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Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) Capital Services Capital Services, LLC Eloigne Eloigne Company e prime e prime inc. 10-K, Item 1
12 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 30 Utilities companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•Risks associated with increased reliance on natural gas generation, including gas price volatility and supply constraints during extreme weather events.
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•Risks of thermal runaway incidents associated with large battery storage facilities
•Risks associated with regulatory requirements that may extend the operation of our coal facilities beyond planned retirement dates and require additional investments.
•Inability to deliver energy across transmission facilities, including due to congestion, outages, extreme weather, physical or cyber events, delays in construction or upgrades, permitting or siting challenges, or interconnection constraints.
Our utility operations, resource adequacy and system reliability are subject to long-term planning and project risks.
Our ability to reliably serve customer demand depends on the availability of sufficient generation and capacity resources. Changes in load growth, resource retirements, accreditation of resources, generation performance, extreme weather events, or delays in development or delivery of new resources, including the necessary transmission infrastructure, could affect resource adequacy and system reliability.
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Actions of our employees, directors, third-party contractors or suppliers could expose us to reputational risks.
We could suffer negative impacts to our reputation as a result of actual or perceived fraud, misconduct, legal or regulatory violations, violations of corporate policies, inappropriate use of social media, or other actions by our employees, directors, third-party contractors or suppliers. Reputational damage could have a material adverse effect and could result in negative customer perception, litigation and increased regulatory oversight.
Similar paragraph at 1 of 30 other Utilities companies: CMSRead in the 10-K ↗
Regulators may challenge rate increases due to increased customer affordability pressures. Public policy developments, including legislative actions and electoral changes at the state level, may affect recovery mechanisms or allowed returns and may limit recovery timing or cost allocation, negatively impacting our results of operations, financial condition or cash flows.
Growth in large load customers, including data centers, may increase customer concentration, capital requirements and revenue variability risks.
Additional demand from a limited number of customers may increase our credit risk exposure and require incremental infrastructure investment. If anticipated load growth does not materialize as expected or regulatory cost allocation mechanisms evolve, it could negatively impact our results of operations, financial condition or cash flows.
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Advancements in artificial intelligence and large language models may increase cybersecurity threats and operational risks. Threat actors may use artificial intelligence to enhance their attacks, increasing the frequency, sophistication and potential impact of cyber incidents affecting our IT and OT environment.
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17 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
(Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities
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Minnesota Electric Rate Case Stay-Out Petition - On Oct. 9th, 2026, NSP-Minnesota filed an Electric Customer Rate Stability Plan with the MPUC, as an alternative to the planned upcoming rate case filing.
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• Accelerated recognition of federal Investment Tax Credit benefits related to five battery storage projects over two years. This acceleration will act as an offset to the incremental revenue requirement impact of ongoing necessary capital improvements.
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• Continuation of other true-up and tracker mechanisms as approved in NSP-Minnesota’s most recent Electric Rate Case.
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A MPUC decision on the proposed Rate Stability Plan has been requested by January 2027. If not approved, NSP-Minnesota expects to file an electric rate case in early 2027.
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In October 2026, NSP-Wisconsin announced that it has entered into agreements to sell its approximately $150 million of Michigan electric and gas assets to Upper Peninsula Power Company and SEMCO ENERGY Gas Company, respectively, contingent on approvals of the MPSC, PSCW and FERC.
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NSP-Wisconsin and the buyers plan to file requests for regulatory approvals by the end of 2026, with the transactions anticipated to close in 2027. The timing and amount of the gain for the transactions will be dependent on customary closing conditions and resolution of the regulatory approval processes.
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The CPUC approved the settlement agreement with minor modifications. Rates were implemented in October 2026.
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SPS 2026 IRP - In October 2026, SPS filed its 2026 IRP with the NMPRC, which demonstrates projected load growth and shows energy and capacity resource portfolio needs under three different load forecast scenarios. Based on these forecast scenarios and the progress of existing resource acquisition processes, SPS' initial IRP modeling identified resource needs of approximately 2,000 MW of incremental accredited capacity by 2034. Following NMPRC action on the IRP, SPS expects to issue a competitive all-source solicitation for new generation in mid-2027 with project selection expected in early 2028.
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Capital Expenditures - Base capital expenditures for Xcel Energy for 2027 through 2031:
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(a) Other category includes intercompany transfers for equipment with long lead times.
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The plan does not include any potential incremental generation from the current generation RFPs across jurisdictions, investments to serve future large load customers or additional transmission investment that may come from future planning processes including MISO and SPP.
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Xcel Energy’s capital expenditure forecast is subject to continuing review and modification. Actual capital expenditures may vary from estimates due to changes in electric and natural gas projected load growth, safety and reliability needs, regulatory decisions, legislative initiatives, tax policy, reserve requirements, availability of purchased power, alternative plans for meeting long-term energy needs, environmental initiatives and regulation, and merger, acquisition and divestiture opportunities.
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Financing for Capital Expenditures through 2031 - Xcel Energy issues debt and equity securities to refinance retiring debt maturities, reduce short-term debt, fund capital programs, infuse equity in subsidiaries, fund asset acquisitions and for general corporate purposes. Current estimated financing plans of Xcel Energy for 2027-2031 (includes the impact of tax credit transferability):
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(Millions of Dollars) Funding Capital Expenditures Cash from operations (a) $35,810 New debt (b) 26,190 Equity issuances (c) 8,000 Base capital expenditures 2027-2031 $70,000 Maturing Debt $5,630
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(c) Amount could include other financing instruments that receive equity credit from the credit rating agencies.
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In the third quarter of 2026, 10.5 million shares were issued (net proceeds of $819 million) in settlements of forward sale agreements or in ATM cash transactions.
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Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
Xcel Energy’s risk factors are documented in Item 1A of Part I of its Annual Report on Form 10-K for the year ended Dec. 31, 2025, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K.
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