# EDGAR Filing Document

**Accession Number:** 0000081018
**File Stem:** 0000081018-26-000003
**Filing Date:** 2026-2
**Character Count:** 394490
**Document Hash:** e37d32708b679e9ef586bdaafa7d6253
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000081018-26-000003.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000081018-26-000003

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 109

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUBLIC SERVICE CO OF COLORADO
- **CENTRAL INDEX KEY:** 0000081018
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840296600
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03280
- **FILM NUMBER:** 26679989

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 BLAKE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80205
- **BUSINESS PHONE:** 3035717511

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 840 STE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201

?xml version='1.0' encoding='ASCII'? psco-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K** 

**(Mark One)**

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

**For the fiscal year ended December 31, 2025 or**

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

**For the transition period from _____ to _____**

---

| |
|:---|
| **001-03280** |
| (Commission File Number) |

---

---

| |
|:---|
| **Public Service Company of Colorado** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Colorado** | **Colorado** | **Colorado** | **84-0296600** |
| (State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
| **3500 Blake Street,** | **Denver** | **Colorado** | **80205** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

---

| | |
|:---|:---|
| **303** | **571-7511** |
| (Registrant's Telephone Number, Including Area Code) | (Registrant's Telephone Number, Including Area Code) |

---

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 |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of Feb. 25, 2026, 100 shares of common stock, par value $0.01 per share, were outstanding, all of which were held by Xcel Energy Inc., a Minnesota corporation.

**DOCUMENTS INCORPORATED BY REFERENCE**

The information required by Item 14 of Form 10-K is set forth under the heading "Independent Registered Public Accounting Firm – Audit and Non-Audit Fees" in Xcel Energy Inc.'s definitive Proxy Statement for the 2026 Annual Meeting of Shareholders which definitive Proxy Statement is expected to be filed with the SEC on or about April 7, 2026. Such information set forth under such heading is incorporated herein by this reference hereto.

Public Service Company of Colorado meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format permitted by General Instruction I(2).

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** | | |
| Item 1 — | [Business](#i13db71c58bbb4a75a2c6103440bad309_13) | [3](#i13db71c58bbb4a75a2c6103440bad309_13) |
| Item 1A — | [Risk Factors](#i13db71c58bbb4a75a2c6103440bad309_67) | [8](#i13db71c58bbb4a75a2c6103440bad309_67) |
| Item 1B — | [Unresolved Staff Comments](#i13db71c58bbb4a75a2c6103440bad309_70) | [15](#i13db71c58bbb4a75a2c6103440bad309_70) |
| Item 1C — | [Cybersecurity](#i13db71c58bbb4a75a2c6103440bad309_73) | [15](#i13db71c58bbb4a75a2c6103440bad309_73) |
| Item 2 — | [Properties](#i13db71c58bbb4a75a2c6103440bad309_76) | [16](#i13db71c58bbb4a75a2c6103440bad309_76) |
| Item 3 — | [Legal Proceedings](#i13db71c58bbb4a75a2c6103440bad309_79) | [16](#i13db71c58bbb4a75a2c6103440bad309_79) |
| Item 4 — | [Mine Safety Disclosures](#i13db71c58bbb4a75a2c6103440bad309_82) | [16](#i13db71c58bbb4a75a2c6103440bad309_82) |
| **PART II** |  |  |
| Item 5 — | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i13db71c58bbb4a75a2c6103440bad309_88) | [16](#i13db71c58bbb4a75a2c6103440bad309_88) |
| Item 6 — | [\[Reserved\]](#i13db71c58bbb4a75a2c6103440bad309_91) | [16](#i13db71c58bbb4a75a2c6103440bad309_91) |
| Item 7 — | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i13db71c58bbb4a75a2c6103440bad309_94) | [17](#i13db71c58bbb4a75a2c6103440bad309_94) |
| Item 7A — | [Quantitative and Qualitative Disclosures About Market Risk](#i13db71c58bbb4a75a2c6103440bad309_109) | [20](#i13db71c58bbb4a75a2c6103440bad309_109) |
| Item 8 — | [Financial Statements and Supplementary Data](#i13db71c58bbb4a75a2c6103440bad309_112) | [21](#i13db71c58bbb4a75a2c6103440bad309_112) |
| Item 9 — | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i13db71c58bbb4a75a2c6103440bad309_199) | [48](#i13db71c58bbb4a75a2c6103440bad309_199) |
| Item 9A — | [Controls and Procedures](#i13db71c58bbb4a75a2c6103440bad309_202) | [48](#i13db71c58bbb4a75a2c6103440bad309_202) |
| Item 9B — | [Other Information](#i13db71c58bbb4a75a2c6103440bad309_205) | [49](#i13db71c58bbb4a75a2c6103440bad309_205) |
| Item 9C — | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i13db71c58bbb4a75a2c6103440bad309_208) | [49](#i13db71c58bbb4a75a2c6103440bad309_205) |
| **PART III** |  |  |
| Item 10 — | [Directors, Executive Officers and Corporate Governance](#i13db71c58bbb4a75a2c6103440bad309_214) | [49](#i13db71c58bbb4a75a2c6103440bad309_214) |
| Item 11 — | [Executive Compensation](#i13db71c58bbb4a75a2c6103440bad309_217) | [49](#i13db71c58bbb4a75a2c6103440bad309_217) |
| Item 12 — | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i13db71c58bbb4a75a2c6103440bad309_220) | [49](#i13db71c58bbb4a75a2c6103440bad309_220) |
| Item 13 — | [Certain Relationships and Related Transactions, and Director Independence](#i13db71c58bbb4a75a2c6103440bad309_223) | [49](#i13db71c58bbb4a75a2c6103440bad309_223) |
| Item 14 — | [Principal Accountant Fees and Services](#i13db71c58bbb4a75a2c6103440bad309_226) | [49](#i13db71c58bbb4a75a2c6103440bad309_226) |
| **PART IV** |  |  |
| Item 15 — | [Exhibits and Financial Statement Schedules](#i13db71c58bbb4a75a2c6103440bad309_232) | [50](#i13db71c58bbb4a75a2c6103440bad309_232) |
| Item 16 — | [Form 10-K Summary](#i13db71c58bbb4a75a2c6103440bad309_238) | [52](#i13db71c58bbb4a75a2c6103440bad309_238) |
| **[Signatures](#i13db71c58bbb4a75a2c6103440bad309_241)** | **[Signatures](#i13db71c58bbb4a75a2c6103440bad309_241)** | [53](#i13db71c58bbb4a75a2c6103440bad309_241) |

---

This Form 10-K is filed by PSCo. PSCo 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.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**PART I**

**ITEM 1 — BUSINESS**<br>

**Definitions of Abbreviations**

---

| | |
|:---|:---|
| ***Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former)*** | ***Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former)*** |
| NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
| 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 |
| WYCO | WYCO Development, LLC |
| Xcel Energy | Xcel Energy Inc. and its subsidiaries |

---

---

| | |
|:---|:---|
| ***Federal and State Regulatory Agencies*** | ***Federal and State Regulatory Agencies*** |
| CPUC | Colorado Public Utilities Commission |
| DOT | United States Department of Transportation |
| EPA | United States Environmental Protection Agency |
| FERC | Federal Energy Regulatory Commission |
| IRS | Internal Revenue Service |
| NERC | North American Electric Reliability Corporation |
| NIST | National Institute of Standards and Technology |
| PHMSA | Pipeline and Hazardous Materials Safety Administration |
| SEC | Securities and Exchange Commission |

---

---

| | |
|:---|:---|
| ***Electric, Purchased Gas and Resource Adjustment Clauses*** | ***Electric, Purchased Gas and Resource Adjustment Clauses*** |
| DSM | Demand side management |
| GCA | Gas cost adjustment |
| GMAC | Grid modernization adjustment clause |
| RES | Renewable energy standard |

---

---

| | |
|:---|:---|
| ***Other*** | ***Other*** |
| AFUDC | Allowance for funds used during construction |
| ALJ | Administrative law judge |
| ARO | Asset retirement obligation |
| ARRR | Application for rehearing, reargument or reconsideration |
| ASC | Financial Accounting Standards Board Accounting Standards Codification |
| ASU | Accounting standards update |
| C&I | Commercial and Industrial |
| CCR | Coal combustion residuals |
| CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste |
| CEO | Chief executive officer |
| CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act |
| CFO | Chief financial officer |
| CIG | Colorado Interstate Gas Company, LLC |
| CO2 | Carbon dioxide |
| COD | Commercial operation date |
| CWIP | Construction work in progress |

---

---

| | |
|:---|:---|
| CPCN | Certificate of public convenience and necessity |
| ETR | Effective tax rate |
| FASB | Financial Accounting Standards Board |
| GAAP | Generally accepted accounting principles |
| GHG | Greenhouse gas |
| IPP | Independent power producing entity |
| ISO | Independent system operator |
| ITC | Investment tax credit |
| MGP | Manufactured gas plant |
| Native load | Customer demand of retail and wholesale customers whereby a utility has an obligation to serve under statute or long-term contract |
| NAV | Net asset value |
| NOL | Net operating loss |
| O&M | Operating and maintenance |
| OBBB | One Big Beautiful Bill Act |
| ONES | Operations, Nuclear, Environmental and Safety |
| PIM | Performance incentive mechanism |
| PFAS | Per- and polyfluoroalkyl Substances |
| Post-65 | Post-Medicare |
| PPA | Power purchase agreement |
| Pre-65 | Pre-Medicare |
| PTC | Production tax credit |
| REC | Renewable energy credit |
| RFP | Request for proposal |
| ROE | Return on equity |
| ROU | Right-of-use |
| RTO | Regional transmission organization |
| S&P | Standard & Poor's Global Ratings |
| SIP | State implementation plan |
| SPP | Southwest Power Pool, Inc. |
| TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act |
| VaR | Value at risk |
| VIE | Variable interest entity |

---

---

| | |
|:---|:---|
| ***Measurements*** | ***Measurements*** |
| Bcf | Billion cubic feet |
| KV | Kilovolts |
| KWh | Kilowatt hours |
| MMBtu | Million British thermal units |
| MW | Megawatts |
| MWh | Megawatt hours |

---

**Where to Find More Information**<br>

PSCo is a wholly owned subsidiary of Xcel Energy Inc., and Xcel Energy's website address is www.xcelenergy.com. Xcel Energy makes available, free of charge through its website, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy's website is not a part of, or incorporated by reference in, this annual report on Form 10-K.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**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 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 interest rate changes, increased credit exposure and 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 elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 (including risk factors listed from time to time by PSCo in reports filed with the SEC, including "Risk Factors" in Item 1A of this Annual Report on Form 10-K), 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, and 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 PSCo 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.

**Company Overview**

---

| | | | |
|:---|:---|:---|:---|
| Electric customers | 1.6 million | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Natural gas customers | 1.5 million | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Total assets | $31.8 billion | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Rate Base (estimated) | $23.8 billion | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| GAAP ROE | 5.66% | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Ongoing ROE (See Item 7) | 7.55% | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Electric generating capacity (owned) | 6,500 MW | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Gas storage capacity | 32.1 Bcf | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Electric transmission lines (conductor miles) | 27,000 miles | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Electric distribution lines (conductor miles) | 84,000 miles | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) | PSCo was incorporated in 1924 under the laws of Colorado. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.  |
| Natural gas transmission lines | 2,000 miles | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) |  |
| Natural gas distribution lines | 24,000 miles | ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) |  |
| ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) |  |  |  |
| ![Map-PSCo-1955-blk-tilt.jpg](psco-20251231_g1.jpg) |  |  |  |

---

**Electric Operations**<br>

Electric operations consist of energy supply, generation, transmission and distribution activities. PSCo had electric sales volume of 34,369 (millions of KWh), 1.6 million customers and electric revenues of $4,127 million for 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Electric Operations (percentage of total)** | **Sales Volume** | **Number of Customers** | **Revenues** |
| Residential | 28% | 86% | 33% |
| C&I | 53 | 11 | 44 |
| Other | 19 | 3 | 23 |

---

***Retail Sales/Revenue Statistics*** <sup>(a)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| KWH sales per retail customer | 17579 |  | 17767 |  |
| Revenue per retail customer | $2011 |  | $1984 |  |
| Residential revenue per KWh | 14.27 | ¢ | 13.82 | ¢ |
| C&I revenue per KWh | 9.81 | ¢ | 9.61 | ¢ |
| Total retail revenue per KWh | 11.44 | ¢ | 11.17 | ¢ |

---

<sup>(a)</sup>See Note 6 to the consolidated financial statements for further information.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

***Owned and Purchased Energy Generation*** *—* ***2025***

![378](psco-20251231_g2.jpg)

**Electric Energy Sources**

Total electric energy generation by source for the year ended Dec. 31:

![2025 Leading the Clean Energy Transition-PSCO.jpg](psco-20251231_g3.jpg)

***Carbon–Free***

PSCo's carbon–free energy portfolio includes wind, hydroelectric and solar power from both owned generating facilities and PPAs. Carbon–free percentages will vary year over year based on system additions, commodity costs, weather, system demand and transmission constraints.

See Item 2 — Properties for further information.

*Wind* 

Wind capacity is shown as net maximum capacity. Net maximum capacity is attainable only when wind conditions are sufficiently available

*Owned* — Owned and operated wind farms with corresponding capacity:

---

| | | | |
|:---|:---|:---|:---|
| **2025** | **2025** | **2024** | **2024** |
| **Wind Farms** | **Capacity (MW)** | **Wind Farms** | **Capacity (MW)** |
| 2 | 1,059 | 2 | 1,059 |

---

*PPAs* — Number of PPAs with capacity range:

---

| | | | |
|:---|:---|:---|:---|
| **2025** | **2025** | **2024** | **2024** |
| **PPAs** | **Range (MW)** | **PPAs** | **Range (MW)** |
| 16 | 23 — 301 | 16 | 23 — 301 |

---

Current contracted wind capacity for PPAs was 2,996 MW in 2025 and 2024.

In 2025, the average cost of wind energy was $2 per MWh for owned generation and $44 per MWh under existing PPAs. In 2024, the average cost of wind energy was $4 per MWh for owned generation and $43 per MWh under existing PPAs. The cost of owned wind includes the impact of PTCs.

*Solar* 

*Owned* — Owned and operated solar projects with corresponding capacity:

---

| | | | |
|:---|:---|:---|:---|
| **2025** | **2025** | **2024** | **2024** |
| **Solar Projects** <sup>(a)</sup> | **Capacity (MW)** | **Solar Projects** | **Capacity (MW)** |
| 1 | 325 |  |  |

---

<sup>(a)</sup>PSCo placed in service Rocky Mountain Solar in 2025. Average cost per MWh will be available after a full year of operations.

*PPAs* — Solar PPAs capacity by type:

---

| | |
|:---|:---|
| **Type** | **Capacity (MW)** |
| Distributed Generation | 1184 |
| Utility-Scale <sup>(a)</sup> | 1530 |
| &nbsp;&nbsp;Total | 2714 |

---

<sup>(a)</sup>Includes battery storage capacity of 225 MW.

The average cost of solar energy under existing distributed and utility-scale generation PPAs was $31 per MWh in both 2025 and 2024.

*Other*

PSCo's other carbon-free energy portfolio includes hydro from owned generating facilities.

See Item 2 — Properties for further information.

***Fossil Fuel***

PSCo's fossil fuel energy portfolio includes coal and natural gas power from both owned generating facilities and PPAs.

See Item 2 — Properties for further information.

*Coal* 

PSCo owns and operates coal units with approximately 1,650 MW of total 2025 net summer dependable capacity. This amount includes the coal unit at Pawnee, which is in the process of being converted to natural gas (net summer dependable capacity of 505 MW).

Approved early coal plant retirements:

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Plant Unit** | **Capacity (MW)** | |
| 2026 | Craig 1 <sup>(a)</sup> | 42 | <sup>(b)</sup> |
| 2026 | Comanche 2 <sup>(c)</sup> | 330 |  |
| 2027 | Hayden 2 | 98 | <sup>(b)</sup> |
| 2028 | Hayden 1 | 135 | <sup>(b)</sup> |
| 2028 | Craig 2 | 40 | <sup>(b)</sup> |
| 2030 | Comanche 3 | 500 | <sup>(b)</sup> |

---

<sup>(a)</sup>In December 2025, the DOE issued an emergency order pursuant to section 202(c) of the Federal Power Act to Tri-State Generation and Transmission Association and other co-owners – including Xcel Energy – directing the co-owners to take all measures necessary to ensure that Unit 1 at the Craig Station in Craig, Colorado is available to operate. This order is in effect from December 30, 2025 through March 30, 2026. PSCo is working with Tri-State and the other partners in complying with the order.

<sup>(b)</sup>Based on PSCo's ownership interest.

<sup>(c)</sup>In December 2025, the CPUC issued a decision approving a variance that allows for the continued operation of Comanche Unit 2 in 2026, past the previously established retirement date of Dec. 31, 2025. The decision was issued in response to a joint petition filed by the trial staff of the CPUC, the Colorado Energy Office, the Colorado Office of the Utility Consumer Advocate, and PSCo seeking to modify the Comanche Unit 2 retirement date. PSCo also entered into an agreement with the Colorado Department of Public Health and Environment that establishes compliance obligations for continued operation of the unit through 2026.

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*Coal Fuel Cost —* Delivered cost per MMBtu of coal consumed for owned electric generation and the percentage of total fuel requirements (coal and natural gas):

---

| | | |
|:---|:---|:---|
| | **Coal** | **Coal** |
| | **Cost** | **Percent** |
| 2025 | $1.71 | 42% |
| 2024 | 1.91 | 44 |

---

*Natural Gas* 

PSCo owns and operates natural gas plants with approximately 3,300 MW of total 2025 net summer dependable capacity.

Natural gas supplies, transportation and storage services for power plants are procured to provide an adequate supply of fuel. Remaining requirements are procured through a liquid spot market. Generally, natural gas supply contracts have variable pricing that is tied to natural gas indices. Natural gas supply and transportation agreements include obligations for the purchase and/or delivery of specified volumes or payments in lieu of delivery.

*Natural Gas Cost —* Delivered cost per MMBtu of natural gas consumed for owned electric generation and the percentage of total fuel requirements (coal and natural gas):

---

| | | |
|:---|:---|:---|
| | **Natural Gas** | **Natural Gas** |
| | **Cost** | **Percent** |
| 2025 | $3.63 | 58% |
| 2024 | 2.77 | 56 |

---

**Capacity and Demand**

Uninterrupted system peak demand and occurrence date:

---

| | | | |
|:---|:---|:---|:---|
| **2025** | **2025** | **2024** | **2024** |
| **MW** | **Date** | **MW** | **Date** |
| 7,010 | July 28 | 7,084 | Aug. 1 |

---

**Transmission**

Transmission lines deliver electricity over long distances from power sources to substations closer to customers. A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support for a diverse generation mix, including renewable energy. PSCo owns approximately 27,000 conductor miles of transmission lines across its service territory.

See Item 2 - Properties for further information.

**Distribution**

Distribution lines allow electricity to travel at lower voltages from substations directly to customers. PSCo has a vast distribution network, owning and operating approximately 84,000 conductor miles of distribution lines across our service territory.

See Item 2 - Properties for further information.

**Natural Gas Operations**

Natural gas operations consist of purchase, transportation and distribution of natural gas to end-use residential, C&I and transport customers. PSCo had natural gas deliveries of 282,999 (thousands of MMBtu), 1.5 million customers and natural gas revenues of $1,499 million for 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Natural Gas <br>(percentage of total)** | **Deliveries** | **Number of Customers** | **Revenues** |
| Residential | 32% | 93% | 60% |
| C&I | 16 | 7 | 25 |
| Transportation and other | 52 | <1 | 15 |

---

***Sales/Revenue Statistics*** <sup>(a)</sup>

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| MMBtu sales per retail customer | 90 | 93 |
| Revenue per retail customer | $847 | $853 |
| Residential revenue per MMBtu | 9.85 | 9.57 |
| C&I revenue per MMBtu | 8.50 | 8.31 |
| Transportation and other revenue per MMBtu | 1.08 | 0.98 |

---

<sup>(a)</sup>See Note 6 to the consolidated financial statements for further information.

**Capability and Demand**

Natural gas supply requirements are categorized as firm or interruptible.

Maximum daily output (firm and interruptible) and occurrence date:

---

| | | | |
|:---|:---|:---|:---|
| **2025** | **2025** | **2024** | **2024** |
| **MMBtu** | **Date** | **MMBtu** | **Date**  |
| 2148039 | Jan. 20 | 2357931 | Jan.15 |

---

**Natural Gas Supply and Cost**

PSCo seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which increases flexibility and decreases interruption, financial risks and customer rates. In addition, PSCo conducts natural gas price hedging activities approved by its state's commissions.

Average delivered cost per MMBtu of natural gas for regulated retail distribution:

---

| | |
|:---|:---|
| **2025** | **2024** |
| $3.68 | $3.36 |

---

PSCo has natural gas supply transportation and storage agreements that include obligations for purchase and/or delivery of specified volumes or to make payments in lieu of delivery.

**General**

**General Economic Conditions**

Economic conditions may have a material impact on PSCo's operating results. Management cannot predict the impact of fluctuating energy or commodity prices, pandemics, terrorist activity, war or the threat of war. We could experience a material impact to our results of operations, future growth or ability to raise capital resulting from a sustained general slowdown in economic growth or a significant increase in interest rates or inflation.

**Seasonality**

Demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, PSCo's operations have historically generated less revenues and income when weather conditions are warmer in the winter and cooler in the summer. Decoupling mechanisms mitigate the impacts of weather in certain jurisdictions. PSCo's electric decoupling mechanism expired in September.

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**Competition**

PSCo is subject to public policies that promote competition and development of energy markets. PSCo's industrial and large commercial customers have the ability to generate their own electricity. In addition, customers may have the option of substituting other fuels or relocating their facilities to a lower cost region.

Customers have the opportunity to supply their own power with distributed generation including solar generation and can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them.

Colorado has incentives for the development of rooftop solar, community solar gardens and other distributed energy resources. Distributed generating resources are potential competitors to PSCo's electric service business with these incentives and federal tax subsidies.

The FERC has continued to promote competitive wholesale markets through open access transmission and other means. PSCo's wholesale customers can purchase energy from other generation resources and transmission services from other service providers to serve their native load.

FERC Order No. 1000 established competition for ownership of certain new electric transmission facilities under Federal regulations. Some states have state laws that allow the incumbent a Right of First Refusal to own these transmission facilities.

FERC Order 2222 requires that RTO and ISO markets allow participation of aggregations of distributed energy resources. This order is expected to incentivize distributed energy resource adoption, however implementation is expected to vary by RTO/ISO and the near, medium, and long-term impacts of Order 2222 remain unclear.

PSCo has franchise agreements with cities subject to periodic renewal; however, a city could seek alternative means to access electric power or gas, such as municipalization. No municipalization activities are occurring presently.

While facing these challenges, PSCo believes its rates and services are competitive with alternatives currently available.

**Governmental Regulations**

**Public Utility Regulation**

See Item 7 for discussion of public utility regulation.

**Environmental Regulation** 

Our facilities are regulated by federal and state agencies that have jurisdiction over air emissions, water quality, wastewater discharges, solid and hazardous wastes or substances. Certain PSCo activities require registrations, permits, licenses, inspections and approvals from these agencies.

PSCo has received necessary authorizations for the construction and continued operation of its generation, transmission and distribution systems. Our facilities strive to operate in compliance with applicable environmental standards and related monitoring and reporting requirements.

There are significant environmental regulations to encourage use of clean energy technologies and regulate emissions of GHGs. PSCo has undertaken numerous initiatives to meet current requirements and prepare for potential future regulations, reduce GHG emissions and respond to state renewable and energy efficiency goals. Future environmental regulations may result in substantial costs. However, costs to comply with past environmental regulations have largely been recoverable through rates.

**Emerging Environmental Regulation**

Throughout 2025, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. PSCo 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.

Based on current estimates and assumptions, PSCo 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 February 2026, the EPA issued a final rule repealing the 2009 Endangerment Finding and associated regulations addressing GHG emissions from the transportation sector under the Clean Air Act. PSCo will monitor any additional proposed rules and evaluate the impacts of any final rule on the utility sector.

*Regional Haze* — In July 2025, the EPA proposed to partially approve and partially disapprove the 2022 Colorado SIP revision implementing the Regional Haze rule in Colorado. The proposal sought to remove mandatory retirement dates as enforceable provisions in the SIP.

In January 2026, the EPA issued a final rule fully disapproving the 2022 Colorado SIP revision, thereby removing the mandatory retirement dates. The removal of the retirement dates from a federally approved SIP would only impact whether the SIP provisions become federally enforceable. Colorado has a state regulation that reflects the SIP requirements, including retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2 at a state level and would require amendment to modify or remove retirement dates.

**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. PSCo 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.

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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, PSCo believes the costs will be recoverable through rates based on prior state commission practices.

**Effluent Limitation Guidelines**

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

**Other**

Our operations are subject to workplace safety standards under the Federal Occupational Safety and Health Act of 1970 ("OSHA") and comparable state laws that regulate the protection of worker health and safety. In addition, the Company is subject to other government regulations impacting such matters as labor, competition, data privacy, etc. Based on information to date and because our policies and business practices are designed to comply with all applicable laws, we do not believe the effects of compliance on our operations, financial condition or cash flows are material.

**Employees**

As of Dec. 31, 2025, PSCo had 2,224 full-time employees and 14 part-time employees, of which 1,691 were covered under collective-bargaining agreements.

**ITEM 1A — RISK FACTORS**<br>

Xcel Energy, which includes PSCo, is subject to a variety of risks, many of which are beyond our control. Risks that may adversely affect the business, financial condition, results of operations or cash flows are described below. Although the risks are organized by heading, and each risk is described separately, many of the risks are interrelated. These risks should be carefully considered together with the other information set forth in this report and future reports that PSCo files with the SEC.

While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, financial condition, results of operations or cash flows in the future.

**Risks Associated with Our Business**

**Operational Risks**

***Our natural gas and electric generation/transmission and distribution operations involve numerous risks that may result in accidents and other operating risks and costs.***

Our natural gas transmission and distribution activities include inherent hazards and operating risks, such as leaks, explosions, outages and mechanical problems. Our electric generation, transmission and distribution activities include inherent hazards and operating risks such as contact, fire and outages. These risks could result in loss of life, significant property damage, environmental pollution, impairment of our operations and substantial financial losses to customers, the public, employees or third-party contractors. We maintain insurance against most, but not all, of these risks and losses.

The occurrence of these events, if not fully covered by insurance, could have a material effect on our financial condition, results of operations and cash flows as well as potential reputational impact.

Additionally, compliance with existing and potential new regulations related to the operation and maintenance of our natural gas infrastructure could result in significant costs. The PHMSA is responsible for administering the DOT's national regulatory program to assure the safe transportation of natural gas, petroleum and other hazardous materials by pipelines. The PHMSA continues to develop regulations and other approaches to risk management to assure safety in design, construction, testing, operation, maintenance and emergency response of natural gas pipeline infrastructure. We have programs in place to comply with these regulations, however, a significant incident or material finding of non-compliance could result in penalties and higher costs of operations.

Our natural gas and electric transmission and distribution operations are dependent upon complex information technology systems and network infrastructure, the failure of which could disrupt our normal business operations, which could have a material adverse effect on our ability to process transactions and provide services.

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Other uncertainties and risks inherent in operating and maintaining PSCo's facilities include, but are not limited to:

• Risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned.

• Failures in the availability, acquisition or transportation of fuel or other supplies.

• Impact of adverse weather conditions and natural disasters, including, wildfires, tornadoes, avalanches, icing events, floods, high winds, droughts and the availability or changes to wind patterns.

• Performance below expected or contracted levels of output or efficiency.

• Availability of replacement or new equipment.

• Availability of adequate water resources and ability to satisfy water intake and discharge requirements.

• Inability to identify, manage properly or mitigate equipment defects.

• Use of new or unproven technology.

• Inability to use information effectively given the rapidly increasing volume of data.

• Risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation and lack of available alternative fuel sources.

• Risks associated with increased reliance on natural gas generation, including gas price volatility and supply constraints during extreme weather events.

• Increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes.

• Risks of thermal runaway incidents associated with large battery storage facilities

• Risks associated with aging infrastructure.

• Risks associated with failures of other business processes and systems.

• Risks associated with regulatory requirements that may extend the operation of our coal facilities beyond planned retirement dates and require additional investments.

• Inability to deliver energy across transmission facilities, including due to congestion, outages, extreme weather, physical or cyber events, delays in construction or upgrades, permitting or siting challenges, or interconnection constraints.

***Our utility operations, resource adequacy and system reliability are subject to long-term planning and project risks.***

Our ability to reliably serve customer demand depends on the availability of sufficient generation and capacity resources. Changes in load growth, resource retirements, accreditation of resources, generation performance, extreme weather events, or delays in development or delivery of new resources, including the necessary transmission infrastructure, could affect resource adequacy and system reliability.

Most utility investments are planned to be used for decades. Transmission and generation investments typically have long lead times and are planned well in advance of in-service dates and typically subject to long-term resource plans. These plans are based on numerous assumptions such as: sales growth, customer usage, commodity prices, economic activity, costs, regulatory mechanisms, customer behavior, available technology, equipment availability and public policy. Our long-term resource plan is dependent on our ability to obtain required approvals, develop necessary technical expertise, allocate and coordinate sufficient resources and adhere to budgets and timelines.

In addition, the long-term nature of both our planning processes and our asset lives are subject to risk. The utility sector is undergoing significant change (e.g., the addition of large loads, increases in energy efficiency, wider adoption of distributed generation and shifts away from fossil fuel generation to renewable generation). Customer adoption of these technologies and increased energy efficiency or other reductions in expected sales growth could result in excess transmission and generation resources, downward pressure on sales growth, and potentially stranded costs if we are not able to fully recover costs and investments. Additionally, increasing uncertainty surrounding federal policy to renewable deployment could negatively impact wind, solar and storage development.

The magnitude and timing of resource additions and changes in customer demand may not coincide with evolving customer preference for generation resources and end-uses, which introduces further uncertainty into long-term planning. Efforts to electrify the transportation and building sectors to reduce GHG emissions may result in higher electric demand and lower natural gas demand over time. New data centers and crypto mining facilities could generate significant increase in demand. Higher electric demand may require us to adopt new technologies and make significant generation, transmission and distribution investments including advanced grid infrastructure, which increases exposure to overall grid instability and technology obsolescence. Enterprise level financial and customer billing technology systems may be unable to support the increasing customer complexity. Evolving stakeholder preference for lower emissions from generation sources and end-uses, like heating, may impact our resource mix and put pressure on our ability to recover capital investments in natural gas generation and delivery. Multiple states may not agree as to the appropriate resource mix, which may lead to costs to comply with one jurisdiction that are not recoverable across all jurisdictions served by the same assets.

We require inputs such as coal, natural gas and water. Lack of availability of these resources could jeopardize long-term operations of our facilities or make them uneconomic to operate.

***Our utility operations are highly dependent on suppliers to deliver components in accordance with short and long-term project schedules.***

Our products contain components that are globally sourced from suppliers. A shortage of key components in which an alternative supplier is not identified could significantly impact operations and project plans for PSCo and our customers. Such impacts could include timing of projects and the potential for project cancellation. Failure to adhere to project budgets and timelines could adversely impact our results of operations, financial condition or cash flows.

***We are subject to physical and financial risks associated with climate change and other weather, natural disaster and resource depletion impacts.***

Climate change can create physical and financial risk. Physical risks include changes in weather conditions and extreme weather events. Our customers' energy needs vary with weather. To the extent weather conditions are affected by climate change, customers' energy use could increase or decrease. Increased energy use due to weather changes over the long-term may require us to invest in generating assets, transmission and infrastructure. Decreased energy use due to weather changes may result in decreased revenues.

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Severe weather impacts our service territories, primarily when thunderstorms, flooding, tornadoes, wildfires, snow, ice storms or extreme temperatures (high heating/cooling days) occur. Extreme weather conditions in general require system backup and can contribute to increased system stress, including service interruptions. Extreme weather conditions creating high energy demand may raise electricity prices, increasing the cost of energy we provide to our customers.

To the extent the frequency of extreme weather events increases, this could increase our cost of providing service and result in more frequent service interruptions. Periods of extreme temperatures could also impact our ability to meet demand.

Drought or water depletion could adversely impact our ability to provide electricity to customers, cause early retirement of power plants that require water or increase the cost for energy.

Adverse events may result in increased insurance costs and/or decreased insurance availability. We may not recover all costs related to mitigating these physical and financial risks.

***Our utilities have significant risks associated with wildfires.***

In recent years, wildfires have impacted the utility industry. More frequent and severe drought conditions, extreme swings in amount and timing of precipitation, changes in availability of vegetation, unseasonably warm temperatures, very low humidity, stronger winds and other environmental factors have increased both the frequency and duration of fire weather conditions and the potential impact of an event. The expansion of the wildland urban interface increases the wildfire risk to surrounding communities and PSCo's electric and natural gas infrastructure. Also, wildfires could jeopardize PSCo's electric and gas infrastructure and third-party property and result in temporary power outages or shortages in our service territories. Our current wildfire mitigation initiatives may not be effective in preventing or reducing ignitions and wildfire-related losses.

Other potential risks associated with wildfires and other climate events include the inability to secure sufficient insurance coverage, increased costs of insurance, or ability for insurers to meet their obligations, regulatory recovery risk, and the potential for a credit downgrade and subsequent additional costs to access capital markets.

While we carry liability insurance, given an extreme event, damage amounts could exceed our coverage (as experienced with the Marshall Wildfire settlement in 2025) and negatively impact our results of operations, financial condition or cash flows.

***We are subject to commodity risks and other risks associated with energy markets and energy production.***

A significant increase in fuel costs could cause a decline in customer demand, adverse regulatory outcomes and an increase in bad debt expense which may have a material impact on our results of operations. Despite existing fuel cost recovery mechanisms, higher fuel costs could significantly impact our results of operations if costs are not recovered. Delays in the timing of the collection of fuel cost recoveries could impact our cash flows and liquidity.

A significant disruption in supply could cause us to seek alternatives at potentially higher costs. Additionally, supply shortages may not be fully resolved, which negatively impacts our ability to provide services to our customers. Failure to provide service due to disruptions may also result in fines, penalties or cost disallowances through the regulatory process.

We also engage in wholesale sales and purchases of electric capacity, energy and energy-related products as well as natural gas. In many markets, emission allowances and/or RECs are also needed to comply with various statutes and commission rulings. As a result, we are subject to market supply and commodity price risk.

Commodity price changes can affect the value of our commodity trading derivatives. We mark certain derivatives to estimated fair market value on a daily basis. Settlements can vary significantly from estimated fair values recorded and significant changes from the assumptions underlying our fair value estimates could cause earnings variability. The management of risks associated with hedging and trading is based, in part, on programs and procedures which utilize historical prices and trends.

Public perception often does not distinguish between pass through commodity costs and base rates. High commodity prices that are passed through to customer bills could impact our ability to recover costs for other improvements and operations.

Additionally, due to the uncertainty involved in price movements and potential deviation from historical pricing, our risk management programs may not be effective to protect against significant adverse market fluctuations and our results of operations, financial condition or cash flows could be materially impacted.

***Failure to attract and retain a qualified workforce could have an adverse effect on operations.***

The competition for talent has become increasingly prevalent, and we have experienced increased employee turnover due to the condition of the labor market and decisions related to strategic workforce planning. In addition, specialized knowledge and skills are required for many of our positions, which may pose additional difficulty for us as we work to recruit, retain and motivate employees in this climate.

Failure to hire, adequately train replacement employees, transfer knowledge/expertise or future availability and cost of contract labor may adversely affect the ability to manage and operate our business. Inability to attract and retain these employees could adversely impact our results of operations, financial condition or cash flows.

Our businesses have collective bargaining agreements with labor unions. Failure to renew or renegotiate these contracts could lead to labor disruptions, including strikes or boycotts. Such disruptions or any negotiated wage or benefit increases could have a material adverse impact to our results of operations, financial condition or cash flows.

National unionization efforts could affect our business, as an increase in unionized workers could challenge our operational efficiency and increase costs.

***Our operations use third-party contractors in addition to employees to perform periodic and ongoing work.***

We rely on third-party contractors to perform operations, maintenance and construction work. Poor vendor performance or contractor unavailability could impact ongoing operations, restoration operations, regulatory recovery and our reputation and could introduce financial risk or risks of fines. Also, suppliers of key assets critical to long-term planning may be limited, creating vendor concentration risk that could increase costs and negatively impact investment execution.

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***Actions of our employees, directors, third-party contractors or suppliers could expose us to reputational risks.***

We could suffer negative impacts to our reputation as a result of actual or perceived fraud, misconduct, legal or regulatory violations, violations of corporate policies, inappropriate use of social media, or other actions by our employees, directors, third-party contractors or suppliers. Reputational damage could have a material adverse effect and could result in negative customer perception, litigation and increased regulatory oversight.

***We are a wholly owned subsidiary of Xcel Energy Inc. Xcel Energy Inc. can exercise substantial control over our dividend policy and business and operations and may exercise that control in a manner that may be perceived to be adverse to our interests.***

All of the members of our Board of Directors, as well as many of our executive officers, are officers of Xcel Energy Inc. Our Board of Directors makes determinations with respect to a number of significant corporate events, including the payment of our dividends.

We have historically paid quarterly dividends to Xcel Energy Inc. If Xcel Energy Inc.'s cash requirements increase, our Board of Directors could decide to increase the dividends we pay to Xcel Energy Inc. to help support Xcel Energy Inc.'s cash needs. This could adversely affect our liquidity. The most restrictive dividend limitation for PSCo is imposed by its credit facility, which limits the debt-to-total capitalization ratio.

See Note 5 to the consolidated financial statements for further information.

**Financial Risks**

***Our profitability depends on our ability to recover costs and changes in regulation may impair our ability to recover costs from our customers.***

We are subject to comprehensive regulation by federal and state utility regulatory agencies, including siting and construction of facilities, customer service and the rates that we can charge customers.

The profitability of our operations is dependent on our ability to recover the costs of providing energy and utility services and earn a return on capital investment. Our rates are generally regulated and are based on an analysis of our costs incurred in a test year. We are subject to both future and historical test years depending upon the regulatory jurisdiction. Thus, the rates we are allowed to charge may or may not match our costs at any given time. Rate regulation is premised on providing an opportunity to earn a reasonable rate of return on invested capital.

There can also be no assurance that our regulatory commissions will judge all our costs to be prudent, which could result in disallowances, or that the regulatory process will always result in rates that will produce full recovery.

Overall, management believes prudently incurred costs are recoverable given the existing regulatory framework. However, there may be changes in the regulatory environment that could impair our ability to recover costs historically collected from customers, or we could exceed caps on capital costs required by commissions and result in less than full recovery.

Changes in the long-term cost-effectiveness or to the operating conditions of our assets may result in early retirements of utility facilities. While regulation typically provides cost recovery for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.

Higher than expected inflation, shortages of skilled labor, tariffs or federal policies may increase costs of construction and operations. Also, rising fuel costs could increase prices to consumers, all of which could increase the risk that we will not be able to fully recover their costs from our customers.

Regulators may challenge rate increases due to increased customer affordability pressures. Public policy developments, including legislative actions and electoral changes at the state level, may affect recovery mechanisms or allowed returns and may limit recovery timing or cost allocation, negatively impacting our results of operations, financial condition or cash flows.

***Growth in large load customers, including data centers, may increase customer concentration, capital requirements and revenue variability risks.***

Additional demand from a limited number of customers may increase our credit risk exposure and require incremental infrastructure investment. If anticipated load growth does not materialize as expected or regulatory cost allocation mechanisms evolve, it could negatively impact our results of operations, financial condition or cash flows.

***Any reductions in our credit ratings could increase our financing costs and the cost of maintaining certain contractual relationships.***

Our credit ratings are subject to change, and our credit ratings may be lowered or withdrawn by a rating agency. Significant events including disallowance of costs, use of historic test years, elimination of riders or interim rates, increasing depreciation lives, lower returns on equity, changes to equity ratios, impacts of tax policy and unfavorable litigation outcomes may impact our cash flows and credit metrics, potentially resulting in a change in our credit ratings. In addition, our credit ratings may change as a result of the differing methodologies or change in the methodologies used by the various rating agencies.

Any credit ratings downgrade could lead to higher borrowing costs or lower proceeds from equity issuances. It could also impact our ability to access capital markets. Also, we may enter into contracts that require posting of collateral or settlement if credit ratings fall below investment grade. The credit rating agencies may change their assessment or our regulatory or business risk, such as with the increase of climate events, which could negatively impact our credit ratings.

***We are subject to capital market and interest rate risks.***

Utility operations require significant capital investment. As a result, we frequently need to access capital markets. Any disruption in capital markets could have a material impact on our ability to fund our operations. Capital market disruption and financial market distress could prevent us from issuing commercial paper, issuing new securities or cause us to issue securities with unfavorable terms and conditions, such as higher interest rates or lower proceeds from equity issuances. Higher interest rates on short-term borrowings with variable interest rates could also have an adverse effect on our operating results.

***We are subject to credit risks.***

Credit risk includes the risk that our customers will not pay their bills, which may lead to a reduction in our cash flows and liquidity and an increase in bad debt expense. Credit risk is comprised of numerous factors including the price of products and services provided, the overall economy and unemployment rates.

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Credit risk also includes the risk that counterparties that owe us money or product will become insolvent and may breach their obligations. Should the counterparties fail to perform, we may be forced to enter into alternative arrangements. In that event, our financial results could be adversely affected and we may incur losses. This could be particularly impactful for long-lead time equipment contracts that require significant deposits and milestone payments, for items that may be difficult to procure elsewhere in the event of non-performance.

We may have direct credit exposure in our short-term wholesale and commodity trading activity to financial institutions trading for their own accounts or issuing collateral support on behalf of other counterparties. We may also have some indirect credit exposure due to participation in organized markets, (e.g., SPP and California ISO), in which any credit losses are socialized to all market participants.

We have additional indirect credit exposure to financial institutions from letters of credit provided as security by power suppliers under various purchased power contracts. If any of the credit ratings of the letter of credit issuers were to drop below investment grade, the supplier would need to replace that security with an acceptable substitute. If the security were not replaced, the party could be in default under the contract.

***As we are a subsidiary of Xcel Energy Inc., we may be negatively affected by events impacting the credit or liquidity of Xcel Energy Inc. and its affiliates.***

If either S&P or Moody's Investor Services were to downgrade Xcel Energy Inc.'s debt securities below investment grade, it would increase Xcel Energy Inc.'s cost of capital and restrict its access to the capital markets. This could limit Xcel Energy Inc.'s ability to contribute equity or make loans to us or may cause Xcel Energy Inc. to seek additional or accelerated funding from us in the form of dividends. If such event were to occur, we may need to seek alternative sources of funds to meet our cash needs.

As of Dec. 31, 2025, Xcel Energy Inc. and its utility subsidiaries had approximately $31.8 billion of long-term debt and $2.1 billion of short-term debt and current maturities. Xcel Energy Inc. provides various guarantees and bond indemnities supporting some of its subsidiaries by guaranteeing the payment or performance by these subsidiaries for specified agreements or transactions.

Xcel Energy also has other contingent liabilities resulting from various tax disputes and other matters. Xcel Energy Inc.'s exposure under the guarantees is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. The majority of Xcel Energy Inc.'s guarantees limit its exposure to a maximum amount that is stated in the guarantees.

As of Dec. 31, 2025, Xcel Energy had the following guarantees outstanding:

• $1,173 million for performance and payment of Capital Services, LLC contracts for wind and solar generating equipment, with immaterial exposure.

• $43 million for performance on operating lease agreements, with $43 million of exposure.

• $120 million for performance and payment of surety bonds for the benefit of itself and its subsidiaries, with total exposure that cannot be estimated at this time.

If Xcel Energy Inc. were to become obligated to make payments under these guarantees and bond indemnities or become obligated to fund other contingent liabilities, it could limit Xcel Energy Inc.'s ability to contribute equity or make loans to us, or may cause Xcel Energy Inc. to seek additional or accelerated funding from us in the form of dividends. If such event were to occur, we may need to seek alternative sources of funds to meet our cash needs.

***Increasing costs of our defined benefit retirement plans and employee benefits may adversely affect our results of operations, financial condition or cash flows.***

We have defined benefit pension and postretirement plans that cover most of our employees. Assumptions related to future costs, return on investments, interest rates and other actuarial assumptions have a significant impact on our funding requirements of these plans. Estimates and assumptions may change. In addition, the Pension Protection Act sets the minimum funding requirements for defined benefit pension plans. Therefore, our funding requirements and contributions may change in the future.

Also, the payout of a significant percentage of pension plan liabilities in a single year, due to high numbers of retirements or employees leaving PSCo, would trigger settlement accounting and could require PSCo to recognize incremental pension expense related to unrecognized plan losses in the year liabilities are paid. Changes in industry standards utilized in key assumptions (e.g., mortality tables) could have a significant impact on future obligations and benefit costs.

***Increasing costs associated with health care plans may adversely affect our results of operations.***

Increasing levels of large individual health care claims and overall health care claims could have an adverse impact on our results of operations, financial condition or cash flows. Health care legislation could also significantly impact our benefit programs and costs.

***Federal tax law may significantly impact our business.***

PSCo collects estimated federal, state and local tax payments through their regulated rates. Changes to federal tax law may benefit or adversely affect our earnings and customer costs. Tax depreciable lives and the value/availability of various tax credits or the timeliness of their utilization may impact the economics or selection of resources. If tax rates are increased, there could be timing delays before regulated rates provide for recovery of such tax increases in revenues. In addition, certain IRS tax policies such as tax normalization may impact our ability to economically deliver certain types of resources relative to market prices. Changes to the availability of tax credit transferability could impact our cash flows and the cost of certain types of resources.

**Macroeconomic Risks**

***Economic conditions impact our business.***

Our operations are affected by economic conditions, which correlates to customers/sales growth (decline). Economic conditions may be impacted by recessionary factors, rising interest rates, inflation, the impacts of federal policy and insufficient financial sector liquidity leading to potential increased unemployment, which may impact customers' ability to pay their bills which could lead to additional bad debt expense.

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PSCo faces competitive factors, which could have an adverse impact on our financial condition, results of operations and cash flows. Further, worldwide economic activity impacts the demand for basic commodities necessary for utility infrastructure, which may inhibit our ability to acquire sufficient supplies. We operate in a capital intensive industry and federal trade policy could significantly impact the cost of materials we use. There may be delays before these additional material costs can be recovered in rates.

The oil and gas industry represents our largest C&I customer base. Oil and natural gas prices are sensitive to market risk factors which may impact demand.

***We face risks related to health epidemics and other outbreaks, which may have a material effect on our financial condition, results of operations and cash flows.***

Health epidemics impact countries, communities, supply chains and markets. Uncertainty continues to exist regarding epidemics; the duration and magnitude of business restrictions including shutdowns (domestically and globally); the potential impact on the workforce including shortages of employees and third-party contractors due to quarantine policies, vaccination requirements or government restrictions; impacts on the transportation of goods, and the generalized impact on the economy.

We cannot ultimately predict whether an epidemic will have a material impact on our future liquidity, financial condition or results of operations. Nor can we predict the impact on the health of our employees, our supply chain or our ability to recover higher costs associated with managing an outbreak.

***Operations could be impacted by war, terrorism or other events.***

Our generation plants, fuel storage facilities, transmission and distribution facilities and information and control systems may be targets of terrorist activities. Any disruption could impact operations or result in a decrease in revenues and additional costs to repair and insure our assets. These disruptions could have a material impact on our financial condition, results of operations or cash flows. The potential for terrorism has subjected our operations to increased risks and could have a material effect on our business. We have incurred increased costs for security and capital expenditures in response to these risks. The insurance industry has also been affected by these events and the availability of insurance may decrease. In addition, insurance may have higher deductibles, higher premiums and more restrictive policy terms.

A disruption of the regional electric transmission grid, interstate natural gas pipeline infrastructure or other fuel sources, could negatively impact our business, brand and reputation. Because our facilities are part of an interconnected system, we face the risk of possible loss of business due to a disruption caused by the actions of a neighboring utility.

We also face the risks of possible loss of business due to significant events such as severe storms, temperature extremes, wildfires, widespread pandemic, generator or transmission facility outage, pipeline rupture, railroad disruption, operator error, sudden and significant increase or decrease in wind generation or a workforce disruption.

In addition, major catastrophic events throughout the world may disrupt our business. While we have business continuity plans in place, our ability to recover may be prolonged due to the type and extent of the event. PSCo participates in a global supply chain, which includes materials and components that are globally sourced. A prolonged disruption could result in the delay of equipment and materials that may impact our ability to connect, restore and reliably serve our customers.

A major disruption could result in a significant decrease in revenues, additional costs to repair assets, and an adverse impact on the cost and availability of insurance, which could have a material impact on our results of operations, financial condition or cash flows.

***A cybersecurity incident or security breach could have a material effect on our business.***

We operate in an industry that requires the continued operation of sophisticated information technology, control systems and network infrastructure. In addition, we use our systems and infrastructure to create, collect, use, disclose, store, dispose of and otherwise process sensitive information, including Company data, customer energy usage data, and personal information regarding customers, employees and their dependents, contractors and other individuals.

Our generation, transmission, distribution and fuel storage facilities, information technology systems and other infrastructure or physical assets, as well as information processed in our systems (e.g., information regarding our customers, employees, operations, infrastructure and assets) could be affected by cybersecurity incidents, including those caused by human error.

The utility industry has been the target of several attacks on operational systems and has seen an increased volume and sophistication of cybersecurity incidents from international activist organizations, other countries and individuals. We expect to continue to experience attempts to compromise our information technology and control systems, network infrastructure and other assets.

Cybersecurity incidents could harm our businesses by limiting our generation, transmission and distribution capabilities, delaying our development and construction of new facilities or capital improvement projects to existing facilities, disrupting our customer operations or causing the release of customer information, all of which would likely receive state and federal regulatory scrutiny and could expose us to liability.

Our generation, transmission systems and natural gas pipelines are part of an interconnected system. Therefore, a disruption caused by the impact of a cybersecurity incident on the regional electric transmission grid, natural gas pipeline infrastructure or other fuel sources of our third-party service providers' operations, could also negatively impact our business.

Advancements in artificial intelligence and large language models may increase cybersecurity threats and operational risks. Threat actors may use artificial intelligence to enhance their attacks, increasing the frequency, sophistication and potential impact of cyber incidents affecting our IT and OT environment.

Our supply chain for procurement of digital equipment and services may expose software or hardware to these risks and could result in a breach or significant costs of remediation. We are unable to quantify the potential impact of cybersecurity threats or subsequent related actions. Cybersecurity incidents and regulatory action could result in a material decrease in revenues and may cause significant additional costs (e.g., penalties, third-party claims, repairs, insurance or compliance) and potentially disrupt our supply and markets for natural gas, oil and other fuels.

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We maintain security measures to protect our information technology and control systems, network infrastructure and other assets. However, these assets and the information they process may be vulnerable to cybersecurity incidents, including asset failure or unauthorized access to assets or information. A failure or breach of our technology systems or those of our third-party service providers could disrupt critical business functions and may negatively impact our business, our brand, and our reputation. The cybersecurity threat is dynamic and evolves continually, and our efforts to prioritize network protection may not be effective given the constant changes to threat vulnerability.

While the Company maintains insurance relating to cybersecurity events, such insurance is subject to a number of exclusions and may be insufficient to offset any losses, costs or damages experienced. Also, the market for cybersecurity insurance is relatively new and coverage available for cybersecurity events is evolving as the industry matures.

***Our operating results may fluctuate on a seasonal and quarterly basis and can be adversely affected by milder weather.***

Our electric and natural gas utility businesses are seasonal, and weather patterns can have a material impact on our operating performance. Demand for electricity is often greater in the summer and winter months associated with cooling and heating. Because natural gas is heavily used for residential and commercial heating, the demand depends heavily upon weather patterns. A significant amount of natural gas revenues are recognized in the first and fourth quarters related to the heating season. Accordingly, our operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer. Unusually mild winters and summers could have an adverse effect on our financial condition, results of operations or cash flows.

**Public Policy Risks**

***Increased risks of regulatory penalties could negatively impact our business.***

The Energy Act increased civil penalty authority for violation of FERC statutes, rules and orders. FERC can impose penalties of up to $1.5 million per violation per day, particularly as it relates to energy trading activities for both electricity and natural gas. In addition, NERC electric reliability standards and critical infrastructure protection requirements are mandatory and subject to potential financial penalties. Also, the PHMSA, Occupational Safety and Health Administration and other federal agencies have the authority to assess penalties.

In the event of serious incidents, these agencies may pursue penalties. In addition, certain states have the authority to impose substantial penalties. If a serious reliability, cybersecurity or safety incident did occur, it could have a material effect on our results of operations, financial condition or cash flows.

***The continued use of natural gas for both power generation and gas distribution have increasingly become a public policy advocacy target. These efforts may result in a limitation of natural gas as an energy source for both power generation and heating, which could impact our ability to reliably and affordably serve our customers.***

In recent years, there have been various local and state agency proposals within and outside our service territories that would attempt to restrict the use and availability of natural gas. If such policies were to prevail, we may be forced to make new resource investment decisions which could potentially result in stranded costs if we are not able to fully recover costs and investments and impact the overall reliability of our service.

**Environmental Policy Risks**

***We may be subject to legislative and regulatory responses to climate change, with which compliance could be difficult and costly.***

Legislative and regulatory responses related to climate change may create financial risk as our facilities may be subject to additional regulation at either the state or federal level in the future. International agreements could additionally lead to future federal or state regulations.

In 2015, the United Nations Framework Convention on Climate Change reached consensus among 190 nations on an agreement (the Paris Agreement) that establishes a framework for GHG mitigation actions by all countries, with a goal of holding the increase in global average temperature to below 2º Celsius above pre-industrial levels and an aspiration to limit the increase to 1.5º Celsius. Although the United States has withdrawn from the Paris Agreement, many states and localities continue to pursue their own climate policies which could result in future additional GHG reductions.

The steps PSCo has taken to date to reduce GHG emissions, including energy efficiency measures, adding renewable generation and retiring or converting coal plants to natural gas, occurred under state-endorsed resource plans, renewable energy standards and other state policies.

We may be subject to climate change lawsuits. An adverse outcome could require substantial capital expenditures and possibly require payment of substantial penalties or damages. Defense costs associated with such litigation can also be significant and could affect results of operations, financial condition or cash flows if such costs are not recovered through regulated rates.

If our regulators do not allow us to recover the costs incurred to comply with the mandates, it could have a material effect on our results of operations, financial condition or cash flows.

***We are subject to environmental laws and regulations, with which compliance could be difficult and costly.***

We are subject to environmental laws and regulations that affect many aspects of our operations, including air emissions, water quality, wastewater discharges and the generation, transport and disposal of solid wastes and hazardous substances. Laws and regulations require us to obtain permits, licenses, and approvals and to comply with a variety of environmental requirements.

Environmental laws and regulations can also require us to restrict or limit the output of facilities or the use of certain fuels, shift generation to lower-emitting facilities, install pollution control equipment, clean up spills and other contamination and correct environmental hazards. Failure to meet requirements of environmental mandates may result in fines or penalties. We may be required to pay all or a portion of the cost to remediate sites where our past activities, or the activities of other parties, caused environmental contamination.

Changes in environmental policies and regulations or regulatory decisions may result in early retirements of our operational facilities. While regulation typically provides relief for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.

We are subject to mandates to provide customers with clean energy, renewable energy and energy conservation offerings. It could have a material effect on our results of operations, financial condition or cash flows if our regulators do not allow us to recover the cost of capital investment or O&M costs incurred to comply with the requirements. Additionally, the impact of environmental laws and regulations may impact the economic health of consumers through higher prices of energy and purchased goods.

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While we establish strategies and expectations related to climate change and other environmental matters, our ability to achieve any such strategies or expectations is subject to numerous factors and conditions, many of which are outside of our control. Examples of such factors include, but are not limited to, 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. The potential for unprecedented load growth and the need for additional generation resources to support such growth may further impact the timing or achievement of our climate goals. Failures or delays (whether actual or perceived) in achieving our strategies or expectations related to climate change and other environmental matters could adversely affect our business, operations, and reputation, and increase risk of litigation.

In addition, existing environmental laws or regulations may be revised and new laws or regulations may be adopted. We may also incur additional unanticipated obligations or liabilities under existing environmental laws and regulations.

**ITEM 1B — UNRESOLVED STAFF COMMENTS**<br>

None.

**ITEM 1C — CYBERSECURITY**

PSCo is a wholly owned subsidiary of Xcel Energy. As such, its cybersecurity processes are maintained by Xcel Energy management and governed by its Board of Directors.

As described in Item 1A – Risk Factors, Xcel Energy operates in an industry that requires the continued operation of sophisticated information technology, control systems and network infrastructure, as such, our business is subject to the risk of interruption by cybersecurity incidents that range from attacks common to most industries, such as phishing and denial-of-service, to attacks from more sophisticated adversaries, including nation state actors, that target the critical infrastructure used in the operation of our business.

The Company has a security risk program in place to identify, assess, manage and report material risks from cybersecurity incidents. As a utility provider, Xcel Energy complies with reliability standards imposed by NERC, including critical infrastructure protection standards related to both cybersecurity and physical security. These standards imposed by NERC, in alignment with the NIST Cybersecurity Framework, are the basis for which Xcel Energy has designed the cybersecurity control framework within its security risk program.

Biennially, as part of Xcel Energy's enterprise risk program, an integrated cybersecurity risk identification and assessment is completed across Xcel Energy's business, including generation, transmission, distribution and fuel storage facilities, information technology systems and other infrastructure or physical assets as well as information processed in our systems (including systems hosted by third parties) that could be affected by cybersecurity incidents. This analysis includes the impact, likelihood, timeframe and controllability of cybersecurity risks and is presented to the Board of Directors. Management monitors and reviews the results of this analysis, integrating them into the enterprise risk assessment processes and implements appropriate mitigating actions as needed.

Xcel Energy's cybersecurity policies, standards, practices, annual cybersecurity training content and readiness are regularly assessed by third-party consultants. These partners are engaged to perform independent penetration testing and other security related services to assist in the prevention, detection, monitoring, mitigation and remediation of cybersecurity incidents and risks. The results of these assessments are communicated to management and the Board of Directors by the Chief Security Officer.

Xcel Energy employs a comprehensive risk based approach to assess the magnitude and significance of a vendor's risk to the Company. Certain third-party service providers are subject to vendor security risk assessments at the time of integration, contract execution/renewal, and upon detection of any increase in risk profile. Xcel Energy uses a variety of inputs in such risk assessments, including information supplied by providers and third parties (including information analysis centers that share daily threat intelligence and improve organizational agility associated with management of cybersecurity risks). In addition, the Company requires certain third-party service providers to meet appropriate security requirements, controls and responsibilities. The Company deploys periodic monitoring activities to assess compliance with our cybersecurity control framework and investigates security incidents that have impacted our third-party service providers as appropriate.

Management has assigned responsibility for the security risk program to the Chief Security Officer who has multiple years of experience in the Defense Industrial Base. The Chief Security Officer is informed about and monitors prevention, detection, mitigation and remediation efforts through a team of security professionals, many of whom are Certified Information Systems Security Professionals, Certified Information Security Managers or have received other cybersecurity certifications. The team has extensive experience selecting, deploying and operating cybersecurity technologies, initiatives and processes that aid in preventing, remediating and mitigating known and unknown security threats.

The Chief Security Officer or members of management brief the Board on routine and regular cybersecurity risk and threat updates, typically on an annual basis. In the event of a significant threat or incident, management and the Chief Security Officer leverage Xcel Energy's incident response processes to assess impacts and resolve incidents. When a significant cybersecurity incident occurs, management communicates with the Board of Directors and relevant committees.

The Board of Directors oversees the risks associated with cybersecurity and the physical security of our assets, with information security matters being discussed at board meetings as well as at the ONES and Audit Committee meetings throughout the year.

While the ONES Committee has primary committee responsibility for cybersecurity due to the operational issues involved, the Board of Directors has determined that the topic is of sufficient importance to warrant this comprehensive oversight approach. Augmenting such oversight efforts, the enterprise has the ability to notify and update the Board of Directors in the event of a possible crisis situation.

Cybersecurity risks are a part of Xcel Energy's normal course of business. To date, no cybersecurity incident or attack affecting us or our vendors has had a material impact on our business or results of operations. As of Feb. 25, 2026 there have been no material cybersecurity incidents to report.

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**ITEM 2 — PROPERTIES**<br>

Virtually all of the utility plant property of PSCo is subject to the lien of its first mortgage bond indenture.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Station, Location and Unit at Dec. 31, 2025** | **Fuel** | **Installed** | **MW** <sup>(a)</sup> | |
| ***Steam:*** | | | | |
| Comanche-Pueblo, CO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unit 2 | Coal | 1975 | 330 |  |
| &nbsp;&nbsp;&nbsp;Unit 3 | Coal | 2010 | 500 | <sup>(b)</sup> |
| Craig-Craig, CO, 2 Units | Coal | 1979 - 1980 | 82 | <sup>(c)</sup> |
| Hayden-Hayden, CO, 2 Units | Coal | 1965 - 1976 | 233 | <sup>(d)</sup> |
| Pawnee-Brush, CO, 1 Unit | Coal | 1981 | 505 | <sup>(e)</sup> |
| Cherokee-Denver, CO, 1 Unit | Natural Gas | 1968 | 310 |  |
| ***Combustion Turbine:*** |  |  |  |  |
| Blue Spruce-Aurora, CO, 2 Units | Natural Gas | 2003 | 264 |  |
| Cherokee-Denver, CO, 3 Units | Natural Gas | 2015 | 576 |  |
| Fort St. Vrain-Platteville, CO, 6 Units | Natural Gas | 1972 - 2009 | 1022 |  |
| Manchief-Brush, CO, 2 Units | Natural Gas | 2000 | 250 |  |
| Rocky Mountain-Keenesburg, CO, 3 Units | Natural Gas | 2004 | 592 |  |
| Valmont-Boulder, CO, 3 units | Natural Gas | 1973 - 2001 | 119 |  |
| Various locations, 5 Units | Natural Gas | Various | 128 |  |
| ***Hydro:*** |  |  |  |  |
| Cabin Creek-Georgetown, CO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pumped Storage, 2 Units | Hydro | 1967 | 210 |  |
| Various locations, 6 Units | Hydro | Various | 23 |  |
| ***Wind:*** |  |  |  |  |
| Rush Creek, CO, 300 units | Wind | 2018 | 582 | <sup>(f)</sup> |
| Cheyenne Ridge, CO, 229 units | Wind | 2020 | 477 | <sup>(f)</sup> |
| ***Solar:*** |  |  |  |  |
| Rocky Mountain Solar-Keenesburg, CO, 87 units | Solar | 2025 | 325 | <sup>(f)</sup> |
|  |  | Total | 6528 |  |

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<sup>(a)</sup>Summer 2025 net dependable capacity. Wind and solar is presented as net maximum capacity.

<sup>(b)</sup>Based on PSCo's ownership of 67%.

<sup>(c)</sup>Based on PSCo's ownership of 10%.

<sup>(d)</sup>Based on PSCo's ownership of 76% of Unit 1 and 37% of Unit 2.

<sup>(e)</sup>Pawnee coal plant was retired in 2025 and completed conversion to natural gas in 2026.

<sup>(f)</sup>Net maximum capacity is attainable only when conditions are sufficiently available. Typical average capacity factors are 35-50% for wind facilities. For the year ended Dec. 31, 2025, wind facilities had a weighted-average capacity factor of 41%. For solar projects placed in service in 2025, factors will be available after a full year of operations.

Electric utility overhead and underground transmission and distribution lines (measured in conductor miles) at Dec. 31, 2025:

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| | |
|:---|:---|
| **Conductor Miles** | |
| **Transmission** | |
| 345 KV | 8233 |
| 230 KV | 12393 |
| 138 KV | 92 |
| 115 KV | 5004 |
| Less than 115 KV | 1717 |
| Total Transmission | 27439 |
| **Distribution** |  |
| Less than 115 KV | 84079 |
| **Total** | **111518** |

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PSCo had 236 electric utility transmission and distribution substations at Dec. 31, 2025.

Natural gas utility mains at Dec. 31, 2025:

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| | |
|:---|:---|
| **Miles** | |
| Transmission | 2,022 |
| Distribution | 24,291 |

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**ITEM 3 — LEGAL PROCEEDINGS**<br>

PSCo 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 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 PSCo's consolidated financial statements. Legal fees are generally expensed as incurred.

See Note 10 to the consolidated financial statements, Item 1 and Item 7 for further information.

**ITEM 4 — MINE SAFETY DISCLOSURES**<br>

None.

**PART II**

**ITEM 5 — MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**<br>

PSCo is a wholly owned subsidiary of Xcel Energy Inc. and there is no market for its common equity securities.

See Note 5 to the consolidated financial statements for further information.

The dividends declared during 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** |
| First quarter | $126 | $164 |
| Second quarter | 120 | 106 |
| Third quarter | 41 | 164 |
| Fourth quarter | 74 | 200 |

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**ITEM 6 — [RESERVED]**<br>

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**ITEM 7 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**<br>

Discussion of financial condition and liquidity for PSCo is omitted per conditions set forth in general instructions I(1)(a) and (b) of Form 10-K for wholly owned subsidiaries. It is replaced with management's narrative analysis and the results of operations for the current year as set forth in general instructions I(2)(a) of Form 10-K 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.

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

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

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| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** |
| GAAP net income | $678 | $782 |
| Marshall Wildfire litigation <sup>(a)</sup> | 298 |  |
| Less: tax effect of adjustment | (73) |  |
| Ongoing earnings <sup>(b)</sup> | $903 | $782 |

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<sup>(a)</sup>Includes $2 million of interest costs associated with short-term debt used to pay settlement, which is presented as interest expense on the consolidated statements of income.

<sup>(b)</sup>Amounts may not add due to rounding.

***Marshall Wildfire Litigation*** *—* In the third quarter of 2025, PSCo recognized a non-recurring $287 million charge as a result of a settlement reached with the plaintiffs in the Marshall Wildfire litigation. In the fourth quarter of 2025, an additional $12 million was recognized for estimated remaining settlement costs as well as legal and other costs.

**Results of Operations**

**2025 Comparison to 2024**

PSCo's GAAP net income was $678 million for 2025, compared to $782 million for 2024. Ongoing net income was $903 million for 2025, compared to $782 million for 2024. Higher ongoing earnings primarily reflects higher recovery of electric and natural gas infrastructure investments and increased AFUDC which was partially offset by increased depreciation, interest and O&M charges.

**Electric Revenues**

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

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| | |
|:---|:---|
| **(Millions of Dollars)** | **2025 vs. 2024** |
| Non-fuel riders | $164 |
| Recovery of higher cost of electric fuel and purchased power | 89 |
| Wholesale generation revenues | 38 |
| Sales and demand | 25 |
| Transmission revenues | 23 |
| Conservation and DSM (offset in expense) | 19 |
| Estimated impact of weather | (47) |
| Other, net | 26 |
| &nbsp;&nbsp;&nbsp;Total increase | $337 |

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**Natural Gas Revenues**

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

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| | |
|:---|:---|
| **(Millions of Dollars)** | **2025 vs. 2024** |
| Regulatory rate outcome | $88 |
| Conservation revenue (offset in expenses) | 28 |
| Estimated impact of weather | 4 |
| Recovery of lower cost of natural gas | (50) |
| Retail sales growth | (13) |
| Other, net | (1) |
| &nbsp;&nbsp;&nbsp;Total increase | $56 |

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

Electric fuel and purchased power expenses increased $102 million in 2025. The increase was primarily due to increased commodity pricing, partially offset by timing of fuel recovery mechanisms and decreased volumes.

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

Natural gas sold and transported decreased $52 million in 2025. The decrease was primarily due to timing of fuel recovery mechanisms, partially offset by increased commodity prices.

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

***O&M Expenses —*** O&M expenses increased $51 million in 2025. The increase was primarily due to wildfire mitigation (largely offset in non-fuel rider revenue) and benefits costs.

***Depreciation and Amortization*** *—* Depreciation and amortization increased $108 million in 2025. The increase was primarily due to system investment.

***Interest Charges*** — Interest expenses increased $59 million in 2025. The increase was largely due to increased long-term debt levels and higher interest rates.

***AFUDC, Equity and Debt*** — AFUDC increased $99 million in 2025. The increase was largely due to system investment.

**Public Utility Regulation**

The FERC and state and local regulatory commissions regulate PSCo. PSCo is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Colorado.

Rates are designed to recover plant investment, operating costs and an allowed return on investment. PSCo requests changes in utility rates through commission filings. Changes in operating costs can affect PSCo's financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and DSM 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 PSCo's results of operations and credit quality.

See Rate Matters within Note 10 to the consolidated financial statements for further information.

***Summary of Regulatory Agencies / RTO and Areas of Jurisdiction***

---

| | |
|:---|:---|
| **Regulatory Body / RTO** | **Additional Information on Regulatory Authority** |
| CPUC | Retail rates, accounts, services, issuance of securities and other aspects of electric, natural gas and steam operations.<br>Reviews and approves Integrated Resource Plans for meeting future energy needs.<br>Certifies the need and siting for generating plans greater than 50 MW.<br>Pipeline safety compliance. |
| FERC | Wholesale electric operations, accounting practices, hydroelectric licensing, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with the NERC electric reliability standards, asset transactions and mergers and natural gas transactions in interstate commerce.<br>Wholesale electric sales at cost-based prices to customers inside PSCo's balancing authority area and at market-based prices to customers outside PSCo's balancing authority area.<br>PSCo holds a FERC certificate that allows it to transport natural gas in interstate commerce without PSCo becoming subject to full FERC jurisdiction. |
| RTO | PSCo is not presently a member of an RTO and does not operate within an RTO energy market. However, PSCo does make certain sales to other RTO's, including SPP and participates in the SPP Western Energy Imbalance Service market, an energy imbalance market. |
| DOT | Pipeline safety compliance. |

---

***Recovery Mechanisms***

---

| | |
|:---|:---|
| **Mechanism** | **Additional Information** |
| Colorado Energy Plan Adjustment | Recovers the early retirement costs of Comanche Units 1 and 2 to a maximum of 1% of the customer's bill. |
| Clean Energy Plan Revenue | Recovers projects approved through the Clean Energy Plan to a maximum of 1.25% of the customer's bill. |
| DSM Cost Adjustment | Recovers electric and gas DSM and CHP, interruptible service costs and performance incentives for achieving energy savings goals. |
| Electric Commodity Adjustment | Recovers fuel, purchased energy costs and certain owned renewable generating assets. Short-term sales margins are shared with customers. PTCs earned for owned wind and solar generation are returned to customers. |
| Fuel Clause Adjustment | PSCo recovers fuel and purchased energy costs from wholesale electric customers through a fuel cost adjustment clause approved by the FERC. Wholesale customers pay production costs through a forecasted formula rate subject to true-up. |
| GCA | Recovers costs of purchased natural gas and transportation and is revised quarterly to allow for changes in natural gas rates. Gas Price Risk Management Plan reserves are also collected in this mechanism as gas prices permit. |
| GMAC | Recovers select categories of distribution costs. |
| Purchased Capacity Cost Adjustment | Recovers purchased capacity payments. |
| RES Adjustment | Recovers the incremental costs of compliance with the RES with a maximum of 1% of the customer's bill. |
| Steam Cost Adjustment | Recovers fuel costs to operate the steam system. The Steam Cost Adjustment rate is revised quarterly. |
| Transmission Cost Adjustment | Recovers costs between rate cases for transmission projects that result in a net increase in capacity or are part of an approved wildfire mitigation plan. Distribution projects are recoverable for 2024 and 2025, subject to a cap of 0.5% and 1.25% of electric distribution retail revenues, respectively. |
| Transportation Electrification Plan | Recovers costs associated with the investment in and adoption of transportation electrification infrastructure. |
| Wildfire Mitigation Adjustment | Recovers actual 2025-2027 costs associated with wildfire mitigation. |

---

***Pending and Recently Concluded Regulatory Proceedings***

*2025 Colorado Electric Rate Case —* In November 2025, PSCo filed an electric rate case with the CPUC seeking an increase in revenue of $356 million (9.9%) ($526 million inclusive of rider roll-ins). The request is based on a 9.8% ROE, an equity ratio of 55% and a 2025 test year with a projected rate base of $13 billion.

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| | |
|:---|:---|
| **PSCo's base rate request (millions of dollars):** | |
| Distribution system investment | $294 |
| Liability insurance | 65 |
| Operating costs | 51 |
| Changes in cost of capital | 49 |
| Coal retirements <sup>(a)</sup> | (120) |
| Other | 17 |
| **Rate request, net of rider roll-ins** | $356 |

---

<sup>(a)</sup>The case includes request for rider recovery of any costs associated with extending operations at Comanche Unit 2.

A CPUC decision and implementation of final rates is anticipated in the third quarter of 2026.

*2025 Colorado Natural Gas Rate Case —* In December 2025, PSCo filed a natural gas rate case with the CPUC seeking an increase in revenue of $190 million (11.6%). The request is based on a 10.75% ROE, an equity ratio of 55% and a 2025 test year with a projected rate base of $4.7 billion.

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| | |
|:---|:---|
| **PSCo's base rate request (millions of dollars):** | |
| Capital investments | $90 |
| Changes in cost of capital | 53 |
| Operating costs | 42 |
| Sales/revenue growth | (7) |
| Other | 12 |
| **Total rate request** | $190 |

---

A CPUC decision and implementation of final rates is anticipated in the third quarter of 2026.

*2024 Colorado Natural Gas Rate Case —* In January 2024, PSCo filed a natural gas rate case with the CPUC. In October 2024, as modified on ARRR in January 2025, the CPUC issued an order including an annual revenue increase of approximately $125 million, inclusive of $15 million of accelerated depreciation.

In May 2025, PSCo filed an appeal with the Denver District Court seeking review of the CPUC's decisions related to recovery of certain operating expenses, cost of capital and capital structure, and the treatment of gas storage inventory costs. Briefing was completed in the fourth quarter of 2025. In the first quarter of 2026, the Denver District Court affirmed the CPUC's decision on all counts appealed by PSCo.

*Colorado Resource Plan* — In December 2023, the CPUC approved a portfolio of 5,835 MW, which includes approximately 3,100 MW of company owned resources and 2,700 MW of PPAs.

In September 2025, the CPUC authorized a process for company-owned and PPA resources to seek up to 15% relief for tariff impacts to projects. Relief requests are due by Dec. 31, 2025 or 18 months prior to COD. The CPUC will ultimately review and approve/deny requests.

PSCo has filed all generation CPCNs associated with company-owned generation from the Colorado Resource Plan and expects to continue filing transmission CPCNs throughout 2026.

*2024 Colorado Electric Resource Plan —* In October 2024, PSCo filed its Phase I electric resource plan with the CPUC. In November 2025, the CPUC approved a load forecast that reflects a 3% compound annual sales growth through 2031 and generation capacity need of approximately 5,400 MW.

PSCo filed a request for reconsideration of various aspects of the decision which were verbally approved in January 2026 (with a written decision related to those reconsideration requests expected in the first quarter of 2026). This decision is expected to initiate the Phase II competitive solicitation process with an RFP expected to be issued in the third quarter of 2026. This RFP will seek to acquire the balance of resource needs through 2031 (after consideration of any approved acquisitions from the Near-Term Procurement RFP).

*Near-Term Procurement —* In August 2025, PSCo filed a joint motion with state agencies to initiate a "fast-tracked" solution for tax-advantaged new generation resources. The CPUC approved the request in September 2025 with bids submitted in October 2025. The procurement seeks to accelerate development of up to 4,000 nameplate MW of clean energy resources, 200 accredited MW of firm, dispatchable resources, and up to 300 accredited MW of other dispatchable resources.

The table below summarizes the recommended portfolio of resources filed in December 2025 (a decision is expected in February 2026):

---

| | | | |
|:---|:---|:---|:---|
| **(Nameplate MW)** | **Company Owned** | **PPA** | **Total** |
| Wind | 1600 | 1100 | 2700 |
| Solar |  | 1100 | 1100 |
| Natural gas combustion turbine | 200 |  | 200 |
| Other storage | 300 | 600 | 900 |
| **Total** | 2100 | 2800 | 4900 |

---

In February 2026, the CPUC approved 3,200 MW of resources, which included PPAs and a 200 MW company-owned natural gas combustion turbine. Additionally, in March 2026 PSCo will file additional information related to 600-1,500 MW of company-owned wind, solar and storage resources that have been conditionally approved.

*Grid Modernization Adjustment Clause (GMAC) —* In December 2024, PSCo filed its 2025-2029 Distribution System Plan which included a request to implement the GMAC for recovery of distribution investments. The CPUC issued their decision in December 2025, as modified by an ARRR in February 2026, approving the inclusion of capacity expansion projects and certain other related costs. The CPUC indicated other categories of distribution costs may be considered for recovery within the GMAC in a future regulatory process, expected in late 2026 or 2027.

*Colorado Senate Bill 23-291* — In May 2023, Colorado Senate Bill 23-291 was signed into law. The legislation included a number of topics including for the CPUC to adopt rules to establish fuel cost mechanisms to align the financial incentives of a utility with the interests of the utility's customers.

In December 2024, the CPUC adopted final rules applicable to PSCo's natural gas utility that would assign to the Company four percent of the change in the price per MMbtu of natural gas compared to the three-year average, subject to rolling 12-month cap based on a percentage of rate base, currently estimated at $7 million. PSCo made a filing in June 2025 to implement the mechanism and filed an unopposed settlement agreement in November 2025. In December 2025, a CPUC ALJ approved the settlement agreement, and PSCo implemented the gas fuel cost mechanism in January 2026.

In December 2024, the CPUC also adopted rules for electric utilities but did not adopt a specific PIM framework. PSCo made a filing in November 2025 to the CPUC to implement an electric fuel cost mechanism based on a current market-based index rather than a historical index as required for PSCo's natural gas utility, subject to a cap currently estimated at $3 million. PSCo expects to implement the electric fuel cost mechanism in the second quarter of 2026.

***Purchased Power and Transmission Service Providers***

PSCo meets its system capacity and energy requirements through its fleet of owned and purchased electric generation resources and, when required, the use of demand-side management programs.

*Purchased Power* — PSCo purchases power from other utilities, energy marketers and independent power producers. Long-term purchased power contracts for dispatchable resources typically require capacity and energy charges. Much of PSCo's long-term purchased power is for wind, solar and storage resources. PSCo makes short-term purchases to meet system load and energy requirements, replace generation out of service for maintenance, meet operating reserve obligations, or obtain energy at a lower cost.

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*Purchased Transmission Services* — In addition to using its own transmission system, PSCo has contracts with regional transmission service providers to deliver energy to its customers.

***Wholesale and Commodity Marketing Operations***

PSCo conducts various wholesale marketing operations, including the purchase and sale of electric capacity, energy, ancillary services and energy related products. PSCo uses physical and financial instruments to minimize commodity price risk and hedge sales and purchases. PSCo also engages in trading activity unrelated to these hedging activities.

Sharing of any margin is determined through state regulatory proceedings as well as the operation of the FERC approved joint operating agreement.

**Other**

**Supply Chain** 

PSCo's ability to meet customer energy requirements, 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. PSCo 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.

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

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

***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. In February 2026, the U.S. Treasury and IRS released initial guidance regarding foreign entities of concern. The notice includes interim safe harbor guidance for the purposes of assessing material assistance from a prohibited foreign entity for wind, solar and storage tax credits. Further guidance is expected to be released throughout 2026 related to such rules.

PSCo 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.

**ITEM 7A — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**<br>

**Derivatives, Risk Management and Market Risk**

PSCo is exposed to a variety of market risks in the normal course of business. Market risk is the potential loss that may occur as a result of adverse changes in the market or fair value for a particular instrument or commodity. All financial and commodity-related instruments, including derivatives, are subject to market risk.

PSCo is exposed to the impact of adverse changes in price for energy and energy-related products, which is partially mitigated by the use of commodity derivatives. In addition to ongoing monitoring and maintaining credit policies intended to minimize overall credit risk, management takes steps to mitigate changes in credit and concentration risks associated with its derivatives and other contracts, including parental guarantees and requests of collateral. While PSCo expects that the counterparties will perform on the contracts underlying its derivatives, the contracts expose PSCo to credit and non-performance risk.

Distress in the financial markets may impact counterparty risk and the fair value of the securities in the pension fund.

***Commodity Price Risk*** *—* We are exposed to commodity price risk in our electric and natural gas operations. Commodity price risk is managed by entering into long and short-term physical purchase and sales contracts for electric capacity, energy and energy-related products and fuels used in generation and distribution activities.

Commodity price risk is also managed through the use of financial derivative instruments. Our risk management policy allows us to manage commodity price risk within each rate-regulated operation per commission approved hedge plans.

***Wholesale and Commodity Trading Risk*** *—* PSCo conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. PSCo's risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee.

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Fair value of net commodity trading contracts as of Dec. 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Futures / Forwards Maturity** | **Futures / Forwards Maturity** | **Futures / Forwards Maturity** | **Futures / Forwards Maturity** | **Futures / Forwards Maturity** |
|<br>**(Millions of Dollars)** | **Less Than<br>1 Year** | **1 to 3<br>Years** | **4 to 5<br>Years** | **Greater Than<br>5 Years** | **Total <br>Fair Value** |
| PSCo <sup>(a)</sup> | $(1) | $— | $— | $— | $(1) |

---

<sup>(a)</sup>Prices actively quoted or based on actively quoted prices.

Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the years ended Dec. 31:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** |
| Fair value of commodity trading net contracts outstanding at Jan. 1 | $6 | $5 |
| Contracts realized or settled during the period | (3) | (8) |
| Commodity trading contract additions and changes during the period | (4) | 9 |
| Fair value of commodity trading net contracts outstanding at Dec.31 | $(1) | $6 |

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A 10% increase and 10% decrease in forward market prices for PSCo's commodity trading contracts would have likewise increased and decreased pretax income from continuing operations, by approximately $1 million at Dec. 31, 2025 and Dec. 31, 2024.

Xcel Energy's commodity trading operations measure the outstanding risk exposure to price changes on contracts and obligations using an industry standard methodology known as VaR. VaR expresses the potential change in fair value of the outstanding contracts and obligations over a particular period of time under normal market conditions.

The VaRs for PSCo commodity trading operations, excluding both non-derivative transactions and derivative transactions designated as normal purchases and normal sales, calculated on a consolidated basis using a Monte Carlo simulation with a 95% confidence level and a one-day holding period, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **Year Ended**<br>**Dec. 31** | **Average** | **High** | **Low** |
| 2025 | $— | $— | $1 | $— |
| 2024 |  |  | 1 |  |

---

***Interest Rate Risk*** *—* PSCo is subject to interest rate risk. PSCo's risk management policy allows interest rate risk to be managed through the use of fixed rate debt, floating rate debt and interest rate derivatives.

A 100 basis point change in the benchmark rate on PSCo's variable rate debt would impact pretax interest expense annually by approximately $3 million and $1 million in 2025 and 2024, respectively.

The value of pension and postretirement plan assets and benefit costs are impacted by changes in discount rates and expected return on plan assets. PSCo's ongoing pension and postretirement investment strategy is based on plan-specific investment recommendations that seek to optimize potential investment risk and minimize interest rate risk associated with changes in the obligations as a plan's funded status increases over time. The impacts of fluctuations in interest rates on pension and postretirement costs are mitigated by pension cost calculation methodologies and regulatory mechanisms that minimize the earnings impacts of such changes.

***Credit Risk*** *—* PSCo is also exposed to credit risk. Credit risk relates to the risk of loss resulting from counterparties' nonperformance on their contractual obligations. PSCo maintains credit policies intended to minimize overall credit risk and actively monitors these policies to reflect changes and scope of operations.

Credit exposure is monitored, and when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. Distress in the financial markets could increase our credit risk.

PSCo's subsidiaries are subject to credit risk from contracts with generating equipment manufacturers and other suppliers that require deposits or milestone payments. In the event of non-performance by these counterparties, PSCo's subsidiaries could experience credit losses, increased costs or project delays. PSCo frequently seeks to mitigate this risk by requiring parent guarantees, letters of credit or other types of credit support.

PSCo is also subject to credit risk for all wholesale, trading and non-trading commodity counterparties and employs credit risk controls, such as letters of credit, parental guarantees, master netting agreements and termination provisions.

At Dec. 31, 2025, a 10% increase in commodity prices would have resulted in a decrease in credit exposure of $2 million, while a decrease in prices of 10% would have resulted in an increase in credit exposure of $2 million. At Dec. 31, 2024, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $2 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $2 million.

**Fair Value Measurements**

Derivative contracts, with the exception of those designated as normal purchases and normal sales, are reported at fair value. PSCo's investments held in pension and other postretirement funds are also subject to fair value accounting. See Notes 8 and 9 to the consolidated financial statements for further information.

**ITEM 8 — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**<br>

See Item 15-1 for an index of financial statements included herein.

See Note 14 to the consolidated financial statements for further information.

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**Management Report on Internal Control Over Financial Reporting**

The management of PSCo is responsible for establishing and maintaining adequate internal control over financial reporting. PSCo's internal control system was designed to provide reasonable assurance to Xcel Energy Inc.'s and PSCo's management and board of directors regarding the preparation and fair presentation of published financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

PSCo management assessed the effectiveness of PSCo's internal control over financial reporting as of Dec. 31, 2025. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in *Internal Control — Integrated Framework (2013).* Based on our assessment, we believe that, as of Dec. 31, 2025, PSCo's internal control over financial reporting is effective at the reasonable assurance level based on those criteria.

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| | |
|:---|:---|
| /s/ ROBERT C. FRENZEL | /s/ BRIAN J. VAN ABEL |
| Robert C. Frenzel | Brian J. Van Abel |
| Chairman, Chief Executive Officer and Director | Executive Vice President, Chief Financial Officer and Director |
| Feb. 25, 2026 | Feb. 25, 2026 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the stockholder and the Board of Directors of Public Service Company of Colorado

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Public Service Company of Colorado and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, common stockholder's equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

***Regulatory Assets and Liabilities - Impact of Rate Regulation on the Financial Statements — Refer to Notes 4 and 10 to the consolidated financial statements****.*

*Critical Audit Matter Description*

The Company is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Colorado. The Company is also subject to the jurisdiction of the Federal Energy Regulatory Commission for its wholesale electric operations, hydroelectric generation licensing, accounting practices, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with North American Electric Reliability Corporation standards, asset transactions and mergers and natural gas transactions in interstate commerce, (collectively with state utility regulatory agencies, the "Commissions"). Management has determined it meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation. Accounting for the economics of rate regulation affects multiple financial statement line items and disclosures, including property, plant and equipment, regulatory assets and liabilities, operating revenues and expenses, and income taxes.

The Company is subject to regulatory rate setting processes. Rates are determined and approved in regulatory proceedings based on an analysis of the Company's costs to provide utility service and a return on, and recovery of, the Company's investment in assets required to deliver services to customers. Accounting for the Company's regulated operations provides that rate-regulated entities report assets and liabilities consistent with the recovery of those incurred costs in rates, if it is probable that such rates will be charged and collected. The Commissions' regulation of rates is premised on the full recovery of incurred costs and a reasonable rate of return on invested capital. Decisions by the Commissions in the future will impact the accounting for regulated operations, including decisions about the amount of allowable costs and return on invested capital included in rates and any refunds that may be required. In the rate setting process, the Company's rates result in the recording of regulatory assets and liabilities based on the probability of future cash flows. Regulatory assets generally represent incurred or accrued costs that have been deferred because future recovery from customers is probable. Regulatory liabilities generally represent amounts that are expected to be refunded to customers in future rates or amounts collected in current rates for future costs.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the high degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements. Management judgments include assessing the likelihood of recovery in future rates of incurred costs and requirements to refund amounts to

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customers. Given that management's accounting judgments are based on assumptions about the outcome of future decisions by the Commissions, auditing these judgments required specialized knowledge of accounting for rate regulation and the rate setting process due to its inherent complexities.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the uncertainty of future decisions by the Commissions included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We tested the effectiveness of management's controls over the evaluation of the likelihood of (1) the recovery in future rates of costs deferred as regulatory assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities. We also tested the effectiveness of management's controls over the recognition of regulatory assets or liabilities and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We evaluated the Company's disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We read relevant regulatory orders issued by the Commissions for the Company, other regulatory filings, legal decisions and recommendations being evaluated by the Commissions, and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates. We evaluated historic orders for precedents of the Commissions' treatment of similar costs under similar circumstances. We compared the regulatory orders, filings and other publicly available information to the Company's recorded regulatory assets and liabilities for completeness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We obtained management's analysis and correspondence from counsel, as appropriate, regarding regulatory assets or liabilities not yet addressed in a regulatory order to assess management's assertion that amounts are probable of recovery or a future reduction in rates.

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| |
|:---|
| /s/ DELOITTE & TOUCHE LLP |
| Minneapolis, Minnesota |
| February 25, 2026 |
| We have served as the Company's auditor since 2002. |

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**PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

*(amounts in millions)*

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended Dec. 31** | **Year Ended Dec. 31** | **Year Ended Dec. 31** |
| | **2025** | **2024** | **2023** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric | $4127 | $3790 | $3731 |
| &nbsp;&nbsp;&nbsp;Natural gas | 1499 | 1443 | 1734 |
| &nbsp;&nbsp;&nbsp;Other | 38 | 39 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 5664 | 5272 | 5519 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric fuel and purchased power | 1368 | 1266 | 1364 |
| &nbsp;&nbsp;&nbsp;Cost of natural gas sold and transported | 548 | 600 | 910 |
| &nbsp;&nbsp;&nbsp;Cost of sales — other | 6 | 9 | 17 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance expenses | 977 | 926 | 865 |
| &nbsp;&nbsp;&nbsp;Demand side management expenses | 228 | 181 | 135 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1101 | 993 | 924 |
| &nbsp;&nbsp;&nbsp;Taxes (other than income taxes) | 284 | 275 | 287 |
| &nbsp;&nbsp;&nbsp;Marshall Wildfire litigation | 296 |  |  |
| &nbsp;&nbsp;&nbsp;Loss on Comanche Unit 3 litigation |  |  | 35 |
| &nbsp;&nbsp;&nbsp;Workforce reduction expenses |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4808 | 4250 | 4557 |
| **Operating income** | 856 | 1022 | 962 |
| Other income, net | 38 | 54 | 15 |
| Allowance for funds used during construction — equity | 145 | 75 | 39 |
| **Interest charges and financing costs** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges and other financing costs | 434 | 375 | 312 |
| &nbsp;&nbsp;&nbsp;Allowance for funds used during construction — debt | (60) | (31) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest charges and financing costs | 374 | 344 | 292 |
| **Income before income taxes** | 665 | 807 | 724 |
| Income tax (benefit) expense | (13) | 25 | 29 |
| &nbsp;&nbsp;**Net income** | $678 | $782 | $695 |

---

See Notes to Consolidated Financial Statements

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

*(amounts in millions)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended Dec. 31** | **Year Ended Dec. 31** | **Year Ended Dec. 31** |
| | **2025** | **2024** | **2023** |
| **Net income** | $678 | $782 | $695 |
| **Other comprehensive income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension and retiree medical benefits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of loss to net income, net of tax |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Derivative instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of loss to net income, net of tax | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income | 1 | 1 | 2 |
| **Total comprehensive income** | $679 | $783 | $697 |

---

See Notes to Consolidated Financial Statements

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(amounts in millions)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended Dec. 31** | **Year Ended Dec. 31** | **Year Ended Dec. 31** |
| | **2025** | **2024** | **2023** |
| **Operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $678 | $782 | $695 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1108 | 999 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 199 | (61) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | (145) | (75) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bad debts | 28 | 24 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (44) | (6) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued unbilled revenues | 14 | (10) | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (131) | (45) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (338) | (66) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 57 | (62) | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net regulatory assets and liabilities | (86) | 307 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 35 | (9) | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other employee benefit obligations |  | (3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 4 | 128 |  |
| Net cash provided by operating activities | 1379 | 1903 | 1954 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Utility capital/construction expenditures | (5077) | (3072) | (2360) |
| &nbsp;&nbsp;&nbsp;Investments in utility money pool arrangement | (1337) | (475) | (367) |
| &nbsp;&nbsp;&nbsp;Repayments from utility money pool arrangement | 1337 | 475 | 367 |
| Net cash used in investing activities | (5077) | (3072) | (2360) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds (repayments) from short-term borrowings, net | 175 | (235) | 26 |
| &nbsp;&nbsp;&nbsp;Borrowings under utility money pool arrangement | 979 | 422 | 781 |
| &nbsp;&nbsp;&nbsp;Repayments under utility money pool arrangement | (993) | (432) | (730) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 1977 | 1184 | 834 |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt | (250) |  | (250) |
| &nbsp;&nbsp;&nbsp;Capital contributions from parent | 2176 | 859 | 400 |
| &nbsp;&nbsp;&nbsp;Dividends paid to parent | (376) | (616) | (652) |
| Net cash provided by financing activities | 3688 | 1182 | 409 |
| Net change in cash and cash equivalents | (10) | 13 | 3 |
| Cash, cash equivalents and restricted cash at beginning of period | 26 | 13 | 10 |
| Cash, cash equivalents and restricted cash at end of period | $16 | $26 | $13 |
| Supplemental disclosure of cash flow information: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest (net of amounts capitalized) | $(335) | $(323) | $(271) |
| Supplemental disclosure of non-cash investing and financing transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued property, plant and equipment additions | $594 | $330 | $248 |
| &nbsp;&nbsp;&nbsp;Inventory transfers to property, plant and equipment | 88 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 185 | 78 | 18 |
| &nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | 145 | 75 | 39 |

---

See Notes to Consolidated Financial Statements

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

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

---

| | | |
|:---|:---|:---|
| | **Dec. 31** | **Dec. 31** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $16 | $26 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 480 | 466 |
| &nbsp;&nbsp;&nbsp;Accounts receivable from affiliates |  | 21 |
| &nbsp;&nbsp;&nbsp;Accrued unbilled revenues | 356 | 370 |
| &nbsp;&nbsp;&nbsp;Inventories | 277 | 228 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 170 | 126 |
| &nbsp;&nbsp;&nbsp;Prepayments and other | 520 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1819 | 1415 |
| Property, plant and equipment, net | 27822 | 23341 |
| Other assets |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 1603 | 1362 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 389 | 268 |
| &nbsp;&nbsp;&nbsp;Other | 207 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 2199 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $31840 | $26594 |
| **Liabilities and Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | $— | $250 |
| &nbsp;&nbsp;&nbsp;Borrowings under utility money pool arrangement | 27 | 41 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 260 | 85 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 1034 | 700 |
| &nbsp;&nbsp;&nbsp;Accounts payable to affiliates | 95 | 60 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 178 | 139 |
| &nbsp;&nbsp;&nbsp;Taxes accrued | 263 | 277 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 101 | 77 |
| &nbsp;&nbsp;&nbsp;Dividends payable to parent | 75 | 90 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 65 | 94 |
| &nbsp;&nbsp;&nbsp;Other | 161 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2259 | 1960 |
| Deferred credits and other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 2191 | 1904 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 2719 | 2630 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 473 | 448 |
| &nbsp;&nbsp;&nbsp;Customer advances | 82 | 99 |
| &nbsp;&nbsp;&nbsp;Pension and employee benefit obligations | 66 | 89 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 330 | 190 |
| &nbsp;&nbsp;&nbsp;Other | 138 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 5999 | 5508 |
| Commitments and contingencies |  |  |
| Capitalization |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 10376 | 8391 |
| Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at Dec. 31, 2025 and Dec. 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 10409 | 8256 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2815 | 2498 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (18) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stockholder's equity | 13206 | 10735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholder's equity | $31840 | $26594 |
| See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |

---

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY**

*(amounts in millions, except share data)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Common Stock** | | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | **Total Common**<br>**Stockholder's**<br>**Equity** |
| | **Shares** | **Par Value** | **Additional**<br>**Paid In**<br>**Capital** |<br>**Retained**<br>**Earnings** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | **Total Common**<br>**Stockholder's**<br>**Equity** |
| **Balance at Dec. 31, 2022** | 100 | $— | $6992 | $2260 | $(22) | $9230 |
| Net income |  |  |  | 695 |  | 695 |
| Other comprehensive income |  |  |  |  | 2 | 2 |
| Common dividends declared to parent |  |  |  | (605) |  | (605) |
| Contribution of capital by parent |  |  | 420 |  |  | 420 |
| **Balance at Dec. 31, 2023** | 100 | $— | $7412 | $2350 | $(20) | $9742 |
| Net income |  |  |  | 782 |  | 782 |
| Other comprehensive income |  |  |  |  | 1 | 1 |
| Common dividends declared to parent |  |  |  | (634) |  | (634) |
| Contribution of capital by parent |  |  | 844 |  |  | 844 |
| **Balance at Dec. 31, 2024** | 100 | $— | $8256 | $2498 | $(19) | $10735 |
| Net income |  |  |  | 678 |  | 678 |
| Other comprehensive income |  |  |  |  | 1 | 1 |
| Common dividends declared to parent |  |  |  | (361) |  | (361) |
| Contribution of capital by parent |  |  | 2153 |  |  | 2153 |
| **Balance at Dec. 31, 2025** | 100 | $— | $10409 | $2815 | $(18) | $13206 |
| See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

 **PUBLIC SERVICE COMPANY of COLORADO**

**Notes to Consolidated Financial Statements**

**1. Summary of Significant Accounting Policies**<br>

**General** — PSCo is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity and the regulated purchase, transportation, distribution and sale of natural gas.

PSCo's consolidated financial statements include its wholly-owned subsidiaries. In the consolidation process, all intercompany transactions and balances are eliminated. PSCo has investments in several plants and transmission facilities jointly owned with nonaffiliated utilities.

Investments in certain plants and transmission facilities are jointly owned with nonaffiliated utilities. PSCo's proportionate share of jointly owned facilities is recorded as property, plant and equipment on the consolidated balance sheets, and PSCo's proportionate share of depreciation and other operating costs associated with these facilities is included in its consolidated statements of income.

PSCo's consolidated financial statements are presented in accordance with GAAP. All of PSCo's underlying accounting records also conform to the FERC uniform system of accounts. Certain amounts in the consolidated financial statements or notes have been reclassified for comparative purposes; however, such reclassifications did not affect net income, total assets, liabilities, equity or cash flows.

PSCo has evaluated events occurring after Dec. 31, 2025 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation.

**Use of Estimates** — PSCo uses estimates based on the best information available to record transactions and balances resulting from business operations.

Estimates are used for items such as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations, actuarially determined benefit costs and wildfire contingencies. Recorded estimates are revised when better information becomes available or actual amounts can be determined. Revisions can affect operating results.

**Regulatory Accounting** — PSCo accounts for income and expense items in accordance with accounting guidance for regulated operations*.* Under this guidance:

• Certain costs, which would otherwise be charged to expense or other comprehensive income, are deferred as regulatory assets based on the expected ability to recover the costs in future rates.

• Certain credits, which would otherwise be reflected as income or other comprehensive income, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred.

Estimates and assumptions for recovery of deferred costs and refund of deferred credits are based on specific ratemaking decisions, precedent or other available information. Regulatory assets and liabilities are reversed or amortized consistent with the treatment in the rate setting process.

If changes in the regulatory environment occur, PSCo may no longer be eligible to apply this accounting treatment and may be required to eliminate regulatory assets and liabilities. Such changes could have a material effect on PSCo's results of operations, financial condition and cash flows.

See Note 4 for further information.

**Income Taxes** — PSCo accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Income taxes are deferred for all temporary differences between pretax financial and taxable income and between the book and tax bases of assets and liabilities utilizing rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date.

Utility rate regulation has resulted in the recognition of regulatory assets and liabilities related to income taxes. The effects of PSCo's tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most of its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability, refundable to utility customers over the remaining life of the related assets. PSCo anticipates that a tax rate increase would predominantly result in the establishment of a regulatory asset, subject to an evaluation of whether future recovery is expected.

Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize over the book depreciable lives of related property, as determined by tax regulations and Xcel Energy tax elections. For tax credits eligible to be recognized when earned, Xcel Energy considers the impact of rate regulation to determine if these credits and related adjustments should be deferred as regulatory assets or liabilities.

Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. This evaluation includes consideration of whether tax credits are expected to be sold at a discount and impact the realization of amounts presented as deferred tax assets. Transferable tax credits are accounted for under ASC 740, *Income Taxes*, and valuation allowances and any adjustments for discounts incurred on sales transactions are recorded to deferred tax expense, typically recovered in regulatory mechanisms.

PSCo measures and discloses uncertain tax positions that it has taken or expects to take in its income tax returns. A tax position is recognized in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax expense.

Interest and penalties related to income taxes are reported within other income, net or interest charges in the consolidated statements of income.

Xcel Energy Inc. and its subsidiaries, including PSCo file consolidated federal income tax returns as well as consolidated or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to its subsidiaries based on separate company computations. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with consolidated state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries.

See Note 7 for further information.

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**Property, Plant and Equipment and Depreciation in Regulated Operations** — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs and replacement of items determined to be less than a unit of property are charged to expense as incurred.

Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary.

Depreciation expense is recorded using the straight-line method over the assets' commission approved useful lives. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Plant removal costs are typically recognized at the amounts recovered in rates as authorized by the applicable regulator. Accumulated removal costs are reflected in the consolidated balance sheet as a regulatory liability. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 3.9% in 2025, 3.8% in 2024 and 3.6% in 2023.

See Note 3 for further information.

**AROs** — PSCo records AROs as a liability in the period incurred (if fair value can be reasonably estimated), with the offsetting/associated costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion and the capitalized costs are typically depreciated over the useful life of the long-lived asset. Changes resulting from revisions to timing or amounts of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO.

See Note 10 for further information.

**Leases** — PSCo evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, as well as certain contracts for the use of land, vehicles and other equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset. A contract determined to contain a lease is evaluated further to determine whether the arrangement is an operating lease or a finance lease, including an assessment of whether the contract requires payments for substantially all of the value of the leased asset or whether the term of the contract is for substantially all of the expected remaining economic life of the leased asset, among other criteria for finance lease classification.

See Note 10 for further information.

**Benefit Plans and Other Postretirement Benefits** — PSCo maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans requires management to make various assumptions and estimates.

Certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are deferred as regulatory assets and liabilities, rather than recorded as other comprehensive income, based on regulatory recovery mechanisms.

See Note 9 for further information.

**Environmental Costs** — Environmental costs are recorded when it is probable PSCo is liable for remediation costs and the amount can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. For certain environmental costs related to facilities currently in use, such as for emission-control equipment, the cost is capitalized and depreciated over the life of the plant.

Estimated remediation costs are regularly adjusted as estimates are revised and remediation is performed. If other participating potentially responsible parties exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for PSCo's expected share of the cost.

Estimated future expenditures to restore sites are generally treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. When separate mechanisms are expected to provide cost recovery or when changes in projected costs occur near the end of a facility's useful life, regulatory accounting may be applied.

See Note 10 for further information.

**Revenue from Contracts with Customers** — Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. PSCo recognizes revenue that corresponds to the price of the energy delivered to the customer. The measurement of energy sales to customers is generally based on the reading of their meters, which occurs systematically throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and the corresponding unbilled revenue is recognized.

A separate financing component of collections from customers is not recognized as contract terms are short-term in nature. Revenues are net of any excise or sales taxes or fees.

PSCo recognizes physical sales to customers (native load and wholesale) on a gross basis in electric revenues and cost of sales. PSCo participates in SPP WEIS. Revenues for short-term physical wholesale sales of excess energy transacted through the imbalance market are recorded on a gross basis. Other revenues and charges settled/facilitated through SPP WEIS are recorded on a net basis in cost of sales.

PSCo has various rate-adjustment mechanisms that provide for the recovery of natural gas, electric fuel and purchased energy costs. Cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically for differences between the total amount collected under the clauses and the costs incurred.

When applicable, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets.

See Note 6 for further information.

**Cash and Cash Equivalents** — PSCo considers investments in instruments with a remaining maturity of three months or less at the time of purchase to be cash equivalents.

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**Accounts Receivable and Allowance for Bad Debts** — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. PSCo establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers.

As of Dec. 31, 2025 and 2024, the allowance for bad debts was $38 million and $50 million, respectively.

**Inventory** — Inventory is recorded at the lower of average cost or net realizable value and consisted of the following:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| **Inventories** | | |
| &nbsp;&nbsp;&nbsp;Materials and supplies | $136 | $99 |
| &nbsp;&nbsp;&nbsp;Fuel | 64 | 62 |
| &nbsp;&nbsp;&nbsp;Natural gas | 77 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total inventories | $277 | $228 |

---

**Fair Value Measurements** *—* PSCo presents cash equivalents, interest rate derivatives, commodity derivatives and pension and postretirement plan assets at estimated fair values in its consolidated financial statements.

For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used to estimate fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price, quoted prices for similar contracts or internally prepared valuation models may be used to determine fair value.

For the pension and postretirement plan assets, published trading data and pricing models, generally using the most observable inputs available, are utilized to determine fair value for each security.

See Notes 8 and 9 for further information.

**Derivative Instruments** — PSCo uses derivative instruments in connection with its commodity trading activities, and to manage risk associated with changes in interest rates and utility commodity prices, including forward contracts, futures, swaps and options. Derivatives that have not been designated or do not qualify for the normal purchases and normal sales exception are recorded on the consolidated balance sheets at fair value as derivative instruments. Classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship.

Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. Classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms.

Gains or losses on commodity trading transactions are recorded as a component of electric operating revenues.

***Normal Purchases and Normal Sales*** — PSCo enters into contracts for purchases and sales of commodities for use and sale in its operations. At inception, contracts are evaluated to determine whether they contain a derivative, and if so, whether they may be exempted from derivative accounting if designated as normal purchases or normal sales.

See Note 8 for further information.

**Commodity Trading Operations** — All applicable gains and losses related to commodity trading activities are shown on a net basis in electric operating revenues in the consolidated statements of income.

Commodity trading activities are not associated with energy produced from PSCo's generation assets or energy and capacity purchased to serve native load. Commodity trading contracts are recorded at fair market value and commodity trading results include the impact of all margin-sharing mechanisms.

See Note 8 for further information

**Other Utility Items**

***AFUDC*** — AFUDC represents the cost of capital used to finance utility construction activity and is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in PSCo's rate base.

***Alternative Revenue*** — Certain rate rider mechanisms (including transmission and distribution cost recovery and DSM programs) qualify as alternative revenue programs. These mechanisms arise from instances in which the regulator authorizes a future surcharge in response to past activities or completed events. When certain criteria are met, including expected collection within 24 months, revenue is recognized, which may include incentives and return on rate base items.

Billing amounts are revised periodically for differences between total amount collected and revenue earned, which may increase or decrease the level of revenue collected from customers. Alternative revenues arising from these programs are presented on a gross basis and disclosed separately from revenue from contracts with customers.

See Note 6 for further information.

***Conservation Programs*** — The costs incurred for DSM programs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Revenues recognized for incentive programs designed for recovery of DSM program costs and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the annual period in which they are earned.

PSCo's DSM program costs are recovered through rider mechanisms. Regulatory assets are recognized to reflect the amount of costs or earned incentives that have not yet been collected from customers.

***Emissions Allowances*** *—* Emissions allowances are recorded at cost, including broker commission fees. The inventory accounting model is utilized for all emissions allowances and any sales of these allowances are included in electric revenues.

***RECs*** *—* Cost of RECs that are utilized for compliance is recorded as electric fuel and purchased power expense. An inventory accounting model is used to account for RECs.

Sales of RECs are recorded in electric revenues on a gross basis. Cost of these RECs and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**2. Accounting Pronouncements**<br>

**Recently Adopted**

***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. PSCo retrospectively implemented this guidance in the year ended Dec. 31, 2025. The adoption impacts were not material.

See Note 7 for further information.

**Recently Issued**

***Government Grants*** — In December 2025, the FASB issued ASU 2025-10 *– Government Grants (Topic 832)*, which includes amended recognition, measurement, and presentation requirements for asset and income-related grants. The ASU is effective for annual and interim reporting periods beginning after Dec. 15, 2028. PSCo is currently evaluating the new guidance, but adoption impacts are expected to be immaterial.

***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 reporting periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027. PSCo is currently evaluating the impact of the new disclosure guidance.

**3. Property, Plant and Equipment**<br>

**Major classes of property, plant and equipment**

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| **Property, plant and equipment, net** | | |
| &nbsp;&nbsp;&nbsp;Electric plant | $20451 | $18033 |
| &nbsp;&nbsp;&nbsp;Natural gas plant | 7222 | 6814 |
| &nbsp;&nbsp;&nbsp;Common and other property | 1704 | 1616 |
| &nbsp;&nbsp;Plant to be retired <sup>(a)</sup> | 929 | 1057 |
| &nbsp;&nbsp;&nbsp;CWIP | 4367 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment | 34673 | 29794 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | (6851) | (6453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | $27822 | $23341 |

---

<sup>(a)</sup>Amounts include Comanche Unit 3, Craig Unit 2, Hayden Units 1 and 2. The Dec. 31, 2024 amounts also include coal generation assets at Pawnee (assets were retired in 2025 and the conversion to natural gas is in process). Additionally, 2024 amounts included both Comanche Unit 2 and Craig Unit 1, which had planned retirement dates in 2025. Amounts are presented net of accumulated depreciation.

**Joint Ownership of Generation, Transmission and Gas Facilities**

Jointly owned assets as of Dec. 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars, Except Percent Owned)** | **Plant in Service** | **Accumulated Depreciation** | **Percent Owned** |
| Electric generation: |  |  |  |
| &nbsp;&nbsp;&nbsp;Hayden Unit 1 | $159 | $126 | 76% |
| &nbsp;&nbsp;&nbsp;Hayden Unit 2 | 152 | 99 | 37 |
| &nbsp;&nbsp;&nbsp;Hayden common facilities | 45 | 36 | 53 |
| &nbsp;&nbsp;&nbsp;Craig Units 1 and 2 | 82 | 60 | 10 |
| &nbsp;&nbsp;&nbsp;Craig common facilities | 40 | 28 | 7 |
| &nbsp;&nbsp;&nbsp;Comanche Unit 3 | 971 | 233 | 67 |
| &nbsp;&nbsp;&nbsp;Comanche common facilities | 29 | 6 | 77 |
| Electric transmission: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transmission and other facilities | 193 | 76 | Various |
| Gas transmission: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rifle, CO to Avon, CO | 31 | 10 | 60 |
| Gas transmission compressor | 8 | 3 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <sup>(a)</sup> | $1710 | $677 |  |

---

<sup>(a)</sup>Projects additionally include $16 million in CWIP.

PSCo separately records its share of operating expenses and construction expenditures. Respective owners are responsible for providing their own financing.

**4. Regulatory Assets and Liabilities**<br>

Regulatory assets and liabilities are created for amounts that regulators may allow to be collected or may require to be paid back to customers in future electric and natural gas rates. PSCo would be required to recognize the write-off of regulatory assets and liabilities in net income or other comprehensive income if changes in the utility industry no longer allow for the application of regulatory accounting guidance under GAAP.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

Components of regulatory assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **See Note(s)** | **Remaining Amortization Period** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> |
| **Regulatory Assets** | | | **Current** | **Noncurrent** | **Current** | **Noncurrent** |
| Pension and retiree medical obligations | 9 | Various | $12 | $437 | $7 | $464 |
| Net AROs <sup>(b)</sup> | 1, 10 | Various |  | 319 |  | 296 |
| Depreciation differences |  | Various | 16 | 316 | 16 | 246 |
| Recoverable deferred taxes on AFUDC |  | Plant lives |  | 193 |  | 154 |
| Grid modernization costs |  | Various |  | 63 | 3 | 26 |
| Excess deferred taxes — TCJA | 7 | Various | 1 | 51 | 1 | 52 |
| Excess liability insurance costs |  | 10 years |  | 45 |  | 6 |
| Conservation programs <sup>(c)</sup> | 1 | One to two years | 13 | 17 | 10 | 15 |
| Deferred natural gas and electric energy/fuel costs |  | Less than one year | 51 |  | 48 |  |
| Other |  | Various | 77 | 162 | 41 | 103 |
| &nbsp;&nbsp;Total regulatory assets |  |  | $170 | $1603 | $126 | $1362 |

---

<sup>(a)</sup>Prior period amounts have been reclassified to conform with current year presentation.

<sup>(b)</sup>Includes amounts recorded for future recovery of AROs.

<sup>(c)</sup>Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions.

Components of regulatory liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **See Note(s)** | **Remaining Amortization Period** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> |
| **Regulatory Liabilities** | | | **Current** | **Noncurrent** | **Current** | **Noncurrent** |
| Deferred income tax adjustments and TCJA refunds <sup>(b)</sup> | 7 | Various | $2 | $1165 | $2 | $1214 |
| Plant removal costs | 1, 10 | Various |  | 905 |  | 850 |
| Renewable resources and environmental initiatives |  | Various |  | 270 |  | 193 |
| Effects of regulation on employee benefit costs <sup>(c)</sup> | 7 | Various |  | 247 |  | 241 |
| ITC deferrals | 1 | Various |  | 53 |  | 54 |
| Deferred natural gas, electric, steam energy/fuel costs |  | Less than one year | 72 |  | 78 |  |
| Other |  | Various | 104 | 79 | 59 | 78 |
| &nbsp;&nbsp;&nbsp;Total regulatory liabilities |  |  | $178 | $2719 | $139 | $2630 |

---

<sup>(a)</sup>Prior period amounts have been reclassified to conform with current year presentation.

<sup>(b)</sup>Includes the revaluation of recoverable/regulated plant accumulated deferred income taxes and revaluation impact of non-plant accumulated deferred income taxes due to the TCJA.

<sup>(c)</sup>Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset.

PSCo's regulatory assets not earning a return include past expenditures of $190 million and $134 million at Dec. 31, 2025 and 2024, respectively, which predominately relate to deferred excess liability insurance costs, purchased natural gas and other miscellaneous costs. Additionally, the unfunded portion of pension and retiree medical obligations and net AROs (i.e., deferrals for which cash has not been disbursed) do not earn a return.

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

**Short-Term Borrowings**

PSCo 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars, Except Interest Rates)** | **Three Months Ended Dec. 31, 2025** | **Year Ended Dec. 31** | **Year Ended Dec. 31** | **Year Ended Dec. 31** |
| **(Millions of Dollars, Except Interest Rates)** | **Three Months Ended Dec. 31, 2025** | **2025** | **2024** | **2023** |
| Borrowing limit | $250 | $250 | $250 | $250 |
| Amount outstanding at period end | 27 | 27 | 41 | 51 |
| Average amount outstanding | 6 | 37 | 25 | 23 |
| Maximum amount outstanding | 60 | 250 | 250 | 250 |
| Weighted average interest rate, computed on a daily basis | 3.88% | 4.31% | 5.33% | 5.31% |
| Weighted average interest rate at end of period | 3.88 | 3.88 | 4.58 | 5.34 |

---

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

***Commercial Paper*** *—* Commercial paper borrowings:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars, Except Interest Rates)** | **Three Months Ended Dec. 31, 2025** | **Year Ended Dec. 31** | **Year Ended Dec. 31** | **Year Ended Dec. 31** |
| **(Millions of Dollars, Except Interest Rates)** | **Three Months Ended Dec. 31, 2025** | **2025** | **2024** | **2023** |
| Borrowing limit | $1200 | $1200 | $700 | $700 |
| Amount outstanding at period end | 260 | 260 | 85 | 320 |
| Average amount outstanding | 270 | 106 | 71 | 124 |
| Maximum amount outstanding | 725 | 725 | 492 | 454 |
| Weighted average interest rate, computed on a daily basis | 4.07% | 4.25% | 5.55% | 5.17% |
| Weighted average interest rate at end of period | 3.89 | 3.89 | 4.58 | 5.56 |

---

***Letters of Credit*** — PSCo uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. At Dec. 31, 2025 and 2024, there were $48 million and $31 million of letters of credit outstanding under the credit facility, respectively. The contract amounts of these letters of credit approximate their fair value and are subject to fees.

***Credit Facility*** — In order to use its commercial paper program to fulfill short-term funding needs, PSCo must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount 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.

Features of PSCo's credit facility:

---

| | | | |
|:---|:---|:---|:---|
| **Debt-to-Total Capitalization Ratio** <sup>(a)</sup> | **Debt-to-Total Capitalization Ratio** <sup>(a)</sup> | **Amount Facility May Be Increased (millions of dollars)** | **Additional Periods for Which a One-Year Extension May Be Requested** <sup>(b)</sup> |
| **2025** | **2024** |  |  |
| 44.90% | 45.20% | $170 | 2 |

---

<sup>(a)</sup>The credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%.

<sup>(b)</sup>All extension requests are subject to majority bank group approval.

The credit facility has a cross-default provision that provides PSCo would be in default on its borrowings under the facility if PSCo or any of its subsidiaries whose total assets exceed 15% of PSCo's consolidated total assets, default on indebtedness in an aggregate principal amount exceeding $75 million.

If PSCo does not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. As of Dec. 31, 2025, PSCo was in compliance with the financial covenant.

PSCo had the following committed credit facility available as of Dec. 31, 2025 (in millions of dollars):

---

| | | |
|:---|:---|:---|
| **Credit Facility** <sup>(a)</sup> | **Drawn** <sup>(b)</sup> | **Available** |
| $1200 | $308 | $892 |

---

<sup>(a)</sup>This credit facility matures in December 2029.

<sup>(b)</sup>Includes letters of credit and outstanding commercial paper.

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

**Long-Term Borrowings and Other Financing Instruments**

Generally, the property of PSCo is subject to the lien of its first mortgage indenture for the benefit of bondholders. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses for refinanced debt are deferred and amortized over the life of the new issuance.

Long-term debt obligations for PSCo as of Dec. 31 (in millions of dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financing Instrument** | **Interest Rate** | **Maturity Date** | **2025** | **2024** |
| First mortgage bonds | 2.90% | May 15, 2025 | $— | $250 |
| First mortgage bonds | 3.70 | June 15, 2028 | 350 | 350 |
| First mortgage bonds | 1.90 | Jan. 15, 2031 | 375 | 375 |
| First mortgage bonds | 1.875 | June 15, 2031 | 750 | 750 |
| First mortgage bonds | 4.10 | June 1, 2032 | 300 | 300 |
| First mortgage bonds <sup>(a)</sup> | 5.35 | May 15, 2034 | 400 |  |
| First mortgage bonds <sup>(b)</sup> | 5.35 | May 15, 2034 | 450 | 450 |
| First mortgage bonds <sup>(a)</sup> | 5.15 | Sep 15, 2035 | 800 |  |
| First mortgage bonds | 6.25 | Sept. 1, 2037 | 350 | 350 |
| First mortgage bonds | 6.50 | Aug. 1, 2038 | 300 | 300 |
| First mortgage bonds | 4.75 | Aug. 15, 2041 | 250 | 250 |
| First mortgage bonds | 3.60 | Sept. 15, 2042 | 500 | 500 |
| First mortgage bonds | 3.95 | March 15, 2043 | 250 | 250 |
| First mortgage bonds | 4.30 | March 15, 2044 | 300 | 300 |
| First mortgage bonds | 3.55 | June 15, 2046 | 250 | 250 |
| First mortgage bonds | 3.80 | June 15, 2047 | 400 | 400 |
| First mortgage bonds | 4.10 | June 15, 2048 | 350 | 350 |
| First mortgage bonds | 4.05 | Sept. 15, 2049 | 400 | 400 |
| First mortgage bonds | 3.20 | March 1, 2050 | 550 | 550 |
| First mortgage bonds | 2.70 | Jan. 15, 2051 | 375 | 375 |
| First mortgage bonds | 4.50 | June 1, 2052 | 400 | 400 |
| First mortgage bonds | 5.25 | April 1, 2053 | 850 | 850 |
| First mortgage bonds <sup>(b)</sup> | 5.75 | May 15, 2054 | 750 | 750 |
| First mortgage bonds <sup>(a)</sup> | 5.85 | May 15, 2055 | 800 |  |
| Unamortized discount |  |  | (42) | (42) |
| Unamortized debt issuance cost |  |  | (82) | (67) |
| Current maturities |  |  |  | (250) |
| Total long-term debt |  |  | $10376 | $8391 |

---

<sup>(a)</sup>2025 financing.

<sup>(b)</sup>2024 financing.

Maturities of long-term debt:

---

| | |
|:---|:---|
| **(Millions of Dollars)** | |
| 2026 | $— |
| 2027 |  |
| 2028 | 350 |
| 2029 |  |
| 2030 |  |

---

***Capital Stock*** — PSCo has authorized the issuance of preferred stock.

---

| | | |
|:---|:---|:---|
| **Preferred Stock Authorized (Shares)** | **Par Value of Preferred Stock** | **Preferred Stock Outstanding (Shares) 2025 and 2024** |
| 10000000 | $0.01 |  |

---

***Dividend Restrictions*** — PSCo's dividends are subject to the FERC's jurisdiction, which prohibits the payment of dividends out of capital accounts. Dividends are solely to be paid from retained earnings.

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**6. Revenues**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31, 2025** | **Year Ended Dec. 31, 2025** | **Year Ended Dec. 31, 2025** | **Year Ended Dec. 31, 2025** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **All Other** | **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;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1381 | $901 | $2 | $2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 1801 | 377 | 35 | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 51 |  | 1 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 3233 | 1278 | 38 | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 253 |  |  | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 110 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 63 | 159 |  | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 3659 | 1437 | 38 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 468 | 62 |  | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $4127 | $1499 | $38 | $5664 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31, 2024** | **Year Ended Dec. 31, 2024** | **Year Ended Dec. 31, 2024** | **Year Ended Dec. 31, 2024** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **All Other** | **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;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1358 | $898 | $4 | $2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 1762 | 373 | 35 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 52 |  |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 3172 | 1271 | 39 | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 209 |  |  | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 98 |  |  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 64 | 138 |  | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 3543 | 1409 | 39 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 247 | 34 |  | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $3790 | $1443 | $39 | $5272 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended Dec. 31, 2023** | **Year Ended Dec. 31, 2023** | **Year Ended Dec. 31, 2023** | **Year Ended Dec. 31, 2023** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **All Other** | **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;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1295 | $1109 | $19 | $2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 1816 | 459 | 30 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 52 |  | 5 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 3163 | 1568 | 54 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 237 |  |  | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 90 |  |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 61 | 132 |  | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 3551 | 1700 | 54 | 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 180 | 34 |  | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $3731 | $1734 | $54 | $5519 |

---

**7. Income Taxes**<br>

Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense.

Effective income tax reconciliation for years ended Dec. 31:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Income before income taxes (domestic) | $665 | $807 | $724 |
| Federal statutory rate impact | 140 | 169 | 152 |
| (Decreases) increases in tax from: |  |  |  |
| &nbsp;&nbsp;Tax credits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PTCs <sup>(a)</sup> | (108) | (114) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (6) | (7) | (8) |
| &nbsp;&nbsp;Regulatory adjustments <sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plant related excess deferred taxes | (37) | (35) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;AFUDC equity | (31) | (16) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5 | 3 | 4 |
| &nbsp;&nbsp;State income taxes, net of federal tax effect <sup>(c)</sup> | 21 | 19 | 24 |
| &nbsp;&nbsp;&nbsp;Other | 3 | 6 | 5 |
| Income tax (benefit) expense | $(13) | $25 | $29 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Federal statutory rate | 21.0% | 21.0% | 21.0% |
| (Decreases) increases in tax from: |  |  |  |
| &nbsp;&nbsp;Tax credits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PTCs <sup>(a)</sup> | (16.2) | (14.1) | (14.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (0.8) | (0.8) | (1.1) |
| &nbsp;&nbsp;Regulatory adjustments <sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plant related excess deferred taxes | (5.6) | (4.4) | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;AFUDC equity | (4.7) | (1.9) | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.7 | 0.5 | 0.6 |
| &nbsp;&nbsp;State income taxes, net of federal tax effect <sup>(c)</sup> | 3.2 | 2.4 | 3.3 |
| &nbsp;&nbsp;&nbsp;Other | 0.4 | 0.4 | 0.6 |
| Effective income tax rate | (2.0)% | 3.1% | 4.0% |

---

<sup>(a)</sup>Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.

<sup>(b)</sup>Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate increases as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.

<sup>(c)</sup>State and local income taxes are primarily made up of the following jurisdictions: Colorado

Components of income tax expense for the years ended Dec. 31:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Current federal tax (benefit) expense | $(55) | $192 | $182 |
| Current state tax (benefit) expense | (10) | 35 | 28 |
| Deferred federal tax expense (benefit) | 18 | (190) | (181) |
| Deferred state tax expense (benefit) | 37 | (10) | 2 |
| Deferred change in unrecognized tax (benefit) expense | (1) | 1 | 1 |
| Deferred ITCs | (2) | (3) | (3) |
| &nbsp;&nbsp;&nbsp;Total income tax (benefit) expense | $(13) | $25 | $29 |

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

Components of deferred income tax expense as of Dec. 31:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Deferred tax expense (benefit) excluding items below | $287 | $10 | $(89) |
| Adjustments to deferred income taxes for tax credit cash transfers | (145) | (138) | (40) |
| Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (87) | (71) | (48) |
| Tax expense allocated to other comprehensive income and other | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;Deferred tax expense (benefit) | $54 | $(199) | $(178) |

---

Components of the net deferred tax liability as of Dec. 31:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Differences between book and tax bases of property | $2568 | $2353 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 273 | 279 |
| &nbsp;&nbsp;&nbsp;Operating lease assets | 97 | 69 |
| &nbsp;&nbsp;&nbsp;Pension expense and other employee benefits | 20 | 22 |
| &nbsp;&nbsp;&nbsp;Other | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | $2965 | $2730 |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Tax credit carryforward | $387 | $419 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 251 | 280 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 97 | 69 |
| &nbsp;&nbsp;&nbsp;Bad debts | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Deferred fuel costs | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Deferred ITCs | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Tax credit carryforward valuation allowances | (4) | (3) |
| &nbsp;&nbsp;&nbsp;Rate refund | 9 | 6 |
| &nbsp;&nbsp;&nbsp;Other | 13 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | $774 | $826 |
| Net deferred tax liability | $2191 | $1904 |

---

Cash received (paid) for income taxes for the years ended Dec. 31:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Cash received (paid) for income taxes: federal, net <sup>(a)</sup> | $171 | $(54) | $(118) |
| Cash received (paid) for income taxes: Colorado | 1 | (2) | (8) |
| Total | $172 | $(56) | $(126) |

---

<sup>(a)</sup>Includes proceeds from tax credit transfers.

**Other Income Tax Matters** — Tax credits represent the deferred tax asset that is carried forward.

Tax credit carryforwards as of Dec. 31 were as follows:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** |
| Federal tax credit carryforwards | $376 | $410 |
| Valuation allowances for federal credit carryforwards | (1) | (3) |
| State tax credit carryforwards, net of federal detriment <sup>(a)</sup> | 11 | 9 |
| Valuation allowances for state credit carryforwards, net of federal benefit <sup>(b)</sup> | (3) |  |

---

<sup>(a)</sup>State tax credit carryforwards are net of federal detriment of $3 million and $2 million as of Dec. 31, 2025 and 2024, respectively.

<sup>(b)</sup>Valuation allowances for state tax credit carryforwards were net of federal benefit of $1 million as of Dec. 31, 2025 and 2024, respectively.

Federal carryforward periods expire between 2038 and 2045. State carryforward periods expire between 2026 and 2038.

**Unrecognized Tax Benefits**

***Federal Audit*** — PSCo is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. In 2023 the IRS issued its Revenue Agent's Report related to the federal tax loss carryback claim. The Company materially agreed with the report and re-recognized the related benefit in 2023.

Statute of limitations applicable to Xcel Energy's consolidated federal tax returns expire as follows:

---

| | |
|:---|:---|
| **Tax Year** | **Expiration** |
| 2022 | September 2026 |

---

Additionally, the statute of limitations related to federal tax credit carryforwards will remain open until those credits are utilized in subsequent returns.

***State Audits*** — PSCo is a member of the Xcel Energy affiliated group that files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns. As of Dec. 31, 2025, PSCo's earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows:

---

| | | |
|:---|:---|:---|
| **State** | **Tax Year(s)** | **Expiration** |
| Colorado | 2014 - 2016 | March 2026 |
| Colorado | 2021 | October 2026 |

---

There are currently no state income tax audits in progress.

Unrecognized tax benefit balance may include permanent tax positions, which if recognized would affect the ETR. In addition, the unrecognized tax benefit balance may include temporary tax positions for which deductibility is highly certain, but for which there is uncertainty about the timing. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority.

Unrecognized tax benefits - permanent vs temporary:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| Unrecognized tax benefit — Permanent tax positions | $12 | $13 |
| Unrecognized tax benefit — Temporary tax positions |  |  |
| &nbsp;&nbsp;&nbsp;Total unrecognized tax benefit | $12 | $13 |

---

Changes in unrecognized tax benefits:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Balance at Jan. 1 | $13 | $12 | $13 |
| Additions based on tax positions related to the current year | 1 | 2 | 2 |
| Reductions for tax positions of prior years | (2) | (1) | (3) |
| Balance at Dec. 31 | $12 | $13 | $12 |

---

Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| NOL and tax credit carryforwards | $(12) | $(12) |

---

Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. Payables for interest related to unrecognized tax benefits at Dec. 31, 2025, 2024 and 2023 were not material. No penalties were accrued related to unrecognized tax benefits as of Dec. 31, 2025, 2024 or 2023.

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**8. 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.

Specific valuation methods include:

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

***Commodity derivatives*** — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification.

**Derivative Activities and Fair Value Measurements**

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

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

As of Dec. 31, 2025, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of Dec. 31, 2025, PSCo had no unsettled interest rate swaps outstanding.

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

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

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

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

As of Dec. 31, 2025, PSCo had no commodity contracts designated as cash flow hedges.

Gross notional amounts of commodity forwards and options:

---

| | | |
|:---|:---|:---|
| **(Amounts in Millions)** <sup>(a)(b)</sup> | **Dec. 31, 2025** | **Dec. 31, 2024** |
| &nbsp;&nbsp;&nbsp;MWh of electricity | 1 | 1 |
| &nbsp;&nbsp;&nbsp;MMBtu of natural gas |  | 19 |

---

<sup>(a)</sup>Not reflective of net positions in the underlying commodities.

<sup>(b)</sup>Notional amounts for options included on a gross basis, but weighted for the probability of exercise.

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

PSCo often has significant concentrations of credit risk with particular entities or industries in its wholesale, trading and non-trading commodity activities.

As of Dec. 31, 2025, two of PSCo's seven most significant counterparties for these activities, comprising $2 million or 4% of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody's Investor Services or Fitch Ratings.

Five of the seven most significant counterparties, comprising $50 million or 81% of this credit exposure, were not rated by these external ratings agencies, but based on PSCo's internal analysis, had credit quality consistent with investment grade.

None of these significant counterparties had credit quality less than investment grade, based on internal analysis.

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

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

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

As of Dec. 31, 2025 and 2024, there were no derivative liabilities position with such underlying contract provisions.

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

As of Dec. 31, 2025 and 2024 there were approximately $7 million and $6 million of derivative instruments in a liability position with such underlying contract provisions, respectively.

Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that PSCo's ability to fulfill its contractual obligations is reasonably expected to be impaired. PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of Dec. 31, 2025 and 2024.

***Recurring Derivative Fair Value Measurements***

Changes in the fair value of natural gas commodity derivatives recognized as regulatory assets and liabilities included immaterial net gains and losses for the twelve months ended Dec. 31, 2025 and 2024, and a $13 million loss in fair value of natural gas commodity derivatives recognized as regulatory assets and liabilities for the twelve months ended Dec. 31, 2023. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **Pre-Tax Losses Reclassified into Income During the Period from Accumulated Other Comprehensive Loss** | | **Pre-Tax Gains (Losses) Recognized During the Period in Income** | |
| **Year Ended Dec. 31, 2025** | **Year Ended Dec. 31, 2025** | | | |
| **Derivatives designated as cash flow hedges** | **Derivatives designated as cash flow hedges** | **Derivatives designated as cash flow hedges** | | |
| &nbsp;&nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Other derivative instruments** | **Other derivative instruments** | **Other derivative instruments** |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— |  | $3 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  |  | (13) | <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— |  | $(10) |  |
| **Year Ended Dec. 31, 2024** | **Year Ended Dec. 31, 2024** |  |  |  |
| **Derivatives designated as cash flow hedges** | **Derivatives designated as cash flow hedges** | **Derivatives designated as cash flow hedges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Other derivative instruments** | **Other derivative instruments** | **Other derivative instruments** |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— |  | $(18) | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  |  | (13) | <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— |  | $(31) |  |
| **Year Ended Dec. 31, 2023** | **Year Ended Dec. 31, 2023** |  |  |  |
| **Derivatives designated as cash flow hedges** | **Derivatives designated as cash flow hedges** | **Derivatives designated as cash flow hedges** |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Other derivative instruments** | **Other derivative instruments** | **Other derivative instruments** |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— |  | $(5) | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  |  | (16) | <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— |  | $(21) |  |

---

<sup>(a)</sup>Recorded to interest charges.

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

<sup>(c)</sup>Other than $4 million of 2025 and $3 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

<sup>(d)</sup>Relates primarily to option premium amortization.

PSCo had no derivative instruments designated as fair value hedges during the years ended Dec. 31, 2025, 2024 and 2023.

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value Total** | **Netting** <sup>(a)</sup> | **Total** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value Total** | **Netting** <sup>(a)</sup> | **Total** |
|<br>**(Millions of Dollars)** | **Level 1** | **Level 2** | **Level 3** | **Fair Value Total** | **Netting** <sup>(a)</sup> | **Total** | **Level 1** | **Level 2** | **Level 3** | **Fair Value Total** | **Netting** <sup>(a)</sup> | **Total** |
| **Current derivative assets** | | | | | | | | | | | | |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— | $6 | $— | $6 | $(6) | $— | $2 | $— | $— | $2 | $(1) | $1 |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  | 7 |  | 7 |  | 7 |  | 9 |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current derivative assets <sup>(b)</sup> | $— | $13 | $— | $13 | $(6) | $7 | $2 | $9 | $— | $11 | $(1) | $10 |
| **Noncurrent derivative assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— | $— | $— | $— | $— | $— | $5 | $4 | $— | $9 | $(3) | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative assets <sup>(b)</sup> | $— | $— | $— | $— | $— | $— | $5 | $4 | $— | $9 | $(3) | $6 |
| **Current derivative liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— | $7 | $— | $7 | $(6) | $1 | $1 | $— | $— | $1 | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  | 7 |  | 7 |  | 7 |  | 6 |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current derivative liabilities <sup>(b)</sup> | $— | $14 | $— | $14 | $(6) | $8 | $1 | $6 | $— | $7 | $(1) | $6 |
| **Noncurrent derivative liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $— | $— | $— | $— | $— | $— | $2 | $2 | $— | $4 | $(4) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative liabilities <sup>(b)</sup> | $— | $— | $— | $— | $— | $— | $2 | $2 | $— | $4 | $(4) | $— |

---

<sup>(a)</sup>PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Dec. 31, 2025 and 2024, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2025 and 2024, derivative assets and liabilities include immaterial rights to reclaim cash collateral. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.

<sup>(b)</sup>Current derivative assets are included in prepayments and other as of Dec. 31, 2025 and Dec. 31, 2024. Total noncurrent derivative assets are included in other long-term assets as of Dec. 31, 2025 and Dec. 31, 2024. Total current derivative liabilities are included in other current liabilities and total noncurrent derivative liabilities are included within other deferred credits and other liabilities as of Dec. 31, 2025 and Dec. 31, 2024.

In 2023, changes in Level 3 commodity derivatives included $9 million in losses recognized in earnings. There were no changes in Level 3 commodity derivatives as of 2025 and 2024.

**Fair Value of Long-Term Debt**

As of Dec. 31, other financial instruments for which the carrying amount did not equal fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
|<br>**(Millions of Dollars)** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Long-term debt, including current portion | $10376 | $9452 | $8641 | $7515 |

---

Fair value of PSCo'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 Dec. 31, 2025 and 2024, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.

**9. Benefit Plans and Other Postretirement Benefits**<br>

**Pension and Postretirement Health Care Benefits**

Xcel Energy, which includes PSCo, has several noncontributory, qualified, defined benefit pension plans that cover almost all employees. All newly hired or rehired employees participate under the Cash Balance formula, which is based on pay credits using a percentage of annual eligible pay and annual interest credits.

The average annual interest crediting rates for these plans was 4.69, 4.97 and 5.03 percent in 2025, 2024, and 2023, respectively.

Some employees may participate under legacy formulas such as the traditional final average pay or pension equity. Xcel Energy's policy is to fully fund into an external trust the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws.

Xcel Energy's postretirement health care benefit plan is a continuation of certain welfare benefit programs for current employees. A full-time employee's date of hire or a retiree's date of retirement determine eligibility for each of the programs.

Xcel Energy's investment-return assumption considers the expected long-term performance for each of the asset classes in its pension and postretirement health care portfolio. Xcel Energy considers the historical returns achieved by its asset portfolios over long time periods, as well as the long-term projected return levels from investment experts. Xcel Energy Inc. and PSCo continually review pension assumptions.

Pension cost determination assumes a forecasted mix of investment types over the long-term.

• Investment returns in 2025 were above the assumed level of 7.03%.

• Investment returns in 2024 were below the assumed level of 6.53%.

• Investment returns in 2023 were above the assumed level of 6.53%.

• In 2026, PSCo's expected investment-return assumption is 7.03%.

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Pension plan and postretirement benefit assets are invested in a portfolio according to Xcel Energy's return, liquidity and diversification objectives to provide a source of funding for plan obligations and minimize contributions to the plan, within appropriate levels of risk. The principal mechanism for achieving these objectives is the asset allocation given the long-term risk, return, correlation and liquidity characteristics of each particular asset class.

There were no significant concentrations of risk in any industry, index, or entity. Market volatility can impact even well-diversified portfolios and significantly affect the return levels achieved by the assets in any year.

State agencies also have issued guidelines to the funding of postretirement benefit costs. These assets are invested in a manner consistent with the investment strategy for the pension plan.

Xcel Energy's ongoing investment strategy is based on plan-specific investment recommendations that seek to minimize potential investment and interest rate risk as a plan's funded status increases over time.

The investment recommendations consider many factors and generally result in a greater percentage of long-duration fixed income securities being allocated to specific plans having relatively higher funded status ratios and a greater percentage of growth assets being allocated to plans having relatively lower funded status ratios.

**Plan Assets**

For each of the fair value hierarchy levels, PSCo's pension plan assets measured at fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> |
|<br>**(Millions of Dollars)** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** | **Total** |
| Cash equivalents | $43 | $— | $— | $— | $43 | $47 | $— | $— | $— | $47 |
| Commingled funds <sup>(b)</sup> |  |  |  | 399 | 399 |  |  |  | 385 | 385 |
| Debt securities |  | 304 | 1 |  | 305 |  | 278 | 2 |  | 280 |
| Equity securities | 8 |  |  |  | 8 | 9 |  |  |  | 9 |
| Partnerships <sup>(b)</sup> |  |  |  | 246 | 246 |  |  |  | 247 | 247 |
| Other |  | 4 |  |  | 4 |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;**Total** | $51 | $308 | $1 | $645 | $1005 | $56 | $281 | $2 | $632 | $971 |

---

<sup>(a)</sup>See Note 8 for further information on fair value measurement inputs and methods.

<sup>(b)</sup>Prior period amounts have been reclassified to conform with current year presentation.

For each of the fair value hierarchy levels, PSCo's proportionate allocation of the total postretirement benefit plan assets that were measured at fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2025** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> | **Dec. 31, 2024** <sup>(a)</sup> |
|<br>**(Millions of Dollars)** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** | **Total** |
| Cash equivalents | $31 | $— | $— | $— | $31 | $31 | $— | $— | $— | $31 |
| Insurance contracts |  | 34 |  |  | 34 |  | 35 |  |  | 35 |
| Commingled funds <sup>(b)</sup> |  |  |  | 59 | 59 |  |  |  | 20 | 20 |
| Debt securities |  | 134 |  |  | 134 |  | 177 |  |  | 177 |
| Partnerships <sup>(b)</sup> |  |  |  | 40 | 40 |  |  |  | 40 | 40 |
| Other |  | 1 |  |  | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $31 | $169 | $— | $99 | $299 | $31 | $212 | $— | $60 | $303 |

---

<sup>(a)</sup>See Note 8 for further information on fair value measurement inputs and methods.

<sup>(b)</sup>Prior period amounts have been reclassified to conform with current year presentation.

Immaterial assets were transferred in or out of Level 3 for 2025 and 2024.

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**Funded Status** — Comparisons of the actuarially computed benefit obligation, changes in plan assets and funded status of the pension and postretirement health care plans for PSCo are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
|<br>**(Millions of Dollars)** | **2025** | **2024** | **2025** | **2024** |
| **Change in Benefit Obligation:** |  |  |  |  |
| Obligation at Jan. 1 | $1027 | $1071 | $331 | $296 |
| Service cost | 20 | 21 |  |  |
| Interest cost | 58 | 56 | 19 | 16 |
| Actuarial loss (gain) | 9 | (37) | 12 | 52 |
| Plan participants' contributions |  |  | 8 | 8 |
| Medicare subsidy reimbursements |  |  | 3 |  |
| Benefit payments | (80) | (84) | (43) | (41) |
| &nbsp;&nbsp;&nbsp;Obligation at Dec. 31 | $1034 | $1027 | $330 | $331 |
| **Change in Fair Value of Plan Assets:** |  |  |  |  |
| Fair value of plan assets at Jan. 1 | $971 | $1037 | $303 | $314 |
| Actual return on plan assets | 107 | 11 | 29 | 19 |
| Employer contributions | 7 | 7 | 2 | 3 |
| Plan participants' contributions |  |  | 8 | 8 |
| Benefit payments | (80) | (84) | (43) | (41) |
| &nbsp;&nbsp;&nbsp;Fair value of plan assets at Dec. 31 | $1005 | $971 | $299 | $303 |
| &nbsp;&nbsp;&nbsp;Funded status of plans at Dec. 31 | $(29) | $(56) | $(31) | $(28) |
| **Amounts recognized in the Consolidated Balance Sheet at Dec. 31:** |  |  |  |  |
| Noncurrent liabilities | (29) | (56) | (31) | (28) |
| &nbsp;&nbsp;&nbsp;Net amounts recognized | $(29) | $(56) | $(31) | $(28) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
|<br>**Significant Assumptions Used to Measure Benefit Obligations:** | **2025** | **2024** | **2025** | **2024** |
| Discount rate for year-end valuation | 5.78% | 5.88% | 5.66% | 5.88% |
| Expected average long-term increase in compensation level | 4.25% | 4.25% | N/A | N/A |
| Mortality table | Pri-2012 | Pri-2012 | Pri-2012 | Pri-2012 |
| Health care costs trend rate — initial: Pre-65 | N/A | N/A | 7.00% | 7.00% |
| Health care costs trend rate — initial: Post-65 | N/A | N/A | 7.50% | 7.50% |
| Ultimate trend assumption — initial: Pre-65 | N/A | N/A | 4.50% | 4.50% |
| Ultimate trend assumption — initial: Post-65 | N/A | N/A | 4.50% | 4.50% |
| Years until ultimate trend is reached | N/A | N/A | 8 | 9 |

---

Accumulated benefit obligation for the pension plan was $977 million and $970 million as of Dec. 31, 2025 and 2024, respectively.

**Net Periodic Benefit Cost** — Net periodic benefit cost (credit), other than the service cost component, is included in other income (expense) in the statements of income.

Components of net periodic benefit cost and amounts recognized in other comprehensive income and regulatory assets and liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Postretirement Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
|<br>**(Millions of Dollars)** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Service cost | $20 | $21 | $19 | $— | $— | $1 |
| Interest cost | 58 | 56 | 58 | 19 | 16 | 16 |
| Expected return on plan assets | (78) | (76) | (76) | (18) | (15) | (15) |
| Amortization of net loss | 6 | 6 | 1 | 4 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Net periodic pension cost | 6 | 7 | 2 | 5 | 3 | 3 |
| Effects of regulation | (3) | (6) | 9 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net benefit cost recognized for financial reporting | $3 | $1 | $11 | $5 | $3 | $3 |
| **Significant Assumptions Used to Measure Costs:** |  |  |  |  |  |  |
| Discount rate | 5.88% | 5.49% | 5.80% | 5.88% | 5.54% | 5.80% |
| Expected average long-term increase in compensation level | 4.25 | 4.25 | 4.25 | N/A | N/A | N/A |
| Expected average long-term rate of return on assets | 7.03 | 6.53 | 6.53 | 6.25 | 5.00 | 5.00 |

---

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
|<br>**(Millions of Dollars)** | **2025** | **2024** | **2025** | **2024** |
| **Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:** |  |  |  |  |
| Net loss | $351 | $377 | $103 | $105 |
| Prior service credit | (1) | (1) |  |  |
| &nbsp;&nbsp;&nbsp;Total | $350 | $376 | $103 | $105 |
| **Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates:** |  |  |  |  |
| Current regulatory assets | $11 | $8 | $4 | $1 |
| Noncurrent regulatory assets | 339 | 368 | 99 | 104 |
| &nbsp;&nbsp;&nbsp;Total | $350 | $376 | $103 | $105 |

---

Measurement date Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024

**Cash Flows** — Funding requirements can be impacted by changes to actuarial assumptions, actual asset levels and other calculations prescribed by the requirements of income tax and other pension-related regulations. Required contributions were made in 2023 - 2026 to meet minimum funding requirements. Total voluntary and required pension funding contributions across all four of Xcel Energy's pension plans were as follows:

• $75 million in January 2026, of which $3 million was attributable to PSCo.

• $125 million in 2025, of which $7 million was attributable to PSCo.

• $100 million in 2024, of which $7 million was attributable to PSCo.

• $50 million in 2023, of which none was attributable to PSCo.

The postretirement health care plans have no funding requirements other than fulfilling benefit payment obligations when claims are presented and approved. Additional cash funding requirements are prescribed by certain state and federal rate regulatory authorities.

Xcel Energy's voluntary postretirement funding contributions were as follows:

• $8 million expected in 2026, of which none is attributable to PSCo.

• $13 million during 2025, of which $2 million was attributable to PSCo.

• $11 million during 2024, of which $3 million was attributable to PSCo.

• $11 million during 2023, of which $3 million was attributable to PSCo.

Targeted asset allocations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
| | **2025** | **2024** | **2025** | **2024** |
| Long-duration fixed income securities | 38% | 38% | —% | —% |
| Domestic and international equity securities | 30 | 31 | 25 | 25 |
| Alternative investments | 19 | 20 | 13 | 11 |
| Short-to-intermediate fixed income securities | 11 | 9 | 61 | 61 |
| Cash | 2 | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;Total | 100% | 100% | 100% | 100% |

---

The asset allocations above reflect target allocations approved in the calendar year to take effect in the subsequent year.

**Plan Amendments** — There were no significant plan amendments made in 2025 and 2024 which affected the pension or postretirement benefit obligation.

In 2023, Xcel Energy amended the Xcel Energy Pension Plan and Xcel Energy Inc. Nonbargaining Pension Plan (South) to reduce supplemental social security benefits for all active participants on and after Jan. 1, 2024.

**Projected Benefit Payments**

PSCo's projected benefit payments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **Projected <br>Pension Benefit <br>Payments** | **Gross Projected<br>Postretirement<br>Health Care<br>Benefit Payments** | **Expected <br>Medicare Part D <br>Subsidies** | **Net Projected<br>Postretirement<br>Health Care<br>Benefit Payments** |
| 2026 | $81 | $33 | $3 | $30 |
| 2027 | 82 | 32 | 3 | 29 |
| 2028 | 81 | 32 | 3 | 29 |
| 2029 | 80 | 31 | 3 | 28 |
| 2030 | 79 | 30 | 3 | 27 |
| 2031-2035 | 383 | 145 | 15 | 130 |

---

**Voluntary Retirement Program**

Incremental to amounts presented above for postretirement benefits, Xcel Energy, which includes PSCo, has postemployment costs and obligations for its Voluntary Retirement Program, under which approximately 400 eligible non-bargaining employees retired in the fourth quarter of 2023.

Immaterial unfunded obligations for health plan subsidies and other medical benefits are presented in other current liabilities and noncurrent pension and employee benefit obligations in the consolidated balance sheets as of Dec. 31, 2025 and 2024.

**Defined Contribution Plans**

Xcel Energy, which includes PSCo, maintains 401(k) and other defined contribution plans that cover most employees. Total expense of these plans for PSCo was approximately $14 million in 2025 and 2024 and $13 million in 2023.

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

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

**Legal** 

PSCo 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 PSCo's consolidated financial statements. Legal fees are generally expensed as incurred.

***Marshall Wildfire Litigation*** *—* In December 2021, a wildfire ignited in Boulder County, Colorado (Marshall Fire). On June 8, 2023, the Boulder County Sheriff's Office released its Marshall Fire Investigative Summary and Review and its supporting documents (Sheriff's Report). According to the Sheriff's Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo's service territory, for reasons unrelated to PSCo's power lines. According to the Sheriff's Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo's service territory. According to the Sheriff's Report, the second ignition started approximately 80 to 110 feet away from PSCo's power lines in the area.

PSCo received notice or otherwise became aware of 307 complaints on behalf of at least 4,087 plaintiffs, most of which also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints generally alleged that PSCo's equipment ignited the Marshall Fire and asserted various causes of action under Colorado law. In addition to asserting claims against PSCo, Xcel Energy Inc. and Xcel Energy Services Inc., various plaintiffs, including insurance company plaintiffs, asserted claims against certain telecommunications companies (the Telecom Companies). In April 2025, most of the remaining plaintiffs amended their complaints to also assert claims against the Telecom Companies. In June 2025, the Boulder County District Court dismissed Xcel Energy Inc. from the complaints that named that entity as a defendant, due to lack of jurisdiction.

An initial trial on liability issues was scheduled to start in September 2025. Prior to trial, in September 2025, Xcel Energy, Qwest Corporation and Teleport Communications America, LLC reached settlement agreements in principle that resolve all claims asserted by the subrogation insurers, the public entity plaintiffs and individual plaintiffs, and require PSCo to make settlement payments of $640 million. PSCo did not admit any fault, wrongdoing or negligence in connection with these settlement agreements.

As a result of settlements as well as legal and other costs of the matter, PSCo recognized charges to earnings of $287 million and $12 million in the quarterly periods ended Sept. 30 and Dec. 31, 2025, respectively, after consideration of total costs expected to be reimbursed by insurance. As of February 2026, final settlement documentation has been executed with the subrogation insurers, the public entity plaintiffs and nearly all the individual plaintiffs, and nearly all have received payment. If complaints of the remaining individual plaintiffs who have not accepted a settlement or have otherwise stopped prosecuting their claims are not resolved, they may be subject to further litigation.

A remaining estimated liability of $5 million is presented in other current liabilities as of Dec. 31, 2025; no estimated liability was recognized as of Dec. 31, 2024. PSCo records insurance recoveries when it is deemed probable that recovery will occur, and PSCo can reasonably estimate the amount or range. Insurance receivables of $353 million related to settlements are presented in prepayments and other current assets as of Dec. 31, 2025; no such insurance receivables were recognized as of Dec. 31, 2024.

**Rate Matters**

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

**Environmental** 

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

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

PSCo is investigating, remediating or performing post-closure actions at two historical MGP, landfill or other disposal sites across its service territory, excluding sites that are being addressed under current coal ash regulations (see below).

PSCo has approximately $5 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.

***Environmental Requirements — Water and Waste***

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

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

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.

Investigation and/or corrective action related to groundwater impacts are currently underway at certain active and closed coal generating facilities at a current estimated cost of at least $45 million. In addition, PSCo expects to incur $4 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. AROs have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.

PSCo has also identified coal ash that is expected to be required to be removed from certain closed coal-generating facilities at estimated costs totaling approximately $45 million. AROs have been recorded, with the costs expected to be recoverable through regulatory mechanisms.

PSCo 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 February 2026, the EPA issued a final rule amending the CCR Legacy rule. The ruling extends deadlines for various regulatory actions and clarifies previous information regarding implementation of the rule. PSCo is still evaluating the final rule, but anticipates impacts to be consistent with prior accruals.

**AROs** — AROs have been recorded for PSCo's assets.

PSCo's AROs were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
|<br>**(Millions <br>of Dollars)** | **Jan. 1, <br>2025** | **Amounts Incurred** (a) | **Accretion** | **Cash Flow Revisions** | **Dec. 31, 2025** |
| **Electric** |  |  |  |  |  |
| Steam, hydro and other production | $244 | $9 | $10 | $— | $263 |
| Wind | 48 |  | 2 |  | 50 |
| Distribution | 18 |  | 1 |  | 19 |
| **Natural gas** |  |  |  |  |  |
| Transmission and distribution | 138 |  | 7 | (4) | 141 |
| &nbsp;&nbsp;&nbsp;Total liability | $448 | $9 | $20 | $(4) | $473 |

---

<sup>(a)</sup>Amounts incurred largely pertain to obligations associated with new solar facilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** |
|<br>**(Millions <br>of Dollars)** | **Jan. 1, 2024** | **Amounts Incurred** (a) | **Accretion** | **Cash Flow Revisions** | **Dec. 31, 2024** |
| **Electric** |  |  |  |  |  |
| Steam, hydro and other production | $188 | $38 | $9 | $9 | $244 |
| Wind | 46 |  | 2 |  | 48 |
| Distribution | 17 |  | 1 |  | 18 |
| **Natural gas** |  |  |  |  |  |
| Transmission and distribution | 132 |  | 6 |  | 138 |
| &nbsp;&nbsp;&nbsp;Total liability | $383 | $38 | $18 | $9 | $448 |

---

<sup>(a)</sup>Amounts incurred pertain to the CCR coal ash regulations.

***Indeterminate AROs*** *—* Outside of the recorded asbestos AROs, other plants or buildings may contain asbestos due to the age of many of PSCo's facilities, but no confirmation or measurement of the cost of removal could be determined as of Dec. 31, 2025. Therefore, an ARO has not been recorded for these facilities.

**Leases**

ROU assets represent PSCo's rights to use leased assets. The present value of future operating lease payments is recognized in current and noncurrent operating lease liabilities. The present value of future finance lease payments is included in other current liabilities and other noncurrent liabilities. These amounts, adjusted for any prepayments or incentives, are recognized as ROU assets. ROU assets for finance leases are included in other noncurrent assets.

Leases with an initial term of 12 months or less are classified as short-term leases and are not recognized on the consolidated balance sheet.

Operating lease ROU assets:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| PPAs | $587 | $592 |
| Other | 180 | 106 |
| &nbsp;&nbsp;Gross operating lease ROU assets | 767 | 698 |
| Accumulated amortization | (378) | (430) |
| &nbsp;&nbsp;&nbsp;Net operating lease ROU assets | $389 | $268 |

---

Finance lease ROU assets:

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| Gas storage facilities | $160 | $160 |
| Gas pipeline | 21 | 21 |
| Gross finance lease ROU assets | 181 | 181 |
| Accumulated amortization | (75) | (70) |
| &nbsp;&nbsp;&nbsp;Net finance lease ROU assets | $106 | $111 |

---

Certain of PSCo's finance lease activities are related to WYCO, a joint venture with CIG, to develop and lease natural gas pipeline and storage facilities. Xcel Energy Inc. has a 50% ownership interest in WYCO. WYCO leases its facilities to CIG, and CIG operates the facilities, providing natural gas storage and transportation services to PSCo under separate service agreements.

PSCo accounts for its Totem natural gas storage service and Front Range pipeline arrangements with CIG and WYCO, respectively, as finance leases.

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

Commitments under operating and finance leases as of Dec. 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **PPA** <sup>(a) (b)</sup><br>**Operating**<br>**Leases** | **Other Operating**<br>**Leases** | **Total<br>Operating**<br>**Leases** | **Finance Leases** |
| 2026 | $75 | $10 | $85 | $18 |
| 2027 | 44 | 19 | 63 | 15 |
| 2028 | 33 | 19 | 52 | 15 |
| 2029 | 32 | 15 | 47 | 15 |
| 2030 | 32 | 12 | 44 | 15 |
| Thereafter | 58 | 213 | 271 | 305 |
| Total minimum obligation | 274 | 288 | 562 | 383 |
| Interest component of obligation | (36) | (131) | (167) | (276) |
| Present value of minimum obligation | $238 | $157 | 395 | 107 |
| Less current portion |  |  | (65) | (4) |
| Noncurrent operating and finance lease liabilities |  |  | $330 | $103 |
| Weighted-average remaining lease term in years |  |  | 11.1 | 34.9 |

---

<sup>(a)</sup>Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs.

<sup>(b)</sup>PPA operating leases contractually expire at various dates through 2033.

PPA finance lease payments are allocated between interest charges and depreciation and amortization on the consolidated statements of income. PPA operating lease payments are included in electric fuel and purchased power, and expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Components of lease expense:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Operating leases |  |  |  |
| &nbsp;&nbsp;&nbsp;PPA capacity payments | $91 | $84 | $89 |
| &nbsp;&nbsp;Other operating leases <sup>(a)</sup> | 15 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease expense | $106 | $104 | $108 |
| Finance leases |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of ROU assets | $4 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liability | 14 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finance lease expense | $18 | $18 | $18 |

---

<sup>(a)</sup>Includes immaterial short-term lease expense.

Most of PSCo's leases do not contain a readily determinable discount rate. Therefore, the present value of future operating lease payments is generally calculated using the estimated incremental borrowing rate at commencement of each lease (weighted average of 5.4%).

**Fuel Contracts**

PSCo has entered into various long-term commitments for the purchase and delivery of a significant portion of its coal and natural gas requirements. These contracts expire between 2026 and 2060. PSCo is required to pay additional amounts depending on actual quantities delivered under these agreements.

Estimated minimum purchases under these contracts as of Dec. 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **Coal** | **Natural gas supply** | **Natural gas storage and<br>transportation** |
| 2026 | $105 | $212 | $129 |
| 2027 | 47 |  | 130 |
| 2028 | 7 |  | 85 |
| 2029 |  |  | 41 |
| 2030 |  |  | 30 |
| Thereafter |  |  | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $159 | $212 | $965 |

---

**VIEs**

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

PSCo evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. PSCo concluded that these entities are not required to be consolidated in its consolidated financial statements because PSCo does not have the power to direct the activities that most significantly impact the entities' economic performance. PSCo had 932 MW and 1,207 MW of capacity under long-term PPAs at Dec. 31, 2025 and 2024, respectively with entities that have been determined to be VIEs. These agreements have expiration dates through 2033.

**11. Other Comprehensive Income**<br>

Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
|<br>**(Millions of Dollars)** | **Gains and Losses on Interest Rate Cash Flow Hedges** | **Defined Benefit Pension and Postretirement Items** | **Total** |
| Accumulated other comprehensive loss at Jan. 1 | $(18) | $(1) | $(19) |
| Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: |
| &nbsp;&nbsp;Interest rate derivatives <sup>(a)</sup> | 1 |  | 1 |
| Net current period other comprehensive income | 1 |  | 1 |
| Accumulated other comprehensive loss at Dec. 31 | $(17) | $(1) | $(18) |

---

<sup>(a)</sup>Included in interest charges.

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| | | | |
|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** |
|<br>**(Millions of Dollars)** | **Gains and Losses on Interest Rate Cash Flow Hedges** | **Defined Benefit Pension and Postretirement Items** | **Total** |
| Accumulated other comprehensive loss at Jan. 1 | $(19) | $(1) | $(20) |
| Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: |
| &nbsp;&nbsp;Interest rate derivatives <sup>(a)</sup> | 1 |  | 1 |
| Net current period other comprehensive income | 1 |  | 1 |
| Accumulated other comprehensive loss at Dec. 31 | (18) | (1) | (19) |

---

<sup>(a)</sup>Included in interest charges.

**12. Segment Information**<br>

PSCo is a wholly owned subsidiary of Xcel Energy. PSCo's chief operating decision maker, the CEO of Xcel Energy, sets financial performance objectives and budgets and establishes separate targets for regulated electric utility and regulated natural gas utility net income.

The regulated electric utility and regulated natural gas utility segments are managed separately because of inherent differences between activities to serve electric customers and those required to serve natural gas customers, and as the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. The CEO assesses financial performance, including quarterly and annual budget-to-actual and year-over-year variances in revenues and expenses, to inform operating decisions, capital investments and cost recovery strategies.

PSCo has the following reportable segments:

• **Regulated Electric Utility** — The regulated electric utility segment generates, purchases, transmits, distributes and sells electricity in Colorado. This segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes PSCo's wholesale commodity and trading operations.

• **Regulated Natural Gas Utility** — The regulated natural gas utility segment purchases, transports, stores, distributes and sells natural gas in portions of Colorado.

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

Non-segment revenues include steam, appliance repair and non-utility real estate activities. Non-segment net income also includes costs associated with these activities.

Segment information and reconciliations to PSCo's consolidated operating revenues and net income:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $4127 | $1499 | $5626 |
| Intersegment revenues | 1 | 11 | 12 |
| &nbsp;&nbsp;Total segment revenues | 4128 | 1510 | 5638 |
| Electric fuel and purchased power | 1368 |  | 1368 |
| Cost of natural gas sold and transported |  | 548 | 548 |
| O&M expenses | 674 | 284 | 958 |
| Depreciation and amortization | 801 | 291 | 1092 |
| Other segment expenses, net <sup>(b)</sup> | 547 | 100 | 647 |
| Interest charges and financing costs | 289 | 84 | 373 |
| Income tax (benefit) expense | (48) | 36 | (12) |
| Net income | $497 | $167 | $664 |
| Total segment revenues |  |  | $5638 |
| Eliminate intersegment revenue |  |  | (12) |
| Non-segment revenues |  |  | 38 |
| Consolidated operating revenues |  |  | $5664 |
| Total segment net income |  |  | $664 |
| Non-segment net income |  |  | 14 |
| Consolidated net income |  |  | $678 |

---

<sup>(a)</sup>Operating revenues include $5 million of other affiliate revenue. See Note 13 for further information.

<sup>(b)</sup>Other segment expenses, net, for 2025 additionally includes Marshall Wildfire litigation expense.

---

| | | | |
|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $3790 | $1443 | $5233 |
| Intersegment revenue | 1 | 10 | 11 |
| &nbsp;&nbsp;Total segment revenues | 3791 | 1453 | 5244 |
| Electric fuel and purchased power | 1266 |  | 1266 |
| Cost of natural gas sold and transported |  | 600 | 600 |
| O&M expenses | 634 | 276 | 910 |
| Depreciation and amortization | 738 | 247 | 985 |
| Other segment expenses, net  | 270 | 91 | 361 |
| Interest charges and financing costs | 265 | 78 | 343 |
| Income tax (benefit) expense | (8) | 29 | 21 |
| Net income | $626 | $132 | $758 |
| Total segment revenues |  |  | $5244 |
| Eliminate intersegment revenue |  |  | (11) |
| Non-segment revenues |  |  | 39 |
| Consolidated operating revenues |  |  | $5272 |
| Total segment net income |  |  | $758 |
| Non-segment net income |  |  | 24 |
| Consolidated net income |  |  | $782 |

---

<sup>(a)</sup>Operating revenues include $5 million of other affiliate revenue. See Note 13 for further information.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

---

| | | | |
|:---|:---|:---|:---|
| | **2023** | **2023** | **2023** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $3731 | $1734 | $5465 |
| Intersegment revenue | 1 |  | 1 |
| &nbsp;&nbsp;Total segment revenues | 3732 | 1734 | 5466 |
| Electric fuel and purchased power | 1364 |  | 1364 |
| Cost of natural gas sold and transported |  | 910 | 910 |
| O&M expenses | 587 | 261 | 848 |
| Depreciation and amortization | 692 | 224 | 916 |
| Other segment expenses, net <sup>(b)</sup> | 338 | 86 | 424 |
| Interest charges and financing costs | 224 | 67 | 291 |
| Income tax (benefit) expense | (2) | 37 | 35 |
| Net income | $529 | $149 | $678 |
| Total segment revenues |  |  | $5466 |
| Eliminate intersegment revenue |  |  | (1) |
| Non-segment revenues |  |  | 54 |
| Consolidated operating revenues |  |  | $5519 |
| Total segment net income |  |  | $678 |
| Non-segment net loss |  |  | 17 |
| Consolidated net income |  |  | $695 |

---

<sup>(a)</sup>Operating revenues include $5 million of other affiliate revenue. See Note 13 for further information.

<sup>(b)</sup>Other segment expenses, net, for 2023 additionally includes loss on Comanche Unit 3 litigation and workforce reduction expenses.

**13. Related Party Transactions**<br>

Xcel Energy Services Inc. provides management, administrative and other services for the subsidiaries of Xcel Energy Inc., including PSCo. The services are provided and billed to each subsidiary in accordance with service agreements executed by each subsidiary. PSCo uses services provided by Xcel Energy Services Inc. whenever possible. Costs are charged directly to the subsidiary and are allocated if they cannot be directly assigned.

Xcel Energy, Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS have established a utility money pool arrangement.

See Note 5 for further information.

Significant affiliate transactions among the companies and related parties for the years ended Dec. 31:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of Dollars)** | **2025** | **2024** | **2023** |
| Operating revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | $5 | $5 | $5 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Other operating expenses — paid to Xcel Energy Services Inc. | 737 | 677 | 679 |
| Interest expense | 6 | 5 | 5 |
| Interest income | 2 | 1 | 2 |

---

Accounts receivable and payable with affiliates at Dec. 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
|<br>**(Millions of Dollars)** | **Accounts Receivable** | **Accounts Payable** | **Accounts Receivable** | **Accounts Payable** |
| NSP-Minnesota | $— | $1 | $7 | $— |
| NSP-Wisconsin |  | 1 |  | 2 |
| SPS |  | 6 |  | 8 |
| Other subsidiaries of Xcel Energy Inc. |  | 87 | 14 | 50 |
|  | $— | $95 | $21 | $60 |

---

**14. Workforce Reduction**<br>

In 2023, Xcel Energy implemented workforce actions to align resources and investments with evolving business and customer needs, and streamline the organization for long-term success.

In September 2023, Xcel Energy announced a voluntary retirement program to a group of eligible non-bargaining employees, with an enhanced retirement package including certain health care and cash benefits for accepted employees. Approximately 400 employees retired under this program in December 2023.

In November 2023, Xcel Energy, Inc. also reduced its non-bargaining workforce by approximately 150 employees through an involuntary severance program.

In the fourth quarter of 2023, Xcel Energy recorded total expense of $72 million related to these workforce actions, of which $20 million was attributable to PSCo. Expenses relate to the estimated cost of future health plan subsidies and other medical benefits for the voluntary retirement program, as well as severance and other employee payouts and legal and other professional fees.

No such activities occurred in 2024 or 2025.

For further information on the estimated obligations for future health plan subsidies and other medical benefits, see Note 9 to the consolidated financial statements.

**ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** <br>

None.

**ITEM 9A — CONTROLS AND PROCEDURES**<br>

**Disclosure Controls and Procedures**

PSCo 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 Dec. 31, 2025, based on an evaluation carried out under the supervision and with the participation of PSCo's management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that PSCo's disclosure controls and procedures were effective.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**Internal Control Over Financial Reporting**

No changes in PSCo's internal control over financial reporting occurred during the most recent fiscal quarter ended Dec. 31, 2025 that materially affected, or are reasonably likely to materially affect, PSCo's internal control over financial reporting. PSCo maintains internal control over financial reporting to provide reasonable assurance regarding the reliability of the financial reporting. PSCo has evaluated and documented its controls in process activities, general computer activities, and on an entity-wide level.

During the year and in preparation for issuing its report for the year ended Dec. 31, 2025 on internal controls under section 404 of the Sarbanes-Oxley Act of 2002, PSCo conducted testing and monitoring of its internal control over financial reporting. Based on the control evaluation, testing and remediation performed, PSCo did not identify any material control weaknesses, as defined under the standards and rules issued by the Public Company Accounting Oversight Board, as approved by the SEC and as indicated in PSCo's Management Report on Internal Controls over Financial Reporting, which is contained in Item 8 herein.

This annual report does not include an attestation report of PSCo's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by PSCo's independent registered public accounting firm pursuant to the rules of the SEC that permit PSCo to provide only management's report in this annual report.

**ITEM 9B — OTHER INFORMATION**<br>

None.

**ITEM 9C — DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**<br>

Not applicable.

**PART III**

Items 10, 11 and 12 of Part III of Form 10-K have been omitted from this report for PSCo in accordance with conditions set forth in general instructions I(1)(a) and (b) of Form 10-K for wholly-owned subsidiaries.

**ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**<br>

**ITEM 11 — EXECUTIVE COMPENSATION**<br>

**ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**<br>

**ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**<br>

Information required under this Item is contained in Xcel Energy Inc.'s definitive Proxy Statement for its 2026 Annual Meeting of Shareholders, which is incorporated by reference.

**ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES**<br>

Information required under this Item (aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34)) is contained in Xcel Energy Inc.'s Proxy Statement for its 2026 Annual Meeting of Shareholders, which is incorporated by reference.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**PART IV**

**ITEM 15 — EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**<br>

---

| | |
|:---|:---|
| 1 | Consolidated Financial Statements: |
|  | Management Report on Internal Controls Over Financial Reporting **—** For the year ended Dec. 31, 2025. |
|  | Report of Independent Registered Public Accounting Firm — Financial Statements |
|  | Consolidated Statements of Income **—** For each of the three years ended Dec. 31, 2025, 2024 and 2023. |
|  | Consolidated Statements of Comprehensive Income **—** For each of the three years ended Dec. 31, 2025, 2024 and 2023. |
|  | Consolidated Statements of Cash Flows **—** For each of the three years ended Dec. 31, 2025, 2024 and 2023. |
|  | Consolidated Balance Sheets **—** As of Dec. 31, 2025 and 2024. |
|  | Consolidated Statements of Common Stockholder's Equity **—** For each of the three years ended Dec. 31, 2025, 2024 and 2023. |
| 2 | Schedule II **—** Valuation and Qualifying Accounts and Reserves for each of the years ended Dec. 31, 2025, 2024 and 2023. |
| 3 | Exhibits |
| \* | Indicates incorporation by reference |
| + | Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors |

---

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit Number** | **Description** | **Report or Registration Statement** | **Exhibit Reference** |
| [3.01\*](https://www.sec.gov/Archives/edgar/data/81018/000008101817000015/pscarticles7-1x98.htm) | [Amended and Restated Articles of Incorporation dated July 15, 1998](https://www.sec.gov/Archives/edgar/data/81018/000008101817000015/pscarticles7-1x98.htm) | PSCo Form 10-Q for the quarter ended Sept. 30, 2017 | 3.01 |
| [3.02\*](https://www.sec.gov/Archives/edgar/data/81018/000008101819000004/pscobylaws-amended0125191.htm) | [By-Laws of PSCo as Amended and Restated on Jan. 25, 2019](https://www.sec.gov/Archives/edgar/data/81018/000008101819000004/pscobylaws-amended0125191.htm) | PSCo Form 10-K for the year ended Dec. 31, 2018 | 3.02 |
| [4.01\*](https://www.sec.gov/Archives/edgar/data/72903/000119312518121135/d570355dex4d3.htm) | [Indenture, dated as of Oct. 1, 1993, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to Morgan Guaranty Trust Company of New York), as Trustee, providing for the issuance of First Collateral Trust Bonds](https://www.sec.gov/Archives/edgar/data/72903/000119312518121135/d570355dex4d3.htm) | Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(d)(3) |
| [4.02\*](https://www.sec.gov/Archives/edgar/data/81018/000110465907062248/a07-21142_3ex4d01.htm) | [Supplemental Indenture No. 17, dated as of Aug. 1, 2007, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $350 million of 6.25% First Mortgage Bonds, Series No. 17 due Sept. 1, 2037](https://www.sec.gov/Archives/edgar/data/81018/000110465907062248/a07-21142_3ex4d01.htm) | PSCo Form 8-K dated Aug. 8, 2007 | 4.01 |
| [4.03\*](https://www.sec.gov/Archives/edgar/data/81018/000110465908052266/a08-21163_1ex4d01.htm) | [Supplemental Indenture No. 18, dated as of Aug. 1, 2008, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association, as Trustee, creating $300 million aggregate principal amount of 6.50% First Mortgage Bonds, Series No. 19 due Aug. 1, 2038](https://www.sec.gov/Archives/edgar/data/81018/000110465908052266/a08-21163_1ex4d01.htm) | PSCo Form 8-K dated Aug. 6, 2008 | 4.01 |
| [4.04\*](https://www.sec.gov/Archives/edgar/data/81018/000114036111040414/ex4_01.htm) | [Supplemental Indenture No. 21, dated as of Aug. 1, 2011, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 4.75% First Mortgage Bonds, Series No. 22 due Aug. 15, 2041](https://www.sec.gov/Archives/edgar/data/81018/000114036111040414/ex4_01.htm) | PSCo Form 8-K dated Aug. 9, 2011 | 4.01 |
| [4.05\*](https://www.sec.gov/Archives/edgar/data/81018/000114036112040028/ex4_01.htm) | [Supplemental Indenture No. 22, dated as of Sept. 1, 2012, between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $500 million aggregate principal amount of 3.60% First Mortgage Bonds, Series No. 24 due Sept. 15, 2042](https://www.sec.gov/Archives/edgar/data/81018/000114036112040028/ex4_01.htm) | PSCo Form 8-K dated Sept. 11, 2012 | 4.01 |
| [4.06\*](https://www.sec.gov/Archives/edgar/data/81018/000114036113013992/ex4_01.htm) | [Supplemental Indenture No. 23, dated as of March 1, 2013, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 2.50% First Mortgage Bonds, Series No. 25 due March 15, 2023 and $250 million aggregate principal amount of 3.95% First Mortgage Bonds, Series No. 26 due March 15, 2043](https://www.sec.gov/Archives/edgar/data/81018/000114036113013992/ex4_01.htm) | PSCo Form 8-K dated March 26, 2013 | 4.01 |
| [4.07\*](https://www.sec.gov/Archives/edgar/data/81018/000008101814000005/pscoexhibit401march2014.htm) | [Supplemental Indenture No. 24, dated as of March 1, 2014, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 4.30% First Mortgage Bonds, Series No. 27 due March 15, 2044](https://www.sec.gov/Archives/edgar/data/81018/000008101814000005/pscoexhibit401march2014.htm) | PSCo Form 8-K dated March 10, 2014 | 4.01 |
| [4.0](https://www.sec.gov/Archives/edgar/data/81018/000008101816000025/pscoexhibit401june2016.htm)[8](https://www.sec.gov/Archives/edgar/data/81018/000008101816000025/pscoexhibit401june2016.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000008101816000025/pscoexhibit401june2016.htm) | [Supplemental Indenture No. 26, dated as of June 1, 2016, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 3.55% First Mortgage Bonds, Series No. 29 due June 15, 2046](https://www.sec.gov/Archives/edgar/data/81018/000008101816000025/pscoexhibit401june2016.htm) | PSCo Form 8-K dated June 13, 2016 | 4.01 |
| [4.](https://www.sec.gov/Archives/edgar/data/81018/000008101817000008/pscoexhibit401june2017.htm)[09](https://www.sec.gov/Archives/edgar/data/81018/000008101817000008/pscoexhibit401june2017.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000008101817000008/pscoexhibit401june2017.htm) | [Supplemental Indenture No. 27, dated as of June 1, 2017, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $400 million aggregate principal amount of 3.80% First Mortgage Bonds, Series No. 30 due June 15, 2047](https://www.sec.gov/Archives/edgar/data/81018/000008101817000008/pscoexhibit401june2017.htm) | PSCo Form 8-K dated June 19, 2017 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000008101818000009/pscoexhibit401june2018.htm)[0](https://www.sec.gov/Archives/edgar/data/81018/000008101818000009/pscoexhibit401june2018.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000008101818000009/pscoexhibit401june2018.htm) | [Supplemental Indenture No. 28, dated as of June 1, 2018, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $350 million aggregate principal amount of 3.70% First Mortgage Bonds, Series No. 31 due June 15, 2028, and $350 million aggregate principal amount of 4.10% First Mortgage Bonds, Series No. 32 due June 15, 2048](https://www.sec.gov/Archives/edgar/data/81018/000008101818000009/pscoexhibit401june2018.htm) | PSCo Form 8-K dated June 21, 2018 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000119312519072930/d712056dex401.htm)[1](https://www.sec.gov/Archives/edgar/data/81018/000119312519072930/d712056dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312519072930/d712056dex401.htm) | [Supplemental Indenture No. 29, dated as of March 1, 2019, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $400 million aggregate principal amount of 4.05% First Mortgage Bonds, Series No. 33 due Sept. 15, 2049](https://www.sec.gov/Archives/edgar/data/81018/000119312519072930/d712056dex401.htm) | PSCo Form 8-K dated March 13, 2019 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000119312519219704/d789097dex401.htm)[2](https://www.sec.gov/Archives/edgar/data/81018/000119312519219704/d789097dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312519219704/d789097dex401.htm) | [Supplemental Indenture No. 30, dated as of Aug. 1, 2019, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $550 million aggregate principal amount of 3.20% First Mortgage Bonds, Series No. 34 due March 1, 2050](https://www.sec.gov/Archives/edgar/data/81018/000119312519219704/d789097dex401.htm) | PSCo Form 8-K dated August 13, 2019 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000119312520143597/d902869dex401.htm)[3](https://www.sec.gov/Archives/edgar/data/81018/000119312520143597/d902869dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312520143597/d902869dex401.htm) | [Supplemental Indenture No. 31, dated as of May 1, 2020, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $375 million aggregate principal amount of 2.70% First Mortgage Bonds, Series No. 35 due Jan. 15, 2051 and $375 million aggregate principal amount of 1.90% First Mortgage Bonds, Series No. 36 due Jan. 15, 2031](https://www.sec.gov/Archives/edgar/data/81018/000119312520143597/d902869dex401.htm) | PSCo Form 8-K dated May 15, 2020 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm)[4](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm) | [Supplemental Indenture No. 32, dated as of February 1, 2021, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $750 million aggregate principal amount of 1.875% First Mortgage Bonds, Series No. 37 due June 15, 2031](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm) | PSCo Form 8-K dated March 1, 2021 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000119312522152761/d344217dex401.htm)[5](https://www.sec.gov/Archives/edgar/data/81018/000119312522152761/d344217dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312522152761/d344217dex401.htm) | [Supplemental Indenture No. 33, dated as of May 1, 2022, by and between PSCo and U.S. Bank Trust Company, National Association, as Trustee, creating $300 million aggregate principal amount of 4.10% First Mortgage Bonds, Series No. 38 due June 1, 2032 and $400 million aggregate principal amount of 4.50% First Mortgage Bonds, Series No. 39 due June 1, 2052](https://www.sec.gov/Archives/edgar/data/81018/000119312522152761/d344217dex401.htm) | PSCo Form 8-K dated May 17, 2022 | 4.01 |

---

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*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

---

| | | | |
|:---|:---|:---|:---|
| [4.](https://www.sec.gov/Archives/edgar/data/81018/000119312523089177/d487843dex401.htm)[1](https://www.sec.gov/Archives/edgar/data/81018/000119312523089177/d487843dex401.htm)[6](https://www.sec.gov/Archives/edgar/data/81018/000119312523089177/d487843dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312523089177/d487843dex401.htm) | [Supplemental Indenture No. 34, dated as of March 1, 2023, between PSCo and U.S. Bank Trust Company, National Association, as successor Trustee, creating $850 million principal amount of 5.25% First Mortgage Bonds, Series No. 40 due April 1, 2053.](https://www.sec.gov/Archives/edgar/data/81018/000119312523089177/d487843dex401.htm) | PSCo Form 8-K dated April 3, 2023 | 4.01 |
| [4.1](https://www.sec.gov/Archives/edgar/data/81018/000119312524086858/d775433dex401.htm)[7](https://www.sec.gov/Archives/edgar/data/81018/000119312524086858/d775433dex401.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312524086858/d775433dex401.htm) | [Supplemental Indenture dated as of April 1, 2024, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $450 million principal amount of 5.35% First Mortgage Bonds, Series No. 41 due 2034 and $750 million principal amount of 5.75% First Mortgage Bonds, Series No. 42 due 2054.](https://www.sec.gov/Archives/edgar/data/81018/000119312524086858/d775433dex401.htm) | PSCo Form 8-K dated April 4, 2024 | 4.01 |
| [4.](https://www.sec.gov/Archives/edgar/data/81018/000119312525058554/d820591dex403.htm)[18](https://www.sec.gov/Archives/edgar/data/81018/000119312525058554/d820591dex403.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312525058554/d820591dex403.htm) | [Supplemental Indenture No. 36 dated as of March 1, 2025, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $600 million principal amount of 5.85% First Mortgage Bonds, Series No. 43 due 2055.](https://www.sec.gov/Archives/edgar/data/81018/000119312525058554/d820591dex403.htm) | PSCo Form 8-K dated March 20, 2025 | 4.03 |
| [4.](https://www.sec.gov/Archives/edgar/data/81018/000119312525175409/d42700dex403.htm)[19](https://www.sec.gov/Archives/edgar/data/81018/000119312525175409/d42700dex403.htm)[\*](https://www.sec.gov/Archives/edgar/data/81018/000119312525175409/d42700dex403.htm) | [Supplemental Indenture No. 37 dated as of August 1, 2025, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $800,000,000 million principal amount of 5.15% First Mortgage Bonds, Series No. 44 due 2035.](https://www.sec.gov/Archives/edgar/data/81018/000119312525175409/d42700dex403.htm) | PSCo Form 8-K dated August 7, 2025 | 4.03 |
| [10.01\*+](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_02.htm) | [Xcel Energy Inc. Nonqualified Pension Plan (2009 Restatement)](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_02.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.02 |
| [10.02\*+](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_05.htm) | [Xcel Energy Senior Executive Severance and Change-in-Control Policy (2009 Restatement)](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_05.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.05 |
| [10.03\*+](https://www.sec.gov/Archives/edgar/data/72903/000114036112010717/ex10_18.htm) | [Second Amendment to Exhibit 10.02 dated Oct. 26, 2011](https://www.sec.gov/Archives/edgar/data/72903/000114036112010717/ex10_18.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 | 10.18 |
| [10.04\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290316000157/xcelex1001q22016.htm) | [Fifth Amendment to Exhibit 10.02 dated May 3, 2016](https://www.sec.gov/Archives/edgar/data/72903/000007290316000157/xcelex1001q22016.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2016 | 10.01 |
| [10.05\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290318000042/exhibit1001.htm) | [Seventh Amendment to Exhibit 10.02 dated May 7, 2018](https://www.sec.gov/Archives/edgar/data/72903/000007290318000042/exhibit1001.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2018 | 10.01 |
| [10.06\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290320000022/xcelex1002q12020.htm) | [Eighth Amendment to Exhibit 10.02 dated March 31, 2020](https://www.sec.gov/Archives/edgar/data/72903/000007290320000022/xcelex1002q12020.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2020 | 10.02 |
| [10.07\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290320000055/xcelex1001q22020.htm) | [Ninth Amendment to Exhibit 10.02 dated May 22, 2020](https://www.sec.gov/Archives/edgar/data/72903/000007290320000055/xcelex1001q22020.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2020 | 10.01 |
| [10.08\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290325000029/exhibit1008.htm) | [Tenth Amendment to Exhibit 10.02 dated May 20, 2024](https://www.sec.gov/Archives/edgar/data/72903/000007290325000029/exhibit1008.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2024 | 10.08 |
| [10.09\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290325000225/exhibit1001q22025.htm) | [Eleventh Amendment to the Xcel Energy Senior Executive Severance and Change in Control Policy](https://www.sec.gov/Archives/edgar/data/72903/000007290325000225/exhibit1001q22025.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2025 | 10.01 |
| [10.10\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290325000225/exhibit1002q22025.htm) | [Twelfth Amendment to the Xcel Energy Senior Executive Severance and Change in Control Policy](https://www.sec.gov/Archives/edgar/data/72903/000007290325000225/exhibit1002q22025.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2025 | 10.02 |
| [10.](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_17.htm)[11](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_17.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_17.htm) | [Xcel Energy Inc. Supplemental Executive Retirement Plan as amended and restated Jan. 1, 2009](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_17.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.17 |
| [10.1](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_07.htm)[2](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_07.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_07.htm) | [Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2009 Restatement)](https://www.sec.gov/Archives/edgar/data/72903/000104746909002013/a2190946zex-10_07.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.07 |
| [10.13\*+](https://www.sec.gov/Archives/edgar/data/72903/000114036112010717/ex10_17.htm) | [First Amendment to Exhibit 10.12 effective Nov. 29, 2011](https://www.sec.gov/Archives/edgar/data/72903/000114036112010717/ex10_17.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 | 10.17 |
| [10.14\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290314000009/xcelex1022q42013.htm) | [Second Amendment to Exhibit 10.12 dated May 21, 2013](https://www.sec.gov/Archives/edgar/data/72903/000007290314000009/xcelex1022q42013.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2013 | 10.22 |
| [10.15\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290316000171/xcelex1001q32016.htm) | [Third Amendment to Exhibit 10.12 dated Sept. 30, 2016](https://www.sec.gov/Archives/edgar/data/72903/000007290316000171/xcelex1001q32016.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2016 | 10.01 |
| [10.16\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290317000064/a05d_4thamendmenttodcpxfin.htm) | [Fourth Amendment to Exhibit 10.12 dated Oct. 23, 2017](https://www.sec.gov/Archives/edgar/data/72903/000007290317000064/a05d_4thamendmenttodcpxfin.htm) | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2017 | 10.1 |
| [10.1](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/a2015omnibusincentiveplana.htm)[7](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/a2015omnibusincentiveplana.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/a2015omnibusincentiveplana.htm) | [Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/a2015omnibusincentiveplana.htm)  | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.34 |
| [10.18\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290320000011/executiveofficerterms19.htm) | [Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy Inc. 2015 Omnibus Incentive Plan for awards between 2020-2023](https://www.sec.gov/Archives/edgar/data/72903/000007290320000011/executiveofficerterms19.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 | 10.32 |
| [10.19\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290324000034/xcelex1016q42023.htm) | [Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy Inc. 2015 Omnibus Incentive Plan for awards in 2024](https://www.sec.gov/Archives/edgar/data/72903/000007290324000034/xcelex1016q42023.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2023 | 10.16 |
| [10.](https://www.sec.gov/Archives/edgar/data/72903/000007290321000097/exhibit1001.htm)[20](https://www.sec.gov/Archives/edgar/data/72903/000007290321000097/exhibit1001.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290321000097/exhibit1001.htm) | [Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290321000097/exhibit1001.htm) | Xcel Energy Inc. Form 8-K dated Dec. 10, 2021 | 10.01 |
| [10.21\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290324000034/xcelex1018q42023-annualinc.htm) | [Xcel Energy Inc. Annual Incentive Plan, effective Feb. 21, 2024](https://www.sec.gov/Archives/edgar/data/72903/000007290324000034/xcelex1018q42023-annualinc.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2023 | 10.18 |
| [10.22\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290323000113/xcelex1001q22023.htm) | [Summary of Non-Employee Director Compensation, effective as of May 24, 2023](https://www.sec.gov/Archives/edgar/data/72903/000007290323000113/xcelex1001q22023.htm) | Xcel Energy Inc. Form 8-K dated Jan. 20, 2025 | 10.01 |
| [10.23\*+](https://www.sec.gov/Archives/edgar/data/72903/000119312511089288/ddef14a.htm) | [Stock Equivalent Plan for Non-Employee Directors of Xcel Energy Inc. as amended and restated effective Feb. 23, 2011](https://www.sec.gov/Archives/edgar/data/72903/000119312511089288/ddef14a.htm) | Xcel Energy Inc. Definitive Proxy Statement dated April 5, 2011 | Appendix A |
| [10.2](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/directorsplan.htm)[4](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/directorsplan.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/directorsplan.htm) | [Stock Program for Non-Employee Directors of Xcel Energy Inc. as Amended and Restated on Dec. 12, 2017 under the 2015 Omnibus Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290319000010/directorsplan.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.36 |
| [10.2](https://www.sec.gov/Archives/edgar/data/72903/000007290324000108/exhibit403.htm)[5](https://www.sec.gov/Archives/edgar/data/72903/000007290324000108/exhibit403.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290324000108/exhibit403.htm) | [Xcel Energy Inc. 2024 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290324000108/exhibit403.htm) | Xcel Energy Inc. Form S-8 dated May 22, 2024 | 4.03 |
| [10.2](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1001.htm)[6](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1001.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1001.htm) | [Xcel Energy Inc. Stock Program for Non-Employee Directors (Effective May 22, 2024) under the 2024 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1001.htm) | Xcel Energy Inc. Form 8-K dated May 22, 2024 | 10.01 |
| [10.27+](exhibit1027formofrsuawarda.htm) | [Form of Award Agreement for Restricted Stock Units under the Xcel Energy Inc. 2024 Equity Incentive Plan for awards since 2025.](exhibit1027formofrsuawarda.htm) |  |  |
| [10.28+](exhibit1028formofpsuawarda.htm) | [Form of Award Agreement for Performance Stock Units under the Xcel Energy Inc. 2024 Equity Incentive Plan for awards since 2025.](exhibit1028formofpsuawarda.htm) |  |  |
| [10.2](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1003.htm)[9](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1003.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1003.htm) | [Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc. 2024 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1003.htm) | Xcel Energy Inc. Form 8-K dated May 22, 2024 | 10.03 |
| [10.](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1004.htm)[30](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1004.htm)[\*+](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1004.htm) | [Form of Award Agreement for Restricted Stock under the Xcel Energy Inc. 2024 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290324000111/exhibit1004.htm) | Xcel Energy Inc. Form 8-K dated May 22, 2024 | 10.04 |
| [10.](https://www.sec.gov/Archives/edgar/data/72903/000091205700050606/a2031326zu5b.txt)[31](https://www.sec.gov/Archives/edgar/data/72903/000091205700050606/a2031326zu5b.txt)[\*](https://www.sec.gov/Archives/edgar/data/72903/000091205700050606/a2031326zu5b.txt) | [Form of Services Agreement between Xcel Energy Services Inc. and utility companies](https://www.sec.gov/Archives/edgar/data/72903/000091205700050606/a2031326zu5b.txt) | Xcel Energy Inc. Form U5B dated Nov. 16, 2000 | H-1 |

---

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

---

| | | | |
|:---|:---|:---|:---|
| [10.32\*+](https://www.sec.gov/Archives/edgar/data/1123852/000112385225000005/exhibit1030.htm) | [Aircraft Time Sharing Agreement, effective Feb. 25, 2025, between Xcel Energy Services Inc., as Operator, and the Chief Executive Officer of Operator](https://www.sec.gov/Archives/edgar/data/1123852/000112385225000005/exhibit1030.htm) | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2024 | 10.30 |
| [10.33+](exhibit1033xcelenergyincex.htm) | [Xcel Energy Inc. Executive Severance and Change in Control Plan (Effective March 1, 2026)](exhibit1033xcelenergyincex.htm) |  |  |
| [10.3](https://www.sec.gov/Archives/edgar/data/72903/000119312525114909/d944311dex9903.htm)[4](https://www.sec.gov/Archives/edgar/data/72903/000119312525114909/d944311dex9903.htm)[\*](https://www.sec.gov/Archives/edgar/data/72903/000119312525114909/d944311dex9903.htm) | [Fifth Amended and Restated Credit Agreement, dated as of May 6, 2025, among Public Service Company of Colorado, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents and the several lenders party thereto.](https://www.sec.gov/Archives/edgar/data/72903/000119312525114909/d944311dex9903.htm) | Xcel Energy Inc. Form 8-K dated May 6, 2025 | 99.03 |
| [23.01](pscoex2301q42025.htm) | [Consent of Independent Registered Public Accounting Firm.](pscoex2301q42025.htm) | [Consent of Independent Registered Public Accounting Firm.](pscoex2301q42025.htm) | [Consent of Independent Registered Public Accounting Firm.](pscoex2301q42025.htm) |
| [31.01](pscoex3101q42025.htm) | [Principal Executive Officer's certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pscoex3101q42025.htm) | [Principal Executive Officer's certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pscoex3101q42025.htm) | [Principal Executive Officer's certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pscoex3101q42025.htm) |
| [31.02](pscoex3102q42025.htm) | [Principal Financial Officer's certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pscoex3102q42025.htm) | [Principal Financial Officer's certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pscoex3102q42025.htm) | [Principal Financial Officer's certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pscoex3102q42025.htm) |
| [32.01](pscoex3201q42025.htm) | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](pscoex3201q42025.htm) | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](pscoex3201q42025.htm) | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](pscoex3201q42025.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 | 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 | 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) |

---

**SCHEDULE II**

**Public Service Co. of Colorado and Subsidiaries Valuation and Qualifying Accounts Years Ended Dec. 31**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Allowance for bad debts** | **Allowance for bad debts** | **Allowance for bad debts** | **Allowance for bad debts** | **Allowance for bad debts** | | **NOL and tax credit valuation allowances** | **NOL and tax credit valuation allowances** | **NOL and tax credit valuation allowances** | **NOL and tax credit valuation allowances** | **NOL and tax credit valuation allowances** | **NOL and tax credit valuation allowances** |
| **(Millions of Dollars)** | **2025** |  | **2024** |  | **2023** |  | **2025** |  | **2024** |  | **2023** |  |
| Balance at Jan. 1 | $50 |  | $56 |  | $54 |  | $3 |  | $6 |  | $6 |  |
| Additions charged to costs and expenses | 30 |  | 32 |  | 34 |  | 9 |  | 7 |  | 5 |  |
| Additions charged to other accounts | 6 | <sup>(a)</sup> | 6 | <sup>(a)</sup> | 5 | <sup>(a)</sup> |  |  |  |  |  |  |
| Deductions from reserves | (48) | <sup>(b)</sup> | (44) | <sup>(b)</sup> | (37) | <sup>(b)</sup> | (8) | <sup>(c)</sup> | (10) | <sup>(c)</sup> | (5) | <sup>(c)</sup> |
| Balance at Dec. 31 | $38 |  | $50 |  | $56 |  | $4 |  | $3 |  | $6 |  |

---

<sup>(a)</sup>Recovery of amounts previously written-off.

<sup>(b)</sup>Deductions related primarily to bad debt write-offs.

<sup>(c)</sup>Primarily reversals of valuation allowances on completed tax credit sales and reductions of valuation allowances for items forecasted to be used prior to expiration.

**Item 16 — Form 10-K Summary**<br>

None.

------

*[**Table of Contents**](#i13db71c58bbb4a75a2c6103440bad309_7)*

**Signatures**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **PUBLIC SERVICE COMPANY OF COLORADO** |
| Feb. 25, 2026 | /s/ BRIAN J. VAN ABEL |
| | Brian J. Van Abel |
| | Executive Vice President, Chief Financial Officer and Director |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on the date indicated above.

---

| | |
|:---|:---|
| /s/ ROBERT C. FRENZEL | /s/ ROBERT S. KENNEY |
| Robert C. Frenzel | Robert S. Kenney |
| Chairman, Chief Executive Officer and Director | President and Director |
| (Principal Executive Officer) | |
| /s/ BRIAN J. VAN ABEL | /s/ MELISSA L. OSTROM |
| Brian J. Van Abel | Melissa L. Ostrom |
| Executive Vice President, Chief Financial Officer and Director | Senior Vice President, Controller |
| (Principal Financial Officer) | (Principal Accounting Officer) |

---

**SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT**

PSCo has not sent, and does not expect to send, an annual report or proxy statement to its security holder.

## Exhibit 10.27

Exhibit 10.27

**XCEL ENERGY INC. 2024 EQUITY INCENTIVE PLAN**

**<u>Restricted Stock Unit Award Agreement – [YEAR] Grant</u>**

Xcel Energy Inc. (the "Company" and collectively with its Affiliates, "Xcel Energy"), pursuant to its 2024 Equity Incentive Plan (the "Plan"), hereby grants to you, the Participant named below, an Award of Restricted Stock Units as set forth below. The terms and conditions of such Award are set forth in this Award agreement and any exhibits hereto (the "Agreement") and in the Plan document, a copy of which has been provided to you. Any capitalized term used but not defined in this Agreement shall have the same meaning assigned to it in the Plan (as it currently exists or as it may be amended in the future).

**<u><br>Participant</u>:** [●]&nbsp;&nbsp;&nbsp;&nbsp;**Grant Date:** [●]

**1.<u>Granting of Award</u>**. The Company has granted to you, subject to the terms and conditions in this Agreement and the Plan, an Award of the number of Restricted Stock Units specified below ("Units"). The grant of such Award is effective as of the Grant Date set forth above. As used herein, the term "Award" refers to the Award described below, and includes additional units credited with respect to that Award upon the deemed reinvestment of dividend equivalents, if any, that are credited in accordance with this Agreement ("Dividend Equivalent Units").

---

| | |
|:---|:---|
| **Scheduled Vesting Date** | **Restricted Stock Units** |
| [Month, date, year] | [#] |

---

All of the Units granted to you as shown above will vest on the Scheduled Vesting Date noted above (which, along with any vesting date provided for in Sections 3 or 8 (each, a "Vesting Date") for this Restricted Stock Unit Award (it being understood that if such Vesting Date is not a business day (defined below), that the Units will vest on the preceding business day to such date and such preceding business day shall be the "Vesting Date"), if your Service has been continuous from the Grant Date to the Vesting Date (the "Period of Restriction").

**2.<u>Nature of Units; No Shareholder Rights</u>**. The Units subject to the Award will be credited to an account in your name maintained by the Company. This account shall be unfunded and maintained for bookkeeping purposes only, with the Units simply representing an unfunded and unsecured obligation of a general creditor of the Company. The Units subject to the Award may not be sold, assigned, transferred, pledged or otherwise encumbered by you, and do not entitle you to any rights as a shareholder of the Company unless and until Shares are issued to you upon settlement of the Units as provided in Section 5.

**3.<u>Termination of Service</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service due to death during a Period of Restriction, your unvested Units, including any credited Dividend Equivalent Units, shall immediately vest one hundred percent (100%) and shall be paid as soon as administratively feasible in accordance with Section 5(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service due to Disability during a Period of Restriction, your unvested Units, including any credited Dividend Equivalent Units, shall immediately vest one hundred percent (100%) and shall be paid to you (or your personal representative) as soon as administratively feasible in accordance with Section 5(a) hereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service due to your Retirement (as defined herein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)during the Period of Restriction, you will be eligible to have your Award vest on the Vesting Date for the Award set forth on the first page of this Agreement equal to the number of Units that would have otherwise vested on the Vesting Date had you not retired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For purposes of this Award, "Retirement" means any voluntary termination of your Service by you that occurs at or after you have attained at least age 55 with 10 years or more of continuous Service, provided that no less than three months and no more than six months prior to your termination of Service you provided notice to the Company of your intention to retire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;After you have attained at least age 55 with 10 years or more of continuous Service, upon your termination of Service during the Period of Restriction by the Company other than for Cause or by you without notice and other than due to death or Disability, you will be eligible to have a pro rata portion of your Award vest on the Vesting Date, such pro rata portion to be equal to the number of Units that would otherwise vest on the Vesting Date had there not been a termination of Service, multiplied by a fraction whose numerator is the number of whole months during which you were providing Service during the Period of Restriction and whose denominator is the length of the Period of Restriction, expressed as a number of months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service during the Period of Restriction under any circumstances other than those set forth in Sections 3(a), (b), (c) and (d) above (including due to a retirement that does not meet the definition of "Retirement" set forth in this Agreement), your unvested Award shall be forfeited on the date of such termination. If a termination of Service occurs on the last business day of a Period of Restriction, then you will be deemed to have served through the remainder of the Period of Restriction.

**4.<u>Vesting of Award</u>**. Any vesting of this Award is conditioned on your compliance with Section 13. Notwithstanding the vesting and subsequent payment of this Award, it shall remain subject to the provisions of Section 13 of this Agreement.

**5.<u>Payment of Vested Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Timing and Form of Payment</u>. As soon as administratively feasible following the Vesting Date, but in no event later than March 15 of the year following the calendar year of the applicable Vesting Date, the Company shall cause to be paid to you in settlement of each Unit (including any credited Dividend Equivalent Units) comprising a vested Award, one Share.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment upon Death</u>. In the event of your death, amounts that otherwise would have become payable to you in accordance with Section 3(a) will be paid in cash, in an amount equal to the Fair Market Value of one such Share as of the preceding business day to such payment date, to your designated beneficiary (if such beneficiary has been designated in accordance with the Plan), or if no beneficiary is designated, in accordance with Section 6(d) of the Plan.

**6.<u>Dividend Equivalents</u>**. When the Company declares a cash dividend on its Shares, dividend equivalents equal in amount to the dividends payable (at the normal common stock declared dividend rate) on a number of Shares equal to the number of Units subject to the Award held by you on a dividend record date occurring after the Grant Date and prior to the Vesting Date shall be deemed reinvested in additional Units as of the dividend payment date and credited to your account as additional Units. The number of additional Units so credited shall be determined based on the Fair Market Value of a Share on the dividend payment date. Any additional Units so credited will be subject to the same terms and restrictions applicable to the underlying Award as provided in this Agreement.

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**7.<u>Changes in Capitalization of the Company</u>**. If there is any equity restructuring or other change in the Company's corporate capitalization as described in Section 12(a) of the Plan, the Committee shall determine the appropriate adjustment, if any, to each Award as provided in Section 12(a) of the Plan.

**8.<u>Change in Control</u>**. If any Change in Control occurs, provided that your Service continues to the date of the Change in Control, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Your then-outstanding Restricted Stock Unit Award shall become fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Award vested pursuant to Section 8(a) shall be settled in cash, Shares or a combination thereof, as determined by the Committee, in accordance with the timing set forth in Section 5, unless Section 8(c) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If a Change in Control which also constitutes a change in control of the Company as defined by Code Section 409A (a "409A Change in Control") occurs, any payment due under this Agreement will be made within 30 days following such 409A Change in Control.

**9.<u>Recoupment</u>.** In addition to the provisions in Section 13 of this Agreement, this Award and any compensation associated with may be made subject to forfeiture, recovery by the Company or other action, at any time, (a) in accordance with the Xcel Energy Inc. Mandatory Compensation Recovery Policy for Section 16 Officers, the Xcel Energy, Inc. Compensation Recovery Policy for Covered Employees, and any other compensation recovery, recoupment or forfeiture policies adopted by Xcel Energy from time to time, and (b) to the extent required by any law, rule of the Securities and Exchange Commission or any listing standard of the securities exchange upon which the Company's stock is listed, and this Award will be automatically amended to comply with any compensation recovery requirement.

**10.<u>Withholding</u>**. The Company may require you to remit to it, or may withhold from the settlement of an Award or from your other compensation, an amount sufficient to satisfy any applicable federal, state or local tax, employment, FICA or other mandated withholding requirements in regard to the Award in the year or years the Award becomes taxable to you. You may elect in accordance with the Plan to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares otherwise payable in settlement of the Award at the rate the Committee determines satisfies applicable withholding requirements of the Code. For this purpose, the Award will be valued using the Fair Market Value of a Share as of the preceding business day to such withholding date. If no election is made, you will be deemed to have elected Shares to be withheld.

**11.<u>Plan Incorporated by Reference; Electronic Delivery</u>**. The Award is subject in all respects to the terms and conditions of the Plan, which is controlling, and which shall be deemed incorporated into this Agreement. The Company, or a third party designated by the Company, may deliver to you by electronic means any documents related to your participation in the Plan. By accepting this Agreement, you acknowledge receipt of a copy of the Plan.

**12.<u>No Right to Employment</u>**. Nothing in this Agreement shall limit the right of the Company or any of its Affiliates to terminate your Service as provided in Section 13 of the Plan.

**13.<u>Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Non-Disclosure and Return of Confidential Information</u>. During your Service you have or will be given access to and provided with information proprietary to Xcel Energy and not generally known (including trade secret information) about Xcel Energy's products, services, personnel, technology, research, development, methods, processes, systems, marketing plans, business strategies and

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plans, merger and acquisition strategies and targets, financial and pricing information, computer programs, source codes, models and databases, analytical models, customer lists and information, and supplier and vendor lists and information (collectively, "Confidential Information"). You agree not to disclose or use Confidential Information, either during or after your Service, except as required by subpoena or other legal process, in which event you will give Xcel Energy's Chief Legal and Compliance Officer prompt notice of such subpoena or other legal process in order to permit Xcel Energy and any affected individual to seek appropriate protective orders. You further agree to return any and all Confidential Information, whether in hard or electronic format, regardless of the location on which such information may reside, no later than the date of your termination of Service. Notwithstanding any other language in this Agreement to the contrary, you understand that you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and you do not disclose the trade secret except pursuant to a court order. Additionally, notwithstanding any other language in this Agreement to the contrary, nothing in this Agreement prohibits you from providing confidential information to a government agency or otherwise participating in lawful investigation by any government agency. [*Notice for Colorado employees*: This paragraph 13(a) does not restrain you from disclosing (orally or in writing) the underlying facts of any alleged discriminatory or unfair employment practice: (1) to your immediate family members, religious advisor, medical or mental health provider, mental or behavioral health therapeutic support group, legal counsel, financial advisor, or tax preparer; (2) to any local, state, or federal government agency for any reason without first notifying Xcel Energy; (3) in response to legal process, such as a subpoena to testify at a deposition or in a court without first notifying Xcel Energy; or (4) for all other purposes as required by law. Also, the disclosure of the underlying facts of any alleged discriminatory or unfair employment practice within these parameters (which comply with C.R.S. § 24-34-407(1)(b)) does not constitute disparagement. The portion of this Non-Disclosure provision (with respect to any limitation on the ability of you/employee to disclose or discuss any alleged discriminatory or unfair employment practice) applies to Xcel Energy as well.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>No Solicitation</u>. During your Service, and for a period of two years after the end of your Service for any reason, you agree that you will not, directly or indirectly, solicit or encourage any Xcel Energy employee, contractor or vendor with whom you have had contact or about whom you have obtained information to terminate, curtail, fail to renew a relationship or otherwise adversely change its relationship with Xcel Energy, [*Notice for Colorado employees*: this applies only to the extent the foregoing activities involve the use, disclosure, and/or misappropriation of trade secrets as defined by the Colorado Uniform Trade Secret Act, C.R.S. Sec. 7-74-101, et seq.,] and you agree you will not provide any information to any other person or entity for use in any similar attempt to do the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Competition</u>. Where permitted by law including state and local law, for one year following your termination of Service for any reason, you shall not, directly or indirectly, on your own behalf or on behalf of any person or entity, become employed, engaged or involved with any business that is engaged in or planning to become engaged in any business competitive with the business of Xcel Energy in a position that involves: (i) providing services that relate to or are similar in nature or purpose to the services you performed for Xcel Energy during your previous two years of Service if such services involve business or regulatory strategies; methodologies or strategies relating to the generation, transmission, brokering, marketing, distribution, development, acquisition, or sale and delivery of electric power or generation capacity; electric commodity trading and origination activities and strategies; and services to gas and electric customers that provide them with options and the ability to reduce usage; or transmission, brokering, marketing or sale and distribution of natural gas; (ii) supervision, management, direction or advice regarding such services; or (iii) products, services and business activities as to which you had access to Confidential Information in the two years preceding your termination of Service. [FOR

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COLORADO EMPLOYEES ONLY: The restrictions on competitive activities delineated in this Section 13(c) shall be limited only to those activities which involve the use, disclosure, and/or misappropriation of trade secrets as defined by the Colorado Uniform Trade Secret Act, C.R.S. Sec. 7-74-101, et seq.] [FOR MINNESOTA EMPLOYEES ONLY: This paragraph does not apply]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Breach of Restrictive Covenant</u>. If you breach your obligations to Xcel Energy under any of the provisions of this Section 13, then (i) you shall immediately forfeit this Award (whether vested or unvested) and any right to receive Shares that has not yet been settled pursuant to Section 5, and (ii) with respect to Shares that have been issued pursuant to this Award, you shall (A) return such Shares to the Company, or (B) pay to the Company in cash an amount equal to the Fair Market Value of such Shares as used by the Company in initially determining settlement. You further agree that if you violate any of the terms of this Section 13, then you will be liable to Xcel Energy for injunctive relief and damages in the full value of any Award paid under this Agreement.

**14.<u>Section 409A of the Code</u>.** The provisions of this Award and the Units granted hereunder are intended to comply with or be exempt from the requirements of Code Section 409A, and to the maximum extent permitted this Agreement shall be limited, construed and interpreted in accordance with such intent. Each amount to be paid under this Agreement shall be construed as a separate and distinct payment for purposes of Code Section 409A. Notwithstanding anything to the contrary in this Agreement, with respect to any Award that constitutes a deferral of compensation subject to Code Section 409A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any amount is payable under such Award upon a termination of Service, a termination of Service will be deemed to have occurred only at such time as you have experienced a "separation from service" as such term is defined for purposes of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any amount shall be payable with respect to such Award as a result of your "separation from service" at such time as you are a "specified employee" as designated by the Company in its discretion within the meaning of Code Section 409A, then no payment shall be made, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months after your separation from service or (ii) your death.

**15.<u>Participant Acceptance</u>**. You shall signify acceptance of this Agreement, including, if applicable to you, that you will abide by the Xcel Energy Stock Ownership Policy, by signing in the space provided below and returning a signed copy to the Company, or if available, by providing an electronic signature[, within the time frames specified by the Company's Human Resources department].

**16.<u>Mandatory Binding Arbitration</u>**. You agree that any and all disputes related to the Award including but not limited to, eligibility, vesting, distribution and payment, withholding, targets, effect of termination of Service or rights related to an amendment or termination of the Plan, will be subject to mandatory binding arbitration in Minneapolis, Minnesota before the American Arbitration Association. You agree that you will be responsible for bearing your share of the costs to arbitrate. [FOR COLORADO EMPLOYEES ONLY: Any action pertaining to the restrictive covenants in Section 13 shall be brought in state or federal court in Colorado and shall be governed by Colorado law.]

**17.<u>Severability</u>**. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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**18.<u>Securities Law Matters</u>**. The Company shall not be required to deliver any Shares until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange), as may be determined by the Company to be applicable, are satisfied.

**19.<u>Headings</u>**. Headings are given to sections and subsections of this Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provision thereof.

**20.<u>Definitions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The term "business day" means any day other than a Saturday, Sunday or other day on which the principal national securities exchange on which the Company's common stock is then listed is not open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The term "Committee" shall also include those persons to whom authority has been delegated under the Plan.

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire Agreement between you and the Company regarding this Award of Units.

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| | |
|:---|:---|
|  | XCEL ENERGY INC. |
| | By: ________________________________________ |
|  | [NAME] |
| | [TITLE] |
| ACCEPTED: |  |
| _______________________________________ |  |
| Participant Signature |  |
| _______________________________________ |  |
| Date  |  |

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[FOR COLORADO EMPLOYEES ONLY: Note that this Agreement shall not be effective until 14 days after the date you sign it.]

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**ADDENDUM FOR COLORADO EMPLOYEES ONLY** 

**[employees outside of Colorado do *not* need to sign]**

By signing below, Xcel Energy and Participant attest that the Xcel Energy Inc. 2024 Equity Incentive Plan, including the confidentiality provisions within the Agreement at Section 13, comply with C.R.S. § 24-34-407(1) (the Colorado POWR Act).

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| | |
|:---|:---|
| Dated: _________________________________ | ___________________________________________ |
| | Participant Signature |
| Dated: _________________________________ | ___________________________________________ |
| | Xcel Energy Inc. |
| | Name: ______________________________________ |
| | Title: _______________________________________ |

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## Exhibit 10.28

Exhibit 10.28

**XCEL ENERGY INC. 2024 EQUITY INCENTIVE PLAN**

**<u>Performance Stock Unit Award Agreement – [YEAR] Grant</u>**

Xcel Energy Inc. (the "Company" and collectively with its Affiliates, "Xcel Energy"), pursuant to its 2024 Equity Incentive Plan (the "Plan"), hereby grants to you, the Participant named below, an Award of Performance Stock Units as set forth below. The terms and conditions of such Award are set forth in this Award agreement and any exhibits hereto (the "Agreement") and in the Plan document, a copy of which has been provided to you. Any capitalized term used but not defined in this Agreement shall have the same meaning assigned to it in the Plan (as it currently exists or as it may be amended in the future).

**<u><br>Participant</u>:** [●]&nbsp;&nbsp;&nbsp;&nbsp;**Grant Date:** [●]

**1.<u>Granting of Award</u>**. The Company has granted to you, subject to the terms and conditions in this Agreement and the Plan, an Award of the number of Performance Stock Units as specified below ("Units"). The grant of such Award is effective as of the Grant Date set forth above. As used herein, the term "Award" refers to the Award described below, and includes additional units credited with respect to that Award upon the deemed reinvestment of dividend equivalents, if any, that are credited in accordance with this Agreement ("Dividend Equivalent Units").

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| | |
|:---|:---|
| **Performance Period** | **Performance Stock Units**<br>**(at Target)** |
| [Performance Period] | [#] |

---

The number of Performance Stock Units that shall be eligible to vest as provided in Section 3 and 4, which may be more or less than the Performance Stock Units target numbers shown above, will be based on the extent to which the performance goals set forth in Exhibit A to this Agreement have been achieved during the "Performance Period" noted above, with such number of Performance Stock Units adjusted as set forth in Exhibit B to this Agreement, and such performance has been certified in writing by the Committee. The "Vesting Date" for these Performance Stock Units shall be the last day of the Performance Period or any vesting date provided for in Sections 3(a), 3(b) or 8, provided that your Service has been continuous from the Grant Date to the Vesting Date (except as otherwise provided in Section 3). The payment and/or settlement of the Performance Stock Units will occur as specified in Section 5, or, if applicable, Section 8(c), below.

**2.<u>Nature of Units; No Shareholder Rights</u>**. The Units subject to the Award will be credited to an account in your name maintained by the Company. This account shall be unfunded and maintained for bookkeeping purposes only, with the Units simply representing an unfunded and unsecured obligation of a general creditor of the Company. The Units subject to the Award may not be sold, assigned, transferred, pledged or otherwise encumbered by you, and do not entitle you to any rights as a shareholder of the Company unless and until Shares are issued to you upon settlement of the Units as provided in Section 5.

**3.<u>Termination of Service</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service due to death during a Performance Period, your unvested Units (at target level), including any credited Dividend Equivalent Units, shall immediately vest one hundred percent (100%) and shall be paid as soon as administratively feasible in accordance with Section 5(b) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service due to Disability during a Performance Period, your unvested Units (at target level), including any credited Dividend Equivalent Units, shall immediately vest one hundred percent (100%) and shall be paid to you (or your personal representative) as soon as administratively feasible in accordance with Section 5(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service due to your Retirement (as defined herein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)during any Performance Period, you will be eligible to have your Award vest on the last day of the Performance Period equal to the number of Units that would have otherwise vested in accordance with the terms of Exhibit A (subject to adjustment under Exhibit B) had you not retired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For purposes of this Award, "Retirement" means any voluntary termination of your Service by you that occurs at or after you have attained at least age 55 with 10 years or more of continuous Service, provided that no less than three months and no more than six months prior to your termination of Service you provided notice to the Company of your intention to retire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;After you have attained at least age 55 with 10 years or more of continuous Service, upon your termination of Service during the Performance Period by the Company other than for Cause or by you without notice and other than due to death or Disability, you will be eligible to have a pro rata portion of your Award vest on the Vesting Date, such pro rata portion to be equal to the number of Units that would otherwise vest in accordance with the terms of Exhibit A (subject to adjustment under Exhibit B) had there not been a termination of Service, multiplied by a fraction whose numerator is the number of whole months during which you were providing Service during the Performance Period and whose denominator is the length of the Performance Period, expressed as a number of months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Upon your termination of Service during the Performance Period under any circumstances other than those set forth in Sections 3(a), (b), (c) and (d) above (including due to a retirement that does not meet the definition of "Retirement" set forth in this Agreement), your unvested Award shall be forfeited on the date of such termination. If a termination of Service occurs on the last business day of the Performance Period, then you will be deemed to have served through the remainder of the Performance Period.

**4.<u>Vesting of Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Stock Units</u>. Subject to Section 3 above, Units shall vest only if, and to the extent, the performance goals set forth in Exhibit A have been achieved, subject to adjustment under Exhibit B, during the Performance Period. If, and to the extent that, any one or more of the performance goals have not been achieved at Threshold level during the Performance Period, your rights to the portion of the Award tied to such unachieved performance goal shall be immediately and irrevocably forfeited as of the last day of such Performance Period (unless previously forfeited pursuant to Section 3 above). The Committee shall determine, in its sole discretion, and certify, whether and to what extent the performance goals have been satisfied as soon practicable after the completion of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Any vesting of this Award is conditioned on your compliance with Section 13. Notwithstanding the vesting and subsequent payment of this Award, it shall remain subject to the provisions of Section 13 of this Agreement.

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**5.<u>Payment of Vested Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Timing and Form of Payment</u>. As soon as administratively feasible following the Vesting Date, but in no event later than March 15 of the year following the calendar year of the Vesting Date, the Company shall cause to be paid to you in settlement of each vested Unit (including any credited Dividend Equivalent Units), with respect to (i) 70% of the vested Units, one Share, and (ii) 30% of the vested Units, cash in an amount equal to the Fair Market Value of one such Share as of the preceding business day to such payment date. Payments shall be made in a lump sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment upon Death</u>. In the event of your death, amounts that otherwise would have become payable to you in accordance with Section 3(a) will be paid in cash, in an amount equal to the Fair Market Value of one such Share as of the preceding business day to such payment date, to your designated beneficiary (if such beneficiary has been designated in accordance with the Plan), or if no beneficiary is designated, in accordance with Section 6(d) of the Plan.

**6.<u>Dividend Equivalents</u>**. When the Company declares a cash dividend on its Shares, dividend equivalents equal in amount to the dividends payable (at the normal common stock declared dividend rate) on a number of Shares equal to the number of Units subject to the Award (at target level) held by you on a dividend record date occurring after the Grant Date and prior to the Vesting Date shall be deemed reinvested in additional Units as of the dividend payment date and credited to your account as additional Units. The number of additional Units so credited shall be determined based on the Fair Market Value of a Share on the dividend payment date. Any additional Units so credited will be subject to the same terms and restrictions applicable to the underlying Awards as provided in this Agreement.

**7.<u>Changes in Capitalization of the Company</u>**. If there is any equity restructuring or other change in the Company's corporate capitalization as described in Section 12(a) of the Plan, the Committee shall determine the appropriate adjustment, if any, to each Award as provided in Section 12(a) of the Plan.

**8.<u>Change in Control</u>**. If any Change in Control occurs, provided that your Service continues to the date of the Change in Control, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Your then-outstanding Performance Stock Unit Award shall immediately vest and all performance conditions shall be deemed satisfied as if target performance was achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Awards vested pursuant to Section 8(a) shall be settled in cash, Shares or a combination thereof, as determined by the Committee, in accordance with the timing set forth in Section 5, unless Section 8(c) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If a Change in Control which also constitutes a change in control of the Company as defined by Code Section 409A (a "409A Change in Control") occurs, any payment due under this Agreement will be made within 30 days following such 409A Change in Control.

**9.<u>Recoupment</u>.** In addition to the provisions in Section 13 of this Agreement, this Award and any compensation associated with may be made subject to forfeiture, recovery by the Company or other action, at any time, (a) in accordance with the Xcel Energy Inc. Mandatory Compensation Recovery Policy for Section 16 Officers, the Xcel Energy, Inc. Compensation Recovery Policy for Covered Employees, and any other compensation recovery, recoupment or forfeiture policies adopted by Xcel Energy from time to time, and (b) to the extent required by any law, rule of the Securities and Exchange

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Commission or any listing standard of the securities exchange upon which the Company's stock is listed, and this Award will be automatically amended to comply with any compensation recovery requirement.

**10.<u>Withholding</u>**. The Company may require you to remit to it, or may withhold from the settlement of an Award or from your other compensation, an amount sufficient to satisfy any applicable federal, state or local tax, employment, FICA or other mandated withholding requirements in regard to the Award in the year or years the Award becomes taxable to you. You may elect in accordance with the Plan to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares otherwise payable in settlement of an Award at the rate the Committee determines satisfies applicable withholding requirements of the Code. For this purpose, Awards will be valued using the Fair Market Value of a Share as of the preceding business day to such withholding date. If no election is made, you will be deemed to have elected Shares to be withheld.

**11.<u>Plan Incorporated by Reference; Electronic Delivery</u>**. The Award is subject in all respects to the terms and conditions of the Plan, which is controlling, and which shall be deemed incorporated into this Agreement. The Company, or a third party designated by the Company, may deliver to you by electronic means any documents related to your participation in the Plan. By accepting this Agreement, you acknowledge receipt of a copy of the Plan.

**12.<u>No Right to Employment</u>**. Nothing in this Agreement shall limit the right of the Company or any of its Affiliates to terminate your Service as provided in Section 13 of the Plan.

**13.<u>Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Non-Disclosure and Return of Confidential Information</u>. During your Service you have or will be given access to and provided with information proprietary to Xcel Energy and not generally known (including trade secret information) about Xcel Energy's products, services, personnel, technology, research, development, methods, processes, systems, marketing plans, business strategies and plans, merger and acquisition strategies and targets, financial and pricing information, computer programs, source codes, models and databases, analytical models, customer lists and information, and supplier and vendor lists and information (collectively, "Confidential Information"). You agree not to disclose or use Confidential Information, either during or after your Service, except as required by subpoena or other legal process, in which event you will give Xcel Energy's Chief Legal and Compliance Officer prompt notice of such subpoena or other legal process in order to permit Xcel Energy and any affected individual to seek appropriate protective orders. You further agree to return any and all Confidential Information, whether in hard or electronic format, regardless of the location on which such information may reside, no later than the date of your termination of Service. Notwithstanding any other language in this Agreement to the contrary, you understand that you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and you do not disclose the trade secret except pursuant to a court order. Additionally, notwithstanding any other language in this Agreement to the contrary, nothing in this Agreement prohibits you from providing confidential information to a government agency or otherwise participating in lawful investigation by any government agency. [*Notice for Colorado employees*: This paragraph 13(a) does not restrain you from disclosing (orally or in writing) the underlying facts of any alleged discriminatory or unfair employment practice: (1) to your immediate family members, religious advisor, medical or mental health provider, mental or behavioral health

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therapeutic support group, legal counsel, financial advisor, or tax preparer; (2) to any local, state, or federal government agency for any reason without first notifying Xcel Energy; (3) in response to legal process, such as a subpoena to testify at a deposition or in a court without first notifying Xcel Energy; or (4) for all other purposes as required by law. Also, the disclosure of the underlying facts of any alleged discriminatory or unfair employment practice within these parameters (which comply with C.R.S. § 24-34-407(1)(b)) does not constitute disparagement. The portion of this Non-Disclosure provision (with respect to any limitation on the ability of you/employee to disclose or discuss any alleged discriminatory or unfair employment practice) applies to Xcel Energy as well.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>No Solicitation</u>. During your Service, and for a period of two years after the end of your Service for any reason, you agree that you will not, directly or indirectly, solicit or encourage any Xcel Energy employee, contractor or vendor with whom you have had contact or about whom you have obtained information to terminate, curtail, fail to renew a relationship or otherwise adversely change its relationship with Xcel Energy, [*Notice for Colorado employees*: this applies only to the extent the foregoing activities involve the use, disclosure, and/or misappropriation of trade secrets as defined by the Colorado Uniform Trade Secret Act, C.R.S. Sec. 7-74-101, et seq.,] and you agree you will not provide any information to any other person or entity for use in any similar attempt to do the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Competition</u>. Where permitted by law including state and local law, for one year following your termination of Service for any reason, you shall not, directly or indirectly, on your own behalf or on behalf of any person or entity, become employed, engaged or involved with any business that is engaged in or planning to become engaged in any business competitive with the business of Xcel Energy in a position that involves: (i) providing services that relate to or are similar in nature or purpose to the services you performed for Xcel Energy during your previous two years of Service if such services involve business or regulatory strategies; methodologies or strategies relating to the generation, transmission, brokering, marketing, distribution, development, acquisition, or sale and delivery of electric power or generation capacity; electric commodity trading and origination activities and strategies; and services to gas and electric customers that provide them with options and the ability to reduce usage; or transmission, brokering, marketing or sale and distribution of natural gas; (ii) supervision, management, direction or advice regarding such services; or (iii) products, services and business activities as to which you had access to Confidential Information in the two years preceding your termination of Service. [FOR COLORADO EMPLOYEES ONLY: The restrictions on competitive activities delineated in this Section 13(c) shall be limited only to those activities which involve the use, disclosure, and/or misappropriation of trade secrets as defined by the Colorado Uniform Trade Secret Act, C.R.S. Sec. 7-74-101, et seq.] [FOR MINNESOTA EMPLOYEES ONLY: This paragraph does not apply]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Breach of Restrictive Covenant</u>. If you breach your obligations to Xcel Energy under any of the provisions of this Section 13, then (i) you shall immediately forfeit this Award (whether vested or unvested) and any right to receive Shares or cash that has not yet been paid pursuant to Section 5, (ii) with respect to Shares that have been issued pursuant to this Award, you shall (A) return such Shares to the Company, or (B) pay to the Company in cash an amount equal to the Fair Market Value of such Shares as used by the Company in initially determining settlement, and (iii) with respect to cash that has been paid pursuant to Section 5, you will repay that amount to the Company. You further agree that if you violate any of the terms of this Section 13, then you will be liable to Xcel Energy for injunctive relief and damages in the full value of any Award paid under this Agreement.

**14.<u>Section 409A of the Code</u>.** The provisions of this Award and the Units granted hereunder are intended to comply with or be exempt from the requirements of Code Section 409A, and to the maximum extent permitted this Agreement shall be limited, construed and interpreted in accordance with such

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intent. Each amount to be paid under this Agreement shall be construed as a separate and distinct payment for purposes of Code Section 409A. Notwithstanding anything to the contrary in this Agreement, with respect to any Award that constitutes a deferral of compensation subject to Code Section 409A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any amount is payable under such Award upon a termination of Service, a termination of Service will be deemed to have occurred only at such time as you have experienced a "separation from service" as such term is defined for purposes of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any amount shall be payable with respect to such Award as a result of your "separation from service" at such time as you are a "specified employee" as designated by the Company in its discretion within the meaning of Code Section 409A, then no payment shall be made, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months after your separation from service or (ii) your death.

**15.<u>Participant Acceptance</u>**. You shall signify acceptance of this Agreement, including, if applicable to you, that you will abide by the Xcel Energy Stock Ownership Policy, by signing in the space provided below and returning a signed copy to the Company, or if available, by providing an electronic signature[, within the time frames specified by the Company's Human Resources department].

**16.<u>Mandatory Binding Arbitration</u>**. You agree that any and all disputes related to the Award including but not limited to, eligibility, vesting, distribution and payment, withholding, targets, effect of termination of Service or rights related to an amendment or termination of the Plan, will be subject to mandatory binding arbitration in Minneapolis, Minnesota before the American Arbitration Association. You agree that you will be responsible for bearing your share of the costs to arbitrate. [FOR COLORADO EMPLOYEES ONLY: Any action pertaining to the restrictive covenants in Section 13 shall be brought in state or federal court in Colorado and shall be governed by Colorado law.]

**17.<u>Severability</u>**. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

**18.<u>Securities Law Matters</u>**. The Company shall not be required to deliver any Shares until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange), as may be determined by the Company to be applicable, are satisfied.

**19.<u>Headings</u>**. Headings are given to sections and subsections of this Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provision thereof.

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**20.<u>Definitions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The term "business day" means any day other than a Saturday, Sunday or other day on which the principal national securities exchange on which the Company's common stock is then listed is not open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The term "Committee" shall also include those persons to whom authority has been delegated under the Plan.

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire Agreement between you and the Company regarding this Award of Units.

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| | |
|:---|:---|
|  | XCEL ENERGY INC. |
| | By: ________________________________________ |
|  | [NAME] |
| | [TITLE] |
| ACCEPTED: |  |
| _______________________________________ |  |
| Participant Signature |  |
| _______________________________________ |  |
| Date  |  |

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[FOR COLORADO EMPLOYEES ONLY: Note that this Agreement shall not be effective until 14 days after the date you sign it.]

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**ADDENDUM FOR COLORADO EMPLOYEES ONLY** 

**[employees outside of Colorado do *not* need to sign]**

By signing below, Xcel Energy and Participant attest that the Xcel Energy Inc. 2024 Equity Incentive Plan, including the confidentiality provisions within the Agreement at Section 13, comply with C.R.S. § 24-34-407(1) (the Colorado POWR Act).

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| | |
|:---|:---|
| Dated: _________________________________ | ___________________________________________ |
| | Participant Signature |
| Dated: _________________________________ | ___________________________________________ |
| | Xcel Energy Inc. |
| | Name: ______________________________________ |
| | Title: _______________________________________ |

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## Exhibit 10.33

Exhibit 10.33

**XCEL ENERGY INC. EXECUTIVE SEVERANCE AND<br>CHANGE IN CONTROL PLAN**

**EFFECTIVE MARCH 1, 2026**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **PLAN DEFINITIONS ........................................................................................................** | **3** |
| **PARTICIPATION .............................................................................................................** | **6** |
| **ELIGIBILITY ...................................................................................................................** | **6** |
| **SEVERANCE BENEFITS.................................................................................................** | **7** |
| **PAYMENT ADJUSTMENTS.............................................................................................** | **9** |
| **SUCCESSOR TO CORPORATION .................................................................................** | **10** |
| **AMENDMENT AND TERMINATION ...............................................................................** | **10** |
| **CLAIMS PROCEDURE ..................................................................................................** | **11** |
| **MISCELLANEOUS PLAN PROVISIONS ........................................................................** | **11** |
| **SCHEDULE I ..................................................................................................................** | **14** |

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XCEL ENERGY INC. EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN<br> This document constitutes the Xcel Energy Inc. Executive Severance and Change in Control Plan (the "Plan") as in effect on March 1, 2026.

A resolution from the Governance, Compensation and Nominating Committee of the Board of Directors of Xcel Energy Inc. has declared that the Xcel Energy Senior Executive Severance and Change-in-Control Policy and the Xcel Energy Business Unit Vice President Severance Plan are terminated effective as of February 28, 2026.

Xcel Energy Inc. intends this Plan to be considered an "employee welfare benefit plan" as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974 ("ERISA"). It is intended to cover Participants who are members of a "select group of management or highly compensated employees" within the meaning as defined in ERISA.

PLAN DEFINITIONS

The following words and phrases will have the following respective meanings unless the context clearly indicates otherwise.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Term**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Definition**  |
| **Annual Salary** | The Participant's regular annual rate of base salary payable by the Participant's Employer, including base salary deferred pursuant to a written plan or agreement with the Corporation or a Subsidiary, and excluding all other forms of compensation. |
| **Board** | The Board of Directors of the Corporation, including a Committee or Committees who have been delegated authority to act on behalf of the Board. |
| **Cause** | The definition of "Cause" as found in the Xcel Energy Inc. 2024 Equity Incentive Plan (or any successor plan thereto), as amended from time to time. |
| **CEO** | Chief Executive Officer, is the highest-ranking executive in the Corporation. |
| **Change in Control** | The definition of "Change in Control" as found in the Xcel Energy Inc. 2024 Equity Incentive Plan (or any successor plan thereto), as amended from time to time. |

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&nbsp;&nbsp;&nbsp;&nbsp;3

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Term**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Definition**  |
| **Change in Control Multiple** | For each Participant in Tiers 1 and 2, the multiple in Schedule I applies. Tier 3 participants are not eligible for a Change in Control benefit. |
| **Code** | The Internal Revenue Code of 1986, as amended from time to time. |
| **Committee** | The Governance, Compensation and Nominating Committee of the Board or any successor to such committee. |
| **Corporation** | Xcel Energy Inc. and any successor thereto. |
| **Date of Termination** | The date on which a Participant ceases to be an Employee and has a "separation from service" as defined in section 409A of the Code.  |
| **Effective Date** | March 1, 2026. |
| **Employee** | Any regular-benefit, non-bargaining employee of an Employer. The term excludes all individuals employed as independent contractors, temporary employees, non-benefit employees or leased employees. |
| **Employer** | The Corporation or a Subsidiary which has adopted the Plan. If an Employee is transferred to a Subsidiary that is not otherwise a Participating Employer, the Employee shall be deemed, effective as of time of transfer, to have been removed from participating in the Plan.  |
| **Good Reason** | Any one or more of the following conditions arising without the consent of the Participant as a result of any action or inaction by the Employer or any of its affiliates: (i) a material diminution of the Participant's base compensation, or (ii) a material diminution in the Participant's authority, duties or responsibilities. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Term**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Definition**  |
| **Participant** | An Employee who is designated as such pursuant to the Plan's eligibility provisions. |
| **Participating Employers** | The Corporation and any Subsidiary that adopts this Plan with the consent of Xcel Energy, and any successor thereof that adopts the Plan. On and after the effective date, Xcel Energy Services Inc., Northern States Power Company Minnesota, Public Service Company of Colorado, Southwestern Public Service Company and Northern States Power Company Wisconsin have adopted the Plan as Participating Employers.  |

| **Severance Benefits** | The payments and benefits described in the Severance Benefits Section of the Plan that are provided to qualifying Participants under the Plan after a Qualifying Termination. |
| **Severance Multiple** | For each Participant in the schedule (Tiers 1-3) the multiple on Schedule I applies. |
| **Severance Period** | The period beginning on a Participant's Date of Termination and ending upon the number of consecutive 12-month periods as expressed in the Participant's Severance Multiple. The months of a particular Severance Period will not count towards retirement eligibility. |

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&nbsp;&nbsp;&nbsp;&nbsp;5

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Term**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Definition**  |
| **Subsidiary** | Any corporation or other entity in which the Corporation, directly or indirectly, holds a majority of the voting power of such corporation's or entity's outstanding shares of capital stock or ownership interests. |
| **Target Annual Incentive** | The Annual Incentive Award (or Award) under the Xcel Energy Inc. Annual Incentive Plan, Executive Annual Incentive Program or Business Unit Vice President Annual Incentive Program, as applicable, or successor thereto assuming target goals and performance had been achieved. |

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PARTICIPATION

Each of the Employees in a tier or reporting relationship as defined in Schedule I shall be a Participant in the Plan as of the Effective Date. Schedule I may be amended by the Board or by the Committee or the CEO (with respect to those employees who are not designated as "Section 16 Officers" by the Board) to add or revise executive groupings or tiers as necessary.

**Duration of Participation** 

A Participant ceases to be a Participant in the Plan as a result of changing jobs to move out of an eligible existing tier per Schedule I, or with an amendment or termination of the Plan complying with the applicable section of the Plan, or when such Participant receiving long-term disability benefits or in any other way ceases to be an Employee, unless, at the time they cease to be an Employee, such Participant is entitled to payment of Severance Benefits as provided in the Plan.

A Participant entitled to payment of Severance Benefits under the Plan will remain a Participant in the Plan until the full amount of the Severance Benefits payable under the Plan have been paid to the Participant.

ELIGIBILITY

**Right to Severance Benefits & Qualifying Terminations**

A Participant is entitled to receive Severance Benefits if the Participant's Date of Termination satisfies one of the conditions of a Qualifying Termination below:

&nbsp;&nbsp;&nbsp;&nbsp;(i)The Participant ceases to be an Employee by action of the Employer or any of its affiliates (excluding any transfer to another Employer or a Subsidiary); or

&nbsp;&nbsp;&nbsp;&nbsp;(ii)At any time beginning on the effective date of a Change in Control and ending on the day before the second anniversary thereof, a Good Reason arises and the Participant voluntarily terminates within 120 days after the occurrence of such Good Reason;

&nbsp;&nbsp;&nbsp;&nbsp;6

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With respect to a termination by the Participant pursuant to Good Reason, such termination is effective only if the Participant has given written notice to the Employer of their intent to terminate for Good Reason (stating the condition(s) relied upon for such Good Reason) within 90 days of initial existence of the condition(s) which constitute Good Reason, and the Employer or an affiliate, has failed to remedy such condition(s) specified in such notice which constitute Good Reason within the 30 day period following receipt of the notice.

**Terminations Ineligible for Severance Benefits** 

If a Participant ceases to be an Employee and incurs a Date of Termination because the Participant's employment is terminated for Cause, or by death or disability, or due to a qualified sale of business (as defined below), or voluntarily terminates or retires, the Participant is not entitled to Severance Benefits under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(i)A termination by retirement shall have occurred where a Participant's termination is due to the Participant's voluntary late, normal or early retirement as described in the defined benefit plan in which they participate.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)A termination due to a qualified sale of business shall have occurred where an Employer or an affiliate of an Employer has sold, distributed or otherwise disposed of the subsidiary, branch or other business unit in which the Participant was employed immediately before such sale, distribution or disposition and the Participant has been offered employment with the purchaser of such subsidiary, branch or other business unit or the corporation or other entity which is the owner thereof on substantially the same terms and conditions under which they worked for the Employer or Subsidiary (including, without limitation, duties and responsibilities, and the aggregate of the Participant's base salary and program of benefits).

SEVERANCE BENEFITS

**Severance Benefits (non Change in Control)**

If a Participant ceases to be an Employee in circumstances entitling the Participant to Severance Benefits, and the Participant executes within the applicable time period and does not revoke a Release Agreement, the Participant's Employer will pay, within thirty calendar days of the date such Release Agreement becomes irrevocable, the Severance Benefits as a cash lump sum as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;7

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The cash lump sum equals the aggregate of the following as in effect on the Participant's Date of Termination:

Participant's non-Change in Control Severance Multiple per Schedule I multiplied by the following as in effect on Participant's Date of Termination:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Annual Salary;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Target Annual Incentive for Tiers 1 and 2;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Pension benefit that would have otherwise been credited during the Severance Period;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Employer matching contribution that would have been received if contributions had continued to the 401(k) and/or deferred compensation plan accounts during the Severance Period, based on the deferral rate in effect on Date of Termination and;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The value of medical and dental benefits based as the employer cost sharing premium on the Date of Termination.

The following benefits are provided without the Severance Multiple:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Outplacement services of $30,000 for Participants in Tiers 1 and 2 or $15,000 for Participants in Tier 3 all on Schedule I; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Date of Termination is on or prior to December 31, a Target Annual Incentive for the applicable termination year will be prorated based on last day worked and paid as a cash lump sum.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the Date of Termination is after December 31 of the immediately preceding year and before Annual Incentive payment date for that preceding year, a Target Annual Incentive for that applicable year will be paid as a cash lump sum.

The following benefits are addressed independently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The treatment of Long-term Incentive awards is addressed in the Long-Term Incentive Plan terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Executive Physical benefit will end on Date of Termination, unless the Corporation agreed otherwise in a written agreement with the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Financial Planning benefit will end on Date of Termination, unless the Corporation agreed otherwise in a written agreement with the Participant.

**Severance Benefits (Change in Control)**

If, following a Change in Control, a Participant in Tiers 1 or 2 ceases to be an Employee in circumstances entitling them to Severance Benefits, and the Participant executes within the applicable time period and does not revoke a Release Agreement, the Participant's Employer will pay, within 30 calendar days of the Date of Termination, or if later, upon the date such Release Agreement becomes irrevocable, a cash lump sum as set forth in the Severance Benefits Section above, provided however, that a Participant's Change in Control Multiple shall be substituted for their Severance Multiple (including in determining the length of the

&nbsp;&nbsp;&nbsp;&nbsp;8

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Severance Period as used therein) inclusive of the other Executive Physical and Financial Planning benefits as described above.

For purposes of determining the cash lump sum, if on or after the occurrence of a Change in Control a Participant's Change in Control Multiple is reduced, or a reduction of the Participant's Annual Salary or benefits has occurred which would entitle the Participant to terminate employment and receive Severance Benefits, such reduction shall be ignored. Benefits will be based on the multiple immediately preceding when the Change in Control is effective.

PAYMENT ADJUSTMENTS

**280G Excise Tax Reductions** 

For Tier 1 or 2 Participants, in the event it is determined a payment or benefit payable to a Participant would result in a "parachute payment" excise tax imposed by section 4999 of the Code by reason of being contingent on a change in ownership or control of the Corporation, within the meaning of section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the "Excise Tax"), then if it is determined that any payment or benefit payable by the Corporation to or for the Participant's benefit, whether paid or payable pursuant to the terms of this Plan or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement (a "Payment"), would be subject to the Excise Tax, and a reduction in the amount of Payment sufficient to avoid the Excise Tax would result in an increase in the total amount of all Payments, net of all applicable taxes, then and only then, the Payments shall be reduced to the amount that, when considered with all Payments taken into account under section 280G is One Dollar ($1.00) less than the smallest sum that would subject the Participant to the Excise Tax. All determinations required under this section will be made by the Corporation.

**Conditions to Payment Obligations**

The obligations of the Employer to pay the Severance Benefits are absolute and unconditional and are not affected by any circumstances, including, without limitation, any set-off, counterclaim, defense or other right which the Corporation or any of its Subsidiaries may have against any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Severance Benefits that a Participant becomes entitled to receive under this Plan shall be reduced (but not below zero) by the aggregate amount of cash severance, separation, or similar benefits that the Participant may be entitled to receive under any other plan, program, contract, agreement or arrangement of the Employer or any Subsidiary, except to the extent the Participant waives their right thereto, and by the

&nbsp;&nbsp;&nbsp;&nbsp;9

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aggregate amount of such cash benefits or pay in lieu of notice that the Participant may be entitled to receive under applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;• Any continued benefits that a Participant becomes entitled to receive under this Plan will be provided concurrently (not consecutively) with any benefits that such Participant may be entitled to receive under any other plan, program, contract, agreement or arrangement of the Employer or any Subsidiary or applicable law (including without limitation the health continuation coverage required by Section 4980B of the Code and Section 601 et seq. of ERISA). In no event will a Participant be obligated to seek other employment or take any other action to mitigate the amounts payable to a Participant under any of the provisions of this Plan, nor will the amount of any payment be reduced by any compensation earned by a Participant as a result of employment by another employer.

SUCCESSOR TO CORPORATION

This Plan will bind any successor of the Corporation or other Employer, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Corporation or Employer would be obligated under this Plan if no succession had taken place.

In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Plan, the Corporation shall require such successor expressly and unconditionally to assume and agree to perform the Corporation's or Employer's obligations under this Plan, in the same manner and to the same extent that the Corporation or Employer would be required to perform if no such succession had taken place. The term "Corporation," as used in this Plan, shall mean the Corporation as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by this Plan.

AMENDMENT AND TERMINATION

The Plan may be amended by the Board or CEO (with respect to those employees who are not designated as "Section 16 Officers" by the Board) at any time and may be terminated by the Board or CEO at any time without notice to Participants or giving rise to any benefits payable under the Plan. Following a Change in Control, and for a twenty-four month period following a Change in Control, no amendment may be made which adversely affects the rights of any Participant without the consent of a majority of Participants. To the extent applicable, any such amendment or termination shall comply with section 409A of the Code.

The form of any amendment of the Plan shall be a written instrument signed by a duly authorized officer or officers of the Corporation or CEO, certifying that the amendment has been approved by the Board or CEO.

&nbsp;&nbsp;&nbsp;&nbsp;10

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CLAIMS PROCEDURE

If an Employee or former Employee makes a written request alleging a right to receive benefits under this Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Corporation shall treat it as a claim for benefit. All claims for benefit under the Plan must be in writing, must be sent to the Human Resources Department of the Corporation and must be received within 30 days after termination of employment or, if earlier, within 30 days after the date as of which the alleged right to receive benefits arises.

If the Corporation determines that any individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing of its determination and the reasons therefor in terms calculated to be understood by the claimant. The notice of decision will be sent within 90 days of the claim unless the Corporation determines additional time, not exceeding an additional 90 days, is needed. The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and describe any additional material or information necessary to make a decision on the claim. Such notice shall, in addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim, including a statement of the right to bring a civil suit under Section 502(a) of ERISA.

The claimant may within 60 days thereafter submit in writing to the Corporation a notice that the claimant contests the denial of their claim by the Corporation and desires further review. The notice may include comments, documents, records and other information relating to the claim. The claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits. The review will take into account all comments, documents, records and other information submitted relating to the claim, without regard to whether such information was submitted or considered in the initial determination. The Corporation will render its final decision with specific reasons therefor in writing and will transmit it to the claimant within 60 days of the written request for review, unless the Corporation determines additional time, not exceeding 60 days, is needed, and so notifies the Participant. In the case of an adverse benefit determination, the decision shall set forth, in a manner calculated to be understood by the claimant, the specific reasons for the adverse determination, reference to the specific Plan provisions on which the determination is based, a statement that the claimant is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits, and a statement of the claimant's right to bring an action under Section 502(a) of ERISA.

MISCELLANEOUS PLAN PROVISIONS

**Governing Law** 

The validity, interpretation, construction and performance of the Plan shall in all respects be governed by the laws of Minnesota, without reference to principles of conflict of law, except

&nbsp;&nbsp;&nbsp;&nbsp;11

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to the extent pre-empted by federal law. To the extent applicable, the Plan sponsor intends the Plan to comply with Section 409A of the Code.

**Funding and Vesting**

The Plan is considered as unfunded, and benefits are payable from the general assets of the Employer last employing the Participant. Terminated Employees who are entitled to benefits under the Plan will be considered a general creditor of the Corporation.

**No Employment Contract**

This Plan does not constitute a contract of employment or impose on the Participant or the Participant's Employer any obligation to retain the Participant as an Employee, to change the status of the Participant's employment, or to change the Corporation's policies or those of its Subsidiaries regarding termination of employment. The terms of the Plan do not impact status as an at will employee.

**Plan Administration**

The Corporation is designated as the "Plan Administrator" and has full authority and discretion to interpret Plan terms, decide cases of eligibility and amount of benefits due and to adopt administrative procedures to be used in operating the Plan. The Board and the CEO shall act for the Corporation as provided herein, except that the Board shall have exclusive authority (which may not be delegated except to a Committee of the Board) with respect to determining eligibility and benefits of employees who are designated as "Section 16 Officers" by the Board or as would otherwise be necessary to comply with the requirements of applicable exchange rules or applicable corporate law.

**Validity and Severability** 

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;12

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**Withholding**

The Corporation or other applicable Employer will withhold all federal, state, local and foreign taxes that are required to be withheld by applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;13

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**SCHEDULE I**

**Participants**

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| | | |
|:---|:---|:---|
| | **Severance Multiple**<br>**non-Change in Control** | **Severance Multiple** <br>**Change in Control**<sup>1</sup> |
| Tier 1:<br>President and Chief Executive Officer (CEO) | 2.0X | 3.0X |
| Tier 2:<br>Executive Committee members excluding the CEO (defined by salary plan EXC or successor salary plan) | 1.5X | 2.0X unless grandfathered<br>Grandfathered at 3.0X for individuals in EVP position prior to March 1, 2026 |
| Tier 3:<br>Business Unit Vice Presidents<br>(defined by salary plan BVP or successor salary plan) | 1.0X | - |

---

<sup>1</sup> Applicable at any time beginning on the effective date of a Change in Control and ending on the day before the second anniversary thereof, a Good Reason arises and the Participant voluntarily terminates within 120 days after the occurrence of such Good Reason

## Exhibit 23.01

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement No. 333-278797-02 on Form S-3 of our report dated February 25, 2026, relating to the financial statements of Public Service Company of Colorado appearing in this Annual Report on Form 10-K of Public Service Company of Colorado for the year ended December 31, 2025.

Minneapolis, Minnesota

February 25, 2026

## 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-K of Public Service Company of Colorado;

&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: Feb. 25, 2026

---

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

---

## 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-K of Public Service Company of Colorado;

&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: Feb. 25, 2026

---

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

---

## 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 Annual Report of Public Service Company of Colorado (PSCo) on Form 10-K for the year ended Dec. 31, 2025, as filed with the SEC on the date hereof (Form 10-K), each of the undersigned officers of PSCo 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-K 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-K fairly presents, in all material respects, the financial condition and results of operations of PSCo as of the dates and for the periods expressed in the Form 10-K.

Date: Feb. 25, 2026

---

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

---

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 PSCo and will be retained by PSCo and furnished to the SEC or its staff upon request.