FALSE12/9/2021XCEL ENERGY INC0000072903MNNORTHERN STATES POWER CO0001123852MN00000729032021-12-092021-12-090000072903xel:NorthernStatesPowerCoMNMember2021-12-092021-12-09



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) Dec. 9, 2021
Commission File NumberExact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number
001-3034XCEL ENERGY INC.41-0448030
(a Minnesota corporation)
414 Nicollet Mall
MinneapolisMinnesota55401
(612)330-5500
001-31387NORTHERN STATES POWER COMPANY41-1967505
(a Minnesota corporation)
414 Nicollet Mall
MinneapolisMinnesota55401
(612)330-5500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $2.50 par value per shareXELNasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £




Item 8.01. Other Events

Minnesota Electric Rate Case
On Oct. 25, 2021, Northern States Power Company, a Minnesota corporation (NSP-Minnesota), and a wholly owned subsidiary of Xcel Energy Inc., filed a three-year electric rate case with the Minnesota Public Utilities Commission (MPUC). The request is driven by ongoing investments in carbon free electrical generation, distribution and transmission infrastructure. The rate case is based on a requested ROE of 10.2% and a 52.50% equity ratio.
The request is detailed as follows:
(Amounts in Millions, Except Percentages)202220232024Total
Rate request$396 $150 $131 $677 
Increase percentage12.2 %4.8 %4.2 %21.2 %
Rate base$10,931 $11,446 $11,918 N/A
In addition, NSP-Minnesota requested interim rates, subject to refund, of $288 million to be implemented in January 2022 and an incremental $135 million to be implemented in January 2023. On Dec. 9, 2021, the MPUC approved a total revised interim amount of $247 million to begin on Jan. 1, 2022.
A final MPUC decision on the rate case is anticipated in the second quarter of 2023.
Minnesota Natural Gas Rate Case
In November 2021, NSP-Minnesota filed a request with the MPUC for an annual natural gas rate increase of approximately $36 million, or 6.6%. The filing is based on a 2022 forecast test year and includes a requested return on equity of 10.5%, rate base of approximately $934 million and an equity ratio of 52.50%. NSP-Minnesota requested interim rates, subject to refund, of approximately $25 million to be implemented in January 2022. NSP-Minnesota also filed a stay-out alternative.
On Dec. 9, 2021, the MPUC approved the requested interim rates, subject to refund, of approximately $25 million. The MPUC did not accept the stay-out alternative. The MPUC also approved NSP-Minnesota’s offer to extend recovery of Winter Storm Uri costs for the residential class (approximately $97 million) from the current 27 month recovery period to 63 months. The new residential Winter Storm Uri rates will be effective on Jan. 1, 2022, along with natural gas interim rates.
Xcel Energy reaffirms its GAAP and ongoing 2022 earnings guidance of $3.10 to $3.20 per share.



Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including our expectations regarding the regulatory proceedings, renewable fuel mix and carbon emissions reduction, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," “believe,” “could,” “estimate,” “expect,” "intend," "may," "objective," "outlook," "plan," "project," "possible," “potential,” "should," "will," "would," and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy's and NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2020, and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dec. 10, 2021
Xcel Energy Inc. (a Minnesota corporation)
Northern States Power Company (a Minnesota corporation)
/s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer