xel-20210623

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, 2021


Commission File Number	Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number				IRS Employer Identification Number
001-3034	XCEL ENERGY INC.				41-0448030
	(a Minnesota corporation)
	414 Nicollet Mall
	Minneapolis	Minnesota		55401
	(612)		330-5500

001-03789	SOUTHWESTERN PUBLIC SERVICE COMPANY				75-0575400
	(a New Mexico corporation)
	790 South Buchanan Street
	Amarillo	Texas		79101
	(303)		571-7511

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $2.50 par value per share

XEL

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

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

Item 8.01. Other Events

On Jan. 4, 2021, Southwestern Public Service Company (SPS), a New Mexico corporation, and a wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case with the New Mexico Public Regulation Commission (NMPRC) seeking an increase in base rates of approximately $88 million. SPS' net rate increase to New Mexico customers is expected to be approximately $48 million, or 10%, as a result of offsetting fuel cost reductions and production tax credits (PTCs) attributable to wind energy provided by the Sagamore wind project. PTCs are credited to customers through the fuel clause. In its rebuttal testimony, submitted June 2021, SPS revised its requested base rate increase to $84 million.

The request was based on a historic test year ended Sept. 30, 2020, including expected capital additions through Feb. 28, 2021, a return on equity (ROE) of 10.35%, an equity ratio of 54.72% (based on actual capital structure) and retail rate base of approximately $1.9 billion.

On June 23, 2021, SPS and various parties filed an uncontested comprehensive stipulation, which includes:

•A base rate revenue increase of $62 million.

•A ROE of 9.35% for limited purposes of compliance filings related to (1) the Hale and Sagamore wind projects; and (2) reconciliation of the settlement revenue requirement with certain financial statements.

•Equity ratio of 54.72%.

•Increase in depreciation expense of $6 million. This includes a change in the depreciable lives of the Tolk power plant to 2032 and the coal handling assets at the Harrington facility to 2024.

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

•Opposition to Stipulation (if any) — June 28, 2021.

•Testimony in Support of Stipulation — July 1, 2021.

•Testimony in Opposition of Stipulation (if any) — July 8, 2021.

•Rebuttal Testimony in Support of Stipulation — July 14, 2021.

•Public hearing or hearing on stipulation — July 26 - Aug. 6, 2021.

A NMPRC decision and implementation is anticipated in the fourth quarter of 2021.

Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including our expectations regarding net rate increases to consumers and regarding the regulatory proceedings, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," “believe,” “could,” “estimate,” “expect,” "intend," "may," "objective," "outlook," "plan," "project," "possible," “potential,” "should," "will," "would," and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy's and SPS' Annual Report on Form 10-K for the year ended Dec. 31, 2020, and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries 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; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.

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.


June 25, 2021			Xcel Energy Inc. (a Minnesota corporation)
			Southwestern Public Service Company (a New Mexico corporation)

			/s/ BRIAN J. VAN ABEL
			Brian J. Van Abel
			Executive Vice President, Chief Financial Officer

Xcel Energy Inc. filed SEC Form 8-K: Other Events