# EDGAR Filing Document

**Accession Number:** 0001123852
**File Stem:** 0001193125-26-094174
**Filing Date:** 2026-3
**Character Count:** 6129
**Document Hash:** 79ae3b94bf4bb1200f6986af68071fb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-094174.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-094174

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN STATES POWER CO
- **CENTRAL INDEX KEY:** 0001123852
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 411967505
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-278797-04
- **FILM NUMBER:** 26727083

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN STATES POWER CO
- **CENTRAL INDEX KEY:** 0001123852
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 411967505
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

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

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

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-278797-04

**NORTHERN STATES POWER COMPANY** 

**(a Minnesota corporation)** 

**$600,000,000 4.85% FIRST MORTGAGE BONDS, SERIES DUE MAY 15, 2036** 

**$600,000,000 5.55% FIRST MORTGAGE BONDS, SERIES DUE MAY 15, 2056** 

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| | | |
|:---|:---|:---|
| **Issuer:** | Northern States Power Company (a Minnesota corporation) | Northern States Power Company (a Minnesota corporation) |
| **Issue Format:** | SEC Registered | SEC Registered |
| **Expected Ratings\*:** | Aa3/A/A+ (Stable/Stable/Stable) (Moody's/S&P/Fitch) | Aa3/A/A+ (Stable/Stable/Stable) (Moody's/S&P/Fitch) |
| **Security Type:** | First Mortgage Bonds | First Mortgage Bonds |
| **Pricing Date:** | March 5, 2026 | March 5, 2026 |
| **Settlement Date:** | March 12, 2026 (T+5) | March 12, 2026 (T+5) |
|  | 2036 Bonds | 2056 Bonds |
| **Principal Amount:** | $600000000 | $600000000 |
| **Maturity Date:** | May 15, 2036 | May 15, 2056 |
| **Interest Payment Dates:** | Semi-annually on May 15 and November 15, commencing on November 15, 2026 | Semi-annually on May 15 and November 15, commencing on November 15, 2026 |
| **Reference Benchmark Treasury:** | 4.125% due February 15, 2036 | 4.625% due November 15, 2055 |
| **Benchmark Treasury Price:** | 100-00+ | 98-04+ |
| **Benchmark Treasury Yield:** | 4.123% | 4.742% |
| **Spread to Benchmark Treasury:** | +75 bps | +85 bps |
| **Yield to Maturity:** | 4.873% | 5.592% |
| **Coupon:** | 4.85% | 5.55% |
| **Price to the Public:** | 99.804% of the principal amount | 99.374% of the principal amount |
| **Net Proceeds to Issuer:** | $594,924,000 (after deducting the underwriting discount but before transaction expenses) | $590,994,000 (after deducting the underwriting discount but before transaction expenses) |
| **Make-Whole Call:** | Prior to November 15, 2035 (the par call date), T+15 bps (calculated to the par call date) | Prior to November 15, 2055 (the par call date), T+15 bps (calculated to the par call date) |
| **Par Call:** | On or after November 15, 2035, at par | On or after November 15, 2055, at par |
| **Call for Tax Credit Event:** | At the issuer's option, in whole but not in part at a redemption price equal to 101% of the principal amount plus accrued and unpaid interest to but excluding the redemption date (any notice of redemption may be sent only by the later of (a) December 31, 2026 and (b) six months from the date of issuance) | At the issuer's option, in whole but not in part at a redemption price equal to 101% of the principal amount plus accrued and unpaid interest to but excluding the redemption date (any notice of redemption may be sent only by the later of (a) December 31, 2026 and (b) six months from the date of issuance) |
| **CUSIP/ISIN:** | 665772 DB2/ US665772DB26 | 665772 DC0 / US665772DC09 |
| **Minimum Denominations:** | $2,000 and integral multiples of $1,000 in excess thereof | $2,000 and integral multiples of $1,000 in excess thereof |
| **Joint Book-Running Managers:** | BNP Paribas Securities Corp.<br> KeyBanc Capital Markets Inc.<br> PNC Capital Markets LLC<br> SMBC Nikko Securities America, Inc.<br> U.S. Bancorp Investments, Inc. | BNP Paribas Securities Corp.<br> KeyBanc Capital Markets Inc.<br> PNC Capital Markets LLC<br> SMBC Nikko Securities America, Inc.<br> U.S. Bancorp Investments, Inc. |
| **Co-Manager:** | Samuel A. Ramirez & Company, Inc. | Samuel A. Ramirez & Company, Inc. |

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\* **Note**: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 

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**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas Securities Corp. toll-free at (800) 854-5674, KeyBanc Capital Markets Inc. toll-free at (866) 227-6479, PNC Capital Markets LLC toll-free at (855) 881-0697, SMBC Nikko Securities America, Inc. toll-free at (888) 868-6856 or U.S. Bancorp Investments, Inc. toll-free at (877) 558-2607.**