Xcel Energy — Jul 31, 2025 release

(a) Key assumptions as compared with 2024 actual levels unless noted: • Constructive outcomes in all pending rate case and regulatory proceedings, including requests for deferral of incremental insurance costs associated with wildfire risk and recovery of O&M costs associated with wildfire mitigation plans. • Normal weather patterns for the year. • Weather-normalized retail electric sales are projected to increase ~3%. • Weather-normalized retail firm natural gas sales are projected to increase ~1%. • Capital rider revenue is projected to increase $255 million to $265 million (net of PTCs). The update is primarily driven by earnings neutral changes, largely due to O&M recovery of wildfire mitigation program spend. • O&M expenses are projected to increase ~4%. The increase from prior guidance primarily driven by earnings neutral changes, largely due to O&M recovery in capital rider revenue for wildfire mitigation program spend. • Depreciation expense is projected to increase approximately $210 million to $220 million. • Property taxes are projected to increase $45 million to $55 million. • Interest expense (net of AFUDC - debt) is projected to increase $160 million to $170 million, net of interest income. • AFUDC - equity is projected to increase $110 million to $120 million. (a) Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. As Xcel Energy is unable to quantify the financial impacts of any additional adjustments that may occur for th