Summary
Minneapolis-based Xcel Energy is an electric and natural gas utility with regulated operations in eight Western and Midwestern states. XEL provides generation, distribution, and transmission services and has a generating capacity of about 21,000 megawatts. The company provides utility services to 3.9 million electricity customers and 2.2 million natural gas customers through its regulated utilities. About one-fourth of customers are in the Denver area and are served by subsidiary PSCo. In addition to providing power, XEL has pipeline infrastructure and natural gas storage/compression operations.
Consolidated revenues in 2025 were about $14.7 billion, of which 83% were from electric sales. The company’s generation mix is about 33% wind, 33% natural gas, 15% coal, and 10% nuclear with the remainder from other renewable sources. Of consolidated 2024 revenues, just over 80% were from electric sales. In January 2025, regulators approved a twenty-
