# EDGAR Filing Document

**Accession Number:** 0000072903
**File Stem:** 0000072903-23-000004
**Filing Date:** 2023-2
**Character Count:** 10310
**Document Hash:** 3ccfbe10325c25fc2760311ba93554d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000072903-23-000004.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000072903-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XCEL ENERGY INC
- **CENTRAL INDEX KEY:** 0000072903
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **IRS NUMBER:** 410448030
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03034
- **FILM NUMBER:** 23599819

**BUSINESS ADDRESS:**
- **STREET 1:** 414 NICOLLET MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 6123305500

**MAIL ADDRESS:**
- **STREET 1:** 414 NICOLLET MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHERN STATES POWER CO /MN/
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUTHWESTERN PUBLIC SERVICE CO
- **CENTRAL INDEX KEY:** 0000092521
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **IRS NUMBER:** 750575400
- **STATE OF INCORPORATION:** NM
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03789
- **FILM NUMBER:** 23599820

**BUSINESS ADDRESS:**
- **STREET 1:** SPS TOWER
- **STREET 2:** TYLER AT SIXTH ST
- **CITY:** AMARILLO
- **STATE:** TX
- **ZIP:** 79101
- **BUSINESS PHONE:** 3035717511

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 1261
- **CITY:** AMARILLO
- **STATE:** TX
- **ZIP:** 79170

?xml version="1.0" ? xel-20230208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) February 8, 2023

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commission File Number** | **Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number** | **Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number** | **Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number** | **Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number** | **IRS Employer Identification Number** |
| 001-3034 | XCEL ENERGY INC. | XCEL ENERGY INC. | XCEL ENERGY INC. | XCEL ENERGY INC. | 41-0448030 |
|  | (a Minnesota corporation) | (a Minnesota corporation) | (a Minnesota corporation) | (a Minnesota corporation) |  |
|  | 414 Nicollet Mall | 414 Nicollet Mall | 414 Nicollet Mall | 414 Nicollet Mall |  |
|  | Minneapolis | Minnesota | Minnesota | 55401 |  |
|  | (612) | (612) | 330-5500 | 330-5500 |  |
| 001-03789 | SOUTHWESTERN PUBLIC SERVICE COMPANY | SOUTHWESTERN PUBLIC SERVICE COMPANY | SOUTHWESTERN PUBLIC SERVICE COMPANY | SOUTHWESTERN PUBLIC SERVICE COMPANY | 75-0575400 |
|  | (a New Mexico corporation) | (a New Mexico corporation) | (a New Mexico corporation) | (a New Mexico corporation) |  |
|  | 790 South Buchanan Street | 790 South Buchanan Street | 790 South Buchanan Street | 790 South Buchanan Street |  |
|  | Amarillo | Texas | Texas | 79101 |  |
|  | (303) | (303) | 571-7511 | 571-7511 |  |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $2.50 par value per share | XEL | Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ⬜

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<u>Item 8.01. Other Events</u>

On Feb. 8, 2023, Southwestern Public Service Company (SPS), a New Mexico corporation, and a wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case with the Public Utility Commission of Texas (PUCT) seeking an increase in base rate revenue of $149 million. The impact to overall customer bills is expected to be approximately 13%. The request is based on a historical test year period ended Sept. 30, 2022, with an Update Period ended Dec. 31, 2022, a return on equity (ROE) of 10.65%, an equity ratio of 54.6% and retail rate base of $3.6 billion.

Following the proposed increase, customer bills are expected to be 30% lower than the national average. SPS' Texas customers also continue to benefit from fuel cost savings and production tax credits attributable to wind energy provided by the Sagamore and Hale wind projects.

SPS' base rate request (millions of dollars):

---

| | |
|:---|:---|
| Retail revenue growth | $(15) |
| Capital investment primarily to support the clean energy transition and load growth | 36 |
| Increase in requested ROE | 32 |
| Non-labor O&M | 28 |
| Increase in allocation of costs to Texas retail, including impact of wholesale load roll-off | 23 |
| Depreciation rate changes, excluding Tolk plant | 21 |
| Change in Tolk plant depreciation life from 2034 to 2028 | 17 |
| Other | 7 |
| **Total rate request** | $149 |

---

SPS is requesting a surcharge from July 13, 2023 through the effective date of new base rates. A PUCT decision is expected in the first quarter of 2024.

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Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including our expectations regarding the regulatory proceedings, the impact of the requested increase to retail electric base rate revenue on overall customer bills and the effective date of the rates, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will," "would," and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy's and SPS' Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021, and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility; operational safety; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force 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 SPS 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; effects of geopolitical events, including war and acts of terrorism; cyber security 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; regulatory changes and/or limitations related to the use of natural gas as an energy source; 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.

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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 hereunto duly authorized.

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| | |
|:---|:---|
| February 8, 2023 | **Xcel Energy Inc.** (a Minnesota corporation) |
| | **Southwestern Public Service Company** (a New Mexico corporation) |
| | /s/ BRIAN J. VAN ABEL |
| | Brian J. Van Abel |
| | Executive Vice President, Chief Financial Officer |

---