nspm-20250331
NORTHERN STATES POWER CO000112385212/312025Q1falsexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureutr:MWhutr:MMBTUnspm:Counterpartyutr:MW00011238522025-01-012025-03-3100011238522025-04-2400011238522024-01-012024-03-310001123852us-gaap:RetainedEarningsMember2025-01-012025-03-310001123852us-gaap:RetainedEarningsMember2024-01-012024-03-3100011238522024-12-3100011238522023-12-3100011238522025-03-3100011238522024-03-310001123852us-gaap:RelatedPartyMember2025-03-310001123852us-gaap:RelatedPartyMember2024-12-310001123852srt:AffiliatedEntityMember2025-03-310001123852srt:AffiliatedEntityMember2024-12-310001123852us-gaap:NonrelatedPartyMember2025-03-310001123852us-gaap:NonrelatedPartyMember2024-12-310001123852us-gaap:CommonStockMember2023-12-310001123852us-gaap:AdditionalPaidInCapitalMember2023-12-310001123852us-gaap:RetainedEarningsMember2023-12-310001123852us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001123852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001123852us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001123852us-gaap:CommonStockMember2024-03-310001123852us-gaap:AdditionalPaidInCapitalMember2024-03-310001123852us-gaap:RetainedEarningsMember2024-03-310001123852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001123852us-gaap:CommonStockMember2024-12-310001123852us-gaap:AdditionalPaidInCapitalMember2024-12-310001123852us-gaap:RetainedEarningsMember2024-12-310001123852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001123852us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001123852us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001123852us-gaap:CommonStockMember2025-03-310001123852us-gaap:AdditionalPaidInCapitalMember2025-03-310001123852us-gaap:RetainedEarningsMember2025-03-310001123852us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001123852us-gaap:PublicUtilitiesInventorySuppliesMember2025-03-310001123852us-gaap:PublicUtilitiesInventorySuppliesMember2024-12-310001123852us-gaap:PublicUtilitiesInventoryFuelMember2025-03-310001123852us-gaap:PublicUtilitiesInventoryFuelMember2024-12-310001123852us-gaap:PublicUtilitiesInventoryNaturalGasMember2025-03-310001123852us-gaap:PublicUtilitiesInventoryNaturalGasMember2024-12-310001123852us-gaap:ElectricityGenerationPlantNonNuclearMember2025-03-310001123852us-gaap:ElectricityGenerationPlantNonNuclearMember2024-12-310001123852us-gaap:NaturalGasProcessingPlantMember2025-03-310001123852us-gaap:NaturalGasProcessingPlantMember2024-12-310001123852nspm:MoneyPoolMember2025-01-012025-03-310001123852nspm:MoneyPoolMember2025-03-310001123852nspm:MoneyPoolMember2024-12-310001123852nspm:MoneyPoolMember2024-01-012024-12-310001123852us-gaap:CommercialPaperMember2025-01-012025-03-310001123852us-gaap:CommercialPaperMember2025-03-310001123852us-gaap:CommercialPaperMember2024-12-310001123852us-gaap:CommercialPaperMember2024-01-012024-12-310001123852us-gaap:LetterOfCreditMember2024-12-310001123852us-gaap:LetterOfCreditMember2025-03-310001123852us-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001123852us-gaap:RevolvingCreditFacilityMember2025-03-310001123852us-gaap:RevolvingCreditFacilityMember2024-12-310001123852nspm:BilateralCreditAgreementMembernspm:NspMinnesotaMemberus-gaap:LetterOfCreditMember2025-01-012025-03-310001123852nspm:BilateralCreditAgreementMemberus-gaap:LetterOfCreditMember2025-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMember2025-01-012025-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMember2025-01-012025-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMember2025-01-012025-03-310001123852nspm:RetailDistributionMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:RetailDistributionMember2025-01-012025-03-310001123852nspm:WholesaleDistributionMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:WholesaleDistributionMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:WholesaleDistributionMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:WholesaleDistributionMember2025-01-012025-03-310001123852nspm:TransmissionServicesMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:TransmissionServicesMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:TransmissionServicesMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:TransmissionServicesMember2025-01-012025-03-310001123852nspm:InterchangeMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:InterchangeMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:InterchangeMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:InterchangeMember2025-01-012025-03-310001123852us-gaap:ProductMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852us-gaap:ProductMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852us-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852us-gaap:ProductMember2025-01-012025-03-310001123852nspm:AlternativeandOtherMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852nspm:AlternativeandOtherMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852nspm:AlternativeandOtherMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852nspm:AlternativeandOtherMember2025-01-012025-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedElectricMember2025-01-012025-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedNaturalGasMember2025-01-012025-03-310001123852us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852us-gaap:OperatingSegmentsMember2025-01-012025-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:ResidentialCustomersMembernspm:RetailDistributionMember2024-01-012024-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:CommercialandIndustrialCustomersMembernspm:RetailDistributionMember2024-01-012024-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:OtherCustomersMembernspm:RetailDistributionMember2024-01-012024-03-310001123852nspm:RetailDistributionMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:RetailDistributionMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:RetailDistributionMember2024-01-012024-03-310001123852nspm:WholesaleDistributionMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:WholesaleDistributionMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:WholesaleDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:WholesaleDistributionMember2024-01-012024-03-310001123852nspm:TransmissionServicesMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:TransmissionServicesMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:TransmissionServicesMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:TransmissionServicesMember2024-01-012024-03-310001123852nspm:InterchangeMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:InterchangeMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:InterchangeMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:InterchangeMember2024-01-012024-03-310001123852us-gaap:ProductMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852us-gaap:ProductMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852us-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852us-gaap:ProductMember2024-01-012024-03-310001123852nspm:AlternativeandOtherMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852nspm:AlternativeandOtherMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852nspm:AlternativeandOtherMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852nspm:AlternativeandOtherMember2024-01-012024-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedElectricMember2024-01-012024-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedNaturalGasMember2024-01-012024-03-310001123852us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310001123852us-gaap:OperatingSegmentsMember2024-01-012024-03-3100011238522024-01-012024-12-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-03-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2025-03-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2025-03-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2025-03-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-03-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-03-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-03-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2024-12-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashAndCashEquivalentsMember2024-12-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2024-12-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMembernspm:CommingledFundsMember2024-12-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-12-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-12-310001123852us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001123852us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001123852us-gaap:InterestRateSwapMember2025-03-310001123852nspm:CashflowhedgecommodityMember2025-03-310001123852nspm:ElectricCommodityMember2025-03-310001123852nspm:ElectricCommodityMember2024-12-310001123852nspm:NaturalGasCommodityContractMember2025-03-310001123852nspm:NaturalGasCommodityContractMember2024-12-310001123852us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CreditConcentrationRiskMember2025-03-310001123852us-gaap:CreditConcentrationRiskMember2025-03-310001123852us-gaap:InternalInvestmentGradeMemberus-gaap:CreditConcentrationRiskMember2025-03-310001123852us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CreditConcentrationRiskMember2025-03-310001123852us-gaap:CreditConcentrationRiskMembernspm:MunicipalorCooperativeEntitiesorOtherUtilitiesMember2025-03-310001123852us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-03-310001123852us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-03-310001123852nspm:ElectricCommodityContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310001123852nspm:ElectricCommodityMemberus-gaap:NondesignatedMember2025-01-012025-03-310001123852nspm:NaturalGasCommodityMemberus-gaap:NondesignatedMember2025-01-012025-03-310001123852us-gaap:NondesignatedMember2025-01-012025-03-310001123852us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310001123852us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310001123852nspm:ElectricCommodityContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310001123852nspm:ElectricCommodityMemberus-gaap:NondesignatedMember2024-01-012024-03-310001123852nspm:NaturalGasCommodityMemberus-gaap:NondesignatedMember2024-01-012024-03-310001123852us-gaap:NondesignatedMember2024-01-012024-03-310001123852nspm:CommodityTradingContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310001123852nspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310001123852nspm:CommodityTradingContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310001123852nspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2025-03-310001123852us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-12-310001123852us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel1Membernspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Membernspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Membernspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852nspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel1Membernspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Membernspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Membernspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852nspm:ElectricCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel1Membernspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Membernspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Membernspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852nspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel1Membernspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Membernspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Membernspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852nspm:NaturalGasCommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2025-03-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2024-12-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2025-03-310001123852us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310001123852us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueMeasurementsNonrecurringMembernspm:PurchasedPowerAgreementsMember2025-03-310001123852us-gaap:FairValueMeasurementsNonrecurringMembernspm:PurchasedPowerAgreementsMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-12-310001123852us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-12-310001123852us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001123852us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001123852us-gaap:CommodityContractMember2024-12-310001123852us-gaap:CommodityContractMember2023-12-310001123852us-gaap:CommodityContractMember2025-01-012025-03-310001123852us-gaap:CommodityContractMember2024-01-012024-03-310001123852us-gaap:CommodityContractMember2025-03-310001123852us-gaap:CommodityContractMember2024-03-310001123852us-gaap:FairValueInputsLevel2Member2025-03-310001123852us-gaap:FairValueInputsLevel2Member2024-12-310001123852nspm:XcelEnergyMember2025-03-310001123852nspm:XcelEnergyMember2024-12-310001123852us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310001123852us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310001123852us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-03-310001123852us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-03-310001123852us-gaap:PensionPlansDefinedBenefitMembersrt:ParentCompanyMember2025-01-012025-01-310001123852us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-01-310001123852nspm:OtherMGPLandfillOrDisposalSitesMember2025-03-310001123852nspm:PurchasedPowerAgreementsMember2025-01-012025-03-310001123852nspm:PurchasedPowerAgreementsMember2024-01-012024-03-310001123852us-gaap:PropertyPlantAndEquipmentOtherTypesMember2025-01-012025-03-310001123852us-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-01-012024-03-310001123852nspm:PurchasedPowerAgreementsMember2025-03-310001123852us-gaap:PropertyPlantAndEquipmentOtherTypesMember2025-03-310001123852us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-12-310001123852us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-03-310001123852us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-12-310001123852us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001123852us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-12-310001123852us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001123852us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2025-01-012025-03-310001123852us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310001123852us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-01-012024-03-310001123852us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310001123852us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2025-03-310001123852us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310001123852us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-03-310001123852us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedElectricSegmentMember2025-01-012025-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedNaturalGasSegmentMember2025-01-012025-03-310001123852us-gaap:IntersegmentEliminationMembernspm:RegulatedElectricSegmentMember2025-01-012025-03-310001123852us-gaap:IntersegmentEliminationMembernspm:RegulatedNaturalGasSegmentMember2025-01-012025-03-310001123852us-gaap:IntersegmentEliminationMember2025-01-012025-03-310001123852nspm:RegulatedElectricSegmentMember2025-01-012025-03-310001123852nspm:RegulatedNaturalGasSegmentMember2025-01-012025-03-310001123852us-gaap:AllOtherSegmentsMember2025-01-012025-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedElectricSegmentMember2024-01-012024-03-310001123852us-gaap:OperatingSegmentsMembernspm:RegulatedNaturalGasSegmentMember2024-01-012024-03-310001123852us-gaap:IntersegmentEliminationMembernspm:RegulatedElectricSegmentMember2024-01-012024-03-310001123852us-gaap:IntersegmentEliminationMembernspm:RegulatedNaturalGasSegmentMember2024-01-012024-03-310001123852us-gaap:IntersegmentEliminationMember2024-01-012024-03-310001123852nspm:RegulatedElectricSegmentMember2024-01-012024-03-310001123852nspm:RegulatedNaturalGasSegmentMember2024-01-012024-03-310001123852us-gaap:AllOtherSegmentsMember2024-01-012024-03-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-31387
Northern States Power Company
(Exact Name of Registrant as Specified in its Charter)
Minnesota41-1967505
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
414 Nicollet MallMinneapolisMinnesota55401
(Address of Principal Executive Offices)(Zip Code)
(612)330-5500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at April 24, 2025
Common Stock, $0.01 par value 1,000,000 shares
Northern States Power Company meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to such Form 10-Q.


TABLE OF CONTENTS
PART IFINANCIAL INFORMATION
Item 1 —
Item 2 —
Item 4 —
PART IIOTHER INFORMATION
Item 1 —
Item 1A —
Item 5 —
Item 6 —
This Form 10-Q is filed by NSP-Minnesota. NSP-Minnesota is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available in various filings with the SEC. This report should be read in its entirety.


Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP SystemThe electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Company
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
DOCMinnesota Department of Commerce
EPAUnited States Environmental Protection Agency
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
MPUCMinnesota Public Utilities Commission
NDPSCNorth Dakota Public Service Commission
PSCWPublic Service Commission of Wisconsin
SECSecurities and Exchange Commission
Other
ALJAdministrative Law Judge
ASUAccounting standards update
C&ICommercial and Industrial
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as nonhazardous waste
CEOChief executive officer
CERCLA
Comprehensive Environmental Response, Compensation, and Liability Act
CFOChief financial officer
CO2
Carbon dioxide
CSPVCrystalline Silicon Photovoltaic
ETREffective tax rate
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
IPPIndependent power producing entity
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOxNitrogen Oxides
O&MOperating and maintenance
PFAS
Per- and Polyfluoroalkyl Substances
PPAPower purchase agreement
PTCProduction tax credit
RDFRefuse-derived fuel
RFPRequest for proposal
ROEReturn on equity
RTORegional Transmission Organization
VIEVariable interest entity
Measurements
MWMegawatts

Forward-Looking Statements
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases or refunds to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of legal proceeding outcomes, 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 NSP-Minnesota’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of NSP-Minnesota 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; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.


Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended March 31
20252024
Operating revenues
Electric, non-affiliates$1,172 $1,133 
Electric, affiliates122 122 
Natural gas360 273 
Other3 8 
Total operating revenues1,657 1,536 
Operating expenses
Electric fuel and purchased power495 459 
Cost of natural gas sold and transported216 139 
Cost of sales — other— 4 
Operating and maintenance expenses347 295 
Conservation program expenses41 48 
Depreciation and amortization293 268 
Taxes (other than income taxes)68 68 
Total operating expenses1,460 1,281 
Operating income197 255 
Other (expense) income, net(1)5 
Allowance for funds used during construction — equity16 11 
Interest charges and financing costs
Interest charges and other financing costs94 88 
Allowance for funds used during construction — debt(8)(5)
Total interest charges and financing costs86 83 
Income before income taxes126 188 
Income tax benefit(58)(23)
Net income$184 $211 

See Notes to Consolidated Financial Statements
4
Table of Contents
NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended March 31
20252024
Net income$184 $211 
Other comprehensive (loss) income
Derivative instruments:
Net fair value (decrease) increase, net of tax(2)12 
Total other comprehensive (loss) income(2)12 
Total comprehensive income$182 $223 

See Notes to Consolidated Financial Statements
5
Table of Contents
NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
Three Months Ended March 31
20252024
Operating activities
Net income$184 $211 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization294 270 
Nuclear fuel amortization29 20 
Deferred income taxes(36)112 
Allowance for equity funds used during construction(16)(11)
Provision for bad debts8 6 
Changes in operating assets and liabilities:
Accounts receivable(33)16 
Accrued unbilled revenues22 13 
Inventories21 15 
Other current assets1 (74)
Accounts payable(82)(21)
Net regulatory assets and liabilities69 (7)
Other current liabilities23 (170)
Pension and other employee benefit obligations(56)(42)
Other, net1 12 
Net cash provided by operating activities429 350 
Investing activities
Capital/construction expenditures(581)(612)
Purchase of investment securities(241)(189)
Proceeds from the sale of investment securities240 179 
Investments in utility money pool arrangement(75)(317)
Repayments from utility money pool arrangement108 129 
Other, net(1)(2)
Net cash used in investing activities(550)(812)
Financing activities
Repayments of short-term borrowings, net(130)(165)
Borrowings under utility money pool arrangement306 100 
Repayments under utility money pool arrangement(258)(100)
Proceeds from issuance of long-term debt— 688 
Capital contributions from parent251 347 
Dividends paid to parent(81)(121)
Net cash provided by financing activities88 749 
Net change in cash, cash equivalents and restricted cash(33)287 
Cash, cash equivalents and restricted cash at beginning of period71 34 
Cash, cash equivalents and restricted cash at end of period$38 $321 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(87)$(69)
Cash received from income taxes, net; includes proceeds from tax credit transfers41 76 
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$274 $149 
Inventory transfers to property, plant and equipment9 9 
Allowance for equity funds used during construction16 11 

See Notes to Consolidated Financial Statements
6
Table of Contents
NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
March 31, 2025Dec. 31, 2024
Assets
Current assets
Cash and cash equivalents$38 $71 
Accounts receivable, net541 530 
Accounts receivable from affiliates15 1 
Investments in money pool arrangements— 33 
Accrued unbilled revenues250 272 
Inventories309 339 
Regulatory assets389 364 
Derivative instruments23 36 
Prepayments and other142 139 
Total current assets1,707 1,785 
Property, plant and equipment, net21,256 20,860 
Other assets
Nuclear decommissioning fund and other investments3,547 3,548 
Regulatory assets747 813 
Derivative instruments54 67 
Operating lease right-of-use assets369 393 
Other27 19 
Total other assets4,744 4,840 
Total assets$27,707 $27,485 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$250 $250 
Short-term debt65 195 
Borrowings under utility money pool arrangement48 — 
Accounts payable644 631 
Accounts payable to affiliates63 100 
Regulatory liabilities513 543 
Taxes accrued279 221 
Accrued interest87 90 
Dividends payable to parent110 80 
Derivative instruments37 31 
Operating lease liabilities99 97 
Other147 150 
Total current liabilities2,342 2,388 
Deferred credits and other liabilities
Deferred income taxes2,206 2,238 
Regulatory liabilities2,182 2,155 
Asset retirement obligations3,110 3,073 
Derivative instruments72 77 
Pension and employee benefit obligations97 151 
Operating lease liabilities290 317 
Other40 41 
Total deferred credits and other liabilities7,997 8,052 
Commitments and contingencies
Capitalization
Long-term debt7,605 7,607 
Long-term debt - related parties169 166 
Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares
outstanding at March 31, 2025 and Dec. 31, 2024, respectively
— — 
Additional paid in capital6,650 6,399 
Retained earnings2,954 2,881 
Accumulated other comprehensive loss(10)(8)
Total common stockholder's equity9,594 9,272 
Total liabilities and equity$27,707 $27,485 
See Notes to Consolidated Financial Statements
7
Table of Contents
NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)
(amounts in millions, except share data)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholder's Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended March 31, 2025 and 2024
Balance at Dec. 31, 20231,000,000 $— $5,686 $2,541 $(20)$8,207 
Net income211 211 
Other comprehensive income12 12 
Dividends declared to parent(101)(101)
Contribution of capital by parent345 345 
Balance at March 31, 20241,000,000 $— $6,031 $2,651 $(8)$8,674 
Balance at Dec. 31, 20241,000,000 $— $6,399 $2,881 $(8)$9,272 
Net income184 184 
Other comprehensive loss(2)(2)
Dividends declared to parent(111)(111)
Contribution of capital by parent251 251 
Balance at March 31, 20251,000,000 $— $6,650 $2,954 $(10)$9,594 
See Notes to Consolidated Financial Statements


8
Table of Contents
NSP-MINNESOTA AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of NSP-Minnesota and its subsidiaries as of March 31, 2025 and Dec. 31, 2024; the results of NSP-Minnesota’s operations, including the components of net income, comprehensive income, cash flows and changes in stockholder’s equity for the three months ended March 31, 2025 and 2024.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2025 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2024 balance sheet information has been derived from the audited 2024 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2024.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2024, filed with the SEC on Feb. 27, 2025. Due to the seasonality of NSP-Minnesota’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
1. Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2024 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
Recently Issued
Income Taxes — In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, with new disclosure requirements including presentation of prescribed line items in the ETR reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and NSP-Minnesota does not expect implementation of the new disclosure guidance to have a material impact on its consolidated financial statements.
Disaggregation of Income Statement Expenses — In November 2024, the FASB issued ASU 2024-03 – Disaggregation of Income Statement Expenses, which requires disclosure of additional detail for certain categories of income statement expenses. The ASU is effective for annual periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027. NSP-Minnesota is currently evaluating the impact of the new disclosure guidance.
3. Selected Balance Sheet Data
(Millions of Dollars)March 31, 2025Dec. 31, 2024
Accounts receivable, net
Accounts receivable$582 $572 
Less allowance for bad debts(41)(42)
Accounts receivable, net$541 $530 
(Millions of Dollars)March 31, 2025Dec. 31, 2024
Inventories
Materials and supplies$242 $234 
Fuel62 81 
Natural gas5 24 
Total inventories$309 $339 
(Millions of Dollars)March 31, 2025Dec. 31, 2024
Property, plant and equipment, net
Electric plant$23,419 $23,218 
Natural gas plant2,499 2,472 
Common and other property1,475 1,450 
 Plant to be retired (a)
539 554 
Construction work in progress1,777 1,522 
Total property, plant and equipment29,709 29,216 
Less accumulated depreciation(8,928)(8,753)
Nuclear fuel3,598 3,491 
Less accumulated amortization(3,123)(3,094)
Property, plant and equipment, net$21,256 $20,860 
(a)Amounts include Sherco 1 and 3 and A.S. King. Balance is presented net of accumulated depreciation.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
NSP-Minnesota meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.
Money Pool — Xcel Energy and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy.
Money pool borrowings:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2025Year Ended Dec. 31, 2024
Borrowing limit$250 $250 
Amount outstanding at period end48 — 
Average amount outstanding16 10 
Maximum amount outstanding132 139 
Weighted average interest rate, computed on a daily basis4.28 %4.82 %
Weighted average interest rate at period end4.33 N/A
9
Table of Contents
Commercial Paper — Commercial paper outstanding:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2025Year Ended Dec. 31, 2024
Borrowing limit$700$700 
Amount outstanding at period end65195 
Average amount outstanding27854 
Maximum amount outstanding431400 
Weighted average interest rate, computed on a daily basis4.59 %5.39 %
Weighted average interest rate at period end4.63 4.63 
Letters of Credit — NSP-Minnesota uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $12 million of letters of credit outstanding under the credit facility at both March 31, 2025 and Dec. 31, 2024. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facility — In order to issue its commercial paper, NSP-Minnesota must have a revolving credit facility equal to or greater than the commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
NSP-Minnesota has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval.
At March 31, 2025, NSP-Minnesota had the following committed revolving credit facility available (in millions of dollars):
Credit Facility (a)
Drawn (b)
Available
$700 $77 $623 
(a)Expires in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Minnesota had no direct advances on the credit facility outstanding at March 31, 2025 and Dec. 31, 2024.
Bilateral Credit Agreement — In April 2025, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of March 31, 2025, NSP-Minnesota had $72 million of outstanding letters of credit under the $75 million bilateral credit agreement.

5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Minnesota’s operating revenues consisted of the following:
Three Months Ended March 31, 2025
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$401 $195 $— $596 
C&I544 134 — 678 
Other9 — 3 12 
Total retail954 329 3 1,286 
Wholesale118 — — 118 
Transmission65 — — 65 
Interchange and other123 3 — 126 
Total revenue from contracts with customers1,260 332 3 1,595 
Alternative revenue and other34 28 — 62 
Total revenues$1,294 $360 $3 $1,657 
Three Months Ended March 31, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$368 $138 $7 $513 
C&I522 90 — 612 
Other9 — 1 10 
Total retail899 228 8 1,135 
Wholesale75 — — 75 
Transmission63 — — 63 
Interchange and other125 17 — 142 
Total revenue from contracts with customers1,162 245 8 1,415 
Alternative revenue and other93 28 — 121 
Total revenues$1,255 $273 $8 $1,536 
6. Income Taxes
Reconciliation between the statutory rate and ETR:
Three Months Ended March 31
20252024
Federal statutory rate21.0 %21.0 %
State tax (net of federal tax effect)7.0 7.0 
(Decreases) increases:
PTCs (a)
(66.9)(35.1)
Plant regulatory differences (b)
(7.0)(5.2)
Other tax credits, net net operating loss & tax credit allowances(1.4)(1.0)
Other, net1.3 1.1 
Effective income tax rate(46.0)%(12.2)%
(a)Wind and solar PTCs (net of estimated transfer discounts) are credited to customers (reduction to revenue) and do not materially impact net income.
(b)Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.
10
Table of Contents
7.    Fair Value of Financial Assets and Liabilities
Fair Value Measurements
Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.
•Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.
•Level 2 — Pricing inputs are other than actual trading prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs.
•Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.
Specific valuation methods include:
Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity.
Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities.
Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.
Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification.
When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification.
Electric commodity derivatives held by NSP-Minnesota include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path.
The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments.
FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.
Net congestion costs, including the impact of FTR settlements are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability.
Non-Derivative Fair Value Measurements
The Nuclear Regulatory Commission requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust.
NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset or as a regulatory liability (dependent on funding status) for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset/liability.
Unrealized gains for the nuclear decommissioning fund were $1.4 billion as of both March 31, 2025 and Dec. 31, 2024, and unrealized losses were $40 million and $49 million as of March 31, 2025 and Dec. 31, 2024, respectively.
Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
March 31, 2025
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$49 $49 $— $— $— $49 
Commingled funds703 — — — 1,015 1,015 
Debt securities879 — 856 14 — 870 
Equity securities529 1,556 1 — — 1,557 
Total$2,160 $1,605 $857 $14 $1,015 $3,491 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $56 million of other investments, including the rabbi trust.
Dec. 31, 2024
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$39 $39 $— $— $— $39 
Commingled funds703 — — — 1,025 1,025 
Debt securities866 — 832 14 — 846 
Equity securities522 1,583 1 — — 1,584 
Total$2,130 $1,622 $833 $14 $1,025 $3,494 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $54 million of other investments, including the rabbi trust.
11
Table of Contents
For the three months ended March 31, 2025 and 2024, there were no transfers of Level 3 investments between levels.
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2025:
Final Contractual Maturity
(Millions of Dollars)Due in 1 Year or LessDue in 1 to 5 YearsDue in 5 to 10 YearsDue after 10 YearsTotal
Debt securities$9 $321 $258 $282 $870 
Derivative Activities and Fair Value Measurements
NSP-Minnesota enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates and utility commodity prices.
Interest Rate Derivatives — NSP-Minnesota enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income.
As of March 31, 2025, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of March 31, 2025, NSP-Minnesota had unsettled interest swaps outstanding with a notional amount of $390 million. These interest rate derivatives were designated as cash flow hedges, with changes in fair value recorded to other comprehensive income.
See Note 10 for the financial impact of qualifying interest rate cash flow hedges on NSP-Minnesota’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income.
Wholesale and Commodity Trading — NSP-Minnesota conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. NSP-Minnesota is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.
Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.
Commodity Derivatives — NSP-Minnesota enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs.
The most significant derivative positions outstanding at March 31, 2025 for this purpose relate to FTR instruments administered by MISO. These instruments are intended to offset the impacts of transmission system congestion.
When NSP-Minnesota enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of March 31, 2025, NSP-Minnesota had no commodity contracts designated as cash flow hedges.
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
March 31, 2025Dec. 31, 2024
Megawatt hours of electricity18 31 
Million British thermal units of natural gas46 57 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Consideration of Credit Risk and Concentrations — NSP-Minnesota continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets.
NSP-Minnesota’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities.
As of March 31, 2025, three of NSP-Minnesota’s five most significant counterparties for these activities, comprising $19 million, or 24%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.
One of the five most significant counterparties, comprising $21 million, or 26%, of this credit exposure, were not rated by these external ratings agencies, but based on NSP-Minnesota’s internal analysis, had credit quality consistent with investment grade.
One of these significant counterparties, comprising $39 million or 49% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Four of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.
Credit Related Contingent Features — Contract provisions for derivative instruments that NSP-Minnesota enters into, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.
As of both March 31, 2025 and Dec. 31, 2024, there were $11 million of derivative liabilities with such underlying contract provisions.
12
Table of Contents
Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.
As of March 31, 2025 and Dec. 31, 2024, there were approximately $61 million and $63 million of derivative liabilities with such underlying contract provisions, respectively.
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired.
NSP-Minnesota had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2025 and Dec. 31, 2024.

Recurring Derivative Fair Value Measurements
Impact of derivative activity:
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate$(2)$— 
Total$(2)$— 
Other derivative instruments:
Electric commodity$— $(3)
Natural gas commodity— 1 
Total$— $(2)
Three Months Ended March 31, 2024
Derivatives designated as cash flow hedges:
Interest rate$16 $— 
Total$16 $— 
Other derivative instruments
Electric commodity$— $1 
Natural gas commodity— 3 
Total$— $4 
.
Pre-Tax Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Regulatory Assets and Liabilities
Three Months Ended March 31, 2025
Other derivative instruments:
Commodity trading$— $(12)
(a)
Electric commodity6 
(b)
— 
Natural gas commodity— (4)
(c)(d)
Total$6 $(16)
Three Months Ended March 31, 2024
Other derivative instruments:
Commodity trading$— $1 
(a)
Electric Commodity4 
(b)
— 
Natural gas commodity— (5)
(c)(d)
Total$4 $(4)
(a)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(b)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.
(c)Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(d)Relates primarily to option premium amortization.
NSP-Minnesota had no derivative instruments designated as fair value hedges during the three months ended March 31, 2025 and 2024.

Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
March 31, 2025Dec. 31, 2024
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Derivatives designated as cash flow hedges:
Interest rate$— $1 $— $1 $— $1 $— $— $— $— $— $— 
Other derivative instruments:
Commodity trading$11 $20 $13 $44 $(28)$16 $5 $20 $8 $33 $(22)$11 
Electric commodity
— — 7 7 (1)6 — — 23 23 (2)21 
Natural gas commodity— — — — — — — 4 — 4 — 4 
Total current derivative assets$11 $21 $20 $52 $(29)$23 $5 $24 $31 $60 $(24)$36 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$5 $28 $40 $73 $(19)$54 $3 $33 $47 $83 $(16)$67 
Total noncurrent derivative assets$5 $28 $40 $73 $(19)$54 $3 $33 $47 $83 $(16)$67 
13
Table of Contents
March 31, 2025Dec. 31, 2024
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate$— $4 $— $4 $— $4 $— $— $— $— $— $— 
Other derivative instruments:
Commodity trading$13 $35 $7 $55 $(29)$26 $6 $35 $5 $46 $(22)$24 
Electric commodity— — 2 2 (1)1 — — 1 1 (1)— 
Natural gas commodity— — — — — — — 1 — 1 — 1 
Total current derivative liabilities$13 $39 $9 $61 $(30)31 $6 $36 $6 $48 $(23)25 
PPAs (b)
6 6 
Current derivative instruments$37 $31 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$10 $32 $36 $78 $(21)$57 $9 $30 $40 $79 $(18)$61 
Total noncurrent derivative liabilities$10 $32 $36 $78 $(21)57 $9 $30 $40 $79 $(18)61 
PPAs (b)
15 16 
Noncurrent derivative instruments$72 $77 
(a)NSP-Minnesota nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2025 and Dec. 31, 2024, derivative assets and liabilities include no obligations to return cash collateral. At both March 31, 2025 and Dec. 31, 2024 derivative assets and liabilities include rights to reclaim cash collateral of $3 million and $1 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)NSP-Minnesota currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
Changes in Level 3 commodity derivatives:
Three Months Ended March 31
(Millions of Dollars)20252024
Balance at Jan. 1$32 $51 
Purchases (a)
— — 
Settlements (a)
(9)(15)
Net transactions recorded during the period:
Losses recognized in earnings (b)
(2)— 
Net (losses) gains recognized as regulatory assets and liabilities (a)
(6)3 
Balance at March 31$15 $39 
(a)Relates primarily to FTR instruments administered by MISO.
(b)Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
Fair Value of Long-Term Debt
As of March 31, 2025, other financial instruments for which the carrying amount did not equal fair value:
March 31, 2025Dec. 31, 2024
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$7,855 $6,815 $7,857 $6,755 
Long-term debt - related parties169 100 166 99 
Fair value of NSP-Minnesota’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of March 31, 2025 and Dec. 31, 2024, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
8. Benefit Plans and Other Postretirement Benefits
Components of Net Periodic Benefit Cost
Three Months Ended March 31
2025202420252024
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$5 $5 $— $— 
Interest cost (a)
9 9 1 1 
Expected return on plan assets (a)
(11)(11)— — 
Amortization of net loss (a)
3 3 — — 
Net periodic benefit cost6 6 1 1 
Effects of regulation2 3 — — 
Net benefit cost recognized for financial reporting$8 $9 $1 $1 
(a)The components of net periodic cost other than the service cost component are included in the line item “Other (expense) income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
In January 2025, contributions totaling $125 million were made across Xcel Energy’s pension plans, of which $54 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2025.

14
Table of Contents
9. Commitments and Contingencies
Legal
NSP-Minnesota is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.
In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s consolidated financial statements. Legal fees are generally expensed as incurred.
Rate Matters and Other
NSP-Minnesota is involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements.
Minnesota 2023 Fuel Clause Adjustment — In March 2024, NSP-Minnesota filed its annual fuel clause adjustment true-up petition to the MPUC.
In 2024, the DOC recommended customer refunds for 2023 replacement power costs incurred during an outage at the Prairie Island generating station (October 2023 through February 2024). NSP-Minnesota estimates that customer refunds would be approximately $22 million if the DOC recommendations are applied to both 2023 and 2024.
In September 2024, the MPUC ruled NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in the extended outage. The MPUC did not quantify the refund and referred the determination of the refund amount to the Office of Administrative Hearings. NSP-Minnesota recorded an estimated liability for a customer refund in 2024. The procedural schedule is as follows:
•Xcel Energy testimony: May 1, 2025
•Intervenor direct testimony: July 2, 2025
•Rebuttal testimony: August 13, 2025
•ALJ Report: March 16, 2026
Environmental
New and changing federal and state environmental mandates can create financial liabilities for NSP-Minnesota, which are normally recovered through the regulated rate process.
Site Remediation
Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. NSP-Minnesota may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination.
Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which NSP-Minnesota is alleged to have sent wastes to that site.
MGP, Landfill and Disposal Sites
NSP-Minnesota is investigating, remediating or performing post-closure actions at seven MGP, landfill or other disposal sites across its service territories.
NSP-Minnesota has approximately $1 million of remaining liabilities for resolution of these issues, however, the final outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
Water and Waste
Coal Ash Regulation — NSP-Minnesota is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.
In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.
As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.
If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions, beginning with an Assessment of Corrective Measures.
NSP-Minnesota expects to incur $6 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. AROs have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.
NSP-Minnesota has also identified coal ash that is expected to be required to be removed from certain closed coal-generating facilities at estimated costs totaling approximately $60 million. AROs have been recorded, with the costs expected to be recoverable through regulatory mechanisms.
NSP-Minnesota continues to perform site investigation activities related to the CCR Rule, which may result in updates to estimated costs as well as identification of additional required corrective actions.
Clean Water Act Section 316(b) — The Federal Clean Water Act requires the EPA to regulate cooling water intake structures to assure they reflect the best technology available for minimizing impingement and entrainment of aquatic species.
NSP-Minnesota estimates capital expenditures of approximately $45 million may be required to comply with the requirements. NSP-Minnesota anticipates these costs will be recoverable through regulatory mechanisms.
15
Table of Contents
Air
Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act that established NOx allowance budgets for fossil fuel-fired electric generating facilities in subject states. The final rule applies to generation facilities in Minnesota, as well as other states outside of our service territory. Compliance would require subject facilities to secure additional allowances, install NOx controls and/or develop a strategy of operations that utilizes the existing allowance allocations.
While the financial impacts of the final rule are uncertain and dependent on market forces and anticipated generation, NSP-Minnesota anticipates the annual costs could be significant, but would be recoverable through regulatory mechanisms.
Leases
NSP-Minnesota evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space, land for solar developments and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset.
Components of lease expense:
Three Months Ended March 31
(Millions of Dollars)20252024
Operating leases
PPA capacity payments$25 $23 
Other operating leases (a)
65
Total operating lease expense (b)
$31 $28 
(a)Includes immaterial short-term lease expense for both 2025 and 2024.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Commitments under operating leases as of March 31, 2025:
(Millions of Dollars)PPA Operating
Leases
Other Operating
Leases
Total
Operating
Leases
Total minimum obligation$277 $254 $531 
Interest component of obligation(19)(123)(142)
Present value of minimum obligation$258 $131 389 
Less current portion(99)
Noncurrent operating lease liabilities$290 
Variable Interest Entities
Under certain PPAs, NSP-Minnesota purchases power from IPPs for which NSP-Minnesota is required to reimburse fuel costs, or to participate in tolling arrangements under which NSP-Minnesota procures the natural gas required to produce the energy that it purchases. NSP-Minnesota has determined that certain IPPs are VIEs, however NSP-Minnesota is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity.
NSP-Minnesota evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. NSP-Minnesota concluded that these entities are not required to be consolidated in its consolidated financial statements because NSP-Minnesota does not have the power to direct the activities that most significantly impact the entities’ economic performance.
NSP-Minnesota had approximately 1,347 MW of capacity under long-term PPAs at both March 31, 2025 and Dec. 31, 2024, with entities that have been determined to be VIEs. These agreements have expiration dates through 2039.
10. Other Comprehensive Loss
Changes in accumulated other comprehensive loss, net of tax:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotalGains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(6)$(2)$(8)$(18)$(2)$(20)
(Losses) gains reclassified from net accumulated other comprehensive income:
Other comprehensive (loss) gain before reclassifications
(2)— (2)12 — 12 
Net current period other comprehensive (loss) income(2)— (2)12 — 12 
Accumulated other comprehensive loss at March 31$(8)$(2)$(10)$(6)$(2)$(8)
16
Table of Contents
11. Segment Information
Segment information and reconciliation to NSP-Minnesota’s consolidated net income:
Three Months Ended March 31, 2025
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues (a)
$1,294 $360 $1,654 
Intersegment revenue— 2 2 
Total segment revenues1,294 362 1,656 
Electric fuel and purchased power495 — 495 
Cost of natural gas sold and transported— 216 216 
O&M expenses321 25 346 
Depreciation and amortization272 21 293 
Other segment expenses, net70 25 95 
Interest charges and financing costs78 8 86 
Income tax (benefit) expense(74)18 (56)
Net income$132 $49 $181 
Total segment net income$181 
Non-segment net income3 
Consolidated net income$184 
(a)Regulated electric results include $122 million of affiliate revenues. Regulated natural gas results include an immaterial amount of affiliate revenues.
Three Months Ended March 31, 2024
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues (a)
$1,255 $273 $1,528 
Intersegment revenue— 1 1 
Total segment revenues1,255 274 1,529 
Electric fuel and purchased power459 — 459 
Cost of natural gas sold and transported— 139 139 
O&M expenses286 23 309 
Depreciation and amortization248 20 268 
Other segment expenses, net90 15 105 
Interest charges and financing costs76 7 83 
Income tax (benefit) expense(49)19 (30)
Net income$145 $51 $196 
Total segment net income$196 
Non-segment net income15 
Consolidated net income$211 
(a)Regulated electric results include $122 million of affiliate revenues. Regulated natural gas results include an immaterial amount of affiliate revenues.
Asset and capital expenditure information is not provided for NSP-Minnesota’s reportable segments. As an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment.
Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
Other segment expenses, net, for the reportable segments includes conservation and DSM expenses, taxes (other than income taxes), other (expense) income, net, intersegment expenses and AFUDC - equity.
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Discussion of financial condition and liquidity for NSP-Minnesota is omitted per conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q for wholly owned subsidiaries. It is replaced with management’s narrative analysis of the results of operations set forth in General Instruction H(2)(a) of Form 10-Q for wholly owned subsidiaries (reduced disclosure format).
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.
NSP-Minnesota’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation, and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Results of Operations
NSP-Minnesota’s GAAP net income was $184 million for the three months ended March 31, 2025 compared with $211 million for the prior year. The change was driven by increased O&M expenses and depreciation, partially offset by higher recovery of electric and natural gas infrastructure investments.
Electric Revenue
Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.
(Millions of Dollars)Three Months Ended March 31, 2025 vs. 2024
Recovery of higher cost of electric fuel and purchased power$27 
Non-fuel riders20 
Regulatory rate outcomes18 
PTCs flowed back to customers (offset by lower ETR)(18)
Conservation and DSM (offset in expense)(17)
Other, net 9 
Total increase$39 
17
Table of Contents
Natural Gas Revenues
Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.
(Millions of Dollars)Three Months Ended March 31, 2025 vs. 2024
Recovery of higher natural gas costs (sold and transported)$74 
Conservation revenue (offset in expense)9 
Regulatory rate outcomes4 
Total increase$87 
Electric Fuel and Purchased Power — Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
Electric fuel and purchased power expenses increased $36 million year-to-date. The increase was primarily due to increased volumes partially offset by decreased prices and generation mix.
Cost of Natural Gas Sold and Transported — Expenses incurred for the cost of natural gas sold are impacted by market prices and seasonality. These costs are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
Natural gas sold and transported increased $77 million year-to-date. The increase was primarily due to timing of fuel recovery, higher commodity prices and volumes.
Non-Fuel Operating Expenses and Other Items
O&M Expenses — O&M expenses increased $52 million year-to-date. The increase was primarily due to nuclear generation maintenance, the impact of a 2024 gain on land sale and increased insurance and benefits costs.
Depreciation and Amortization — Depreciation and amortization expense increased $25 million year-to-date as a result of continued system investment.
Public Utility Regulation and Other
The FERC and various state and local regulatory commissions regulate NSP-Minnesota. NSP-Minnesota is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Minnesota, North Dakota and South Dakota.
Rates are designed to recover plant investment, operating costs and an allowed return on investment. NSP-Minnesota requests changes in utility rates through commission filings. Changes in operating costs can affect NSP-Minnesota’s financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and demand side management efforts, and the cost of capital.
In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact NSP-Minnesota’s results of operations.
Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2024 appropriately represent, in all material respects, the current status of public utility regulation and are incorporated herein by reference.
Pending and Recently Concluded Regulatory Proceedings
2024 Minnesota Natural Gas Rate Case — In November 2023, NSP-Minnesota filed a request with the MPUC for a natural gas rate increase of approximately $59 million, or 9.6%. The request was based on a ROE of 10.2%, a 52.5% equity ratio and a 2024 forward test year with rate base of approximately $1.27 billion. In December 2023, the MPUC approved NSP-Minnesota’s request for interim rates, subject to refund, of approximately $51 million (implemented on Jan. 1, 2024).
In February 2025, the MPUC verbally approved the uncontested settlement agreement filed by NSP-Minnesota and various parties, which includes the following terms:
•Natural gas rate increase of $46 million, or 7.5%.
•ROE of 9.6%.
•Equity ratio of 52.5%.
•Rate base of $1.25 billion.
•No change to Commission approved decoupling.
2022 Minnesota Electric Rate Case — In October 2021, NSP-Minnesota filed a three-year electric rate case with the MPUC.
In July 2023, the MPUC approved a three-year rate increase of approximately $332 million for 2022-2024, based on a ROE of 9.25% and an equity ratio of 52.5%. The MPUC also approved a continuation of the sales true-up mechanism.
In November 2023, NSP-Minnesota filed an appeal to the Minnesota Court of Appeals regarding MPUC decisions relating to executive compensation, insurance expense and treatment of prepaid pension assets.
In January 2025, the Court issued its opinion, which upheld the commission's determination on insurance expense, but reversed and remanded the executive compensation and prepaid pension asset decisions back to the MPUC. The opinion is currently pending further action from the MPUC.
2024 Minnesota Electric Rate Case — In November 2024, NSP-Minnesota filed an electric rate case in Minnesota, seeking a total revenue increase of $491 million (13.2%) over two years, based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. NSP-Minnesota also requested interim rates of $224 million for 2025. In December 2024, the MPUC reduced the interim rate request for wildfire mitigation costs (as these costs were deemed as new costs not previously approved in a rate case) and approved interim rates of $192 million, effective January 1, 2025.
In March 2025, NSP-Minnesota filed supplemental direct testimony, updating its total revenue request to $473 million. The procedural schedule is as follows:
•Intervenor direct testimony: August 22, 2025
•Rebuttal testimony: October 10, 2025
•ALJ Report: April 30, 2026
•MPUC Decision: July 31, 2026
18
Table of Contents
2024 North Dakota Electric Rate Case — In December 2024, NSP-Minnesota filed a request with the NDPSC for an annual electric rate increase of approximately $45 million, or 19.3% over current rates established in 2021. The filing is based on a 2025 forecast test year and includes a requested ROE of 10.3%, rate base of approximately $817 million and an equity ratio of 52.5%. In January 2025, the NDPSC approved interim rates, subject to refund, of approximately $27 million (implemented on Feb. 1, 2025). A NDPSC decision is expected in late 2025.
NSP System
Resource Acquisition — In February 2024, NSP filed its Upper Midwest Resource Plan with the MPUC. In October 2024, NSP-Minnesota filed a settlement with several parties reaching agreement on the resource plan, as well as the proposed projects to be approved in the pending 800 MW firm dispatchable resource acquisition.
In February 2025, the MPUC approved the terms of the settlement agreement, including:
•The selection of the company owned 420 MW Lyon County combustion turbine.
•The selection of the company owned 300 MW 4-hour Sherco battery energy storage system.
•Multiple PPAs to proceed to the negotiation stage.
•The addition of 3,200 MW of wind, 400 MW of solar and 600 MW of stand-alone storage to be added through 2030 based on an RFP process (a portion of which is expected to be fulfilled with the resources acquired as part of the 2024 RFPs). Of these amounts, approximately 2,800 MW of wind are projected to utilize the Minnesota Energy Connection transmission line.
•Planned life extensions of the Prairie Island and Monticello nuclear plants through the early 2050s.
Additionally, the MPUC approved life extensions of the Red Wing and Mankato RDF plants to 2037 and ordered NSP-Minnesota to file a proposed tariff for customers with super-large load, largely data centers, by July 15, 2025.
NSP-Minnesota will file additional RFPs for approved resource needs beginning in late 2025 or early 2026.
NSP-Minnesota and NSP-Wisconsin are actively engaged in multiple processes and proceedings to acquire resources to meet their identified generation resource needs.
•In October 2023, NSP-Minnesota issued an RFP seeking 1,200 MW of wind assets to replace capacity and reutilize interconnection rights associated with the retiring Sherco coal facilities. The RFP closed in December 2023. NSP-Minnesota expects to file for approval of recommended projects in summer 2025.
•In 2024, NSP-Minnesota and NSP-Wisconsin each issued an RFP collectively seeking up to 1,600 MW of wind, solar, storage or hybrid resources to interconnect to the NSP System, including reutilization of the interconnection rights associated with the retiring Sherco coal units, and 650 MW of solar and storage resources to specifically reutilize the interconnection rights associated with the retiring King coal unit. NSP-Minnesota and NSP-Wisconsin announced the short listed projects in January 2025 and plan to file for the requisite approvals of the selected resources with the MPUC and PSCW, respectively, in the second half of 2025.
Other
Supply Chain
NSP-Minnesota’s ability to meet customer energy requirements, respond to storm-related disruptions and execute our capital expenditure program are dependent on maintaining an efficient supply chain. Manufacturing processes have experienced disruptions related to scarcity of certain raw materials and interruptions in production and shipping. These disruptions have been further exacerbated by inflationary pressures, labor shortages and the impact of international conflicts/issues. NSP-Minnesota continues to monitor the situation as it remains fluid and seeks to mitigate the impacts by securing alternative suppliers, modifying design standards, and adjusting the timing of work.
Large global demand for energy-related infrastructure (renewables and gas generation, data centers, etc.) has stretched equipment supply chains, extended delivery dates and increased prices for items like combustion turbines, transformers and other large electrical equipment. The labor market for skilled engineering and construction resources to build renewables and gas generation has also been strained, impacting cost and availability.
Tariffs and Trade Complaints
In May 2024, the U.S. Department of Commerce announced the initiation of anti-dumping and countervailing duty investigations of CSPV cells from Cambodia, Malaysia, Thailand and Vietnam, whether or not assembled into modules.
In April 2025, the U.S. Department of Commerce announced its final determination in the countervailing duty circumvention and anti-dumping investigations. The rates will go into effect after the U.S. International Trade Commission makes its final determination, expected in the second quarter of 2025. Xcel Energy does not expect these determinations to impact its projects.
In January of 2025, the U.S. International Trade Commission made an affirmative determination in the preliminary phase of the anti-dumping and countervailing duty investigations concerning Active Anode Material, a component of lithium-ion batteries, from China. This case will be reviewed by the U.S. Department of Commerce and the International Trade Commission over the course of 2025.
In 2025, several executive orders have been issued imposing new global and country-specific tariffs on many imports, which may impact our procurement and development activities. Due to the current tariff level on Chinese products, utility-scale battery projects are at most risk to be impacted in terms of cost and/or schedule. Additionally, executive orders have been issued relating to the permitting of wind projects and the retirement of coal facilities.
NSP-Minnesota continues to assess the impacts of these tariffs, executive orders, trade complaints and federal policies on its business, including company owned projects and PPAs. NSP-Minnesota may seek regulatory relief, if required, in its jurisdictions.
Continued and/or further policy actions or other restrictions, disruptions in imports from key suppliers, or any new trade complaint could impact viability, timelines and costs of various projects and PPAs.
19
Table of Contents
Environmental Regulation
In March 2025, the EPA announced that the agency will undertake various regulatory actions addressing a wide range of environmental regulations. This includes action on the 2024 power plant greenhouse gas regulations, Effluent Limitation Guidelines, 2024 amendments to the CCR Rule and the 2023 Good Neighbor Plan, though no formal actions have been taken on these regulations to date. We will continue to monitor and respond as appropriate to EPA’s administrative efforts to take action.  
Clean Air Act
Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO2 control requirements vary by subcategory. Based on current estimates and assumptions, NSP-Minnesota has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
Emerging Contaminants of Concern
PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. NSP-Minnesota does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.
In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA. In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.
Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, NSP-Minnesota believes the costs will be recoverable through rates based on prior state commission practices.
Effluent Limitation Guidelines
In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, NSP-Minnesota has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.
ITEM 4 — CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
NSP-Minnesota maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.
In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.
As of March 31, 2025, based on an evaluation carried out under the supervision and with the participation of NSP-Minnesota’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that NSP-Minnesota’s disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
No changes in NSP-Minnesota’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, NSP-Minnesota’s internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1 — LEGAL PROCEEDINGS
NSP-Minnesota is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation.
Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.
For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s consolidated financial statements. Legal fees are generally expensed as incurred.
See Note 9 to the consolidated financial statements and Part I Item 2 for further information.
ITEM 1A — RISK FACTORS
NSP-Minnesota’s risk factors are documented in Item 1A of Part I of its Annual Report on Form 10-K for the year ended Dec. 31, 2024, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K.
ITEM 5 — OTHER INFORMATION
None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended March 31, 2025.
20
Table of Contents
ITEM 6 — EXHIBITS
* Indicates incorporation by reference
Exhibit NumberDescriptionReport or Registration StatementExhibit Reference
NSP-Minnesota Form 10-12G dated Oct. 5, 20003.01
NSP-Minnesota Form 10-K for the year ended Dec. 31, 20183.02
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Schema
101.CALInline XBRL Calculation
101.DEFInline XBRL Definition
101.LABInline XBRL Label
101.PREInline XBRL Presentation
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
21
Table of Contents
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 thereunto duly authorized.
Northern States Power Company (a Minnesota corporation)
04/24/2025By:/s/ MELISSA L. OSTROM
Melissa L. Ostrom
Senior Vice President, Controller
(Principal Accounting Officer)
By:/s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer
(Principal Financial Officer)
22