Xcel Energy
32 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Partners and platforms
Midcontinent Independent System Operator (MISO)
named as a riskWe may also have some indirect credit exposure due to participation in organized markets, (e.g., MISO, SPP, ERCOT and California ISO), in which any credit losses are socialized to all market participants.Risk factors (Item 1A)
Tri-State Generation and Transmission Association
PSCo is working with Tri-State and the other partners in complying with the order.Business (Item 1)
Colorado Interstate Gas Company (CIG)
Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines and storage facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations.Business (Item 1)
Other companies
Collective bargaining agreements
approximately 44% of our employees (5,036)named as a riskAs of Dec. 31, 2025, approximately 44% of our employees (5,036) were covered by collective bargaining agreements.Business (Item 1)
Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more
Prairie Island and Monticello nuclear plants
operates in · approximately 1,700 MWnamed as a riskNSP-Minnesota has two nuclear generation plants, Prairie Island and Monticello.Risk factors (Item 1A)
Competitors
Distributed generation (rooftop solar)
competes withnamed as a riskDistributed generating resources are potential competitors to Xcel Energy's electric service business with these incentives and federal tax subsidies.Business (Item 1)
Also named by ED
Places
Texas
operates in · 0.4 millionSPS conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Hazards
Wildfires
named as a riskWhile we carry liability insurance, given an extreme event, damage amounts could exceed our coverage (as experienced with the Marshall Wildfire settlement in 2025) and negatively impact our results of operations, financial condition or cash flows.Risk factors (Item 1A)
Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more
Battery storage thermal runaway
named as a riskRisks of thermal runaway incidents associated with large battery storage facilitiesRisk factors (Item 1A)
Commodities and inputs
Uranium
depends on · 54%Xcel Energy secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants.Business (Item 1)
Also named by AEE, AEP, CEG, DTE, DUK, ETR, EVRG, LEU and 2 more
Natural gas
exposed to its pricenamed as a riskGenerally, natural gas supply contracts have variable pricing that is tied to natural gas indices.Business (Item 1)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Coal
depends onnamed as a riskWe require inputs such as coal, natural gas, uranium and water.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Water
depends onnamed as a riskDrought or water depletion could adversely impact our ability to provide electricity to customers, cause early retirement of power plants that require water or increase the cost for energy.Risk factors (Item 1A)
Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more
Regulators
Federal Energy Regulatory Commission (FERC)
subject to · up to $1.5 million per violation per daynamed as a riskFERC can impose penalties of up to $1.5 million per violation per day, particularly as it relates to energy trading activities for both electricity and natural gas.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskWe have programs in place to comply with these regulations, however, a significant incident or material finding of non-compliance could result in penalties and higher costs of operations.Risk factors (Item 1A)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
Nuclear Regulatory Commission (NRC)
subject tonamed as a riskThe NRC has authority to impose licensing and safety-related requirements for the operation of nuclear generation facilities, including the ability to impose fines and/or shut down a unit until compliance is achieved.Risk factors (Item 1A)
Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more
North American Electric Reliability Corporation (NERC)
subject tonamed as a riskIn addition, NERC electric reliability standards and critical infrastructure protection requirements are mandatory and subject to potential financial penalties.Risk factors (Item 1A)
Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, MDU and 5 more
Institute of Nuclear Power Operations (INPO)
subject tonamed as a riskCompliance with the INPO's recommendations could result in substantial capital expenditures or a substantial increase in operating expenses.Risk factors (Item 1A)
Colorado Public Utilities Commission (CPUC)
subject toIn December 2025, the CPUC issued a decision approving a variance that allows for the continued operation of Comanche Unit 2 in 2026, past the previously established retirement date of Dec. 31, 2025.Business (Item 1)
Laws and programs
Production tax credit (PTC)
nearly $6 billionAt the same time, our Steel for Fuel strategy has saved customers nearly $6 billion since 2017 in avoided fuel costs and PTCs.Business (Item 1)
FERC Order No. 1000
subject tonamed as a riskFERC Order No. 1000 established competition for ownership of certain new electric transmission facilities under Federal regulations.Business (Item 1)
Also named by FE
U.S. Department of Energy (DOE) Section 202(c) emergency order
subject tonamed as a riskIn December 2025, the DOE issued an emergency order pursuant to section 202(c) of the Federal Power Act to Tri-State Generation and Transmission Association and other co-owners – including Xcel Energy – directing the co-owners to take all measures necessary to ensure that Unit 1 at the Craig Station in Craig, Colorado is available to operate.Business (Item 1)
EPA municipal waste combustor air regulations
subject tonamed as a riskThe proposed rules lower current emission standards for certain pollutants and would require installation of new pollution controls and/or more intense use of existing pollution controls at French Island Generating Station, Red Wing Generating Plant and Wilmarth Generating Plant.Business (Item 1)
PFAS CERCLA hazardous substance rule
subject tonamed as a riskIn June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA.Business (Item 1)
FERC Order 2222
subject tonamed as a riskThis order is expected to incentivize distributed energy resource adoption, however implementation is expected to vary by RTO/ISO and the near, medium, and long-term impacts of Order 2222 remain unclear.Business (Item 1)
Natural gas use restrictions
subject tonamed as a riskIn recent years, there have been various local and state agency proposals within and outside our service territories that would attempt to restrict the use and availability of natural gas.Risk factors (Item 1A)
Federal trade policy (tariffs)
exposed to its pricenamed as a riskWe operate in a capital-intensive industry and federal trade policy could significantly impact the cost of materials we use.Risk factors (Item 1A)
Colorado Regional Haze SIP
subject toColorado has a state regulation that reflects the SIP requirements, including retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2 at a state level and would require amendment to modify or remove retirement dates.Business (Item 1)