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(Mark One)
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2011
|
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Minnesota
|
41-0448030
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
414 Nicollet Mall
|
||
Minneapolis, Minnesota
|
55401
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if smaller reporting company)
|
Smaller reporting company
o
|
Class
|
Outstanding at April 19, 2011
|
|
Common Stock, $2.50 par value
|
484,176,449 shares
|
PART I
|
2 | ||
Item 1 —
|
2 | ||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
Item 2 —
|
31
|
||
Item 3 —
|
48
|
||
Item 4 —
|
48
|
||
PART II
|
49
|
||
Item 1 —
|
49
|
||
Item 1A —
|
49
|
||
Item 2 —
|
50
|
||
Item 6 —
|
51
|
||
52 | |||
Certifications Pursuant to Section 302
|
1
|
||
Certifications Pursuant to Section 906
|
1
|
||
Statement Pursuant to Private Litigation
|
1
|
Three Months Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
Operating revenues
|
||||||||
Electric
|
$ | 2,029,972 | $ | 1,995,592 | ||||
Natural gas
|
765,349 | 790,150 | ||||||
Other
|
21,219 | 21,720 | ||||||
Total operating revenues
|
2,816,540 | 2,807,462 | ||||||
Operating expenses
|
||||||||
Electric fuel and purchased power
|
931,828 | 988,478 | ||||||
Cost of natural gas sold and transported
|
543,376 | 581,113 | ||||||
Cost of sales — other
|
8,055 | 7,692 | ||||||
Other operating and maintenance expenses
|
510,027 | 480,973 | ||||||
Conservation and demand side management program expenses
|
75,298 | 58,039 | ||||||
Depreciation and amortization
|
224,723 | 206,126 | ||||||
Taxes (other than income taxes)
|
96,570 | 81,376 | ||||||
Total operating expenses
|
2,389,877 | 2,403,797 | ||||||
Operating income
|
426,663 | 403,665 | ||||||
Other income, net
|
4,766 | 975 | ||||||
Equity earnings of unconsolidated subsidiaries
|
7,713 | 7,401 | ||||||
Allowance for funds used during construction — equity
|
13,244 | 13,290 | ||||||
Interest charges and financing costs
|
||||||||
Interest charges — includes other financing costs of $5,260 and $5,011, respectively
|
144,354 | 143,830 | ||||||
Allowance for funds used during construction — debt
|
(7,436 | ) | (7,737 | ) | ||||
Total interest charges and financing costs
|
136,918 | 136,093 | ||||||
Income from continuing operations before income taxes
|
315,468 | 289,238 | ||||||
Income taxes
|
112,001 | 121,898 | ||||||
Income from continuing operations
|
203,467 | 167,340 | ||||||
Income (loss) from discontinued operations, net of tax
|
102 | (222 | ) | |||||
Net income
|
203,569 | 167,118 | ||||||
Dividend requirements on preferred stock
|
1,060 | 1,060 | ||||||
Earnings available to common shareholders
|
$ | 202,509 | $ | 166,058 | ||||
Weighted average common shares outstanding:
|
||||||||
Basic
|
483,641 | 458,918 | ||||||
Diluted
|
484,301 | 459,697 | ||||||
Earnings per average common share:
|
||||||||
Basic
|
$ | 0.42 | $ | 0.36 | ||||
Diluted
|
0.42 | 0.36 | ||||||
Cash dividends declared per common share
|
$ | 0.25 | $ | 0.25 |
Three Months Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
Operating activities
|
||||||||
Net income
|
$
|
203,569
|
$
|
167,118
|
||||
Remove (income) loss from discontinued operations
|
(102
|
)
|
222
|
|||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
229,217
|
210,481
|
||||||
Conservation and demand side management program amortization
|
3,024
|
7,757
|
||||||
Nuclear fuel amortization
|
25,551
|
25,980
|
||||||
Deferred income taxes
|
114,852
|
94,551
|
||||||
Amortization of investment tax credits
|
(1,580
|
)
|
(1,594
|
)
|
||||
Allowance for equity funds used during construction
|
(13,244
|
)
|
(13,290
|
)
|
||||
Equity earnings of unconsolidated subsidiaries
|
(7,713
|
)
|
(7,401
|
)
|
||||
Dividends from unconsolidated subsidiaries
|
8,454
|
7,855
|
||||||
Share-based compensation expense
|
9,895
|
7,129
|
||||||
Net realized and unrealized hedging and derivative transactions
|
14,495
|
(14,875
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(46,947
|
)
|
(7,179
|
)
|
||||
Accrued unbilled revenues
|
157,996
|
172,732
|
||||||
Inventories
|
118,595
|
113,784
|
||||||
Other current assets
|
43,551
|
821
|
||||||
Accounts payable
|
(72,424
|
)
|
(199,384
|
)
|
||||
Net regulatory assets and liabilities
|
17,853
|
26,029
|
||||||
Other current liabilities
|
5,491
|
(24,731
|
)
|
|||||
Pension and other employee benefit obligations
|
(134,004
|
)
|
(2,233
|
)
|
||||
Change in other noncurrent assets
|
10,520
|
(3,610
|
)
|
|||||
Change in other noncurrent liabilities
|
(27,606
|
)
|
(8,585
|
)
|
||||
Net cash provided by operating activities
|
659,443
|
551,577
|
||||||
Investing activities
|
||||||||
Utility capital/construction expenditures
|
(540,339
|
)
|
(481,242
|
)
|
||||
Merricourt deposit
|
(90,833
|
)
|
-
|
|||||
Allowance for equity funds used during construction
|
13,244
|
13,290
|
||||||
Purchase of investments in external decommissioning fund
|
(699,156
|
)
|
(910,889
|
)
|
||||
Proceeds from the sale of investments in external decommissioning fund
|
699,156
|
916,541
|
||||||
Investment in WYCO Development LLC
|
(901
|
)
|
(1,237
|
)
|
||||
Change in restricted cash
|
26
|
(168
|
)
|
|||||
Other investments
|
(5,545
|
)
|
3,593
|
|||||
Net cash used in investing activities
|
(624,348
|
)
|
(460,112
|
)
|
||||
Financing activities
|
||||||||
Proceeds from short-term borrowings, net
|
65,100
|
7,000
|
||||||
Repayment of long-term debt, including reacquisition premiums
|
(551
|
)
|
(25,355
|
)
|
||||
Proceeds from issuance of common stock
|
1,878
|
2,589
|
||||||
Dividends paid
|
(115,621
|
)
|
(105,965
|
)
|
||||
Net cash used in financing activities
|
(49,194
|
)
|
(121,731
|
)
|
||||
Net decrease in cash and cash equivalents
|
(14,099
|
)
|
(30,266
|
)
|
||||
Cash and cash equivalents at beginning of period
|
108,437
|
115,648
|
||||||
Cash and cash equivalents at end of period
|
$
|
94,338
|
$
|
85,382
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest, net of amounts capitalized
|
$
|
(150,473
|
)
|
$
|
(132,578
|
)
|
||
Cash received (paid) for income taxes, net
|
59,051
|
(393
|
)
|
|||||
Supplemental disclosure of non-cash investing transactions:
|
||||||||
Property, plant and equipment additions in accounts payable
|
$
|
116,145
|
$
|
27,396
|
||||
Supplemental disclosure of non-cash financing transactions:
|
||||||||
Issuance of common stock for reinvested dividends and 401(k) plans
|
$
|
20,419
|
$
|
17,010
|
March 31, 2011 |
Dec. 31, 2010
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 94,338 | $ | 108,437 | ||||
Accounts receivable, net
|
765,421 | 718,474 | ||||||
Accrued unbilled revenues
|
550,695 | 708,691 | ||||||
Inventories
|
442,205 | 560,800 | ||||||
Regulatory assets
|
319,486 | 388,541 | ||||||
Derivative instruments
|
55,932 | 54,079 | ||||||
Merricourt deposit
|
101,261 | - | ||||||
Prepayments and other
|
184,791 | 193,621 | ||||||
Total current assets
|
2,514,129 | 2,732,643 | ||||||
Property, plant and equipment, net
|
20,908,333 | 20,663,082 | ||||||
Other assets
|
||||||||
Nuclear decommissioning fund and other investments
|
1,511,278 | 1,476,435 | ||||||
Regulatory assets
|
2,186,967 | 2,151,460 | ||||||
Derivative instruments
|
177,469 | 184,026 | ||||||
Other
|
168,473 | 180,044 | ||||||
Total other assets
|
4,044,187 | 3,991,965 | ||||||
Total assets
|
$ | 27,466,649 | $ | 27,387,690 | ||||
Liabilities and Equity
|
||||||||
Current liabilities
|
||||||||
Current portion of long-term debt
|
$ | 54,761 | $ | 55,415 | ||||
Short-term debt
|
531,500 | 466,400 | ||||||
Accounts payable
|
848,568 | 979,750 | ||||||
Regulatory liabilities
|
176,511 | 156,038 | ||||||
Taxes accrued
|
312,669 | 254,320 | ||||||
Accrued interest
|
158,230 | 163,907 | ||||||
Dividends payable
|
123,310 | 122,847 | ||||||
Derivative instruments
|
30,799 | 61,745 | ||||||
Other
|
248,408 | 276,111 | ||||||
Total current liabilities
|
2,484,756 | 2,536,533 | ||||||
Deferred credits and other liabilities
|
||||||||
Deferred income taxes
|
3,567,061 | 3,390,027 | ||||||
Deferred investment tax credits
|
91,357 | 92,937 | ||||||
Regulatory liabilities
|
1,191,463 | 1,179,765 | ||||||
Asset retirement obligations
|
985,466 | 969,310 | ||||||
Derivative instruments
|
279,464 | 285,986 | ||||||
Customer advances
|
265,213 | 269,087 | ||||||
Pension and employee benefit obligations
|
824,500 | 962,767 | ||||||
Other
|
226,783 | 249,635 | ||||||
Total deferred credits and other liabilities
|
7,431,307 | 7,399,514 | ||||||
Commitments and contingent liabilities
|
||||||||
Capitalization
|
||||||||
Long-term debt
|
9,264,123 | 9,263,144 | ||||||
Preferred stockholders' equity
|
104,980 | 104,980 | ||||||
Common stock – $2.50 par value per share
|
1,210,411 | 1,205,834 | ||||||
Additional paid in capital
|
5,241,533 | 5,229,075 | ||||||
Retained earnings
|
1,781,386 | 1,701,703 | ||||||
Accumulated other comprehensive loss
|
(51,847 | ) | (53,093 | ) | ||||
Total common stockholders' equity
|
8,181,483 | 8,083,519 | ||||||
Total liabilities and equity
|
$ | 27,466,649 | $ | 27,387,690 |
Common Stock Issued
|
Accumulated
|
Total
|
||||||||||||||||||||||
Additional
|
|
Other | Common | |||||||||||||||||||||
Paid In | Retained | Comprehensive | Stockholders' | |||||||||||||||||||||
Shares
|
Par Value | Capital | Earnings | Income (Loss) | Equity | |||||||||||||||||||
Three Months Ended March 31,
2011 and 2010
|
||||||||||||||||||||||||
Balance at Dec. 31, 2009
|
457,509 | $ | 1,143,773 | $ | 4,769,980 | $ | 1,419,201 | $ | (49,709 | ) | $ | 7,283,245 | ||||||||||||
Net income
|
167,118 | 167,118 | ||||||||||||||||||||||
Changes in unrecognized amounts of
pension and retiree medical
benefits, net of tax of $295
|
419 | 419 | ||||||||||||||||||||||
Net derivative instrument fair value
changes, net of tax of $460
|
652 | 652 | ||||||||||||||||||||||
Unrealized gain - marketable securities,
net of tax of $8
|
11 | 11 | ||||||||||||||||||||||
Comprehensive income for the period
|
168,200 | |||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||
Cumulative preferred stock
|
(1,060 | ) | (1,060 | ) | ||||||||||||||||||||
Common stock
|
(112,951 | ) | (112,951 | ) | ||||||||||||||||||||
Issuances of common stock
|
1,706 | 4,265 | 8,379 | 12,644 | ||||||||||||||||||||
Share-based compensation
|
5,793 | 5,793 | ||||||||||||||||||||||
Balance at March 31, 2010
|
459,215 | $ | 1,148,038 | $ | 4,784,152 | $ | 1,472,308 | $ | (48,627 | ) | $ | 7,355,871 | ||||||||||||
Balance at Dec. 31, 2010
|
482,334 | $ | 1,205,834 | $ | 5,229,075 | $ | 1,701,703 | $ | (53,093 | ) | $ | 8,083,519 | ||||||||||||
Net income
|
203,569 | 203,569 | ||||||||||||||||||||||
Changes in unrecognized amounts of
pension and retiree medical
benefits, net of tax of $551
|
794 | 794 | ||||||||||||||||||||||
Net derivative instrument fair value
changes, net of tax of $292
|
402 | 402 | ||||||||||||||||||||||
Unrealized gain - marketable securities,
net of tax of $34
|
50 | 50 | ||||||||||||||||||||||
Comprehensive income for the period
|
204,815 | |||||||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||
Cumulative preferred stock
|
(1,060 | ) | (1,060 | ) | ||||||||||||||||||||
Common stock
|
(122,826 | ) | (122,826 | ) | ||||||||||||||||||||
Issuances of common stock
|
1,831 | 4,577 | 1,652 | 6,229 | ||||||||||||||||||||
Share-based compensation
|
10,806 | 10,806 | ||||||||||||||||||||||
Balance at March 31, 2011
|
484,165 | $ | 1,210,411 | $ | 5,241,533 | $ | 1,781,386 | $ | (51,847 | ) | $ | 8,181,483 |
1.
|
Summary of Significant Accounting Policies
|
2.
|
Accounting Pronouncements
|
3.
|
Selected Balance Sheet Data
|
(Thousands of Dollars)
|
March 31, 2011
|
Dec. 31, 2010
|
||||||
Accounts receivable, net
|
||||||||
Accounts receivable
|
$ | 818,217 | $ | 773,037 | ||||
Less allowance for bad debts
|
(52,796 | ) | (54,563 | ) | ||||
$ | 765,421 | $ | 718,474 | |||||
Inventories
|
||||||||
Materials and supplies
|
$ | 201,475 | $ | 196,081 | ||||
Fuel
|
159,847 | 188,566 | ||||||
Natural gas
|
80,883 | 176,153 | ||||||
$ | 442,205 | $ | 560,800 | |||||
Property, plant and equipment, net
|
||||||||
Electric plant
|
$ | 25,151,881 | $ | 24,993,582 | ||||
Natural gas plant
|
3,484,648 | 3,463,343 | ||||||
Common and other property
|
1,562,111 | 1,555,287 | ||||||
Plant to be retired
(a)
|
220,939 | 236,606 | ||||||
Construction work in progress
|
1,385,016 | 1,186,433 | ||||||
Total property, plant and equipment
|
31,804,595 | 31,435,251 | ||||||
Less accumulated depreciation
|
(11,223,241 | ) | (11,068,820 | ) | ||||
Nuclear fuel
|
1,893,576 | 1,837,697 | ||||||
Less accumulated amortization
|
(1,566,597 | ) | (1,541,046 | ) | ||||
$ | 20,908,333 | $ | 20,663,082 |
(a)
|
In 2009, in accordance with the Colorado Public Utility Commission (CPUC)’s approval of PSCo’s 2007 Colorado resource plan and subsequent rate case decisions, PSCo agreed to early retire its Cameo Units 1 and 2, Arapahoe Units 3 and 4 and Zuni Units 1 and 2 facilities. In 2010, in response to the Clean Air Clean Jobs Act (CACJA), the CPUC approved the early retirement of Cherokee Units 1, 2 and 3, Arapahoe Unit 3 and Valmont Unit 5 between 2011 and 2017. Amounts are presented net of accumulated depreciation.
|
4.
|
Income Taxes
|
State
|
Year
|
|
Colorado
|
2006
|
|
Minnesota
|
2007
|
|
Texas
|
2006
|
|
Wisconsin
|
2006
|
(Millions of Dollars)
|
March 31, 2011
|
Dec. 31, 2010
|
|||||||
Unrecognized tax benefit - Permanent tax positions
|
$ | 6.4 | $ | 5.9 | |||||
Unrecognized tax benefit - Temporary tax positions
|
34.3 | 34.6 | |||||||
Unrecognized tax benefit balance
|
$ | 40.7 | $ | 40.5 |
(Millions of Dollars)
|
March 31, 2011
|
Dec. 31, 2010
|
||||||
NOL and tax credit carryforwards
|
$ | (38.2 | ) | $ | (38.0 | ) |
(Millions of Dollars)
|
2011 | 2010 | ||||||
Payable for interest related to unrecognized tax benefits at Jan. 1
|
$ | (0.3 | ) | $ | (0.2 | ) | ||
Interest expense related to unrecognized tax benefits - continuing operations
|
(0.1 | ) | (0.1 | ) | ||||
Interest income related to unrecognized tax benefits - discontinued operations
|
0.1 | 0.1 | ||||||
Payable for interest related to unrecognized tax benefits at March 31
|
$ | (0.3 | ) | $ | (0.2 | ) |
5.
|
Rate Matters
|
|
●
|
Rebuttal testimony due May 4, 2011;
|
|
●
|
Surrebuttal testimony due May 26, 2011;
|
|
●
|
Evidentiary hearings June 1-8, 2011;
|
|
●
|
Initial brief due July 29, 2011;
|
|
●
|
Reply brief and findings due Aug. 19, 2011;
|
|
●
|
Administrative law judge (ALJ) report due Sept. 19, 2011; and
|
|
●
|
MPUC order Nov. 28, 2011.
|
|
●
|
Intervenor direct testimony due June 23, 2011;
|
|
●
|
Rebuttal testimony due July 25, 2011;
|
|
●
|
Evidentiary hearings Aug. 9-12, 2011;
|
|
●
|
Initial briefs due Sept. 16, 2011;
|
|
●
|
Reply brief and findings due Sept. 30, 2011; and
|
|
●
|
NDPSC order Nov. 16, 2011.
|
|
●
|
PSCo rebuttal testimony and staff and intervenor cross answer testimony is due on May 6, 2011;
|
|
●
|
Hearings are scheduled for late May 2011.
|
6.
|
Commitments and Contingent Liabilities
|
(Thousands of Dollars)
|
March 31, 2011
|
Dec. 31, 2010
|
||||||
Current assets
|
$ | 4,030 | $ | 3,794 | ||||
Property, plant and equipment, net
|
96,892 | 97,602 | ||||||
Other noncurrent assets
|
8,478 | 8,236 | ||||||
Total assets
|
$ | 109,400 | $ | 109,632 | ||||
Current liabilities
|
$ | 11,781 | $ | 11,884 | ||||
Mortgages and other long-term debt payable
|
53,389 | 53,195 | ||||||
Other noncurrent liabilities
|
8,392 | 8,333 | ||||||
Total liabilities
|
$ | 73,562 | $ | 73,412 |
(Millions of Dollars)
|
March 31, 2011
|
Dec. 31, 2010
|
||||||
Guarantees issued and outstanding
|
$ | 155.7 | $ | 155.7 | ||||
Known exposure under these guarantees
|
18.0 | 18.0 | ||||||
Bonds with indemnity protection
|
32.4 | 32.5 |
7.
|
Borrowings and Other Financing Instruments
|
(Millions of Dollars)
|
Three Months Ended
March 31, 2011
|
Twelve Months
Ended
Dec. 31, 2010
|
||||||
Borrowing limit
|
$ | 2,450 | $ | 2,177 | ||||
Amount outstanding at period end
|
532 | 466 | ||||||
Average amount outstanding
|
532 | 263 | ||||||
Maximum amount outstanding
|
735 | 653 | ||||||
Weighted average interest rate, computed on a daily basis
|
0.37 | % | 0.36 | % | ||||
Weighted average interest rate at end of period
|
0.34 | 0.40 |
|
●
|
Each of the credit facilities, other than NSP-Wisconsin’s, may be increased, by up to $200 million for Xcel Energy, Inc., $100 million each for NSP-Minnesota and PSCo, and $50 million for SPS.
|
|
●
|
Each credit facility has a financial covenant requiring that the debt-to-total capitalization ratio of each entity be less than or equal to 65 percent. Each entity was in compliance at March 31, 2011 and Dec. 31 2010 as evidenced by the table below:
|
Debt-to-Total Capitalization Ratio
|
||||||||
March 31, 2011
|
Dec. 31, 2010
|
|||||||
NSP-Minnesota
|
48 | % | 49 | % | ||||
PSCo
|
44 | 46 | ||||||
SPS
|
49 | 50 | ||||||
Xcel Energy — Consolidated
|
54 | 55 | ||||||
NSP-Wisconsin
|
49 | N/A |
|
If Xcel Energy or any of its utility subsidiaries do not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender.
|
|
●
|
Each credit facility has a cross-default provision that provides Xcel Energy will be in default on its borrowings under the facility if it or any of its subsidiaries, comprising 15 percent or more of the consolidated assets, defaults on any indebtedness in an aggregate principal amount exceeding $75 million.
|
|
●
|
The interest rates under these lines of credit are based on the Eurodollar rate, plus a borrowing margin based on the applicable credit ratings of 100 to 200 basis points per year.
|
|
●
|
The commitment fees, also based on applicable long-term credit ratings, are calculated on the unused portion of the lines of credit at a range of 10 to 35 basis points per year.
|
|
●
|
NSP-Wisconsin’s intercompany borrowing arrangement with NSP-Minnesota was subsequently terminated.
|
(Millions of Dollars)
|
Credit Facility
|
Drawn
(a)
|
Available
|
||||||||||
Xcel Energy – Holding Company
|
$ | 800.0 | $ | 375.6 | $ | 424.4 | |||||||
PSCo
|
700.0 | 46.6 | 653.4 | ||||||||||
NSP-Minnesota
|
500.0 | 13.1 | 486.9 | ||||||||||
SPS
|
300.0 | 75.0 | 225.0 | ||||||||||
NSP-Wisconsin
|
150.0 | 31.0 | 119.0 | ||||||||||
Total
|
$ | 2,450.0 | $ | 541.3 | $ | 1,908.7 |
(a)
|
Includes outstanding commercial paper and letters of credit.
|
8.
|
Fair Value of Financial Assets and Liabilities
|
March 31, 2011
|
|||||||||||||||||||||
Fair Value
|
|||||||||||||||||||||
(Thousands of Dollars)
|
Cost
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Nuclear decommissioning fund
(a)
|
|||||||||||||||||||||
Cash equivalents
|
$ | 51,430 | $ | 41,655 | $ | 9,775 | $ | - | $ | 51,430 | |||||||||||
Commingled funds
|
182,000 | - | 188,252 | - | 188,252 | ||||||||||||||||
International equity funds
|
54,469 | - | 60,016 | - | 60,016 | ||||||||||||||||
Debt securities:
|
|||||||||||||||||||||
Government securities
|
207,042 | - | 207,855 | - | 207,855 | ||||||||||||||||
U.S. corporate bonds
|
228,464 | - | 241,221 | - | 241,221 | ||||||||||||||||
Foreign securities
|
14,393 | - | 14,946 | - | 14,946 | ||||||||||||||||
Municipal bonds
|
43,087 | - | 42,742 | - | 42,742 | ||||||||||||||||
Asset-backed securities
|
25,404 | - | - | 26,020 | 26,020 | ||||||||||||||||
Mortgage-backed securities
|
94,312 | - | - | 98,367 | 98,367 | ||||||||||||||||
Equity securities:
|
|||||||||||||||||||||
Common stock
|
436,129 | 450,028 | - | - | 450,028 | ||||||||||||||||
Total
|
$ | 1,336,730 | $ | 491,683 | $ | 764,807 | $ | 124,387 | $ | 1,380,877 |
(a)
|
Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $96.7 million of equity investments in unconsolidated subsidiaries and $33.7 million of miscellaneous investments.
|
Dec. 31, 2010
|
|||||||||||||||||||||
Fair Value
|
|||||||||||||||||||||
(Thousands of Dollars)
|
Cost
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Nuclear decommissioning fund
(a)
|
|||||||||||||||||||||
Cash equivalents
|
$ | 83,837 | $ | 76,281 | $ | 7,556 | $ | - | $ | 83,837 | |||||||||||
Commingled funds
|
131,000 | - | 133,080 | - | 133,080 | ||||||||||||||||
International equity funds
|
54,561 | - | 58,584 | - | 58,584 | ||||||||||||||||
Debt securities:
|
|||||||||||||||||||||
Government securities
|
146,473 | - | 146,654 | - | 146,654 | ||||||||||||||||
U.S. corporate bonds
|
279,028 | - | 288,304 | - | 288,304 | ||||||||||||||||
Foreign securities
|
1,233 | - | 1,581 | - | 1,581 | ||||||||||||||||
Municipal bonds
|
100,277 | - | 97,557 | - | 97,557 | ||||||||||||||||
Asset-backed securities
|
32,558 | - | - | 33,174 | 33,174 | ||||||||||||||||
Mortgage-backed securities
|
68,072 | - | - | 72,589 | 72,589 | ||||||||||||||||
Equity securities:
|
|||||||||||||||||||||
Common stock
|
436,334 | 435,270 | - | - | 435,270 | ||||||||||||||||
Total
|
$ | 1,333,373 | $ | 511,551 | $ | 733,316 | $ | 105,763 | $ | 1,350,630 |
(a)
|
Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $97.6 million of equity investments in unconsolidated subsidiaries and $28.2 million of miscellaneous investments.
|
Three Months Ended March 31, | ||||||||||||||||
2011
|
2010
|
|||||||||||||||
Mortgage-
|
Asset-
|
Mortgage-
|
Asset-
|
|||||||||||||
Backed
|
Backed
|
Backed
|
Backed
|
|||||||||||||
(Thousands of Dollars)
|
Securities
|
Securities
|
Securities
|
Securities
|
||||||||||||
Balance at Jan. 1
|
$ | 72,589 | $ | 33,174 | $ | 81,189 | $ | 11,918 | ||||||||
Purchases
|
46,113 | 756 | 46,477 | 33,504 | ||||||||||||
Settlements
|
(19,873 | ) | (7,910 | ) | (20,846 | ) | (1,352 | ) | ||||||||
(Losses) gains recognized as
regulatory assets and liabilities
|
(462 | ) | - | 2,224 | 55 | |||||||||||
Balance at March 31
|
$ | 98,367 | $ | 26,020 | $ | 109,044 | $ | 44,125 |
Final Contractual Maturity
|
||||||||||||||||||||
(Thousands of Dollars)
|
Due in 1
Year or Less
|
Due in 1 to 5
Years
|
Due in 5 to 10
Years
|
Due after 10
Years
|
Total | |||||||||||||||
Government securities
|
$ | 301 | $ | 138,767 | $ | 47,263 | $ | 21,524 | $ | 207,855 | ||||||||||
U.S. corporate bonds
|
- | 55,525 | 163,149 | 22,547 | 241,221 | |||||||||||||||
Foreign securities
|
- | 12,214 | 2,732 | - | 14,946 | |||||||||||||||
Municipal bonds
|
- | - | 25,103 | 17,639 | 42,742 | |||||||||||||||
Asset-backed securities
|
- | 15,103 | 10,917 | - | 26,020 | |||||||||||||||
Mortgage-backed securities
|
- | - | 1,172 | 97,195 | 98,367 | |||||||||||||||
Debt securities
|
$ | 301 | $ | 221,609 | $ | 250,336 | $ | 158,905 | $ | 631,151 |
(Amounts in Thousands) (a)(b) |
March 31, 2011
|
Dec. 31, 2010
|
||||||
Megawatt hours (MWh) of electricity
|
33,118 | 46,794 | ||||||
MMBtu of natural gas
|
32,722 | 75,806 | ||||||
Gallons of vehicle fuel
|
750 | 800 |
(a)
|
Amounts are not reflective of net positions in the underlying commodities.
|
(b)
|
Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise.
|
Three Months Ended March 31, | ||||||||
(Thousands of Dollars)
|
2011 | 2010 | ||||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1
|
$ | (8,094 | ) | $ | (6,435 | ) | ||
After-tax net unrealized gains related to derivatives accounted for as hedges
|
244 | 23 | ||||||
After-tax net realized losses on derivative transactions reclassified into earnings
|
158 | 629 | ||||||
Accumulated other comprehensive loss related to cash flow hedges at March 31
|
$ | (7,692 | ) | $ | (5,783 | ) |
Three Months Ended March 31, 2011
|
||||||||||||||||||||
Fair Value
|
Pre-Tax Amounts
|
|||||||||||||||||||
Changes Recognized
|
Reclassified into Income
|
|||||||||||||||||||
During the Period in: | During the Period from: | Pre-Tax Gains | ||||||||||||||||||
Other
|
Regulatory
|
Other
|
Regulatory
|
Recognized
|
||||||||||||||||
Comprehensive
|
Assets and
|
Comprehensive
|
Assets and
|
During the Period
|
||||||||||||||||
(Thousands of Dollars)
|
Income
|
Liabilities
|
Income (Losses)
|
Liabilities
|
in Income
|
|||||||||||||||
Derivatives designated as cash flow hedges
|
||||||||||||||||||||
Interest rate
|
$ | - | $ | - | $ | 337 | (a) | $ | - | $ | - | |||||||||
Vehicle fuel and
other commodity
|
389 | - | (32 | ) (e) | - | - | ||||||||||||||
Total
|
$ | 389 | $ | - | $ | 305 | $ | - | $ | - | ||||||||||
Other derivative instruments
|
||||||||||||||||||||
Trading commodity
|
$ | - | $ | - | $ | - | $ | - | $ | 5,600 | (b) | |||||||||
Electric commodity
|
- | 8,846 | - | (8,888 | ) (c) | - | ||||||||||||||
Natural gas commodity
|
- | (7,615 | ) | - | 57,387 | (d) | - | |||||||||||||
Total
|
$ | - | $ | 1,231 | $ | - | $ | 48,499 | $ | 5,600 |
Three Months Ended March 31, 2010
|
||||||||||||||||||||
Fair Value
|
Pre-Tax Amounts
|
|||||||||||||||||||
Changes Recognized
|
Reclassified into Income
|
|||||||||||||||||||
During the Period in:
|
During the Period from:
|
Pre-Tax Gains
|
||||||||||||||||||
Other
|
Regulatory
|
Other
|
Regulatory
|
Recognized
|
||||||||||||||||
Comprehensive
|
Assets and
|
Comprehensive
|
Assets and
|
During the Period
|
||||||||||||||||
(Thousands of Dollars)
|
Income
|
Liabilities
|
Income
|
Liabilities
|
in Income
|
|||||||||||||||
Derivatives designated as cash flow hedges
|
||||||||||||||||||||
Interest rate
|
$ | - | $ | - | $ | 159 | (a) | $ | - | $ | - | |||||||||
Vehicle fuel and
other commodity
|
43 | - | 910 | (e) | - | - | ||||||||||||||
Total
|
$ | 43 | $ | - | $ | 1,069 | $ | - | $ | - | ||||||||||
Other derivative instruments
|
||||||||||||||||||||
Interest rate
|
$ | - | $ | - | $ | - | $ | - | $ | 5,381 | (a) | |||||||||
Electric commodity
|
- | (17,179 | ) | - | (2,727 | ) (c) | - | |||||||||||||
Natural gas commodity
|
- | (36,094 | ) | - | 3,955 | (d) | - | |||||||||||||
Other
|
- | - | - | - | 50 | (b) | ||||||||||||||
Total
|
$ | - | $ | (53,273 | ) | $ | - | $ | 1,228 | $ | 5,431 |
(a)
|
Recorded to interest charges.
|
(b)
|
Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate.
|
(c)
|
Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate.
|
(d)
|
Recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate.
|
(e)
|
Recorded to O&M expenses.
|
March 31, 2011
|
||||||||||||||||||||||||
Fair Value
|
||||||||||||||||||||||||
Fair Value
|
Counterparty
|
|||||||||||||||||||||||
(Thousands of Dollars)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Netting
(b)
|
Total
|
||||||||||||||||||
Current derivative assets
|
||||||||||||||||||||||||
Derivatives designated
as cash flow hedges:
|
||||||||||||||||||||||||
Vehicle fuel and
other commodity
|
$ | - | $ | 239 | $ | - | $ | 239 | $ | - | $ | 239 | ||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
279 | 28,838 | 5 | 29,122 | (10,837 | ) | 18,285 | |||||||||||||||||
Electric commodity
|
- | - | 2,653 | 2,653 | (302 | ) | 2,351 | |||||||||||||||||
Natural gas commodity
|
- | 1,572 | - | 1,572 | (1,022 | ) | 550 | |||||||||||||||||
Total current derivative assets
|
$ | 279 | $ | 30,649 | $ | 2,658 | $ | 33,586 | $ | (12,161 | ) | 21,425 | ||||||||||||
Purchased power agreements
(a)
|
34,507 | |||||||||||||||||||||||
Current derivative instruments
|
$ | 55,932 | ||||||||||||||||||||||
Noncurrent derivative assets
|
||||||||||||||||||||||||
Derivatives designated
as cash flow hedges:
|
||||||||||||||||||||||||
Vehicle fuel and
other commodity
|
$ | - | $ | 406 | $ | - | $ | 406 | $ | - | $ | 406 | ||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
- | 36,015 | - | 36,015 | (5,394 | ) | 30,621 | |||||||||||||||||
Total noncurrent
derivative assets
|
$ | - | $ | 36,421 | $ | - | $ | 36,421 | $ | (5,394 | ) | 31,027 | ||||||||||||
Purchased power agreements
(a)
|
146,442 | |||||||||||||||||||||||
Noncurrent derivative i
nstruments
|
$ | 177,469 |
March 31, 2011
|
||||||||||||||||||||||||
Fair Value
|
||||||||||||||||||||||||
Fair Value
|
Counterparty
|
|||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | Netting (b) | Total | ||||||||||||||||||
Current derivative liabilities
|
||||||||||||||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
$ | 518 | $ | 20,993 | $ | 23 | $ | 21,534 | $ | (15,029 | ) | $ | 6,505 | |||||||||||
Electric commodity
|
- | - | 303 | 303 | (303 | ) | - | |||||||||||||||||
Natural gas commodity
|
- | 2,124 | - | 2,124 | (1,022 | ) | 1,102 | |||||||||||||||||
Total current derivative liabilities
|
$ | 518 | $ | 23,117 | $ | 326 | $ | 23,961 | $ | (16,354 | ) | 7,607 | ||||||||||||
Purchased power agreements
(a)
|
23,192 | |||||||||||||||||||||||
Current derivative
instruments
|
$ | 30,799 | ||||||||||||||||||||||
Noncurrent derivative liabilities
|
||||||||||||||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
$ | - | $ | 19,120 | $ | - | $ | 19,120 | $ | (5,394 | ) | $ | 13,726 | |||||||||||
Total noncurrent derivative liabilities
|
$ | - | $ | 19,120 | $ | - | $ | 19,120 | $ | (5,394 | ) | 13,726 | ||||||||||||
Purchased power agreements
(a)
|
265,738 | |||||||||||||||||||||||
Noncurrent derivative i
nstruments
|
$ | 279,464 |
(a)
|
In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
|
(b)
|
The accounting guidance for derivatives and hedging permits the netting of receivables and payables for derivatives and related collateral amounts when a legally enforceable master netting agreement exists between Xcel Energy and a counterparty. A master netting agreement is an agreement between two parties who have multiple contracts with each other that provides for the net settlement of all contracts in the event of default on or termination of any one contract.
|
(Thousands of Dollars)
|
||||
Trading commodity derivatives not designated as cash flow hedges:
|
||||
Current assets
|
$ | 6,555 | ||
Noncurrent assets
|
14,125 | |||
Current liabilities
|
(3,339 | ) | ||
Noncurrent liabilities
|
(6,800 | ) | ||
Total
|
$ | 10,541 |
Dec. 31, 2010 | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Fair Value
|
Counterparty
|
|||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | Netting (b) | Total | ||||||||||||||||||
Current derivative assets
|
||||||||||||||||||||||||
Derivatives designated
as cash flow hedges:
|
||||||||||||||||||||||||
Vehicle fuel and
other commodity
|
$ | - | $ | 126 | $ | - | $ | 126 | $ | - | $ | 126 | ||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
487 | 37,019 | - | 37,506 | (21,352 | ) | 16,154 | |||||||||||||||||
Electric commodity
|
- | - | 3,619 | 3,619 | (1,226 | ) | 2,393 | |||||||||||||||||
Natural gas commodity
|
- | 1,595 | - | 1,595 | (1,219 | ) | 376 | |||||||||||||||||
Total current derivative assets
|
$ | 487 | $ | 38,740 | $ | 3,619 | $ | 42,846 | $ | (23,797 | ) | 19,049 | ||||||||||||
Purchased power agreements
(a)
|
35,030 | |||||||||||||||||||||||
Current derivative
instruments
|
$ | 54,079 | ||||||||||||||||||||||
Noncurrent derivative assets
|
||||||||||||||||||||||||
Derivatives designated
as cash flow hedges:
|
||||||||||||||||||||||||
Vehicle fuel and
other commodity
|
$ | - | $ | 150 | $ | - | $ | 150 | $ | - | $ | 150 | ||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
- | 32,621 | - | 32,621 | (4,595 | ) | 28,026 | |||||||||||||||||
Natural gas commodity
|
- | 1,246 | - | 1,246 | (269 | ) | 977 | |||||||||||||||||
Total noncurrent
derivative assets
|
$ | - | $ | 34,017 | $ | - | $ | 34,017 | $ | (4,864 | ) | 29,153 | ||||||||||||
Purchased power agreements
(a)
|
154,873 | |||||||||||||||||||||||
Noncurrent derivative instruments
|
$ | 184,026 |
Dec. 31, 2010
|
||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Fair Value
|
Counterparty
|
|||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | Netting (b) | Total | ||||||||||||||||||
Current derivative liabilities
|
||||||||||||||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
$ | 392 | $ | 30,608 | $ | - | $ | 31,000 | $ | (24,007 | ) | $ | 6,993 | |||||||||||
Electric commodity
|
- | - | 1,227 | 1,227 | (1,227 | ) | - | |||||||||||||||||
Natural gas commodity
|
20 | 52,709 | - | 52,729 | (21,169 | ) | 31,560 | |||||||||||||||||
Total current
derivative liabilities
|
$ | 412 | $ | 83,317 | $ | 1,227 | $ | 84,956 | $ | (46,403 | ) | 38,553 | ||||||||||||
Purchased power agreements
(a)
|
23,192 | |||||||||||||||||||||||
Current derivative
instruments
|
$ | 61,745 | ||||||||||||||||||||||
Noncurrent derivative liabilities
|
||||||||||||||||||||||||
Other derivative instruments:
|
||||||||||||||||||||||||
Trading commodity
|
$ | - | $ | 18,878 | $ | - | $ | 18,878 | $ | (4,596 | ) | $ | 14,282 | |||||||||||
Natural gas commodity
|
- | 438 | - | 438 | (269 | ) | 169 | |||||||||||||||||
Total noncurrent
derivative liabilities
|
$ | - | $ | 19,316 | $ | - | $ | 19,316 | $ | (4,865 | ) | 14,451 | ||||||||||||
Purchased power agreements
(a)
|
271,535 | |||||||||||||||||||||||
Noncurrent derivative
instruments
|
$ | 285,986 |
(a)
|
In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
|
(b)
|
The accounting guidance for derivatives and hedging permits the netting of receivables and payables for derivatives and related collateral amounts when a legally enforceable master netting agreement exists between Xcel Energy and a counterparty. A master netting agreement is an agreement between two parties who have multiple contracts with each other that provides for the net settlement of all contracts in the event of default on or termination of any one contract.
|
Three Months Ended March 31,
|
||||||||
(Thousands of Dollars)
|
2011 |
2010
|
||||||
Balance at Jan. 1
|
$ | 2,392 | $ | 28,042 | ||||
Purchases
|
- | (1,408 | ) | |||||
Settlements
|
(86 | ) | (24 | ) | ||||
Transfers out of Level 3
|
- | (10,541 | ) | |||||
Gains recognized in earnings
(a)
|
68 | 7,457 | ||||||
Gains (losses) recorded as regulatory assets and liabilities
|
8,846 | (16,904 | ) | |||||
Gains reclassified from regulatory assets and liabilities to earnings
|
(8,888 | ) | (2,676 | ) | ||||
Balance at March 31
|
$ | 2,332 | $ | 3,946 |
(a)
|
These amounts relate to commodity derivatives held at the end of the period.
|
March 31, 2011
|
Dec. 31, 2010
|
|||||||||||||||
Carrying
|
Carrying
|
|||||||||||||||
(Thousands of Dollars)
|
Amount
|
Fair Value
|
Amount
|
Fair Value
|
||||||||||||
Long-term debt, including current portion
|
$ | 9,318,884 | $ | 10,126,542 | $ | 9,318,559 | $ | 10,224,845 |
9.
|
Other Income, Net
|
Three Months Ended March 31,
|
|||||||||
(Thousands of Dollars)
|
2011 | 2010 | |||||||
Interest income
|
$ | 4,773 | $ | 2,051 | |||||
Other nonoperating income
|
864 | 584 | |||||||
Insurance policy expense
|
(871 | ) | (1,660 | ) | |||||
Other income, net
|
$ | 4,766 | $ | 975 |
10.
|
Segment Information
|
|
·
|
Xcel Energy’s regulated electric utility segment generates electricity which is transmitted and distributed in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas, and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated electric utility also includes commodity trading operations.
|
|
·
|
Xcel Energy’s regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado.
|
|
·
|
Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include steam revenue, appliance repair services, nonutility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits.
|
(Thousands of Dollars)
|
Regulated
Electric
|
Regulated
Natural Gas
|
All
Other
|
Reconciling
Eliminations
|
Consolidated
Total
|
|||||||||||||||
Three Months Ended March 31, 2011
|
||||||||||||||||||||
Operating revenues from external customers
|
$ | 2,029,972 | $ | 765,349 | $ | 21,219 | $ | - | $ | 2,816,540 | ||||||||||
Intersegment revenues
|
339 | 799 | - | (1,138 | ) | - | ||||||||||||||
Total revenues
|
$ | 2,030,311 | 766,148 | 21,219 | (1,138 | ) | $ | 2,816,540 | ||||||||||||
Income (loss) from continuing operations
|
$ | 154,637 | $ | 58,597 | $ | (9,767 | ) | $ | - | $ | 203,467 |
(Thousands of Dollars)
|
Regulated
Electric
|
Regulated
Natural Gas
|
All
Other
|
Reconciling
Eliminations
|
Consolidated
Total
|
|||||||||||||||
Three Months Ended March 31, 2010
|
||||||||||||||||||||
Operating revenues from external customers
|
$ | 1,995,592 | $ | 790,150 | $ | 21,720 | $ | - | $ | 2,807,462 | ||||||||||
Intersegment revenues
|
1,138 | 1,703 | - | (2,841 | ) | - | ||||||||||||||
Total revenues
|
$ | 1,996,730 | $ | 791,853 | $ | 21,720 | $ | (2,841 | ) | $ | 2,807,462 | |||||||||
Income (loss) from continuing operations
|
$ | 115,182 | $ | 63,026 | $ | (10,868 | ) | $ | - | $ | 167,340 |
11.
|
Common Stock and Equivalents
|
Three Months Ended March 31, 2011
|
Three Months Ended March 31, 2010
|
|||||||||||||||||||||||
(Amounts in thousands, except per share data)
|
Income
|
Shares
|
Per Share Amount
|
Income
|
Shares
|
Per Share Amount
|
||||||||||||||||||
Net income
|
$ | 203,569 | $ | 167,118 | ||||||||||||||||||||
Less: Dividend requirements on preferred stock
|
(1,060 | ) | (1,060 | ) | ||||||||||||||||||||
Basic earnings per share:
|
||||||||||||||||||||||||
Earnings available to common shareholders
|
202,509 | 483,641 | $ | 0.42 | 166,058 | 458,918 | $ | 0.36 | ||||||||||||||||
Effect of dilutive securities:
|
||||||||||||||||||||||||
401(k) equity awards
|
660 | 779 | ||||||||||||||||||||||
Diluted earnings per share:
|
||||||||||||||||||||||||
Earnings available to common shareholders
|
$ | 202,509 | 484,301 | $ | 0.42 | $ | 166,058 | 459,697 | $ | 0.36 |
12.
|
Benefit Plans and Other Postretirement Benefits
|
Three Months Ended March 31,
|
|||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
Postretirement Health
|
|||||||||||||||||
(Thousands of Dollars)
|
Pension Benefits
|
Care Benefits
|
|||||||||||||||
Service cost
|
$ | 18,112 | $ | 17,618 | $ | 1,315 | $ | 1,038 | |||||||||
Interest cost
|
39,915 | 40,652 | 10,551 | 10,529 | |||||||||||||
Expected return on plan assets
|
(55,286 | ) | (58,124 | ) | (7,968 | ) | (7,134 | ) | |||||||||
Amortization of transition obligation
|
- | - | 3,611 | 3,611 | |||||||||||||
Amortization of prior service cost (credit)
|
5,633 | 5,164 | (1,233 | ) | (1,233 | ) | |||||||||||
Amortization of net loss
|
18,729 | 11,024 | 3,343 | 2,709 | |||||||||||||
Net periodic benefit cost
|
27,103 | 16,334 | 9,619 | 9,520 | |||||||||||||
Costs not recognized and additional cost recognized due
to the effects of regulation
|
(7,885 | ) | (7,326 | ) | 973 | 973 | |||||||||||
Net benefit cost recognized for financial reporting
|
$ | 19,218 | $ | 9,008 | $ | 10,592 | $ | 10,493 |
Three Months Ended March 31,
|
||||||||
Diluted Earnings (Loss) Per Share
|
2011 |
2010
|
||||||
PSCo
|
$ | 0.20 | $ | 0.23 | ||||
NSP-Minnesota
|
0.19 | 0.15 | ||||||
NSP-Wisconsin
|
0.03 | 0.03 | ||||||
SPS
|
0.02 | 0.02 | ||||||
Equity earnings of unconsolidated subsidiaries
|
0.01 | 0.01 | ||||||
Regulated utility — continuing operations
|
0.45 | 0.44 | ||||||
Holding company and other costs
|
(0.03 | ) | (0.02 | ) | ||||
Ongoing
diluted earnings per share
|
0.42 | 0.42 | ||||||
COLI settlement, PSRI and Medicare Part D
|
- | (0.06 | ) | |||||
GAAP
diluted earnings per share
|
$ | 0.42 | $ | 0.36 |
Three Months
|
||||
Diluted Earnings (Loss) Per Share
|
Ended March 31,
|
|||
2010 GAAP diluted earnings per share
|
$ | 0.36 | ||
COLI settlement, PSRI and Medicare Part D
|
0.06 | |||
2010 ongoing diluted earnings per share
|
0.42 | |||
Components of change — 2011 vs. 2010
|
||||
Higher electric margins
|
0.12 | |||
Higher natural gas margins
|
0.02 | |||
Higher operating and maintenance expenses
|
(0.04 | ) | ||
Higher depreciation and amortization
|
(0.03 | ) | ||
Higher conservation and DSM expenses (generally offset in revenues)
|
(0.02 | ) | ||
Higher taxes (other than income taxes)
|
(0.02 | ) | ||
Dilution from DSPP, benefit plans and the 2010 common equity issuance
|
(0.02 | ) | ||
Other, net
|
(0.01 | ) | ||
2011 GAAP and ongoing diluted earnings per share
|
$ | 0.42 |
Three Months Ended March 31,
|
||||||||
Contributions to Income (Millions of Dollars)
|
2011 | 2010 | ||||||
GAAP income (loss) by segment
|
||||||||
Regulated electric income
|
$ | 154.6 | $ | 115.2 | ||||
Regulated natural gas income
|
58.6 | 63.0 | ||||||
Other income
(a)
|
5.0 | (4.3 | ) | |||||
Segment income — continuing operations
|
218.2 | 173.9 | ||||||
Holding company and other costs
(a)
|
(14.7 | ) | (6.6 | ) | ||||
Total income — continuing operations
|
203.5 | 167.3 | ||||||
Income (loss) from discontinued operations
|
0.1 | (0.2 | ) | |||||
Total GAAP net income
|
$ | 203.6 | $ | 167.1 |
Three Months Ended March 31,
|
||||||||
Contributions to Diluted Earnings (Loss) Per Share
|
2011 | 2010 | ||||||
GAAP earnings (loss) by segment
|
||||||||
Regulated electric
|
$ | 0.32 | $ | 0.25 | ||||
Regulated natural gas
|
0.12 | 0.14 | ||||||
Other
(a)
|
0.01 | (0.01 | ) | |||||
Segment earnings per share — continuing operations
|
0.45 | 0.38 | ||||||
Holding company and other costs
(a)
|
(0.03 | ) | (0.02 | ) | ||||
Total earnings per share — continuing operations
|
0.42 | 0.36 | ||||||
Discontinued operations
|
- | - | ||||||
Total GAAP earnings per share — diluted
|
$ | 0.42 | $ | 0.36 |
(a)
|
Not a reportable segment. Included in all other segment results in Note 10 to the consolidated financial statements.
|
Three Months Ended March 31,
|
|||||||
2011 vs.
|
2010 vs.
|
2011 vs.
|
|||||
Normal
|
Normal
|
2010
|
|||||
HDD
|
5.2
|
%
|
0.8
|
% |
4.4
|
% |
Three Months Ended March 31,
|
||||||||||||
2011 vs.
|
2010 vs.
|
2011 vs.
|
||||||||||
Normal
|
Normal
|
2010
|
||||||||||
Retail electric
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
Firm natural gas
|
0.01 | 0.00 | 0.01 | |||||||||
Total
|
$ | 0.01 | $ | 0.00 | $ | 0.01 |
Three Months Ended March 31,
|
|||||||||
Actual |
Weather
Normalized
|
Actual Lubbock (a) |
Weather
Normalized
Lubbock
(a)
|
||||||
Electric residential
|
0.1
|
%
|
(0.8)
|
%
|
0.9
|
%
|
0.1
|
%
|
|
Electric commercial and industrial
|
0.8
|
0.6
|
1.7
|
1.5
|
|||||
Total retail electric sales
|
0.6
|
0.2
|
1.4
|
1.1
|
|||||
Firm natural gas sales
|
1.1
|
(2.1)
|
1.1
|
(2.1)
|
(a)
|
Adjusted for the October 2010 sale of SPS electric distribution assets to the city of Lubbock, Texas.
|
Three Months Ended March 31,
|
||||||||
(Millions of Dollars)
|
2011 | 2010 | ||||||
Electric revenues
|
$ | 2,030 | $ | 1,996 | ||||
Electric fuel and purchased power
|
(932 | ) | (988 | ) | ||||
Electric margin
|
$ | 1,098 | $ | 1,008 |
Three Months
|
||||
Ended March 31,
|
||||
(Millions of Dollars)
|
2011 vs. 2010
|
|||
Fuel and purchased power cost recovery
|
$ | (57 | ) | |
Trading
|
(7 | ) | ||
Retail rate increases, including seasonal rates (Minnesota interim, Wisconsin,
Texas, North Dakota interim and Colorado)
|
34 | |||
Revenue requirements for PSCo gas generation acquisition
(a)
|
34 | |||
Transmission revenue
|
11 | |||
Non-fuel riders
|
8 | |||
Conservation and DSM revenue and incentive (partially offset by expenses)
|
6 | |||
Estimated impact of weather
|
4 | |||
Retail sales increase (excluding weather impact)
|
1 | |||
Total increase in electric revenues
|
$ | 34 |
Three Months
|
||||
Ended March 31, | ||||
(Millions of Dollars)
|
2011 vs. 2010 | |||
Retail rate increases, including seasonal rates (Minnesota interim, Wisconsin, Texas, North Dakota interim and Colorado) | $ | 34 | ||
Revenue requirements for PSCo gas generation acquisition
(a)
|
34 | |||
Non-fuel riders
|
8 | |||
Conservation and DSM revenue and incentive (partially offset by expenses)
|
6 | |||
Estimated impact of weather
|
4 | |||
Retail sales increase (excluding weather impact)
|
1 | |||
Other, net
|
3 | |||
Total increase in electric margin
|
$ | 90 |
(a)
|
The increase in revenue requirements for PSCo generation reflects the acquisition of the Rocky Mountain and Blue Spruce natural gas facilities in 2010. These revenue requirements are partially offset by increased O&M expense, depreciation expense, property taxes and financing costs.
|
Three Months Ended March 31,
|
||||||||
(Millions of Dollars)
|
2011 | 2010 | ||||||
Natural gas revenues
|
$ | 765 | $ | 790 | ||||
Cost of natural gas sold and transported
|
(543 | ) | (581 | ) | ||||
Natural gas margin
|
$ | 222 | $ | 209 |
Three Months
|
||||
Ended March 31,
|
||||
(Millions of Dollars)
|
2011 vs. 2010
|
|||
Purchased natural gas adjustment clause recovery
|
$ | (37 | ) | |
Retail sales decrease (excluding weather impact)
|
(3 | ) | ||
Conservation and DSM revenue and incentive (partially offset by expenses)
|
10 | |||
Estimated impact of weather
|
5 | |||
Other, net
|
- | |||
Total decrease in natural gas revenues
|
$ | (25 | ) |
Three Months | ||||
Ended March 31, | ||||
(Millions of Dollars)
|
2011 vs. 2010 | |||
Conservation and DSM revenue and incentive (partially offset by expenses)
|
$ | 10 | ||
Estimated impact of weather
|
5 | |||
Retail sales decrease (excluding weather impact)
|
(3 | ) | ||
Other, net
|
1 | |||
Total increase in natural gas margin
|
$ | 13 |
Three Months | ||||
Ended March 31, | ||||
(Millions of Dollars)
|
2011 vs. 2010 | |||
Higher labor and contract labor costs
|
$ | 9 | ||
Higher employee benefit expense
|
6 | |||
Higher plant generation costs
|
4 | |||
Higher nuclear plant operation costs
|
3 | |||
Other, net
|
7 | |||
Total increase in operating and maintenance expenses
|
$ | 29 |
|
●
|
Higher labor and contract labor costs are primarily due to maintenance on our distribution facilities, particularly in Colorado.
|
|
●
|
Higher employee benefit expense is primarily due to higher pension expense.
|
|
●
|
Higher plant generation costs are primarily due to the incremental costs associated with new generation placed in service in 2010.
|
|
●
|
Shutdown Cherokee Units 1 and 2 in 2011 and Cherokee Unit 3 (365 MW in total) by the end of 2015, after a new natural gas combined-cycle unit is built at Cherokee Station (569 MW);
|
|
●
|
Fuel-switch Cherokee Unit 4 (352 MW) to natural gas by 2017;
|
|
●
|
Shutdown Arapahoe Unit 3 (45 MW) and fuel-switch Unit 4 (111 MW) in 2014 to natural gas;
|
|
●
|
Shutdown Valmont Unit 5 (186 MW) in 2017;
|
|
●
|
Install SCR for controlling NOx and a scrubber for controlling SO
2
on Pawnee Station in 2014;
|
|
●
|
Install SCR on Hayden Unit 1 in 2015 and Hayden Unit 2 in 2016; and
|
|
●
|
Convert Cherokee Unit 2 and Arapahoe Unit 3 to synchronous condensers to support the transmission system.
|
Three Months Ended March 31,
|
||||||||
(Thousands of Dollars)
|
2011 | 2010 | ||||||
Fair value of commodity trading net contract assets outstanding at Jan. 1
|
$ | 20,249 | $ | 9,628 | ||||
Contracts realized or settled during the period
|
(1,668 | ) | (486 | ) | ||||
Commodity trading contract additions and changes during period
|
5,902 | 6,061 | ||||||
Fair value of commodity trading net contract assets outstanding at March 31
|
$ | 24,483 | $ | 15,203 |
Futures / Forwards
|
||||||||||||||||||||||||
Maturity
|
Maturity
|
Total Futures/
|
||||||||||||||||||||||
Source of
|
Less Than
|
Maturity
|
Maturity
|
Greater Than
|
Forwards
|
|||||||||||||||||||
(Thousands of Dollars)
|
Fair Value
|
1 Year
|
1 to 3 Years
|
4 to 5 Years
|
5 Years
|
Fair Value
|
||||||||||||||||||
NSP-Minnesota
|
1 | $ | 7,121 | $ | 15,186 | $ | 701 | $ | - | $ | 23,008 | |||||||||||||
2 | (19 | ) | - | - | - | (19 | ) | |||||||||||||||||
PSCo
|
1 | 634 | 1,008 | - | - | 1,642 | ||||||||||||||||||
$ | 7,736 | $ | 16,194 | $ | 701 | $ | - | $ | 24,631 |
Options
|
||||||||||||||||||||||||
Maturity
|
Maturity
|
|||||||||||||||||||||||
Source of
|
Less Than
|
Maturity
|
Maturity
|
Greater Than
|
Total Options
|
|||||||||||||||||||
(Thousands of Dollars)
|
Fair Value
|
1 Year
|
1 to 3 Years
|
4 to 5 Years
|
5 Years
|
Fair Value
|
||||||||||||||||||
NSP-Minnesota
|
2 | $ | (69 | ) | $ | - | $ | - | $ | - | $ | (69 | ) | |||||||||||
PSCo
|
2 | $ | (79 | ) | $ | - | $ | - | $ | - | $ | (79 | ) | |||||||||||
$ | (148 | ) | $ | - | $ | - | $ | - | $ | (148 | ) |
1
—
|
Prices actively quoted or based on actively quoted prices.
|
2
—
|
Prices based on models and other valuation methods. These represent the fair value of positions calculated using internal models when directly and
indirectly quoted external prices or prices derived from external sources are not available. Internal models incorporate the use of options pricing and estimates of the present value of cash flows based upon underlying contractual terms. The models reflect management’s estimates, taking into account observable market prices, estimated market prices in the absence of quoted market prices, the risk-free market discount rate, volatility factors, estimated correlations of commodity prices and contractual volumes. Market price uncertainty and other risks also are factored into the models.
|
As of
|
|||||||||||||||
(Millions of Dollars)
|
March 31,
|
VaR Limit
|
Average
|
High
|
Low
|
||||||||||
2011
|
$
|
0.30
|
$
|
3.00
|
$
|
0.17
|
$
|
0.30
|
$
|
0.10
|
|||||
2010
|
0.42
|
5.00
|
0.39
|
0.77
|
0.11
|
Three Months Ended March 31,
|
||||||||
(Millions of Dollars)
|
2011 | 2010 | ||||||
Cash provided by operating activities
|
$ | 659 | $ | 552 |
Three Months Ended March 31,
|
||||||||
(Millions of Dollars)
|
2011 | 2010 | ||||||
Cash used in investing activities
|
$ | (624 | ) | $ | (460 | ) |
Three Months Ended March 31,
|
||||||||
(Millions of Dollars)
|
2011 | 2010 | ||||||
Cash provided by financing activities
|
$ | (49 | ) | $ | (122 | ) |
|
●
|
$800 million for Xcel Energy;
|
|
●
|
$700 million for PSCo;
|
|
●
|
$500 million for NSP-Minnesota;
|
|
●
|
$300 million for SPS; and
|
|
●
|
$150 million for NSP-Wisconsin.
|
(Millions of Dollars)
|
Three Months Ended
March 31, 2011
|
Twelve Months
Ended
Dec. 31, 2010
|
||||||
Borrowing limit
|
$
|
2,450
|
$
|
2,177
|
||||
Amount outstanding
at period end
|
532
|
466
|
||||||
Average amount outstanding
|
532
|
263
|
||||||
Maximum amount outstanding
|
735
|
653
|
||||||
Weighted average interest rate, computed on a daily basis
|
0.37
|
%
|
0.36
|
%
|
||||
Weighted average interest rate at end of period
|
0.34
|
0.40
|
(Millions of Dollars)
|
Facility
(b)
|
Drawn
(a)
|
Available
|
Cash
|
Liquidity
|
||||||||||||||||
Xcel Energy – Holding Company
|
$ | 800.0 | $ | 323.1 | $ | 476.9 | $ | 2.7 | $ | 479.6 | |||||||||||
PSCo
|
700.0 | 89.6 | 610.4 | 1.3 | 611.7 | ||||||||||||||||
NSP-Minnesota
|
500.0 | 7.1 | 492.9 | 0.3 | 493.2 | ||||||||||||||||
SPS
|
300.0 | 59.0 | 241.0 | 0.5 | 241.5 | ||||||||||||||||
NSP-Wisconsin
|
150.0 | 44.0 | 106.0 | 0.2 | 106.2 | ||||||||||||||||
Total
|
$ | 2,450.0 | $ | 522.8 | $ | 1,927.2 | $ | 5.0 | $ | 1,932.2 |
(a)
|
Includes outstanding commercial paper and letters of credit.
|
(b)
|
These credit facilities expire in March 2015.
|
|
●
|
PSCo may issue approximately $250 million of first mortgage bonds during the second half of 2011.
|
|
●
|
SPS may issue approximately $150 million of bonds in the summer of 2011.
|
|
●
|
Xcel Energy also anticipates issuing approximately $75 million of equity through the Dividend Reinvestment and Stock Purchase Plan (DSPP) and various benefit programs in 2011.
|
|
●
|
Normal weather patterns are experienced for the year.
|
|
●
|
Weather-adjusted retail electric utility sales, adjusted for the sale of the Lubbock distribution assets, are projected to grow approximately 1.0 to 1.3 percent.
|
|
●
|
Weather-adjusted retail firm natural gas sales are projected to decline 1 percent.
|
|
●
|
Constructive outcomes in all rate case and regulatory proceedings.
|
|
●
|
Rider revenue recovery is projected to be relatively flat.
|
|
●
|
O&M expenses are projected to increase up to 4 percent.
|
|
●
|
Depreciation expense is projected to increase $50 million to $60 million.
|
|
●
|
Interest expense is projected to increase approximately $10 million.
|
|
●
|
AFUDC — equity is projected to be relatively flat.
|
|
●
|
The effective tax rate is projected to be approximately 34 percent to 36 percent.
|
|
●
|
Average common stock and equivalents are projected to be approximately 485 million shares.
|
●
|
The risks associated with use of radioactive material in the production of energy, the management, handling, storage and disposal of these radioactive materials and the current lack of a long-term disposal solution for radioactive materials;
|
●
|
Limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with nuclear operations; and
|
●
|
Uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of licensed lives.
|
Issuer Purchases of Equity Securities
|
||||||||||||||||
Period
|
Total Number
of
Shares
Purchased
|
Average Price
Paid per Share
|
Total Number of
Shares Purchased
as
Part of Publicly
Announced Plans
or
Programs
|
Maximum Number (or
Approximate Dollar
Value) of Shares That
May Yet Be
Purchased
Under the
P
lans or
Programs
|
||||||||||||
Jan. 1, 2011 — Jan. 31, 2011
(a)
|
16,783 | $ | 24.00 | - | - | |||||||||||
Feb. 1, 2011 — Feb. 28, 2011
|
- | - | - | - | ||||||||||||
March 1, 2011 — March 31, 2011
(b)
|
10,625 | 23.75 | - | - | ||||||||||||
Total
|
27,408 | - | - |
(a)
|
Xcel Energy or one of its agents periodically purchases common shares in order to satisfy obligations under the Stock Equivalent Plan for Non-Employee Directors.
|
(b)
|
The repurchase of shares noted in the table above was made pursuant to the Xcel Energy Executive Annual Incentive Award Plan. The shares were returned to Xcel Energy on behalf of some of the participants receiving an incentive award of common shares to effectuate the payment of federal and state income taxes on the award.
|
3.01*
|
Restated Articles of Incorporation of Xcel Energy, as amended on May 21, 2008 (Exhibit 3.01 to Form 10-Q for the quarter ended June 30, 2008 (file no. 001-03034)).
|
|
3.02*
|
Restated By-Laws of Xcel Energy (Exhibit 3.01 to Form 8-K dated Aug. 12, 2008 (file no. 001-03034)).
|
|
10.01*
|
Credit Agreement, dated as of March 17, 2011 among Xcel Energy Inc., as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., and Barclays Capital, the investment banking division of Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Exhibit 99.01 to Form 8-K of Xcel Energy, file number 001-03034, dated March 23, 2011).
|
|
10.02*
|
Credit Agreement, dated as of March 17, 2011 among NSP-Minnesota, a Minnesota corporation, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., and Barclays Capital, the investment banking division of Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Exhibit 99.02 to Form 8-K of Xcel Energy, file number 001-03034, dated March 23, 2011).
|
|
10.03*
|
Credit Agreement, dated as of March 17, 2011 among NSP-Wisconsin, a Wisconsin corporation, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., and Barclays Capital, the investment banking division of Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Exhibit 99.03 to Form 8-K of Xcel Energy, file number 001-03034, dated March 23, 2011).
|
|
10.04*
|
Credit Agreement, dated as of March 17, 2011 among PSCo as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., and Barclays Capital, the investment banking division of Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Exhibit 99.04 to Form 8-K of Xcel Energy, file number 001-03034, dated March 23, 2011).
|
|
10.05*
|
Credit Agreement, dated as of March 17, 2011 among SPS, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., and Barclays Capital, the investment banking division of Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Exhibit 99.05 to Form 8-K of Xcel Energy, file number 001-03034, dated March 23, 2011).
|
|
10.06*
|
Stock Equivalent Plan for Non-Employee Directors of Xcel Energy as amended and restated effective Feb. 23, 2011 (Appendix A to the Xcel Energy Definitive Proxy Statement (file no. 001-03034) filed April 5, 2011).
|
|
Principal Executive Officer’s and Principal Financial Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
||
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
Statement pursuant to Private Securities Litigation Reform Act of 1995.
|
||
101
t
|
The following materials from Xcel Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Cash Flow, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Stockholder’s Equity and Comprehensive Income, (v) Notes to Condensed Consolidated Financial Statements, and (vi) document and entity information.
|
XCEL ENERGY INC.
|
||
April 29, 2011
|
By:
|
/s/ TERESA S. MADDEN
|
Teresa S. Madden
|
||
Vice President and Controller
|
||
(Principal Accounting Officer)
|
||
/s/ DAVID M. SPARBY
|
||
David M. Sparby
|
||
Vice President and Chief Financial Officer
|
||
(Principal Financial Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Suppliers
Supplier name | Ticker |
---|---|
American Electric Power Company, Inc. | AEP |
CMS Energy Corporation | CMS |
Duke Energy Corporation | DUK |
General Electric Company | GE |
PG&E Corporation | PCG |
PPL Corporation | PPL |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|