EX-4.01





 Exhibit 4.01 

SUPPLEMENTAL INDENTURE NO. 12 

FROM 
 XCEL ENERGY INC.

 (a Minnesota corporation) 

TO 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 Trustee 
  

 
 DATED AS OF

 NOVEMBER 7, 2019 

SUPPLEMENTAL TO INDENTURE 

DATED AS OF DECEMBER 1, 2000 












 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Parties
	  		  	 	1	 
	 Recitals
	  		  	 	1	 
	
	ARTICLE ONE	  

	RELATION TO INDENTURE; DEFINITIONS	  

			
	 SECTION 1.01
	  	Integral Part of Indenture	  	 	1	 
	 SECTION 1.02
	  		  			
	 (a)
	  	Definitions	  	 	1	 
	 (b)
	  	References to Articles and Sections	  	 	2	 
	 (c)
	  	Terms Referring to this Supplemental Indenture	  	 	2	 
	
	ARTICLE TWO	  

	2.60% SENIOR NOTES, SERIES DUE DECEMBER 1, 2029	  

			
	 SECTION 2.01
	  	Designation and Principal Amount	  	 	2	 
	 SECTION 2.02
	  	Stated Maturity Date	  	 	2	 
	 SECTION 2.03
	  	Interest Payment Dates	  	 	2	 
	 SECTION 2.04
	  	Office for Payment	  	 	2	 
	 SECTION 2.05
	  	Redemption Provisions	  	 	2	 
	 SECTION 2.06
	  	Authorized Denominations	  	 	3	 
	 SECTION 2.07
	  	Form of 2.60% Senior Notes, Series due December 1, 2029	  	 	3	 
	 SECTION 2.08
	  	Reopening of Notes due 2029	  	 	4	 
	
	ARTICLE THREE	  

	3.50% SENIOR NOTES, SERIES DUE DECEMBER 1, 2049	  

			
	 SECTION 3.01
	  	Designation and Principal Amount	  	 	4	 
	 SECTION 3.02
	  	Stated Maturity Date	  	 	4	 
	 SECTION 3.03
	  	Interest Payment Dates	  	 	4	 
	 SECTION 3.04
	  	Office for Payment	  	 	4	 
	 SECTION 3.05
	  	Redemption Provisions	  	 	4	 
	 SECTION 3.06
	  	Authorized Denominations	  	 	6	 
	 SECTION 3.07
	  	Form of 3.50% Senior Notes, Series due December 1, 2049	  	 	6	 
	 SECTION 3.08
	  	Reopening of Notes due 2049	  	 	6	 
	
	ARTICLE FOUR	  

	MISCELLANEOUS	  

			
	 SECTION 4.01
	  	Recitals of fact, except as stated, are statements of the Company	  	 	6	 
	 SECTION 4.02
	  	Supplemental Indenture to be construed as a part of the Indenture	  	 	6	 


  
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 TABLE OF CONTENTS 

 


							
	 	  	 	  	Page	 
	 SECTION 4.03
	  		  			
	 (a)
	  	Trust Indenture Act to control	  	 	6	 
	 (b)
	  	Severability of provisions contained in Supplemental Indenture and Notes	  	 	6	 
	 SECTION 4.04
	  	Reference to either party in Supplemental Indenture include successors or assigns	  	 	6	 
	 SECTION 4.05
	  		  			
	 (a)
	  	Provision for execution in counterparts	  	 	6	 
	 (b)
	  	Table of Contents and descriptive headings of Articles not to affect meaning	  	 	7	 

 Exhibit A - Form of 2.60% Senior Notes, Series due December 1, 2029 

Exhibit B - Form of 3.50% Senior Notes, Series due December 1, 2049 

  
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 SUPPLEMENTAL INDENTURE No. 12, made as of the 7th day of November, 2019, by and between XCEL ENERGY INC., a corporation duly organized and existing under the laws of the State of Minnesota (the “Company”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”): 

WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered its Indenture (hereinafter referred to as the “Indenture”), made
as of December 1, 2000; and 
 WHEREAS, Section 2.5 of the Indenture provides that Securities shall be issued in series and
that a Company Order shall specify the terms of each series; and 
 WHEREAS, the Company has this day delivered a Company Order
setting forth the terms of two series of Securities designated “2.60% Senior Notes, Series due December 1, 2029” and “3.50% Senior Notes, Series due December 1, 2049” (hereinafter referred to as the “Notes due
2029” and “Notes due 2049,” respectively, and collectively, as the “Notes”); and 
 WHEREAS,
Section 12.1 of the Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of establishing the form of Securities or establishing or reflecting any terms of any
Security and adding to the covenants of the Company; and 
 WHEREAS, the execution and delivery of this Supplemental Indenture
No. 12 (herein, this “Supplemental Indenture”) have been duly authorized by a resolution or written consent adopted by the Board of Directors of the Company; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to set forth the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises of the purchase and acceptance of the Notes by the Holders thereof and the sum of one dollar duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby acknowledged,
the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows: 

ARTICLE ONE 
 RELATION TO
INDENTURE; DEFINITIONS 
 SECTION 1.01. This Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02. For all purposes of this Supplemental Indenture: 
  

	(a)	 Capitalized terms used herein without definition shall have the meanings specified in the Indenture;
















	(b)	 All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles
and Sections of this Supplemental Indenture; and 


  

	(c)	 The terms “hereof,” “herein,” “hereby,” “hereto,” “hereunder”
and “herewith” refer to this Supplemental Indenture. 


 ARTICLE TWO 

2.60% SENIOR NOTES, SERIES DUE DECEMBER 1, 2029 

SECTION 2.01. There shall be a series of Securities designated the “2.60% Senior Notes, Series due December 1, 2029” (the “Notes
due 2029”). The Notes due 2029 shall be limited to $500,000,000 aggregate principal amount except as provided in Section 2.08 hereof. 

SECTION 2.02. Except as otherwise provided in Section 2.05 hereof, the principal amount of the Notes due 2029 shall be payable on the stated
maturity date of December 1, 2029. 
 SECTION 2.03. The Notes due 2029 shall be dated their date of authentication as provided in the Indenture
and shall bear interest from their date at the rate of 2.60% per annum, payable semi-annually on June 1 and December 1 of each year, commencing June 1, 2020. The Regular Record Dates with respect to such June 1 and
December 1 interest payment dates shall be May 15 and November 15, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and
2.12 of the Indenture. 
 SECTION 2.04. The Notes due 2029 shall be payable at the corporate trust office of the Trustee and at the offices of such
paying agents as the Company may appoint by Company Order in the future. 
 SECTION 2.05. At any time prior to June 1, 2029 (six months prior to
the maturity date of the Notes due 2029 (the “2029 Par Call Date”)), the Company may redeem, in whole or in part, the Notes due 2029, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of
such Notes due 2029 being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes due 2029 being redeemed that would be due if the Notes due 2029 matured on the 2029 Par Call
Date (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the 2029 Par Call Date, the Company may redeem, in whole or in part, the Notes due 2029, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes due 2029 being redeemed (assuming, for this purpose, that the Notes due 2029 matured on the 2029 Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes due 2029 being redeemed. 

  
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 “Comparable Treasury Price” means with respect to any redemption date of the Notes
due 2029 (i) the average of the Reference Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the
Independent Investment Banker obtains fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan
Securities LLC, and any other Primary Treasury Dealer designated by, and not affiliated with, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC and their respective affiliates or successors, provided, however,
that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the
Company after consultation with the Independent Investment Banker. 
 “Reference Treasury Dealer Quotations” means, for any
Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

“Treasury Rate” means, with respect to any date fixed for redemption, the rate per annum equal to the semi-annual equivalent yield
to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for such date fixed for redemption. The Treasury
Rate will be calculated on the third business day preceding the date fixed for redemption. 
 The Notes due 2029 shall not be subject to any
sinking fund. 
 The Company may redeem, in whole or in part, the Notes due 2029 without redeeming the Notes due 2049. 

SECTION 2.06. The Notes due 2029 shall be issued in fully registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. 
 SECTION 2.07. The Notes due 2029 shall initially be in the form attached as Exhibit A hereto. 

  
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 SECTION 2.08. The Notes due 2029 may be reopened and additional notes of the Notes due 2029 may be
issued in excess of the limitation set forth in Section 2.01, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the other Notes due 2029, except for the price to the
public, the issue date and, if applicable, the first interest accrual and payment dates. Any such additional Notes due 2029, together with the other Notes due 2029, shall constitute a single series for purposes of the Indenture and shall have the
same CUSIP provided they are fungible for U.S. federal income tax purposes. 
 ARTICLE THREE 

3.50% SENIOR NOTES, SERIES DUE DECEMBER 1, 2049 

SECTION 3.01. There shall be a series of Securities designated the “3.50% Senior Notes, Series due December 1, 2049” (the “Notes
due 2049”). The Notes due 2049 shall be limited to $500,000,000 aggregate principal amount except as provided in Section 3.08 hereof. 

SECTION 3.02. Except as otherwise provided in Section 3.05 hereof, the principal amount of the Notes due 2049 shall be payable on the stated
maturity date of December 1, 2049. 
 SECTION 3.03. The Notes due 2049 shall be dated their date of authentication as provided in the Indenture
and shall bear interest from their date at the rate of 3.50% per annum, payable semi-annually on June 1 and December 1 of each year, commencing June 1, 2020. The Regular Record Dates with respect to such June 1 and
December 1 interest payment dates shall be May 15 and November 15, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and
2.12 of the Indenture. 
 SECTION 3.04. The Notes due 2049 shall be payable at the corporate trust office of the Trustee and at the offices of such
paying agents as the Company may appoint by Company Order in the future. 
 SECTION 3.05. At any time prior to June 1, 2049 (six months prior to
the maturity date of the Notes due 2049 (the “2049 Par Call Date”)), the Company may redeem, in whole or in part, the Notes due 2049, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of
such Notes due 2049 being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes due 2049 being redeemed that would be due if the Notes due 2049 matured on the 2049 Par Call
Date (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the 2049 Par Call Date, the Company may redeem, in whole or in part, the Notes due 2049, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 

  
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 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes due 2049 being redeemed (assuming, for this purpose, that the Notes due 2049 matured on the 2049 Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes due 2049 being redeemed. 

“Comparable Treasury Price” means with respect to any redemption date of the Notes due 2049 (i) the average of the Reference
Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Independent Investment Banker obtains fewer
than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan
Securities LLC, and any other Primary Treasury Dealer designated by, and not affiliated with, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC and their respective affiliates or successors, provided, however,
that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the
Company after consultation with the Independent Investment Banker. 
 “Reference Treasury Dealer Quotations” means, for any
Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

“Treasury Rate” means, with respect to any date fixed for redemption, the rate per annum equal to the semi-annual equivalent yield
to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for such date fixed for redemption. The Treasury
Rate will be calculated on the third business day preceding the date fixed for redemption. 
 The Notes due 2049 shall not be subject to any
sinking fund. 
 The Company may redeem, in whole or in part, the Notes due 2049 without redeeming the Notes due 2029. 

  
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 SECTION 3.06. The Notes due 2049 shall be issued in fully registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 3.07. The Notes due 2049 shall initially be in the form
attached as Exhibit B hereto. 
 SECTION 3.08. The Notes due 2049 may be reopened and additional notes of the Notes due 2049 may be issued in
excess of the limitation set forth in Section 3.01, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the other Notes due 2049, except for the price to the public, the
issue date and, if applicable, the first interest accrual and payment dates. Any such additional Notes due 2049, together with the other Notes due 2049, shall constitute a single series for purposes of the Indenture and shall have the same CUSIP
provided they are fungible for U.S. federal income tax purposes. 
 ARTICLE FOUR 

MISCELLANEOUS 
 SECTION 4.01. The
recitals of fact herein and in the Notes (except the Trustee’s Certificates of Authentication) shall be taken as statements of the Company and shall not be construed as made by the Trustee. 

SECTION 4.02. This Supplemental Indenture shall be construed in connection with and as a part of the Indenture. 

SECTION 4.03. 
  

	(a)	 If any provision of this Supplemental Indenture limits, qualifies, or conflicts with another provision of the
Indenture required to be included in indentures qualified under the Trust Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of Sections 310 to 317, inclusive, of said Act, such required
provisions shall control. 


  

	(b)	 In case any one or more of the provisions contained in this Supplemental Indenture or in the notes issued
hereunder should be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected, impaired, prejudiced or disturbed thereby.



 SECTION 4.04. Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed
to include the successors or assigns of such party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective
successors and assigns of such parties, whether so expressed or not. 
 SECTION 4.05. 

 

	(a)	 This Supplemental Indenture may be simultaneously executed in several counterparts, and all said counterparts
executed and delivered, each as an original, shall constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 



  
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	(b)	 The Table of Contents and the descriptive headings of the several Articles of this Supplemental Indenture were
formulated, used and inserted in this Supplemental Indenture for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 



  
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 IN WITNESS WHEREOF, XCEL ENERGY INC. has caused this Supplemental Indenture to be signed by
its President or a Vice President, and attested by its Secretary or an Assistant Secretary and WELLS FARGO BANK, NATIONAL ASSOCIATION, has caused this Supplemental Indenture to be signed by its Vice President as of this 7th day of November, 2019. 
  

			
	XCEL ENERGY INC.
		
	By:	 	 /s/ Sarah W. Soong

	Name:	 	Sarah W. Soong
	Title:	 	Vice President and Treasurer
	
	ATTEST:
		
	By:	 	 /s/ Kristin Westlund

	Name:	 	Kristin Westlund
	Title:	 	Assistant Secretary
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Gregory S. Clarke

	Name:	 	Gregory S. Clarke
	Title:	 	Vice President


 [Signature Page to the Supplemental Indenture No. 12] 












 EXHIBIT A 

FORM OF 
 2.60% SENIOR
NOTES, SERIES DUE DECEMBER 1, 2029 
 REGISTERED 

THIS NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 XCEL ENERGY INC. 

(Incorporated under the laws of the State of Minnesota) 

2.60% SENIOR NOTE, SERIES DUE DECEMBER 1, 2029 
  

			
	CUSIP: 98389B AW0	  	NUMBER:
		
	ORIGINAL ISSUE DATE(S): November 7, 2019	  	PRINCIPAL AMOUNT(S): $
		
	INTEREST RATE: 2.60%	  	MATURITY DATE: December 1, 2029

 XCEL ENERGY INC., a corporation of the State of Minnesota (the “Company”), for value received hereby
promises to pay to Cede & Co. or registered assigns, the principal sum of ___________ DOLLARS on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or more
Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to which that Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year, commencing June 1, 2020, at the per annum Interest Rate set forth above, until the principal hereof is paid or made
available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid on the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name 

  
 A-1 













 
this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15, as the case may be, next preceding such
Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date
following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except
as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this
Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to
such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity),
the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable
at maturity and premium, if any, is due on this Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium,
if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the
Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

This Global Security is a global security in respect of a duly authorized issue of Senior Notes, Series due December 1, 2029 (the
“Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between the Company and Wells Fargo Bank, National
Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of
Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for a more complete statement of the
respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security
has been issued in respect of the series designated on the first page hereof. 
 Each Note of this Series shall be dated and issued as of
the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or
Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 

  
 A-2 













 At any time prior to June 1, 2029 (six months prior to the maturity date of the Notes
of this Series (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes of this Series, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of such Notes of this
Series being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed that would be due if the Notes of this Series matured on the Par Call Date
(excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the Par Call Date, the Company may redeem, in whole or in part, the Notes of this Series, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series being redeemed (assuming, for this purpose, that the Notes of this Series matured on the Par Call Date) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes of this Series being redeemed. 

“Comparable Treasury Price” means with respect to any redemption date of the Notes of this Series (i) the average of the
Reference Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Independent Investment Banker obtains
fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan
Securities LLC, and any other Primary Treasury Dealer designated by, and not affiliated with, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC and their respective affiliates or successors, provided, however,
that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the
Company after consultation with the Independent Investment Banker. 
 “Reference Treasury Dealer Quotations” means, for any
Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

  
 A-3 













 “Treasury Rate” means, with respect to any date fixed for redemption, the rate per
annum equal to the semi-annual equivalent yield to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for
such date fixed for redemption. The Treasury Rate will be calculated on the third business day preceding the date fixed for redemption. 

Notice of redemption will be given by mail to Holders of Notes of this Series not less than 30 or more than 60 days prior to the date fixed
for redemption, all as provided in the Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of the
Securityholder hereof upon the surrender hereof. 
 Interest payments for this Global Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date or date on which the principal of this Global Security is required to be paid is not a
Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of
this Global Security is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is required to be
paid. 
 The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all
obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a
combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the
terms of the Securities. 
 If an Event of Default shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority
in principal amount of the outstanding Securities. Any such consent or waiver by the Holder of this Global Security shall be conclusive and binding upon such Holder and upon all future Holders of this Global Security and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note. 

  
 A-4 













 As set forth in and subject to the provisions of the Indenture, no Holder of any Securities
will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities,
the Holders of not less than a majority in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered to the Trustee such reasonable indemnity as it may require to institute such
proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of
and any premium or interest on this Note on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and
to provisions of this Global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Global Security at the times, places and
rates and the coin or currency prescribed in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set
forth, this Global Security may be transferred only as permitted by the legend hereto. 
 If at any time the Depository for this Global
Security notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository for this Global Security shall no longer be eligible or in good standing under the Securities Exchange
Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election to issue this Note in global form shall no longer be effective with respect to this Global Security and the Company will execute, and the
Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for this Global Security, will authenticate and deliver individual Notes of this Series of like tenor and terms in definitive
form in an aggregate principal amount equal to the principal amount of this Global Security. 
 The Company may at any time and in its sole
discretion determine that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event, the Company shall
execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for such Global Security, shall authenticate and deliver, individual Notes of this Series of like tenor and
terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities. 

Under certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global Securities which
have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in
exchange for such Global Securities, shall authenticate and deliver to, or at the direction of, the Depository a Global Security in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities
surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue Date. 

  
 A-5 













 The Indenture and the Securities shall be governed by, and construed in accordance with, the
laws of the State of Minnesota. 
 Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an
Authenticating Agent by manual signature of an authorized officer, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

All terms used in this Global Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise indicated herein. 

  
 A-6 













 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated:                  

 

			
	XCEL ENERGY INC.
		
	By:	 	 
	Name:	 	
	Title:	 	Vice President and Treasurer


  

			
	ATTEST
		
	By:	 	 
	Name:	 	
	Title:	 	Assistant Secretary


 TRUSTEE’S CERTIFICATE 

OF AUTHENTICATION 
 This Note is one of the
Securities of the series herein designated, described or provided for in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Officer



  
 A-7 













 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations. 
  

			
	TEN COM—as tenants in common	  	 UNIF GIFT
 MIN ACT— _______ Custodian
___________

(Cust)                      
  (Minor)

		
	TEN ENT—as tenants by the entireties	  	Under Uniform Gifts to Minors
		
	 JT TEN—as joint tenants with right of

survivorship and not as tenants in common
	  	 
	  	State

 Additional abbreviations may also be 

used though not in the above list. 
  

 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

 
 the within security and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ attorney to transfer said security on the books of the Company, with full power of substitution in the premises. 

Dated: 
 NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 A-8 













 EXHIBIT B 

FORM OF 
 3.50% SENIOR
NOTES, SERIES DUE DECEMBER 1, 2049 
 REGISTERED 

THIS NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 XCEL ENERGY INC. 

(Incorporated under the laws of the State of Minnesota) 

3.50% SENIOR NOTE, SERIES DUE DECEMBER 1, 2049 
  

			
	 CUSIP: 98389B AX8
	  	 NUMBER:

		
	 ORIGINAL ISSUE DATE(S): November 7, 2019
	  	 PRINCIPAL AMOUNT(S): $

		
	 INTEREST RATE: 3.50%
	  	 MATURITY DATE: December 1, 2049


 XCEL ENERGY INC., a corporation of the State of Minnesota (the “Company”), for value received hereby
promises to pay to Cede & Co. or registered assigns, the principal sum of ___________ DOLLARS on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or more
Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to which that Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year, commencing June 1, 2020 at the per annum Interest Rate set forth above, until the principal hereof is paid or made
available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid on the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name 

  
 B-1 













 
this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15, as the case may be, next preceding such
Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date
following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except
as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this
Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to
such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity),
the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable
at maturity and premium, if any, is due on this Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium,
if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the
Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

This Global Security is a global security in respect of a duly authorized issue of Senior Notes, Series due December 1, 2049 (the
“Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between the Company and Wells Fargo Bank, National
Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of
Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for a more complete statement of the
respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security
has been issued in respect of the series designated on the first page hereof. 
 Each Note of this Series shall be dated and issued as of
the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or
Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 

  
 B-2 













 At any time prior to June 1, 2049 (six months prior to the maturity date of the Notes
of this Series (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes of this Series, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of such Notes of this
Series being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed that would be due if the Notes of this Series matured on the Par Call Date
(excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the Par Call Date, the Company may redeem, in whole or in part, the Notes of this Series, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series being redeemed (assuming, for this purpose, that the Notes of this Series matured on the Par Call Date) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes of this Series being redeemed. 

“Comparable Treasury Price” means with respect to any redemption date of the Notes of this Series (i) the average of the
Reference Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Independent Investment Banker obtains
fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan
Securities LLC, and any other Primary Treasury Dealer designated by, and not affiliated with, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC and their respective affiliates or successors, provided, however,
that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the
Company after consultation with the Independent Investment Banker. 
 “Reference Treasury Dealer Quotations” means, for any
Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

  
 B-3 













 “Treasury Rate” means, with respect to any date fixed for redemption, the rate per
annum equal to the semi-annual equivalent yield to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for
such date fixed for redemption. The Treasury Rate will be calculated on the third business day preceding the date fixed for redemption. 

Notice of redemption will be given by mail to Holders of Notes of this Series not less than 30 or more than 60 days prior to the date fixed
for redemption, all as provided in the Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of the
Securityholder hereof upon the surrender hereof. 
 Interest payments for this Global Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date or date on which the principal of this Global Security is required to be paid is not a
Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of
this Global Security is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is required to be
paid. 
 The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all
obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a
combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the
terms of the Securities. 
 If an Event of Default shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority
in principal amount of the outstanding Securities. Any such consent or waiver by the Holder of this Global Security shall be conclusive and binding upon such Holder and upon all future Holders of this Global Security and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note. 

  
 B-4 













 As set forth in and subject to the provisions of the Indenture, no Holder of any Securities
will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities,
the Holders of not less than a majority in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered to the Trustee such reasonable indemnity as it may require to institute such
proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of
and any premium or interest on this Note on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and
to provisions of this Global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Global Security at the times, places and
rates and the coin or currency prescribed in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set
forth, this Global Security may be transferred only as permitted by the legend hereto. 
 If at any time the Depository for this Global
Security notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository for this Global Security shall no longer be eligible or in good standing under the Securities Exchange
Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election to issue this Note in global form shall no longer be effective with respect to this Global Security and the Company will execute, and the
Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for this Global Security, will authenticate and deliver individual Notes of this Series of like tenor and terms in definitive
form in an aggregate principal amount equal to the principal amount of this Global Security. 
 The Company may at any time and in its sole
discretion determine that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event, the Company shall
execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for such Global Security, shall authenticate and deliver, individual Notes of this Series of like tenor and
terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities. 

Under certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global Securities which
have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in
exchange for such Global Securities, shall authenticate and deliver to, or at the direction of, the Depository a Global Security in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities
surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue Date. 

  
 B-5 













 The Indenture and the Securities shall be governed by, and construed in accordance with, the
laws of the State of Minnesota. 
 Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an
Authenticating Agent by manual signature of an authorized officer, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

All terms used in this Global Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise indicated herein. 

  
 B-6 













 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated:                  

 

			
	XCEL ENERGY INC.
		
	By:	 	 


 
			
	Name:	 	
	Title:	 	Vice President and Treasurer


  

			
	ATTEST
		
	By:	 	 


 
			
	Name:	 	
	Title:	 	Assistant Secretary


 TRUSTEE’S CERTIFICATE 

OF AUTHENTICATION 
 This Note is one of the
Securities of the series herein designated, described or provided for in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Officer



  
 B-7 













 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations. 
  

									
	 TEN COM—as tenants in common
	  	 UNIF GIFT

MIN ACT—
	  	 _______
	  	Custodian	 	 ___________

		  		  	 (Cust)
	  		 	 (Minor)

		
	 TEN ENT—as tenants by the entireties
	  	 Under Uniform Gifts to Minors

		
	 JT TEN—as joint tenants with right of
	  	 
	 survivorship and not as tenants in common
	  	State

 Additional abbreviations may also be 

used though not in the above list. 
  

 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

 
 the within security and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ attorney to transfer said security on the books of the Company, with full power of substitution in the premises. 

Dated: 
 NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 B-8