# EDGAR Filing Document

**Accession Number:** 0000072909
**File Stem:** 0001193125-25-144432
**Filing Date:** 2025-6
**Character Count:** 21811
**Document Hash:** c448e6d6c9f63b542e0208fc2165904d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-144432.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001193125-25-144432

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250623

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03140
- **FILM NUMBER:** 251063682

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

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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) June 23, 2025

## Northern States Power Company

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Wisconsin** | **001-03140** | **39-0508315** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **1414 West Hamilton Avenue** |  |
| **Eau Claire, WI** | **54701** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (715) 852-5812

#### N/A

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

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|:---|:---|
| **Item 8.01.** | **Other Events.**  |

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On June 23, 2025, Northern States Power Company, a Wisconsin corporation ("NSP-Wisconsin"), issued $250 million in aggregate principal amount of 5.65% First Mortgage Bonds, Series due June 15, 2054 (the "bonds") pursuant to an Underwriting Agreement among NSP-Wisconsin and BNP Paribas Securities Corp., CIBC World Markets Corp. and RBC Capital Markets, LLC, as representatives of the underwriters named therein in a reopening of the existing series of previously issued and outstanding 5.65% First Mortgage Bonds, Series due June 15, 2054. The bonds were issued pursuant to the registration statement on Form S-3 (File No. 333-278797-03) (the "Registration Statement"). A prospectus supplement relating to the offering and sale of the bonds was filed with the Securities and Exchange Commission on June 18, 2025. The bonds are governed by NSP-Wisconsin's Supplemental and Restated Trust Indenture, dated March 1, 1991, as supplemented, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association, as successor trustee, and the Supplemental Trust Indenture dated as of May 13, 2024.

This Current Report on Form 8-K is being filed to report as exhibits certain documents in connection with that offering and sale for incorporation by reference into the Registration Statement.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 4.01 | [Supplemental Indenture dated as of May 13, 2024 between Northern States Power Company and U.S. Bank Trust Company, National Association, as successor Trustee, creating 5.65% First Mortgage Bonds, Series due June 15, 2054 (incorporated by reference to Exhibit 4.01 to the Current Report on Form 8-K filed by NSP-Wisconsin on May 16, 2024 (file no. 001-03140)).](http://www.sec.gov/Archives/edgar/data/72909/000119312524140280/d837804dex401.htm) |
| 5.01 | [Opinion of Tara R. Duginske regarding the validity of certain securities.](d937288dex501.htm) |
| 5.02 | [Opinion of Foley & Lardner LLP regarding the validity of certain securities.](d937288dex502.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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

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| | |
|:---|:---|
| NORTHERN STATES POWER COMPANY | NORTHERN STATES POWER COMPANY |
| (a Wisconsin corporation) | (a Wisconsin corporation) |
| By: | /s/ Todd A. Wehner |
| Name: | Todd A. Wehner |
| Title: | Vice President, Treasurer |

---

Date: June 23, 2025

## Exhibit 5.01

**Exhibit 5.01** 

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| | |
|:---|:---|
| ![LOGO](g937288g0619051050063.jpg) |  |
| ![LOGO](g937288g0619051050063.jpg) | **Tara R. Duginske** |
| ![LOGO](g937288g0619051050063.jpg) | *Assistant General Counsel* |
| ![LOGO](g937288g0619051050063.jpg) | *Xcel Energy Services Inc.* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 Nicollet Mall, 401-8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis, Minnesota 55401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phone: 612.215.4582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fax: 612.215.4544 |

---

June 23, 2025

Northern States Power Company

1414 West Hamilton Avenue

Eau Claire, Wisconsin 54701

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| | |
|:---|:---|
| Re: | $250,000,000 in Principal Amount of Northern States Power Company's 5.65%<u> </u> |

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<u>First Mortgage Bonds, Series due June</u> <u>15, 2054</u>

Ladies and Gentlemen:

I am Tara R. Duginske, Assistant General Counsel of Xcel Energy Services Inc., an affiliate of Northern States Power Company, a Wisconsin corporation (the "Company"). In that capacity, I and other attorneys in the Company's law department have acted as counsel for the Company with respect to the issue and sale by the Company of $250,000,000 principal amount of 5.65% First Mortgage Bonds, Series due June 15, 2054, herein called the "Bonds." The Bonds will be issued pursuant to the Company's Indenture to U.S. Bank Trust Company, National Association as successor trustee (the "Trustee") dated April 1, 1947, as supplemented and restated by the Company's Supplemental and Restated Trust Indenture to the Trustee dated March 1, 1991 (the "Restated Indenture"), and as further supplemented by the Supplemental Trust Indenture to the Trustee dated as of May 13, 2024 (the "Supplemental Indenture"). The Restated Indenture, as previously supplemented and as supplemented by the Supplemental Indenture, is hereinafter referred to as the "Indenture." The Bonds will be sold pursuant to the Underwriting Agreement, dated June 17, 2025 (the "Underwriting Agreement"), by and among the Company and BNP Paribas Securities Corp., CIBC World Markets Corp., and RBC Capital Markets, LLC, as representatives of the several underwriters named therein.

I, or other attorneys in the Company's law department, have examined or are otherwise familiar with the Registration Statement on Form S-3 (File No. 333-278797-03) (the "Registration Statement") filed by the Company with the Securities and Exchange Commission, to effect the registration of the Bonds under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to which the Bonds are to be issued, and such other documents, records and instruments as I have deemed necessary or appropriate for the purposes of this opinion letter.

Based on the foregoing and the assumptions that follow, I am of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Public Service Commission of Wisconsin (the "PSCW") has issued its order authorizing the issuance and sale of the Bonds and such order, as supplemented or corrected by the PSCW prior to the date hereof, is final and in full force and effect.

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Northern States Power Company

June 23, 2025

I have assumed, for purposes of the opinions and views expressed herein, the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of original and certified documents and the conformity to original or certified copies of all copies submitted as conformed or reproduction copies.

I express no opinion as to the laws of any other jurisdiction other than the laws of the State of Wisconsin and the federal laws of the United States of America, nor do I express any opinion concerning local laws, ordinances or regulations, tax laws or laws relating to the obligations of fiduciaries. The opinions herein expressed are limited to the specific issues addressed and to laws existing on the date hereof. By rendering this opinion, I do not undertake to advise you with respect to any other matter or of any change in such laws or in the interpretation thereof which may occur after the date hereof.

This opinion may be relied upon by Foley & Lardner LLP for the purposes of rendering that firm's opinion that is an exhibit to the Company's Current Report on Form 8-K referred to below.

I hereby consent to the filing of this opinion letter as an exhibit to the Current Report on Form 8-K dated the date hereof filed by the Company and incorporated by reference into the Registration Statement. In giving such consent, I do not hereby admit that I am included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

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Northern States Power Company

June 23, 2025

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| | |
|:---|:---|
| Respectfully submitted, | Respectfully submitted, |
| By: | /s/ Tara R. Duginske |
|  | Tara R. Duginske |

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## Exhibit 5.02

**Exhibit 5.02** 

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|:---|:---|
|  ![LOGO](g937288dsp_09.jpg)  | **ATTORNEYS AT LAW**<br>777 EAST WISCONSIN AVENUE<br> MILWAUKEE, WI 53202-5306<br> 414.271.2400 TEL<br> 414.297.4900 FAX<br> WWW.FOLEY.COM<br>CLIENT/MATTER NUMBER<br> 108376-0110 |

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June 23, 2025

Northern States Power Company

1414 West Hamilton Avenue

Eau Claire, Wisconsin 54701

---

| | |
|:---|:---|
| Re: | $250,000,000 principal amount of Northern States Power Company's 5.65% First Mortgage Bonds, Series due June 15, 2054  |

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Ladies and Gentlemen:

We have acted as special Wisconsin counsel for Northern States Power Company, a Wisconsin corporation (the "<u>Company</u>"), in connection with the issuance of $250,000,000 principal amount of the Company's 5.65% First Mortgage Bonds, Series due June 15, 2054 (the "<u>Bonds</u>"). The Bonds will be issued pursuant to the Company's Indenture to U.S. Bank Trust Company, National Association as successor trustee (the "<u>Trustee</u>") dated April 1, 1947, as supplemented and restated by the Company's Supplemental and Restated Trust Indenture to the Trustee dated March 1, 1991 (the "<u>Restated Indenture</u>"), and as further supplemented by the Supplemental Trust Indenture to the Trustee dated as of May 13, 2024 (the "<u>Supplemental Indenture</u>"). The Restated Indenture, as previously supplemented by trust indentures dated subsequent to its date, and as further supplemented by the Supplemental Indenture, is hereinafter referred to as the "<u>Indenture</u>". The Bonds will be sold pursuant to the Underwriting Agreement, dated June 17, 2025 (the "<u>Underwriting Agreement</u>"), by and between the Company, and BNP Paribas Securities Corp., CIBC World Markets Corp. and RBC Capital Markets, LLC, as representatives of the several underwriters (collectively, the "<u>Underwriters</u>").

We have reviewed and relied upon such documents, records, certifications, and instruments as we have deemed necessary or appropriate for the purposes of this opinion.

Based on the foregoing, and subject to the assumptions and qualifications noted elsewhere in this opinion, we are of the opinion that the Bonds, when they are duly executed by the Company and duly authenticated by the Trustee in accordance with the Indenture and issued and delivered to the Underwriters against payment therefor in accordance with the terms of the Underwriting Agreement, will be valid and binding obligations of the Company, subject to (i) applicable bankruptcy, receivership, conservatorship, liquidation, reorganization, insolvency, equitable subordination, readjustment or recharacterization of debt, moratorium, fraudulent or voidable conveyance or transfer, preference, and other laws and judicially developed doctrines of general application affecting creditors' rights and the rights of mortgagees and other secured parties generally and state laws which affect the enforcement of certain remedial provisions, (ii) general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith, fair dealing, and the possible unavailability of specific performance, injunctive relief, or other equitable remedies, whether considered in a proceeding in equity or at law, (iii) public policy considerations that may limit the rights of parties to obtain specific remedies or enforce specific

BOSTON BRUSSELS CHICAGO DETROIT JACKSONVILLE LOS ANGELES MADISON MIAMI MILWAUKEE NEW YORK ORLANDO SACRAMENTO SAN DIEGO SAN FRANCISCO SHANGHAI SILICON VALLEY TALLAHASSEE TAMPA TOKYO WASHINGTON, D.C.

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![LOGO](g937288dsp_10.jpg)

Northern States Power Company

June 23, 2025

terms, and (iv) governmental authority to limit, delay, or prohibit the making of payments outside the United States. We express no opinion as to the enforceability or effect of any provision in the Bonds that (i) authorizes one party to act as attorney-in-fact for another party, (ii) provides for the waiver of legal or equitable defenses or other procedural, judicial, or substantive rights, (iii) unreasonably restricts the ability of the Company to transfer any property, or (iv) provides for payment of prepayment, redemption, make-whole, or similar premiums or other amounts (whether payable upon voluntary prepayment or redemption, or upon mandatory prepayment or acceleration) or the calculation thereof, or for liquidated damages, whether or not, in any such case, denominated or designated as such.

The foregoing opinions assume that (a) the Trustee has satisfied those legal requirements that are applicable to it to the extent necessary to make the Indenture enforceable against it, (b) the Trustee and the holders of the Bonds issued under the Indenture have complied with all legal requirements pertaining to their status as such status relates to their rights to enforce the Indenture and the Bonds against the Company, (c) the Company has obtained all consents and approvals required to enable it to execute, deliver, and perform its obligations under, and consummate the transactions contemplated by, the Indenture and the Bonds, and such execution, delivery, performance, and consummation do not, and at all relevant times will not, violate or conflict with any law, rule, regulation, order, decree, judgment, instrument, or agreement binding upon the Company or its properties, (d) each party to the Indenture and the Bonds, including but not limited to the Company, is duly organized and validly existing under the laws of the jurisdiction of its organization (and, in the case of the Company, is duly organized and validly existing under the laws of the State of Wisconsin), has duly authorized, executed, delivered, and accepted the Indenture and the Bonds, and has the power and authority under its constituent documents and under applicable corporate, regulatory, and other state and federal laws to enter into, deliver, and perform its obligations under the Indenture and the Bonds and to consummate the transactions effected thereby, and (e) the Bonds will be issued upon receipt by the Company of the consideration therefor specified in the Underwriting Agreement (and such consideration is adequate for the Company's execution and delivery of the Bonds), and the Bonds will be accepted by the holders thereof.

We have relied as to certain relevant factual matters upon certificates of and/or verifications provided by public officials and certificates of and/or information provided by officers and employees of the Company as to the accuracy of such factual matters, and the representations, warranties, certifications, and statements of fact by the Company in the Indenture and the Underwriting Agreement, in each case without independent verification thereof or other investigation. We have also relied, without investigation, upon the following assumptions: (a) natural persons acting on behalf of the Company have sufficient legal capacity to enter into and perform, on behalf of the Company, the transactions in question and carry out their roles therein, (b) each document submitted to us for review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, each signature and seal on each such document is a genuine signature or seal of the purported signatory or

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![LOGO](g937288dsp_10.jpg)

Northern States Power Company

June 23, 2025

of the purported entity identified therein, made or affixed with an intent to execute, attest, acknowledge, authenticate, adopt, and seal such document, and the documents executed, delivered, and accepted by the parties are in substantially the same form as the forms of those documents that we have reviewed in rendering this opinion, (c) there are no agreements, instruments, or understandings by or among any party or parties, written or oral, there is no usage of trade or course of prior dealing among the parties that would, in either case, define, supplement, or qualify the terms of any instrument or agreement relevant hereto, there has been no waiver of any of the provisions of the Indenture or the Bonds by conduct of the parties or otherwise, and there has been no fraud, duress, or mutual mistake of fact in connection with transactions contemplated by the Indenture and the Bonds, and (d) the constitutionality or validity of a relevant statute, rule, regulation, or agency action is not in issue unless a published decision in the relevant jurisdiction has specifically addressed but not resolved, or has established, its unconstitutionality or invalidity. To the extent our opinion is deemed to address the satisfaction of regulatory preconditions to the issuance and sale of the Bonds, we have relied, with the Company's consent, upon the opinion letter of even date herewith addressed to the Company by Tara R. Duginske, and we have made no independent investigation or examination of that matter; all assumptions, qualifications, and exceptions in such opinion letter are incorporated herein by this reference.

The opinion herein expressed is limited to the specific issue addressed and to documents, laws, facts, and circumstances existing on the date hereof. By rendering our opinion, we do not undertake to advise you with respect to any other matter or of any change in such documents, laws, facts, or circumstances or in the interpretation thereof which may occur after the date hereof. Our opinion herein is limited to the internal laws of the State of Wisconsin of general application. We have assumed that the choice of Wisconsin law to govern the Indenture and the Bonds will be upheld. We express no opinion concerning local laws, ordinances, or regulations, tax laws, or laws relating to the obligations of fiduciaries.

We hereby consent to the filing of this opinion as an exhibit to the Current Report on Form 8-K dated the date hereof filed by the Company and incorporated by reference into the Registration Statement on Form S-3, as amended (File No. 333-278797-03) (the "<u>Registration Statement</u>"), filed by the Company to effect the registration of the Bonds under the Securities Act of 1933 (the "<u>Act</u>"), without implying or admitting that we are in the category of persons whose consent is required under the Act, or other rules and regulations of the Securities and Exchange Commission issued thereunder with respect to any part of the Registration Statement, including this exhibit.

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|:---|
| Very truly yours, |
| /s/ Foley & Lardner LLP |

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