up. The request would increase PSCo's wholesale transmission and ancillary services revenue by approximately $2.0 million annually. Various transmission customers taking service under the tariff protested the filing. In June 2012, the FERC...

  • Page 145
    ... third quarter of 2014. SPS - Texas 2012 Electric Rate Case - In November 2012, SPS filed an electric rate case in Texas with the PUCT for an increase in annual revenue of approximately $90.2 million. The rate filing is based on a historic 12 month test year ended June 30, 2012 (adjusted for known...

  • Page 146
    ... requested rate increase to $43.3 million. In August 2013, the NMPRC Staff (Staff), the NMAG, the Federal Executive Agencies, the Coalition of Clean Affordable Energy, Occidental Permian, Ltd. and New Mexico Gas Company filed testimony. The following table summarizes certain parties' recommendations...

  • Page 147
    ... resource planning changes that include early coal-fueled plant retirements, fuel switching and SCR installation. PSCo Gas Transmission Integrity Management Programs - PSCo is proactively identifying and addressing the safety and reliability of natural gas transmission pipelines. The pipeline...

  • Page 148
    ... for fuel and natural gas storage and transportation will be required to meet expected future electric generation and natural gas needs. Xcel Energy's risk of loss, in the form of increased costs from market price changes in fuel, is mitigated through the use of natural gas and energy cost-rate...

  • Page 149
    ... to develop and lease natural gas pipeline, storage, and compression facilities. Xcel Energy Inc. has a 50 percent ownership interest in WYCO. WYCO leases the facilities to CIG, and CIG operates the facilities, providing natural gas storage services to PSCo under a service arrangement. PSCo accounts...

  • Page 150
    ... over dispatch of electricity, historical and estimated future fuel and electricity prices, and financing activities. Xcel Energy has concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities...

  • Page 151
    ...under the BTM Capital Corporation Equipment Leasing Agreement (c) ...Total guarantees issued ...Guarantee performance and payment of surety bonds for Xcel Energy Inc. and its subsidiaries (d) ...(a) (b) (c) (d) (e) (f) (g) (h) (i) NSP-Wisconsin Xcel Energy Inc. NSP-Minnesota $ 1.0 9.2 9.2 19.4 32...

  • Page 152
    ... of Xcel Energy Inc.'s subsidiaries are alleged to be a PRP that sent hazardous materials and wastes to that site. MGP Sites Ashland MGP Site - NSP-Wisconsin has been named a PRP for contamination at a site in Ashland, Wis. The Ashland/Northern States Power Lakefront Superfund Site (the Ashland site...

  • Page 153
    ...' fair share of the cleanup costs for the Ashland site are also ongoing. At Dec. 31, 2013 and 2012, NSP-Wisconsin had recorded a liability of $104.6 million and $103.7 million, respectively, for the Ashland site based upon potential remediation and design costs together with estimated outside legal...

  • Page 154
    ... cost of compliance with these new EPA requirements as it is not clear whether these requirements will apply to future changes at Xcel Energy's power plants. GHG Emission Standard for Existing Sources and NSPS Proposal - In June 2013, President Obama issued a memorandum directing the EPA to develop...

  • Page 155
    ... national parks and wilderness areas. In their first regional haze SIPs, Colorado, Minnesota and Texas identified the Xcel Energy facilities that will have to reduce SO2, NOx and PM emissions under BART and set emissions limits for those facilities. PSCo In 2011, the Colorado Air Quality Control...

  • Page 156
    ... current daily standard for fine PM. In areas where Xcel Energy operates power plants, current monitored air concentrations are below the level of the final annual primary standard. The EPA is expected to designate non-compliant locations by December 2014. States would then study the sources of the...

  • Page 157
    ... the NSP-Minnesota nuclear generating plants, Monticello and Prairie Island, originated with the in-service date of the facility. See Note 14 for further discussion of nuclear obligations. A reconciliation of Xcel Energy's AROs is shown in the tables below for the years ended Dec. 31, 2013 and 2012...

  • Page 158
    ... costs accumulated through historic depreciation expense based on current factors used in the existing depreciation rates. The accumulated balances by entity were as follows at Dec. 31: (Millions of Dollars) 2013 2012 NSP-Minnesota ...NSP-Wisconsin ...PSCo ...SPS ...Total Xcel Energy ...Nuclear...

  • Page 159
    ... Electric Insurance Ltd. (NEIL). The coverage limits are $2.3 billion for each of NSP-Minnesota's two nuclear plant sites. NEIL also provides business interruption insurance coverage, including the cost of replacement power obtained during certain prolonged accidental outages of nuclear generating...

  • Page 160
    ... design services for a natural gas-fired, combined-cycle power plant to be constructed by Fru-Con. In March 2005, Fru-Con commenced a lawsuit against UE and SMUD for damages allegedly suffered during the construction of the plant. In April 2005, Zachry Group (Zachry) purchased UE from Xcel Energy...

  • Page 161
    ... $444.8 million to the DOE through Dec. 31, 2013. See Note 13 - Nuclear Waste Disposal Litigation for further discussion. NSP-Minnesota has its own temporary on-site storage facilities for spent fuel at its Monticello and Prairie Island nuclear plants, which consist of storage pools and dry cask...

  • Page 162
    ... may require to be paid back to customers in future electric and natural gas rates. Any portion of Xcel Energy's business that is not regulated cannot establish regulatory assets and liabilities. If changes in the utility industry or the business of Xcel Energy no longer allow for the application of...

  • Page 163
    ... differences ...Purchased power contract costs ...Losses on reacquired debt...Nuclear refueling outage costs ...Gas pipeline inspection and remediation costs ...Recoverable purchased natural gas and electric energy costs ...Sherco Unit 3 deferral...State commission adjustments ...Prairie Island EPU...

  • Page 164
    ... in the United States. Regulated electric utility also includes commodity trading operations. Xcel Energy's regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. Revenues from operating...

  • Page 165
    ... information is not provided for Xcel Energy's reportable segments because as an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment, and reporting assets and capital expenditures by business segment would require...

  • Page 166
    ... and Corporate Governance is set forth in Xcel Energy Inc.'s Proxy Statement for its 2014 Annual Meeting of Shareholders, which is incorporated by reference. Information with respect to Executive Officers is included in Item 1 to this report. Item 11 - Executive Compensation Information required...

  • Page 167
    ... and Services Information required under this Item is contained in Xcel Energy Inc.'s Proxy Statement for its 2014 Annual Meeting of Shareholders, which is incorporated by reference. PART IV Item 15 - Exhibits, Financial Statement Schedules 1. Consolidated Financial Statements: Management Report on...

  • Page 168
    ... 2008, by and between Xcel Energy Inc. and Wells Fargo Bank, National Association, as Trustee, creating $400 million principal amount of 7.6 percent Junior Subordinated Notes, Series due 2068 (Exhibit 4.02 to Form 8-K (file no. 001-03034) dated Jan. 16, 2008). Replacement Capital Covenant, dated Jan...

  • Page 169
    ..., Series due Oct. 1, 2042 (Exhibit 4.01 of Form 8-K of NSP-Wisconsin dated Oct. 10, 2012 (file no. 001-03140)). PSCo 4.31* 4.32* Indenture, dated as of Oct. 1, 1993, between PSCo and Morgan Guaranty Trust Company of New York, as trustee, providing for the issuance of First Collateral Trust Bonds...

  • Page 170
    ... 26, 2009 to the Xcel Energy Senior Executive Severance and Change-in-Control Policy (Exhibit 10.06 to Form 10-Q of Xcel Energy (file no. 001-03034) for the quarter ended Sept. 30, 2009). 10.07*+ Xcel Energy Inc. Executive Annual Incentive Award Plan Form of Restricted Stock Agreement (Exhibit 10.08...

  • Page 171
    ...Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Incorporated by reference to Exhibit 99.01 to Form 8-K, dated July 27, 2012 (file no. 001-03034)). 10.19*+ First Amendment dated Feb. 20, 2013 to the Xcel Energy Executive Annual Incentive Award Plan (as amended and restated...

  • Page 172
    .... 99.01 Statement pursuant to Private Securities Litigation Reform Act of 1995. 101 The following materials from Xcel Energy Inc.'s Annual Report on Form 10-K for the year ended Dec. 31, 2013 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income...

  • Page 173
    ... share data) Year Ended Dec. 31 2013 2012 2011 Income Equity earnings of subsidiaries ...Total income ...Expenses and other deductions Operating expenses ...Other income ...Interest charges and financing costs ...Total expenses and other deductions...Income before income taxes...Income tax benefit...

  • Page 174
    ... awards ...Redemption of preferred stock...Dividends paid ...Net cash provided by (used in) financing activities ...Net change in cash and cash equivalents ...Cash and cash equivalents at beginning of period ...Cash and cash equivalents at end of period ...See Notes to Condensed Financial Statements...

  • Page 175
    XCEL ENERGY INC. CONDENSED BALANCE SHEETS (amounts in thousands) Dec. 31 2013 2012 Assets Cash and cash equivalents ...Accounts receivable...Notes to Condensed Financial Statements $ 446 240,450 51,086 291,982 11,613,032 105,073 11,718,105 12,010,087 $ 602 195,438 11,497 207,537 10,643,694 143,760...

  • Page 176
    ... account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the Federal Power Act, and applicable state laws. Management does not expect maintaining these requirements to have an impact on Xcel Energy Inc.'s ability to pay dividends...

  • Page 177
    SCHEDULE II XCEL ENERGY INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DEC. 31, 2013, 2012 AND 2011 (amounts in thousands) Additions Balance at Jan. 1 Charged to Costs and Expenses Charged to Other Accounts...to changes in tax laws, expirations of certain carryforwards and identification...

  • Page 178
    ... annual report to be signed on its behalf by the undersigned thereunto duly authorized. XCEL ENERGY INC. Feb. 21, 2014 By: /s/ TERESA S. MADDEN Teresa S. Madden Senior Vice President and Chief Financial Officer (Principal Financial Officer) Pursuant to the requirements of the Securities Exchange...

  • Page 179
    ... information about Xcel Energy, including our Code of Conduct, Guidelines on Corporate Governance, Corporate Responsibility Report and Committee Charters, also are available on the Internet at xcelenergy.com/AboutUs. STOCK EXCHANGE LISTINGS AND TICKER SYMBOL Common stock is listed on the New York...

  • Page 180
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