Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 Sept. 30, 2024


☐			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: 001-03280


Public Service Company of Colorado
(Exact Name of Registrant as Specified in its Charter)


Colorado						84-0296600
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

1800 Larimer Street, Suite 1100

Denver

80202

(Address of Principal Executive Offices)

(Zip Code)

(303)

571-7511

(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 class

Trading Symbol(s)

Name of each exchange on which registered

N/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 October 31, 2024
Common Stock, $0.01 par value						100 shares

Public Service Company of Colorado 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 I — FINANCIAL INFORMATION
Item 1 —	Financial Statements (unaudited)	4
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Cash Flows	6
	Consolidated Balance Sheets	7
	Consolidated Statements of Common Stockholder’s Equity	8
	Notes to Consolidated Financial Statements	9
Item 2 —	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 4 —	Controls and Procedures	21

PART II — OTHER INFORMATION
Item 1 —	Legal Proceedings	22
Item 1A —	Risk Factors	22
Item 5 —	Other Information	22
Item 6 —	Exhibits	22

SIGNATURES		23

This Form 10-Q is filed by PSCo, a Colorado corporation. PSCo 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)
e prime			e prime inc.
NSP-Minnesota			Northern States Power Company, a Minnesota corporation
NSP-Wisconsin			Northern States Power Company, a Wisconsin corporation
PSCo			Public Service Company of Colorado
SPS			Southwestern Public Service Company
Utility subsidiaries			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel Energy			Xcel Energy Inc. and its subsidiaries


Federal and State Regulatory Agencies
CPUC			Colorado Public Utilities Commission

EPA			United States Environmental Protection Agency
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
SEC			Securities and Exchange Commission


Other

ASU			Accounting standards update
C&I			Commercial and Industrial
CCR			Coal combustion residuals
CCR Rule			Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CEO			Chief executive officer
CERCLA			Comprehensive Environmental Response, Compensation, and Liability Act
CFO			Chief financial officer
CORE			CORE Electric Cooperative
CPCN			Certificate of public convenience and necessity
CSPV			Crystalline Silicon Photovoltaic

ETR			Effective Tax Rate
GAAP			United States generally accepted accounting principles

IPP			Independent power producing entity

MGP			Manufactured gas plant


O&M			Operating and maintenance
PFAS			Per- and Polyfluoroalkyl Substances
PIM			Performance incentive mechanism
PPA			Power purchase agreement
PSPS			Public safety power shutoff
PTC			Production tax credit
ROE			Return on equity
VIE			Variable interest entity
WMP			Wildfire mitigation plan


Measurements
MW			Megawatts


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 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 PSCo’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 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; 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 PSCo 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, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; 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

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(amounts in millions)


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Operating revenues
Electric	$	1,128	$	1,113	$	2,942	$	2,877
Natural gas	165		165		1,022		1,247
Other	8		12		29		41
Total operating revenues	1,301		1,290		3,993		4,165

Operating expenses
Electric fuel and purchased power	319		356		963		1,055
Cost of natural gas sold and transported	45		44		453		660
Cost of sales — other	2		5		7		13
Operating and maintenance expenses	229		196		702		648
Demand side management expenses	56		39		132		106
Depreciation and amortization	248		235		740		693
Taxes (other than income taxes)	70		71		208		216
Loss on Comanche Unit 3 litigation	—		34		—		34
Total operating expenses	969		980		3,205		3,425

Operating income	332		310		788		740

Other income, net	14		1		42		7
Allowance for funds used during construction — equity	19		12		50		25

Interest charges and financing costs
Interest charges and other financing costs	96		79		279		228
Allowance for funds used during construction — debt	(9)		(6)		(21)		(13)
Total interest charges and financing costs	87		73		258		215

Income before income taxes	278		250		622		557
Income tax expense	22		21		28		21
Net income	$	256	$	229	$	594	$	536

See Notes to Consolidated Financial Statements

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(amounts in millions)


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Net income	$	256	$	229	$	594	$	536
Other comprehensive income
Pension and retiree medical benefits:
Reclassification of losses to net income, net of tax	—		(1)		—		—
Derivative instruments:
Reclassification of losses to net income, net of tax	—		1		1		1

Total other comprehensive income	—		—		1		1
Total comprehensive income	$	256	$	229	$	595	$	537

See Notes to Consolidated Financial Statements

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in millions)


	Nine Months Ended Sept. 30
	2024		2023
Operating activities
Net income	$	594	$	536
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	741		697
Deferred income taxes	15		(122)

Allowance for equity funds used during construction	(50)		(25)
Provision for bad debts	24		25


Changes in operating assets and liabilities:
Accounts receivable	82		115
Accrued unbilled revenues	70		257
Inventories	(15)		48
Other current assets	—		38
Accounts payable	(81)		(184)
Net regulatory assets and liabilities	213		178
Other current liabilities	(19)		31
Pension and other employee benefit obligations	(4)		1
Other, net	104		(54)
Net cash provided by operating activities	1,674		1,541

Investing activities
Utility capital/construction expenditures	(2,121)		(1,631)
Investments in utility money pool arrangement	(234)		(367)
Repayments from utility money pool arrangement	234		367
Net cash used in investing activities	(2,121)		(1,631)

Financing activities
Repayments of short-term borrowings, net	(320)		(294)
Borrowings under utility money pool arrangement	381		355
Repayments under utility money pool arrangement	(432)		(167)
Proceeds from issuance of long-term debt	1,184		834
Repayments of long-term debt	—		(250)
Capital contributions from parent	814		118
Dividends paid to parent	(407)		(507)

Net cash provided by financing activities	1,220		89

Net change in cash, cash equivalents and restricted cash	773		(1)
Cash, cash equivalents and restricted cash at beginning of period	13		10
Cash, cash equivalents and restricted cash at end of period	$	786	$	9

Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	$	(215)	$	(197)
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers	3		(119)

Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	$	347	$	168
Inventory transfers to property, plant and equipment	57		17
Operating lease right-of-use assets	1		17
Allowance for equity funds used during construction	50		25

See Notes to Consolidated Financial Statements

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in millions, except share and per share data)


	Sept. 30, 2024		Dec. 31, 2023
Assets
Current assets
Cash and cash equivalents	$	786	$	13
Accounts receivable, net	417		492
Accounts receivable from affiliates	—		28

Accrued unbilled revenues	290		361
Inventories	216		258
Regulatory assets	138		304
Derivative instruments	13		11
Prepayments and other	101		95
Total current assets	1,961		1,562

Property, plant and equipment, net	22,615		21,035

Other assets
Regulatory assets	1,307		1,267
Derivative instruments	7		15
Operating lease right-of-use assets	292		366
Other	258		383
Total other assets	1,864		2,031
Total assets	$	26,440	$	24,628

Liabilities and Equity
Current liabilities
Current portion of long-term debt	$	250	$	—
Borrowings under utility money pool arrangement	—		51
Short-term debt	—		320
Accounts payable	674		704
Accounts payable to affiliates	69		83
Regulatory liabilities	117		70
Taxes accrued	202		261
Accrued interest	102		68
Dividends payable to parent	100		72
Derivative instruments	9		17
Operating lease liabilities	96		102
Other	182		177
Total current liabilities	1,801		1,925

Deferred credits and other liabilities
Deferred income taxes	1,959		1,894

Regulatory liabilities	2,607		2,562
Asset retirement obligations	443		383

Customer advances	107		124
Pension and employee benefit obligations	34		40
Operating lease liabilities	215		290
Other	152		218
Total deferred credits and other liabilities	5,517		5,511

Commitments and contingencies
Capitalization
Long-term debt	8,389		7,450
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at Sept. 30, 2024 and Dec. 31, 2023, respectively	—		—
Additional paid in capital	8,242		7,412
Retained earnings	2,510		2,350
Accumulated other comprehensive loss	(19)		(20)
Total common stockholder's equity	10,733		9,742
Total liabilities and equity	$	26,440	$	24,628

See Notes to Consolidated Financial Statements

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)

(amounts in millions, except share data)


	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholder's Equity
	Shares	Par Value		Additional Paid In Capital
Three Months Ended Sept. 30, 2024 and 2023
Balance at June 30, 2023	100	$	—	$	7,086	$	2,195	$	(21)	$	9,260
Net income						229				229

Dividends declared to parent						(161)				(161)
Contribution of capital by parent				25						25
Balance at Sept. 30, 2023	100	$	—	$	7,111	$	2,263	$	(21)	$	9,353

Balance at June 30, 2024	100	$	—	$	7,979	$	2,418	$	(19)	$	10,378
Net income						256				256

Dividends declared to parent						(164)				(164)
Contribution of capital by parent				263						263
Balance at Sept. 30, 2024	100	$	—	$	8,242	$	2,510	$	(19)	$	10,733

	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholder's Equity
	Shares	Par Value		Additional Paid In Capital
Nine Months Ended Sept. 30, 2024 and 2023
Balance at Dec. 31, 2022	100	$	—	$	6,992	$	2,260	$	(22)	$	9,230
Net income						536				536
Other comprehensive income								1		1
Dividends declared to parent						(533)				(533)
Contribution of capital by parent				119						119
Balance at Sept. 30, 2023	100	$	—	$	7,111	$	2,263	$	(21)	$	9,353

Balance at Dec. 31, 2023	100	$	—	$	7,412	$	2,350	$	(20)	$	9,742
Net income						594				594
Other comprehensive income								1		1
Dividends declared to parent						(434)				(434)
Contribution of capital by parent				830						830
Balance at Sept. 30, 2024	100	$	—	$	8,242	$	2,510	$	(19)	$	10,733

See Notes to Consolidated Financial Statements

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PUBLIC SERVICE CO. OF COLORADO 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 PSCo as of Sept. 30, 2024 and Dec. 31, 2023; the results of PSCo’s operations, including the components of net income, comprehensive income and changes in stockholder’s equity for the three and nine months ended Sept. 30, 2024 and 2023; and PSCo’s cash flows for the nine months ended Sept. 30, 2024 and 2023.

All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2024, 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, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023.

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 PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of PSCo’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 PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.


2. Accounting Pronouncements

Recently Issued

Segment Reporting — In November 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. The ASU is effective for annual periods beginning after Dec. 15, 2023 and quarterly periods beginning after Dec. 15, 2024, and PSCo does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.

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 PSCo does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.

Climate-Related Disclosures — In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. PSCo does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.


3. Selected Balance Sheet Data


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Accounts receivable, net
Accounts receivable	$	466	$	548
Less allowance for bad debts	(49)		(56)
Accounts receivable, net	$	417	$	492


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Inventories
Materials and supplies	$	99	$	91
Fuel	57		83
Natural gas	60		84
Total inventories	$	216	$	258


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Property, plant and equipment, net
Electric plant	$	17,613	$	16,698
Natural gas plant	6,675		6,321
Common and other property	1,549		1,472
Plant to be retired (a)	1,096		1,203
Construction work in progress	2,070		1,310
Total property, plant and equipment	29,003		27,004
Less accumulated depreciation	(6,388)		(5,969)
Property, plant and equipment, net	$	22,615	$	21,035

(a)Amounts include Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion. Amounts are presented net of accumulated depreciation.


4. Borrowings and Other Financing Instruments

Short-Term Borrowings

PSCo 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.

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Money pool borrowings:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	250	$	250
Amount outstanding at period end	—		51
Average amount outstanding	—		23
Maximum amount outstanding	—		250
Weighted average interest rate, computed on a daily basis	N/A		5.31		%
Weighted average interest rate at period end	N/A		5.34

Commercial Paper — Commercial paper outstanding:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	700	$	700
Amount outstanding at period end	—		320
Average amount outstanding	—		124
Maximum amount outstanding	—		454
Weighted average interest rate, computed on a daily basis	N/A		5.17		%
Weighted average interest rate at period end	N/A		5.56

Letters of Credit — PSCo uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At Sept. 30, 2024 and Dec. 31, 2023, there were $31 million and $29 million, respectively, of letters of credit outstanding under the credit facility. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facility — In order to issue its commercial paper, PSCo must have a revolving credit facility equal to or greater than the amount of its 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.

PSCo 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 Sept. 30, 2024, PSCo had the following committed revolving credit facility available (in millions of dollars):


Credit Facility (a)		Drawn (b)		Available
$	700	$	31	$	669

(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. PSCo had no direct advances on the credit facility outstanding at Sept. 30, 2024 and Dec. 31, 2023.

Long-Term Borrowings

During the nine months ended Sept. 30, 2024, PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054.


5. Revenues

Revenue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following:


	Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	431	$	90	$	1	$	522
C&I	512		43		7		562
Other	11		—		—		11
Total retail	954		133		8		1,095
Wholesale	47		—		—		47
Transmission	29		—		—		29
Other	13		27		—		40
Total revenue from contracts with customers	1,043		160		8		1,211
Alternative revenue and other	85		5		—		90
Total revenues	$	1,128	$	165	$	8	$	1,301


	Three Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	398	$	88	$	5	$	491
C&I	538		44		7		589
Other	13		—		—		13
Total retail	949		132		12		1,093
Wholesale	53		—		—		53
Transmission	25		—		—		25
Other	16		27		—		43
Total revenue from contracts with customers	1,043		159		12		1,214
Alternative revenue and other	70		6		—		76
Total revenues	$	1,113	$	165	$	12	$	1,290

	Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,061	$	632	$	4	$	1,697
C&I	1,357		269		25		1,651
Other	38		—		—		38
Total retail	2,456		901		29		3,386
Wholesale	160		—		—		160
Transmission	74		—		—		74
Other	45		97		—		142
Total revenue from contracts with customers	2,735		998		29		3,762
Alternative revenue and other	207		24		—		231
Total revenues	$	2,942	$	1,022	$	29	$	3,993

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	Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,003	$	790	$	14	$	1,807
C&I	1,403		335		27		1,765
Other	40		—		—		40
Total retail	2,446		1,125		41		3,612
Wholesale	170		—		—		170
Transmission	68		—		—		68
Other	44		99		—		143
Total revenue from contracts with customers	2,728		1,224		41		3,993
Alternative revenue and other	149		23		—		172
Total revenues	$	2,877	$	1,247	$	41	$	4,165


6. Income Taxes

Reconciliation between the statutory rate and ETR:


	Nine Months Ended Sept. 30
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	3.5		3.5
(Decreases) increases:
Wind PTCs (a)	(13.7)		(14.9)
Plant regulatory differences (b)	(5.1)		(5.4)
Other tax credits, net operating loss & tax credit allowances	(1.6)		(1.0)
Other, net	0.4		0.6
Effective income tax rate	4.5	%	3.8	%

(a)Wind 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.


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:

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.

Derivative Activities and Fair Value Measurements

PSCo 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 — PSCo 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 Sept. 30, 2024, 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 Sept. 30, 2024, PSCo had no unsettled interest rate derivatives.

Wholesale and Commodity Trading — PSCo 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. PSCo 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 — PSCo 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 vehicle fuel.

When PSCo 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 Sept. 30, 2024, PSCo had no commodity contracts designated as cash flow hedges.

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Gross notional amounts of commodity forwards and options:


(Amounts in Millions) (a)(b)	Sept. 30, 2024	Dec. 31, 2023
Megawatt hours of electricity	1	2
Million British thermal units of natural gas	21	20

(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 — PSCo 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.

PSCo’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 Sept. 30, 2024, five of PSCo’s ten most significant counterparties for these activities, comprising $23 million, or 39%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.

Five of the ten most significant counterparties, comprising $25 million, or 42%, of this credit exposure, were not rated by these external ratings agencies, but based on PSCo’s internal analysis, had credit quality consistent with investment grade.

None of these significant counterparties, had credit quality less than investment grade, based on internal analysis. Nine of these significant counterparties are independent system operators, municipal or cooperative electric entities, Regional Transmission Organizations or other utilities.

Credit Related Contingent Features — Contract provisions for derivative instruments that PSCo 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 PSCo’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.

As of Sept. 30, 2024 and Dec. 31, 2023, there were no derivative liabilities position with such underlying contract provisions.

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 Sept. 30, 2024 and Dec. 31, 2023, there were approximately $8 million of derivative liabilities with such underlying contract provisions.

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 PSCo’s ability to fulfill its contractual obligations is reasonably expected to be impaired.

PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2024 and Dec. 31, 2023.

Recurring Derivative Fair Value Measurements

Changes in the fair value of natural gas commodity derivatives recognized as regulatory assets and liabilities included $5 million of net losses for the three and nine months ended Sept. 30, 2024 and immaterial net losses for the three and nine months ended Sept. 30 2023. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms.


	Pre-Tax Losses Reclassified into Income During the Period from:						Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)	Accumulated Other Comprehensive Loss			Regulatory Assets and Liabilities
Three Months Ended Sept. 30, 2024



Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(a)

Total	$	—		$	—		$	(3)

Nine Months Ended Sept. 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(11)	(a)
Natural gas commodity	—			—			(8)		(c)(d)
Total	$	—		$	—		$	(19)

Three Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	2	(a)

Total	$	—		$	—		$	2

Nine Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(a)
Natural gas commodity	—			10		(c)	(12)		(c)(d)
Total	$	—		$	10		$	(15)

(a)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(b)Recorded to interest charges.

(c)Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

(d)Relates primarily to option premium amortization.

PSCo had no derivative instruments designated as fair value hedges during the nine months ended Sept. 30, 2024 and 2023.

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Derivative assets and liabilities measured at fair value on a recurring basis were as follows:


	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative assets
Other derivative instruments:
Commodity trading	$	1	$	2	$	—	$	3	$	(1)	$	2	$	1	$	19	$	—	$	20	$	(17)	$	3
Natural gas commodity	—		11		—		11		—		11		—		8		—		8		—		8
Total current derivative assets	$	1	$	13	$	—	$	14	$	(1)	$	13	$	1	$	27	$	—	$	28	$	(17)	$	11
Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	5	$	4	$	—	$	9	$	(2)	$	7	$	6	$	9	$	—	$	15	$	—	$	15
Total noncurrent derivative assets	$	5	$	4	$	—	$	9	$	(2)	$	7	$	6	$	9	$	—	$	15	$	—	$	15


	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading	$	—	$	4	$	—	$	4	$	(1)	$	3	$	1	$	25	$	—	$	26	$	(17)	$	9
Natural gas commodity	—		6		—		6		—		6		—		8		—		8		—		8
Total current derivative liabilities	$	—	$	10	$	—	$	10	$	(1)	$	9	$	1	$	33	$	—	$	34	$	(17)	$	17
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	2	$	1	$	—	$	3	$	(3)	$	—	$	2	$	1	$	—	$	3	$	(3)	$	—
Total noncurrent derivative liabilities	$	2	$	1	$	—	$	3	$	(3)	$	—	$	2	$	1	$	—	$	3	$	(3)	$	—

(a)PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both Sept. 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $1 million and $4 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.

Changes in Level 3 commodity derivatives:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Balance at July 1	$	—	$	9

Net transactions recorded during the period:
Gains recognized in earnings (a)	—		2
Balance at Sept. 30	$	—	$	11

	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Balance at Jan. 1	$	—	$	9

Net transactions recorded during the period:
Gains recognized in earnings (a)	—		2
Balance at Sept. 30	$	—	$	11

(a)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 Sept. 30, 2024, other financial instruments for which the carrying amount did not equal fair value:


	Sept. 30, 2024				Dec. 31, 2023
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	8,639	$	7,969	$	7,450	$	6,580

Fair value of PSCo’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 Sept. 30, 2024 and Dec. 31, 2023, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.

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8. Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost (Credit)


	Three Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	6	$	5	$	—	$	—
Interest cost (a)	14		14		4		4
Expected return on plan assets (a)	(19)		(19)		(3)		(3)

Amortization of net loss (a)	1		1		—		—

Net periodic benefit cost	2		1		1		1
Effects of regulation	—		3		—		—
Net benefit cost recognized for financial reporting	$	2	$	4	$	1	$	1

	Nine Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	16	$	14	$	—	$	—
Interest cost (a)	42		43		12		12
Expected return on plan assets (a)	(57)		(57)		(11)		(11)

Amortization of net loss (a)	4		2		1		1

Net periodic benefit cost	5		2		2		2
Effects of regulation	(4)		9		—		—
Net benefit cost recognized for financial reporting	$	1	$	11	$	2	$	2

(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.

In January 2024, contributions totaling $100 million were made across Xcel Energy’s pension plans, of which $7 million was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2024.


9. Commitments and Contingencies

Legal

PSCo 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 PSCo’s consolidated financial statements. Legal fees are generally expensed as incurred.

Comanche Unit 3 Litigation — In 2021, CORE filed a lawsuit in Denver County District Court, alleging PSCo breached ownership agreement terms by failing to operate Comanche Unit 3 in accordance with prudent utility practices. In April 2022, CORE filed a supplement to include damages related to a 2022 outage. Also in 2022, CORE sent notice of withdrawal from the ownership agreement based on the same alleged breaches.

In October 2023, the jury ruled that CORE may not withdraw as a joint owner of the facility but awarded CORE lost power damages of $26 million. PSCo recognized $35 million of losses for the verdict in 2023, including estimated interest and other costs. In October 2024, PSCo and CORE reached a settlement, and parties have agreed to withdraw their appeals pending with the Colorado Court of Appeals.

Marshall Wildfire Litigation

In December 2021, a wildfire ignited in Boulder County, Colorado (Marshall Fire), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. On June 8, 2023, the Boulder County Sheriff’s Office released its Marshall Fire Investigative Summary and Review and its supporting documents (Sheriff’s Report). According to an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses.

According to the Sheriff’s Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo’s service territory, for reasons unrelated to PSCo’s power lines. According to the Sheriff’s Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo’s service territory. According to the Sheriff’s Report, the second ignition started approximately 80 to 110 feet away from PSCo’s power lines in the area.

The Sheriff’s Report states that the most probable cause of the second ignition was hot particles discharged from PSCo’s power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff’s Report, no design, installation or maintenance defects or deficiencies were identified on PSCo’s electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition.

PSCo is aware of 307 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,087 plaintiffs. The complaints generally allege that PSCo’s equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages.

In September 2023, the Boulder County District Court Judge consolidated the pending lawsuits into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025. Discovery is now underway.

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In September 2024, the Judge presiding over the consolidated cases in Boulder County issued an order regarding the trial that resolves, on a preliminary basis, certain disputes over the structure of the September 2025 trial. The Court ruled that all Plaintiffs should be bound by a trial on liability unless they opt-out with good cause. The Court also ruled that liability and damages should be largely or entirely tried separately, meaning that common questions of law and fact regarding liability would be decided first, and a majority or all of the damages phase will occur separately following the liability phase of trial. The individual plaintiffs filed a motion for reconsideration of the opt-out portion of this order, which is currently before the Court.

Colorado courts do not apply strict liability in determining an electric utility company’s liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff’s property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated.

Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury’s verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action filed before Jan. 1, 2025, other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles.

Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff’s damages.

In the event Xcel Energy Inc. or PSCo was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, Xcel Energy Inc. and PSCo are unable to estimate the amount or range of possible losses in connection with the Marshall Fire.

Rate Matters

PSCo 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.

Environmental

New and changing federal and state environmental mandates can create financial obligations for PSCo, 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. PSCo 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 PSCo is alleged to have sent wastes to that site.

MGP, Landfill and Disposal Sites

PSCo is investigating, remediating or performing post-closure actions at two MGP, landfill or other disposal sites across its service territory, in addition to sites that are being addressed under current coal ash regulations (see below).

PSCo has recognized approximately $6 million of costs/liabilities for resolution of these issues; however, the final outcomes 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 — PSCo 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 may be required to perform additional groundwater investigations and/or perform corrective actions, typically beginning with an Assessment of Corrective Measures.

Investigation and/or corrective action related to groundwater impacts are currently underway at certain active and closed coal-fueled generating facilities at a current estimated cost of at least $40 million. In addition, PSCo expects to incur $5 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. Asset retirement obligations have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.

PSCo has also identified coal ash that is expected to be required to be removed from certain closed coal-fueled generating facilities at estimated costs totaling approximately $40 million. Asset retirement obligations have been recorded, with the costs expected to be recoverable through regulatory mechanisms.

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PSCo continues to evaluate the 2024 updates to the CCR rule, the interpretations of those updates and how they will apply to specific sites. Assessment of the recent updates to the CCR Rule and corresponding site investigation activities may result in updates to estimated costs as well as identification of additional required corrective actions.

Leases

PSCo evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space 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 Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	21	$	23
Other operating leases (a)	4		5
Total operating lease expense (b)	$	25	$	28
Finance leases
Amortization of ROU assets	$	1	$	1
Interest expense on lease liability	4		4
Total finance lease expense	$	5	$	5

(a)Includes immaterial short-term lease expense for both 2024 and 2023.

(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.


	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	62	$	68
Other operating leases (a)	14		15
Total operating lease expense (b)	$	76	$	83
Finance leases
Amortization of ROU assets	$	3	$	2
Interest expense on lease liability	11		12
Total finance lease expense	$	14	$	14

(a)Includes immaterial short-term lease expense for both 2024 and 2023.

Commitments under operating and finance leases as of Sept. 30, 2024:


(Millions of Dollars)	PPA Operating Leases		Other Operating Lease		Total Operating Leases		Finance Leases
Total minimum obligation	$	295	$	46	$	341	$	405
Interest component of obligation	(25)		(5)		(30)		(293)
Present value of minimum obligation	$	270	$	41	311		112
Less current portion					(96)		(3)
Noncurrent operating and finance lease liabilities					$	215	$	109

Variable Interest Entities

Under certain PPAs, PSCo purchases power from IPPs for which PSCo is required to reimburse fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that it purchases. PSCo has determined that certain IPPs are VIEs, however PSCo 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.

PSCo 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. PSCo concluded that these entities are not required to be consolidated in its consolidated financial statements because PSCo does not have the power to direct the activities that most significantly impact the entities’ economic performance.

PSCo had approximately 1,207 MW of capacity under long-term PPAs at both Sept. 30, 2024 and Dec. 31, 2023, with entities that have been determined to be VIEs. These agreements have expiration dates through 2032.


10. Other Comprehensive Income

Changes in accumulated other comprehensive loss, net of tax:


	Three Months Ended Sept. 30, 2024						Three Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at July 1	$	(18)	$	(1)	$	(19)	$	(20)	$	(1)	$	(21)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	—		—		—		1		—		1
Amortization of net actuarial loss (b)	—		—		—		—		(1)		(1)
Net current period other comprehensive income	—		—		—		1		(1)		—
Accumulated other comprehensive loss at Sept. 30	$	(18)	$	(1)	$	(19)	$	(19)	$	(2)	$	(21)

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	Nine Months Ended Sept. 30, 2024						Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at Jan. 1	$	(19)	$	(1)	$	(20)	$	(20)	$	(2)	$	(22)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	1		—		1		1		—		1

Net current period other comprehensive income	1		—		1		1		—		1
Accumulated other comprehensive loss at Sept. 30	$	(18)	$	(1)	$	(19)	$	(19)	$	(2)	$	(21)

(a)Included in interest charges.

(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.


11. Segment Information

PSCo evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment.

PSCo has the following reportable segments:

•Regulated Electric — The regulated electric utility segment generates electricity which is transmitted and distributed in Colorado. This segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes PSCo’s wholesale commodity and trading operations.

•Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado.

PSCo also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services revenues/commissions and non-utility real estate activities.

Asset and capital expenditure information is not provided for PSCo’s reportable segments because, as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment and 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.

PSCo’s segment information:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric


Total revenues	$	1,128	$	1,113
Net income	275		247
Regulated Natural Gas


Total revenues	$	165	$	165
Net loss	(29)		(16)
All Other
Total revenues (a)	$	8	$	12
Net income (loss)	10		(2)
Consolidated Total


Total revenues (a)	$	1,301	$	1,290
Net income	256		229

(a)Total revenues include $2 million and $1 million of other affiliate revenue for the three months ended Sept. 30, 2024 and 2023, respectively


	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric


Total revenues	$	2,942	$	2,877
Net income	517		449
Regulated Natural Gas


Total revenues	$	1,022	$	1,247
Net income	59		81
All Other
Total revenues (a)	$	29	$	41
Net income	18		6
Consolidated Total


Total revenues (a)	$	3,993	$	4,165
Net income	594		536

(a)Total revenues include $4 million and $3 million of other affiliate revenue for the nine months ended Sept. 30, 2024 and 2023.

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ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Discussion of financial condition and liquidity for PSCo 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.

PSCo’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.

Earnings Adjusted for Certain Items (Ongoing Earnings)

Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items.

We use this non-GAAP financial measure to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP.

The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023		2024		2023
GAAP net income	$	256	$	229	$	594	$	536
Loss on Comanche Unit 3 litigation	—		34		—		34
Less: tax effect of adjustment	—		(8)		—		(8)
Ongoing earnings	$	256	$	255	$	594	$	562

Comanche Unit 3 Litigation — As a result of an Oct. 25, 2023 jury verdict in Denver County District Court awarding CORE lost power damages and other costs, PSCo recognized a $34 million loss for the matter in the third quarter of 2023. Given the non-recurring nature of this specific item, it has been excluded from ongoing earnings.


Results of Operations

PSCo’s GAAP net income was $594 million for the nine months ended Sept. 30, 2024 compared with $536 million for the prior year. Ongoing net income was $594 million for the nine months ended Sept. 30, 2024 compared with $562 million for the prior year. The change in ongoing earnings was driven by higher recovery of electric infrastructure investments, which was partially offset by increased interest charges, depreciation and O&M expenses.

Electric Revenues

Electric revenues are impacted by fluctuations in the price of natural gas and coal, 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)	Nine Months Ended Sept. 30, 2024 vs. 2023
Regulatory rate outcomes	$	74
Non-fuel riders	56
Estimated impact of weather	27
Conservation and demand side management (offset in expense)	26

Recovery of lower cost of electric fuel and purchased power	(95)
Wholesale generation revenues	(6)
PTCs flowed back to customers (offset by lower ETR)	(2)


Other, net	(15)
Total increase	$	65

Natural Gas Revenues

Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.


(Millions of Dollars)	Nine Months Ended Sept. 30, 2024 vs. 2023
Recovery of lower cost of natural gas	$	(205)
Estimated impact of weather	(31)
Retail sales growth	5
Other, net	6
Total decrease	$	(225)

Electric Fuel and Purchased Power — Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of natural gas and coal, 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 decreased $92 million year-to-date. The decrease is primarily due to lower commodity prices and timing of fuel recovery mechanisms, partially offset by increased volume.

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 decreased $207 million year-to-date. The decrease is primarily due to lower commodity prices and volumes, partially offset by timing of fuel recovery.

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Non-Fuel Operating Expenses and Other Items

O&M Expenses — O&M expenses increased $54 million year-to-date. The increase was primarily due to operational activities (generation maintenance, damage prevention, storm response and wildfire mitigation).

Depreciation and Amortization — Depreciation and amortization expense increased $47 million year-to-date. The increase was primarily due to system expansion.

Other income, net — Other income increased $35 million year-to-date, largely due to interest income.

Interest Charges — Interest charges increased $51 million year-to-date, largely due to increased long-term debt levels and higher interest rates.


Public Utility Regulation and Other

The FERC and state and local regulatory commissions regulate PSCo. PSCo 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 Colorado.

Rates are designed to recover plant investment, operating costs and an allowed return on investment. PSCo requests changes in utility rates through commission filings. Changes in operating costs can affect PSCo’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 PSCo’s results of operations.

Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2023, 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

Colorado Natural Gas Rate Case — In January 2024, PSCo, filed a request with the CPUC seeking an increase to retail natural gas rates of $171 million (9.5%). The request was based on a 10.25% ROE, an equity ratio of 55%, a 2023 test year and a $4.2 billion year-end rate base.

In October 2024, the CPUC issued an order including the following key decisions:

•Use of a historic 2023 test year, with a 13-month average rate base.

•Weighted-average cost of capital of 7.0%, based on an ROE range of 9.2%-9.5% and an equity ratio range of 52%-55%.

•Acceleration of $15 million per year of depreciation expense (incremental to PSCo’s original rate request), to be held in an external trust for future decommissioning costs.

•Modifications to recoverability of certain operating expenses.

•Denial of PSCo’s decoupling proposal.

Based on the CPUC order, PSCo estimates an annual revenue increase of approximately $130 million, inclusive of $15 million of accelerated depreciation, with rates expected to be effective Nov. 5, 2024.

Colorado Resource Plan — In December 2023, the CPUC approved a portfolio of 5,835 MW, which includes approximately 3,100 MW of company owned resources and 2,700 MW of PPAs.

In December 2023, the CPUC approved two PIMs associated with the generation projects in the portfolio, including a PIM related to capital

construction costs and another related to ongoing levelized energy costs. These PIMs will be further defined in related proceedings throughout 2024. In September 2024, PSCo filed a proposed framework for CPUC review of pricing adjustments for both company owned and PPA resources to enable delivery of the approved portfolio in light of supply chain and geopolitical developments. A decision is expected in the fourth quarter of 2024.

PSCo filed or expects to file generation and transmission CPCNs throughout 2024 and early 2025.

2024 Colorado Electric Resource Plan — In October 2024, PSCo filed its electric resource plan, known as the Just Transition Solicitation, with the CPUC. The filing reflects the expected growth on the system, the generation resources needed to meet the projected growth and the future evaluation of competitive bids for new generation resources.

•The plan reflects a base sales forecast with 7% compound annual sales growth through 2031.

•The plan also presents a low sales forecast with a 3% compound annual sales growth through 2031.

•The resource plan includes forecasted need of 5-14 GW of new generation capacity through 2031, including renewables and firm dispatchable resources to meet the two different scenarios. The acquisitions of generation resources will be determined through a competitive solicitation after the CPUC determines the portfolio. The table below summarizes two of the proposed portfolios based on the different sales scenarios:


(Megawatts)	Base Plan	Low Load
Wind	7,250	2,800
Solar	3,077	1,200
Natural gas combustion turbine	1,575	1,400
Storage (long duration)	1,600	—
Other storage	450	—
Total	13,952	5,400

A CPUC decision on the resource plan is expected by the fall of 2025 (Phase I) with the competitive solicitation for resource additions expected in early 2026.

Wildfire Mitigation Plan — In June 2024, PSCo filed an updated WMP and request for recovery of costs covering the years 2025 to 2027 with the CPUC. The estimated total cost for this plan is approximately $1.9 billion. A CPUC decision is expected in the third quarter of 2025.

The WMP is a key component of keeping our customers and communities safe while providing reliable and affordable electric service. The WMP integrates industry experience; incorporates evolving risk assessment methodologies; adds new technology; and expands the scope, pace and scale of our work to reduce wildfire risk in a comprehensive and efficient manner under four core programs that include the following:

•Situational awareness — Meteorology, area risk mapping and modeling, artificial intelligence cameras and continuous monitoring.

•Operational mitigations – Enhanced powerline safety settings and PSPS.

•System resiliency — Asset assessment and remediations, pole replacements, line rebuilds, targeted undergrounding and vegetation management.

•Customer support — Coordination and real-time data sharing with customers and other stakeholders and PSPS resiliency rebates.

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The CPUC requested that PSCo file supplemental testimony including the impacts of potential securitization of the proposed wildfire mitigation plan investments. Total capital investments and O&M expenses associated with the proposed plan are estimated at the following:


(Millions of Dollars)	2025		2026		2027		Total
Capital investments
Situational awareness	$	24	$	17	$	10	$	51
Operational mitigations	58		66		83		207
System resiliency	368		411		565		1,344
Total capital investments	$	450	$	494	$	658	$	1,602

O&M expenses
Situational awareness	$	9	$	10	$	10	$	29
Operational mitigations	3		3		4		10
System resiliency	44		69		77		190
Customer support	7		8		9		24
Total O&M expenses	63		90		100		253
Total expenditures	$	513	$	584	$	758	$	1,855

The procedural schedule is as follows:

•Answer testimony: Feb. 14, 2025

•Rebuttal testimony: March 21, 2025

•Settlement deadline: April 11, 2025

•Hearing: May 5-15, 2025

•Decision deadline: Aug. 28, 2025

CPUC Proactive Line De-Energization Investigation — In April 2024, PSCo proactively de-energized certain lines in Colorado due to winds that were over 90 miles per hour to reduce potential wildfire risk.

The CPUC opened a docket related to the proactive de-energizing of power lines to evaluate potential improvements to the process. The CPUC plans to continue evaluation of PSCo’s policies for proactive line de-energizations through its ongoing review of the 2025-2027 wildfire mitigation plan and, in the interim, will require PSCo to file additional information to the CPUC, hold work sessions with emergency responders, test customer communication protocols, and provide monthly progress updates to the CPUC.

Colorado Senate Bill 23-291 — In May 2023, Colorado Senate Bill 23-291 was signed into law. The bill includes a number of topics including natural gas and electric fuel incentive mechanisms, natural gas planning rules, regulatory filing requirements, and non-recovery of certain expenses (e.g., certain organizational or membership dues, tax penalties or fines).

In November 2023, the CPUC approved PSCo’s natural gas price risk plan to manage customer bill volatility from commodity price changes, establishing upper and lower limits for changes in the gas cost adjustment rate. As a result, costs above the upper limit are deferred for future recovery, with interest, and costs below the lower limit deferred as a reserve against future cost increases.

The legislation also calls for the CPUC to adopt rules to establish fuel cost mechanisms to align the financial incentives of a utility with the interests of the utility’s customers by Jan. 1, 2025. In September 2024, the CPUC issued a recommended decision in adopting rules to implement a natural gas PIM prior to Jan. 1, 2025. Per the recommended decision, natural gas costs incurred will be compared to the prior year to determine any incentive/penalty. In October 2024, PSCo filed targeted exceptions. A final decision is expected in fourth quarter of 2024.

In October 2024, the CPUC also issued a proposed PIM for electric utilities. Similar to the natural gas PIM, it would determine any incentive/penalty by comparing the year-over-year change in the price of natural gas procured for electric generation. PSCo filed comments in October 2024 and a hearing is expected to occur in November 2024. A CPUC decision is expected by the end of 2024.

Colorado Senate Bill 24-218 — In May 2024, Colorado Senate Bill 24-218 was signed into law. The bill includes a suite of policy changes to accelerate investment in electric distribution, including a framework to develop distribution planning and performance requirements and the opportunity for current cost recovery through a rider for distribution investments. In July 2024, the CPUC approved PSCo’s request to collect $17 million through a rider, over the remainder of 2024, subject to true-up, associated with forecasted capital investments covered by the new legislation. PSCo expects to file an updated 2025 rider in November 2024.

Cabin Creek Prudency Review — In 2015, the CPUC granted a CPCN for an $88 million upgrade project to increase the generating and storage capacity of the Cabin Creek hydroelectric storage facility, which anticipated project completion in 2020. Due to significant and unforeseen challenges, the project was not completed until 2023 and cost approximately $110 million. In July 2024, PSCo filed a prudency review for the upgrade project, which reviews the project’s timelines, costs, benefits and challenges.

Procedural schedule:

•Answer testimony: Feb. 3, 2025

•Rebuttal testimony: March 14, 2025

•Settlement testimony: April 4, 2025

•Hearing: April 17-18, 2025

•Statements of position: May 9, 2025

A final CPUC decision is expected in the second quarter of 2025.

Excess Liability Insurance Deferral — In August 2024, PSCo filed a request with the CPUC to establish a tracker to defer differences in excess liability insurance premiums after the October 2024 policy renewal (reflecting significantly rising premiums, largely associated with wildfire risks throughout the United States) and amounts currently recovered. In October 2024, the CPUC approved an accelerated procedural schedule which is as follows:

•Rebuttal testimony: Nov. 1, 2024

•Settlement deadline: Nov. 12, 2024

•Hearing: Nov. 21, 2024

•Target decision date: Dec. 31, 2024

Other

Supply Chain

PSCo’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. PSCo 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.

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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 October 2024, the U.S. Department of Commerce announced its preliminary determination in the countervailing duty circumvention investigation, which is not expected to impact PSCo projects. A preliminary decision related to the anti-dumping portion of the matter is anticipated in November 2024.

In May 2024, the White House imposed a new 25% tariff on Lithium-Ion storage along with other trade measures. The tariff went into immediate effect for EV batteries but has a grace period until January 2026 for stationary energy storage applications.

PSCo continues to assess the impacts of these tariffs and trade complaints on its business, including company-owned projects and PPAs. PSCo may seek regulatory relief for tariffs, if required, in its jurisdictions.

Further policy actions or other restrictions on solar and storage imports, disruptions in imports from key suppliers, or any new trade complaint could impact project timelines and costs of various generation projects and PPAs.

Excess Liability Insurance Coverage

PSCo maintains excess liability coverage, which is intended to insure against liability to third parties. During 2024, Xcel Energy had approximately $600 million of excess liability coverage; including $520 million of wildfire coverage with an annual premium assigned to PSCo of approximately $13 million. Examples of claims paid under this policy include property damage or bodily injury to members of the public caused by PSCo’s employees, equipment or facilities. The increased wildfire liability risk and claims are driving a significant increase of premiums and reductions in insurance coverage in the excess liability markets, especially in the western United States. In October 2024, Xcel Energy renewed its excess liability coverage and now has $450 million of total coverage, including $300 million of wildfire coverage. The annual premium for this excess liability insurance assigned to PSCo is approximately $50 million. PSCo is seeking to recover these increased costs through a deferral request with the CPUC.

Environmental Regulation

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, PSCo 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. PSCo 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, PSCo 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, PSCo 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

PSCo 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 Sept. 30, 2024, based on an evaluation carried out under the supervision and with the participation of PSCo’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that PSCo’s disclosure controls and procedures were effective.

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Internal Control Over Financial Reporting

No changes in PSCo’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, PSCo’s internal control over financial reporting.


PART II — OTHER INFORMATION


ITEM 1 — LEGAL PROCEEDINGS

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 PSCo’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

PSCo’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, 2023, 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 Sept. 30, 2024.


ITEM 6 — EXHIBITS

* Indicates incorporation by reference


Exhibit Number	Description	Report or Registration Statement	Exhibit Reference
3.01*	Amended and Restated Articles of Incorporation, dated July 15, 1998	PSCo Form 10-Q for the quarter ended Sept. 30, 2017	3.01
3.02*	Amended and Restated Bylaws of PSCo, dated Jan. 25, 2019	PSCo Form 10-K for the year ended Dec. 31, 2018	3.02
31.01	Principal Executive Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Principal Financial Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline 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.SCH	Inline XBRL Schema
101.CAL	Inline XBRL Calculation
101.DEF	Inline XBRL Definition
101.LAB	Inline XBRL Label
101.PRE	Inline XBRL Presentation
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

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


		Public Service Company of Colorado

10/31/2024	By:	/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)

Exhibit 31.01

CERTIFICATION

I, Robert C. Frenzel, certify that:

1.I have reviewed this report on Form 10-Q of Public Service Company of Colorado;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 10/31/2024


			/s/ ROBERT C. FRENZEL
			Robert C. Frenzel
			Chairman, Chief Executive Officer and Director
			(Principal Executive Officer)

Exhibit 31.02

CERTIFICATION

I, Brian J. Van Abel, certify that:

1.I have reviewed this report on Form 10-Q of Public Service Company of Colorado;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 10/31/2024


			/s/ BRIAN J. VAN ABEL
			Brian J. Van Abel
			Executive Vice President, Chief Financial Officer and Director
			(Principal Financial Officer)

Exhibit 32.01

OFFICER CERTIFICATION

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Public Service Company of Colorado (PSCo) on Form 10-Q for the quarter ended Sept. 30, 2024, as filed with the SEC on the date hereof (Form 10-Q), each of the undersigned officers of PSCo certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

(1)The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of PSCo as of the dates and for the periods expressed in the Form 10-Q.

Date: 10/31/2024


			/s/ ROBERT C. FRENZEL
			Robert C. Frenzel
			Chairman, Chief Executive Officer and Director
			(Principal Executive Officer)

			/s/ BRIAN J. VAN ABEL
			Brian J. Van Abel
			Executive Vice President, Chief Financial Officer and Director
			(Principal Financial Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to PSCo and will be retained by PSCo and furnished to the SEC or its staff upon request.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Entity Registrant Name	PUBLIC SERVICE CO OF COLORADO
Entity Central Index Key	0000081018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-03280
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-0296600
Entity Address, Address Line One	1800 Larimer Street, Suite 1100
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	(303)
Local Phone Number	571-7511
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Operating revenues

Electric

$ 1,128

$ 1,113

$ 2,942

$ 2,877

Natural gas

165

1,022

1,247

Other

Total operating revenues

1,301

^[1]

1,290

^[1]

3,993

4,165

^[2]

Operating expenses

Electric fuel and purchased power

319

356

963

1,055

Cost of natural gas sold and transported

453

660

Cost of sales — other

Operating and maintenance expenses

229

196

702

648

Demand side management expenses

132

106

Depreciation and amortization

248

235

740

693

Taxes (other than income taxes)

208

216

Loss on Comanche Unit 3 litigation

Total operating expenses

969

980

3,205

3,425

Operating income

332

310

788

740

Other income, net

Allowance for funds used during construction — equity

Interest charges and financing costs

Interest charges and other financing costs

279

228

Allowance for funds used during construction — debt

(9)

(6)

(21)

(13)

Total interest charges and financing costs

258

215

Income before income taxes

278

250

622

557

Income tax expense

Net income

$ 256

$ 229

$ 594

$ 536

[1]	Total revenues include $2 million and $1 million of other affiliate revenue for the three months ended Sept. 30, 2024 and 2023, respectively
[2]	Total revenues include $4 million and $3 million of other affiliate revenue for the nine months ended Sept. 30, 2024 and 2023.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Comprehensive income:
Net income	$ 256	$ 229	$ 594	$ 536
Pension and retiree medical benefits:
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax	0	(1)	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0	1	1	1
Total other comprehensive income	0	0	1	1
Total comprehensive income	$ 256	$ 229	$ 595	$ 537

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 594	$ 536
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	741	697
Deferred income taxes	15	(122)
Allowance for equity funds used during construction	(50)	(25)
Provision for bad debts	24	25
Changes in operating assets and liabilities:
Accounts receivable	82	115
Accrued unbilled revenues	70	257
Inventories	(15)	48
Other current assets	0	38
Accounts payable	(81)	(184)
Net regulatory assets and liabilities	213	178
Other current liabilities	(19)	31
Pension and other employee benefit obligations	(4)	1
Other, net	104	(54)
Net cash provided by operating activities	1,674	1,541
Investing activities
Utility capital/construction expenditures	(2,121)	(1,631)
Investments in utility money pool arrangement	(234)	(367)
Repayments from utility money pool arrangement	234	367
Net cash used in investing activities	(2,121)	(1,631)
Financing activities
Repayments of short-term borrowings, net	(320)	(294)
Borrowings under utility money pool arrangement	381	355
Repayments under utility money pool arrangement	(432)	(167)
Proceeds from issuance of long-term debt	1,184	834
Repayments of long-term debt	0	(250)
Capital contributions from parent	814	118
Dividends paid to parent	(407)	(507)
Net cash provided by financing activities	1,220	89
Net change in cash, cash equivalents and restricted cash	773	(1)
Cash, cash equivalents and restricted cash at beginning of period	13	10
Cash, cash equivalents and restricted cash at end of period	786	9
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	(215)	(197)
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers	3	(119)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	347	168
Inventory transfers to property, plant and equipment	57	17
Operating lease right-of-use assets	1	17
Allowance for equity funds used during construction	$ 50	$ 25

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and Cash Equivalents, at Carrying Value	$ 786	$ 13
Accrued unbilled revenues	290	361
Inventories	216	258
Regulatory assets	138	304
Derivative instruments	13	11
Prepayments and other	101	95
Total current assets	1,961	1,562
Property, plant and equipment, net	22,615	21,035
Other assets
Regulatory assets	1,307	1,267
Derivative instruments	7	15
Operating lease right-of-use assets	292	366
Other	258	383
Total other assets	1,864	2,031
Total assets	26,440	24,628
Current liabilities
Borrowings under utility money pool arrangement	0	51
Short-term debt	0	320
Regulatory liabilities	117	70
Taxes accrued	202	261
Accrued interest	102	68
Dividends payable to parent	100	72
Derivative instruments	9	17
Operating lease liabilities	96	102
Other	182	177
Total current liabilities	1,801	1,925
Deferred credits and other liabilities
Deferred income taxes	1,959	1,894
Regulatory liabilities	2,607	2,562
Asset retirement obligations	443	383
Customer advances	107	124
Pension and employee benefit obligations	34	40
Operating lease liabilities	215	290
Other	152	218
Total deferred credits and other liabilities	5,517	5,511
Commitments and contingencies
Capitalization
Long-term debt	$ 8,389	$ 7,450
Common Stock, Shares Authorized	100	100
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	100	100
Common stock — 100 shares authorized of $0.01 par value; 100 shares outstanding at Sept. 30, 2024 and Dec. 31, 2023, respectively	$ 0	$ 0
Additional paid in capital	8,242	7,412
Retained earnings	2,510	2,350
Accumulated other comprehensive loss	(19)	(20)
Total common stockholder's equity	10,733	9,742
Total liabilities and equity	26,440	24,628
Current portion of long-term debt	250	0
Related Party
Current assets
Accounts receivable, net	417	492
Current liabilities
Accounts payable	674	704
Affiliated Entity
Current assets
Accounts receivable, net	0	28
Current liabilities
Accounts payable	$ 69	$ 83

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	Common stock	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2022		100
Beginning Balance at Dec. 31, 2022	$ 9,230	$ 0	$ 6,992	$ 2,260	$ (22)
Increase (Decrease) in Stockholder's Equity
Net income	536
Total other comprehensive income	1				1
Dividends declared to parent	(533)			(533)
Contribution of capital by parent	119		119
Balance (in shares) at Sep. 30, 2023		100
Ending Balance at Sep. 30, 2023	9,353	$ 0	7,111	2,263	(21)
Balance (in shares) at Jun. 30, 2023		100
Beginning Balance at Jun. 30, 2023	9,260	$ 0	7,086	2,195	(21)
Increase (Decrease) in Stockholder's Equity
Net income	229			229
Total other comprehensive income	0
Dividends declared to parent	(161)			(161)
Contribution of capital by parent	25		25
Balance (in shares) at Sep. 30, 2023		100
Ending Balance at Sep. 30, 2023	$ 9,353	$ 0	7,111	2,263	(21)
Balance (in shares) at Dec. 31, 2023	100	100
Beginning Balance at Dec. 31, 2023	$ 9,742	$ 0	7,412	2,350	(20)
Increase (Decrease) in Stockholder's Equity
Net income	594
Total other comprehensive income	1				1
Dividends declared to parent	(434)			(434)
Contribution of capital by parent	$ 830		830
Balance (in shares) at Sep. 30, 2024	100	100
Ending Balance at Sep. 30, 2024	$ 10,733	$ 0	8,242	2,510	(19)
Balance (in shares) at Jun. 30, 2024		100
Beginning Balance at Jun. 30, 2024	10,378	$ 0	7,979	2,418	(19)
Increase (Decrease) in Stockholder's Equity
Net income	256			256
Total other comprehensive income	0
Dividends declared to parent	(164)			(164)
Contribution of capital by parent	$ 263		263
Balance (in shares) at Sep. 30, 2024	100	100
Ending Balance at Sep. 30, 2024	$ 10,733	$ 0	$ 8,242	$ 2,510	$ (19)

Management's Opinion	9 Months Ended
Management's Opinion	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Management's Opinion	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 PSCo as of Sept. 30, 2024 and Dec. 31, 2023; the results of PSCo’s operations, including the components of net income, comprehensive income and changes in stockholder’s equity for the three and nine months ended Sept. 30, 2024 and 2023; and PSCo’s cash flows for the nine months ended Sept. 30, 2024 and 2023. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2024, 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, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023. 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 PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of PSCo’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.

Accounting Pronouncements	9 Months Ended
Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Recently Issued Segment Reporting — In November 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. The ASU is effective for annual periods beginning after Dec. 15, 2023 and quarterly periods beginning after Dec. 15, 2024, and PSCo does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements. 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 PSCo does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements. Climate-Related Disclosures — In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. PSCo does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.

Selected Balance Sheet Data

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Selected Balance Sheet Data


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Accounts receivable, net
Accounts receivable	$	466	$	548
Less allowance for bad debts	(49)		(56)
Accounts receivable, net	$	417	$	492


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Inventories
Materials and supplies	$	99	$	91
Fuel	57		83
Natural gas	60		84
Total inventories	$	216	$	258


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Property, plant and equipment, net
Electric plant	$	17,613	$	16,698
Natural gas plant	6,675		6,321
Common and other property	1,549		1,472
Plant to be retired (a)	1,096		1,203
Construction work in progress	2,070		1,310
Total property, plant and equipment	29,003		27,004
Less accumulated depreciation	(6,388)		(5,969)
Property, plant and equipment, net	$	22,615	$	21,035

Borrowings and Other Financing Instruments

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings and Other Financing Instruments

Short-Term Borrowings

PSCo 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 borrowings:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	250	$	250
Amount outstanding at period end	—		51
Average amount outstanding	—		23
Maximum amount outstanding	—		250
Weighted average interest rate, computed on a daily basis	N/A		5.31		%
Weighted average interest rate at period end	N/A		5.34

Commercial Paper — Commercial paper outstanding:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	700	$	700
Amount outstanding at period end	—		320
Average amount outstanding	—		124
Maximum amount outstanding	—		454
Weighted average interest rate, computed on a daily basis	N/A		5.17		%
Weighted average interest rate at period end	N/A		5.56

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.

PSCo 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 Sept. 30, 2024, PSCo had the following committed revolving credit facility available (in millions of dollars):


Credit Facility (a)		Drawn (b)		Available
$	700	$	31	$	669

(a)Expires in September 2027.

(b)Includes outstanding commercial paper and letters of credit.

Long-Term Borrowings

During the nine months ended Sept. 30, 2024, PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054.

Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following:


	Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	431	$	90	$	1	$	522
C&I	512		43		7		562
Other	11		—		—		11
Total retail	954		133		8		1,095
Wholesale	47		—		—		47
Transmission	29		—		—		29
Other	13		27		—		40
Total revenue from contracts with customers	1,043		160		8		1,211
Alternative revenue and other	85		5		—		90
Total revenues	$	1,128	$	165	$	8	$	1,301


	Three Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	398	$	88	$	5	$	491
C&I	538		44		7		589
Other	13		—		—		13
Total retail	949		132		12		1,093
Wholesale	53		—		—		53
Transmission	25		—		—		25
Other	16		27		—		43
Total revenue from contracts with customers	1,043		159		12		1,214
Alternative revenue and other	70		6		—		76
Total revenues	$	1,113	$	165	$	12	$	1,290

	Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,061	$	632	$	4	$	1,697
C&I	1,357		269		25		1,651
Other	38		—		—		38
Total retail	2,456		901		29		3,386
Wholesale	160		—		—		160
Transmission	74		—		—		74
Other	45		97		—		142
Total revenue from contracts with customers	2,735		998		29		3,762
Alternative revenue and other	207		24		—		231
Total revenues	$	2,942	$	1,022	$	29	$	3,993


	Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,003	$	790	$	14	$	1,807
C&I	1,403		335		27		1,765
Other	40		—		—		40
Total retail	2,446		1,125		41		3,612
Wholesale	170		—		—		170
Transmission	68		—		—		68
Other	44		99		—		143
Total revenue from contracts with customers	2,728		1,224		41		3,993
Alternative revenue and other	149		23		—		172
Total revenues	$	2,877	$	1,247	$	41	$	4,165

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliation between the statutory rate and ETR:


	Nine Months Ended Sept. 30
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	3.5		3.5
(Decreases) increases:
Wind PTCs (a)	(13.7)		(14.9)
Plant regulatory differences (b)	(5.1)		(5.4)
Other tax credits, net operating loss & tax credit allowances	(1.6)		(1.0)
Other, net	0.4		0.6
Effective income tax rate	4.5	%	3.8	%

(a)Wind 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.

Fair Value of Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Fair Value Measurements

Specific valuation methods include:

Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.

Derivative Activities and Fair Value Measurements

As of Sept. 30, 2024, PSCo had no commodity contracts designated as cash flow hedges.

Gross notional amounts of commodity forwards and options:


(Amounts in Millions) (a)(b)	Sept. 30, 2024	Dec. 31, 2023
Megawatt hours of electricity	1	2
Million British thermal units of natural gas	21	20

(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.

PSCo’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 Sept. 30, 2024 and Dec. 31, 2023, there were no derivative liabilities position with such underlying contract provisions.

As of Sept. 30, 2024 and Dec. 31, 2023, there were approximately $8 million of derivative liabilities with such underlying contract provisions.

PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2024 and Dec. 31, 2023.

Recurring Derivative Fair Value Measurements


	Pre-Tax Losses Reclassified into Income During the Period from:						Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)	Accumulated Other Comprehensive Loss			Regulatory Assets and Liabilities
Three Months Ended Sept. 30, 2024



Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(a)

Total	$	—		$	—		$	(3)

Nine Months Ended Sept. 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(11)	(a)
Natural gas commodity	—			—			(8)		(c)(d)
Total	$	—		$	—		$	(19)

Three Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	2	(a)

Total	$	—		$	—		$	2

Nine Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(a)
Natural gas commodity	—			10		(c)	(12)		(c)(d)
Total	$	—		$	10		$	(15)

(a)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(b)Recorded to interest charges.

(d)Relates primarily to option premium amortization.

PSCo had no derivative instruments designated as fair value hedges during the nine months ended Sept. 30, 2024 and 2023.

Derivative assets and liabilities measured at fair value on a recurring basis were as follows:


	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative assets
Other derivative instruments:
Commodity trading	$	1	$	2	$	—	$	3	$	(1)	$	2	$	1	$	19	$	—	$	20	$	(17)	$	3
Natural gas commodity	—		11		—		11		—		11		—		8		—		8		—		8
Total current derivative assets	$	1	$	13	$	—	$	14	$	(1)	$	13	$	1	$	27	$	—	$	28	$	(17)	$	11
Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	5	$	4	$	—	$	9	$	(2)	$	7	$	6	$	9	$	—	$	15	$	—	$	15
Total noncurrent derivative assets	$	5	$	4	$	—	$	9	$	(2)	$	7	$	6	$	9	$	—	$	15	$	—	$	15


	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading	$	—	$	4	$	—	$	4	$	(1)	$	3	$	1	$	25	$	—	$	26	$	(17)	$	9
Natural gas commodity	—		6		—		6		—		6		—		8		—		8		—		8
Total current derivative liabilities	$	—	$	10	$	—	$	10	$	(1)	$	9	$	1	$	33	$	—	$	34	$	(17)	$	17
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	2	$	1	$	—	$	3	$	(3)	$	—	$	2	$	1	$	—	$	3	$	(3)	$	—
Total noncurrent derivative liabilities	$	2	$	1	$	—	$	3	$	(3)	$	—	$	2	$	1	$	—	$	3	$	(3)	$	—

Changes in Level 3 commodity derivatives:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Balance at July 1	$	—	$	9

Net transactions recorded during the period:
Gains recognized in earnings (a)	—		2
Balance at Sept. 30	$	—	$	11

	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Balance at Jan. 1	$	—	$	9

Net transactions recorded during the period:
Gains recognized in earnings (a)	—		2
Balance at Sept. 30	$	—	$	11

Fair Value of Long-Term Debt

As of Sept. 30, 2024, other financial instruments for which the carrying amount did not equal fair value:


	Sept. 30, 2024				Dec. 31, 2023
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	8,639	$	7,969	$	7,450	$	6,580

Benefit Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans and Other Postretirement Benefits


	Three Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	6	$	5	$	—	$	—
Interest cost (a)	14		14		4		4
Expected return on plan assets (a)	(19)		(19)		(3)		(3)

Amortization of net loss (a)	1		1		—		—

Net periodic benefit cost	2		1		1		1
Effects of regulation	—		3		—		—
Net benefit cost recognized for financial reporting	$	2	$	4	$	1	$	1

	Nine Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	16	$	14	$	—	$	—
Interest cost (a)	42		43		12		12
Expected return on plan assets (a)	(57)		(57)		(11)		(11)

Amortization of net loss (a)	4		2		1		1

Net periodic benefit cost	5		2		2		2
Effects of regulation	(4)		9		—		—
Net benefit cost recognized for financial reporting	$	1	$	11	$	2	$	2

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal

Marshall Wildfire Litigation

Rate Matters

Environmental

New and changing federal and state environmental mandates can create financial obligations for PSCo, which are normally recovered through the regulated rate process.

Site Remediation

Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which PSCo is alleged to have sent wastes to that site.

MGP, Landfill and Disposal Sites

Water and Waste

Coal Ash Regulation — PSCo is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.

Leases

Components of lease expense:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	21	$	23
Other operating leases (a)	4		5
Total operating lease expense (b)	$	25	$	28
Finance leases
Amortization of ROU assets	$	1	$	1
Interest expense on lease liability	4		4
Total finance lease expense	$	5	$	5

(a)Includes immaterial short-term lease expense for both 2024 and 2023.


	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	62	$	68
Other operating leases (a)	14		15
Total operating lease expense (b)	$	76	$	83
Finance leases
Amortization of ROU assets	$	3	$	2
Interest expense on lease liability	11		12
Total finance lease expense	$	14	$	14

(a)Includes immaterial short-term lease expense for both 2024 and 2023.

Commitments under operating and finance leases as of Sept. 30, 2024:


(Millions of Dollars)	PPA Operating Leases		Other Operating Lease		Total Operating Leases		Finance Leases
Total minimum obligation	$	295	$	46	$	341	$	405
Interest component of obligation	(25)		(5)		(30)		(293)
Present value of minimum obligation	$	270	$	41	311		112
Less current portion					(96)		(3)
Noncurrent operating and finance lease liabilities					$	215	$	109

Variable Interest Entities

Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Other Comprehensive Income

Changes in accumulated other comprehensive loss, net of tax:


	Three Months Ended Sept. 30, 2024						Three Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at July 1	$	(18)	$	(1)	$	(19)	$	(20)	$	(1)	$	(21)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	—		—		—		1		—		1
Amortization of net actuarial loss (b)	—		—		—		—		(1)		(1)
Net current period other comprehensive income	—		—		—		1		(1)		—
Accumulated other comprehensive loss at Sept. 30	$	(18)	$	(1)	$	(19)	$	(19)	$	(2)	$	(21)


	Nine Months Ended Sept. 30, 2024						Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at Jan. 1	$	(19)	$	(1)	$	(20)	$	(20)	$	(2)	$	(22)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	1		—		1		1		—		1

Net current period other comprehensive income	1		—		1		1		—		1
Accumulated other comprehensive loss at Sept. 30	$	(18)	$	(1)	$	(19)	$	(19)	$	(2)	$	(21)

(a)Included in interest charges.

(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

PSCo has the following reportable segments:

•Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado.

PSCo’s segment information:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric


Total revenues	$	1,128	$	1,113
Net income	275		247
Regulated Natural Gas


Total revenues	$	165	$	165
Net loss	(29)		(16)
All Other
Total revenues (a)	$	8	$	12
Net income (loss)	10		(2)
Consolidated Total


Total revenues (a)	$	1,301	$	1,290
Net income	256		229

(a)Total revenues include $2 million and $1 million of other affiliate revenue for the three months ended Sept. 30, 2024 and 2023, respectively


	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric


Total revenues	$	2,942	$	2,877
Net income	517		449
Regulated Natural Gas


Total revenues	$	1,022	$	1,247
Net income	59		81
All Other
Total revenues (a)	$	29	$	41
Net income	18		6
Consolidated Total


Total revenues (a)	$	3,993	$	4,165
Net income	594		536

(a)Total revenues include $4 million and $3 million of other affiliate revenue for the nine months ended Sept. 30, 2024 and 2023.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 256	$ 229	$ 594	$ 536

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Selected Balance Sheet Data (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Accounts Receivable, Net


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Accounts receivable, net
Accounts receivable	$	466	$	548
Less allowance for bad debts	(49)		(56)
Accounts receivable, net	$	417	$	492

Inventories


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Inventories
Materials and supplies	$	99	$	91
Fuel	57		83
Natural gas	60		84
Total inventories	$	216	$	258

Property, Plant and Equipment, Net


(Millions of Dollars)	Sept. 30, 2024		Dec. 31, 2023
Property, plant and equipment, net
Electric plant	$	17,613	$	16,698
Natural gas plant	6,675		6,321
Common and other property	1,549		1,472
Plant to be retired (a)	1,096		1,203
Construction work in progress	2,070		1,310
Total property, plant and equipment	29,003		27,004
Less accumulated depreciation	(6,388)		(5,969)
Property, plant and equipment, net	$	22,615	$	21,035

Borrowings and Other Financing Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Borrowings and Other Financing Instruments [Abstract]

Short-Term Borrowings

Commercial paper outstanding:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	700	$	700
Amount outstanding at period end	—		320
Average amount outstanding	—		124
Maximum amount outstanding	—		454
Weighted average interest rate, computed on a daily basis	N/A		5.17		%
Weighted average interest rate at period end	N/A		5.56

Credit Facilities

At Sept. 30, 2024, PSCo had the following committed revolving credit facility available (in millions of dollars):


Credit Facility (a)		Drawn (b)		Available
$	700	$	31	$	669

(a)Expires in September 2027.

(b)Includes outstanding commercial paper and letters of credit.

Money Pool

Borrowings and Other Financing Instruments [Abstract]

Short-Term Borrowings

Money pool borrowings:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2024		Year Ended Dec. 31, 2023
Borrowing limit	$	250	$	250
Amount outstanding at period end	—		51
Average amount outstanding	—		23
Maximum amount outstanding	—		250
Weighted average interest rate, computed on a daily basis	N/A		5.31		%
Weighted average interest rate at period end	N/A		5.34

Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

PSCo’s operating revenues consisted of the following:


	Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	431	$	90	$	1	$	522
C&I	512		43		7		562
Other	11		—		—		11
Total retail	954		133		8		1,095
Wholesale	47		—		—		47
Transmission	29		—		—		29
Other	13		27		—		40
Total revenue from contracts with customers	1,043		160		8		1,211
Alternative revenue and other	85		5		—		90
Total revenues	$	1,128	$	165	$	8	$	1,301


	Three Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	398	$	88	$	5	$	491
C&I	538		44		7		589
Other	13		—		—		13
Total retail	949		132		12		1,093
Wholesale	53		—		—		53
Transmission	25		—		—		25
Other	16		27		—		43
Total revenue from contracts with customers	1,043		159		12		1,214
Alternative revenue and other	70		6		—		76
Total revenues	$	1,113	$	165	$	12	$	1,290

	Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,061	$	632	$	4	$	1,697
C&I	1,357		269		25		1,651
Other	38		—		—		38
Total retail	2,456		901		29		3,386
Wholesale	160		—		—		160
Transmission	74		—		—		74
Other	45		97		—		142
Total revenue from contracts with customers	2,735		998		29		3,762
Alternative revenue and other	207		24		—		231
Total revenues	$	2,942	$	1,022	$	29	$	3,993


	Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,003	$	790	$	14	$	1,807
C&I	1,403		335		27		1,765
Other	40		—		—		40
Total retail	2,446		1,125		41		3,612
Wholesale	170		—		—		170
Transmission	68		—		—		68
Other	44		99		—		143
Total revenue from contracts with customers	2,728		1,224		41		3,993
Alternative revenue and other	149		23		—		172
Total revenues	$	2,877	$	1,247	$	41	$	4,165

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation between the statutory rate and ETR:


	Nine Months Ended Sept. 30
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	3.5		3.5
(Decreases) increases:
Wind PTCs (a)	(13.7)		(14.9)
Plant regulatory differences (b)	(5.1)		(5.4)
Other tax credits, net operating loss & tax credit allowances	(1.6)		(1.0)
Other, net	0.4		0.6
Effective income tax rate	4.5	%	3.8	%

(a)Wind 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.

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Gross Notional Amounts of Commodity Forwards and Options

Gross notional amounts of commodity forwards and options:


(Amounts in Millions) (a)(b)	Sept. 30, 2024	Dec. 31, 2023
Megawatt hours of electricity	1	2
Million British thermal units of natural gas	21	20

(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.

Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income


	Pre-Tax Losses Reclassified into Income During the Period from:						Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)	Accumulated Other Comprehensive Loss			Regulatory Assets and Liabilities
Three Months Ended Sept. 30, 2024



Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(a)

Total	$	—		$	—		$	(3)

Nine Months Ended Sept. 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(11)	(a)
Natural gas commodity	—			—			(8)		(c)(d)
Total	$	—		$	—		$	(19)

Three Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	2	(a)

Total	$	—		$	—		$	2

Nine Months Ended Sept. 30, 2023
Derivatives designated as cash flow hedges:
Interest rate	$	1	(b)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(3)	(a)
Natural gas commodity	—			10		(c)	(12)		(c)(d)
Total	$	—		$	10		$	(15)

(a)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(b)Recorded to interest charges.

(d)Relates primarily to option premium amortization.

Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level


	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative assets
Other derivative instruments:
Commodity trading	$	1	$	2	$	—	$	3	$	(1)	$	2	$	1	$	19	$	—	$	20	$	(17)	$	3
Natural gas commodity	—		11		—		11		—		11		—		8		—		8		—		8
Total current derivative assets	$	1	$	13	$	—	$	14	$	(1)	$	13	$	1	$	27	$	—	$	28	$	(17)	$	11
Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	5	$	4	$	—	$	9	$	(2)	$	7	$	6	$	9	$	—	$	15	$	—	$	15
Total noncurrent derivative assets	$	5	$	4	$	—	$	9	$	(2)	$	7	$	6	$	9	$	—	$	15	$	—	$	15


	Sept. 30, 2024												Dec. 31, 2023
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading	$	—	$	4	$	—	$	4	$	(1)	$	3	$	1	$	25	$	—	$	26	$	(17)	$	9
Natural gas commodity	—		6		—		6		—		6		—		8		—		8		—		8
Total current derivative liabilities	$	—	$	10	$	—	$	10	$	(1)	$	9	$	1	$	33	$	—	$	34	$	(17)	$	17
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	2	$	1	$	—	$	3	$	(3)	$	—	$	2	$	1	$	—	$	3	$	(3)	$	—
Total noncurrent derivative liabilities	$	2	$	1	$	—	$	3	$	(3)	$	—	$	2	$	1	$	—	$	3	$	(3)	$	—

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in Level 3 commodity derivatives:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Balance at July 1	$	—	$	9

Net transactions recorded during the period:
Gains recognized in earnings (a)	—		2
Balance at Sept. 30	$	—	$	11

	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Balance at Jan. 1	$	—	$	9

Net transactions recorded during the period:
Gains recognized in earnings (a)	—		2
Balance at Sept. 30	$	—	$	11

Carrying Amount and Fair Value of Long-term Debt


	Sept. 30, 2024				Dec. 31, 2023
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	8,639	$	7,969	$	7,450	$	6,580

Benefit Plans and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost (Credit)


	Three Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	6	$	5	$	—	$	—
Interest cost (a)	14		14		4		4
Expected return on plan assets (a)	(19)		(19)		(3)		(3)

Amortization of net loss (a)	1		1		—		—

Net periodic benefit cost	2		1		1		1
Effects of regulation	—		3		—		—
Net benefit cost recognized for financial reporting	$	2	$	4	$	1	$	1

	Nine Months Ended Sept. 30
	2024		2023		2024		2023
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	16	$	14	$	—	$	—
Interest cost (a)	42		43		12		12
Expected return on plan assets (a)	(57)		(57)		(11)		(11)

Amortization of net loss (a)	4		2		1		1

Net periodic benefit cost	5		2		2		2
Effects of regulation	(4)		9		—		—
Net benefit cost recognized for financial reporting	$	1	$	11	$	2	$	2

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

Components of lease expense:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	21	$	23
Other operating leases (a)	4		5
Total operating lease expense (b)	$	25	$	28
Finance leases
Amortization of ROU assets	$	1	$	1
Interest expense on lease liability	4		4
Total finance lease expense	$	5	$	5

(a)Includes immaterial short-term lease expense for both 2024 and 2023.


	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Operating leases
PPA capacity payments	$	62	$	68
Other operating leases (a)	14		15
Total operating lease expense (b)	$	76	$	83
Finance leases
Amortization of ROU assets	$	3	$	2
Interest expense on lease liability	11		12
Total finance lease expense	$	14	$	14

(a)Includes immaterial short-term lease expense for both 2024 and 2023.

Schedule of Future Commitments under Operating Leases

Commitments under operating and finance leases as of Sept. 30, 2024:


(Millions of Dollars)	PPA Operating Leases		Other Operating Lease		Total Operating Leases		Finance Leases
Total minimum obligation	$	295	$	46	$	341	$	405
Interest component of obligation	(25)		(5)		(30)		(293)
Present value of minimum obligation	$	270	$	41	311		112
Less current portion					(96)		(3)
Noncurrent operating and finance lease liabilities					$	215	$	109

Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Changes in Accumulated Other Comprehensive Loss, Net of Tax

Changes in accumulated other comprehensive loss, net of tax:


	Three Months Ended Sept. 30, 2024						Three Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at July 1	$	(18)	$	(1)	$	(19)	$	(20)	$	(1)	$	(21)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	—		—		—		1		—		1
Amortization of net actuarial loss (b)	—		—		—		—		(1)		(1)
Net current period other comprehensive income	—		—		—		1		(1)		—
Accumulated other comprehensive loss at Sept. 30	$	(18)	$	(1)	$	(19)	$	(19)	$	(2)	$	(21)


	Nine Months Ended Sept. 30, 2024						Nine Months Ended Sept. 30, 2023
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at Jan. 1	$	(19)	$	(1)	$	(20)	$	(20)	$	(2)	$	(22)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	1		—		1		1		—		1

Net current period other comprehensive income	1		—		1		1		—		1
Accumulated other comprehensive loss at Sept. 30	$	(18)	$	(1)	$	(19)	$	(19)	$	(2)	$	(21)

(a)Included in interest charges.

(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Results from Operations by Reportable Segment

PSCo’s segment information:


	Three Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric


Total revenues	$	1,128	$	1,113
Net income	275		247
Regulated Natural Gas


Total revenues	$	165	$	165
Net loss	(29)		(16)
All Other
Total revenues (a)	$	8	$	12
Net income (loss)	10		(2)
Consolidated Total


Total revenues (a)	$	1,301	$	1,290
Net income	256		229

(a)Total revenues include $2 million and $1 million of other affiliate revenue for the three months ended Sept. 30, 2024 and 2023, respectively


	Nine Months Ended Sept. 30
(Millions of Dollars)	2024		2023
Regulated Electric


Total revenues	$	2,942	$	2,877
Net income	517		449
Regulated Natural Gas


Total revenues	$	1,022	$	1,247
Net income	59		81
All Other
Total revenues (a)	$	29	$	41
Net income	18		6
Consolidated Total


Total revenues (a)	$	3,993	$	4,165
Net income	594		536

(a)Total revenues include $4 million and $3 million of other affiliate revenue for the nine months ended Sept. 30, 2024 and 2023.

Selected Balance Sheet Data (Details) - Related Party - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable	$ 466	$ 548
Accounts Receivable, Allowance for Credit Loss, Current	49	56
Accounts receivable, net	$ 417	$ 492

Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Public Utilities, Inventory [Line Items]
Total inventories	$ 216	$ 258
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventories	99	91
Fuel
Public Utilities, Inventory [Line Items]
Inventories	57	83
Natural gas
Public Utilities, Inventory [Line Items]
Inventories	$ 60	$ 84

Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Public Utility, Property, Plant and Equipment [Line Items]

Common and other property

$ 1,549

$ 1,472

Plant to be retired

^[1]

1,096

1,203

Construction work in progress

2,070

1,310

Total property, plant and equipment

29,003

27,004

Less accumulated depreciation

(6,388)

(5,969)

Property, plant and equipment, net

22,615

21,035

Electric plant

Public Utility, Property, Plant and Equipment [Line Items]

Plant

17,613

16,698

Natural gas plant

Public Utility, Property, Plant and Equipment [Line Items]

Plant

$ 6,675

$ 6,321

[1]	Amounts include Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion. Amounts are presented net of accumulated depreciation.

Borrowings and Other Financing Instruments - Short-Term Borrowings (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term debt	$ 0	$ 320
Money Pool
Short-term Debt [Line Items]
Borrowing limit	250	250
Short-term debt	0	51
Average amount outstanding	0	23
Maximum amount outstanding	0	$ 250
Weighted average interest rate, computed on a daily basis (percentage)		5.31%
Short-term Debt, Weighted Average Interest Rate, at Point in Time		5.34%
Commercial Paper
Short-term Debt [Line Items]
Borrowing limit	700	$ 700
Short-term debt	0	320
Average amount outstanding	0	124
Maximum amount outstanding	$ 0	$ 454
Weighted average interest rate, computed on a daily basis (percentage)		5.17%
Short-term Debt, Weighted Average Interest Rate, at Point in Time		5.56%

Borrowings and Other Financing Instruments - Letters of Credit (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Abstract]
Term of letters of credit (in years)	1 year
Short-term debt	$ 0	$ 320
Line of Credit Facility [Line Items]
Term of letters of credit (in years)	1 year
Short-term debt	$ 0	320
Letter of Credit
Line of Credit Facility [Abstract]
Short-term debt	31	29
Line of Credit Facility [Line Items]
Short-term debt	$ 31	$ 29
Letter of Credit \| Letter of Credit
Line of Credit Facility [Abstract]
Term of letters of credit (in years)	1 year
Line of Credit Facility [Line Items]
Term of letters of credit (in years)	1 year

Borrowings and Other Financing Instruments - Credit Facility (Details)

9 Months Ended

Sep. 30, 2024

USD ($)

Plan

Dec. 31, 2023

USD ($)

Line of Credit Facility [Line Items]

Term of letters of credit (in years)

1 year

Number of extension you can request | Plan

Credit Facility

Line of Credit Facility [Line Items]

Credit Facility

^[1]

$ 700,000,000

Drawn

^[2]

31,000,000

Available

669,000,000

Direct advances on the credit facility outstanding

$ 0

[1]	Expires in September 2027.
[2]	Includes outstanding commercial paper and letters of credit.

Borrowings and Other Financing Instruments - Borrowings and Other Financing Instruments, Long-Term Borrowings and Other Financing Instruments (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Term of letters of credit (in years)	1 year
Bonds [Member] \| Series Due May 15, 2034
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 450
Debt Instrument, Interest Rate, Stated Percentage	5.35%
Bonds [Member] \| Series Due May 15, 2054
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	5.75%

Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 1,095	$ 1,093	$ 3,386	$ 3,612
Retail \| Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	522	491	1,697	1,807
Retail \| Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	562	589	1,651	1,765
Retail \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11	13	38	40
Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47	53	160	170
Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29	25	74	68
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	40	43	142	143
Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,211	1,214	3,762	3,993
Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	90	76	231	172
Regulated Electric \| Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	954	949	2,456	2,446
Regulated Electric \| Retail \| Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	431	398	1,061	1,003
Regulated Electric \| Retail \| Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	512	538	1,357	1,403
Regulated Electric \| Retail \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11	13	38	40
Regulated Electric \| Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47	53	160	170
Regulated Electric \| Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29	25	74	68
Regulated Electric \| Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13	16	45	44
Regulated Electric \| Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,043	1,043	2,735	2,728
Regulated Electric \| Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	85	70	207	149
Regulated Natural Gas \| Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	133	132	901	1,125
Regulated Natural Gas \| Retail \| Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	90	88	632	790
Regulated Natural Gas \| Retail \| Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43	44	269	335
Regulated Natural Gas \| Retail \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Regulated Natural Gas \| Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Regulated Natural Gas \| Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Regulated Natural Gas \| Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27	27	97	99
Regulated Natural Gas \| Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	160	159	998	1,224
Regulated Natural Gas \| Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	5	6	24	23
All Other \| Retail
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8	12	29	41
All Other \| Retail \| Residential
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1	5	4	14
All Other \| Retail \| Commercial and Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7	7	25	27
All Other \| Retail \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
All Other \| Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
All Other \| Transmission Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
All Other \| Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
All Other \| Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8	12	29	41
All Other \| Alternative and Other [Member]
Disaggregation of Revenue [Line Items]
Alternative revenue and other	0	0	0	0
Total revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,301	1,290	3,993	4,165
Total revenues \| Regulated Electric
Disaggregation of Revenue [Line Items]
Total revenues	1,128	1,113	2,942	2,877
Total revenues \| Regulated Natural Gas
Disaggregation of Revenue [Line Items]
Total revenues	165	165	1,022	1,247
Total revenues \| All Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 8	$ 12	$ 29	$ 41

Income Taxes (Details)

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

21.00%

Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent

3.50%

Effective Income Tax Rate Reconciliation, Tax Credit, Percent

^[1]

(13.70%)

(14.90%)

Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent

^[2]

(5.10%)

(5.40%)

Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback, Percent

(1.60%)

(1.00%)

Effective Income Tax Rate Reconciliation, Other Adjustments, Percent

0.40%

0.60%

Effective Income Tax Rate Reconciliation, Percent

4.50%

3.80%

[1]	Wind PTCs net of estimated transfer discounts are credited to customers (reduction to revenue) and do not materially impact net income.
[2]	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.

Fair Value of Financial Assets and Liabilities - Interest Rate Derivatives (Details) $ in Millions	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months	$ 1
Interest Rate Swap
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 0

Fair Value of Financial Assets and Liabilities - Commodity Derivatives (Details)
MWh in Millions, MMBTU in Millions, $ in Millions

Sep. 30, 2024

USD ($)

MMBTU

MWh

Dec. 31, 2023

MMBTU

MWh

cash flow hedge commodity [Member]

Derivative [Line Items]

Commodity contracts designated as cash flow hedges | $

$ 0

Electric Commodity (in megawatt hours)

Derivative [Line Items]

Derivative, Nonmonetary Notional amount | MWh

^[1],[2]

Natural Gas Commodity (in million British thermal units)

Derivative [Line Items]

Derivative, Nonmonetary Notional amount | MMBTU

^[1],[2]

[1]	Not reflective of net positions in the underlying commodities.
[2]	Notional amounts for options included on a gross basis, but weighted for the probability of exercise.

Fair Value of Financial Assets and Liabilities - Consideration of Credit Risk and Concentrations (Details)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

USD ($)

Counterparty

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Counterparty

Sep. 30, 2023

USD ($)

Consideration of Credit Risk and Concentrations [Abstract]

Derivative instruments designated as fair value hedges

$ 0

Other Derivative Instruments

Consideration of Credit Risk and Concentrations [Abstract]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

Pre-tax gains (losses) recognized during the period in income

(3)

(19)

(15)

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

Designated as Hedging Instrument | Cash Flow Hedges

Consideration of Credit Risk and Concentrations [Abstract]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

Pre-tax gains (losses) recognized during the period in income

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

Natural Gas Commodity | Other Derivative Instruments

Consideration of Credit Risk and Concentrations [Abstract]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

^[1]

Pre-tax gains (losses) recognized during the period in income

^[1],[2]

(8)

(12)

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

Commodity Trading | Other Derivative Instruments

Consideration of Credit Risk and Concentrations [Abstract]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

Pre-tax gains (losses) recognized during the period in income

^[3]

(3)

(11)

(3)

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

$ 0

Interest Rate | Designated as Hedging Instrument | Cash Flow Hedges

Consideration of Credit Risk and Concentrations [Abstract]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

Pre-tax gains (losses) recognized during the period in income

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

^[4]

$ 1

Credit Concentration Risk

Consideration of Credit Risk and Concentrations [Abstract]

Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty

Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member]

Consideration of Credit Risk and Concentrations [Abstract]

Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty

Credit Concentration Risk | External Credit Rating, Investment Grade [Member]

Consideration of Credit Risk and Concentrations [Abstract]

Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty

Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties

$ 23

Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)

39.00%

Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member]

Consideration of Credit Risk and Concentrations [Abstract]

Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty

Credit Concentration Risk | Internal Investment Grade

Consideration of Credit Risk and Concentrations [Abstract]

Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty

Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties

$ 25

Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)

42.00%

[1]	Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[2]	Relates primarily to option premium amortization.
[3]	Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
[4]	Recorded to interest charges.

Fair Value of Financial Assets and Liabilities - Credit Related Contingent Features (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Derivative instruments in a gross liability position	$ 0	$ 0
Collateral posted related to adequate assurance clauses in derivative contracts	0	0
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value	$ 8	$ 8

Fair Value of Financial Assets and Liabilities - Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Derivatives, Fair Value [Line Items]

Return Cash Collateral

$ 0

Reclaim Cash Collateral

Other Derivative Instruments

Derivatives, Fair Value [Line Items]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

$ 0

$ 10

Other Derivative Instruments | Natural Gas Commodity

Derivatives, Fair Value [Line Items]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

$ 10

^[1]

Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power

Derivatives, Fair Value [Line Items]

Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)

Other Derivative Instruments | Natural Gas Commodity (in million British thermal units)

Derivatives, Fair Value [Line Items]

Derivative Instruments Gain (Loss) Reclassified To Regulatory Assets And Liabilities Net

Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Netting

^[2]

Derivative Asset, Net

Derivative Liability, Gross

Netting

^[2]

Derivative Liability, Net

Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Current Assets

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Netting

^[2]

(1)

(17)

Derivative Asset, Net

Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Netting

^[2]

(1)

(17)

Derivative Asset, Net

Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Netting

^[2]

(2)

Derivative Asset, Net

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Netting

^[2]

(2)

Derivative Asset, Net

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Asset, Gross

Fair Value Measured on a Recurring Basis | Other Current Liabilities

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Netting

^[2]

(1)

(17)

Derivative Liability, Net

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Netting

^[2]

(1)

(17)

Derivative Liability, Net

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Netting

^[2]

(3)

Derivative Liability, Net

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Netting

^[2]

(3)

Derivative Liability, Net

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading

Derivatives, Fair Value [Line Items]

Derivative Liability, Gross

$ 0

[1]

Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

[2]

PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At both Sept. 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $1 million and $4 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.

Fair Value of Financial Assets and Liabilities - Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning Balance

$ 0

$ 9

$ 0

$ 9

(Losses) gains recognized in earnings

^[1]

Ending Balance

$ 0

$ 11

$ 0

$ 11

[1]	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 Financial Assets and Liabilities - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 8,639	$ 7,450
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	$ 7,969	$ 6,580

Benefit Plans and Other Postretirement Benefits (Details) - USD ($)
$ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Jan. 31, 2024

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Pension Plan [Member]

Components of Net Periodic Benefit Cost (Credit) [Abstract]

Service cost

$ 6

$ 5

$ 16

$ 14

Interest Cost

^[1]

Expected return on Plan Assets

^[1]

(19)

(57)

Amortization of net loss

^[1]

Net periodic benefit cost

Effects of regulation

(4)

Net benefit cost recognized for financial reporting

Total contributions to the pension plans during the period

$ 7

Pension Plan [Member] | Xcel Energy Inc.

Components of Net Periodic Benefit Cost (Credit) [Abstract]

Total contributions to the pension plans during the period

$ 100

Other Postretirement Benefits Plan [Member]

Components of Net Periodic Benefit Cost (Credit) [Abstract]

Service cost

Interest Cost

^[1]

Expected return on Plan Assets

^[1]

(3)

(11)

Amortization of net loss

^[1]

Net periodic benefit cost

Effects of regulation

Net benefit cost recognized for financial reporting

$ 1

$ 2

[1]	The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset

Commitments and Contingencies - MGP, Landfill and Disposal Sites (Details) $ in Millions	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Cost of identified MGP, landfill, or disposal sites under current investigation and/or remediation	$ 6
Other MGP, Landfill, or Disposal Sites
Loss Contingencies [Line Items]
Number of identified MGP sites under current investigation and/or remediation	2

Commitments and Contingencies - Environmental Requirements - Water and Waste (Details) $ in Millions	Sep. 30, 2024 USD ($)
Site Contingency [Line Items]
Accrued liability of sites under investigation as part of federal CCR program	$ 40
Legacy CCR Investigation and Remediation Costs	5
Federal Coal Ash Regulation \| Maximum [Member]
Site Contingency [Line Items]
Cost of Coal Ash Removal Projects	$ 40

Commitments and Contingencies - Leases (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Lessee, Lease, Description [Line Items]

Operating Lease, Cost

$ 25

^[1]

$ 28

^[1]

$ 76

^[2]

$ 83

^[2]

Finance Lease, Right-of-Use Asset, Amortization

Finance Lease, Interest Expense

Finance Lease, Cost

Lessee, Operating Lease, Liability, Payments, Due

341

Total minimum obligation

405

Interest component of obligation

(30)

Finance Lease, Liability, Undiscounted Excess Amount

(293)

Operating Lease, Liability

311

Finance Lease, Liability

112

Less current portion

(96)

$ (102)

Less current portion

(3)

Operating lease liabilities

215

$ 290

Noncurrent operating and finance lease liabilities

109

PPAs

Lessee, Lease, Description [Line Items]

Operating Lease, Cost

Lessee, Operating Lease, Liability, Payments, Due

295

Interest component of obligation

(25)

Operating Lease, Liability

270

Other

Lessee, Lease, Description [Line Items]

Operating Lease, Cost

^[3]

$ 5

^[3]

^[4]

$ 15

^[4]

Lessee, Operating Lease, Liability, Payments, Due

Interest component of obligation

(5)

Operating Lease, Liability

$ 41

[1]	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.
[2]	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.
[3]	Includes immaterial short-term lease expense for both 2024 and 2023.
[4]	Includes immaterial short-term lease expense for both 2024 and 2023.

VIEs (Details) - MW	Sep. 30, 2024	Dec. 31, 2023
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Other Commitments [Line Items]
Generating capacity under long term purchased power agreements (in MW)	1,207	1,207

Commitments and Contingencies - Comanche Unit 3 Litigation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
CORE outcome excluding interest	$ 26
CORE outcome total	$ 35

Commitments and Contingencies - Marshall Wildfire (Details) $ in Millions	Sep. 30, 2024 USD ($) complaint numberOfPlaintiffs
Commitments and Contingencies Disclosure [Abstract]
Estimated property losses caused by Marshall Wildfire	$ 2,000.0
Number of complaints related to the Marshall Wildfire \| complaint	307
Number of plaintiffs related to the Marshall Wildfire \| numberOfPlaintiffs	4,087
Cap of noneconomic loss in a civil action other than a medical malpractice under Colorado law	$ 0.6
Amount of insurance coverage	$ 500.0

Other Comprehensive Income (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Accumulated other comprehensive loss at beginning of period

$ 9,742

Accumulated other comprehensive loss at end of period

$ 10,733

10,733

Income Tax Expense (Benefit)

$ 21

Gains and Losses on Cash Flow Hedges

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Accumulated other comprehensive loss at beginning of period

(18)

(20)

(19)

(20)

Losses reclassified from net accumulated other comprehensive loss

^[1]

Net current period other comprehensive loss

Accumulated other comprehensive loss at end of period

(18)

(19)

(18)

(19)

Gains and Losses on Cash Flow Hedges | Interest Rate Swap

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Losses reclassified from net accumulated other comprehensive loss

^[2]

(1)

Defined Benefit and Postretirement Items

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Accumulated other comprehensive loss at beginning of period

(1)

(2)

Losses reclassified from net accumulated other comprehensive loss

^[1]

Net current period other comprehensive loss

(1)

Accumulated other comprehensive loss at end of period

(1)

(2)

(1)

(2)

Defined Benefit and Postretirement Items | Interest Rate Swap

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Losses reclassified from net accumulated other comprehensive loss

^[2]

Total

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Accumulated other comprehensive loss at beginning of period

(19)

(21)

(20)

(22)

Losses reclassified from net accumulated other comprehensive loss

^[1]

Net current period other comprehensive loss

Accumulated other comprehensive loss at end of period

(19)

(21)

(19)

(21)

Total | Interest Rate Swap

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Losses reclassified from net accumulated other comprehensive loss

^[2]

$ 0

$ (1)

[1]	Included in the computation of net periodic pension and postretirement benefit costs. See Note 8 for further information.
[2]	Included in interest charges.

Segment Information (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Segment Reporting Information [Line Items]

Regulated Operating Revenue, Electric

$ 1,128

$ 1,113

$ 2,942

$ 2,877

Net income

256

229

594

536

Unregulated Operating Revenue

Regulated and Unregulated Operating Revenue

1,301

^[1]

1,290

^[1]

3,993

4,165

^[2]

Affiliate Revenue

Total revenues

Segment Reporting Information [Line Items]

Regulated and Unregulated Operating Revenue

^[2]

3,993

Regulated Electric

Segment Reporting Information [Line Items]

Revenues Including Intersegment Revenues

1,128

1,113

2,942

2,877

Net income

275

247

517

449

Regulated Natural Gas

Segment Reporting Information [Line Items]

Revenues Including Intersegment Revenues

165

1,022

1,247

Net income

(29)

(16)

All Other

Segment Reporting Information [Line Items]

Net income

(2)

All Other | Total revenues

Segment Reporting Information [Line Items]

Unregulated Operating Revenue

$ 8

^[1]

$ 12

^[1]

$ 29

^[2]

$ 41

^[2]

[1]	Total revenues include $2 million and $1 million of other affiliate revenue for the three months ended Sept. 30, 2024 and 2023, respectively
[2]	Total revenues include $4 million and $3 million of other affiliate revenue for the nine months ended Sept. 30, 2024 and 2023.