# EDGAR Filing Document

**Accession Number:** 0000072903
**File Stem:** 0000072903-26-000075
**Filing Date:** 2026-5
**Character Count:** 11015
**Document Hash:** fc642b11c200ba691905b614cf8b51f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000072903-26-000075.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0000072903-26-000075

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260501

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XCEL ENERGY INC
- **CENTRAL INDEX KEY:** 0000072903
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 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:** 26943277

**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]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 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:** 26943278

**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' encoding='ASCII'? xel-20260501

**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) May 1, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 |  |

---

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:

---

| | | |
|:---|:---|:---|
| **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 |
| 6.25% Junior Subordinated Notes due 2085 | XELLL | Nasdaq Stock Market LLC |

---

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>

In November 2025, 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 New Mexico Public Regulation Commission (NMPRC) seeking a revenue increase of $168 million (16.0%) as updated in March 2026. The request is based on a future test year period ending Nov. 30, 2027, a return on equity (ROE) of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.

On May 1, 2026, eight intervenors filed testimony, with the NMPRC Staff (Staff), the New Mexico Department of Justice (NMDOJ), New Mexico Large Customer Group (NMLCG), and Louisiana Energy Services & Federal Executive Agencies (LES-FEA) filing comprehensive testimony.

SPS estimates the impact of proposed modifications to SPS' request below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **Staff** | **NMDOJ** | **NMLCG** | **LES-FEA** |
| **SPS direct testimony** | $168 | $168 | $168 | $168 |
| **Recommended base rate adjustments:** |  |  |  |  |
| Jurisdictional allocators | (57) |  | (2) |  |
| ROE and capital structure | (25) | (63) | (92) | (29) |
| Purchased power capacity costs | (20) |  | (15) | (5) |
| Regulatory amortizations | (13) |  | (10) | (8) |
| Depreciation expense |  |  | (13) | (7) |
| Other, net | (5) |  | (8) | (6) |
| &nbsp;&nbsp;**Total adjustments** | (120) | (63) | (140) | (55) |
| **Total proposed revenue change** | $48 | $105 | $28 | $113 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Recommended Position** | **Staff** | **NMDOJ** | **NMLCG** | **LES-FEA** |
| ROE | 9.75% | 8.77% | 8.10% | 9.45% |
| Equity ratio | 54.76 | 50.00 | 43.00 | N/A |

---

The next steps in the procedural schedule are expected to be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rebuttal testimony: May 29, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hearing: July 7, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• End of rate suspension: Nov. 30, 2026

A NMPRC decision and implementation of final rates is anticipated in the fourth quarter of 2026.

------

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 those relating to our expectations and intentions regarding regulatory proceedings, 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 SPS' Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 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; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors or third-parties; our ability to recover costs; risks associated with the growth in large load customers; 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; 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.

------

**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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| | |
|:---|:---|
| May 5, 2026 | **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 |

---