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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~Sept.~~March 3031, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-31387


Northern States Power Company
(Exact Name of Registrant as Specified in its Charter)

Minnesota

41-1967505

(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)


	(612)	330-5500
(Registrant’s Telephone Number, Including Area Code)


N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at ~~October~~April 3124, ~~2024~~2025
Common Stock, $0.01 par value						1,000,000 shares

Northern States Power Company meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to such Form 10-Q.

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION
Item 1 —	Financial Statements (Unaudited)	4
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Cash Flows	6
	Consolidated Balance Sheets	7
	Consolidated Statements of Common Stockholder’s Equity	8
	Notes to Consolidated Financial Statements	8
Item 2 —	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2017
Item 4 —	Controls and Procedures	2320
PART II	OTHER INFORMATION
Item 1 —	Legal Proceedings	2320
Item 1A —	Risk Factors	2320
Item 5 —	Other Information	2320
Item 6 —	Exhibits	2421
SIGNATURES		2522

This Form 10-Q is filed by NSP-Minnesota. NSP-Minnesota is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available in various filings with the SEC. This report should be read in its entirety.

Definitions of Abbreviations

Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
NSP-Minnesota			Northern States Power Company, a Minnesota corporation
NSP System			The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin			Northern States Power Company, a Wisconsin corporation
PSCo			Public Service Company of Colorado
SPS			Southwestern Public Service Company
Utility subsidiaries			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel Energy			Xcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
DOC			Minnesota Department of Commerce
EPA			United States Environmental Protection Agency
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
MPUC			Minnesota Public Utilities Commission
NDPSC			North Dakota Public Service Commission
PSCW			Public Service Commission of Wisconsin
SEC			Securities and Exchange Commission
Other
ALJ			Administrative Law Judge
ASU			Accounting standards update
C&I			Commercial and Industrial
CCR			Coal combustion residuals
CCR Rule			Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as nonhazardous waste
CEO			Chief executive officer
CERCLA			Comprehensive Environmental Response, Compensation, and Liability Act
CFO			Chief financial officer
CO2			Carbon dioxide
CSPV			Crystalline Silicon Photovoltaic
ETR			Effective tax rate
FCA			Fuel clause adjustment
FTR			Financial transmission right
GAAP			United States generally accepted accounting principles
GE			General Electric Company
IPP			Independent power producing entity
MGP			Manufactured gas plant
MISO			Midcontinent Independent System Operator, Inc.
NAV			Net asset value
NOx			Nitrogen Oxides
O&M			Operating and maintenance
PFAS			Per- and Polyfluoroalkyl Substances
PPA			Power purchase agreement
PTC			Production tax credit
RDF			Refuse-derived fuel
RFP			Request for proposal
ROE			Return on equity
RTO			Regional Transmission Organization
SMMPA			Southern Minnesota Municipal Power Agency
VIE			Variable interest entity
Measurements
MW			Megawatts


Forward-Looking Statements

Except for the historical statements contained in this report, 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 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 or refunds to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of legal proceeding outcomes, 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 NSP-Minnesota’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, ~~2023~~2024 and subsequent filings with the SEC, 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; 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 NSP-Minnesota 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; 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 disaster 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.

Table of Contents

PART I — FINANCIAL INFORMATION


ITEM 1 — FINANCIAL STATEMENTS

NSP-MINNESOTA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(amounts in millions)

Three Months Ended Sept. 30

Nine Months Ended Sept. 30

Three Months Ended March 31

2024

2023

2024

2023

2025

2024

Operating revenues

Electric, non-affiliates

1,~~444~~172

1,~~383~~133

~~3,694~~

~~3,590~~

Electric, affiliates

~~128~~122

~~130~~122

~~370~~

~~368~~

Natural gas

59360

65273

~~422~~

~~563~~

Other

138

Total operating revenues

1,~~633~~657

1,~~591~~536

~~4,499~~

~~4,556~~

Operating expenses

Electric fuel and purchased power

~~591~~495

~~570~~459

~~1,514~~

~~1,593~~

Cost of natural gas sold and transported

13216

22139

~~175~~

~~364~~

Cost of sales — other

—

Operating and maintenance expenses

~~338~~347

~~306~~295

~~961~~

~~957~~

Conservation program expenses

4841

2748

~~138~~

Depreciation and amortization

~~277~~293

~~249~~268

~~817~~

~~713~~

Taxes (other than income taxes)

5368

6268

~~173~~

~~172~~

Total operating expenses

1,~~320~~460

1,~~244~~281

~~3,782~~

~~3,904~~

Operating income

~~313~~197

~~347~~255

~~717~~

~~652~~

Other income (expense), net

(7)

(5)

Other (expense) income, net

(1)

Allowance for funds used during construction — equity

1516

911

Interest charges and financing costs

Interest charges and other financing costs

9294

8188

~~271~~

~~241~~

Allowance for funds used during construction — debt

(8)

(5)

~~(19)~~

~~(15)~~

Total interest charges and financing costs

8486

7683

~~252~~

~~226~~

Income before income taxes

~~248~~126

~~273~~188

~~516~~

~~447~~

Income tax (benefit) expense

(4)

(78)

(79)

Income tax benefit

(58)

(23)

Net income

~~252~~184

~~260~~211

~~594~~

~~526~~

See Notes to Consolidated Financial Statements

Table of Contents

NSP-MINNESOTA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(amounts in millions)

	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	Three Months Ended March 31
	2024		2023		2024		2023
	2025		2024
Net income	$	~~252~~184	$	~~260~~211	$	~~594~~	$	~~526~~
Other comprehensive income
Other comprehensive (loss) income
Derivative instruments:
Net fair value increase, net of tax	—		—		12		3
Net fair value (decrease) increase, net of tax	(2)		12
Reclassification of losses to net income, net of tax	—		1		—		1
Total other comprehensive (loss) income	(2)		12
Total other comprehensive income	—		1		12		4
Total comprehensive income	$	182	$	223
Total comprehensive income	$	252	$	261	$	606	$	530

See Notes to Consolidated Financial Statements

Table of Contents

NSP-MINNESOTA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in millions)

	Nine Months Ended Sept. 30
	Three Months Ended March 31
	2024		2023
	2025		2024
Operating activities
Net income	$	~~594~~184	$	~~526~~211
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	~~821~~294		~~717~~270
Nuclear fuel amortization	8529		8420
Deferred income taxes	~~249~~(36)		16112
Allowance for equity funds used during construction	(3916)		(2611)
Provision for bad debts	158		206
Changes in operating assets and liabilities:
Accounts receivable	(3433)		~~(19)~~16
Accrued unbilled revenues	422		~~117~~13
Inventories	~~(3)~~21		3715
Other current assets	~~(4)~~1		(1174)
Accounts payable	11(82)		(9721)
Net regulatory assets and liabilities	2269		~~307~~(7)
Other current liabilities	~~(189)~~23		98(170)
Pension and other employee benefit obligations	(4256)		(1742)
Other, net	21		1412
Net cash provided by operating activities	~~1,492~~429		~~1,766~~350
Investing activities
Capital/construction expenditures	(~~2,043~~581)		(~~1,668~~612)
Purchase of investment securities	(~~693~~241)		(~~704~~189)
Proceeds from the sale of investment securities	~~666~~240		~~678~~179
Investments in utility money pool arrangement	(~~357~~75)		(~~200~~317)
Repayments from utility money pool arrangement	~~414~~108		~~200~~129
Other, net	(31)		(2)
Net cash used in investing activities	(~~2,016~~550)		(~~1,696~~812)
Financing activities
Repayments of short-term borrowings, net	(~~165~~130)		(~~207~~165)
Borrowings under utility money pool arrangement	~~100~~306		~~189~~100
Repayments under utility money pool arrangement	(~~100~~258)		(~~189~~100)
Proceeds from issuance of long-term debt	~~687~~—		~~783~~688
Repayment of long-term debt	—		(400)
Capital contributions from parent	251		347
Capital contributions from parent	603		251
Dividends paid to parent	(81)		(121)
Dividends paid to parent	(325)		(413)
Net cash provided by financing activities	88		749
Net cash provided by financing activities	800		14
Net change in cash, cash equivalents and restricted cash	(33)		287
Net change in cash, cash equivalents and restricted cash	276		84
Cash, cash equivalents and restricted cash at beginning of period	71		34
Cash, cash equivalents and restricted cash at beginning of period	34		65
Cash, cash equivalents and restricted cash at end of period	$	38	$	321
Cash, cash equivalents and restricted cash at end of period	$	310	$	149
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	$	(~~234~~87)	$	(~~205~~69)
Cash received from income taxes, net; includes proceeds from tax credit transfers	~~315~~41		6076
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	$	~~253~~274	$	~~163~~149
Inventory transfers to property, plant and equipment	319		119
Operating lease right-of-use assets	39		52
Allowance for equity funds used during construction	16		11
Allowance for equity funds used during construction	39		26

See Notes to Consolidated Financial Statements

Table of Contents

NSP-MINNESOTA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in millions, except share and per share data)

	Sept. 30, 2024		Dec. 31, 2023
	March 31, 2025		Dec. 31, 2024
Assets
Current assets
Cash and cash equivalents	$	~~310~~38	$	3471
Accounts receivable, net	~~488~~541		~~490~~530
Accounts receivable from affiliates	2515		151
Investments in money pool arrangements	—		5733
Accrued unbilled revenues	~~287~~250		~~290~~272
Inventories	~~328~~309		~~356~~339
Regulatory assets	~~348~~389		~~250~~364
Derivative instruments	5223		5036
Prepayments and other	94142		87139
Total current assets	1,~~932~~707		1,~~629~~785
Property, plant and equipment, net	2021,~~083~~256		1820,~~757~~860
Other assets
Nuclear decommissioning fund and other investments	3,~~596~~547		3,~~262~~548
Regulatory assets	~~828~~747		~~837~~813
Derivative instruments	5654		6167
Operating lease right-of-use assets	~~414~~369		~~439~~393
Other	2027		1619
Total other assets	4,~~914~~744		4,~~615~~840
Total assets	$	2627,~~929~~707	$	2527,~~001~~485
Liabilities and Equity
Current liabilities
Current portion of long-term debt	$	250	$	—250
Short-term debt	—65		~~165~~195
Accounts payable	612		579
Borrowings under utility money pool arrangement	48		—
Accounts payable to affiliates	56		89
Accounts payable	644		631
Regulatory liabilities	429		300
Accounts payable to affiliates	63		100
Taxes accrued	233		223
Regulatory liabilities	513		543
Accrued interest	88		79
Taxes accrued	279		221
Dividends payable to parent	99		121
Accrued interest	87		90
Derivative instruments	29		44
Dividends payable to parent	110		80
Operating lease liabilities	96		91
Derivative instruments	37		31
Other	167		351
Operating lease liabilities	99		97
Total current liabilities	2,059		2,042
Other	147		150
Total current liabilities	2,342		2,388
Deferred credits and other liabilities
Deferred income taxes	2,~~353~~206		12,~~992~~238
Deferred investment tax credits	13		14
Regulatory liabilities	2,182		2,155
Regulatory liabilities	2,263		2,097
Asset retirement obligations	3,110		3,073
Asset retirement obligations	2,802		2,658
Derivative instruments	72		77
Derivative instruments	68		86
Pension and employee benefit obligations	97		151
Pension and employee benefit obligations	132		168
Operating lease liabilities	290		317
Operating lease liabilities	340		372
Other	40		41
Other	28		35
Total deferred credits and other liabilities	7,997		8,052
Total deferred credits and other liabilities	7,999		7,422
Commitments and contingencies
Capitalization
Long-term debt	7,~~771~~605		7,~~330~~607
Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at Sept. 30, 2024 and Dec. 31, 2023, respectively	—		—
Long-term debt - related parties	169		166
Additional paid in capital	6,276		5,686
Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at March 31, 2025 and Dec. 31, 2024, respectively	—		—
Retained earnings	2,832		2,541
Additional paid in capital	6,650		6,399
Accumulated other comprehensive loss	(8)		(20)
Retained earnings	2,954		2,881
Total common stockholder's equity	9,100		8,207
Accumulated other comprehensive loss	(10)		(8)
Total liabilities and equity	$	26,929	$	25,001
Total common stockholder's equity	9,594		9,272
Total liabilities and equity	$	27,707	$	27,485

See Notes to Consolidated Financial Statements

Table of Contents

NSP-MINNESOTA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)

(amounts in millions, except share data)

	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholder's Equity
	Shares	Par Value		Additional PaidIn Capital
Three Months Ended Sept. 30, 2024 and 2023
Three Months Ended March 31, 2025 and 2024
Balance at June 30, 2023	1,000,000	$	—	$	5,585	$	2,502	$	(15)	$	8,072
Net income						260				260
Other comprehensive loss								1		1
Dividends declared to parent						(181)				(181)
Balance at Sept. 30, 2023	1,000,000	$	—	$	5,585	$	2,581	$	(14)	$	8,152
Balance at June 30, 2024	1,000,000	$	—	$	6,184	$	2,679	$	(8)	$	8,855
Net income						252				252
Dividends declared to parent						(99)				(99)
Contribution of capital by parent				92						92
Balance at Sept. 30, 2024	1,000,000	$	—	$	6,276	$	2,832	$	(8)	$	9,100
	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholder's Equity
	Shares	Par Value		Additional PaidIn Capital
Nine Months Ended Sept. 30, 2024 and 2023
Balance at Dec. 31, 2022	1,000,000	$	—	$	5,374	$	2,480	$	(18)	$	7,836
Net income						526				526
Other comprehensive income								4		4
Dividends declared to parent						(425)				(425)
Contribution of capital by parent				211						211
Balance at Sept. 30, 2023	1,000,000	$	—	$	5,585	$	2,581	$	(14)	$	8,152
Balance at Dec. 31, 2023	1,000,000	$	—	$	5,686	$	2,541	$	(20)	$	8,207
Net income						~~594~~211				~~594~~211
Other comprehensive income								12		12
Dividends declared to parent						(~~303~~101)				(~~303~~101)
Contribution of capital by parent				~~590~~345						~~590~~345
Balance at Sept. 30, 2024	1,000,000	$	—	$	6,276	$	2,832	$	(8)	$	9,100
Balance at March 31, 2024	1,000,000	$	—	$	6,031	$	2,651	$	(8)	$	8,674
Balance at Dec. 31, 2024	1,000,000	$	—	$	6,399	$	2,881	$	(8)	$	9,272
Net income						184				184
Other comprehensive loss								(2)		(2)
Dividends declared to parent						(111)				(111)
Contribution of capital by parent				251						251
Balance at March 31, 2025	1,000,000	$	—	$	6,650	$	2,954	$	(10)	$	9,594
See Notes to Consolidated Financial Statements

Table of Contents

NSP-MINNESOTA AND SUBSIDIARIES

Notes to Consolidated Financial Statements (UNAUDITED)

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of NSP-Minnesota and its subsidiaries as of ~~Sept.~~March 3031, ~~2024~~2025 and Dec. 31, ~~2023~~2024; the results of NSP-Minnesota’s operations, including the components of net income, comprehensive income, cash flows and changes in stockholder’s equity for the three ~~and nine~~ months ended ~~Sept.~~March 3031, ~~2024~~2025 and ~~2023; and NSP-Minnesota’s cash flows for the nine months ended Sept. 30,~~ 2024 ~~and 2023~~.

All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after ~~Sept.~~March 3031, ~~2024~~2025 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, ~~2023~~2024 balance sheet information has been derived from the audited ~~2023~~2024 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, ~~2023~~2024.

Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, ~~2023~~2024, filed with the SEC on Feb. 2127, ~~2024~~2025. Due to the seasonality of NSP-Minnesota’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.


1. Summary of Significant Accounting Policies

The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, ~~2023~~2024 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.


2. Accounting Pronouncements

Recently Issued

~~Segment~~Income ~~Reporting~~Taxes — In ~~November~~December 2023, the FASB issued ASU 2023-0709 – ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740) – Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures, ~~which~~with ~~extends~~new ~~the~~disclosure ~~existing~~ requirements ~~for~~including ~~annual~~presentation ~~disclosures~~of toprescribed ~~quarterly~~line ~~periods,~~items ~~and~~in ~~requires~~the ~~that~~ETR ~~both~~reconciliation ~~annual~~ and ~~quarterly~~ disclosures ~~present~~regarding ~~segment~~state ~~expenses~~and ~~using~~local ~~line~~tax ~~items consistent with information regularly provided to the chief operating decision maker~~payments. The ASU is effective for annual periods beginning after Dec. 15, ~~2023 and quarterly periods beginning after Dec. 15,~~ 2024, and NSP-Minnesota does not expect implementation of the new disclosure guidance to have a material impact toon its consolidated financial statements.

Disaggregation of Income ~~Taxes~~Statement Expenses — In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903 – ~~Income~~Disaggregation ~~Taxes~~of ~~(Topic 740) – Improvements to~~ Income ~~Tax~~Statement ~~Disclosures~~Expenses, ~~with~~which ~~new~~requires disclosure ~~requirements including presentation~~ of ~~prescribed~~additional ~~line~~detail ~~items~~for incertain ~~the~~categories ~~ETR~~of ~~reconciliation~~income ~~and~~statement ~~disclosures regarding state and local tax payments~~expenses. The ASU is effective for annual periods beginning after Dec. 15, ~~2024,~~2026 and ~~NSP-Minnesota~~interim ~~does~~reporting ~~not~~periods ~~expect~~beginning ~~implementation~~after ofDec. ~~the~~15, ~~new~~2027. ~~disclosure~~NSP-Minnesota ~~guidance~~is tocurrently ~~have~~evaluating athe ~~material~~ impact toof ~~its~~the ~~consolidated~~new ~~financial~~disclosure ~~statements~~guidance.

Climate-Related Disclosures — In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. NSP-Minnesota does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.


3. Selected Balance Sheet Data

(Millions of Dollars)

~~Sept.~~March 3031, ~~2024~~2025

Dec. 31, ~~2023~~2024

Accounts receivable, net

Accounts receivable

~~528~~582

~~538~~572

Less allowance for bad debts

(4041)

(4842)

Accounts receivable, net

~~488~~541

~~490~~530

(Millions of Dollars)

~~Sept.~~March 3031, ~~2024~~2025

Dec. 31, ~~2023~~2024

Inventories

Materials and supplies

~~230~~242

~~219~~234

Fuel

7462

~~105~~81

Natural gas

245

3224

Total inventories

~~328~~309

~~356~~339

(Millions of Dollars)

~~Sept.~~March 3031, ~~2024~~2025

Dec. 31, ~~2023~~2024

Property, plant and equipment, net

Electric plant

2223,~~116~~419

2123,~~206~~218

Natural gas plant

2,~~392~~499

2,~~256~~472

Common and other property

1,~~383~~475

1,~~301~~450

Plant to be retired (a)

~~561~~539

~~604~~554

Construction work in progress

1,~~855~~777

1,~~085~~522

Total property, plant and equipment

2829,~~307~~709

2629,~~452~~216

Less accumulated depreciation

(8,~~603~~928)

(8,~~044~~753)

Nuclear fuel

3,~~452~~598

3,~~337~~491

Less accumulated amortization

(3,~~073~~123)

(23,~~988~~094)

Property, plant and equipment, net

2021,~~083~~256

1820,~~757~~860

(a)Amounts include Sherco 1 and 3 and A.S. King. Balance is presented net of accumulated depreciation.


4. Borrowings and Other Financing Instruments

Short-Term Borrowings

NSP-Minnesota meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.

Money Pool — Xcel Energy and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy.

Money pool borrowings:


(Amounts in Millions, Except Interest Rates)	Three Months Ended March 31, 2025			Year Ended Dec. 31, 2024
Borrowing limit	$	250		$	250
Amount outstanding at period end	48			—
Average amount outstanding	16			10
Maximum amount outstanding	132			139
Weighted average interest rate, computed on a daily basis	4.28		%	4.82		%
Weighted average interest rate at period end	4.33			N/A

Table of Contents

Money pool borrowings:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	250	$	250
Amount outstanding at period end	—		—
Average amount outstanding	—		17
Maximum amount outstanding	N/A		135
Weighted average interest rate, computed on a daily basis	N/A		4.97		%
Weighted average interest rate at period end	N/A		N/A

Commercial Paper — Commercial paper outstanding:

(Amounts in Millions, Except Interest Rates)	Three Months Ended ~~Sept.~~March 3031, ~~2024~~2025			Year Ended Dec. 31, ~~2023~~2024
Borrowing limit	$	700		$	700
Amount outstanding at period end	—65			~~165~~195
Average amount outstanding	—278			9254
Maximum amount outstanding	~~N/A~~431			~~441~~400
Weighted average interest rate, computed on a daily basis	~~N/A~~4.59		%	45.9939		%
Weighted average interest rate at period end	~~N/A~~4.63			54.4763

Letters of Credit — NSP-Minnesota uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $12 million ~~and $15 million~~ of letters of credit outstanding under the credit facility at ~~Sept.~~both 30March 31, ~~2024~~2025 and Dec. 31, ~~2023, respectively~~2024. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facility — In order to issue its commercial paper, NSP-Minnesota must have a revolving credit facility equal to or greater than the commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

NSP-Minnesota has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval.

At ~~Sept.~~March 3031, ~~2024~~2025, NSP-Minnesota had the following committed revolving credit facility available (in millions of dollars):

Credit Facility (a)						Drawn (b)						Available
$	700					$	1277					$	~~688~~623

(a)Expires in September 2027.

(b)Includes outstanding commercial paper and letters of credit.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Minnesota had no direct advances on the credit facility outstanding at ~~Sept.~~March 3031, ~~2024~~2025 and Dec. 31, ~~2023~~2024.

Bilateral Credit Agreement — In April ~~2024~~2025, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.

As of ~~Sept.~~March 3031, ~~2024~~2025, NSP-Minnesota had $7072 million of outstanding letters of credit under the $75 million bilateral credit agreement.

Long-Term Borrowings

During the nine months ended Sept. 30, 2024, NSP-Minnesota issued $700 million of 5.40% first mortgage bonds due March 15, 2054.


5. Revenues

Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Minnesota’s operating revenues consisted of the following:

	Three Months Ended Sept. 30, 2024
	Three Months Ended March 31, 2025
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	~~490~~401	$	29195	$	—	$	~~519~~596
C&I	~~675~~544		19134		—		~~694~~678
Other	109		—		23		12
Total retail	~~1,175~~954		48329		23		1,~~225~~286
Wholesale	~~115~~118		—		—		~~115~~118
Transmission	7965		—		—		7965
Interchange and other	~~111~~123		3		—		~~114~~126
Total revenue from contracts with customers	1,~~480~~260		51332		23		1,~~533~~595
Alternative revenue and other	9234		828		—		~~100~~62
Total revenues	$	1,~~572~~294	$	59360	$	23	$	1,~~633~~657

	Three Months Ended Sept. 30, 2023
	Three Months Ended March 31, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	~~445~~368	$	28138	$	117	$	~~484~~513
C&I	~~664~~522		2690		—		~~690~~612
Other	9		—		21		1110
Total retail	~~1,118~~899		54228		138		1,~~185~~135
Wholesale	~~103~~75		—		—		~~103~~75
Transmission	7263		—		—		7263
Interchange and other	~~130~~125		417		—		~~134~~142
Total revenue from contracts with customers	1,~~423~~162		58245		138		1,~~494~~415
Alternative revenue and other	9093		728		—		97121
Total revenues	$	1,~~513~~255	$	65273	$	138	$	1,~~591~~536

	Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,208	$	204	$	7	$	1,419
C&I	1,768		134		—		1,902
Other	29				6		35
Total retail	3,005		338		13		3,356
Wholesale	247		—		—		247
Transmission	198		—		—		198
Interchange and other	351		31		—		382
Total revenue from contracts with customers	3,801		369		13		4,183
Alternative revenue and other	263		53		—		316
Total revenues	$	4,064	$	422	$	13	$	4,499

Table of Contents

	Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,120	$	277	$	30	$	1,427
C&I	1,724		239		—		1,963
Other	26		—		5		31
Total retail	2,870		516		35		3,421
Wholesale	287		—		—		287
Transmission	202		—		—		202
Interchange and other	364		9		—		373
Total revenue from contracts with customers	3,723		525		35		4,283
Alternative revenue and other	235		38		—		273
Total revenues	$	3,958	$	563	$	35	$	4,556


6. Income Taxes

Reconciliation between the statutory rate and ETR:

	Nine Months Ended Sept. 30
	Three Months Ended March 31
	2024		2023
	2025		2024
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	7.10		7.0
(Decreases) increases:
Wind PTCs (a)	(36.8)		(39.5)
PTCs (a)	(66.9)		(35.1)
Plant regulatory differences (b)	(5.7.0)		(5.92)
Other tax credits, net operating loss & tax credit allowances	(1.2)		(1.3)
Other tax credits, net net operating loss & tax credit allowances	(1.4)		(1.0)
Other, net	01.53		1.01
Effective income tax rate	(1546.10)	%	(1712.72)	%

(a)Wind and solar PTCs (net of estimated transfer discounts) are credited to customers (reduction to revenue) and do not materially impact net income.

(b)Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.

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7. Fair Value of Financial Assets and Liabilities

Fair Value Measurements

Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.

•Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.

•Level 2 — Pricing inputs are other than actual trading prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs.

•Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.

Specific valuation methods include:

Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity.

Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities.

Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.

Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification.

When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification.

Electric commodity derivatives held by NSP-Minnesota include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path.

The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments.

FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.

Net congestion costs, including the impact of FTR settlements are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability.

Non-Derivative Fair Value Measurements

The Nuclear Regulatory Commission requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust.

NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset or as a regulatory liability (dependent on funding status) for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset/liability.

Unrealized gains for the nuclear decommissioning fund were $1.4 billion as of both March 31, 2025 and Dec. 31, 2024, and unrealized losses were $40 million and $49 million as of March 31, 2025 and Dec. 31, 2024, respectively.

Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:


	March 31, 2025
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	49	$	49	$	—	$	—	$	—	$	49
Commingled funds	703		—		—		—		1,015		1,015
Debt securities	879		—		856		14		—		870
Equity securities	529		1,556		1		—		—		1,557
Total	$	2,160	$	1,605	$	857	$	14	$	1,015	$	3,491

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $56 million of other investments, including the rabbi trust.


	Dec. 31, 2024
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	39	$	39	$	—	$	—	$	—	$	39
Commingled funds	703		—		—		—		1,025		1,025
Debt securities	866		—		832		14		—		846
Equity securities	522		1,583		1		—		—		1,584
Total	$	2,130	$	1,622	$	833	$	14	$	1,025	$	3,494

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $54 million of other investments, including the rabbi trust.

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~~NSP-Minnesota~~For ~~recognizes~~ the ~~costs~~three ofmonths ~~funding~~ended ~~the~~March ~~decommissioning over the lives of the nuclear plants~~31, ~~assuming~~2025 ~~rate recovery of all costs. Realized~~ and ~~unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently~~2024, ~~any~~there ~~realized~~were ~~and~~no ~~unrealized~~transfers ~~gains and losses on securities in the nuclear decommissioning fund are deferred as a component~~ of ~~the~~Level ~~associated~~3 ~~nuclear~~investments ~~decommissioning~~between ~~costs~~levels.

~~Unrealized~~Contractual ~~gains~~maturity ~~for~~dates ~~the nuclear decommissioning fund were $1.4 billion and $1.2 billion as~~ of ~~Sept.~~debt ~~30,~~securities ~~2024~~in ~~and~~the ~~Dec. 31,~~nuclear ~~2023,~~decommissioning ~~and~~fund ~~unrealized losses were $23 million and $29 million~~ as of ~~Sept.~~March ~~30, 2024 and Dec.~~ 31, ~~2023, respectively.~~2025:

Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:


	Final Contractual Maturity
(Millions 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
Debt securities	$	9	$	321	$	258	$	282	$	870

	Sept. 30, 2024
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	42	$	42	$	—	$	—	$	—	$	42
Commingled funds	711		—		—		—		1,046		1,046
Debt securities	850		—		848		17		—		865
Equity securities	521		1,586		2		—		—		1,588
Total	$	2,124	$	1,628	$	850	$	17	$	1,046	$	3,541

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $55 million of other investments, including the rabbi trust.

	Dec. 31, 2023
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	41	$	41	$	—	$	—	$	—	$	41
Commingled funds	721		—		—		—		1,049		1,049
Debt securities	784		—		771		9		—		780
Equity securities	508		1,339		2		—		—		1,341
Total	$	2,054	$	1,380	$	773	$	9	$	1,049	$	3,211

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $51 million of other investments, including the rabbi trust.

For the three and nine months ended Sept. 30, 2024 and 2023, there were no transfers of Level 3 investments between levels.

Contractual maturity dates of debt securities in the nuclear decommissioning fund as of Sept. 30, 2024:

	Final Contractual Maturity
(Millions 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
Debt securities	$	9	$	303	$	277	$	276	$	865

Derivative Activities and Fair Value Measurements

NSP-Minnesota enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates and utility commodity prices.

Interest Rate Derivatives — NSP-Minnesota enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income.

As of ~~Sept.~~March 3031, ~~2024~~2025, accumulated other comprehensive loss related to interest rate derivatives included ~~immaterial~~$1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of ~~Sept.~~March 3031, ~~2024~~2025, NSP-Minnesota had no unsettled interest swaps outstanding with a notional amount of $390 million. These interest rate derivatives were designated as cash flow hedges, with changes in fair value recorded to other comprehensive income.

See Note 10 for the financial impact of qualifying interest rate cash flow hedges on NSP-Minnesota’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income.

Wholesale and Commodity Trading — NSP-Minnesota conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. NSP-Minnesota is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.

Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.

Commodity Derivatives — NSP-Minnesota enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs.

The most significant derivative positions outstanding at ~~Sept.~~March 3031, ~~2024~~2025 for this purpose relate to FTR instruments administered by MISO. These instruments are intended to offset the impacts of transmission system congestion.

When NSP-Minnesota enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.

As of ~~Sept.~~March 3031, ~~2024~~2025, NSP-Minnesota had no commodity contracts designated as cash flow hedges.

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Gross notional amounts of commodity forwards, options and FTRs:

(Amounts in Millions) (a)(b)	~~Sept.~~March 3031, ~~2024~~2025	Dec. 31, ~~2023~~2024
Megawatt hours of electricity	4418	3831
Million British thermal units of natural gas	6046	6457

(a)Not reflective of net positions in the underlying commodities.

(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.

Consideration of Credit Risk and Concentrations — NSP-Minnesota continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets.

NSP-Minnesota’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities.

As of ~~Sept.~~March 3031, ~~2024~~2025, ~~five~~three of NSP-Minnesota’s ~~ten~~five most significant counterparties for these activities, comprising $2019 million, or 2624%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.

~~Three~~One of the ~~ten~~five most significant counterparties, comprising $21 million, or 26%, of this credit exposure, were not rated by these external ratings agencies, but based on NSP-Minnesota’s internal analysis, had credit quality consistent with investment grade.

~~Two~~One of these significant counterparties, comprising $3639 million or 4649% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Four of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.

Six of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.

Credit Related Contingent Features — Contract provisions for derivative instruments that NSP-Minnesota enters into, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.

As of ~~Sept.~~both 30March 31, ~~2024~~2025 and Dec. 31, ~~2023~~2024, there were $1011 million ~~and $12 million~~ of derivative liabilities with such underlying contract provisions~~, respectively~~ .

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Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.

As of ~~Sept.~~March 3031, ~~2024~~2025 and Dec. 31, ~~2023~~2024, there were approximately $5761 million and $8063 million of derivative liabilities with such underlying contract provisions, respectively.

Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired.

NSP-Minnesota had no collateral posted related to adequate assurance clauses in derivative contracts as of ~~Sept.~~March 3031, ~~2024~~2025 and Dec. 31, ~~2023~~2024.

Recurring Derivative Fair Value Measurements

Impact of derivative activity:

	Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)	Accumulated Other Comprehensive Loss		Regulatory Assets and Liabilities
Three Months Ended Sept. 30, 2024
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	(2)	$	—
Total	$	(2)	$	—
Other derivative instruments:
Electric commodity	$	—	$	(153)
Natural gas commodity	—		(1)
Total	$	—	$	(162)
Nine Months Ended Sept. 30, 2024
Three Months Ended March 31, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	16	$	—
Total	$	16	$	—
Other derivative instruments:
Electric commodity	$	—	$	(14)
Natural gas commodity	—		2
Total	$	—	$	(12)
Three Months Ended Sept. 30, 2023
Other derivative instruments
Electric commodity	$	—	$	~~(19)~~1
Natural gas commodity	—		(3)
Total	$	—	$	~~(22)~~4
Nine Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	5	$	—
Total	$	5	$	—
Other derivative instruments
Electric commodity	$	—	$	(47)
Natural gas commodity	$	—	$	(1)
Total	$	—	$	(48)


	Pre-Tax Losses Reclassified into Income During the Period from:			Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)	Regulatory Assets and Liabilities
Three Months Ended March 31, 2025



Other derivative instruments:
Commodity trading	$	—		$	(12)	(a)
Electric commodity	6		(b)	—
Natural gas commodity	—			(4)		(c)(d)
Total	$	6		$	(16)











Three Months Ended March 31, 2024



Other derivative instruments:
Commodity trading	$	—		$	1	(a)
Electric Commodity	4		(b)	—
Natural gas commodity	—			(5)		(c)(d)
Total	$	4		$	(4)

(a)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(b)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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.

(c)Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

(d)Relates primarily to option premium amortization.

NSP-Minnesota had no derivative instruments designated as fair value hedges during the three months ended March 31, 2025 and 2024.

Derivative assets and liabilities measured at fair value on a recurring basis were as follows:


	March 31, 2025												Dec. 31, 2024
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative assets
Derivatives designated as cash flow hedges:
Interest rate	$	—	$	1	$	—	$	1	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	—
Other derivative instruments:
Commodity trading	$	11	$	20	$	13	$	44	$	(28)	$	16	$	5	$	20	$	8	$	33	$	(22)	$	11
Electric commodity	—		—		7		7		(1)		6		—		—		23		23		(2)		21
Natural gas commodity	—		—		—		—		—		—		—		4		—		4		—		4
Total current derivative assets	$	11	$	21	$	20	$	52	$	(29)	$	23	$	5	$	24	$	31	$	60	$	(24)	$	36


Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	5	$	28	$	40	$	73	$	(19)	$	54	$	3	$	33	$	47	$	83	$	(16)	$	67
Total noncurrent derivative assets	$	5	$	28	$	40	$	73	$	(19)	$	54	$	3	$	33	$	47	$	83	$	(16)	$	67

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	Pre-Tax Losses Reclassified into Income During the Period from:						Pre-Tax Gains (Losses) Recognized During the Period in Income
	March 31, 2025															Dec. 31, 2024
(Millions of Dollars)	Accumulated Other Comprehensive Loss			Regulatory Assets and Liabilities
	Fair Value									Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Level 1			Level 2			Level 3									Level 1		Level 2		Level 3
Derivatives designated as cash flow hedges:
Current derivative liabilities
Interest rate	$	1	(a)	$	—		$	—
Derivatives designated as cash flow hedges:
Total	$	1		$	—		$	—
Interest rate	$	—		$	4		$	—		$	4	$	—	$	4	$	—	$	—	$	—	$	—	$	—	$	—
Other derivative instruments:
Commodity trading	$	—13		$	—35		$	47	~~(b)~~	$	55	$	(29)	$	26	$	6	$	35	$	5	$	46	$	(22)	$	24
Electric commodity	—			4—		~~(c)~~	—2			2		(1)		1		—		—		1		1		(1)		—
Total	$	—		$	4		$	4
Natural gas commodity	—			—			—			—		—		—		—		1		—		1		—		1
Nine Months Ended Sept. 30, 2024
Total current derivative liabilities	$	13		$	39		$	9		$	61	$	(30)	31		$	6	$	36	$	6	$	48	$	(23)	25
Derivatives designated as cash flow hedges:
PPAs (b)														6												6
Interest rate	$	1	(a)	$	—		$	—
Current derivative instruments														$	37											$	31
Total	$	1		$	—		$	—
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	—10		$	—32		$	~~(9)~~36	~~(b)~~	$	78	$	(21)	$	57	$	9	$	30	$	40	$	79	$	(18)	$	61
Electric commodity	—			10		(c)	—
Total noncurrent derivative liabilities	$	10		$	32		$	36		$	78	$	(21)	57		$	9	$	30	$	40	$	79	$	(18)	61
Natural gas commodity	—			—			(5)		(d)(e)
PPAs (b)														15												16
Total	$	—		$	10		$	(14)
Noncurrent derivative instruments														$	72											$	77
Three Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(a)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(2)	(b)
Electric Commodity	—			10		(c)	—
Total	$	—		$	10		$	(2)
Nine Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(a)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(b)
Electric commodity	—			31		(c)	—
Natural gas commodity	—			—			(5)		(d)(e)
Total	$	—		$	31		$	(8)

(a)~~Recorded~~NSP-Minnesota nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2025 and Dec. 31, 2024, derivative assets and liabilities include no obligations to ~~interest~~return ~~charges~~cash collateral. At both March 31, 2025 and Dec. 31, 2024 derivative assets and liabilities include rights to reclaim cash collateral of $3 million and $1 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.

(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.

(d)Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

(e)Relates primarily to option premium amortization.

NSP-Minnesota had no derivative instruments designated as fair value hedges during the nine months ended Sept. 30, 2024 and 2023.

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Derivative assets and liabilities measured at fair value on a recurring basis were as follows:

	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative assets
Other derivative instruments:
Commodity trading	$	4	$	20	$	10	$	34	$	(24)	$	10	$	7	$	32	$	32	$	71	$	(42)	$	29
Electric commodity	—		—		38		38		(2)		36		—		—		23		23		(7)		16
Natural gas commodity	—		6		—		6		—		6		—		5		—		5		—		5
Total current derivative assets	$	4	$	26	$	48	$	78	$	(26)	$	52	$	7	$	37	$	55	$	99	$	(49)	$	50
Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	4	$	27	$	43	$	74	$	(18)	$	56	$	7	$	43	$	45	$	95	$	(34)	$	61
Total noncurrent derivative assets	$	4	$	27	$	43	$	74	$	(18)	$	56	$	7	$	43	$	45	$	95	$	(34)	$	61

	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	7	$	—	$	7
Other derivative instruments:
Commodity trading	$	6	$	34	$	6	$	46	$	(24)	$	22	$	6	$	60	$	5	$	71	$	(43)	$	28
Electric commodity	—		—		2		2		(2)		—		—		—		7		7		(7)		—
Natural gas commodity	—		1		—		1		—		1		—		3		—		3		—		3
Total current derivative liabilities	$	6	$	35	$	8	$	49	$	(26)	23		$	6	$	70	$	12	$	88	$	(50)	38
PPAs (b)											6												6
Current derivative instruments											$	29											$	44
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	9	$	28	$	33	$	70	$	(20)	$	50	$	14	$	49	$	37	$	100	$	(36)	$	64
Total noncurrent derivative liabilities	$	9	$	28	$	33	$	70	$	(20)	50		$	14	$	49	$	37	$	100	$	(36)	64
PPAs (b)											18												22
Noncurrent derivative instruments											$	68											$	86

(a)NSP-Minnesota nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both Sept. 30, 2024 and Dec. 31, 2023 derivative assets and liabilities include rights to reclaim cash collateral of $2 million and $3 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.

(b)NSP-Minnesota currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.

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Changes in Level 3 commodity derivatives:

	Three Months Ended Sept 30
	Three Months Ended March 31
(Millions of Dollars)	~~2024~~2025		~~2023~~2024
Balance at July 1	$	93	$	117
Balance at Jan. 1	$	32	$	51
Settlements (a)	(13)		(32)
Purchases (a)	—		—
Settlements (a)	(9)		(15)
Net transactions recorded during the period:
(Losses) gains recognized in earnings (b)	(8)		17
Losses recognized in earnings (b)	(2)		—
Net losses recognized as regulatory assets and liabilities (a)	(22)		(33)
Net (losses) gains recognized as regulatory assets and liabilities (a)	(6)		3
Balance at Sept. 30	$	50	$	69
Balance at March 31	$	15	$	39
	Nine Months Ended Sept 30
(Millions of Dollars)	2024		2023
Balance at Jan. 1	$	51	$	107
Purchases (a)	72		98
Settlements (a)	(55)		(60)
Net transactions recorded during the period:
(Losses) gains recognized in earnings (b)	(5)		15
Net losses recognized as regulatory assets and liabilities (a)	(13)		(91)
Balance at Sept. 30	$	50	$	69

(a)Relates primarily to FTR instruments administered by MISO.

(b)Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Fair Value of Long-Term Debt

As of ~~Sept.~~March 3031, ~~2024~~2025, other financial instruments for which the carrying amount did not equal fair value:

Sept. 30, 2024

Dec. 31, 2023

March 31, 2025

Dec. 31, 2024

(Millions of Dollars)

Carrying Amount

Fair Value

Carrying Amount

Fair Value

Long-term debt, including current portion

87,~~021~~855

76,~~348~~815

7,~~330~~857

6,~~561~~755

Long-term debt - related parties

169

100

166

Fair value of NSP-Minnesota’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of ~~Sept.~~March 3031, ~~2024~~2025 and Dec. 31, ~~2023~~2024, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.


8. Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost

	Three Months Ended Sept. 30
	Three Months Ended March 31
	2024		2023		2024		2023
	2025		2024		2025		2024
(Millions of Dollars)	Pension Benefits				Postretirement HealthCare Benefits
Service cost	$	5	$	5	$	—	$	—
Interest cost (a)	89		9		1		1
Expected return on plan assets (a)	(11)		(11)		—		—
Amortization of net loss (a)	3		3		—		—
Settlement charge (b)	4		—		—		—
Net periodic benefit cost	6		6		1		1
Net periodic benefit cost	9		6		1		1
Effects of regulation	2		3		—		—
Effects of regulation	(1)		8		—		—
Net benefit cost recognized for financial reporting	$	8	$	9	$	1	$	1
Net benefit cost recognized for financial reporting	$	8	$	14	$	1	$	1
	Nine Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement HealthCare Benefits
Service cost	$	16	$	15	$	—	$	—
Interest cost (a)	25		27		2		2
Expected return on plan assets (a)	(34)		(34)		—		—
Amortization of net loss (a)	9		9		—		—
Settlement charge (b)	35		—		—		—
Net periodic benefit cost	51		17		2		2
Effects of regulation	(30)		13		—		—
Net benefit cost recognized for financial reporting	$	21	$	30	$	2	$	2

(a)The components of net periodic cost other than the service cost component are included in the line item “Other ~~income~~ (expense) income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.

~~(b)A~~In ~~settlement~~January ~~charge~~2025, iscontributions ~~required~~totaling ~~when~~$125 ~~the~~million ~~amount~~were ofmade ~~lump-sum~~across ~~distributions~~Xcel ~~during~~Energy’s ~~the year is greater than the sum of the service and interest cost components of the annual net periodic~~ pension ~~cost. As a result of lump-sum distributions during the 2024 plan year~~plans, ~~NSP-Minnesota recorded a pension settlement charge~~ of ~~$4 million~~which ~~and~~ $3554 million, ~~respectively, which~~ was ~~not~~attributable ~~recognized in earnings due~~ to ~~the~~NSP-Minnesota. ~~effects~~Xcel ofEnergy ~~rate~~does ~~making,~~not ~~for~~expect ~~the~~additional ~~three~~pension ~~and~~contributions ~~nine~~during ~~months ended Sept~~2025. ~~30, 2024.~~

In January 2024, contributions totaling $100 million were made across Xcel Energy’s pension plans, of which $41 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2024.14

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9. Commitments and Contingencies

Legal

NSP-Minnesota is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.

In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s consolidated financial statements. Legal fees are generally expensed as incurred.

Rate Matters and Other

NSP-Minnesota is involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements.

Sherco — In 2018, NSP-Minnesota and SMMPA (Co-owner of Sherco Unit 3) reached a settlement with GE related to a 2011 incident, which damaged the turbine at Sherco Unit 3 and resulted in an extended outage.

In March 2019, the MPUC approved NSP-Minnesota’s settlement refund proposal. Additionally, the MPUC decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of an appeal pending between GE and NSP-Minnesota’s insurers. In February 2020, the Minnesota Court of Appeals affirmed the district court’s judgment in favor of GE.

In January 2021, the Minnesota Office of Attorney General and DOC recommended that NSP-Minnesota refund approximately $17 million of replacement power costs previously recovered through the FCA. NSP-Minnesota responded that it acted prudently in connection with the Sherco Unit 3 outage, the MPUC has previously disallowed $22 million of related costs and no additional refund or disallowance is appropriate.

In July 2022, the MPUC referred the matter to the Office of Administrative Hearings to conduct a contested case on the prudence of the replacement power costs incurred by NSP-Minnesota.

In May 2024, the ALJ recommended a customer refund of $34 million (less a portion of the proceeds received from the settlement with GE). The ALJ indicated that consideration of the $22 million of previously disallowed costs was not in the scope of their recommendation. In October 2024, the MPUC ordered customer refunds of $46 million, which is presented as a charge to electric revenues in the nine months ended Sept. 30, 2024.

Minnesota 2023 Fuel Clause Adjustment — In March 2024, NSP-Minnesota filed its annual fuel clause adjustment true-up petition to the MPUC.

In 2024, the DOC recommended customer refunds for 2023 replacement power costs incurred during an outage at the Prairie Island generating station (October 2023 through February 2024). NSP-Minnesota estimates that customer refunds would be approximately $22 million if the DOC recommendations are applied to both 2023 and 2024.

In September 2024, the MPUC ruled NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in the extended outage. The MPUC ~~declined~~did tonot quantify the refund and referred the determination of the refund amount to the Office of Administrative Hearings. ~~A procedural schedule will be determined in the fourth quarter of 2024.~~ NSP-Minnesota ~~has~~ recorded an estimated liability for a customer refund in 2024. The procedural schedule is as follows:

•Xcel Energy testimony: May 1, 2025

•Intervenor direct testimony: July 2, 2025

•Rebuttal testimony: August 13, 2025

•ALJ Report: March 16, 2026

Environmental

New and changing federal and state environmental mandates can create financial ~~obligations~~liabilities for NSP-Minnesota, which are normally recovered through the regulated rate process.

Site Remediation

Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. NSP-Minnesota may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination.

Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which NSP-Minnesota is alleged to have sent wastes to that site.

MGP, Landfill and Disposal Sites

NSP-Minnesota is investigating, remediating or performing post-closure actions at seven MGP, landfill or other disposal sites across its service territories.

NSP-Minnesota has ~~recognized~~ approximately $1 million of ~~costs/~~remaining liabilities for resolution of these issues;, however, the final ~~outcomes~~outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.

Water and Waste

Coal Ash Regulation — NSP-Minnesota is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.

In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.

As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.

If certain impacts to groundwater are detected, utilities ~~may~~are be required to perform additional groundwater investigations and/or perform corrective actions, ~~typically~~ beginning with an Assessment of Corrective Measures.

17NSP-Minnesota expects to incur $6 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. AROs have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.

~~Table~~NSP-Minnesota ofhas ~~Contents~~also identified coal ash that is expected to be required to be removed from certain closed coal-generating facilities at estimated costs totaling approximately $60 million. AROs have been recorded, with the costs expected to be recoverable through regulatory mechanisms.

NSP-Minnesota ~~expects~~continues to ~~incur~~perform ~~$6 million~~site ~~for~~investigation ~~investigations~~activities ~~through~~related ~~2028~~ to ~~perform~~the ~~required~~CCR ~~reporting~~Rule, ~~and~~which ~~assess~~may ~~whether~~result ~~corrective~~in ~~actions~~updates ~~are~~to ~~necessary.~~estimated ~~Asset~~costs ~~retirement~~as ~~obligations~~well ~~have~~as ~~been~~identification ~~recorded for each~~ of ~~these~~additional ~~activities,~~required ~~and~~corrective ~~amounts are expected to be recoverable through regulatory mechanisms~~actions.

NSP-Minnesota has also identified coal ash that is expected to be required to be removed from certain closed coal-fueled generating facilities at estimated costs totaling approximately $60 million. Asset retirement obligations have been recorded, with the costs expected to be recoverable through regulatory mechanisms.

NSP-Minnesota continues to evaluate the 2024 updates to the CCR rule, the interpretations of those updates and how they will apply to specific sites. Assessment of the recent updates to the CCR Rule and corresponding site investigation activities may result in updates to estimated costs as well as identification of additional required corrective actions.

Clean Water Act Section 316(b) — The Federal Clean Water Act requires the EPA to regulate cooling water intake structures to assure they reflect the best technology available for minimizing impingement and entrainment of aquatic species.

NSP-Minnesota estimates capital expenditures of approximately $45 million may be required to comply with the requirements. NSP-Minnesota anticipates these costs will be recoverable through regulatory mechanisms.

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Air

Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act that established NOx allowance budgets for fossil fuel-fired electric generating facilities in subject states. The final rule applies to generation facilities in Minnesota, as well as other states outside of our service territory. ~~The~~Compliance ~~rule~~would ~~establishes~~require ansubject ~~allowance trading program for NOx that will impact NSP-Minnesota fossil fuel-fired electric generating~~ facilities. ~~Subject facilities will have~~ to secure additional allowances, install NOx controls and/or develop a strategy of operations that utilizes the existing allowance allocations.

While the financial impacts of the final rule are uncertain and dependent on market forces and anticipated generation, NSP-Minnesota anticipates the annual costs could be significant, but would be recoverable through regulatory mechanisms. In June 2024, the U.S. Supreme Court issued an order granting a stay of the final rule. In response, the EPA intends to issue an administrative stay of the rule nationwide. Depending on the outcomes of the underlying legal challenges, the regulation may become applicable in the future.

Leases

NSP-Minnesota evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space, land for solar developments and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset.

Components of lease expense:

	Three Months Ended Sept. 30
	Three Months Ended March 31
(Millions of Dollars)	~~2024~~2025		~~2023~~2024
Operating leases
PPA capacity payments	$	2425	$	2523
Other operating leases (a)	46		35
Total operating lease expense (b)	$	2831	$	28

(a)Includes immaterial short-term lease expense for both ~~2024~~2025 and ~~2023~~2024.

(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	72	$	74
Other operating leases (a)	12		12
Total operating lease expense (b)	$	84	$	86

Commitments under operating leases as of March 31, 2025:

(a)Includes short-term lease expense of $2 million and $3 million for 2024 and 2023, respectively


(Millions of Dollars)	PPA Operating Leases		Other Operating Leases		Total Operating Leases
Total minimum obligation	$	277	$	254	$	531
Interest component of obligation	(19)		(123)		(142)
Present value of minimum obligation	$	258	$	131	389
Less current portion					(99)
Noncurrent operating lease liabilities					$	290

Commitments under operating leases as of Sept. 30, 2024:

(Millions of Dollars)	PPA OperatingLeases		Other OperatingLeases		TotalOperatingLeases
Total minimum obligation	$	328	$	260	$	588
Interest component of obligation	(25)		(127)		(152)
Present value of minimum obligation	$	303	$	133	436
Less current portion					(96)
Noncurrent operating lease liabilities					$	340

Variable Interest Entities

Under certain PPAs, NSP-Minnesota purchases power from IPPs for which NSP-Minnesota is required to reimburse fuel costs, or to participate in tolling arrangements under which NSP-Minnesota procures the natural gas required to produce the energy that it purchases. NSP-Minnesota has determined that certain IPPs are VIEs, however NSP-Minnesota is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity.

NSP-Minnesota evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. NSP-Minnesota concluded that these entities are not required to be consolidated in its consolidated financial statements because NSP-Minnesota does not have the power to direct the activities that most significantly impact the entities’ economic performance.

NSP-Minnesota had approximately 1,347 MW of capacity under long-term PPAs at both ~~Sept.~~March 3031, ~~2024~~2025 and Dec. 31, ~~2023~~2024, with entities that have been determined to be VIEs. These agreements have expiration dates through 2039.

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10. Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax:

	Three Months Ended Sept. 30, 2024						Three Months Ended Sept. 30, 2023
	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at July 1	$	(6)	$	(2)	$	(8)	$	(13)	$	(2)	$	(15)
Accumulated other comprehensive loss at Jan. 1	$	(6)	$	(2)	$	(8)	$	(18)	$	(2)	$	(20)
Losses reclassified from net accumulated other comprehensive loss:
(Losses) gains reclassified from net accumulated other comprehensive income:
Interest rate derivatives (a)	—		—		—		—		1		1
Other comprehensive (loss) gain before reclassifications	(2)		—		(2)		12		—		12
Net current period other comprehensive income	—		—		—		—		1		1
Net current period other comprehensive (loss) income	(2)		—		(2)		12		—		12
Accumulated other comprehensive loss at Sept 30	$	(6)	$	(2)	$	(8)	$	(13)	$	(1)	$	(14)
Accumulated other comprehensive loss at March 31	$	(8)	$	(2)	$	(10)	$	(6)	$	(2)	$	(8)

	Nine Months Ended Sept. 30, 2024						Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at Jan. 1	$	(18)	$	(2)	$	(20)	$	(16)	$	(2)	$	(18)
Gains reclassified from net accumulated other comprehensive income:
Other comprehensive gain before reclassifications	12		—		12		3		—		3
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	—		—		—		—		1		1
Net current period other comprehensive income	12		—		12		3		1		4
Accumulated other comprehensive loss at Sept 30	$	(6)	$	(2)	$	(8)	$	(13)	$	(1)	$	(14)

~~(a)Included~~Table inof ~~interest charges.~~Contents


11. Segment Information

~~NSP-Minnesota~~Segment ~~evaluates~~information ~~performance~~and ~~based~~reconciliation onto ~~profit~~NSP-Minnesota’s orconsolidated ~~loss~~net generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment.income:

NSP-Minnesota has the following reportable segments:


	Three Months Ended March 31, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	1,294	$	360	$	1,654
Intersegment revenue	—		2		2
Total segment revenues	1,294		362		1,656
Electric fuel and purchased power	495		—		495
Cost of natural gas sold and transported	—		216		216
O&M expenses	321		25		346
Depreciation and amortization	272		21		293
Other segment expenses, net	70		25		95
Interest charges and financing costs	78		8		86
Income tax (benefit) expense	(74)		18		(56)
Net income	$	132	$	49	$	181

Total segment net income					$	181
Non-segment net income					3
Consolidated net income					$	184

•(a)Regulated ~~Electric — The regulated~~ electric ~~utility~~results ~~segment~~include ~~generates~~$122 million ~~electricity~~of ~~which~~affiliate ~~is transmitted and distributed in Minnesota, North Dakota and South Dakota~~revenues. InRegulated ~~addition,~~natural ~~this~~gas ~~segment~~results ~~includes~~include ~~sales~~an ~~for~~immaterial ~~resale~~amount ~~and~~of ~~provides~~affiliate ~~wholesale transmission service to various entities in the United States~~revenues. ~~The regulated electric utility segment also includes NSP-Minnesota’s wholesale commodity and trading operations.~~

•Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Minnesota and North Dakota.


	Three Months Ended March 31, 2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	1,255	$	273	$	1,528
Intersegment revenue	—		1		1
Total segment revenues	1,255		274		1,529
Electric fuel and purchased power	459		—		459
Cost of natural gas sold and transported	—		139		139
O&M expenses	286		23		309
Depreciation and amortization	248		20		268
Other segment expenses, net	90		15		105
Interest charges and financing costs	76		7		83
Income tax (benefit) expense	(49)		19		(30)
Net income	$	145	$	51	$	196

Total segment net income					$	196
Non-segment net income					15
Consolidated net income					$	211

~~NSP-Minnesota~~(a)Regulated ~~also~~electric ~~presents~~results ~~All~~include ~~Other,~~$122 million ~~which~~of ~~includes~~affiliate ~~operating segments with~~ revenues ~~below the necessary quantitative thresholds~~. ~~Those~~Regulated ~~operating~~natural ~~segments~~gas ~~primarily~~results include ~~appliance~~an ~~repair~~immaterial ~~services~~amount ~~revenues/commissions,~~of ~~non-utility~~affiliate ~~real estate activities and~~ revenues ~~associated with processing solid waste into refuse-derived fuel~~.

Asset and capital expenditure information is not provided for NSP-Minnesota’s reportable segments. As an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment. Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.

Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.

Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.

~~NSP-Minnesota’s~~Other segment ~~information:~~expenses, net, for the reportable segments includes conservation and DSM expenses, taxes (other than income taxes), other (expense) income, net, intersegment expenses and AFUDC - equity.

	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric
Total revenues (a)	$	1,572	$	1,513
Net income	257		263
Regulated Natural Gas
Total revenues (b)	$	59	$	65
Intersegment revenue	—		1
Total revenues	$	59	$	66
Net loss	(8)		(8)
All Other
Total revenues	$	2	$	13
Net income	3		5
Consolidated Total
Total revenues (a)(b)	$	1,633	$	1,592
Reconciling eliminations	—		(1)
Total operating revenues	$	1,633	$	1,591
Net income	252		260

(a)Total revenues include $128 million and $130 million of affiliate electric revenue for the three months ended Sept. 30, 2024 and 2023.

(b)Total revenues include an immaterial amount of affiliate gas revenue for the three months ended Sept. 30, 2024 and 2023.

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	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric
Total revenues (a)	$	4,064	$	3,958
Net income	524		508
Regulated Natural Gas
Operating revenues (b)	$	422	$	563
Intersegment revenue	1		2
Total revenues	$	423	$	565
Net income	47		13
All Other
Total revenues	$	13	$	35
Net income	23		5
Consolidated Total
Total revenues (a)(b)	$	4,500	$	4,558
Reconciling eliminations	(1)		(2)
Total operating revenues	$	4,499	$	4,556
Net income	594		526

(a)Total revenues include $370 million and $368 million of affiliate electric revenue for the nine months ended Sept. 30, 2024 and 2023.

(b)Total revenues include an immaterial amount of affiliate gas revenue for the nine months ended Sept. 30, 2024 and 2023.

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Discussion of financial condition and liquidity for NSP-Minnesota is omitted per conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q for wholly owned subsidiaries. It is replaced with management’s narrative analysis of the results of operations set forth in General Instruction H(2)(a) of Form 10-Q for wholly owned subsidiaries (reduced disclosure format).

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.

NSP-Minnesota’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation, and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Earnings Adjusted for Certain Items (Ongoing Earnings)

Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items.

We use this non-GAAP financial measure to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP.

The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:

	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023		2024		2023
GAAP net income	$	252	$	260	$	594	$	526
Sherco Unit 3 2011 outage refunds	35		—		46		—
Less: tax effect of adjustment	(10)		—		(13)		—
Ongoing earnings	$	277	$	260	$	627	$	526

Sherco Unit 3 2011 Outage Refunds — NSP-Minnesota’s Sherco Unit 3 experienced an extended outage following a 2011 incident which damaged its turbine. In October 2024 following contested case procedures, the MPUC ordered a customer refund of $46 million for replacement power incurred during the outage.


Results of Operations

NSP-Minnesota’s GAAP net income was $~~594~~184 million for the ~~nine~~three months ended ~~Sept.~~March 3031, ~~2024~~2025 compared with $~~526~~211 million for the prior year. ~~Ongoing~~The ~~net~~change ~~income~~ was ~~$627~~driven ~~million~~by ~~for~~increased ~~the~~O&M ~~nine~~expenses ~~months~~and ~~ended Sept. 30~~depreciation, ~~2024,~~partially ~~compared~~offset toby ~~$526 million for the prior year. The~~ higher ~~ongoing earnings primarily reflect increased~~ recovery of ~~infrastructure investments (~~electric and natural gas), ~~partially~~infrastructure ~~offset by higher depreciation and interest charges~~investments.

Electric Revenue

Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.

(Millions of Dollars)	~~Nine~~Three Months Ended ~~Sept.~~March 3031, ~~2024~~2025 vs. ~~2023~~2024
Regulatory rate outcomes	$	191
Recovery of higher cost of electric fuel and purchased power	$	27
Conservation and demand side management (offset in expense)	57
Non-fuel riders	20
Non-fuel riders	50
Regulatory rate outcomes	18
Recovery of lower electric fuel and purchased power expenses	(75)
PTCs flowed back to customers (offset by lower ETR)	(18)
2011 Sherco 3 outage refunds	(46)
Conservation and DSM (offset in expense)	(17)
PTCs flowed back to customers (offset by lower ETR)	(24)
Other, net	9
Sales and demand (a)	(11)
Total increase	$	39
Estimated impact of weather (net of sales true-up)	(7)
Other, net	(29)
Total increase	$	106

~~(a)Sales excludes weather impact, net of sales true-up mechanism in Minnesota.~~17

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Natural Gas Revenues

Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.

(Millions of Dollars)	~~Nine~~Three Months Ended ~~Sept.~~March 3031, ~~2024~~2025 vs. ~~2023~~2024
Recovery of lower natural gas costs (sold and transported)	$	(189)
Recovery of higher natural gas costs (sold and transported)	$	74
Regulatory rate outcomes	38
Conservation revenue (offset in expense)	9
Infrastructure and integrity riders	6
Regulatory rate outcomes	4
Retail sales growth (net of decoupling)	6
Total increase	$	87
Other, net	(2)
Total decrease	$	(141)

Electric Fuel and Purchased Power — Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.

Electric fuel and purchased power expenses ~~decreased~~increased $7936 million year-to-date. The ~~decrease~~increase iswas primarily due to ~~decreased~~increased volumes ~~and timing of fuel recovery mechanisms,~~ partially offset by ~~changes~~decreased inprices and generation mix.

Cost of Natural Gas Sold and Transported — Expenses incurred for the cost of natural gas sold are impacted by market prices and seasonality. These costs are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.

Natural gas sold and transported ~~decreased~~increased $~~189~~77 million year-to-date. The ~~decrease~~increase iswas primarily due to timing of fuel recovery, ~~lower~~higher ~~volumes and~~ commodity prices and volumes.

Non-Fuel Operating Expenses and Other Items

~~Depreciation~~O&M ~~and~~Expenses ~~Amortization~~ — ~~Depreciation~~O&M ~~and~~expenses ~~amortization expense~~ increased $~~104~~52 million year-to-date. asThe aincrease ~~result~~was ofprimarily ~~system~~due ~~expansion~~to ~~partially~~nuclear ~~offset~~generation bymaintenance, ~~wind~~the ~~and~~impact ~~nuclear~~of ~~life~~a ~~extensions~~2024 ~~implemented~~gain inon ~~2023~~land insale ~~the~~and ~~Minnesota~~increased ~~Electric~~insurance ~~Rate~~and ~~Case.~~benefits costs.

~~Interest~~Depreciation ~~Charges~~and Amortization — ~~Interest~~Depreciation ~~charges~~and amortization expense increased $3025 million year-to-date, ~~largely~~as ~~due~~a toresult ~~increased~~of ~~debt~~continued ~~levels~~system ~~and higher interest rates~~investment.

Public Utility Regulation and Other

The FERC and various state and local regulatory commissions regulate NSP-Minnesota. NSP-Minnesota is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Minnesota, North Dakota and South Dakota.

Rates are designed to recover plant investment, operating costs and an allowed return on investment. NSP-Minnesota requests changes in utility rates through commission filings. Changes in operating costs can affect NSP-Minnesota’s financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and demand side management efforts, and the cost of capital.

In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact NSP-Minnesota’s results of operations.

Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, ~~2023~~2024 appropriately represent, in all material respects, the current status of public utility regulation and are incorporated herein by reference.

Pending and Recently Concluded Regulatory Proceedings

2024 Minnesota Natural Gas Rate Case — In November 2023, NSP-Minnesota filed a request with the MPUC for a natural gas rate increase of approximately $59 million, or 9.6%. The request was based on a ROE of 10.2%, a 52.5% equity ratio and a 2024 forward test year with rate base of approximately $1.27 billion. In December 2023, the MPUC approved NSP-Minnesota’s request for interim rates, subject to refund, of approximately $51 million (implemented on Jan. 1, 2024).

In ~~June~~February ~~2024~~2025, the MPUC verbally approved the uncontested settlement agreement filed by NSP-Minnesota and various parties ~~filed an uncontested settlement~~, which includes the following terms:

•Natural gas rate increase of $46 million, or 7.5%.

•ROE of 9.6%.

•Equity ratio of 52.5%.

•Rate base of $1.25 billion.

•No change to Commission approved decoupling.

In October 2024, an ALJ recommended the MPUC approve the rate case settlement. A MPUC decision and order is expected in the first quarter of 2025.

2024 North Dakota Natural Gas Rate Case — In December 2023, NSP-Minnesota filed a request with the NDPSC seeking an increase in natural gas rates of $8.5 million (9.4%), based on a ROE of 10.20%, an equity ratio of 52.5%, 2024 test year and rate base of $168 million. In February 2024, the NDPSC approved interim rates of $8 million, effective March 1, 2024.

In August 2024, NSP-Minnesota filed a settlement agreement with NDPSC Staff and AARP. Key terms of the settlement included an increase in natural gas rates of $7.3 million (8.1%), based on a ROE of 9.9% and an equity ratio of 52.5%.

A NDPSC decision and order is expected by the end of 2024.

2022 Minnesota Electric Rate Case — In October 2021, NSP-Minnesota filed a three-year electric rate case with the MPUC.

In July 2023, the MPUC approved a three-year rate increase of approximately $332 million for 2022-2024, based on a ROE of 9.25% and an equity ratio of 52.5%. The MPUC also approved a continuation of the sales true-up mechanism.

In November 2023, NSP-Minnesota filed an appeal to the Minnesota Court of Appeals regarding MPUC decisions relating to executive compensation, insurance expense and treatment of prepaid pension assets.

In ~~The~~January ~~appeal~~2025, isthe ~~pending~~Court aissued ~~court~~its ~~decision~~opinion, ~~expected~~which inupheld the ~~first~~commission's ~~quarter~~determination ofon ~~2025~~insurance expense, but reversed and remanded the executive compensation and prepaid pension asset decisions back to the MPUC. The opinion is currently pending further action from the MPUC.

2024 Minnesota Electric Rate Case — In ~~early~~ November 2024, NSP-Minnesota ~~plans~~filed ~~to file~~ an electric rate case in Minnesota, seeking a total revenue increase of $491 million (13.2%) over two years, based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. NSP-Minnesota ~~will~~ also ~~request~~requested interim rates of $224 million tofor go2025. ~~into~~In ~~effect~~December in2024, ~~January~~the ~~2025.~~MPUC Areduced ~~decision~~the isinterim ~~expected~~rate request for wildfire mitigation costs (as these costs were deemed as new costs not previously approved in ~~2026~~a rate case) and approved interim rates of $192 million, effective January 1, 2025.

21In March 2025, NSP-Minnesota filed supplemental direct testimony, updating its total revenue request to $473 million. The procedural schedule is as follows:

•Intervenor direct testimony: August 22, 2025

•Rebuttal testimony: October 10, 2025

•ALJ Report: April 30, 2026

•MPUC Decision: July 31, 2026

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2024 North Dakota Electric Rate Case — In December 2024, NSP-Minnesota filed a request with the NDPSC for an annual electric rate increase of approximately $45 million, or 19.3% over current rates established in 2021. The filing is based on a 2025 forecast test year and includes a requested ROE of 10.3%, rate base of approximately $817 million and an equity ratio of 52.5%. In January 2025, the NDPSC approved interim rates, subject to refund, of approximately $27 million (implemented on Feb. 1, 2025). A NDPSC decision is expected in late 2025.

NSP System

~~2022~~Resource Acquisition — In February 2024, NSP filed its Upper Midwest ~~IRP~~ Resource ~~Acquisition~~Plan —with the MPUC. In October 2024, NSP-Minnesota ~~and~~filed ~~NSP-Wisconsin~~a ~~are~~settlement ~~actively~~with ~~engaged~~several inparties ~~multiple~~reaching ~~processes~~agreement ~~and~~on ~~proceedings~~the toresource ~~acquire~~plan, ~~resources~~as well as the proposed projects to ~~meet~~be ~~their~~approved ~~identified~~in ~~generation~~the pending 800 MW firm dispatchable resource ~~needs~~acquisition.

•In ~~the~~February ~~second quarter of 2023~~2025, ~~NSP-Minnesota initiated~~ the ~~process~~MPUC ~~with~~approved the ~~MPUC~~terms ~~for acquisition~~ of ~~firm~~the ~~dispatchable resources. In October 2024, a~~ settlement ~~was reached with various parties~~agreement, ~~pending MPUC approval. See below for more details.~~ including:

•InThe ~~October~~selection ~~2023, NSP-Minnesota issued an RFP seeking 1,200 MW~~ of ~~wind assets to replace capacity and reutilize interconnection rights associated with~~ the ~~retiring~~company ~~Sherco~~owned ~~coal~~420 ~~facilities.~~MW ~~The~~Lyon ~~RFP~~County ~~closed~~combustion ~~in December 2023~~turbine. ~~NSP-Minnesota expects to file for approval of recommended projects by the fourth quarter of 2024.~~

•InThe ~~2024,~~selection ~~NSP-Minnesota and NSP-Wisconsin each issued an RFP collectively seeking up to 1,600 MW~~ of ~~wind, solar, storage or hybrid resources to interconnect to~~ the ~~NSP~~company ~~System,~~owned ~~including~~300 ~~reutilization~~MW of4-hour ~~the interconnection rights associated with the retiring~~ Sherco ~~coal~~battery ~~units,~~energy ~~and 650 MW of solar and~~ storage ~~resources to specifically reutilize the interconnection rights associated with the retiring King coal unit~~system. Bids are currently under evaluation; NSP-Minnesota and NSP-Wisconsin expect to announce short listed projects in December 2024 and plan to file for the requisite approvals of the selected resources with the MPUC and PSCW, respectively, in the second quarter of 2025.

2024 Upper Midwest Resource Plan — In February 2024, NSP filed its Upper Midwest Resource Plan with the MPUC. In October 2024, NSP-Minnesota filed a settlement with several parties reaching agreement on the targeted resource additions for the 5-year Action Plan and the process under which those resources will be secured, as well as the proposed projects to be approved in the pending 800 MW firm dispatchable resource acquisition.

NSP-Minnesota anticipates a MPUC decision in 2025 and will file a RFP for remaining resource needs upon approval. The settlement included the following key items:

•The selection of the company-owned 420 MW Lyon County combustion turbine.

•The selection of the company-owned 300 MW 4-hour Sherco battery energy storage system.

•Multiple PPAs to proceed to the negotiation stage.

•The addition of 3,200 MW of wind, 400 MW of solar and 600 MW of stand-alone storage to be added through 2030 based on an RFP process (a portion of which is expected to be fulfilled with the resources acquired as part of the ~~June and July~~ 2024 RFPs). Of these amounts, approximately 2,800 MW of wind are projected to utilize the Minnesota Energy Connection transmission line.

•Planned life extensions of the Prairie Island and Monticello nuclear plants through the early 2050s.

~~Nuclear~~Additionally, ~~Power~~the ~~Operations~~MPUC approved life extensions of the Red Wing and Mankato RDF plants to 2037 and ordered NSP-Minnesota to file a proposed tariff for customers with super-large load, largely data centers, by July 15, 2025.

NSP-Minnesota ~~owns~~will ~~two~~file ~~nuclear~~additional ~~generating~~RFPs ~~plants: the Monticello plant and the Prairie Island plant. See Note 10 to the consolidated financial statements of NSP-Minnesota’s Annual Report on Form 10-K~~ for ~~the~~approved ~~year~~resource ~~ended~~needs ~~Dec.~~beginning ~~31, 2023 for further information. The circumstances set forth~~ in ~~Nuclear~~late ~~Power~~2025 ~~Operations~~or ~~included~~early ~~in Item 7 of NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec~~2026. ~~31, 2023, appropriately represent, in all material respects, the current status of nuclear power operations.~~

NSP-Minnesota and NSP-Wisconsin are actively engaged in multiple processes and proceedings to acquire resources to meet their identified generation resource needs.

•In October 2023, NSP-Minnesota issued an RFP seeking 1,200 MW of wind assets to replace capacity and reutilize interconnection rights associated with the retiring Sherco coal facilities. The RFP closed in December 2023. NSP-Minnesota expects to file for approval of recommended projects in summer 2025.

•In 2024, NSP-Minnesota and NSP-Wisconsin each issued an RFP collectively seeking up to 1,600 MW of wind, solar, storage or hybrid resources to interconnect to the NSP System, including reutilization of the interconnection rights associated with the retiring Sherco coal units, and 650 MW of solar and storage resources to specifically reutilize the interconnection rights associated with the retiring King coal unit. NSP-Minnesota and NSP-Wisconsin announced the short listed projects in January 2025 and plan to file for the requisite approvals of the selected resources with the MPUC and PSCW, respectively, in the second half of 2025.

Other

Supply Chain

NSP-Minnesota’s ability to meet customer energy requirements, respond to storm-related disruptions and execute our capital expenditure program are dependent on maintaining an efficient supply chain. Manufacturing processes have experienced disruptions related to scarcity of certain raw materials and interruptions in production and shipping. These disruptions have been further exacerbated by inflationary pressures, labor shortages and the impact of international conflicts/issues. NSP-Minnesota continues to monitor the situation as it remains fluid and seeks to mitigate the impacts by securing alternative suppliers, modifying design standards, and adjusting the timing of work.

Large global demand for energy-related infrastructure (renewables and gas generation, data centers, etc.) has stretched equipment supply chains, extended delivery dates and increased prices for items like combustion turbines, transformers and other large electrical equipment. The labor market for skilled engineering and construction resources to build renewables and gas generation has also been strained, impacting cost and availability.

Tariffs and Trade Complaints

In May 2024, the U.S. Department of Commerce announced the initiation of anti-dumping and countervailing duty investigations of CSPV cells from Cambodia, Malaysia, Thailand and Vietnam, whether or not assembled into modules.

In ~~October~~April ~~2024~~2025, the U.S. Department of Commerce announced its ~~preliminary~~final determination in the countervailing duty circumvention ~~investigation,~~and ~~which~~anti-dumping isinvestigations. ~~not~~The ~~expected~~rates towill ~~impact~~go ~~NSP-Minnesota~~into ~~projects~~effect after the U.S. AInternational ~~preliminary~~Trade ~~decision~~Commission ~~related~~makes toits final determination, expected in the ~~anti-dumping~~second ~~portion~~quarter of ~~the~~2025. Xcel ~~matter~~Energy isdoes ~~anticipated~~not inexpect ~~November~~these ~~2024.~~determinations to impact its projects.

In ~~May~~January ~~2024~~of 2025, the ~~White~~U.S. ~~House~~International ~~imposed~~Trade aCommission ~~new~~made ~~25%~~an ~~tariff~~affirmative ondetermination ~~Lithium-Ion~~in ~~storage~~the ~~along~~preliminary ~~with~~phase ~~other~~of ~~trade~~the ~~measures.~~anti-dumping ~~The~~and ~~tariff~~countervailing ~~went~~duty ~~into~~investigations ~~immediate~~concerning ~~effect~~Active ~~for~~Anode EVMaterial, a component of lithium-ion batteries, ~~but~~from ~~has~~China. aThis ~~grace~~case ~~period~~will ~~until~~be ~~January~~reviewed ~~2026~~by ~~for~~the ~~stationary~~U.S. ~~energy~~Department ~~storage~~of ~~applications~~Commerce and the International Trade Commission over the course of 2025.

~~NSP-Minnesota~~In ~~continues~~2025, toseveral ~~assess~~executive ~~the~~orders ~~impacts~~have ofbeen ~~these~~issued ~~tariffs~~imposing new global and ~~trade~~country-specific ~~complaints~~tariffs on ~~its~~many ~~business~~imports, ~~including~~which ~~company-owned~~may ~~projects~~impact our procurement and ~~PPAs~~development activities. ~~NSP-Minnesota~~ ~~may~~Due ~~seek~~to ~~regulatory~~the ~~relief~~current ~~for~~tariff ~~tariffs,~~level ifon ~~required~~Chinese products, utility-scale battery projects are at most risk to be impacted in ~~its~~terms ~~jurisdictions~~of cost and/or schedule. Additionally, executive orders have been issued relating to the permitting of wind projects and the retirement of coal facilities.

~~Further~~NSP-Minnesota ~~policy~~continues ~~actions~~to orassess ~~other~~the ~~restrictions~~impacts onof ~~solar~~these ~~and~~tariffs, ~~storage~~executive ~~imports~~orders, ~~disruptions~~trade incomplaints ~~imports~~and ~~from~~federal ~~key~~policies ~~suppliers,~~on orits ~~any~~business, ~~new~~including ~~trade~~company ~~complaint~~owned ~~could~~projects ~~impact~~and ~~project~~PPAs. ~~timelines~~NSP-Minnesota ~~and~~may ~~costs~~seek ofregulatory ~~various~~relief, ~~generation~~if ~~projects~~required, ~~and~~in ~~PPAs~~its jurisdictions.

Continued and/or further policy actions or other restrictions, disruptions in imports from key suppliers, or any new trade complaint could impact viability, timelines and costs of various projects and PPAs.

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Environmental Regulation

In March 2025, the EPA announced that the agency will undertake various regulatory actions addressing a wide range of environmental regulations. This includes action on the 2024 power plant greenhouse gas regulations, Effluent Limitation Guidelines, 2024 amendments to the CCR Rule and the 2023 Good Neighbor Plan, though no formal actions have been taken on these regulations to date. We will continue to monitor and respond as appropriate to EPA’s administrative efforts to take action.

Clean Air Act

Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO2 control requirements vary by subcategory. Based on current estimates and assumptions, NSP-Minnesota has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

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Emerging Contaminants of Concern

PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. NSP-Minnesota does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.

In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA. In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.

Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, NSP-Minnesota believes the costs will be recoverable through rates based on prior state commission practices.

Effluent Limitation Guidelines

In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, NSP-Minnesota has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.

Nuclear Fuel Supply

In May 2024, the Prohibiting Russian Uranium Imports Act was signed into law. As such, NSP-Minnesota will no longer be permitted to accept deliveries of enriched nuclear material from Russia beginning in August 2024, unless specific waivers are requested and received. NSP-Minnesota has secured its enriched nuclear material requirements through 2029 with non-Russian material, which are in various stages of processing in Canada, Europe and the United States. NSP-Minnesota continues to assess the impacts of this legislation on its existing contracts related to Russian-sourced nuclear material.


ITEM 4 — CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

NSP-Minnesota maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.

In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.

As of ~~Sept.~~March 3031, ~~2024~~2025, based on an evaluation carried out under the supervision and with the participation of NSP-Minnesota’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that NSP-Minnesota’s disclosure controls and procedures were effective.

Internal Control Over Financial Reporting

No changes in NSP-Minnesota’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, NSP-Minnesota’s internal control over financial reporting.

PART II — OTHER INFORMATION


ITEM 1 — LEGAL PROCEEDINGS

Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s consolidated financial statements. Legal fees are generally expensed as incurred.

See Note 9 to the consolidated financial statements and Part I Item 2 for further information.


ITEM 1A — RISK FACTORS

NSP-Minnesota’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, ~~2023~~2024, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K.


ITEM 5 — OTHER INFORMATION

None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended ~~Sept.~~March 3031, ~~2024~~2025.

2320

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ITEM 6 — EXHIBITS

* Indicates incorporation by reference


Exhibit Number	Description	Report or Registration Statement	Exhibit Reference
3.01*	Articles of Incorporation and Amendments of Northern Power Corp. (renamed NSP-Minnesota on Aug. 21, 2000)	NSP-Minnesota Form 10-12G dated Oct. 5, 2000	3.01
3.02*	Amended and Restated Bylaws of NSP-Minnesota, dated Jan. 25, 2019	NSP-Minnesota Form 10-K for the year ended Dec. 31, 2018	3.02

31.01	Principal Executive Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.02	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
32.01	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Schema
101.CAL	Inline XBRL Calculation
101.DEF	Inline XBRL Definition
101.LAB	Inline XBRL Label
101.PRE	Inline XBRL Presentation
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

2421

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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 thereunto duly authorized.

		Northern States Power Company (a Minnesota corporation)
10/31/2024	By:	/s/ MELISSA L. OSTROM
04/24/2025	By:	/s/ MELISSA L. OSTROM
		Melissa L. Ostrom
		Senior Vice President, Controller
		(Principal Accounting Officer)
	By:	/s/ BRIAN J. VAN ABEL
		Brian J. Van Abel
		Executive Vice President, Chief Financial Officer
		(Principal Financial Officer)

2522

Filing Compare · NORTHERN STATES POWER CO