Analyst Report: Xcel Energy Inc

Argus

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Mar 12, 2026

Summary

Minneapolis-based Xcel Energy is an electrical and earthy state inferior with regulated operations successful 8 Western and Midwestern states. XEL provides generation, distribution, and transmission services and has a generating capableness of astir 21,000 megawatts. The institution provides inferior services to 3.9 cardinal energy customers and 2.2 cardinal earthy state customers done its regulated utilities. About one-fourth of customers are successful the Denver country and are served by subsidiary PSCo. In summation to providing power, XEL has pipeline infrastructure and earthy state storage/compression operations.

Consolidated revenues successful 2025 were astir $14.7 billion, of which 83% were from electrical sales. The company's procreation premix is astir 33% wind, 33% earthy gas, 15% coal, and 10% atomic with the remainder from different renewable sources. Of consolidated 2024 revenues, conscionable implicit 80% were from electrical sales. In January 2025, regulators approved a twenty-