Xcel Energy 2014 Annual Report Download - page 109

91
(Thousands of Dollars) Dec. 31, 2014 Dec. 31, 2013
Property, plant and equipment, net
Electric plant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,203,139 $ 30,341,310
Natural gas plant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,643,452 4,086,651
Common and other property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,611,486 1,485,547
Plant to be retired (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,534 101,279
CWIP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,005,531 2,371,566
Total property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,535,142 38,386,353
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,168,418) (12,608,305)
Nuclear fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,347,422 2,186,799
Less accumulated amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,957,230) (1,842,688)
$ 28,756,916 $ 26,122,159
(a) As a result of the CPUC’s 2010 approval of PSCo’s CACJA compliance plan and the December 2013 approval of PSCo’s preferred plans for applicable generating
resources, PSCo has received approval for early retirement of Cherokee Unit 3 and Valmont Unit 5 between 2015 and 2017. 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, 2014
Borrowing limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,750
Amount outstanding at period end. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020
Average amount outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802
Maximum amount outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,021
Weighted average interest rate, computed on a daily basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36%
Weighted average interest rate at period end. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.56
Year Ended Dec. 31
(Amounts in Millions, Except Interest Rates) 2014 2013 2012
Borrowing limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,750 $ 2,450 $ 2,450
Amount outstanding at period end . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020 759 602
Average amount outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 841 481 403
Maximum amount outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 1,160 634
Weighted average interest rate, computed on a daily basis . . . . . . . 0.33% 0.31% 0.35%
Weighted average interest rate at end of period . . . . . . . . . . . . . . . . 0.56 0.25 0.36
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, 2014 and 2013, there were $60.5 million and $47.8 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.