# EDGAR Filing Document

**Accession Number:** 0000072909
**File Stem:** 0000072909-25-000016
**Filing Date:** 2025-10
**Character Count:** 88178
**Document Hash:** d0146d4e821c26eb724b39d595bc11ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000072909-25-000016.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000072909-25-000016

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN STATES POWER CO /WI/
- **CENTRAL INDEX KEY:** 0000072909
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 390508315
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03140
- **FILM NUMBER:** 251434205

**BUSINESS ADDRESS:**
- **STREET 1:** 1414 W HAMILTON AVE
- **CITY:** EAU CLAIRE
- **STATE:** WI
- **ZIP:** 54702
- **BUSINESS PHONE:** 7158392621

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 8
- **CITY:** EAU CLAIRE
- **STATE:** WI
- **ZIP:** 54702-008

?xml version='1.0' encoding='ASCII'? nspw-20250930

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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. 30, 2025** 

**or**

☐ **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: 001-03140**

---

| |
|:---|
| **Northern States Power Company** |
| (Exact Name of Registrant as Specified in its Charter) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Wisconsin** | **Wisconsin** | **Wisconsin** | **39-0508315** |
| (State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S Employer Identification No.) |
| **1414 West Hamilton Avenue,** | **Eau Claire,** | **Wisconsin** | **54701** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

---

| | |
|:---|:---|
| **(715)** | **852-5812** |
| (Registrant's Telephone Number, Including Area Code) | (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 | N/A | 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 30, 2025** |
| Common Stock, $100 par value | 933,000 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** | |
| &nbsp;&nbsp;&nbsp;Item 1 — | [Financial Statements (unaudited)](#i4fa7ba07be454564b47739bcad1589c5_19) | [4](#i4fa7ba07be454564b47739bcad1589c5_19) |
|  | [Consolidated Statements of Income](#i4fa7ba07be454564b47739bcad1589c5_22) | [4](#i4fa7ba07be454564b47739bcad1589c5_22) |
|  | [Consolidated Statements of Cash Flows](#i4fa7ba07be454564b47739bcad1589c5_25) | [5](#i4fa7ba07be454564b47739bcad1589c5_25) |
|  | [Consolidated Balance Sheets](#i4fa7ba07be454564b47739bcad1589c5_28) | [6](#i4fa7ba07be454564b47739bcad1589c5_28) |
|  | [Consolidated Statements of Common Stockholder's Equity](#i4fa7ba07be454564b47739bcad1589c5_31) | [7](#i4fa7ba07be454564b47739bcad1589c5_31) |
|  | [Notes to Consolidated Financial Statements](#i4fa7ba07be454564b47739bcad1589c5_34) | [8](#i4fa7ba07be454564b47739bcad1589c5_34) |
| &nbsp;&nbsp;&nbsp;Item 2 — | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i4fa7ba07be454564b47739bcad1589c5_67) | [13](#i4fa7ba07be454564b47739bcad1589c5_67) |
| &nbsp;&nbsp;&nbsp;Item 4 — | [Controls and Procedures](#i4fa7ba07be454564b47739bcad1589c5_82) | [15](#i4fa7ba07be454564b47739bcad1589c5_82) |
| **PART II** | **OTHER INFORMATION** |  |
| &nbsp;&nbsp;&nbsp;Item 1 — | [Legal Proceedings](#i4fa7ba07be454564b47739bcad1589c5_88) | [15](#i4fa7ba07be454564b47739bcad1589c5_88) |
| &nbsp;&nbsp;&nbsp;Item 1A — | [Risk Factors](#i4fa7ba07be454564b47739bcad1589c5_91) | [16](#i4fa7ba07be454564b47739bcad1589c5_91) |
| &nbsp;&nbsp;&nbsp;Item 5 — | [Other Information](#i4fa7ba07be454564b47739bcad1589c5_94) | [16](#i4fa7ba07be454564b47739bcad1589c5_94) |
| &nbsp;&nbsp;&nbsp;Item 6 — | [Exhibits](#i4fa7ba07be454564b47739bcad1589c5_97) | [16](#i4fa7ba07be454564b47739bcad1589c5_97) |
| [SIGNATURES](#i4fa7ba07be454564b47739bcad1589c5_100) | [SIGNATURES](#i4fa7ba07be454564b47739bcad1589c5_100) | [17](#i4fa7ba07be454564b47739bcad1589c5_100) |

---

This Form 10-Q is filed by NSP-Wisconsin. NSP-Wisconsin 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)*** | ***Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former)*** |
| e prime | e prime inc. |
| 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*** | ***Federal and State Regulatory Agencies*** |
| EPA | United States Environmental Protection Agency |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| IRS | Internal Revenue Service |
| MPSC | Michigan Public Service Commission |
| MPUC | Minnesota Public Utilities Commission |
| PSCW | Public Service Commission of Wisconsin |
| SEC | Securities and Exchange Commission |

---

---

| | |
|:---|:---|
| ***Other*** | ***Other*** |
| ARO | Asset retirement obligation |
| ASU | Accounting standards update |
| C&I | Commercial and Industrial |
| CEO | Chief executive officer |
| CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act |
| CFO | Chief financial officer |
| CO2 | Carbon dioxide |
| DSM | Demand side management |
| ETR | Effective tax rate |
| GAAP | United States generally accepted accounting principles |
| GHG | Greenhouse gas |
| LRTP | Long Range Transmission Plan |
| MGP | Manufactured gas plant |
| NOx | Nitrogen Oxides |
| PFAS | Per- and Polyfluoroalkyl Substances |
| O&M | Operating and maintenance |
| OBBB | One Big Beautiful Bill Act |
| RFP | Request for proposal |
| ROE | Return on equity |
| ***Measurements*** | ***Measurements*** |
| MW | Megawatts |

---

**Forward-Looking Statements**<br>

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-Wisconsin's Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u> for the fiscal year ended Dec. 31, 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; 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-Wisconsin 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; 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**](#i4fa7ba07be454564b47739bcad1589c5_7)*

**PART I — FINANCIAL INFORMATION**

**ITEM 1 — FINANCIAL STATEMENTS**

**NSP-WISCONSIN AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

*(amounts in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended Sept. 30** | **Three Months Ended Sept. 30** | **Nine Months Ended Sept. 30** | **Nine Months Ended Sept. 30** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric, non-affiliates | $232 | $225 | $633 | $620 |
| &nbsp;&nbsp;&nbsp;Electric, affiliates | 59 | 53 | 170 | 160 |
| &nbsp;&nbsp;&nbsp;Natural gas | 18 | 17 | 110 | 92 |
| &nbsp;&nbsp;&nbsp;Other | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 310 | 295 | 914 | 872 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric fuel and purchased power, non-affiliates | 4 | 3 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;Purchased power, affiliates | 114 | 109 | 316 | 314 |
| &nbsp;&nbsp;&nbsp;Cost of natural gas sold and transported | 6 | 6 | 48 | 37 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance expenses | 58 | 55 | 181 | 170 |
| &nbsp;&nbsp;&nbsp;Conservation program expenses | 3 | 3 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 51 | 47 | 150 | 138 |
| &nbsp;&nbsp;&nbsp;Taxes (other than income taxes) | 8 | 9 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 244 | 232 | 740 | 704 |
| **Operating income** | 66 | 63 | 174 | 168 |
| Other income, net | 2 | 3 | 2 | 4 |
| Allowance for funds used during construction — equity | 6 | 4 | 17 | 11 |
| **Interest charges and financing costs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges and other financing costs | 21 | 19 | 57 | 50 |
| &nbsp;&nbsp;&nbsp;Allowance for funds used during construction — debt | (2) | (2) | (7) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest charges and financing costs | 19 | 17 | 50 | 45 |
| **Income before income taxes** | 55 | 53 | 143 | 138 |
| Income tax expense | 12 | 12 | 32 | 31 |
| &nbsp;&nbsp;**Net income** | $43 | $41 | $111 | $107 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#i4fa7ba07be454564b47739bcad1589c5_7)*

**NSP-WISCONSIN AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

*(amounts in millions)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended Sept. 30** | **Nine Months Ended Sept. 30** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $111 | $107 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 151 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 19 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | (17) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bad debts | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 44 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued unbilled revenues | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (18) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 15 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 12 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net regulatory assets and liabilities | (17) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other employee benefit obligations | (7) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 2 | 5 |
| Net cash provided by operating activities | 323 | 278 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Capital/construction expenditures | (418) | (394) |
| &nbsp;&nbsp;&nbsp;Investments in utility money pool arrangement | (128) |  |
| &nbsp;&nbsp;&nbsp;Repayments from utility money pool arrangement | 143 |  |
| Net cash used in investing activities | (403) | (394) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of short-term borrowings, net | (35) | (60) |
| &nbsp;&nbsp;&nbsp;Borrowings under utility money pool arrangement | 159 | 170 |
| &nbsp;&nbsp;&nbsp;Repayments under utility money pool arrangement | (159) | (170) |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 240 | 394 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt |  | (200) |
| &nbsp;&nbsp;&nbsp;Capital contributions from parent | 153 | 191 |
| &nbsp;&nbsp;&nbsp;Dividends paid to parent | (54) | (72) |
| Net cash provided by financing activities | 304 | 253 |
| Net change in cash, cash equivalents and restricted cash | 224 | 137 |
| Cash, cash equivalents and restricted cash at beginning of period | 8 | 6 |
| Cash, cash equivalents and restricted cash at end of period | $232 | $143 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest (net of amounts capitalized) | $(40) | $(34) |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | (10) | (25) |
| Supplemental disclosure of non-cash investing and financing transactions: |  |  |
| &nbsp;&nbsp;Accrued property, plant and equipment additions | $75 | $41 |
| &nbsp;&nbsp;Inventory transfers to property, plant and equipment | 11 | 11 |
| &nbsp;&nbsp;Allowance for equity funds used during construction | 17 | 11 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#i4fa7ba07be454564b47739bcad1589c5_7)*

**NSP-WISCONSIN AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

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

---

| | | |
|:---|:---|:---|
| | **Sept. 30, 2025** | **Dec. 31, 2024** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $232 | $8 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 59 | 72 |
| &nbsp;&nbsp;&nbsp;Investments in money pool arrangements |  | 15 |
| &nbsp;&nbsp;&nbsp;Accounts receivable from affiliates | 2 | 33 |
| &nbsp;&nbsp;&nbsp;Accrued unbilled revenues | 43 | 60 |
| &nbsp;&nbsp;&nbsp;Inventories | 34 | 28 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 21 | 23 |
| &nbsp;&nbsp;&nbsp;Prepaid taxes | 21 | 28 |
| &nbsp;&nbsp;&nbsp;Prepayments and other | 6 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 418 | 280 |
| Property, plant and equipment, net | 4022 | 3670 |
| Other assets |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 166 | 168 |
| &nbsp;&nbsp;&nbsp;Other | 12 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 178 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4618 | $4126 |
| **Liabilities and Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Short-term debt | $— | $35 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 106 | 72 |
| &nbsp;&nbsp;&nbsp;Accounts payable to affiliates | 34 | 13 |
| &nbsp;&nbsp;&nbsp;Dividends payable to parent | 19 | 13 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 26 | 29 |
| &nbsp;&nbsp;&nbsp;Taxes accrued | 10 | 11 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 23 | 15 |
| &nbsp;&nbsp;&nbsp;Other | 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 244 | 213 |
| Deferred credits and other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 370 | 342 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 452 | 456 |
| &nbsp;&nbsp;&nbsp;Customer advances | 28 | 29 |
| &nbsp;&nbsp;&nbsp;Pension and employee benefit obligations | 16 | 24 |
| &nbsp;&nbsp;&nbsp;Other | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 905 | 890 |
| Commitments and contingencies |  |  |
| Capitalization |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 1647 | 1406 |
| &nbsp;&nbsp;Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Sept. 30, 2025 and Dec. 31, 2024, respectively | 93 | 93 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 1200 | 1046 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 529 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stockholder's equity | 1822 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $4618 | $4126 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#i4fa7ba07be454564b47739bcad1589c5_7)*

**NSP-WISCONSIN AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)**

*(amounts in millions, except share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock Issued** | **Common Stock Issued** | **Common Stock Issued** | **Retained Earnings** | **Total Common Stockholder's Equity** |
| | **Shares** | **Par Value** | **Additional Paid<br>In Capital** | **Retained Earnings** | **Total Common Stockholder's Equity** |
| **Three Months Ended Sept. 30, 2025 and 2024** | | | | | |
| **Balance at June 30, 2024** | 933000 | $93 | $1026 | $460 | $1579 |
| Net income |  |  |  | 41 | 41 |
| Common dividends declared to parent |  |  |  | (27) | (27) |
| Contribution of capital by parent |  |  | 7 |  | 7 |
| **Balance at Sept. 30, 2024** | 933000 | $93 | $1033 | $474 | $1600 |
| **Balance at June 30, 2025** | 933000 | $93 | $1156 | $507 | $1756 |
| Net income |  |  |  | 43 | 43 |
| Common dividends declared to parent |  |  |  | (21) | (21) |
| Contribution of capital by parent |  |  | 44 |  | 44 |
| **Balance at Sept. 30, 2025** | 933000 | $93 | $1200 | $529 | $1822 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock Issued** | **Common Stock Issued** | **Common Stock Issued** | **Retained Earnings** | **Total Common Stockholder's Equity** |
| | **Shares** | **Par Value** | **Additional Paid<br>In Capital** | **Retained Earnings** | **Total Common Stockholder's Equity** |
| **Nine Months Ended Sept. 30, 2025 and 2024** | | | | | |
| **Balance at Dec. 31, 2023** | 933000 | $93 | $843 | $430 | $1366 |
| Net income |  |  |  | 107 | 107 |
| Common dividends declared to parent |  |  |  | (63) | (63) |
| Contribution of capital by parent |  |  | 190 |  | 190 |
| **Balance at Sept. 30, 2024** | 933000 | $93 | $1033 | $474 | $1600 |
| **Balance at Dec. 31, 2024** | 933000 | $93 | $1046 | $478 | $1617 |
| Net income |  |  |  | 111 | 111 |
| Common dividends declared to parent |  |  |  | (60) | (60) |
| Contribution of capital by parent |  |  | 154 |  | 154 |
| **Balance at Sept. 30, 2025** | 933000 | $93 | $1200 | $529 | $1822 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#i4fa7ba07be454564b47739bcad1589c5_7)*

**NSP-WISCONSIN 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-Wisconsin and its subsidiaries as of Sept. 30, 2025 and Dec. 31, 2024; the results of NSP-Wisconsin's operations, including the components of net income and changes in stockholder's equity for the three and nine months ended Sept. 30, 2025 and 2024; and NSP-Wisconsin's cash flows for the nine months ended Sept. 30, 2025 and 2024.

All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 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, 2024 balance sheet information has been derived from the audited 2024 consolidated financial statements included in the NSP-Wisconsin Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u> for the year ended Dec. 31, 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-Wisconsin Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u> for the year ended Dec. 31, 2024, filed with the SEC on Feb. 27, 2025. Due to the seasonality of NSP-Wisconsin'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**<br>

The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Wisconsin Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u> for the year ended Dec. 31, 2024 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.

**2. Accounting Pronouncements**<br>

**Recently Issued**

***Income Taxes*** *—* In December 2023, the FASB issued ASU 2023-09 – *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*, with new disclosure requirements including presentation of prescribed line items in the ETR reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and NSP-Wisconsin does not expect implementation of the new disclosure guidance to have a material impact on its consolidated financial statements.

***Disaggregation of Income Statement Expenses*** *—* In November 2024, the FASB issued ASU 2024-03 – *Disaggregation of Income Statement Expenses*, which requires disclosure of additional detail for certain categories of income statement expenses. The ASU is effective for annual periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027. NSP-Wisconsin is currently evaluating the impact of the new disclosure guidance.

**3. Selected Balance Sheet Data**

---

| | | |
|:---|:---|:---|
| **(Millions of dollars)** | **Sept. 30, 2025** | **Dec. 31, 2024** |
| **Accounts receivable, net** | | |
| &nbsp;&nbsp;&nbsp;Accounts receivable | $64 | $79 |
| &nbsp;&nbsp;&nbsp;Less allowance for bad debts | (5) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | $59 | $72 |

---

---

| | | |
|:---|:---|:---|
| **(Millions of dollars)** | **Sept. 30, 2025** | **Dec. 31, 2024** |
| **Inventories** | | |
| &nbsp;&nbsp;&nbsp;Materials and supplies | $17 | $13 |
| &nbsp;&nbsp;&nbsp;Fuel | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Natural gas | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total inventories | $34 | $28 |

---

---

| | | |
|:---|:---|:---|
| **(Millions of dollars)** | **Sept. 30, 2025** | **Dec. 31, 2024** |
| **Property, plant and equipment, net** | | |
| &nbsp;&nbsp;&nbsp;Electric plant | $4326 | $4103 |
| &nbsp;&nbsp;&nbsp;Natural gas plant | 591 | 547 |
| &nbsp;&nbsp;&nbsp;Common and other property | 320 | 309 |
| &nbsp;&nbsp;&nbsp;Construction work in progress | 571 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment | 5808 | 5365 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | (1786) | (1695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | $4022 | $3670 |

---

**4. Borrowings and Other Financing Instruments**<br>

**Short-Term Borrowings** 

NSP-Wisconsin 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 Inc. 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 Inc. 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 Inc.

Money pool borrowings:

---

| | | |
|:---|:---|:---|
| **(Amounts in Millions, Except Interest Rates)** | **Three Months Ended Sept. 30, 2025** | **Year Ended Dec. 31, 2024** |
| Borrowing limit | $150 | $150 |
| Amount outstanding at period end |  |  |
| Average amount outstanding |  | 4 |
| Maximum amount outstanding |  | 54 |
| Weighted average interest rate, computed on a daily basis | N/A | 5.34% |
| 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. 30, 2025** | **Year Ended Dec. 31, 2024** |
| Borrowing limit | $150 | $150 |
| Amount outstanding at period end |  | 35 |
| Average amount outstanding |  | 11 |
| Maximum amount outstanding |  | 99 |
| Weighted average interest rate, computed on a daily basis | N/A | 5.42% |
| Weighted average interest rate at period end | N/A | 4.59 |

---

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***Letters of Credit*** — NSP-Wisconsin uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At both Sept. 30, 2025 and Dec. 31, 2024, there were immaterial letters of credit outstanding under the credit facility.

***Revolving Credit Facility*** *—* In order to issue its commercial paper, NSP-Wisconsin 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.

In May 2025, NSP-Wisconsin entered into an amended five-year credit agreement with a syndicate of banks, with substantially the same terms and conditions as the prior credit agreements. The maturity was extended from September 2027 to December 2029.

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

As of Sept. 30, 2025, NSP-Wisconsin had the following committed revolving credit facility available (in millions of dollars):

---

| | | |
|:---|:---|:---|
| **Credit Facility** <sup>(a)</sup> | **Outstanding** <sup>(b)</sup> | **Available** |
| $150 | $– $| 150 |

---

<sup>(a)</sup>Expires in December 2029.

<sup>(b)</sup>Includes outstanding commercial paper.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Wisconsin had no direct advances on the credit facility outstanding at Sept. 30, 2025 and Dec. 31, 2024.

***Other Borrowings*** *—* Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, had an immaterial note payable to Xcel Energy Inc. as of Sept. 30, 2025 and Dec. 31, 2024.

**Long-Term Borrowings**

During the nine months ended Sept. 30, 2025, NSP-Wisconsin issued $250 million of 5.65% First Mortgage Bonds due June 15, 2054.

**5. Revenues**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended Sept. 30, 2025** | **Three Months Ended Sept. 30, 2025** | **Three Months Ended Sept. 30, 2025** | **Three Months Ended Sept. 30, 2025** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **All Other** | **Total** |
| **Major revenue types** | | | | |
| &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $86 | $8 | $— | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 139 | 9 |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 227 | 17 | 1 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange and other | 61 | 1 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 288 | 18 | 1 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $291 | $18 | $1 | $310 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended Sept. 30, 2024** | **Three Months Ended Sept. 30, 2024** | **Three Months Ended Sept. 30, 2024** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **Total** |
| **Major revenue types** | | | |
| &nbsp;&nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;&nbsp;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $81 | $8 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 138 | 6 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 221 | 14 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange and other | 54 | 2 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 275 | 16 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 3 | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $278 | $17 | $295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended Sept. 30, 2025** | **Nine Months Ended Sept. 30, 2025** | **Nine Months Ended Sept. 30, 2025** | **Nine Months Ended Sept. 30, 2025** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **All Other** | **Total** |
| **Major revenue types** | | | | |
| &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $238 | $59 | $— | $297 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 376 | 46 |  | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5 |  | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 619 | 105 | 1 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange and other | 177 | 4 |  | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 796 | 109 | 1 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 7 | 1 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $803 | $110 | $1 | $914 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended Sept. 30, 2024** | **Nine Months Ended Sept. 30, 2024** | **Nine Months Ended Sept. 30, 2024** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **Total** |
| **Major revenue types** | | | |
| &nbsp;&nbsp;Revenue from contracts with customers: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $224 | $50 | $274 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 375 | 36 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 604 | 86 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange and other | 167 | 4 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 771 | 90 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 9 | 2 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $780 | $92 | $872 |

---

**6. Income Taxes**<br>

Reconciliation between the statutory rate and effective tax rate:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended Sept. 30** | **Nine Months Ended Sept. 30** |
| | **2025** | **2024** |
| Federal statutory rate | 21.0% | 21.0% |
| State income tax on pretax income, net of federal tax effect | 6.2 | 6.2 |
| Decreases in tax from: |  |  |
| &nbsp;&nbsp;Plant regulatory differences <sup>(a)</sup> | (4.6) | (4.5) |
| &nbsp;&nbsp;&nbsp;Other, net | (0.2) | (0.2) |
| Effective income tax rate | 22.4% | 22.5% |

---

<sup>(a)</sup>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**<br>

**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.

**Fair Value of Long-Term Debt**

As of Sept. 30, 2025, other financial instruments for which the carrying amount did not equal fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sept. 30, 2025** | **Sept. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** |
|<br>**(Millions of Dollars)** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Long-term debt, including current portion | $1647 | $1588 | $1406 | $1299 |

---

Fair value of NSP-Wisconsin'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. 30, 2025 and Dec. 31, 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**<br>

**Components of Net Periodic Benefit Cost** 

---

| | | |
|:---|:---|:---|
| | **Three Months Ended Sept. 30** | **Three Months Ended Sept. 30** |
| | **2025** | **2024** |
|<br>**(Millions of Dollars)** | **Pension Benefits** | **Pension Benefits** |
| Service cost | $1 | $1 |
| Interest cost <sup>(a)</sup> | 2 | 1 |
| Expected return on plan assets <sup>(a)</sup> | (2) | (2) |
| Amortization of net loss <sup>(a)</sup> | 1 |  |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | 2 |  |
| &nbsp;&nbsp;&nbsp;Net benefit cost recognized for financial reporting | $2 | $— |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended Sept. 30** | **Nine Months Ended Sept. 30** |
| | **2025** | **2024** |
|<br>**(Millions of Dollars)** | **Pension Benefits** | **Pension Benefits** |
| Service cost | $3 | $3 |
| Interest cost <sup>(a)</sup> | 4 | 4 |
| Expected return on plan assets <sup>(a)</sup> | (6) | (6) |
| Amortization of net loss <sup>(a)</sup> | 1 | 1 |
| Settlement charge <sup>(b)</sup> |  | 5 |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | 2 | 7 |
| Effects of regulation | 1 | (2) |
| &nbsp;&nbsp;&nbsp;Net benefit cost recognized for financial reporting | $3 | $5 |

---

<sup>(a)</sup>The components of net periodic cost other than the service cost component are included in the line item "Other income, net" in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.

<sup>(b)</sup>A settlement charge is required when the amount of lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the nine months ended Sept. 30, 2024, as a result of lump-sum distributions during the 2024 plan year, NSP-Wisconsin recorded a pension settlement charge of $5 million, of which $1 million was recognized in the consolidated statement of income after considering the effects of regulation for the nine months ended Sept. 30, 2024.

In January 2025, contributions totaling $125 million were made across Xcel Energy's pension plans, of which $9 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2025.

**9. Commitments and Contingencies**<br>

**Legal**

NSP-Wisconsin 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-Wisconsin's consolidated financial statements. Legal fees are generally expensed as incurred.

***Gas Trading Litigation*** *—* e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada.

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One case remains open, which is the multi-district litigation matter consisting of a Wisconsin purported class (Arandell Corp.). In October 2025, a settlement in principle was reached, resulting in an immaterial loss consistent with previously accrued amounts. This settlement is subject to court approval.

**Rate Matters**

NSP-Wisconsin 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 financial statements.

**Environmental**

New and changing federal and state environmental mandates can create financial liabilities for NSP-Wisconsin, 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-Wisconsin 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-Wisconsin is alleged to have sent wastes to that site.

***MGP, Landfill and Disposal Sites***

NSP-Wisconsin is investigating, remediating or performing post-closure actions at one historical MGP, landfill or other disposal site across its service territories.

NSP-Wisconsin has approximately $10 million of remaining liabilities for resolution of these issues, however, the final 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-Wisconsin 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 are required to perform additional groundwater investigations and/or perform corrective actions, beginning with an Assessment of Corrective Measures.

NSP-Wisconsin expects to incur nominal expenses 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.

NSP-Wisconsin continues to perform site investigation activities related to the CCR Rule, which may result in updates to estimated costs as well as identification of additional required corrective actions.

In July 2025, the EPA issued a proposed rule amending the CCR Legacy rule. The proposal seeks to extend deadlines for various regulatory actions and clarify previous information regarding implementation of the rule. NSP-Wisconsin will monitor the proposed rule and evaluate the impacts of any final rule.

*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-Wisconsin estimates capital expenditures of approximately $4 million may be required to comply with the requirements. NSP-Wisconsin anticipates these costs will be recoverable through regulatory mechanisms.

***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 Wisconsin, as well as other states outside of our service territory.

However, The federal implementation plan is subject to both judicial and administrative stays and the EPA has announced that it intends to reconsider the rule.

Compliance with the published plan would require subject facilities 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, if the rule is implemented, NSP-Wisconsin anticipates the annual costs could be significant but would be recoverable through regulatory mechanisms.

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**10**. **Segment Information**<br>

Segment information and reconciliation to NSP-Wisconsin's consolidated net income:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended Sept. 30, 2025** | **Three Months Ended Sept. 30, 2025** | **Three Months Ended Sept. 30, 2025** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $291 | $18 | $309 |
| Electric fuel and purchased power | 118 |  | 118 |
| Cost of natural gas sold and transported |  | 6 | 6 |
| O&M expenses | 52 | 6 | 58 |
| Depreciation and amortization | 43 | 8 | 51 |
| Other segment expenses, net  | 5 | 1 | 6 |
| Interest charges and financing costs | 16 | 3 | 19 |
| Income tax expense (benefit) | 13 | (2) | 11 |
| Net income (loss) | $44 | $(4) | $40 |
| Total segment net income |  |  | $40 |
| Non-segment net income |  |  | 3 |
| Consolidated net income |  |  | $43 |

---

<sup>(a)</sup>Operating revenues include $59 million of affiliate electric revenue.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended Sept. 30, 2024** | **Three Months Ended Sept. 30, 2024** | **Three Months Ended Sept. 30, 2024** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $278 | $17 | $295 |
| Electric fuel and purchased power | 112 |  | 112 |
| Cost of natural gas sold and transported |  | 6 | 6 |
| O&M expenses | 48 | 7 | 55 |
| Depreciation and amortization | 40 | 7 | 47 |
| Other segment expenses, net  | 7 | 1 | 8 |
| Interest charges and financing costs | 15 | 2 | 17 |
| Income tax expense (benefit) | 13 | (2) | 11 |
| Net income (loss) | $43 | $(4) | $39 |
| Total segment net income |  |  | $39 |
| Non-segment net income |  |  | 2 |
| Consolidated net income |  |  | $41 |

---

<sup>(a)</sup>Operating revenues include $53 million of affiliate electric revenue.

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended Sept. 30, 2025** | **Nine Months Ended Sept. 30, 2025** | **Nine Months Ended Sept. 30, 2025** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $803 | $110 | $913 |
| Electric fuel and purchased power | 327 |  | 327 |
| Cost of natural gas sold and transported |  | 48 | 48 |
| O&M expenses | 158 | 23 | 181 |
| Depreciation and amortization | 127 | 23 | 150 |
| Other segment expenses, net  | 16 | 2 | 18 |
| Interest charges and financing costs | 44 | 6 | 50 |
| Income tax expense | 29 | 2 | 31 |
| Net income | $102 | $6 | $108 |
| Total segment net income |  |  | $108 |
| Non-segment net income |  |  | 3 |
| Consolidated net income |  |  | $111 |

---

<sup>(a)</sup>Operating revenues include $170 million of affiliate electric revenue.

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended Sept. 30, 2024** | **Nine Months Ended Sept. 30, 2024** | **Nine Months Ended Sept. 30, 2024** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $780 | $92 | $872 |
| Electric fuel and purchased power | 324 |  | 324 |
| Cost of natural gas sold and transported |  | 37 | 37 |
| O&M expenses | 149 | 21 | 170 |
| Depreciation and amortization | 116 | 22 | 138 |
| Other segment expenses, net  | 22 | 2 | 24 |
| Interest charges and financing costs | 40 | 5 | 45 |
| Income tax expense | 30 | 1 | 31 |
| Net income | $99 | $4 | $103 |
| Total segment net income |  |  | $103 |
| Non-segment net income |  |  | 4 |
| Consolidated net income |  |  | $107 |

---

<sup>(a)</sup>Operating revenues include $160 million of affiliate electric revenue.

Asset and capital expenditure information is not provided for NSP-Wisconsin's reportable segments. As an integrated electric and natural gas utility, NSP-Wisconsin 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.

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.

Other segment expenses, net, for the reportable segments includes conservation and DSM expenses, taxes (other than income taxes), other income, net, intersegment expenses and AFUDC - equity.

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*[**Table of Contents**](#i4fa7ba07be454564b47739bcad1589c5_7)*

**ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**<br>

Discussion of financial condition and liquidity for NSP-Wisconsin 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-Wisconsin'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 NSP-Wisconsin's core earnings and underlying performance. We believe this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NSP-Wisconsin. For the three and nine months ended Sept. 30, 2025 and 2024, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings.

**Results of Operations**<br>

NSP-Wisconsin's net income was $111 million and $107 million for the nine months ended Sept. 30, 2025 and 2024, respectively. The change was driven by higher recovery of electric and natural gas infrastructure investments, which was offset by increased depreciation and O&M expenses.

**Electric Revenue**

Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality.

---

| | |
|:---|:---|
| **(Millions of Dollars)** | **Nine Months Ended Sept. 30, 2025 vs. 2024** |
| Interchange agreement revenue from NSP-Minnesota | $15 |
| Estimated impact of weather | 8 |
| Recovery of lower cost of electric fuel and purchased power | (5) |
| Other, net | 5 |
| &nbsp;&nbsp;&nbsp;Total increase | $23 |

---

**Natural Gas Revenues**

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

---

| | |
|:---|:---|
| **(Millions of Dollars)** | **Nine Months Ended Sept. 30, 2025 vs. 2024** |
| Recovery of higher cost of natural gas | $13 |
| Estimated impact of weather | 5 |
| &nbsp;&nbsp;&nbsp;Total increase | $18 |

---

***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 increased $11 million year to date. The increase was primarily due to increased commodity prices and volumes.

**Non-Fuel Operating Expenses and Other Items**

***O&M Expenses*** *—* O&M expenses increased $11 million year to date, primarily due to increased interchange agreement billings with NSP-Minnesota and benefits costs.

***Depreciation and Amortization*** *—* Depreciation and amortization increased $12 million year to date, primarily due to system expansion.

**Public Utility Regulation and Other**

The FERC and various state and local regulatory commissions regulate NSP-Wisconsin. The electric and natural gas rates charged to customers of NSP-Wisconsin are approved by the FERC or the regulatory commissions in the states in which it operates.

Rates are designed to recover plant investment, operating costs and an allowed return on investment. NSP-Wisconsin requests changes in utility rates through commission filings.

Changes in operating costs can affect NSP-Wisconsin's financial results, depending on the timing of rate case filings 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-Wisconsin's results of operations.

Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of NSP-Wisconsin's Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u> for the year ended Dec. 31, 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** 

*Excess Liability Insurance Deferral* – In February 2025, NSP-Wisconsin filed a request with the PSCW for deferred accounting treatment for excess liability insurance expense of $9.6 million incurred as a result of the October 2024 policy renewal. The PSCW verbally approved the request in August 2025.

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*Wisconsin Electric and Natural Gas Rate Case* – In March 2025, NSP-Wisconsin filed a request with the PSCW for a multi-year electric and natural gas rate increase.

For the electric utility, NSP-Wisconsin is seeking a total electric revenue increase of $94 million (11.8%) in 2026 and an incremental $57 million (7.1%) in 2027, for a total of $151 million over the two-year period of 2026 and 2027. The electric rate increase is based on electric rate base of $2.9 billion in 2026 and $3.2 billion in 2027. For the natural gas utility, NSP-Wisconsin requested a total natural gas revenue increase of $20 million (12.7%) in 2026 and an incremental $4 million (1.5%) in 2027, for a total of $24 million (14.2%) over the two-year period of 2026 and 2027. The natural gas rate increase is based on natural gas rate base of $0.3 billion in 2026 and $0.4 billion in 2027. Both the electric and natural gas rate requests are based on forward-looking test years, with a 10.0% ROE and an equity ratio of 53.5%.

On August 8, 2025, the PSCW Staff and intervenors filed their direct testimony. The PSCW Staff recommended an electric base rate increase of $115 million or 14.4% over the two-year period. The PSCW Staff additionally recommended a natural gas rate increase of $21 million, or 12.3% over the two-year period, all based on a ROE of 9.7% and an equity ratio of 53.5%.

Intervenors mainly limited their comments on revenue requirements to ROE focusing the majority of their testimony on cost of service, rate design and other policy issues. The major components of the PSCW Staff recommendation are summarized below:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Electric** | **Natural Gas** |
| **NSP-Wisconsin's filed two-year rate request** | $151 | $24 |
| **PSCW Staff recommended adjustments:** |  |  |
| &nbsp;&nbsp;Capital investments <sup>(a)</sup> | (15) | (1) |
| &nbsp;&nbsp;ROE adjustment | (7) | (1) |
| &nbsp;&nbsp;O&M expenses | (6) | (1) |
| &nbsp;&nbsp;Nuclear decommissioning accrual update <sup>(b)</sup> | (6) |  |
| &nbsp;&nbsp;Other, net | (2) |  |
| **Proposed revenue change** | $115 | $21 |

---

<sup>(a)</sup>Capital investment adjustment includes $7 million associated with two MISO LRTP projects that are pending PSCW approval (Grid Forward and Western Wisconsin Transmission Connection). It is PSCW Staff historic practice to recommend adjustments for projects until Commission approval is received. Approval of both LRTP projects is anticipated in the fourth quarter of 2025.

<sup>(b)</sup>Since filing the case, the Minnesota Public Utilities Commission authorized a reduction to the annual nuclear decommissioning accrual. This reduction, which flows to NSP-Wisconsin through the interchange agreement, reduced the NSP-Wisconsin rate request and is earnings neutral.

A PSCW decision is anticipated in the fourth quarter of 2025.

*Michigan Natural Gas Rate Case* – In July 2025, NSP-Wisconsin filed a natural gas rate case in Michigan, seeking a revenue increase of $2.2 million. An MPSC decision is expected in early 2026.

***NSP System***

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 early 2026.

• 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 fourth quarter of 2025.

• NSP-Minnesota and NSP-Wisconsin will continue to file additional RFPs throughout 2025 and 2026 for resource needs approved as part of the 2024 Upper Midwest Resource Plan.

**Other**

***Supply Chain***

NSP-Wisconsin's ability to meet customer energy requirements and growing customer demand, respond to storm-related disruptions, and execute our capital expenditure program are dependent on maintaining an efficient supply chain.

Large global demand for energy-related infrastructure 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.

In addition, manufacturing processes have experienced disruptions related to the scarcity of certain raw materials and interruptions in production and shipping. The impact of inflationary pressures, geopolitical events and federal policies have exacerbated the situation. NSP-Wisconsin continues to monitor the situation as it remains fluid and seeks to mitigate the impacts by securing alternative suppliers and key vendor partners, increasing procurement lead times, modifying design standards, and adjusting the timing of work.

*Tariffs, Trade Complaints and Federal Actions*

Several trade cases related to anti-dumping and countervailing duty investigations are ongoing and we continue to monitor the potential impacts of these cases.

In 2025, several executive orders have been issued imposing new global and country-specific tariffs on many imports, which may impact our procurement and development activities. Additionally, executive orders and actions from government agencies may impact the permitting of wind and solar facilities and the retirement of coal facilities.

NSP-Wisconsin continues to assess the impacts of these tariffs, executive orders, trade complaints and federal policies on its business, including company owned projects and PPAs. NSP-Wisconsin may seek regulatory relief, if required, in its jurisdictions.

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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.

***Tax Law Changes***

On July 4, 2025, the President signed into law Public Law No. 119-21 (the "OBBB"). The OBBB modifies certain clean energy tax provisions included in the Inflation Reduction Act. The provisions include:

• Eliminating production and investment tax credits for wind and solar facilities placed in service after 2027, for facilities that begin construction after July 4, 2026.

• The addition of foreign entity of concern rules that apply to projects commencing construction after 2025.

In August 2025, the U.S. Treasury issued further guidance related to the beginning of construction for clean energy projects.

NSP-Wisconsin does not expect these provisions to have an impact on our 2026-2030 base capital plan, as steps have been taken to begin construction under the IRS' safe harbor guidance.

**Environmental Regulation**<br>

Throughout 2025, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. NSP-Wisconsin will continue to monitor these proposed rules as they move toward final action. Additionally, any other amendments and changes to rules will be evaluated as proposed by the EPA.

**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-Wisconsin 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.

In June 2025, the EPA proposed to repeal these and all other GHG emissions standards for the power sector. In the alternative, the EPA proposed to repeal a narrower subset of the 2024 regulations.

In July 2025, the EPA additionally proposed to repeal the 2009 Endangerment Finding and associated regulations addressing GHG emissions under the Clean Air Act. NSP-Wisconsin will monitor the proposed rules and evaluate the impacts of any final rule.

In September 2025, the EPA proposed to amend the Clean Air Act GHG Reporting Program to scale back reporting and recordkeeping requirements. Under the amended program, NSP-Wisconsin would no longer be required to report GHG emissions to the federal program. NSP-Wisconsin will continue to report GHG emissions as required under state programs. NSP-Wisconsin will monitor the proposed rule and evaluate the impacts of any final rule upon state reporting programs.

*Waste-to-Energy Air Regulations —* In January 2024, the EPA proposed air regulations addressing new and existing large municipal waste combustors. The proposed rules lower current emission standards for certain pollutants and would require installation of new pollution controls and/or more intense use of existing pollution controls at French Island Generating Station. Until final rules are issued, it is not certain what the impact will be on NSP-Wisconsin. NSP-Wisconsin believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

**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-Wisconsin 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-Wisconsin believes the costs will be recoverable through rates based on prior state commission practices.

**ITEM 4 — CONTROLS AND PROCEDURES**<br>

**Disclosure Controls and Procedures**

NSP-Wisconsin 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. 30, 2025, based on an evaluation carried out under the supervision and with the participation of NSP-Wisconsin's management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that NSP-Wisconsin's disclosure controls and procedures were effective.

**Internal Control Over Financial Reporting**

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

**PART II — OTHER INFORMATION**

**ITEM 1 — LEGAL PROCEEDINGS**<br>

NSP-Wisconsin 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.

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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-Wisconsin'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**<br>

NSP-Wisconsin's risk factors are documented in Item 1A of Part I of its Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u> for the year ended Dec. 31, 2024, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072909/000007290925000004/nspw-20241231.htm)</u>.

**ITEM 5 — OTHER INFORMATION**<br>

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. 30, 2025.

**ITEM 6 — EXHIBITS**<br>

\* Indicates incorporation by reference

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit Number** | **Description** | **Report or Registration Statement** | **Exhibit Reference** |
| [3.01\*](https://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv3w01.htm) | [Amended and Restated Articles of Incorporation of NSP-Wisconsin, dated May 28, 1998](https://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv3w01.htm) | NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 3.01 |
| [3.02\*](https://www.sec.gov/Archives/edgar/data/72909/000007290919000004/nspwbylaws-amended012519.htm) | [Amended and Restated Bylaws of NSP-Wisconsin, dated Jan. 25, 2019](https://www.sec.gov/Archives/edgar/data/72909/000007290919000004/nspwbylaws-amended012519.htm) | NSP-Wisconsin Form 10-K for the year ended Dec. 31, 2018 | 3.02 |
| [31.01](nspwex3101q32025.htm) | [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](nspwex3101q32025.htm) |  |  |
| [31.02](nspwex3102q32025.htm) | [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](nspwex3102q32025.htm) |  |  |
| [32.01](nspwex3201q32025.htm) | [Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](nspwex3201q32025.htm) |  |  |
| 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 | Inline XBRL Schema | Inline XBRL Schema |
| 101.CAL | Inline XBRL Calculation | Inline XBRL Calculation | Inline XBRL Calculation |
| 101.DEF | Inline XBRL Definition | Inline XBRL Definition | Inline XBRL Definition |
| 101.LAB | Inline XBRL Label | Inline XBRL Label | Inline XBRL Label |
| 101.PRE | Inline XBRL Presentation | Inline XBRL Presentation | Inline XBRL Presentation |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

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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 Wisconsin corporation)** |
| October 30, 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) |

---

## Exhibit 31.01

**Exhibit 31.01**

**CERTIFICATION**

I, Robert C. Frenzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-Q of Northern States Power Company (a Wisconsin corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2025

---

| |
|:---|
| /s/ ROBERT C. FRENZEL |
| Robert C. Frenzel |
| Chairman, Chief Executive Officer and Director |
| (Principal Executive Officer) |

---

## Exhibit 31.02

**Exhibit 31.02**

**CERTIFICATION**

I, Brian J. Van Abel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-Q of Northern States Power Company (a Wisconsin corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2025

---

| |
|:---|
| /s/ BRIAN J. VAN ABEL |
| Brian J. Van Abel |
| Executive Vice President, Chief Financial Officer and Director |
| (Principal Financial Officer) |

---

## Exhibit 32.01

**Exhibit 32.01**

**OFFICER CERTIFICATION**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Northern States Power Company, a Wisconsin Corporation (NSP-Wisconsin) on Form 10-Q for the quarter ended Sept. 30, 2025, as filed with the SEC on the date hereof (Form 10-Q), each of the undersigned officers of NSP-Wisconsin certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

(1)The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of NSP-Wisconsin as of the dates and for the periods expressed in the Form 10-Q.

Date: October 30, 2025

---

| |
|:---|
| /s/ ROBERT C. FRENZEL |
| Robert C. Frenzel |
| Chairman, Chief Executive Officer and Director |
| (Principal Executive Officer) |
| /s/ BRIAN J. VAN ABEL |
| Brian J. Van Abel |
| Executive Vice President, Chief Financial Officer and Director |
| (Principal Financial Officer) |

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The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to NSP-Wisconsin and will be retained by NSP-Wisconsin and furnished to the SEC or its staff upon request.