# EDGAR Filing Document

**Accession Number:** 0000081018
**File Stem:** 0000081018-25-000013
**Filing Date:** 2025-7
**Character Count:** 124804
**Document Hash:** 2aa4453b6f9fd7dd3ea30412aa97a87e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000081018-25-000013.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0000081018-25-000013

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03280
- **FILM NUMBER:** 251170670

**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-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

**(Mark One)**

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

**For the quarterly period ended June 30, 2025**

**or**

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

**For the transition period from ____________ to ___________** 

**Commission File Number: 001-03280**

---

| |
|:---|
| **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) | (I.R.S. 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) |

---

---

| |
|:---|
| **N/A** |
| (Former name, former address and former fiscal year, if changed since last report) |

---

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| **Class** | **Outstanding at July 31, 2025** |
| Common Stock, $0.01 par value | 100 shares |

---

Public Service Company of Colorado meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to such Form 10-Q.

    

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** — **FINANCIAL INFORMATION** | **PART I** — **FINANCIAL INFORMATION** | |
| Item 1 — | [Financial Statements (unaudited)](#id240166d41194100a03cc1a3354e4362_19) | [4](#id240166d41194100a03cc1a3354e4362_19) |
|  | [Consolidated Statements of Income](#id240166d41194100a03cc1a3354e4362_22) | [4](#id240166d41194100a03cc1a3354e4362_22) |
|  | [Consolidated Statements of Comprehensive Income](#id240166d41194100a03cc1a3354e4362_25) | [5](#id240166d41194100a03cc1a3354e4362_25) |
|  | [Consolidated Statements of Cash Flows](#id240166d41194100a03cc1a3354e4362_28) | [6](#id240166d41194100a03cc1a3354e4362_28) |
|  | [Consolidated Balance Sheets](#id240166d41194100a03cc1a3354e4362_31) | [7](#id240166d41194100a03cc1a3354e4362_31) |
|  | [Consolidated Statements of Common Stockholder's Equity](#id240166d41194100a03cc1a3354e4362_34) | [8](#id240166d41194100a03cc1a3354e4362_34) |
|  | [Notes to Consolidated Financial Statements](#id240166d41194100a03cc1a3354e4362_37) | [9](#id240166d41194100a03cc1a3354e4362_37) |
| Item 2 — | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#id240166d41194100a03cc1a3354e4362_79) | [18](#id240166d41194100a03cc1a3354e4362_79) |
| Item 4 — | [Controls and Procedures](#id240166d41194100a03cc1a3354e4362_94) | [21](#id240166d41194100a03cc1a3354e4362_94) |
| **PART II** — **OTHER INFORMATION** | **PART II** — **OTHER INFORMATION** |  |
| Item 1 — | [Legal Proceedings](#id240166d41194100a03cc1a3354e4362_100) | [21](#id240166d41194100a03cc1a3354e4362_100) |
| Item 1A — | [Risk Factors](#id240166d41194100a03cc1a3354e4362_103) | [21](#id240166d41194100a03cc1a3354e4362_103) |
| Item 5 — | [Other Information](#id240166d41194100a03cc1a3354e4362_106) | [21](#id240166d41194100a03cc1a3354e4362_106) |
| Item 6 — | [Exhibits](#id240166d41194100a03cc1a3354e4362_109) | [22](#id240166d41194100a03cc1a3354e4362_109) |
| **[SIGNATURES](#id240166d41194100a03cc1a3354e4362_112)** | **[SIGNATURES](#id240166d41194100a03cc1a3354e4362_112)** | [23](#id240166d41194100a03cc1a3354e4362_112) |

---

This Form 10-Q is filed by PSCo, a Colorado corporation. 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.

------

**Definitions of Abbreviations**

---

| | |
|:---|:---|
| ***Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former)*** | ***Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former)*** |
| e prime | e prime inc. |
| NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
| NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
| PSCo | Public Service Company of Colorado |
| SPS | Southwestern Public Service Company |
| Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
| Xcel Energy | Xcel Energy Inc. and its subsidiaries |

---

---

| | |
|:---|:---|
| ***Federal and State Regulatory Agencies*** | ***Federal and State Regulatory Agencies*** |
| CPUC | Colorado Public Utilities Commission |
| EPA | United States Environmental Protection Agency |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| IRS | Internal Revenue Service |
| SEC | Securities and Exchange Commission |

---

---

| | |
|:---|:---|
| ***Other*** | ***Other*** |
| ASU | Accounting standards update |
| ARRR | Application for rehearing, reargument or reconsideration |
| 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 |
| CPCN | Certificate of public convenience and necessity |
| CSPV | Crystalline Silicon Photovoltaic |
| DSM | Demand side management |
| ETR | Effective Tax Rate |
| GAAP | United States generally accepted accounting principles |
| IPP | Independent power producing entity |
| MGP | Manufactured gas plant |
| O&M | Operating and maintenance |
| OBBB | One Big Beautiful Bill Act |
| PFAS | Per- and Polyfluoroalkyl Substances |
| PIM | Performance incentive mechanism |
| PPA | Power purchase agreement |
| PTC | Production tax credit |
| ROE | Return on equity |
| SIP | State implementation plan |
| VIE | Variable interest entity |
| WMP | Wildfire mitigation plan |

---

---

| | |
|:---|:---|
| ***Measurements*** | ***Measurements*** |
| MW | Megawatts |

---

**Forward-Looking Statements**<br>

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases or refunds to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will," "would" and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in PSCo's Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u> for the fiscal year ended Dec. 31, 2024 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of 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.

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

**PART I — FINANCIAL INFORMATION**

**ITEM 1** — **FINANCIAL STATEMENTS**

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

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

*(amounts in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric | $958 | $891 | $1896 | $1814 |
| &nbsp;&nbsp;&nbsp;Natural gas | 260 | 244 | 887 | 857 |
| &nbsp;&nbsp;&nbsp;Other | 8 | 8 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1226 | 1143 | 2803 | 2692 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electric fuel and purchased power | 309 | 303 | 629 | 644 |
| &nbsp;&nbsp;&nbsp;Cost of natural gas sold and transported | 80 | 89 | 344 | 408 |
| &nbsp;&nbsp;&nbsp;Cost of sales — other | 1 | 1 | 3 | 5 |
| &nbsp;&nbsp;&nbsp;Operating and maintenance expenses | 238 | 239 | 480 | 473 |
| &nbsp;&nbsp;&nbsp;Demand side management expenses | 50 | 36 | 112 | 76 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 270 | 248 | 543 | 492 |
| &nbsp;&nbsp;&nbsp;Taxes (other than income taxes) | 73 | 65 | 141 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1021 | 981 | 2252 | 2236 |
| **Operating income** | 205 | 162 | 551 | 456 |
| Other income, net | 10 | 19 | 16 | 28 |
| Allowance for funds used during construction — equity | 30 | 18 | 52 | 31 |
| **Interest charges and financing costs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest charges and other financing costs | 102 | 95 | 201 | 183 |
| &nbsp;&nbsp;&nbsp;Allowance for funds used during construction — debt | (13) | (6) | (22) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest charges and financing costs | 89 | 89 | 179 | 171 |
| **Income before income taxes** | 156 | 110 | 440 | 344 |
| Income tax (benefit) expense |  | (9) | 26 | 6 |
| &nbsp;&nbsp;**Net income** | $156 | $119 | $414 | $338 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)**

*(amounts in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30** | **Three Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $156 | $119 | $414 | $338 |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of losses to net income, net of tax | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income | 1 | 1 | 1 | 1 |
| **Total comprehensive income** | $157 | $120 | $415 | $339 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

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

*(amounts in millions)*

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $414 | $338 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 544 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 75 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | (52) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bad debts | 13 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 81 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued unbilled revenues | 63 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (37) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (30) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (20) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net regulatory assets and liabilities | (34) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (119) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other employee benefit obligations | (6) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (7) | 117 |
| Net cash provided by operating activities | 885 | 998 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Utility capital/construction expenditures | (1993) | (1459) |
| &nbsp;&nbsp;&nbsp;Investments in utility money pool arrangement | (831) | (234) |
| &nbsp;&nbsp;&nbsp;Repayments from utility money pool arrangement | 831 | 234 |
| Net cash used in investing activities | (1993) | (1459) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of short-term borrowings, net | (85) | (320) |
| &nbsp;&nbsp;&nbsp;Borrowings under utility money pool arrangement | 610 | 381 |
| &nbsp;&nbsp;&nbsp;Repayments under utility money pool arrangement | (651) | (432) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 988 | 1184 |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt | (250) |  |
| &nbsp;&nbsp;&nbsp;Capital contributions from parent | 739 | 564 |
| &nbsp;&nbsp;&nbsp;Dividends paid to parent | (217) | (236) |
| Net cash provided by financing activities | 1134 | 1141 |
| Net change in cash, cash equivalents and restricted cash | 26 | 680 |
| Cash, cash equivalents and restricted cash at beginning of period | 26 | 13 |
| Cash, cash equivalents and restricted cash at end of period | $52 | $693 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest (net of amounts capitalized) | $(162) | $(147) |
| &nbsp;&nbsp;&nbsp;Cash received for income taxes, net; includes proceeds from tax credit transfers | 29 | 10 |
| Supplemental disclosure of non-cash investing and financing transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued property, plant and equipment additions | $577 | $205 |
| &nbsp;&nbsp;&nbsp;Inventory transfers to property, plant and equipment | 57 | 38 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 140 |  |
| &nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | 52 | 31 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

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

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **Dec. 31, 2024** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $52 | $26 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 379 | 466 |
| &nbsp;&nbsp;&nbsp;Accounts receivable from affiliates | 31 | 21 |
| &nbsp;&nbsp;&nbsp;Accrued unbilled revenues | 307 | 370 |
| &nbsp;&nbsp;&nbsp;Inventories | 228 | 228 |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 163 | 126 |
| &nbsp;&nbsp;&nbsp;Prepayments and other | 202 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1362 | 1415 |
| Property, plant and equipment, net | 25194 | 23341 |
| Other assets |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | 1442 | 1362 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 387 | 268 |
| &nbsp;&nbsp;&nbsp;Other | 213 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 2042 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $28598 | $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 |  | 41 |
| &nbsp;&nbsp;&nbsp;Short-term debt |  | 85 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 946 | 700 |
| &nbsp;&nbsp;&nbsp;Accounts payable to affiliates | 89 | 60 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 159 | 139 |
| &nbsp;&nbsp;&nbsp;Taxes accrued | 153 | 277 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 88 | 77 |
| &nbsp;&nbsp;&nbsp;Dividends payable to parent | 119 | 90 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 73 | 94 |
| &nbsp;&nbsp;&nbsp;Other | 128 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1755 | 1960 |
| Deferred credits and other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 2028 | 1904 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | 2678 | 2630 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 457 | 448 |
| &nbsp;&nbsp;&nbsp;Customer advances | 85 | 99 |
| &nbsp;&nbsp;&nbsp;Pension and employee benefit obligations | 81 | 89 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 323 | 190 |
| &nbsp;&nbsp;&nbsp;Other | 149 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 5801 | 5508 |
| Commitments and contingencies |  |  |
| Capitalization |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 9382 | 8391 |
| &nbsp;&nbsp;Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at June 30, 2025 and Dec. 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 9012 | 8256 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2666 | 2498 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (18) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common stockholder's equity | 11660 | 10735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $28598 | $26594 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

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

*(amounts in millions, except share data)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock Issued** | **Common Stock Issued** | **Common Stock Issued** | **Retained Earnings** | **Accumulated Other Comprehensive Loss** | **Total Common Stockholder's Equity** |
| | **Shares** | **Par Value** | **Additional Paid<br>In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Loss** | **Total Common Stockholder's Equity** |
| **Three Months Ended June 30, 2025 and 2024** | | | | | | |
| **Balance at March 31, 2024** | 100 | $— | $7462 | $2405 | $(20) | $9847 |
| Net income |  |  |  | 119 |  | 119 |
| Other comprehensive income |  |  |  |  | 1 | 1 |
| Dividends declared to parent |  |  |  | (106) |  | (106) |
| Contribution of capital by parent |  |  | 517 |  |  | 517 |
| **Balance at June 30, 2024** | 100 | $— | $7979 | $2418 | $(19) | $10378 |
| **Balance at March 31, 2025** | 100 | $— | $8376 | $2630 | $(19) | $10987 |
| Net income |  |  |  | 156 |  | 156 |
| Other comprehensive income |  |  |  |  | 1 | 1 |
| Dividends declared to parent |  |  |  | (120) |  | (120) |
| Contribution of capital by parent |  |  | 636 |  |  | 636 |
| **Balance at June 30, 2025** | 100 | $— | $9012 | $2666 | $(18) | $11660 |
|  | **Common Stock Issued** | **Common Stock Issued** | **Common Stock Issued** | **Retained Earnings** | **Accumulated Other Comprehensive Loss** | **Total Common Stockholder's Equity** |
|  | **Shares** | **Par Value** | **Additional Paid<br>In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Loss** | **Total Common Stockholder's Equity** |
| **Six Months Ended June 30, 2025 and 2024** |  |  |  |  |  |  |
| **Balance at Dec. 31, 2023** | 100 | $— | $7412 | $2350 | $(20) | $9742 |
| Net income |  |  |  | 338 |  | 338 |
| Other comprehensive income |  |  |  |  | 1 | 1 |
| Dividends declared to parent |  |  |  | (270) |  | (270) |
| Contribution of capital by parent |  |  | 567 |  |  | 567 |
| **Balance at June 30, 2024** | 100 | $— | $7979 | $2418 | $(19) | $10378 |
| **Balance at Dec. 31, 2024** | 100 | $— | $8256 | $2498 | $(19) | $10735 |
| Net income |  |  |  | 414 |  | 414 |
| Other comprehensive income |  |  |  |  | 1 | 1 |
| Dividends declared to parent |  |  |  | (246) |  | (246) |
| Contribution of capital by parent |  |  | 756 |  |  | 756 |
| **Balance at June 30, 2025** | 100 | $— | $9012 | $2666 | $(18) | $11660 |

---

See Notes to Consolidated Financial Statements

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

**Notes to Consolidated Financial Statements (UNAUDITED)**

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of PSCo as of June 30, 2025 and Dec. 31, 2024; the results of PSCo's operations, including the components of net income, comprehensive income and changes in stockholder's equity for the three and six months ended June 30, 2025 and 2024; and PSCo's cash flows for the six months ended June 30, 2025 and 2024.

All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2025, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2024 balance sheet information has been derived from the audited 2024 consolidated financial statements included in the PSCo Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u> for the year ended Dec. 31, 2024.

Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the PSCo Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u> for the year ended Dec. 31, 2024, filed with the SEC on Feb. 27, 2025. Due to the seasonality of PSCo's electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.

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

The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u> for the year ended Dec. 31, 2024 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.

**2. Accounting Pronouncements**<br>

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

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

**3. Selected Balance Sheet Data**<br>

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **June 30, 2025** | **Dec. 31, 2024** |
| **Accounts receivable, net** | | |
| &nbsp;&nbsp;&nbsp;Accounts receivable | $421 | $516 |
| &nbsp;&nbsp;&nbsp;Less allowance for bad debts | (42) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | $379 | $466 |

---

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **June 30, 2025** | **Dec. 31, 2024** |
| **Inventories** | | |
| &nbsp;&nbsp;&nbsp;Materials and supplies | $118 | $99 |
| &nbsp;&nbsp;&nbsp;Fuel | 67 | 62 |
| &nbsp;&nbsp;&nbsp;Natural gas | 43 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total inventories | $228 | $228 |

---

---

| | | |
|:---|:---|:---|
| **(Millions of Dollars)** | **June 30, 2025** | **Dec. 31, 2024** |
| **Property, plant and equipment, net** | | |
| &nbsp;&nbsp;&nbsp;Electric plant | $19069 | $18033 |
| &nbsp;&nbsp;&nbsp;Natural gas plant | 6966 | 6814 |
| &nbsp;&nbsp;&nbsp;Common and other property | 1649 | 1616 |
| &nbsp;&nbsp;Plant to be retired <sup>(a)</sup> | 975 | 1057 |
| &nbsp;&nbsp;&nbsp;Construction work in progress | 3192 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment | 31851 | 29794 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | (6657) | (6453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | $25194 | $23341 |

---

<sup>(a)</sup>Amounts include Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion. Amounts are presented net of accumulated depreciation.

Amounts reported in prepayments and other current assets on PSCo's consolidated balance sheets include $103 million and $71 million of receivables from insurers for legal fees and related costs as of June 30, 2025 and Dec. 31, 2024, respectively.

**4. 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 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 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.

Money pool borrowings:

---

| | | |
|:---|:---|:---|
| **(Amounts in Millions, Except Interest Rates)** | **Three Months Ended June 30, 2025** | **Year Ended Dec. 31, 2024** |
| Borrowing limit | $250 | $250 |
| Amount outstanding at period end |  | 41 |
| Average amount outstanding | 68 | 25 |
| Maximum amount outstanding | 250 | 250 |
| Weighted average interest rate, computed on a daily basis | 4.33% | 5.33% |
| Weighted average interest rate at period end | N/A | 4.58 |

---

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

***Commercial Paper*** — Commercial paper outstanding:

---

| | | |
|:---|:---|:---|
| **(Amounts in Millions, Except Interest Rates)** | **Three Months Ended June 30, 2025** | **Year Ended Dec. 31, 2024** |
| Borrowing limit | $1200 | $700 |
| Amount outstanding at period end |  | 85 |
| Average amount outstanding | 13 | 71 |
| Maximum amount outstanding | 110 | 492 |
| Weighted average interest rate, computed on a daily basis | 4.60% | 5.55% |
| Weighted average interest rate at period end | N/A | 4.58 |

---

***Letters of Credit*** — PSCo uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At June 30, 2025 and Dec. 31, 2024, there were $30 million and $31 million, respectively, of letters of credit outstanding under the credit facility. Amounts approximate their fair value and are subject to fees.

***Revolving Credit Facility*** — In order to issue its commercial paper, PSCo must have a revolving credit facility equal to or greater than the amount of its commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

In May 2025, PSCo entered into an amended five-year credit agreement with a syndicate of banks, with substantially the same terms and conditions as the prior credit agreements. The borrowing limit for PSCo was increased from $700 million to $1.2 billion, and the maturity was extended from September 2027 to December 2029.

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

At June 30, 2025, PSCo had the following committed revolving credit facility available (in millions of dollars):

---

| | | |
|:---|:---|:---|
| **Credit Facility** <sup>(a)</sup> | **Drawn** <sup>(b)</sup> | **Available** |
| $1200 | $30 | $1170 |

---

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

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

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 credit facility outstanding at June 30, 2025 and Dec. 31, 2024.

**Long-Term Borrowings**

During the six months ended June 30, 2025, PSCo issued $400 million of 5.35% First Mortgage Bonds due May 15, 2034 and $600 million of 5.85% First Mortgage Bonds due May 15, 2055.

**5. Revenues**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|<br>**(Millions of Dollars)** | **Electric** | **Natural Gas** | **All Other** | **Total** |
| **Major revenue types** | | | | |
| &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: | &nbsp;&nbsp;Revenue from contracts with customers: |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $299 | $145 | $1 | $445 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 448 | 67 | 7 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 13 |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 760 | 212 | 8 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 49 |  |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 26 |  |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 16 | 37 |  | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 851 | 249 | 8 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 107 | 11 |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $958 | $260 | $8 | $1226 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 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 | $301 | $142 | $— | $443 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 427 | 64 | 8 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 13 |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 741 | 206 | 8 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 51 |  |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 21 |  |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 18 | 30 |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 831 | 236 | 8 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 60 | 8 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $891 | $244 | $8 | $1143 |
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **(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 | $627 | $544 | $1 | $1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 835 | 224 | 19 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 25 |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 1487 | 768 | 20 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 110 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 56 |  |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 29 | 85 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 1682 | 853 | 20 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 214 | 34 |  | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $1896 | $887 | $20 | $2803 |

---

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 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 | $630 | $542 | $3 | $1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 845 | 226 | 18 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 27 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total retail** | 1502 | 768 | 21 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 113 |  |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 32 | 70 |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue from contracts with customers** | 1692 | 838 | 21 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue and other | 122 | 19 |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $1814 | $857 | $21 | $2692 |

---

**6. Income Taxes**<br>

Reconciliation between the statutory rate and ETR:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** |
| Federal statutory rate | 21.0% | 21.0% |
| State income tax on pretax income, net of federal tax effect | 3.5 | 3.5 |
| (Decreases) increases: |  |  |
| &nbsp;&nbsp;PTCs <sup>(a)</sup> | (12.0) | (16.5) |
| &nbsp;&nbsp;Plant regulatory differences <sup>(b)</sup> | (5.6) | (5.1) |
| &nbsp;&nbsp;&nbsp;Other tax credits, net operating loss & tax credit allowances | (0.9) | (1.3) |
| &nbsp;&nbsp;&nbsp;Other, net | (0.1) | 0.1 |
| Effective income tax rate | 5.9% | 1.7% |

---

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

<sup>(b)</sup>Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.

**7. Fair Value of Financial Assets and Liabilities**<br>

**Fair Value Measurements**

Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.

• Level 1 *—* Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.

• Level 2 *—* Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.

• Level 3 *—* Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.

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 June 30, 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 June 30, 2025, PSCo had no unsettled interest rate derivatives.

***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 June 30, 2025, PSCo had no commodity contracts designated as cash flow hedges.

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

Gross notional amounts of commodity forwards and options:

---

| | | |
|:---|:---|:---|
| **(Amounts in Millions)** <sup>(a)(b)</sup> | **June 30, 2025** | **Dec. 31, 2024** |
| MWh of electricity | 1 | 1 |
| MMBtu of natural gas | 13 | 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 June 30, 2025, three of PSCo's ten most significant counterparties for these activities, comprising $4 million, or 10%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody's Investor Services or Fitch Ratings.

Seven of the ten most significant counterparties, comprising $31 million, or 71%, 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.

Six of these significant counterparties are municipal or cooperative electric entities, Regional Transmission Organizations or other utilities.

***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 June 30, 2025 and Dec. 31, 2024, there were no derivative liabilities position with such underlying contract provisions.

Certain contracts also 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.

There were no derivative instruments in a liability position with such underlying contract provisions as of June 30, 2025, with approximately $6 million as of Dec. 31, 2024.

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 June 30, 2025 and Dec. 31, 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 three and six months ended June 30, 2025 and 2024. 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** | |
| **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** |
| &nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** |
| &nbsp;&nbsp;Commodity trading | $— |  | $2 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— |  | $2 |  |
| **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** |
| &nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** |
| &nbsp;&nbsp;Commodity trading | $— |  | $2 | <sup>(b)</sup> |
| &nbsp;&nbsp;Natural gas commodity |  |  | (9) | <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— |  | $(7) |  |
| **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** |
| &nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** | **Derivatives designated as cash flow hedges:** |
| &nbsp;&nbsp;Interest rate | $1 | <sup>(a)</sup> | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1 |  | $— |  |
| **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** | **Other derivative instruments:** |
| &nbsp;&nbsp;Commodity trading | $— |  | $(8) | <sup>(b)</sup> |
| &nbsp;&nbsp;Natural gas commodity |  |  | (8) | <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— |  | $(16) |  |

---

<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 $2 million of 2025 and 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 six months ended June 30, 2025 and 2024.

------

*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 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 | $2 | $2 | $— | $4 | $(3) | $1 | $2 | $— | $— | $2 | $(1) | $1 |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  |  |  |  |  |  |  | 9 |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current derivative assets <sup>(b)</sup> | $2 | $2 | $— | $4 | $(3) | $1 | $2 | $9 | $— | $11 | $(1) | $10 |
| **Noncurrent derivative assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $5 | $4 | $— | $9 | $(1) | $8 | $5 | $4 | $— | $9 | $(3) | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative assets <sup>(b)</sup> | $5 | $4 | $— | $9 | $(1) | $8 | $5 | $4 | $— | $9 | $(3) | $6 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 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 liabilities** | | | | | | | | | | | | |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $2 | $1 | $— | $3 | $(3) | $— | $1 | $— | $— | $1 | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Natural gas commodity |  |  |  |  |  |  |  | 6 |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current derivative liabilities <sup>(b)</sup> | $2 | $1 | $— | $3 | $(3) | $— | $1 | $6 | $— | $7 | $(1) | $6 |
| **Noncurrent derivative liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity trading | $1 | $1 | $— | $2 | $(2) | $— | $2 | $2 | $— | $4 | $(4) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative liabilities <sup>(b)</sup> | $1 | $1 | $— | $2 | $(2) | $— | $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 June 30, 2025 and Dec. 31, 2024, derivative assets and liabilities include no obligations to return cash collateral. At both June 30, 2025 and Dec. 31, 2024, derivative assets and liabilities include rights to reclaim cash collateral of $1 million. 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 June 30, 2025 and Dec. 31, 2024. Total noncurrent derivative assets are included in other long-term assets as of June 30, 2025 and Dec. 31, 2024. Total current derivative liabilities are included in other current liabilities and total noncurrent derivative liabilities are included in other deferred credits and other liabilities as of June 30, 2025 and Dec. 31, 2024.

***Fair Value of Long-Term Debt***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** |
|<br>**(Millions of Dollars)** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Long-term debt, including current portion | $9382 | $8267 | $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 June 30, 2025 and Dec. 31, 2024, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.

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

**Components of Net Periodic Benefit Cost (Credit)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
|<br>**(Millions of Dollars)** | **Pension Benefits** | **Pension Benefits** | **Postretirement Health<br>Care Benefits** | **Postretirement Health<br>Care Benefits** |
| Service cost | $5 | $5 | $— | $— |
| Interest cost <sup>(a)</sup> | 15 | 14 | 5 | 4 |
| Expected return on plan assets <sup>(a)</sup> | (20) | (19) | (5) | (4) |
| Amortization of net loss <sup>(a)</sup> | 2 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | 2 | 1 | 1 |  |
| Effects of regulation | (1) | (4) |  |  |
| &nbsp;&nbsp;&nbsp;Net benefit cost (credit) recognized for financial reporting | $1 | $(3) | $1 | $— |

---

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
| | **2025** | **2024** | **2025** | **2024** |
|<br>**(Millions of Dollars)** | **Pension Benefits** | **Pension Benefits** | **Postretirement Health<br>Care Benefits** | **Postretirement Health<br>Care Benefits** |
| Service cost | $10 | $10 | $— | $— |
| Interest cost <sup>(a)</sup> | 30 | 28 | 10 | 8 |
| Expected return on plan assets <sup>(a)</sup> | (40) | (38) | (9) | (8) |
| Amortization of net loss <sup>(a)</sup> | 3 | 3 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | 3 | 3 | 2 | 1 |
| Effects of regulation | (2) | (4) |  |  |
| &nbsp;&nbsp;&nbsp;Net benefit cost (credit) recognized for financial reporting | $1 | $(1) | $2 | $1 |

---

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

In January 2025, contributions totaling $125 million were made across Xcel Energy's pension plans, of which $7 million was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2025.

**9. 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), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. 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 an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses.

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.

The Sheriff's Report states that the most probable cause of the second ignition was hot particles discharged from PSCo's power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff's Report, no design, installation or maintenance defects or deficiencies were identified on PSCo's electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition*.*

PSCo is aware of 307 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,087 plaintiffs. The complaints generally allege that PSCo's equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. Certain of the complaints also seek exemplary damages. In addition to asserting claims against PSCo, Xcel Energy, Inc. and Xcel Energy Services, 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 September 2023, the Boulder County District Court Judge consolidated the pending lawsuits into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025.

In September 2024, the Judge presiding over the consolidated cases in Boulder County issued an order regarding the trial that resolves, on a preliminary basis, certain disputes over the structure of the September 2025 trial. The Court ruled that all Plaintiffs should be bound by a trial on liability unless they opt-out with good cause. The Court also ruled that liability and damages should be largely or entirely tried separately, meaning that common questions of law and fact regarding liability would be decided first, and a majority or all of the damages phase will occur separately following the liability phase of trial. The individual plaintiffs filed a motion for reconsideration of the opt-out portion of this order, which the Court denied in November 2024, confirming that plaintiffs will have to demonstrate good cause in order to opt out of the trial. The Court also denied PSCo's request for a change in venue, ruling that the trial will take place in Boulder County. In June 2025, the Court dismissed Xcel Energy, Inc. from the complaints that named that entity as a defendant, due to lack of jurisdiction.

Expert discovery in the case is ongoing. In addition to the Sheriff's Report conclusions that PSCo's power lines likely caused the second ignition and that an underground coal fire was a possible cause of the second ignition, two other theories about the cause of the second ignition have been put forth by various plaintiffs in expert reports that were submitted in the first quarter of 2025. The first is that partially unattached telecommunications equipment contacted PSCo's power lines, and the second is that an unidentified flying object struck PSCo's power lines.

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

Colorado courts do not apply strict liability in determining an electric utility company's liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff's property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated.

Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury's verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action filed before Jan. 1, 2025, other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles.

Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff's damages.

In the event PSCo or Xcel Energy Services Inc. was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million (of which approximately $400 million of coverage remains after consideration of legal costs incurred through June 30, 2025) and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, PSCo and Xcel Energy Services Inc. are unable to estimate the amount or range of possible losses in connection with the Marshall Fire.

**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.

***Cabin Creek Prudency Review*** *—* In 2015, the CPUC granted a CPCN for an $88 million upgrade project to increase the generating and storage capacity of the Cabin Creek hydroelectric storage facility, which anticipated project completion in 2020. Due to significant and unforeseen challenges, the project was not completed until 2023 and cost approximately $110 million.

In February 2025, CPUC Staff recommended a disallowance of $21 million and UCA recommended a range of disallowances from $71 million to $138 million.

In April 2025, PSCo and CPUC Staff filed a settlement agreement that would resolve the matter, with terms including reduced return on the upgrade project totaling $8 million, recognized over five years.

In June 2025, the ALJ recommended that the CPUC approve the settlement. A final decision is expected in the third quarter of 2025.

**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 $6 million of remaining liabilities for resolution of these issues; however, the final outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.

***Water and Waste***

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

In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.

As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.

If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions, beginning with an Assessment of Corrective Measures.

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 $5 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.

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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 July 2025, the EPA issued a proposed rule amending the CCR Legacy rule. The proposal seeks to extend deadlines for various regulatory actions and clarify previous information regarding implementation of the rule. PSCo is reviewing the rule to determine any potential impacts.

**Leases**

PSCo evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset.

Components of lease expense:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30** | **Three Months Ended June 30** |
|<br>**(Millions of Dollars)** | **2025** | **2024** |
| Operating leases |  |  |
| &nbsp;&nbsp;PPA capacity payments | $20 | $20 |
| &nbsp;&nbsp;Other operating leases <sup>(a)</sup> | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease expense <sup>(b)</sup> | $24 | $25 |
| Finance leases |  |  |
| &nbsp;&nbsp;Amortization of ROU assets | $1 | $1 |
| &nbsp;&nbsp;Interest expense on lease liability | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finance lease expense | $4 | $4 |

---

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

<sup>(b)</sup>PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
|<br>**(Millions of Dollars)** | **2025** | **2024** |
| Operating leases |  |  |
| &nbsp;&nbsp;PPA capacity payments | $43 | $41 |
| &nbsp;&nbsp;Other operating leases <sup>(a)</sup> | 8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease expense <sup>(b)</sup> | $51 | $51 |
| Finance leases |  |  |
| &nbsp;&nbsp;Amortization of ROU assets | $2 | $2 |
| &nbsp;&nbsp;Interest expense on lease liability | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finance lease expense | $9 | $9 |

---

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

<sup>(b)</sup>PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Commitments under operating and finance leases as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of Dollars)** | **PPA Operating Leases** | **Other Operating Lease** | **Total Operating Leases** | **Finance Leases** |
| Total minimum obligation | $321 | $179 | $500 | $391 |
| Interest component of obligation | (42) | (62) | (104) | (282) |
| Present value of minimum obligation | $279 | $117 | 396 | 109 |
| Less current portion |  |  | (73) | (4) |
| Noncurrent operating and finance lease liabilities | Noncurrent operating and finance lease liabilities | Noncurrent operating and finance lease liabilities | $323 | $105 |

---

**Variable Interest Entities** 

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 1,207 MW of capacity under long-term PPAs at both June 30, 2025 and Dec. 31, 2024, with entities that have been determined to be VIEs. These agreements have expiration dates through 2033.

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

Changes in accumulated other comprehensive loss, net of tax:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|<br>**(Millions of Dollars)** | **Gains and Losses on Cash Flow Hedges** | **Defined Benefit Pension and Postretirement Items** | **Total** | **Gains and Losses on Cash Flow Hedges** | **Defined Benefit Pension and Postretirement Items** | **Total** |
| Accumulated other comprehensive loss at April 1 | $(18) | $(1) | $(19) | $(19) | $(1) | $(20) |
| Losses reclassified from net accumulated other comprehensive loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest rate derivatives <sup>(a)</sup> | 1 |  | 1 | 1 |  | 1 |
| Net current period other comprehensive income | 1 |  | 1 | 1 |  | 1 |
| Accumulated other comprehensive loss at June 30 | $(17) | $(1) | $(18) | $(18) | $(1) | $(19) |

---

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

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|<br>**(Millions of Dollars)** | **Gains and Losses on Cash Flow Hedges** | **Defined Benefit Pension and Postretirement Items** | **Total** | **Gains and Losses on Cash Flow Hedges** | **Defined Benefit Pension and Postretirement Items** | **Total** |
| Accumulated other comprehensive loss at Jan. 1 | $(18) | $(1) | $(19) | $(19) | $(1) | $(20) |
| Losses reclassified from net accumulated other comprehensive loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest rate derivatives <sup>(a)</sup> | 1 |  | 1 | 1 |  | 1 |
| Net current period other comprehensive income | 1 |  | 1 | 1 |  | 1 |
| Accumulated other comprehensive loss at June 30 | $(17) | $(1) | $(18) | $(18) | $(1) | $(19) |

---

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

**11. Segment Information**<br>

Segment information and reconciliation to PSCo's consolidated net income:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $958 | $260 | $1218 |
| Intersegment revenues |  | 3 | 3 |
| &nbsp;&nbsp;Total segment revenues | 958 | 263 | 1221 |
| Electric fuel and purchased power | 309 |  | 309 |
| Cost of natural gas sold and transported |  | 80 | 80 |
| O&M expenses | 165 | 69 | 234 |
| Depreciation and amortization | 196 | 72 | 268 |
| Other segment expenses, net | 66 | 21 | 87 |
| Interest charges and financing costs | 70 | 20 | 90 |
| Income tax (benefit) expense |  | (3) | (3) |
| Net income | $152 | $4 | $156 |

---

<sup>(a)</sup>Operating revenues include $1 million of other affiliate revenue.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $891 | $244 | $1135 |
| Electric fuel and purchased power | 303 |  | 303 |
| Cost of natural gas sold and transported |  | 89 | 89 |
| O&M expenses | 170 | 66 | 236 |
| Depreciation and amortization | 186 | 60 | 246 |
| Other segment expenses, net | 53 | 18 | 71 |
| Interest charges and financing costs | 69 | 20 | 89 |
| Income tax benefit | (10) | (4) | (14) |
| Net income | $120 | $(5) | $115 |
| Total segment net income |  |  | $115 |
| Non-segment net income |  |  | 4 |
| Consolidated net income |  |  | $119 |

---

<sup>(a)</sup>Operating revenues include $1 million of other affiliate revenue.

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $1896 | $887 | $2783 |
| Intersegment revenues |  | 5 | 5 |
| &nbsp;&nbsp;Total segment revenues | 1896 | 892 | 2788 |
| Electric fuel and purchased power | 629 |  | 629 |
| Cost of natural gas sold and transported |  | 344 | 344 |
| O&M expenses | 330 | 142 | 472 |
| Depreciation and amortization | 396 | 143 | 539 |
| Other segment expenses, net | 136 | 56 | 192 |
| Interest charges and financing costs | 140 | 40 | 180 |
| Income tax (benefit) expense | (8) | 34 | 26 |
| Net income | $273 | $133 | $406 |
| Total segment net income |  |  | $406 |
| Non-segment net income |  |  | 8 |
| Consolidated net income |  |  | $414 |

---

<sup>(a)</sup>Operating revenues include $3 million of other affiliate revenue.

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|<br>**(Millions of Dollars)** | **Regulated electric utility** | **Regulated natural gas utility** | **Total segments** |
| Operating revenues <sup>(a)</sup> | $1814 | $857 | $2671 |
| Electric fuel and purchased power | 644 |  | 644 |
| Cost of natural gas sold and transported |  | 408 | 408 |
| O&M expenses | 326 | 140 | 466 |
| Depreciation and amortization | 369 | 119 | 488 |
| Other segment expenses, net | 120 | 42 | 162 |
| Interest charges and financing costs | 132 | 38 | 170 |
| Income tax (benefit) expense | (19) | 22 | 3 |
| Net income | $242 | $88 | $330 |
| Total segment net income |  |  | $330 |
| Non-segment net income |  |  | 8 |
| Consolidated net income |  |  | $338 |

---

<sup>(a)</sup>Operating revenues include $2 million of other affiliate revenue.

Asset and capital expenditure information is not provided for PSCo's reportable segments because, as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment and 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.

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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.

**ITEM 2 — 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 H(1)(a) and (b) of Form 10-Q for wholly owned subsidiaries. It is replaced with management's narrative analysis of the results of operations set forth in General Instruction H(2)(a) of Form 10-Q for wholly owned subsidiaries (reduced disclosure format).

**Non-GAAP Financial Measures**

The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings. Generally, a non-GAAP financial measure is a measure of a company's financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.

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.

**Results of Operations**<br>

PSCo's net income was $414 million for the six months ended June 30, 2025 compared with $338 million for the prior year. The change was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased depreciation and interest charges.

**Electric Revenues**

Electric revenues are impacted by 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.

---

| | |
|:---|:---|
| **(Millions of Dollars)** | **Six Months Ended June 30, 2025 vs. 2024** |
| Non-fuel riders | $62 |
| Conservation and demand side management (offset in expense) | 20 |
| Transmission revenues | 11 |
| Sales and demand | 6 |
| Recovery of lower cost of electric fuel and purchased power | (16) |
| Estimated impact of weather | (15) |
| Other, net | 14 |
| &nbsp;&nbsp;Total increase | $82 |

---

**Natural Gas Revenues**

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

---

| | |
|:---|:---|
| **(Millions of Dollars)** | **Six Months Ended June 30, 2025 vs. 2024** |
| Regulatory rate outcome | $72 |
| Conservation revenue (offset in expense) | 16 |
| Estimated impact of weather | 11 |
| Recovery of lower cost of natural gas | (59) |
| Other, net | (10) |
| &nbsp;&nbsp;&nbsp;Total increase | $30 |

---

***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 decreased $15 million year-to-date. The decrease was due to timing of fuel recovery mechanisms and decreased volumes, partially offset by increased commodity prices.

***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 $64 million year-to-date. The decrease was primarily due to timing of fuel recovery mechanisms, partially offset by increased commodity prices and volumes.

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

***Depreciation and Amortization*** *—* Depreciation and amortization expense increased $51 million year-to-date. The increase was primarily due to system investment.

***Interest Charges*** *—* Interest charges increased $18 million year-to-date, largely due to increased long-term debt levels and higher interest rates.

***AFUDC, Equity and Debt —*** AFUDC increased $31 million year-to-date, largely due to system investment.

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

**Public Utility Regulation and Other**<br>

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 demand side management efforts, and the cost of capital.

In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact PSCo's results of operations.

Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of PSCo's Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u> for the year ended Dec. 31, 2024, appropriately represent, in all material respects, the current status of public utility regulation and are incorporated herein by reference.

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

*Colorado Natural Gas Rate Case —* In January 2024, PSCo, filed a request with the CPUC seeking an increase to retail natural gas rates of $171 million (9.5%). The request was based on a 10.25% ROE, an equity ratio of 55%, a 2023 test year and a $4.2 billion year-end rate base.

In October 2024, as modified on ARRR in January 2025, the CPUC issued an order including the following key decisions:

• Use of a historic 2023 test year, with a 13-month average rate base.

• Weighted-average cost of capital of 7.0%, based on an ROE range of 9.2%-9.5% and an equity ratio range of 52%-55%.

• Acceleration of $15 million per year of depreciation expense (incremental to PSCo's original rate request), to potentially be held in an external trust for future decommissioning costs.

• Modifications to recoverability of certain operating expenses.

• Denial of PSCo's decoupling proposal.

PSCo placed new rates into effect in November, as modified on ARRR in February 2025, with 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 will be completed in the third and fourth quarters of 2025.

*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 December 2023, the CPUC approved a framework for PIMs associated with the generation projects in the portfolio. In September 2024, PSCo filed a proposal for implementation of the PIMs. In April 2025, PSCo filed an unopposed settlement, which establishes key details of the various symmetrical PIMs. Key terms include:

• A cost-to-construct PIM, in which costs over or under a deadband will be used to calculate a PIM to be shared with customers over 10 years, beginning after the in-service date.

• An operational PIM on wind and solar projects based on annual weather-normalized, curtailment-adjusted energy amounts, subject to a cap of approximately $8 million per year.

• An availability PIM on new gas generation approved in the resource plan, subject to a cap of $1 million per year.

The settlement was approved in June 2025.

In September 2024, PSCo filed a proposed framework for CPUC review of pricing adjustments for both company-owned and PPA resources to enable delivery of the approved portfolio in light of supply chain and geopolitical developments. In January 2025, the CPUC issued a decision granting limited potential pricing relief including potential tariff impacts, subject to evaluation in future CPCN proceedings for company owned projects.

PSCo filed or expects to file generation and transmission CPCNs throughout 2024 and 2025.

*2024 Colorado Electric Resource Plan —* In October 2024, PSCo filed its electric resource plan with the CPUC. The filing reflects the expected growth on the system, the generation resources needed to meet the projected growth and the future evaluation of competitive bids for new generation resources.

• The plan reflects a base sales forecast with 7% compound annual sales growth through 2031.

• The plan also presents a low sales forecast with a 3% compound annual sales growth through 2031.

• The resource plan includes forecasted need of 5-14 GW of new generation capacity through 2031, including renewables and firm dispatchable resources to meet the two different scenarios. The acquisitions of generation resources will be determined through a competitive solicitation after the CPUC determines the portfolio. The table below summarizes two of the proposed portfolios based on the different sales scenarios:

---

| | | |
|:---|:---|:---|
| **(Megawatts)** | **Base Plan** | **Low Load** |
| Wind | 7250 | 2800 |
| Solar | 3077 | 1200 |
| Natural gas combustion turbine | 1575 | 1400 |
| Storage (long duration) | 1600 |  |
| Other storage | 450 |  |
| **Total** | 13952 | 5400 |

---

A hearing was held in June 2025 and a CPUC decision on the resource need is expected by the fall of 2025 with the competitive solicitation for resource additions expected in early 2026.

*Wildfire Mitigation Plan —* In June 2024, PSCo filed an updated WMP and request for recovery of costs covering the years 2025 to 2027 with the CPUC. The estimated total cost for this plan is approximately $1.9 billion.

The WMP integrates industry experience; incorporates evolving risk assessment methodologies; adds new technology; and expands the scope, pace and scale of our work to reduce wildfire risk in a comprehensive and efficient manner.

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In April 2025, PSCo filed with the CPUC a comprehensive and unanimous settlement. Key terms include:

• Approval of the updated WMP, including scope of mitigation activities and the Public Safety Power Shutoffs plan, with certain modifications.

• Cost recovery of proposed investments through a Wildfire Mitigation Adjustment rider and recovery of transmission investments through the Transmission Cost Adjustment rider.

• PSCo agrees to request approval to pursue securitization of an estimated $1.2 billion of proposed WMP investments, with a target to complete the transaction by Jan. 1, 2029.

• Extension of the excess liability insurance deferral, with a cap of $50 million after PSCo's current policy year, which ends October 2025.

The CPUC verbally approved the settlement agreement without modification in June 2025, and a written decision is expected in the third quarter of 2025.

*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 with a CPUC decision expected in late 2025 or early 2026.

In December 2024, the CPUC also adopted rules for electric utilities but did not adopt a specific PIM framework, which will be further considered through additional proceedings expected to commence later in 2025.

**Other**

***Supply Chain***

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

Large global demand for energy-related infrastructure has stretched equipment supply chains, extended delivery dates and increased prices for items like combustion turbines, transformers and other large electrical equipment. The labor market for skilled engineering and construction resources to build renewables and gas generation has also been strained, impacting cost and availability.

In addition, manufacturing processes have experienced disruptions related to the scarcity of certain raw materials and interruptions in production and shipping. The impact of inflationary pressures, geopolitical events and federal policies have exacerbated the situation. 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 of CSPV cells 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.

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.

PSCo does not expect these provisions to have an impact on our 2025-2029 base capital plan as steps have been taken to begin construction under the IRS' safe harbor guidance.

On July 7, 2025, the White House issued an Executive Order directing the Secretary of the Treasury to issue guidance to ensure that policies concerning the beginning of construction are not circumvented. PSCo will continue to assess the impact of future guidance on its projects as well as its PPAs.

**Environmental Regulation**

In March 2025, the EPA announced that the agency will undertake various regulatory actions addressing a wide range of environmental regulations. This includes action on the 2024 power plant greenhouse gas regulations, Effluent Limitation Guidelines and 2024 amendments to the CCR Rule. 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 EPA.

**Clean Air Act**

*Power Plant Greenhouse Gas Regulations —* In April 2024, the EPA published final rules addressing control of CO2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO2 control requirements vary by subcategory.

Based on current estimates and assumptions, 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. The EPA provided a 45-day comment period for the proposal.

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

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

**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.

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.

*Regional Haze* — On July 16, 2025, EPA proposed to partially approve and partially disapprove the Colorado SIP implementing the Regional Haze rule in Colorado. The proposal seeks to remove mandatory retirement dates as enforceable provisions in the SIP. For PSCo, this includes the SIP retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2. The proposal will undergo a public comment period that concludes in the third quarter of 2025 before EPA takes final action. If adopted, the removal of these retirement dates from the federally approved SIP would only impact federal requirements for retirement of these facilities. Colorado has a state regulation that incorporates these retirements at a state level and would require amendment to modify or remove the retirement dates.

**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.

**ITEM 4 — 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 June 30, 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.

**Internal Control Over Financial Reporting**

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

**PART II — OTHER INFORMATION**<br>

**ITEM 1 — 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 9 to the consolidated financial statements and Part I Item 2 for further information.

**ITEM 1A — RISK FACTORS**<br>

PSCo's risk factors are documented in Item 1A of Part I of its Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u> for the year ended Dec. 31, 2024, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000081018/000008101825000004/psco-20241231.htm)</u>.

**ITEM 5 — OTHER INFORMATION**<br>

None of the Company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended June 30, 2025.

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

**ITEM 6 — EXHIBITS**<br>

\* Indicates incorporation by reference

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit Number** | **Description** | **Report or Registration Statement** | **Exhibit Reference** |
| [3.01\*](https://www.sec.gov/Archives/edgar/data/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) | [Amended and Restated Bylaws of PSCo, dated 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 |
| [10.01\*](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 |
| [31.01](pscoex3101q22025.htm) | [Principal Executive Officer's certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](pscoex3101q22025.htm) |  |  |
| [31.02](pscoex3102q22025.htm) | [Principal Financial Officer's certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](pscoex3102q22025.htm) |  |  |
| [32.01](pscoex3201q22025.htm) | [Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](pscoex3201q22025.htm) |  |  |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |
| 101.SCH | Inline XBRL Schema | Inline XBRL Schema | Inline XBRL Schema |
| 101.CAL | Inline XBRL Calculation | Inline XBRL Calculation | Inline XBRL Calculation |
| 101.DEF | Inline XBRL Definition | Inline XBRL Definition | Inline XBRL Definition |
| 101.LAB | Inline XBRL Label | Inline XBRL Label | Inline XBRL Label |
| 101.PRE | Inline XBRL Presentation | Inline XBRL Presentation | Inline XBRL Presentation |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

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*[**Table of Contents**](#id240166d41194100a03cc1a3354e4362_7)*

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Public Service Company of Colorado** |
| July 31, 2025 | By: | /s/ MELISSA L. OSTROM |
|  |  | Melissa L. Ostrom |
|  |  | Senior Vice President, Controller |
|  |  | (Principal Accounting Officer) |
|  | By: | /s/ BRIAN J. VAN ABEL |
|  |  | Brian J. Van Abel |
|  |  | Executive Vice President, Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 31.01

**Exhibit 31.01**

**CERTIFICATION**

I, Robert C. Frenzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-Q of 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: July 31, 2025

---

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

---

## Exhibit 31.02

**Exhibit 31.02**

**CERTIFICATION**

I, Brian J. Van Abel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-Q of 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: July 31, 2025

---

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

---

## Exhibit 32.01

**Exhibit 32.01**

**OFFICER CERTIFICATION**

**CERTIFICATION PURSUANT TO**

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

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

In connection with the Quarterly Report of Public Service Company of Colorado (PSCo) on Form 10-Q for the quarter ended June 30, 2025, as filed with the SEC on the date hereof (Form 10-Q), 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-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: July 31, 2025

---

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

---

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.