Xcel Energy : AGA Conference

STEEL FOR FUEL 2.0

AGA Investor Meetings

May 2024

© 2024 Xcel Energy

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Safe Harbor

Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2024 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, 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 Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 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: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries' ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, 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; our subsidiaries' ability to make dividend payments; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disasters and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

Contacts

Paul Johnson

Vice President, Treasurer & IR

1. [e-mail]

Roopesh Aggarwal	Darin Norman
Senior Director, Investor Relations	Consultant, Investor Relations
[phone]	[phone]
[e-mail]	[e-mail]

Website: https://investors.xcelenergy.com/	Xcel Energy app also available	2

Attractive Investment Thesis

Pure-Play, Regulated Utility that Consistently Delivers

Transparent Long-term

Growth Plan

Leading the Clean Energy

Transition

Accelerated Wildfire Risk

Management

• Vertically integrated utility across eight states
• Met or exceeded earnings guidance for 19 consecutive years
• Dividend increases for 21 consecutive years
• Long-termEPS and dividend growth of 5-7%
• Base 5-year capital plan of $39 billion, reflecting 9.0% rate base growth
• Incremental $5 billion of potential upside, reflecting 10.6% rate base growth
• Competitive advantages and robust pipeline to capture data center demand
• Sustainability goals across electricity, natural gas service and transportation
• Full coal retirement by 2030; 80% reduction in carbon emissions by 2030
• Average residential electric and natural gas bills well below industry average
• 10-yearcustomer bill growth below rate of inflation
• Implemented proactive power shutoffs, enhanced wildfire safety settings and accelerated pole inspections / replacements
• Wildfire mitigation and resiliency plans to be filed in PSCo and SPS in 2024
• Exploring legislative and industry-sponsored solutions to reduce risk and exposure

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Fully Regulated and Vertically Integrated Utility

Four

Operating Companies

Eight

States

3.8 Million

Electric Customers

2.2 Million

Natural Gas Customers

$42 Billion

2023 Rate Base

21 GW

Owned Gen. Capacity

~11,000 Employees

As of 12/31/2023

Northern States Power Minnesota (NSPM)

Minnesota, South Dakota, North Dakota

• 2023 Rate Base: $15.6 billion
• 2023 Ongoing EPS: $1.28
• 2024 - 2028 Base Cap Ex: $13.1 billion

Public Service Company of Colorado (PSCo)

Colorado

• 2023 Rate Base: $16.9 billion
• 2023 Ongoing EPS: $1.26
• 2024 - 2028 Base Cap Ex: $19.2 billion

Northern States Power Wisconsin (NSPW)

Wisconsin, Michigan

• 2023 Rate Base: $2.3 billion
• 2023 Ongoing EPS: $0.25
• 2024 - 2028 Base Cap Ex: $3.0 billion

Southwestern Public Service (SPS)

Texas, New Mexico

• 2023	Rate Base: $7.1 billion
•	2023 Ongoing EPS: $0.70
•	2024	- 2028 Base Cap Ex: $4.1 billion	4

Strategy

VISION

We will be the preferred and trusted provider of the energy our customers need

MISSION

We provide our customers the safe, clean, reliable energy services they want and value at a competitive price

VALUES Connected

PRIORITIES

CO2 Lead the Clean Energy Transition

• Electricity: 80% carbon reduction by 2030, 100% carbon-free by 2050
• Natural gas: 25% GHG reduction by 2030, net-zero by 2050

Enhance the Customer Experience

• Conservation, new products/services

• 1 in 5 EVs enabled by 2030

Keep Bills Low

• Average bill increases <rate of inflation

Committed

Safe

Trustworthy

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Target Returns

~8-10% Total Shareholder

Return

5-7% EPS Growth

~4% Dividend Yield

5-7% CAGR | 50-60% Payout Ratio

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Proven Track Record

Ongoing EPS

$3.50- $3.60

$1.15

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2024E

Guidance Range

Dividend

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023 2024

Annual Increase

Performance Within Guidance

2024															ON TRACK
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011																			Actual
2010
2009																			Result
2008
2007
2006
2005
	Low End				Midpoint		High End

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Strong Rate Base Growth

Xcel Energy Consolidated

	Base 2023 - 2028 CAGR: ~9.0%
Additional 2023 - 2028 CAGR: ~10.6%		$4.6
					$3.7
$ Billions
			$2.5
	$1.2			$57.7	$61.8	$64.8
		$53.1
	$46.5
$41.9
2023	2024	2025	2026	2027	2028

OpCo Base CAGRs

2023 - 2028

NSPM			PSCo
~7%				~12%
	XEL
		~9%
NSPW			SPS
~12%			~4%

OpCo CAGRs exclude potential additional capital investment

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Incremental Capital Investment - Steel for Fuel 2.0

Capital Investment 2024 - 2028

$ Millions

$39,000

$2,620

Future PSCo RFPs

$740

Recommended Solar + Storage

$44,000

$1,640

Outstanding RFPs

Base Capital Plan PSCo Resource Plan SPS Resource Plan

NSP RFPs

Additional Capital Plan

Estimates are subject to change, RFP processes and regulatory approvals

Additional capital investment above the Base Plan would be funded with approximately 40% equity and 60% debt

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Potential Investment Not Included in Base or Incremental Plan

NSP Resource Plan

SPS Resource Plan

Wind Repowerings

Resiliency and Reliability

• ~2,300 MW of wind, solar and storage
• ~1,400 MW of firm peaking
• Assuming 50% ownership, capital costs of ~$1,500-2,000/kw
• Potential capital investment of $3-4 billion*
• Resource plan estimate 5,000-10,000 MW of incremental generation
• Assuming 50% ownership, capital costs of ~$1,500-2,000/kw
• Potential capital investment of $4-10 billion*
• 3.3 GW of potential repowering opportunities from 2028-2031
• Repowering capital costs could range between ~$1,500-2,000/kw
• Potential capital investment of $5-7 billion*
• Distribution and transmission investments to support new demand
• Wildfire mitigation and resiliency plans to be filed in PSCo and SPS in 2024
• Plan to file additional wildfire mitigation plans in other states
• Potential capital investment to be determined in third quarter

* Potential investment could extend past 2028. Estimates are subject to change, RFP processes and regulatory approvals.

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