Xcel Energy 2013 Annual Report Download - page 109

91
(Thousands of Dollars) Dec. 31, 2013 Dec. 31, 2012
Property, plant and equipment, net
Electric plant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,341,310 $ 28,285,031
Natural gas plant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,086,651 3,836,335
Common and other property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485,547 1,480,558
Plant to be retired (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,279 152,730
CWIP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,371,566 1,757,189
Total property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,386,353 35,511,843
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,608,305) (12,048,697)
Nuclear fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,186,799 2,090,801
Less accumulated amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,842,688) (1,744,599)
$ 26,122,159 $ 23,809,348
(a) As a result of the CPUC’s 2010 approval of PSCo’s CACJA compliance plan, subsequent CPCNs and the December 2013 approval of PSCo’s preferred plans for
applicable generating resources, PSCo has received approval for early retirement of Cherokee Units 1, 2 and 3, Arapahoe Units 3 and 4 and Valmont Unit 5
between 2011 and 2017. In 2011, Cherokee Unit 2 was retired, in 2012, Cherokee Unit 1 was retired, and in 2013, Arapahoe Units 3 and 4 were retired. Amounts
are presented net of accumulated depreciation.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term
investments in and borrowings between the utility subsidiaries. NSP-Wisconsin does not participate in the money pool. Xcel Energy
Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not
allow the utility subsidiaries to make investments in Xcel Energy Inc. The money pool balances are eliminated in consolidation.
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:
(Amounts in Millions, Except Interest Rates) Three Months Ended Dec. 31, 2013
Borrowing limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,450
Amount outstanding at period end . . . . . . . . . . . . . . . . . . . . . . . . . . 759
Average amount outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515
Maximum amount outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 759
Weighted average interest rate, computed on a daily basis . . . . . . . 0.29%
Weighted average interest rate at period end . . . . . . . . . . . . . . . . . . 0.25
(Amounts in Millions, Except Interest Rates) Twelve Months Ended Dec. 31, 2013 Twelve Months Ended Dec. 31, 2012 Twelve Months Ended Dec. 31, 2011
Borrowing limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,450 $ 2,450 $ 2,450
Amount outstanding at period end . . . . . . . . . . . . . . . . . . . . . . . . . . 759 602 219
Average amount outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481 403 430
Maximum amount outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,160 634 824
Weighted average interest rate, computed on a daily basis . . . . . . . 0.31% 0.35% 0.36%
Weighted average interest rate at end of period . . . . . . . . . . . . . . . . 0.25 0.36 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, 2013 and 2012, there were $47.8 million and $14.2 million of letters of credit
outstanding, respectively, under the credit facilities. The contract amounts of these letters of credit approximate their fair value and
are subject to fees.
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.