Xcel Energy — Feb 5, 2026 release

Base Capital Forecast (Millions of Dollars) By Function 2026 2027 2028 2029 2030 Total Electric transmission $ 3,060  $ 2,930  $ 2,890  $ 3,190  $ 3,370  $ 15,440  Renewables 3,560  4,620  3,380  1,150  1,210  13,920  Electric distribution 2,920  3,250  2,930  1,680  2,930  13,710  Electric generation 2,220  2,420  2,500  1,810  590  9,540  Natural gas 860  830  700  650  680  3,720  Other 1,170  1,080  250  540  630  3,670  Total base capital expenditures $ 13,790  $ 15,130  $ 12,650  $ 9,020  $ 9,410  $ 60,000  10 The plan does not include any potential incremental generation from the current Colorado Near-Term Procurement and Resource Plan, additional future generation RFPs across jurisdictions to fund growth, or additional transmission investments that may come from future planning processes including MISO and SPP. Xcel Energy expects to fund additional capital investment with approximately 40% equity and 60% debt. Xcel Energy’s capital expenditure forecast is subject to continuing review and modification. Actual capital expenditures may vary from estimates due to changes in electric and natural gas projected load growth, safety and reliability needs, regulatory decisions, legislative initiatives, tax policy, reserve requirements, availability of purchased power, alternative plans for meeting long-term energy needs, environmental initiatives and regulation, and merger, acquisition and divestiture opportunities. Financing for Capital Expenditures through 2030 — Xcel Energy issues debt and equity securities to refinance retiring debt maturities, reduce short-term debt, fund capital prog