THE FUTURE IN SIGHT

INVESTOR FACT BOOK NOVEMBER 2020 Xcel Energy is a major U.S. electric and company, with annual revenues of over $11 billion. Based in , Minn., Xcel Energy operates in eight states. The company provides a Company comprehensive portfolio of energy-related products and services Description to 3.7 million electricity customers and 2.1 million natural gas customers. This book is intended only to be a summary of certain statistical information with respect to Xcel Energy and its subsidiaries. It should be read in conjunction with, and not in lieu of, the company’s reports, including financials and notes to financials filed with the Securities and Exchange Commission (SEC). Refer to Xcel Energy’s 2019 Form 10-K report to the SEC for more information. Some of the sections in this book contain forward-looking statements such as those regarding our 2020 and 2021 earnings per share guidance and assumptions, long-term earnings per share growth, dividend increases, dividend payout ratios, and capital expenditure forecasts, Service Area that involve risks, uncertainties, and assumptions. For a discussion of factors that could affect operating results and cause actual results to differ from those projected, please see the Item 1A – Risk Factors and Exhibit 99.01 in Xcel Energy’s Form 10-K report to the SEC. The report can be found at xcelenergy.com, Investor Relations. The forward-looking statements contained in this book speak only as of November 9, 2020, and we expressly disclaim any obligation to update any forward-looking information. This summary is not intended for use in connection with any sale, or offer to sell, or solicitation of any offer to buy securities. Inquiries concerning this summary should be directed to:

Investor Relations Paul Johnson Vice President, Investor Relations [email protected] 612.215.4535

Emily Ahachich Director, Investor Relations 612.330.6054 [email protected]

Darin Norman Content Senior Analyst, Investor Relations Xcel Energy...... 2–27 [email protected] Northern States Power Company – Minnesota 612.337.2310 (NSPM)...... 28–37 xcelenergy.com Northern States Power Company – Wisconsin Our free investor relations app can be found in the app stores. (NSPW) ...... 38–47 Financial Objectives Public Service Company of Colorado • Long-term EPS growth of 5-7% (PSCo) ...... 48–57 • Annual dividend increases of 5-7% Southwestern Public Service Company (SPS)...... 58–66 • Dividend payout ratio target of 60-70% • Maintain senior secured debt credit ratings in the A range Investor Fact Book November 2020 | Xcel Energy

Company Overview

Xcel Energy Inc. 2019 Ongoing (diluted) EPS of $2 64. (net of -$0 .22 impact from Xcel Energy Inc . and other costs)

Northern States Power Company – Minnesota Northern States Power Company – Wisconsin (NSPM) (NSPW) • Territory: MN, ND, and SD • Territory: WI and MI • 2019 Ongoing EPS Contribution: $1 .04 • 2019 Ongoing EPS Contribution: $0 15. • Retail Electric Customers: 1 .5 million • Retail Electric Customers: 0 .3 million • Retail Natural Gas Customers: 0 .5 million • Retail Natural Gas Customers: 0 1. million • Electric Generating Capacity: 7,712 MW • Electric Generating Capacity: 548 MW • Natural Gas Storage Capacity: 17 1. Bcf • Natural Gas Storage Capacity: 3 .8 Bcf • Total Assets: $19 .9 billion • Total Assets: $2 .8 billion

Public Service Company of Colorado (PSCo) Southwestern Public Service Company (SPS) • Territory: CO • Territory: TX and NM • 2019 Ongoing EPS Contribution: $1 11. • 2019 Ongoing EPS Contribution: $0 .51 • Retail Electric Customers: 1 .5 million • Retail Electric Customers: 0 .4 million • Retail Natural Gas Customers: 1 .4 million • Electric Generating Capacity: 4,804 MW • Electric Generating Capacity: 5,666 MW • Total Assets: $7 .9 billion • Natural Gas Storage Capacity: 32 .5 Bcf • Total Assets: $19 .0 billion

WYCO Development LLC (50/50 joint venture with Colorado WestGas InterState, Inc. Interstate Gas Company that develops and (interstate natural gas pipeline company) leases natural gas pipeline, storage, and compression facilities)

The only common equity securities that are publicly traded are common shares of Xcel Energy Inc . The diluted earnings and EPS of each subsidiary discussed here do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole . Ongoing diluted EPS for Xcel Energy and by subsidiary is a financial measure not recognized under GAAP . Ongoing diluted EPS is calculated by dividing the net income or loss attributable to the controlling interest of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc . common shares outstanding for the period . We use this non-GAAP financial measure to evaluate and provide details of Xcel Energy’s core earnings and underlying performance . We believe this measurement is useful to investors in facilitating period over period comparisons and evaluating or projecting financial results . This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP . 3 Investor Fact Book November 2020 | Xcel Energy

Financial Highlights Dollars in Millions, Except Per Share Data

2019 2018 2017 2016 2015 Operating revenues $11,529 $11,537 $11,404 $11,107 $11,024 Operating expenses $9,425 $9,572 $9,181 $8,867 $9,024 GAAP net income $1,372 $1,261 $1,148 $1,123 $984 Ongoing earnings (a) $1,372 $1,261 $1,171 $1,123 $1,064

GAAP diluted EPS $2.64 $2.47 $2.25 $2.21 $1.94 Ongoing diluted EPS (a) $2.64 $2.47 $2.30 $2.21 $2.09

(a) See table below for reconciliation of ongoing earnings to GAAP earnings

Reconciliation of Ongoing Earnings to GAAP Earnings 2019 2018 2017 2016 2015 Ongoing earnings $1,372 $1,261 $1,171 $1,123 $1,064 Loss on Monticello LCM/EPU project (a) — — — — ($79) Impact of TCJA (b) — — ($23) — — Total GAAP earnings $1,372 $1,261 $1,148 $1,123 $985

2019 2018 2017 2016 2015 Ongoing diluted EPS $2.64 $2.47 $2.30 $2.21 $2.09 Loss on Monticello LCM/EPU project (a) — — — — (0.16) Impact of TCJA (b) — — (0.05) — — GAAP diluted EPS $2.64 $2.47 $2.25 $2.21 $1.94

Amounts may not sum due to rounding (a) In March 2015, the MPUC approved full recovery, including a return, on $415 million of the project costs, inclusive of AFUDC, but only allow recovery of the remaining $333 million of costs with no return on this portion of the investment for years 2015 and beyond. As a result of this decision, Xcel Energy recorded a pre-tax charge of approximately $129 million, or $79 million net of tax, in the first quarter of 2015. Given the nature of this specific item, it has been excluded from ongoing earnings. (b) Xcel Energy recognized an estimated one-time, non-cash, income tax expense of approximately $23 million in the fourth quarter of 2017 for net excess deferred tax assets which may not be recovered from customers or not attributable to regulated operations, increased valuation allowances, etc. due to the enactment of the TCJA in December 2017. The income tax expense associated with the TCJA enactment has been excluded from Xcel Energy’s 2017 ongoing earnings, given the non-recurring nature of the TCJA’s broad and sweeping reform of the IRC Xcel Energy’s management believes that ongoing earnings reflects management’s performance in operating the company and provides a meaningful representation of the performance of Xcel Energy’s core business. In addition, Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors and when communicating its earnings outlook to analysts and investors.

Total Shareholder Return Periods ended December 31, 2019

0 Xcel Energy 330.3% 2ember eer ro 00 EEI Investorne Electrcs 256.7% 00 20 230.6% 214.0% 200

0 107.7% 00 73.9% 70.8% 64.4% 62.8% 53.2% 47.0% 45.7% 32.4%

0 31.5% 25.8% 24.2%

0 neear reeear Fveear enear

4 Investor Fact Book November 2020 | Xcel Energy

Ben Fowke Chairman and Chief Executive Officer Ben Fowke is chairman of the board and chief executive officer (CEO) of Xcel Energy. He became president, chairman and CEO for the company in 2011 after serving in the role of president and chief operating officer (COO) since 2009. In that role he had responsibility for overall corporate operations as well as Xcel Energy’s four operating companies, which do business in eight states.

Prior to being named president and COO, Fowke held a variety of executive positions at the company, including vice president and chief financial officer (CFO) and vice president and CFO of Energy Markets, where he was responsible for the financial operations of the company’s commodities trading and marketing business unit. Prior to the 2000 merger of Northern States Power Co. and New Century Energies (NCE) to form Xcel Energy, he was a vice president in the NCE Retail business unit.

Before joining Xcel Energy, Fowke served 10 years with FPL Group, Inc., where he held various management positions. He has also held positions outside the energy industry with DWG Corp. and KPMG.

Fowke serves on the National Infrastructure Advisory Council (NIAC), representing the energy industry. The NIAC is a private-public partnership that advises governmental agencies on how to mitigate risk and ensure the integrity of the country’s critical infrastructure.

In recent years, Fowke testified before three Senate committees, providing his expertise on the industry’s cyber security preparedness, on Xcel Energy’s industry- leading Unmanned Aircraft System program and the importance and limitations of battery storage solutions.

He currently serves on the board of directors of the Edison Electric Institute, Nuclear Energy Institute, Energy Insurance Mutual, Institute of Nuclear Power Operations and . In the community, Fowke serves on the board of directors of the Minnesota Business Partnership and is an advisory board member of the Metropolitan Economic Development Association.

5 Investor Fact Book November 2020 | Xcel Energy

Robert C. (Bob) Frenzel President and Chief Operating Officer Bob Frenzel is president and chief operating officer (COO) of Xcel Energy. Bob leads our four utility operating companies, as well as our transmission, distribution and natural gas operations. Previously, he served as chief financial officer, where he led the finance, tax, accounting, and corporate development functions of Xcel Energy and its subsidiary companies.

Frenzel joined Xcel Energy in 2016 from , Inc., where he served as senior vice president and chief financial officer for Luminant, its competitive power generating subsidiary, and prior to that, senior vice president of strategy and corporate development.

Frenzel previously worked as Vice President in the investment banking division of Goldman Sachs, following his tenure as a manager and senior consultant in the strategy, finance and economics practice at Arthur Anderson. After college, he served in the United States Navy for six years, working as a nuclear engineering officer and weapons officer. Following active duty, he served in the Navy Reserves and was promoted to lieutenant commander.

Frenzel earned his bachelor’s degree in industrial engineering from Georgia Tech and his master’s degree in business administration from the University of Chicago Booth School of Business. He also graduated from the U. S. Navy Nuclear Power School.

Frenzel serves as Chairman of the Audit Committee of , Inc. and Chairman of the Governance Committee of the Children’s Theatre Company.

Chris Clark President, Northern States Power Company – Minnesota Chris Clark is president of Northern States Power Company – Minnesota. Previously, Clark was Regional Vice President of Rates and Regulatory Affairs – Minnesota. He was responsible for Xcel Energy’s regulatory filings with the utility commissions in Minnesota, North Dakota and South Dakota, including rate, resource acquisition and service quality filings.

Clark joined Xcel Energy in 1999 as a senior attorney. He was later appointed Managing Attorney, Northern States Power Company – Minnesota, an Xcel Energy company, with responsibility for the company’s state public utility law and power purchase agreement issues for operations in Minnesota, North Dakota, South Dakota and Wisconsin. He represented Xcel Energy in regulatory proceedings before the Minnesota Public Utilities Commission and handled most issues related to rate cases, and long-term power purchase projects and supported retail product and programs, including conservation improvement programs. He has more than 20 years of experience in energy and regulation.

Clark serves on the board of directors for the Minnesota Chamber of Commerce and People Serving People.

Prior to joining Xcel Energy, he worked as an in-house attorney for Alliant Energy appearing for that company before public utility commissions in Iowa, Minnesota, Illinois and Wisconsin.

He received his Bachelor of Arts degree in history and political science from the University of Iowa and earned his law degree from Drake University.

6 Investor Fact Book November 2020 | Xcel Energy

Brett Carter Executive Vice President – Chief Customer and Innovation Officer Brett Carter is executive vice president – chief customer and innovation officer. In this role, he oversees corporate service functions including customer solutions, customer care, strategic revenue, corporate communications, business systems, enterprise security services and emerging technologies.

Prior to joining Xcel Energy, he held senior leadership roles with Bank of America where he oversaw key business areas of operations, technology and shared services. He previously held leadership roles in operations, marketing, and technology at several major utilities, including , UtiliCorp/Aquila, and Dominion/CNG.

Carter received a Bachelor of Science degree in accounting from Clarion University of Pennsylvania in 1988, a Master of Business Administration degree from the University of Pittsburgh in 1996 and completed the advanced management program at Harvard Business School.

He is a member of The Executive Leadership Council of Washington, D.C. He held leadership roles in several community organizations in North Carolina. He was a member of the North Carolina State Ports Authority Board and the North Carolina Economic Development Board. He served as chairman of the board for the Charlotte Regional Partnership and the Charlotte Chamber of Commerce.

David Hudson President, Southwestern Public Service Company David Hudson is president of Southwestern Public Service Company (SPS), an Xcel Energy company.

From 2010 through 2013, Hudson served as vice president, Customer and Community Relations. A native of Lubbock, Hudson began his career in 1983 as a rate engineer, becoming director of regulatory administration in 1997. Hudson testified and led multidisciplinary teams in preparing, executing and negotiating retail rate and regulatory proceedings in Texas, New Mexico, Oklahoma, Kansas, Colorado and Wyoming, including testimony before federal regulators in Washington, D.C. Active in many legislative negotiations, Hudson assumed responsibility for SPS’s strategic planning in 2008, after 25 years in the regulatory arena. With a detailed understanding of SPS activities and operations, he served on numerous influential committees, representing customer interests at the Southwest Power Pool and Federal Energy Regulatory Commission.

Hudson earned a Bachelor of Science in industrial engineering from Texas Tech University, and a Master of Business Administration from West Texas State University. He is a Texas licensed professional engineer.

Hudson volunteers with United Way and serves on the boards of numerous civic groups, including Amarillo Parks and Recreation Commission, The Bridge child advocacy center, and Panhandle Twenty/20 strategic planning group.

7 Investor Fact Book November 2020 | Xcel Energy

Alice Jackson President, Public Service Company of Colorado Alice Jackson is president of Xcel Energy – Colorado.

Previously, Jackson was area vice president of Strategic Revenue Initiatives, leading the company’s revenue growth strategy. From 2013-2016, she was regional vice president, Rates and Regulatory Affairs, Xcel Energy - Colorado. Jackson joined Xcel Energy in 2011 as regional vice president, Rates and Regulatory Affairs, Xcel Energy – Texas, New Mexico. She has a wealth of experience in managing government and stakeholder relations, as well as developing innovative products and services for customers gained over a 17-year career in the energy industry.

Jackson received a bachelor of science in Management Information Systems from Texas A&M University and completed the Harvard Business School Program for Leadership Development. She serves on the board of directors of the American Red Cross.

Tim O’Connor Executive Vice President and Chief Generation Officer Tim O’Connor is executive vice president and chief generation officer for Xcel Energy. He is responsible for all generation assets within Xcel Excel and its jurisdictions, including nuclear, fossil, hydro and renewables. O’Connor also oversees the enterprise supply chain and commercial operations which include fuels and energy markets.

O’Connor was appointed senior vice president and chief nuclear officer for Xcel Energy in 2012. He was responsible for nuclear strategic direction, business plans, finance, and operations for the company. That includes corporate, the operations of the Monticello and Prairie Island nuclear generating plants, and the decommissioning and nuclear fuel storage. In June 2012, he was appointed vice president of corporate engineering/nuclear regulatory compliance and licensing for the nuclear fleet after five years as Monticello site vice president.

O’Connor has nearly 40 years of commercial nuclear experience with both boiling water and pressurized water reactors. During that time, O’Connor has held a variety of senior leadership and executive leadership positions in several utilities and sites and variety of complex situations. This also included a position with the Institute of Nuclear Power Operations (INPO) as a Nuclear Plant Evaluation Team Manager on a reverse loaned assignment.

O’Connor received his mechanical engineering degree from Marquette University in Milwaukee, WI and has completed several executive business programs with the Chicago Kellogg School of Business and with GAP International. He also serves on numerous industry committees.

8 Investor Fact Book November 2020 | Xcel Energy

Brian Van Abel Executive Vice President and Chief Financial Officer Brian Van Abel is executive vice president and chief financial officer (CFO). He leads the finance functions of Xcel Energy and its subsidiary companies, which includes the controller’s office, treasury, tax, financial planning & analysis, investor relations, revenue requirements and corporate development.

Prior to being named CFO in 2020, Van Abel served as senior vice president of finance and corporate development. In that role he was responsible for developing the short- term and long-term financial plans of the company, partnering with business units on financial planning, and overseeing the financial aspects of regulatory filings. He also oversaw the corporate development organization responsible for executing on acquisitions and divestitures and the purchased power organization responsible for managing the company’s renewable and thermal power contracts. Prior to that, Van Abel held the role of Vice President and Treasurer in which he was responsible for the financial integrity of the company by managing the capital structure, planning the company’s financings, and ensuring the company maintained sufficient liquidity.

His work experience prior to Xcel Energy includes four years of management consulting in the retail banking sector where he advised financial institutions on a wide range of engagements.

Van Abel earned a Master of Business Administration degree with emphasis in finance from the University of Michigan in 2010 and a Bachelor of Arts degree in economics from Dartmouth College in 2004.

Peter Gardner Senior Vice President and Chief Nuclear Officer Peter (Pete) Gardner was appointed senior vice president and chief nuclear officer for Xcel Energy in March 2020. He is responsible for Xcel Energy’s nuclear strategic direction, business plans, finance and operations in the various operating jurisdictions for the company. Currently that includes corporate, the operations of Monticello and Prairie Island Nuclear Generating plants, decommissioning and nuclear fuel storage.

Gardner joined Xcel Energy in October 2013, as the director of site operations for the Monticello plant. He held the position of vice president of nuclear fleet ops — governance & oversight & performance improvement from 2017 to 2020 and held the position of Monticello vice president from January 2014 until 2017.

Pete has more than 36 years of diverse experience in the nuclear industry. Prior to Xcel Energy, he held the positions of plant manager, operations director and several other management roles at Corporation. He performed an on-loan rotation from Exelon to the Institute of Nuclear Power Operations and acted as an organizational team leader, visiting several domestic plants.

Gardner graduated from Saint Joseph’s University with an MBA in Finance, and also from Widener University with a BS in Engineering, and from Penn State University with a degree in Nuclear Engineering. He received a Senior Reactor Operator License from Limerick Generating Station and serves on several industry committees.

9 Investor Fact Book November 2020 | Xcel Energy

Karen Hyde Senior Vice President and Chief Risk, Audit and Compliance Officer Karen Hyde is senior vice president, chief risk, audit and compliance officer for Xcel Energy. In this role, Karen is responsible for internal audit, enterprise risk management, risk management of trading operations, risk analytics and corporate compliance.

In her 30 years with Xcel Energy, Hyde has also served as vice president, rates and regulatory affairs and vice president, resource planning and acquisition. Hyde spent 10 years negotiating structured power purchase arrangements, including the Company’s initial renewable energy contracts and was responsible for renewable energy compliance. Hyde has worked hard to change the Company’s environmental profile, especially in Colorado. She has also held positions in forecasting and production cost and expansion plan modeling.

Hyde was recently named as one of the Top Women in Energy by the Business Journal. Before joining Xcel Energy, she worked as a lead nuclear engineer as a civilian employee of the department of defense overhauling submarine reactors.

Hyde has a Bachelor of Science in Metallurgical Engineering from Lafayette College and a Master of Science in Mineral Economics from the Colorado School of Mines.

Jeff Savage Senior Vice President and Controller Jeff Savage is senior vice president and controller of Xcel Energy. In his prior position as senior director, Financial Reporting, Corporate and Technical Accounting, Savage had responsibility for preparing and filing financial and statistical reports with the Securities and Exchange Commission, Federal Energy Regulatory Commission and numerous state regulatory agencies for Xcel Energy and its four utility subsidiaries. Additionally, he directed the documentation and execution of internal controls required for Sarbanes Oxley processes, the review and interpretation of new and proposed accounting pronouncements and complex accounting issues as well as the monthly, quarterly and year-end accounting close process.

Prior to joining Xcel Energy in 2007, Savage held financial reporting, technical accounting, financial consolidation, Sarbanes-Oxley and internal audit positions at The Mosaic Company and . He also spent six years as an audit manager at PricewaterhouseCoopers in Minneapolis, Minn.

Savage earned his undergraduate degree in accounting and finance from Colorado State University in Fort Collins, Colo. He is a Certified Public Accountant.

10 Investor Fact Book November 2020 | Xcel Energy

Mark Stoering President, Northern States Power Company – Wisconsin Mark Stoering is president of Northern States Power Company – Wisconsin, an Xcel Energy company. Previously he served as vice president, Portfolio Strategy and Business Development in Minneapolis, and was responsible for the company’s business portfolio management, including renewable energy strategy and the development of Xcel Energy’s renewable energy asset portfolio. He also had responsibility for corporate strategy development and corporate business planning processes. He has more than 23 years of experience in the electric and gas utility industry.

Stoering joined Xcel Energy as an economic analyst and has served in numerous corporate finance functions. Before joining the company, he worked in the Semiconductor Group at .

He recently served as a member of the Electric Power Research Institute Renewables Executive Advisory Committee and the Department of Energy’s Energy Efficiency and Renewable Energy Federal Advisory Committee. He also has participated in partnership in renewable energy demonstration projects with national laboratories and academic institutions.

Stoering serves on the Minnesota Children’s Museum board of directors and the Iowa State University College of Business Dean’s Advisory Council. He contributed six years of service with the University of Minnesota School of Management Alumni Advisory Board, including two years as board president. He also has served as an advisor in the University of Minnesota Career Mentoring Program and as a high school applied economics instructor for Junior Achievement of the Twin Cities.

Stoering earned a Master of Business Administration degree from the University of Minnesota Carlson School of Management and a Bachelor of Business Administration degree in corporate finance from Iowa State University.

Sarah W. Soong Vice President and Treasurer Sarah Soong is vice president and Treasurer of Xcel Energy. She joined Xcel Energy in 2018, bringing 25 years of capital structuring and treasury experience, most recently as vice president and Treasurer for Oncor Electric Delivery, the largest regulated utility in Texas. Sarah holds an MBA from the Wharton School, an MA from the University of Pennsylvania, and a BA from the College of William and Mary. She has led financial and strategic energy & power transactions in more than a dozen countries and is fluent in both French and Czech.

11 Investor Fact Book November 2020 | Xcel Energy

Amanda Rome Executive Vice President and General Counsel Amanda Rome is executive vice president and general counsel at Xcel Energy with responsibility for the company’s law department and overall legal strategy. Previously she served as vice president, deputy general counsel where she lead the company’s Regulatory, Commercial and Environmental Groups across all jurisdictions. Rome was previously the head regulatory attorney for Xcel Energy nationwide with responsibility for all federal and state regulatory jurisdictions. Rome started at Xcel Energy in 2015 as the lead regulatory attorney for Xcel Energy’s northern jurisdictions. Prior to joining Xcel Energy, she worked as a federal court litigator at Winston & Strawn in Chicago and Faegre Drinker Biddle in Minneapolis. Rome serves on the Board of Directors for the Minnesota Chapter of the Trust for Public Lands—an organization dedicated to creating parks and protecting land for people.

Rome attended Penn State University where she was the starting outside hitter on a Penn State Women’s Volleyball team that won the Division I National Championship. After graduating from Penn State, Amanda received her law degree from the Georgetown University Law Center.

Paul A. Johnson Vice President, Investor Relations Paul A. Johnson is vice president, Investor Relations. He previously served as managing director and assistant treasurer. He has held a variety of financial positions in the company, including director of Investor Relations and director of External Reporting.

Johnson graduated with a Bachelor of Science in Business from Winona State University and an MBA from the University of St. Thomas. In addition, he is a CFA charterholder and has passed the CPA and CMA exams.

12 Investor Fact Book November 2020 | Xcel Energy

Wendy Mahling Vice President, Corporate Secretary and Managing Attorney Wendy Mahling is vice president, Corporate Secretary and Managing Attorney. In this role, she oversees the company’s corporate secretary function as well as legal practice areas related to corporate governance, securities laws, employee benefits, real estate and privacy.

Mahling was previously a Managing Attorney in the law department where she was responsible for the company’s corporate and real estate groups. She started her career at Xcel Energy as an assistant general counsel supporting the company in its corporate, SEC reporting and financing matters. Prior to joining Xcel Energy, Mahling was a partner at Faegre & Benson in Minneapolis (now Faegre Drinker Biddle) where she worked with companies on a wide range of strategic matters, including mergers and acquisitions, capital markets transactions and corporate governance. She also served as in-house securities law counsel at .

Mahling earned her Bachelor of Arts degree in Russian studies from Amherst College and her law degree from the University of Minnesota. Following her graduation from law school, she served as a law clerk to the Honorable Diana E. Murphy on the U.S. Court of Appeals for the Eighth Circuit.

Mahling is chair of the Board of Directors of Goodwill-EasterSeals Minnesota and also serves on the Goodwill Foundation Board of Directors.

13 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Selected Financial Data Years Ended December 31

(Millions of Dollars, Except Per Share Data) 2019 2018 2017 2016 2015 Operating revenues $11,529 $11,537 $11,404 $11,107 $11,024 Operating expenses (a) 9,425 9,572 9,181 8,867 9,024 Net income 1,372 1,261 1,148 1,123 984 Earnings available to common shareholders 1,372 1,261 1,148 1,123 984 Diluted earnings per common share 2.64 2.47 2.25 2.21 1.94

Financial information Dividends declared per common share 1.62 1.52 1.44 1.36 1.28 Total assets (b) (c) 50,448 45,987 43,030 41,155 38,821 Long-term debt (c) (d) 17,407 15,803 14,520 14,195 12,399

(a) As a result of adopting ASU No. 2017-07 (Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 715), $33 million and $26 million of pension costs were retrospectively reclassified from operating and maintenance expenses to other income, net on the consolidated statements of income for the years ended Dec. 31, 2017 and Dec. 31, 2016, respectively. (b) As a result of adopting ASU No. 2015-17 (Balance Sheet Classification of Deferred Taxes, Topic 740), $140 million of current deferred income taxes was retrospectively reclassified to long-term deferred income tax liabilities on the consolidated balance sheet as of Dec. 31, 2015. (c) As a result of adopting ASU No. 2015-03 (Simplifying the Presentation of Debt Issuance Costs, Subtopic 835-30), $92 million of deferred debt issuance costs was retrospectively reclassified from other non-current assets to long-term debt on the consolidated balance sheet as of Dec. 31, 2015. (d) As a result of adopting Leases, Topic 842, finance lease obligations of $77 million are included in other noncurrent liabilities on the consolidated balance sheet at Dec. 31, 2019. These obligations were included in long-term debt prior to 2019.

Xcel Energy Inc. | 2020 and 2021 GAAP and Ongoing Earnings Guidance Assumptions As of October 29, 2020

Xcel Energy 2020 Earnings Guidance Xcel Energy 2021 Earnings Guidance Xcel Energy narrows 2020 GAAP and ongoing earnings guidance Xcel Energy’s 2021 GAAP and ongoing earnings guidance is a to $2.75 to $2.81 from $2.73 to $2.83 per share, which assumes range of $2.90 to $3.00 per share. the implementation of contingency plans will be sufficient to offset Key assumptions as compared with 2020 levels unless noted: the negative impacts of COVID-19. • Constructive outcomes in all rate case and regulatory proceedings. Key assumptions as compared with 2019 levels unless noted: • Modest impacts from COVID-19. • Constructive outcomes in all rate case and regulatory proceedings. • Normal weather patterns for the year. • Normal weather patterns for the remainder of the year. • Weather-normalized retail electric sales are projected to • Weather-normalized retail electric sales are projected to increase ~1%. decline ~3%. • Weather-normalized retail firm natural gas sales are projected to • Weather-normalized retail firm natural gas sales are projected be relatively flat. to be relatively flat. • Capital rider revenue is projected to increase $125 million to $135 • Capital rider revenue is projected to increase $40 million to $45 million (net of PTCs). PTCs are credited to customers, through million (net of PTCs). PTCs are credited to customers, through capital riders and reductions to electric margin. capital riders and reductions to electric margin. • O&M expenses are projected to increase approximately 1%. • O&M expenses are projected to decline approximately 1% to 2%. • Depreciation expense is projected to increase approximately $210 • Depreciation expense is projected to increase approximately million to $220 million. $180 million to $190 million. • Property taxes are projected to increase approximately $45 million • Property taxes are projected to increase approximately $35 to $55 million. million to $45 million. • Interest expense (net of AFUDC - debt) is projected to increase $0 • Interest expense (net of AFUDC - debt) is projected to increase million to $10 million. $60 million to $65 million. • AFUDC - equity is projected to decline approximately $45 million • AFUDC - equity is projected to increase approximately $35 to $55 million. million to $45 million. • ETR is projected to be ~(9%). The ETR reflects benefits of PTCs • ETR is projected to be ~0%. The ETR reflects benefits of PTCs which are credited to customers through electric margin and will which are credited to customers through electric margin and will not have a material impact on net income. not have a material impact on net income.

Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP due to unplanned and/or unknown adjustments. Xcel Energy is unable to forecast if any of these items will occur or provide a quantitative reconciliation of the guidance for ongoing diluted EPS to corresponding GAAP diluted EPS. 14 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Consolidated Statements of Income Years Ended December 31

Amounts in Millions, Except Per Share Data 2019 2018 2017 Operating revenues Electric $ 9,575 $ 9,719 $ 9,676 Natural gas 1,868 1,739 1,650 Other 86 79 78 Total operating revenues 11,529 11,537 11,404 Operating expenses Electric fuel and purchased power 3,510 3,854 3,757 Cost of natural gas sold and transported 918 843 823 Cost of sales — other 40 35 34 Operating and maintenance expenses 2,338 2,352 2,270 Conservation and demand side management program expenses 285 290 273 Depreciation and amortization 1,765 1,642 1,479 Taxes (other than income taxes) 569 556 545 Total operating expenses 9,425 9,572 9,181 Operating income 2,104 1,965 2,223 Other income (expense), net 16 (14) (10) Equity earnings of unconsolidated subsidiaries 39 35 30 Allowance for funds used during construction — equity 77 108 75 Interest charges and financing costs Interest charges — includes other financing costs of $26, $25 and $24, respectively 773 700 663 Allowance for funds used during construction — debt (37) (48) (35) Total interest charges and financing costs 736 652 628 Income before income taxes 1,500 1,442 1,690 Income taxes 128 181 542 Net income $ 1,372 $ 1,261 $ 1,148 Weighted average common shares outstanding: Basic 519 511 509 Diluted 520 511 509 Earnings per average common share: Basic $ 2.64 $ 2.47 $ 2.26 Diluted 2.64 2.47 2.25

15 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Consolidated Statements of Cash Flows Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating activities Net income $ 1,372 $ 1,261 $ 1,148 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 1,785 1,659 1,495 Nuclear fuel amortization 119 122 114 Deferred income taxes 143 218 640 Allowance for equity funds used during construction (77) (108) (75) Equity earnings of unconsolidated subsidiaries (39) (35) (30) Dividends from unconsolidated subsidiaries 40 37 41 Provision for bad debts 42 42 39 Share-based compensation expense 58 45 57 Net realized and unrealized hedging and derivative transactions 45 22 2 Changes in operating assets and liabilities: Accounts receivable (20) (105) (60) Accrued unbilled revenues 42 9 (34) Inventories (84) (65) (3) Other current assets 25 18 9 Accounts payable (12) 90 43 Net regulatory assets and liabilities (66) 223 (16) Other current liabilities (15) (61) (38) Pension and other employee benefit obligations (135) (179) (133) Other, net 40 (71) (73) Net cash provided by operating activities 3,263 3,122 3,126 Investing activities Utility capital/construction expenditures (4,225) (3,957) (3,244) Purchases of investment securities (995) (853) (1,697) Proceeds from the sale of investment securities 975 833 1,669 Other, net (98) (9) (24) Net cash used in investing activities (4,343) (3,986) (3,296) Financing activities (Repayments of) proceeds from short-term borrowings, net (443) 225 422 Proceeds from issuance of long-term debt 2,920 1,675 1,518 Repayments of long-term debt, including reacquisition premiums (949) (452) (1,030) Proceeds from issuance of common stock 458 230 — Dividends paid (791) (730) (721) Other, net (14) (20) (21) Net cash provided by financing activities 1,181 928 168 Net change in cash, cash equivalents and restricted cash 101 64 (2) Cash, cash equivalents and restricted cash at beginning of period 147 83 85 Cash, cash equivalents and restricted cash at end of period $ 248 $ 147 $ 83

16 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Consolidated Balance Sheets December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Assets Current assets Cash and cash equivalents $ 248 $ 147 Accounts receivable, net 837 860 Accrued unbilled revenues 713 755 Inventories 544 548 Regulatory assets 488 464 Derivative instruments 55 87 Prepaid taxes 43 79 Prepayments and other 185 154 Total current assets 3,113 3,094 Property, plant and equipment, net 39,483 36,944 Other assets Nuclear decommissioning fund and other investments 2,731 2,317 Regulatory assets 2,935 3,326 Derivative instruments 22 34 Operating lease right-of-use assets 1,672 — Other 492 272 Total other assets 7,852 5,949 Total assets $ 50,448 $ 45,987 Liabilities and Equity Current liabilities Current portion of long-term debt $ 702 $ 406 Short-term debt 595 1,038 Accounts payable 1,294 1,237 Regulatory liabilities 407 436 Taxes accrued 466 450 Accrued interest 192 174 Dividends payable 212 195 Derivative instruments 38 61 Other 662 463 Total current liabilities 4,568 4,460 Deferred credits and other liabilities Deferred income taxes 4,509 4,165 Deferred investment tax credits 49 54 Regulatory liabilities 5,077 5,187 Asset retirement obligations 2,701 2,568 Derivative instruments 175 129 Customer advances 203 199 Pension and employee benefit obligations 785 994 Operating lease liabilities 1,549 — Other 186 206 Total deferred credits and other liabilities 15,234 13,502 Commitments and contingencies Capitalization Long-term debt 17,407 15,803 Common stock — 1,000,000,000 shares authorized of $2.50 par value; 524,539,000 and 1,311 1,285 514,036,787 shares outstanding at Dec. 31, 2019 and 2018, respectively 6,656 6,168 Additional paid in capital 5,413 4,893 Retained earnings (141) (124) Accumulated other comprehensive loss 13,239 12,222 Total common stockholders’ equity $ 50,448 $ 45,987 Total liabilities and equity

17 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Consolidated Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data NSP–Minnesota 2019 2018 Long-term debt First Mortgage Bonds, Series due: Aug. 15, 2020, 2.2% $ 300 $ 300 Aug. 15, 2022, 2.15% 300 300 May 15, 2023, 2.6% 400 400 July 1, 2025, 7.125% 250 250 March 1, 2028, 6.5% 150 150 July 15, 2035, 5.25% 250 250 June 1, 2036, 6.25% 400 400 July 1, 2037, 6.2% 350 350 Nov. 1, 2039, 5.35% 300 300 Aug. 15, 2040, 4.85% 250 250 Aug. 15, 2042, 3.4% 500 500 May 15, 2044, 4.125% 300 300 Aug. 15, 2045, 4.0% 300 300 May 15, 2046, 3.6% 350 350 Sept. 15, 2047, 3.6% 600 600 March 1, 2050, 2.9% 600 — Unamortized discount (31) (21) Unamortized debt expense (48) (42) Total 5,521 4,937 Less current maturities 300 — Total NSP-Minnesota long-term debt $ 5,221 $ 4,937

NSP–Wisconsin 2019 2018 First Mortgage Bonds, Series due: June 15, 2024, 3.3% $ 200 $ 200 Sept. 1, 2038, 6.375% 200 200 Oct. 1, 2042, 3.7% 100 100 Dec. 1, 2047, 3.75% 100 100 Sept. 1, 2048, 4.2% 200 200 City of La Crosse Resource Recovery Bond, Series due Nov. 1, 2021, 6% (a) 19 19 Unamortized discount (3) (3) Unamortized debt expense (8) (9) Total NSP-Wisconsin long-term debt $ 808 $ 807 (a) Resource recovery financing

18 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Consolidated Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data PSCO 2019 2018 First Mortgage Bonds, Series due: June 1, 2019, 5.125% $ — $ 400 Nov. 15, 2020, 3.2% 400 400 Sept. 15, 2022, 2.25% 300 300 March 15, 2023, 2.5% 250 250 May 15, 2025, 2.9% 250 250 June 15, 2028, 3.7% 350 350 Sept. 1, 2037, 6.25% 350 350 Aug. 1, 2038, 6.5% 300 300 Aug. 15, 2041, 4.75% 250 250 Sept. 15, 2042, 3.6% 500 500 March 15, 2043, 3.95% 250 250 March 15, 2044, 4.30% 300 300 June 15, 2046, 3.55% 250 250 June 15, 2047, 3.8% 400 400 June 15, 2048, 4.1% 350 350 Sept. 15, 2049, 4.05% 400 — March 1, 2050, 3.2% 550 — Capital lease obligations, through 2060, 11.2% — 14.3% — 145 Unamortized discount (24) (14) Unamortized debt expense (41) (33) Total 5,385 4,998 Less current maturities 400 406 Total PSCo long-term debt $ 4,985 $ 4,592

SPS 2019 2018 First Mortgage Bonds, Series due: June 15, 2024, 3.3% $ 350 $ 350 Aug. 15, 2041, 4.5% 400 400 Aug. 15, 2046, 3.4% 300 300 Aug. 15, 2047, 3.7% 450 450 Nov. 15, 2048, 4.4% 300 300 June 15, 2049, 3.75% 300 — Unsecured Senior C and D Notes, due Oct. 1, 2033, 6% 100 100 Unsecured Senior F Notes, due Oct. 1, 2036, 6% 250 250 Unamortized discount (7) (4) Unamortized debt expense (23) (20) Total SPS long-term debt $ 2,420 $ 2,126

Other Subsidiaries 2019 2018 Various Eloigne Co. Affordable Housing Project Notes, due 2020-2052, 0% — 6.9% $ 28 $ 26 Less current maturities 2 1 Total other subsidiaries long-term debt $ 26 $ 25

19 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Consolidated Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data Xcel Energy, Inc. 2019 2018 Unsecured Senior Notes, Series due: May 15, 2020, 4.7% $ — $ 550 March 15, 2021, 2.4% 400 400 March 15, 2022, 2.6% 300 300 June 1, 2025, 3.3% 600 600 Dec. 1, 2026, 3.35% 500 500 June 15, 2028, 4.0% 500 500 June 15, 2028, 4.0% 130 — Dec. 1, 2029, 2.6% 500 — July 1, 2036, 6.5% 300 300 Sept. 15, 2041, 4.8% 250 250 Dec. 1, 2049, 3.5% 500 — Elimination of PSCo capital lease obligation with affiliates — (60) Unamortized discount (5) (5) Unamortized debt expense (28) (21) Total 3,947 3,314 Less current maturities (including elimination of PSCo capital lease obligation) — (2) Total Xcel Energy Inc. long-term debt 3,947 3,316 Total long-term debt $ 17,407 $ 15,803

Common Stockholders’ Equity Common stock — 1,000,000,000 shares authorized of $2.50 par value; 524,539,000 and $ 1,311 $ 1,285 514,036,787 shares outstanding at Dec. 31, 2019 and 2018, respectively Additional paid in capital 6,656 6,168 Retained earnings 5,413 4,893 Accumulated other comprehensive loss (141) (124) Total common stockholders’ equity $ 13,239 $ 12,222

20 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Electric Operating Statistics Years Ended December 31

Electric sales (Millions of KWh) 2019 2018 2017 Residential 25,133 25,518 24,216 Large C&I 28,535 28,686 27,951 Small C&I 35,774 36,308 35,493 Public authorities and other 1,068 1,071 1,055 Total retail 90,510 91,583 88,715 Sales for resale 25,807 24,199 18,349 Total energy sold 116,317 115,782 107,064 Number of customers at end of period Residential 3,150,748 3,117,262 3,082,974 Large C&I 1,266 1,253 1,241 Small C&I 440,414 436,836 433,883 Public authorities and other 70,192 69,794 69,376 Total retail 3,662,620 3,625,145 3,587,474 Wholesale 81 70 58 Total customers 3,662,701 3,625,215 3,587,532 Electric revenues (Millions of Dollars) Residential $ 3,008 $ 3,006 $ 2,975 Large C&I 1,700 1,696 1,779 Small C&I 3,375 3,343 3,463 Public authorities and other 136 136 143 Total retail 8,219 8,181 8,360 Wholesale 746 801 719 Other electric revenues 610 737 597 Total electric revenues $ 9,575 $ 9,719 $ 9,676 KWh sales per retail customer 24,712 25,263 24,729 Revenue per retail customer $ 2,244 $ 2,257 $ 2,330 Residential revenue per KWh 11.97¢ 11.78¢ 12.29¢ Large C&I revenue per KWh 5.96 5.91 6.36 Small C&I revenue per KWh 9.43 9.21 9.76 Total retail revenue per KWh 9.08 8.93 9.42

Xcel Energy Inc. | Natural Gas Operating Statistics Years Ended December 31

Natural gas deliveries (Thousands of MMBtu) 2019 2018 2017 Residential 162,957 149,036 134,189 C&I 103,393 96,447 87,271 Total retail 266,350 245,483 221,460 Transportation and other 196,835 173,092 142,497 Total deliveries 463,185 418,575 363,957 Number of customers at end of period Residential 1,900,523 1,878,576 1,856,221 C&I 159,223 158,424 157,798 Total retail 2,059,746 2,037,000 2,014,019 Transportation and other 8,383 7,951 7,705 Total customers 2,068,129 2,044,951 2,021,724

Natural gas revenues (Millions of Dollars) Residential $ 1,163 $ 1,045 $ 1,006 C&I 592 556 524 Total retail 1,755 1,601 1,530 Transportation and other 113 138 120 Total natural gas revenues $ 1,868 $ 1,739 $ 1,650 MMBtu sales per retail customer 129.31 120.51 109.96 Revenue per retail customer $ 852 $ 786 $ 760 Residential revenue per MMBtu 7.14 7.01 7.50 C&I revenue per MMBtu 5.73 5.76 6.00 Transportation and other revenue per MMBtu 0.57 0.80 0.84

21 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Operating Company EPS Contributions The only common equity securities that are publicly traded are common shares of Xcel Energy Inc . The diluted earnings and EPS of each subsidiary discussed here do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole . Ongoing diluted EPS for Xcel Energy and by subsidiary is a financial measure not recognized under GAAP . Ongoing diluted EPS is calculated by dividing the net income or loss attributable to the controlling interest of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc . common shares outstanding for the period . We use this non-GAAP financial measure to evaluate and provide details of Xcel Energy’s core earnings and underlying performance . We believe this measurement is useful to investors in facilitating period over period comparisons and evaluating or projecting financial results . This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP .

Diluted Earnings (Loss) Per Share 2019 2018 2017 PSCo $1.11 $1.08 $0.94 NSPM 1.04 0.96 1.01 SPS 0.51 0.42 0.30 NSPW 0.15 0.19 0.16 Equity earnings of unconsolidated subsidiaries 0.05 0.04 0.03 Regulated utility 2.86 2.69 2.45 Xcel Energy Inc. and other (0.22) (0.22) (0.15) Ongoing diluted EPS 2.64 2.47 2.30 Impact of TCJA (a) — — (0.05) GAAP diluted EPS 2.64 $2.47 $2.25

Xcel Energy’s management believes that ongoing earnings reflects management’s performance in operating the company and provides a meaningful representation of the performance of Xcel Energy’s core business. In addition, Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors and when communicating its earnings outlook to analysts and investors.

Amounts may not sum due to rounding.

(a) Xcel Energy recognized an estimated one-time, non-cash, income tax expense of approximately $23 million in the fourth quarter of 2017 for net excess deferred tax assets which may not be recovered from customers or not attributable to regulated operations, increased valuation allowances, etc. due to the enactment of the TCJA in December 2017. The income tax expense associated with the TCJA enactment has been excluded from Xcel Energy’s 2017 ongoing earnings, given the non-recurring nature of the TCJA’s broad and sweeping reform of the IRC.

Xcel Energy Inc. | Estimated Impact of Weather on EPS

2019 vs. 2018 vs. Normal Normal 2019 vs. 2018 Retail Electric NSPM $0.007 $0.071 ($0.064) NSPW ($0.001) $0.008 ($0.009) PSCo $0.020 $0.017 $0.003 SPS $0.014 $0.017 ($0.003) Xcel Energy (a) $0.040 $0.114 ($0.074) Decoupling - MN $0.000 ($0.051) $0.051 Xcel Energy (a) (adjusted for recovery from decoupling) $0.040 $0.063 ($0.023)

2019 vs. 2018 vs. Normal Normal 2019 vs. 2018 Firm Natural Gas NSPM $0.012 $0.007 $0.005 NSPW $0.005 $0.004 $0.001 PSCo $0.010 ($0.004) $0.014 SPS N/A N/A N/A Xcel Energy (a) $0.027 $0.007 $0.020

(a) Amounts may not sum due to rounding.

22 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Authorized and Earned ROEs These numbers are based on jurisdictional returns and do not represent financial returns . 2019 YE Rate Base 2019 2019 2018 2018 2017 2017 Jurisdiction ($ millions) Authorized (%) W/A Earned (%) Authorized (%) W/A Earned (%) Authorized (%) W/A Earned (%) MN Electric 9,238 9.20 9.31 9.20 8.88 9.20 9.66 MN Natural Gas 708 10.09 8.54 10.09 9.81 10.09 9.16 ND Electric 605 9.85 9.86 10.25 9.93 10.25 10.91 ND Natural Gas 72 9.75 3.74 10.75 10.32 10.75 8.75 SD Electric 711 Blackbox 8.77 Blackbox 6.79 Blackbox 6.91 CO Electric 8,956 9.83 7.62 9.83 8.93 9.83 8.81 CO Natural Gas 2,763 9.35 6.81 9.35 8.68 9.50 6.64 PSCo Wholesale 635 (a) (a) (a) (a) (a) (a) TX Electric 2,523 Blackbox 8.95 (b) Blackbox 7.98 (b) Blackbox 6.93 (b) NM Electric 1,295 9.56 10.79 (b) Blackbox 8.45 (b) Blackbox 5.98 (b) SPS Wholesale 843 (c) (c) (c) (c) (c) (c) WI Electric 1,468 9.80 8.67 9.80 10.65 10.00 9.70 WI Natural Gas 158 9.80 6.20 9.80 7.83 10.00 6.74 MI Electric & 41 9.80 (elec.); 7.98 9.80 (elec.); 7.46 10.10(elec.); 7.94 Natural Gas 10.00 (gas) (consolidated) 10.00 (gas) (consolidated) 10.00(gas) (consolidated)

(a) The authorized ROE for PSCo transmission and production formula = 9.72% (b) Actual ROE, not weather-normalized (c) The transmission ROE = 10.50% and production formula ROE = 10.00%

Xcel Energy Inc. | Base Capital Expenditure Forecast

Dollars in Millions 2021 2022 2023 2024 2025 Total Electric Distribution $1,205 $1,440 $1,550 $1,505 $1,475 $7,175 Electric Transmission $870 $1,285 $1,285 $1,270 $1,290 $6,000 Electric Generation $630 $575 $560 $750 $975 $3,490 Natural Gas $615 $615 $665 $670 $625 $3,190 Other $545 $575 $485 $405 $335 $2,345 Renewables $310 $75 $15 $0 $0 $400 Total $4,175 $4,565 $4,560 $4,600 $4,700 $22,600

Incremental forecast includes up to $1.4 billion for proposed NSPM wind repowering and universal solar projects

Xcel Energy Inc. | Net Plant by Function 2019 Year-end Net Plant Balance ~$39 billion

8% 8% Coal Natural gas Transmission Nuclear 8% Distribution Renewables Other Generation Other 12%

12%

24% 22% 6% Net plant represents gross plant less accumulated depreciation. The functional allocation of net plant is representative of the functional allocation of rate base.

23 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Credit Ratings

Company Credit Type Moody’s S&P Fitch Xcel Energy Holding Company Senior Unsecured Debt Baa1 BBB+ BBB+ Xcel Energy Holding Company Commercial Paper P-2 A-2 F2 NSPM Senior Secured Debt Aa3 A A+ NSPM Commercial Paper P-1 A-2 F2 NSPW Senior Secured Debt Aa3 A A+ NSPW Commercial Paper P-1 A-2 F2 PSCo Senior Secured Debt A1 A A+ PSCo Commercial Paper P-2 A-2 F2 SPS Senior Secured Debt A3 A A- SPS Commercial Paper P-2 A-2 F2

Xcel Energy Inc. | Credit Facilities

Dollars in Millions Company Facility Termination Date Xcel Energy Holding Company $1,250* June 2024 NSPM 500 June 2024 NSPW 150 June 2024 PSCo 700 June 2024 SPS 500 June 2024 Total $3,100

* In addition, in December 2019, Xcel Energy Inc. entered into a $500 million 364-Day Term Loan Agreement to pay down borrowings and terminate the expiring $500 million term loan made to Xcel Energy under the 364-Day Term Loan Agreement dated as of Dec. 4, 2018. The loan is unsecured and matures Dec. 1, 2020. Xcel Energy has an option to request an extension through Nov. 30, 2021. As of October 2020, the loan was fully borrowed with no additional borrowing capacity remaining.

Xcel Energy Inc. | Debt Maturities

Dollars in Millions Company 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Xcel Energy Holding Company $400 $300 $500 0 $600 $500 0 $630 $500 $600 NSPM 0 $300 $400 0 $250 0 0 $150 0 0 NSPW $19 0 0 $200 0 0 0 0 0 0 PSCo 0 $300 $250 0 $250 0 0 $350 0 0 SPS 0 0 0 $350 0 0 0 0 0 0 Total $419 $900 $1,150 $550 $1,100 $500 $0 $1,130 $500 $600

Intend to redeem $300 million in outstanding 2.60% Senior Notes, due 2022, on December 1, 2020

24 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | System Energy Mix

2005 2019 2027 Projected 3% 1% 1%

12% 19% 21% 5% 26% 3% 39% 56% 23% 13% 21%

33% 7% 12% 3% 2%

Coal Natural Gas Hydro Nuclear Solar Wind Other

Projected carbon reduction of 50% by 2023 and 80% by 2030, with a vision to be carbon free by 2050.

Xcel Energy Inc. | 2019 Renewable Energy Portfolio

Units in MW Utility-scale Wind Solar (AC) * Hydro Total Upper Midwest (NSP) 2,780 266 305 195 3,546 Colorado (PSCo) 3,165 305 62 4 3,536 Texas/New Mexico (SPS) 2,045 191 — — 2,236 Total 7,990 762 367 199 9,318

* Excludes community solar gardens and distributed generation rooftop solar, which totaled 1,303 megawatts-DC at the end of 2019, including net metered and Made in Minnesota systems installed outside of our Solar*Rewards® program.

25 Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Emissions Reductions Millions of Tons

2 2 0 02

200 200 200 200 200 200 2 0 202 20 20 20 20 20 20 20 Carbon Emissions from Electricity Serving Customers - Owned and Purchased Generation (Millions of Tons)

00 Owned Generation

0 Owned Generation

0

118,421 109,903 101,048 85,396 63,382 64,441 60,234 53,309 52,787 48,081 37,280 30,654 26,977 26,269 23,580 143,229 131,542 119,833 109,754 91,563 94,833 81,454 71,542 67,763 57,318 45,751 41,039 37,334 32,484 24,898 0 200 200 200 200 200 200 2 0 202 20 20 20 20 20 20 20 200 200 200 200 200 200 2 0 202 20 20 20 20 20 20 20

Sulfur Dioxide Emissions from Electricity Serving Customers (Tons) Nitrogen Oxide Emissions from Electricity Serving Customers (Tons) 20

0000 20000

0 00000 20000

Owned Generation 0000 Owned Generation 0000 0000 0000 0000

0000 20000 6,863 8,765 8,499 8,253 7,285 6,899 7,436 4,687 3,710 4,604 2,598 2,081 2,241 1,838 1,561 2,556 2,469 2,035 1,920 1,837 1,510 1,298 1,297 1,300 1,116 343 303 243 226 207

2000 200 200 200 200 200 2 0 202 20 20 20 20 20 20 20 0200 200 200 200 200 200 2 0 202 20 20 20 20 20 20 20

Mercury Emissions from Electricity Serving Customers (Pounds) Particulate Matter Emissions from Electricity Serving Customers (Tons)

Xcel Energy Inc. | Customer Rates for the TTM Ended December 31, 2019 000 Cents per KWh 0000 200 Natonal verage 000 2000 0 000 00

000 000

00 2000

0 0

5.84 6.17 9.02 9.33 10.13 10.23 10.47 10.72

X N NN o N NI NI NN

Source: EEI Typical Bills and Average Rates Report Winter 2020 26

2

0

2

0 SPS-TX SPS-NM NSPM-MN NSPM-ND PSCo NSPM-SD NSPW-MI NSPW-WI Investor Fact Book November 2020 | Xcel Energy

Xcel Energy Inc. | Quarterly Stock & Dividend History

Stock Price Intraday High Intraday Low Dividends Declared 2019 First quarter $57.51 $47.70 $0.4050 Second quarter $61.97 $54.46 $0.4050 Third quarter $66.05 $58.74 $0.4050 Fourth quarter $65.14 $59.46 $0.4050 2018 First quarter $48.36 $41.51 $0.3800 Second quarter $47.38 $41.99 $0.3800 Third quarter $49.49 $44.54 $0.3800 Fourth quarter $54.11 $46.52 $0.3800 2017 First quarter $45.06 $40.04 $0.3600 Second quarter $48.50 $44.00 $0.3600 Third quarter $50.56 $45.18 $0.3600 Fourth quarter $52.22 $46.86 $0.3600 2016 First quarter $41.85 $35.19 $0.3400 Second quarter $44.78 $38.43 $0.3400 Third quarter $45.42 $40.34 $0.3400 Fourth quarter $41.80 $38.00 $0.3400 2015 First quarter $38.35 $33.41 $0.3200 Second quarter $35.35 $31.76 $0.3200 Third quarter $36.48 $32.12 $0.3200 Fourth quarter $37.25 $34.33 $0.3200 2014 First Quarter $30.77 $27.27 $0.3000 Second Quarter $32.37 $29.83 $0.3000 Third Quarter $32.48 $29.60 $0.3000 Fourth Quarter $37.58 $30.18 $0.3000 2013 First Quarter $29.74 $26.77 $0.2700 Second Quarter $31.79 $27.38 $0.2800 Third Quarter $30.41 $26.90 $0.2800 Fourth Quarter $29.40 $27.14 $0.2800 2012 First Quarter $27.93 $25.92 $0.2600 Second Quarter $29.12 $25.89 $0.2700 Third Quarter $29.92 $27.25 $0.2700 Fourth Quarter $28.34 $25.84 $0.2700 2011 First Quarter $24.67 $23.17 $0.2525 Second Quarter $25.39 $23.38 $0.2600 Third Quarter $25.60 $21.20 $0.2600 Fourth Quarter $27.78 $23.48 $0.2600 2010 First Quarter $21.76 $19.82 $0.2450 Second Quarter $22.14 $19.81 $0.2525 Third Quarter $23.28 $20.47 $0.2525 Fourth Quarter $24.36 $23.02 $0.2525

Xcel Energy Inc.’s all-time high closing and intraday prices were $73.73 (11-5-2020) and $74.87 (11-5-2020), respectively. Xcel Energy Inc.’s all-time low closing and intraday prices were $5.66 (7-29-2002) and $5.12 (7-29-2002), respectively.

27 Northern States Power Company – Minnesota (NSPM)

NSPM is an Xcel Energy operating company that conducts business in Minnesota, North Dakota and South Dakota. The company has electric operations in all three states that include the generation, purchase, transmission, distribution and sale of electricity. NSPM also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota.

NSPM’s electric production and transmission system is managed as an integrated system with that of NSPW, jointly referred to as the NSP System.

Generally, NSPM’s contribution to earnings ranges from 35 percent to 45 percent of Xcel Energy’s consolidated earnings.

Customers Electricity 1.5 million Natural gas 0.5 million

85

29 MINOT

83 GRAND FORKS

DULUTH FARGO BISMARCK 94 DICKINSON 94

BRAINERD 35

94 ST. CLOUD

DELANO 29 MINNEAPOLIS & ST. PAUL

35 RED WING FARIBAULT WINONA PIERRE MANKATO 90 90

90 90 SIOUX FALLS E

28 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Consolidated Statements of Income Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating revenues Electric, non-affiliates $ 4,049.2 $ 4,034.3 $ 4,051.5 Electric, affiliates 457.4 473.7 490.2 Natural gas 571.3 583.1 531.9 Other 33.9 30.8 28.4 Total operating revenues 5,111.8 5,121.9 5,102.0

Operating expenses Electric fuel and purchased power 1,600.3 1,701.1 1,626.9 Cost of natural gas sold and transported 327.2 345.1 301.8 Cost of sales — other 23.2 19.7 18.1 Operating and maintenance expenses 1,203.1 1,223.3 1,198.3 Conservation program expenses 119.7 118.0 120.1 Depreciation and amortization 791.3 741.6 700.6 Taxes (other than income taxes) 260.1 256.6 253.5 Total operating expenses 4,324.9 4,405.4 4,219.3

Operating income 786.9 716.5 882.7

Other expense, net (0.8) (6.5) (9.1) Allowance for funds used during construction — equity 24.8 23.8 29.5

Interest charges and financing costs Interest charges — includes other financing costs of $7.4, $7.4 and $7.3 233.3 226.8 228.4 respectively Allowance for funds used during construction — debt (12.4) (12.5) (15.1) Total interest charges and financing costs 220.9 214.3 213.3

Income before income taxes 590.0 519.5 689.8 Income taxes 47.4 27.2 199.7 Net income $ 542.6 $ 492.3 $ 490.1

29 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Consolidated Statements of Cash Flows Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating activities Net income $ 542.6 $ 492.3 $ 490.1 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 798.3 748.1 707.0 Nuclear fuel amortization 119.0 121.9 114.4 Deferred income taxes (39.0) 41.3 193.2 Allowance for equity funds used during construction (24.8) (23.8) (29.5) Provision for bad debts 13.0 16.2 15.7 Net realized and unrealized hedging and derivative transactions 18.5 27.0 (2.8) Changes in operating assets and liabilities: Accounts receivable 15.0 (42.7) (29.8) Accrued unbilled revenues 19.6 7.4 (18.1) Inventories (28.7) (21.4) 7.6 Other current assets (3.3) 94.4 (25.3) Accounts payable (12.5) 10.5 46.5 Net regulatory assets and liabilities (139.7) 182.3 (36.4) Other current liabilities (11.7) (64.0) (71.8) Pension and other employee benefit obligations (48.5) (75.8) (56.7) Other, net (48.9) (31.5) (31.3) Net cash provided by operating activities 1,168.9 1,482.2 1,272.8

Investing activities Utility capital/construction expenditures (1,416.9) (1,149.7) (987.2) Purchases of investment securities (995.1) (852.9) (1,690.5) Proceeds from the sale of investment securities 975.0 832.6 1,668.9 Investments in utility money pool arrangement (219.0) (805.0) (122.0) Repayments from utility money pool arrangement 219.0 805.0 122.0 Other, net (3.1) (3.5) (3.5) Net cash used in investing activities (1,440.1) (1,173.5) (1,012.3)

Financing activities (Repayments of) proceeds from short-term borrowings, net (120.0) 130.0 (65.0) Borrowings under utility money pool arrangement 696.0 479.0 838.0 Repayments under utility money pool arrangement (696.0) (564.0) (753.0) Proceeds from issuance of long-term debt 579.8 — 585.2 Repayments of long-term debt, including reacquisition premiums — — (507.9) Capital contributions from parent 354.3 108.8 145.0 Dividends paid to parent (466.6) (456.3) (506.6) Net cash provided by (used in) financing activities 347.5 (302.5) (264.3)

Net change in cash, cash equivalents and restricted cash 76.3 6.2 (3.8) Cash, cash equivalents and restricted cash at beginning of period 50.0 43.8 47.6 Cash, cash equivalents and restricted cash at end of period $ 126.3 $ 50.0 $ 43.8

30 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Consolidated Balance Sheets December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Assets Current assets Cash and cash equivalents $ 126.3 $ 50.0 Accounts receivable, net 359.8 380.9 Accounts receivable from affiliates 43.8 11.0 Accrued unbilled revenues 250.7 270.3 Inventories 304.8 299.4 Regulatory assets 320.1 280.3 Derivative instruments 32.5 25.8 Prepayments and other 31.5 28.9 Total current assets 1,469.5 1,346.6

Property, plant and equipment 14,244.0 13,541.7 Other assets Nuclear decommissioning fund and other investments 2,495.2 2,107.2 Regulatory assets 1,125.0 1,454.1 Derivative instruments 9.2 17.0 Operating lease right-of-use assets 563.8 — Other 9.7 3.3 Total other assets 4,202.9 3,581.6 Total assets $ 19,916.4 $ 18,469.9 Liabilities and Equity Current liabilities Current portion of long-term debt $ 300.0 $ — Short-term debt 30.0 150.0 Accounts payable 388.0 393.6 Accounts payable to affiliates 76.0 109.7 Regulatory liabilities 141.0 262.4 Taxes accrued 232.1 230.1 Accrued interest 72.2 67.2 Dividends payable to parent 94.3 82.7 Derivative instruments 25.0 16.5 Customer deposits 46.4 53.7 Operating lease liabilities 79.9 — Other 154.9 154.8 Total current liabilities 1,639.8 1,520.7 Deferred credits and other liabilities Deferred income taxes 1,779.1 1,682.4 Deferred investment tax credits 19.7 21.1 Regulatory liabilities 1,937.1 1,984.7 Asset retirement obligations 2,280.3 2,177.9 Derivative instruments 110.2 112.2 Pension and employee benefit obligations 235.9 305.1 Operating lease liabilities 525.7 — Other 85.5 155.5 Total deferred credits and other liabilities 6,973.5 6,438.9 Commitments and contingencies Capitalization Long-term debt 5,221.3 4,937.2 Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding — — at Dec. 31, 2019 and 2018, respectively Additional paid in capital 4,067.9 3,624.2 Retained earnings 2,036.4 1,972.0 Accumulated other comprehensive loss (22.5) (23.1) Total common stockholder’s equity 6,081.8 5,573.1 Total liabilities and equity $ 19,916.4 $ 18,469.9

31 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Consolidated Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Long-term debt First Mortgage Bonds, Series due: Aug. 15, 2020, 2.2% 300.0 300.0 Aug. 15, 2022, 2.15% 300.0 300.0 May 15, 2023, 2.6% 400.0 400.0 July 1, 2025, 7.125% 250.0 250.0 March 1, 2028, 6.5% 150.0 150.0 July 15, 2035, 5.25% 250.0 250.0 June 1, 2036, 6.25% 400.0 400.0 July 1, 2037, 6.2% 350.0 350.0 Nov. 1, 2039, 5.35% 300.0 300.0 Aug. 15, 2040, 4.85% 250.0 250.0 Aug. 15, 2042, 3.4% 500.0 500.0 May 15, 2044, 4.125% 300.0 300.0 Aug. 15, 2045, 4.0% 300.0 300.0 May 15, 2046, 3.6% 350.0 350.0 Sept. 15, 2047, 3.6% 600.0 600.0 March 1, 2050, 2.9% 600.0 — Unamortized discount (31.0) (20.6) Unamortized debt expense (47.7) (42.2) Total $ 5,521.3 $ 4,937.2 Less current maturities 300.0 — Total NSP-Minnesota long-term debt $ 5,221.3 $ 4,937.2

Common Stockholder’s Equity Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares $ — $ — outstanding at Dec. 31, 2019 and 2018, respectively Additional paid in capital 4,067.9 3,624.2 Retained earnings 2,036.4 1,972.0 Accumulated other comprehensive loss (22.5) (23.1) Total common stockholder’s equity $ 6,081.8 $ 5,573.1

32 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Electric Operating Statistics Years Ended December 31

2019 2018 2017 Electric sales (Millions of KWh) Residential 10,106 10,476 9,900 Large C&I 8,390 8,877 8,829 Small C&I 14,838 15,323 15,104 Public authorities and other 208 224 225 Total retail 33,542 34,900 34,058 Sales for resale 7,757 6,736 5,739 Total energy sold 41,299 41,636 39,797

Number of customers at end of period Residential 1,329,293 1,318,095 1,306,825 Large C&I 553 558 557 Small C&I 158,850 157,636 156,386 Public authorities and other 8,332 8,124 7,774 Total retail 1,497,028 1,484,413 1,471,542 Wholesale 15 11 8 Total customers 1,497,043 1,484,424 1,471,550

Electric revenues (Millions of Dollars) Residential $ 1,336.2 $ 1,364.9 $ 1,320.5 Large C&I 667.8 682.2 690.2 Small C&I 1,506.3 1,500.6 1,560.3 Public authorities and other 34.4 35.4 35.5 Total retail 3,544.7 3,583.1 3,606.5 Wholesale 212.1 193.4 161.6 Interchange revenues from NSP-Wisconsin 457.3 473.7 490.2 Other electric revenues 292.5 257.8 283.4 Total electric revenues $ 4,506.6 $ 4,508.0 $ 4,541.7

KWh sales per retail customer 22,405 23,511 23,144 Revenue per retail customer $ 2,368 $ 2,414 $ 2,451 Residential revenue per KWh 13.22¢ 13.03¢ 13.34¢ Large C&I revenue per KWh 7.96 7.69 7.82 Small C&I revenue per KWh 10.15 9.79 10.33 Total retail revenue per KWh 10.57 10.27 10.59

33 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Natural Gas Operating Statistics Years Ended December 31

Natural gas deliveries (Thousands of MMBtu) 2019 2018 2017 Residential 45,577 43,876 38,365 C&I 47,412 45,909 41,047 Total retail 92,989 89,785 79,412 Transportation and other 13,303 13,101 13,109 Total deliveries 106,292 102,886 92,521

Number of customers at end of period Residential 480,760 475,441 470,255 C&I 44,725 44,217 43,859 Total retail 525,485 519,658 514,114 Transportation and other 26 26 26 Total customers 525,511 519,684 514,140

Natural gas revenues (Millions of Dollars) Residential $ 320.7 $ 320.0 $ 287.5 C&I 242.8 248.8 221.6 Total retail 563.5 568.8 509.1 Transportation and other 7.8 14.3 22.8 Total natural gas revenues $ 571.3 $ 583.1 $ 531.9

MMBtu sales per retail customer 176.96 172.78 154.46 Revenue per retail customer $ 1,072 $ 1,095 $ 990 Residential revenue per MMBtu 7.04 7.29 7.49 C&I revenue per MMBtu 5.12 5.42 5.40 Transportation and other revenue per MMBtu 0.59 1.09 1.74

34 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Plant Information Summer 2019 Net Dependable Emissions Control Station, Location and Unit Fuel Installed Capability (MW) Equipment Steam: BH (PM), DS (acid gases), SCR A.S. King-Bayport, Minn., 1 Unit Coal 1968 511 (NOx), ACI (mercury), OFA Sherco-Becker, Minn. WS (PM & acid gases), Wet Unit 1 Coal 1976 680 ESPs (PM), LNBs (NOx), OFA (NOx), ACI (mercury) WS (PM & acid gases), Wet Unit 2 Coal 1977 682 ESPs (PM), LNBs (NOx), OFA (NOx), ACI (mercury) BH (PM), DS (acid gases), Unit 3 Coal 1987 517 (a) LNBs, ACI (mercury) Monticello-Monticello, Minn., 1 Unit Nuclear 1971 617 Prairie Island-Welch, Minn. Unit 1 Nuclear 1973 521 Unit 2 Nuclear 1974 519 Wood/Refuse- Various locations, 4 Units Various 36 (b) derived fuel Each unit: BH (PM), DLI Red Wing-Red Wing, Minn., 2 Units (acid gases) Each unit: BH (PM), DS Wilmarth-Mankato, Minn., 2 Units (acid gases) Combustion Turbine: Angus Anson-Sioux Falls, S.D., 3 Units Oil/Natural Gas 1994-2005 327 Unit 2 Oil/Natural Gas WI (NOx) Unit 3 Oil/Natural Gas WI (NOx) Unit 4 Natural Gas LNBs Black Dog-Burnsville, Minn., 3 Units Natural Gas 1987-2018 494 Combined cycle units 5 & 2 Combustion unit: LNBs and (Unit 5 is the combustion turbine and Natural Gas SCR (NOx) Unit 2 is the steam turbine) Unit 6 Natural Gas LNBs Blue Lake-Shakopee, Minn., 6 Units Oil/Natural Gas 1974-2005 453 Units 1-4 Oil LNBs (NOx) Units 7-8 Natural Gas Each combustion unit: LNBs High Bridge-St. Paul, Minn., 3 Units Natural Gas 2008 530 Each combustion unit: 2 combined cycle units and 1 steam turbine LNBs and SCR (NOx) Inver Hills-Inver Grove Heights, Minn., 6 Units Oil/Natural Gas 1972 282 Riverside-Minneapolis, Minn., 3 Units Natural Gas 2009 454 Each combustion unit: LNBs 2 combined cycle units and 1 steam turbine and SCR Various locations, 7 Units Natural Gas Various 10 Wind: Border-Rolette County, ND, 75 Units Wind 2015 148 (c) Courtenay Wind, ND, 100 Units Wind 2016 190 (c) Foxtail-Dickey County, ND, 75 Units Wind 2019 150 (c) Grand Meadow-Mower County, Minn., 67 Units Wind 2008 99 (c) Lake Benton-Pipestone County, Minn., 44 Units Wind 2019 99 (c) Nobles-Nobles County, Minn., 134 Units Wind 2010 197 (c) Pleasant Valley-Mower County, Minn., 100 Units Wind 2015 196 (c) Total 7,712 (a) Based on NSPM’s ownership of 59%. (b) Refuse-derived fuel is made from municipal solid waste. (c) This capacity is only available when wind conditions are sufficiently high enough to support the noted generation values above. Therefore, the on-demand net dependable capacity is zero. PM - Particulate Matter OFA - Overfire Air LI - Lime Injection MCM - Mechanical Collector & SCR - Selective Catalytic Reduction CO - Carbon Monoxide UI - Urea Injection Multiclone NOx - Nitrogen Oxides ESP - Electrostatic Precipitator DS - Dry Scrubber OC - Oxidation Catalyst ACI - Activated Carbon Injection BH - Baghouse WS - Wet Scrubber 35 LNBs - Low-NOx Burners DLI - Dry Limestone Injection WI - Water Injection NSPM | Investor Fact Book November 2020 | Xcel Energy

NSPM | Base Capital Expenditure Forecast

Dollars in Millions 2021 2022 2023 2024 2025 Total Electric Distribution $375 $545 $595 $545 $520 $2,580 Electric Transmission $235 $305 $320 $305 $305 $1,470 Electric Generation $335 $340 $350 $450 $760 $2,235 Natural Gas $175 $150 $175 $185 $175 $860 Other $215 $265 $195 $160 $130 $965 Renewables $295 $0 $0 $0 $0 $295 Total $1,630 $1,605 $1,635 $1,645 $1,890 $8,405

Incremental forecast includes up to $1.4 billion for proposed NSPM wind repowering and universal solar projects

NSPM | Authorized Equity Ratios & ROEs Equity Ratio ROE Minnesota Electric 52.50% 9.20% Minnesota Natural Gas 52.46% 10.09% North Dakota Electric 52.98% 9.85% North Dakota Natural Gas 52.98% 9.75% South Dakota Electric Black box Black box

NSPM | Recovery Mechanisms Minnesota: Forward test year with interim rates Transmission rider Renewable energy rider Natural gas infrastructure rider Environmental improvement rider Recovery of grid modernization through transmission rider DSM incentive mechanism Fuel clause adjustment Electric decoupling/sale true-up for all classes (2016-2020) Multi-year rate plans up to 5 years

North Dakota: Forward test year with interim rates Transmission rider Renewable energy rider Fuel clause adjustment

South Dakota: Historic test year Transmission rider Infrastructure rider for capital projects Fuel clause adjustment

36 NSPM | Investor Fact Book November 2020 | Xcel Energy

NSP | System Energy Mix

2005 2019 2027 Projected 3% 2% 2% 1%

15% 10% 3% 23% 27% 33% 21% 50%

28% 11% 23% 5%

7% 4% 26% 6%

Coal Natural Gas Hydro Nuclear Solar Wind Other

NSPM | Renewable Portfolio Standards Minnesota: 25% (currently in compliance) 31.5% by 2020 (1.5% solar, 24% wind)

North Dakota: No renewable portfolio standard

South Dakota: 10% (currently in compliance)

NSPM | Commission Profiles Minnesota: Commissioner, Party Appointed Term Expiration Valerie Means, D 4/2019 1/2025 John Tuma, R 2/2015 1/2021 Matt Schuerger 2/2016 1/2022 Katie Sieben, D* 1/2017 1/2023 Joseph Sullivan, D** 4/2020 1/2026 The MPUC consists of 5 commissioners appointed by the governor to staggered, 6-year terms. By law, no more than 3 commissioners can be of the same political party and at least one commissioner must reside at the time of appointment outside the 7-county metropolitan area. The governor designates 1 of the commissioners to serve as chair.

North Dakota: Commissioner, Party Elected Term Expiration Randy Christmann, R 1/2013 12/2024 Julie Fedorchak, R 1/2013 12/2022 Brian Kroshus, R* 3/2017 12/2020 The Commission is comprised of 3 commissioners who are elected on a statewide basis to staggered, 6-year terms. The chair is elected by the commissioners.

South Dakota: Commissioner, Party Elected Term Expiration Kristie Fiegen, R 8/2011 1/2025 Gary Hanson, R* 1/2003 1/2021 Chris Nelson, R** 1/2011 1/2023 South Dakotans elect their 3 commissioners to staggered, 6-year terms. The chair is elected by the commissioners. * Chair ** Vice Chair 37 Northern States Power Company – Wisconsin (NSPW)

NSPW is an Xcel Energy operating company that conducts business in Wisconsin and Michigan. In both states, the company generates, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.

NSPW’s electric production and transmission system is managed as an integrated system with that of NSPM, jointly referred to as the NSP System.

Generally, NSPW’s contribution to earnings ranges from 5 percent to 10 percent of Xcel Energy’s consolidated earnings.

Customers Electricity 0.3 million Natural gas 0.1 million

ASHLAND

53

29 HUDSON EAU CLAIRE

94

LA CROSSE 90

MADISON

38 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Consolidated Statements of Income Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating revenues Electric, non-affiliates $ 667.5 $ 720.7 $ 704.7 Electric, affiliates 176.6 157.9 177.2 Natural gas 136.4 141.6 122.4 Other 0.4 1.3 1.2 Total operating revenues 980.9 1,021.5 1,005.5

Operating expenses Electric fuel and purchased power, non-affiliates 11.4 13.1 16.2 Purchased power, affiliates 393.9 410.9 421.6 Cost of natural gas sold and transported 65.3 69.1 62.3 Operating and maintenance expenses 200.6 201.9 201.2 Conservation program expenses 12.4 12.3 12.6 Depreciation and amortization 137.5 126.1 111.2 Taxes (other than income taxes) 29.2 28.7 27.8 Total operating expenses 850.3 862.1 852.9

Operating income 130.6 159.4 152.6

Other expense, net (1.1) (3.1) (3.5) Allowance for funds used during construction — equity 3.2 9.2 6.7

Interest charges and financing costs Interest charges — includes other financing costs of $1.3, $1.8, and $1.9, 39.4 39.3 35.0 respectively Allowance for funds used during construction — debt (1.3) (4.1) (2.8) Total interest charges and financing costs 38.1 35.2 32.2

Income before income taxes 94.6 130.3 123.6 Income taxes 15.7 32.3 44.2 Net income $ 78.9 $ 98.0 $ 79.4

39 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Consolidated Statements of Cash Flows Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating activities Net income $ 78.9 $ 98.0 $ 79.4 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 138.6 127.6 112.7 Deferred income taxes 5.4 23.3 45.6 Allowance for equity funds used during construction (3.2) (9.2) (6.7) Provision for bad debts 7.0 4.2 4.1 Net derivative losses (0.2) (0.1) 0.1 Changes in operating assets and liabilities: Accounts receivable (10.1) (4.6) (9.9) Accrued unbilled revenues 3.2 3.8 (6.4) Inventories (7.9) (7.5) 0.6 Other current assets 12.6 2.1 0.9 Accounts payable (10.3) (9.1) 9.0 Net regulatory assets and liabilities 15.0 (19.8) (31.2) Other current liabilities 10.9 (13.1) (2.2) Pension and other employee benefit obligations (6.6) (14.6) (8.6) Other, net 0.4 2.7 (7.6) Net cash provided by operating activities 233.7 183.7 179.8

Investing activities Utility capital/construction expenditures (211.9) (226.6) (212.1) Other, net (0.2) 0.2 — Net cash used in investing activities (212.1) (226.4) (212.1)

Financing activities Proceeds from (repayments of) short-term borrowings, net 14.0 40.0 (49.0) Proceeds from issuance of long-term debt — 196.6 97.5 Repayments of long-term debt (0.2) (151.1) (0.1) Capital contributions from parent 48.1 49.2 48.0 Dividends paid to parent (84.4) (91.1) (64.0) Other, net — (0.1) (0.2) Net cash (used in) provided by financing activities (22.5) 43.5 32.2

Net change in cash, cash equivalents and restricted cash (0.9) 0.8 (0.1) Cash, cash equivalents and restricted cash at beginning of period 2.2 1.4 1.5 Cash, cash equivalents and restricted cash at end of period $ 1.3 $ 2.2 $ 1.4

40 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Consolidated Balance Sheets December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Assets Current assets Cash and cash equivalents $ 1.3 $ 2.2 Accounts receivable, net 59.2 75.1 Accrued unbilled revenues 53.1 56.2 Other receivables 0.3 6.8 Inventories 16.0 17.1 Regulatory assets 71.9 22.6 Prepaid taxes 23.0 30.2 Prepayments 4.3 3.3 Total current assets 229.1 213.5

Property, plant and equipment 2,359.4 2,241.6

Other assets Regulatory assets 224.4 285.5 Other investments 2.9 2.7 Other 0.2 0.2 Total other assets 227.5 288.4 Total assets $ 2,816.0 $ 2,743.5

Liabilities and Equity Current liabilities Short-term debt $ 65.0 $ 51.0 Notes payable to affiliates — 0.6 Accounts payable 53.6 56.8 Accounts payable to affiliates 19.0 20.0 Dividends payable to parent 14.7 17.4 Regulatory liabilities 78.9 20.9 Accrued taxes 6.8 3.0 Environmental liabilities 5.7 10.9 Accrued interest 9.3 8.8 Other 20.7 14.8 Total current liabilities 273.7 204.2

Deferred credits and other liabilities Deferred income taxes 298.1 280.7 Deferred investment tax credits 6.5 7.0 Regulatory liabilities 370.8 400.1 Environmental liabilities 17.8 18.0 Customer advances 18.5 16.8 Pension and employee benefit obligations 33.4 44.5 Other 22.6 22.3 Total deferred credits and other liabilities 767.7 789.4

Commitments and contingencies Capitalization Long-term debt 808.0 807.5 Common stock — 1,000,000 shares authorized of $100 par value; 93.3 93.3 933,000 shares outstanding at Dec. 31, 2019 and 2018, respectively Additional paid in capital 537.3 510.1 Retained earnings 336.0 339.0 Accumulated other comprehensive loss — — Total common stockholder’s equity 966.6 942.4 Total liabilities and equity $ 2,816.0 $ 2,743.5

41 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Consolidated Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Long-term debt First Mortgage Bonds, Series due: June 15, 2024, 3.3% $ 200.0 $ 200.0 Sept. 1, 2038, 6.375% 200.0 200.0 Oct. 1, 2042, 3.7% 100.0 100.0 Dec. 1, 2047, 3.75% 100.0 100.0 Sept. 15, 2048, 4.2% 200.0 200.0 City of La Crosse Resource Recovery Bond, Series due Nov. 1, 2021, 6% (a) 18.9 18.6 Other 0.5 0.4 Unamortized discount (3.1) (2.9) Unamortized debt expense (8.3) (8.6) Total NSP-Wisconsin long-term debt $ 808.0 $ 807.5

Common Stockholder’s Equity Common stock — 1,000,000 shares authorized of $100 par value; $ 93.3 $ 93.3 933,000 shares outstanding at Dec. 31, 2019 and 2018, respectively Additional paid in capital 537.3 510.1 Retained earnings 336.0 339.0 Accumulated other comprehensive loss — — Total common stockholder’s equity $ 966.6 $ 942.4

(a) Resource recovery financing

42 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Electric Operating Statistics Years Ended December 31

Electric sales (Millions of KWh) 2019 2018 2017 Residential 1,924 1,959 1,853 Large C&I 1,996 2,029 1,952 Small C&I 2,843 2,970 2,892 Public authorities and other 26 27 28 Total energy sold 6,789 6,985 6,725

Number of customers at end of period Residential 220,124 218,860 217,525 Large C&I 127 126 123 Small C&I 40,547 40,218 39,740 Public authorities and other 1,191 1,188 1,176 Total customers 261,989 260,392 258,564

Electric revenues (Millions of Dollars) Residential $ 256.6 $ 254.0 $ 254.2 Large C&I 148.6 151.0 151.3 Small C&I 284.0 286.3 299.1 Public authorities and other 5.9 6.1 6.1 Total retail 695.1 697.4 710.7 Wholesale — 0.8 — Interchange revenues from NSP-Minnesota 176.6 157.9 177.2 Other electric revenues (27.6) 22.5 (6.0) Total electric revenues $ 844.1 $ 878.6 $ 881.9

KWh sales per retail customer 25,910 26,825 26,009 Revenue per retail customer $ 2,653 $ 2,678 $ 2,749 Residential revenue per KWh 13.34¢ 12.97¢ 13.72¢ Large C&I revenue per KWh 7.45 7.44 7.75 Small C&I revenue per KWh 9.99 9.64 10.34 Total retail revenue per KWh 10.24 9.98 10.57

43 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Natural Gas Operating Statistics Years Ended December 31

Natural gas deliveries (Thousands of MMBtu) 2019 2018 2017 Residential 7,838 7,751 6,981 C&I 9,868 10,071 8,919 Total retail 17,706 17,822 15,900 Transportation and other 4,489 4,710 5,177 Total deliveries 22,195 22,532 21,077

Number of customers at end of period Residential 103,387 102,309 101,322 C&I 13,296 13,171 13,129 Total retail 116,683 115,480 114,451 Transportation and other 40 34 30 Total customers 116,723 115,514 114,481

Natural gas revenues (Millions of Dollars) Residential $ 73.0 $ 74.7 $ 65.5 C&I 57.5 62.9 54.2 Total retail 130.5 137.6 119.7 Transportation and other 5.9 4.0 2.7 Total natural gas revenues $ 136.4 $ 141.6 $ 122.4

MMBtu sales per retail customer 151.74 154.33 138.92 Revenue per retail customer $ 1,118 $ 1,192 $ 1,046 Residential revenue per MMBtu 9.31 9.64 9.38 C&I revenue per MMBtu 5.83 6.25 6.08 Transportation and other revenue per MMBtu 1.31 0.85 0.52

44 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Plant Information Summer 2019 Net Dependable Emissions Control Station, Location and Unit Fuel Installed Capability (MW) Equipment Steam: Coal/Wood/ Bay Front-Ashland, Wis., 3 Units 1948-1956 41 Natural Gas Coal/Wood/ BH (PM), ACI (mercury), Unit 1 Natural Gas UI (NOx) Coal/Wood/ BH (PM), ACI (mercury), Unit 2 Natural Gas UI (NOx) Each unit: BH (PM), LI Wood/Refuse- French Island-La Crosse, Wis., 2 Units 1940-1948 16 (a) (acid gases), UI (NOx), ACI derived fuel (Mercury) Combustion Turbine: French Island-La Crosse, Wis., 2 Units Oil 1974 122 Wheaton-Eau Claire, Wis., 5 Units Natural Gas/Oil 1973 234 Hydro: Various locations, 63 Units Hydro Various 135 Total 548

(a) Refuse-derived fuel is made from municipal solid waste.

PM - Particulate Matter CO - Carbon Monoxide DS - Dry Scrubber SCR - Selective Catalytic Reduction ESP - Electrostatic Precipitator WS - Wet Scrubber NOx - Nitrogen Oxides BH - Baghouse WI - Water Injection ACI - Activated Carbon Injection DLI - Dry Limestone Injection MCM - Mechanical Collector & Multiclone LNBs - Low-NOx Burners LI - Lime Injection OC - Oxidation Catalyst OFA - Overfire Air UI - Urea Injection

45 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Base Capital Expenditure Forecast

Dollars in Millions 2021 2022 2023 2024 2025 Total Electric Distribution $100 $100 $130 $135 $135 $600 Electric Transmission $145 $145 $125 $150 $155 $720 Electric Generation $20 $20 $50 $140 $90 $320 Natural Gas $25 $30 $25 $40 $50 $170 Other $55 $60 $50 $50 $40 $255 Renewables $15 $75 $15 $0 $0 $105 Total $360 $430 $395 $515 $470 $2,170

NSPW | Authorized Equity Ratios & ROEs Equity Ratio ROE Wisconsin Electric 51.50% 10.00% Wisconsin Natural Gas 51.50% 10.00% Michigan Electric 52.50% 9.80% Michigan Natural Gas 52.56% 10.00%

NSPW | Recovery Mechanisms Wisconsin: Forward test year Biennial rate case Annual electric fuel plan with reconciliation Purchased gas adjustment

Michigan: Forward test year Natural gas cost recovery mechanism Power supply cost recovery

46 NSPW | Investor Fact Book November 2020 | Xcel Energy

NSPW | Renewable Portfolio Standards Wisconsin: 12.89% (currently in compliance)

Michigan: 12.5% (currently in compliance) 15% by 2021

NSPW | Commission Profiles Wisconsin: Commissioner, Party Appointed Term Expiration Rebecca Cameron Valcq * 1/2019 3/2025 Tyler Huebner 3/2020 3/2021 Ellen Nowak, R 1/2019 3/2023

The PSCW is composed of 3 full-time commissioners who decide the cases brought to the PSCW for changes in utility operations, rates and for construction projects after a complete and thorough review of all the records compiled in the case, including public comments. Commissioners are appointed by the governor and confirmed by the State Senate for staggered, 6-year terms. One of these commissioners is appointed chair by the governor for a 2-year term.

Michigan: Commissioner, Party Appointed Term Expiration Sally A. Talberg, I* 7/2013 7/2021 Dan Scripps, D 2/2019 7/2023 Tremaine Phillips, D 9/2019 7/2025 The Michigan MPSC is composed of 3 commissioners appointed by the governor with the advice and consent of the Senate. Appointees serve staggered, 6-year terms. No more than 2 commissioners may represent the same political party. The governor designates the chair.

* Chair

47 Public Service Company of Colorado (PSCo)

PSCo is an Xcel Energy operating company that conducts business in Colorado. The company generates, purchases, transmits, distributes and sells electricity in addition to purchasing, transporting, distributing and selling natural gas to retail customers and transporting customer-owned natural gas.

Generally, PSCo’s contribution to earnings ranges from 35 percent to 45 percent of Xcel Energy’s consolidated earnings.

Customers Electricity 1.5 million Natural gas 1.4 million

25

FT. COLLINS ESTES GREELEY STERLING PARK

76 BRUSH BOULDER

RIFLE 70 VAIL

CARBONDALE DENVER LEADVILLE GRAND 25 JUNCTION 70

PUEBLO

25

ALAMOSA

48 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Consolidated Statements of Income Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating revenues Electric $ 3,033.0 $ 3,031.2 $ 3,003.8 Natural gas 1,160.9 1,014.6 995.2 Steam and other 43.3 40.4 43.5 Total operating revenues 4,237.2 4,086.2 4,042.5

Operating expenses Electric fuel and purchased power 1,083.0 1,157.2 1,126.7 Cost of natural gas sold and transported 526.0 428.4 458.7 Cost of sales — steam and other 16.6 15.3 16.1 Operating and maintenance expenses 809.9 787.5 760.8 Demand side management expenses 136.0 142.2 125.0 Depreciation and amortization 602.4 561.1 471.5 Taxes (other than income taxes) 206.5 201.9 195.7 Total operating expenses 3,380.4 3,293.6 3,154.5

Operating income 856.8 792.6 888.0

Other income, net 3.1 2.1 7.8 Allowance for funds used during construction — equity 21.7 56.4 29.8

Interest charges and financing costs Interest charges — includes other financing costs of $6.6, $6.5 and $6.3, respectively 235.4 207.9 190.7 Allowance for funds used during construction — debt (11.2) (22.2) (11.4) Total interest charges and financing costs 224.2 185.7 179.3

Income before income taxes 657.4 665.4 746.3 Income taxes 79.6 113.7 252.2 Net income $ 577.8 $ 551.7 $ 494.1

49 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Consolidated Statements of Cash Flows Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating activities Net income $ 577.8 $ 551.7 $ 494.1 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 607.0 566.1 475.6 Deferred income taxes 97.0 23.8 207.8 Allowance for equity funds used during construction (21.7) (56.4) (29.8) Provision for bad debts 16.5 16.4 14.3 Net realized and unrealized hedging and derivative transactions 62.1 (6.2) 2.4 Changes in operating assets and liabilities: Accounts receivable (21.5) (42.8) (2.2) Accrued unbilled revenues 19.6 (17.7) 1.3 Inventories (27.0) (20.1) (9.1) Prepayments and other (29.0) 12.8 0.2 Accounts payable (44.0) 68.7 20.4 Net regulatory assets and liabilities 34.9 (14.6) (22.6) Other current liabilities (0.1) (12.9) 71.8 Pension and other employee benefit obligations (47.0) (44.2) (16.5) Other, net 3.3 (16.3) (5.9) Net cash provided by operating activities 1,227.9 1,008.3 1,201.8

Investing activities Utility capital/construction expenditures (1,690.7) (1,577.2) (1,445.9) Investments in utility money pool arrangement (641.0) (634.0) (954.0) Repayments from utility money pool arrangement 641.0 654.0 934.0 Other, net — — (0.7) Net cash used in investing activities (1,690.7) (1,557.2) (1,466.6)

Financing activities (Repayments of) proceeds from short-term borrowings, net (307.0) 307.0 (129.0) Borrowings under utility money pool arrangement 100.0 780.0 40.0 Repayments under utility money pool arrangement (61.0) (780.0) (40.0) Proceeds from issuance of long-term debt 928.2 691.1 393.8 Repayments of long-term debt (400.0) (300.0) — Capital contributions from parent 638.2 252.1 335.6 Dividends paid to parent (457.6) (375.3) (333.9) Other, net — (0.1) (0.1) Net cash provided by financing activities 440.8 574.8 266.4

Net change in cash, cash equivalents and restricted cash (22.0) 25.9 1.6 Cash, cash equivalents and restricted cash at beginning of period 33.4 7.5 5.9 Cash, cash equivalents and restricted cash at end of period $ 11.4 $ 33.4 $ 7.5

50 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Consolidated Balance Sheets December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Assets Current assets Cash and cash equivalents $ 11.4 $ 33.4 Accounts receivable, net 303.9 310.3 Accounts receivable from affiliates 52.7 80.8 Accrued unbilled revenues 293.9 313.5 Inventories 192.0 197.4 Regulatory assets 64.0 120.6 Derivative instruments 7.2 42.6 Prepayments and other 55.9 23.8 Total current assets 981.0 1,122.4

Property, plant and equipment, net 16,155.0 15,120.0

Other assets Regulatory assets 1,038.1 1,010.7 Derivative instruments — 1.2 Operating lease right-of-use assets 574.0 — Other 259.4 37.2 Total other assets 1,871.5 1,049.1 Total assets $ 19,007.5 $ 17,291.5

Liabilities and Equity Current liabilities Current portion of long-term debt $ 400.0 $ 406.2 Borrowings under utility money pool arrangement 39.0 — Short-term debt — 307.0 Accounts payable 573.3 503.4 Accounts payable to affiliates 43.9 46.0 Regulatory liabilities 69.2 67.3 Taxes accrued 202.1 202.0 Accrued interest 53.4 43.2 Dividends payable to parent 111.5 91.5 Derivative instruments 8.7 34.6 Operating lease liabilities 85.8 — Other 98.8 101.5 Total current liabilities 1,685.7 1,802.7

Deferred credits and other liabilities Deferred income taxes 1,850.8 1,719.3 Deferred investment tax credits 22.8 25.3 Regulatory liabilities 2,036.8 2,021.5 Asset retirement obligations 324.0 338.7 Derivative instruments 52.5 0.6 Customer advances 173.6 168.1 Pension and employee benefit obligations 211.9 275.3 Operating lease liabilities 517.6 — Other 150.9 50.4 Total deferred credits and other liabilities 5,340.9 4,599.2

Commitments and contingencies Capitalization Long-term debt 4,984.7 4,591.4 Common stock — 100 shares authorized at $0.01 par value; 100 shares outstanding — — at Dec. 31, 2019 and 2018, respectively Additional paid in capital 4,939.4 4,340.5 Retained earnings 2,083.4 1,983.2 Accumulated other comprehensive loss (26.6) (25.5) Total common stockholder’s equity 6,996.2 6,298.2 Total liabilities and equity $ 19,007.5 $ 17,291.5 51 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Consolidated Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Long-term debt First Mortgage Bonds, Series due: June 1, 2019, 5.125% $ — $ 400.0 Nov. 15, 2020, 3.2% 400.0 400.0 Sept. 15, 2022, 2.25% 300.0 300.0 March 15, 2023, 2.5% 250.0 250.0 May 15, 2025, 2.9% 250.0 250.0 June 15, 2028, 3.7% 350.0 350.0 Sept. 1, 2037, 6.25% 350.0 350.0 Aug. 1, 2038, 6.5% 300.0 300.0 Aug. 15, 2041, 4.75% 250.0 250.0 Sept. 15, 2042, 3.6% 500.0 500.0 March 15, 2043, 3.95% 250.0 250.0 March 15, 2044, 4.30% 300.0 300.0 June 15, 2046, 3.55% 250.0 250.0 June 15, 2047, 3.8% 400.0 400.0 June 15, 2048, 4.1% 350.0 350.0 Sept. 15, 2049, 4.05% 400.0 — March 1, 2050, 3.2% 550.0 — Capital lease obligations, through 2060, 11.2% — 14.3% — 145.0 Unamortized discount (23.8) (14.0) Unamortized debt expense (41.5) (33.4) Total 5,384.7 4,997.6 Less current maturities 400.0 406.2 Total PSCo long-term debt $ 4,984.7 $ 4,591.4

Common Stock — 100 shares authorized of $0.01 par value; 100 shares $ — $ — outstanding at Dec. 31, 2019 and 2018, respectively. Additional paid-in capital 4,939.4 4,340.5 Retained earnings 2,083.4 1,983.2 Accumulated other comprehensive loss (26.6) (25.5) Total common stockholder’s equity $ 6,996.2 $ 6,298.2

52 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Electric Operating Statistics Years Ended December 31

Electric sales (Millions of KWh) 2019 2018 2017 Residential 9,447 9,438 9,107 Large C&I 6,418 6,566 6,449 Small C&I 12,997 12,973 12,796 Public authorities and other 292 270 274 Total retail 29,154 29,247 28,626 Sales for resale 8,183 7,403 4,851 Total energy sold 37,337 36,650 33,477

Number of customers at end of period Residential 1,289,801 1,271,423 1,252,376 Large C&I 329 337 340 Small C&I 163,309 161,713 160,406 Public authorities and other 54,343 54,160 54,110 Total retail 1,507,782 1,487,633 1,467,232 Wholesale 59 52 43 Total customers 1,507,841 1,487,685 1,467,275

Electric revenues (Millions of Dollars) Residential $ 1,048.0 $ 1,025.1 $ 1,033.3 Large C&I 412.8 406.8 421.1 Small C&I 1,219.2 1,191.2 1,227.9 Public authorities and other 52.8 50.5 52.8 Total retail 2,732.8 2,673.6 2,735.1 Wholesale 171.8 179.4 168.0 Other electric revenues 128.4 178.2 100.7 Total electric revenues $ 3,033.0 $ 3,031.2 $ 3,003.8

KWh sales per retail customer 19,335 19,660 19,510 Revenue per retail customer $ 1,812 $ 1,797 $ 1,864 Residential revenue per KWh 11.09¢ 10.86¢ 11.35¢ Large C&I revenue per KWh 6.43 6.20 6.53 Small C&I revenue per KWh 9.38 9.18 9.60 Total retail revenue per KWh 9.37 9.14 9.55

53 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Natural Gas Operating Statistics Years Ended December 31

Natural gas deliveries (Thousands of MMBtu) 2019 2018 2017 Residential 109,542 97,409 88,843 C&I 46,113 40,467 37,305 Total retail 155,655 137,876 126,148 Transportation and other 179,043 155,281 124,211 Total deliveries 334,698 293,157 250,359

Number of customers at end of period Residential 1,316,376 1,300,826 1,284,644 C&I 101,202 101,036 100,802 Total retail 1,417,578 1,401,862 1,385,446 Transportation and other 8,317 7,891 7,649 Total customers 1,425,895 1,409,753 1,393,095

Natural gas revenues (Millions of Dollars) Residential $ 769.0 $ 649.9 $ 652.9 C&I 291.9 244.5 247.6 Total retail 1,060.9 894.4 900.5 Transportation and other 100.0 120.2 94.7 Total natural gas revenues $ 1,160.9 $ 1,014.6 $ 995.2

MMBtu sales per retail customer 109.80 98.35 91.05 Revenue per retail customer $ 748 $ 638 $ 650 Residential revenue per MMBtu 7.02 6.67 7.35 C&I revenue per MMBtu 6.33 6.04 6.64 Transportation and other revenue per MMBtu 0.56 0.77 0.76

54 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Plant Information Summer 2019 Net Dependable Emissions Control Station, Location and Unit Fuel Installed Capability (MW) Equipment Steam: Comanche-Pueblo, Colo. BH (PM), DS (acid gases), Unit 1 Coal 1973 325 LNBs (NOx), ACI (mercury)

BH (PM), DS (acid gases), Unit 2 Coal 1975 335 LNBs (NOx), ACI (mercury)

BH (PM), DS (acid gases), Unit 3 Coal 2010 500 (a) LNBs (NOx), SCR (NOx), ACI (mercury) Each unit: BH (PM), WS (acid Craig-Craig, Colo., 2 Units Coal 1979-1980 82 (b) gases), LNBs (NOx), OFA (NOx) Each unit: BH (PM), DS (acid Hayden-Hayden, Colo., 2 Units Coal 1965-1976 233 (c) gases), OFA (NOx), SCRs (NOx), LNBs

BH (PM), DS (acid gases), Pawnee-Brush, Colo., 1 Unit Coal 1981 505 LNBs (NOx), SCR (NOx), CA (mercury), OFA

Cherokee-Denver, Colo., 1 Unit Natural Gas 1968 310 (d)

Combustion Turbine: Each combustion unit: SCR Blue Spruce-Aurora, Colo., 2 Units Natural Gas 2003 264 (NOx), OC (CO)

Cherokee-Denver, Colo., 3 Units Natural Gas 2015 576 SCR (NOx), LNBs, OC (CO)

Unit 4: SCR (NOx) Fort St. Vrain-Platteville, Colo., 6 Units Natural Gas 1972-2009 968 Units 2-6: LNBs

Each combustion unit: SCR Rocky Mountain-Keenesburg, Colo., 3 Units Natural Gas 2004 580 (NOx), OC (CO), LNBs Various locations, 6 Units Natural Gas Various 171 Wind: Rush Creek, Colo., 300 Units Wind 2018 582 (e) Hydro: Cabin Creek-Georgetown, Colo. Pumped Storage, 2 Units Hydro 1967 210 Various locations, 8 Units Hydro Various 25 Total 5,666

(a) Based on PSCo’s ownership of 67% of Unit 3 (b) Based on PSCo’s ownership interest of 10%. Craig unit 1 is expected to be early retired in approximately 2025. (c) Based on PSCo’s ownership interest of 76% of Unit 1 and 37% of Unit 2. (d) Cherokee Unit 4 was switched from coal to natural gas in the third quarter of 2017. (e) This capacity is only available when wind conditions are sufficiently high enough to support the noted generation values above. Therefore, the on-demand net dependable capacity is zero.

PM - Particulate Matter CO - Carbon Monoxide DS - Dry Scrubber SCR - Selective Catalytic Reduction ESP - Electrostatic Precipitator WS - Wet Scrubber NOx - Nitrogen Oxides BH - Baghouse WI - Water Injection ACI - Activated Carbon Injection DLI - Dry Limestone Injection MCM - Mechanical Collector & Multiclone LNBs - Low-NOx Burners LI - Lime Injection OC - Oxidation Catalyst OFA - Overfire Air UI - Urea Injection CA - Chemical Additive

55 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | Base Capital Expenditure Forecast

Dollars in Millions 2021 2022 2023 2024 2025 Total Electric Distribution $595 $595 $585 $590 $600 $2,965 Electric Transmission $250 $470 $470 $465 $470 $2,125 Electric Generation $220 $165 $80 $80 $85 $630 Natural Gas $415 $435 $465 $445 $400 $2,160 Other $220 $170 $150 $115 $100 $755 Total $1,700 $1,835 $1,750 $1,695 $1,655 $8,635

PSCo | Authorized Equity Ratios & ROEs Equity Ratio ROE Colorado Electric 55.60% 9.30% Colorado Natural Gas 54.60% 9.35%

PSCo | Recovery Mechanisms Colorado: Ability to file multi-year requests Ability to file either historic or forward test years Purchased capacity cost adjustment Clean Air-Clean Jobs Act rider (forward looking) Transmission rider (forward looking) Natural gas pipeline integrity rider Renewable energy rider DSM incentive mechanism Energy cost adjustment Natural gas cost adjustment Decoupling for electric residential and non-demand SC&I classes

56 PSCo | Investor Fact Book November 2020 | Xcel Energy

PSCo | System Energy Mix

2005 2019 2027 Projected 2%2% 1%

25% 24% 33% 31% 40% 65% 4% 1% 22%

36% 14%

Coal Natural Gas Hydro Solar Wind Other

PSCo | Renewable Portfolio Standards Colorado: 20% (currently in compliance) 30% by 2020 (distributed generation standard of 3%)

PSCo | Commission Profile Colorado: Commissioner, Party Appointed Term Expiration Jeff Ackermann, D* 1/2017 1/2021 Megan Gilman 3/2020 1/2024 John Gavan 1/2019 1/2023 The CPUC consists of 3 governor-appointed commissioners. Appointees are then confirmed by the Senate. No more than 2 members of the CPUC shall be affiliated with the same political party, and any appointment to fill a vacancy shall be for the unexpired term. The governor designates the chair.

* Chair

57 Southwestern Public Service Company (SPS)

SPS is an Xcel Energy operating company that conducts business in Texas and New Mexico. In both states, the company generates, purchases, transmits, distributes and sells electricity.

Generally, SPS’ contribution to earnings ranges from 15 percent to 20 percent of Xcel Energy’s consolidated earnings.

Customers Electricity 0.4 million

DALHART SANTA FE 25

40 TUCUMCARI ALBUQUERQUE BORGER 40 40 HEREFORD AMARILLO 27 CLOVIS PLAINVIEW

ROSWELL LUBBOCK 35 25 LEVELLAND

HOBBS DALLAS CARLSBAD 20 20

20

AUSTIN

SAN ANTONIO

35

58 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Statements of Income Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating revenues $ 1,825.8 $ 1,933.2 $ 1,918.0

Operating expenses Electric fuel and purchased power 875.4 1,043.5 1,055.3 Operating and maintenance expenses 285.3 282.7 285.4 Demand side management program expenses 16.6 17.7 15.5 Depreciation and amortization 229.9 209.6 193.9 Taxes (other than income taxes) 71.9 68.0 67.0 Total operating expenses 1,479.1 1,621.5 1,617.1

Operating income 346.7 311.7 300.9

Other income (expense), net 2.2 (3.0) (1.8) Allowance for funds used during construction — equity 26.8 19.1 9.3

Interest charges and financing costs Interest charges — includes other financing costs of $3.4, $2.9 and $2.5, respectively 99.3 84.5 86.2

Allowance for funds used during construction — debt (12.3) (8.9) (5.4) Total interest charges and financing costs 87.0 75.6 80.8

Income before income taxes 288.7 252.2 227.6 Income taxes 25.6 38.9 68.4 Net income $ 263.1 $ 213.3 $ 159.2

59 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Statements of Cash Flows Years Ended December 31

Amounts in Millions 2019 2018 2017 Operating activities Net income $ 263.1 $ 213.3 $ 159.2 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 232.2 210.0 193.9 Demand side management program amortization — 1.7 1.7 Deferred income taxes 29.0 22.1 126.5 Allowance for equity funds used during construction (26.8) (19.1) (9.3) Provision for bad debts 5.7 4.9 5.1 Net derivative losses — 0.1 0.1 Changes in operating assets and liabilities: Accounts receivable (9.0) (19.5) (10.4) Accrued unbilled revenues (0.6) 15.3 (10.4) Inventories (20.5) (16.0) (1.9) Prepayments and other 2.8 0.5 4.3 Accounts payable (8.5) (6.6) 11.8 Net regulatory assets and liabilities 13.8 38.2 38.1 Other current liabilities 5.8 11.6 3.4 Pension and other employee benefit obligations (17.7) (16.0) (21.7) Other, net 3.5 5.8 (19.9) Net cash provided by operating activities 472.8 446.3 470.5

Investing activities Utility capital/construction expenditures (844.4) (1,020.9) (550.6) Investments in utility money pool arrangement (133.0) (285.0) (142.0) Receipts from utility money pool arrangement 133.0 350.0 77.0 Other — — (0.5) Net cash used in investing activities (844.4) (955.9) (616.1)

Financing activities (Repayments of) proceeds from short-term borrowings, net (42.0) 42.0 (50.0) Proceeds from issuance of long-term debt 292.2 295.0 442.3 Repayment of long-term debt, including reacquisition premiums — — (271.6) Borrowings under utility money pool arrangement 296.0 595.0 335.0 Repayments under utility money pool arrangement (296.0) (595.0) (335.0) Capital contributions from parent 426.3 336.8 143.7 Dividends paid to parent (332.7) (131.0) (108.8) Net cash provided by financing activities 343.8 542.8 155.6

Net change in cash, cash equivalents and restricted cash (27.8) 33.2 10.0 Cash, cash equivalents and restricted cash at beginning of year 44.0 10.8 0.8 Cash, cash equivalents and restricted cash at end of year $ 16.2 $ 44.0 $ 10.8

60 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Balance Sheets December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Assets Current assets Cash and cash equivalents $ 16.2 $ 44.0 Accounts receivable, net 92.7 90.7 Accounts receivable from affiliates 4.2 10.5 Investments in money pool arrangements — — Accrued unbilled revenues 115.1 114.5 Inventories 31.0 33.9 Regulatory assets 20.0 26.0 Derivative instruments 15.0 17.8 Prepaid taxes 0.8 14.2 Prepayments and other 21.4 10.7 Total current assets 316.4 362.3

Property, plant and equipment, net 6,631.6 5,946.4

Other assets Regulatory assets 364.0 366.2 Derivative instruments 12.6 15.8 Operating lease right-of-use assets 522.4 — Other 3.9 5.1 Total other assets 902.9 387.1 Total assets $ 7,850.9 $ 6,695.8

Liabilities and Equity Current liabilities Short-term debt $ — $ 42.0 Accounts payable 168.1 191.8 Accounts payable to affiliates 20.4 19.9 Regulatory liabilities 118.1 85.8 Taxes accrued 40.4 41.6 Accrued interest 26.2 25.8 Dividends payable 46.3 45.2 Derivative instruments 3.7 3.6 Operating lease liabilities 26.9 — Other 30.7 28.3 Total current liabilities 480.8 484.0

Deferred credits and other liabilities Deferred income taxes 671.8 619.1 Regulatory liabilities 732.3 780.9 Asset retirement obligations 77.3 32.4 Derivative instruments 12.8 16.4 Pension and employee benefit obligations 67.0 92.4 Operating lease liabilities 495.3 — Other 9.4 7.9 Total deferred credits and other liabilities 2,065.9 1,549.1

Commitments and contingencies Capitalization Long-term debt 2,419.7 2,126.1 Common stock — 200 shares authorized of $1.00 par value; 100 shares outstanding at Dec. 31, — — 2019 and 2018, respectively Additional paid in capital 2,350.9 1,932.3 Retained earnings 535.0 605.7 Accumulated other comprehensive loss (1.4) (1.4) Total common stockholder’s equity 2,884.5 2,536.6 Total liabilities and equity $ 7,850.9 $ 6,695.8

61 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Statements of Capitalization December 31

Amounts in Millions, Except Share and Per Share Data 2019 2018 Long-term debt First Mortgage Bonds, Series due: June 15, 2024, 3.3% $ 350.0 $ 350.0 Aug. 15, 2041, 4.5% 400.0 400.0 Aug. 15, 2046, 3.4% 300.0 300.0 Aug. 15, 2047, 3.7% 450.0 450.0 Nov. 15, 2048, 4.4% 300.0 300.0 June 15, 2049, 3.75% 300.0 — Unsecured Senior C and D Notes, due Oct. 1, 2033, 6% 100.0 100.0 Unsecured Senior F Notes, due Oct. 1, 2036, 6% 250.0 250.0 Unamortized discount (7.1) (3.5) Unamortized debt expense (23.2) (20.4) Total SPS long-term debt 2,419.7 2,126.1

Common Stockholder’s Equity Common stock — 200 shares authorized of $1.00 par value, $— $— 100 shares outstanding at Dec. 31, 2019 and 2018, respectively Additional paid in capital 2,350.9 1,932.3 Retained earnings 535.0 605.7 Accumulated other comprehensive loss (1.4) (1.4) Total common stockholder’s equity $ 2,884.5 $ 2,536.6

62 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Electric Operating Statistics Years Ended December 31

Electric sales (Millions of KWh) 2019 2018 2017 Residential 3,656 3,645 3,356 Large C&I 11,732 11,214 10,721 Small C&I 5,096 5,041 4,701 Public authorities and other 543 550 527 Total retail 21,027 20,450 19,305 Sales for resale 9,867 10,060 7,759 Total energy sold 30,894 30,510 27,064

Number of customers at end of period Residential 311,530 308,884 306,248 Large C&I 257 232 221 Small C&I 77,708 77,269 77,351 Public authorities and other 6,326 6,322 6,316 Total retail 395,821 392,707 390,136 Wholesale 7 7 7 Total customers 395,828 392,714 390,143

Electric revenues (Millions of Dollars) Residential $ 367.2 $ 361.5 $ 367.2 Large C&I 470.1 457.2 516.8 Small C&I 365.4 364.0 376.0 Public authorities and other 43.0 44.1 48.0 Total retail 1,245.7 1,226.8 1,308.0 Wholesale 361.7 427.9 388.7 Other electric revenues 218.4 278.5 221.3 Total electric revenues $ 1,825.8 $ 1,933.2 $ 1,918.0

KWh sales per retail customer 53,123 52,074 49,483 Revenue per retail customer $ 3,147 $ 3,124 $ 3,353 Residential revenue per KWh 10.04¢ 9.92¢ 10.94¢ Large C&I revenue per KWh 4.01 4.08 4.82 Small C&I revenue per KWh 7.17 7.22 8.00 Total retail revenue per KWh 5.92 6.00 6.78

63 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Plant Information Summer 2019 Net Dependable Emissions Control Station, Location and Unit Fuel Installed Capability (MW) Equipment Steam: Cunningham-Hobbs, N.M., 2 Units Natural Gas 1957-1965 189 Harrington-Amarillo, Texas, 3 Units Coal 1976-1980 1,018 ESP (PM), LNBs (NOx), ACI Unit 1 (mercury), OFA BH (PM), LNBs (NOx), ACI Unit 2 (mercury), OFA BH (PM), LNBs (NOx), ACI Unit 3 (mercury), OFA Jones-Lubbock, Texas, 2 Units Natural Gas 1971-1974 486 Each unit: OFA (NOx) Maddox-Hobbs, N.M., 1 Unit Natural Gas 1967 112 OFA (NOx) Nichols-Amarillo, Texas, 3 Units Natural Gas 1960-1968 457 Each unit: OFA (NOx) Plant X-Earth, Texas, 4 Units Natural Gas 1952-1964 411 Unit 4: OFA (NOx) Each unit: BH (PM), LNBs Tolk-Muleshoe, Texas, 2 Units Coal 1982-1985 1,067 (NOx), ACI (mercury) Combustion Turbine: Cunningham-Hobbs, N.M., 2 Units Natural Gas 1998 209 Each unit: LNBs (NOx) Jones-Lubbock, Texas, 2 Units Natural Gas 2011-2013 334 Each unit: LNBs (NOx) Maddox-Hobbs, N.M., 1 Unit Natural Gas 1963-1976 61 Wind: Hale-Plainview, TX, 239 Units Wind 2019 460 (a) Total 4,804

(a) This capacity is only available when wind conditions are sufficiently high enough to support the noted generation values above. Therefore, the on-demand net dependable capacity is zero. PM - Particulate Matter CO - Carbon Monoxide DS - Dry Scrubber SCR - Selective Catalytic Reduction ESP - Electrostatic Precipitator WS - Wet Scrubber NOx - Nitrogen Oxides BH - Baghouse WI - Water Injection ACI - Activated Carbon Injection DLI - Dry Limestone Injection MCM - Mechanical Collector & Multiclone LNBs - Low-NOx Burners LI - Lime Injection OC - Oxidation Catalyst OFA - Overfire Air UI - Urea Injection

64 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | Base Capital Expenditure Forecast

Dollars in Millions

2021 2022 2023 2024 2025 Total Electric Distribution $135 $200 $240 $235 $220 $1,030 Electric Transmission $240 $365 $370 $350 $360 $1,685 Electric Generation $55 $50 $80 $80 $40 $305 Other $75 $95 $80 $70 $55 $375 Total $505 $710 $770 $735 $675 $3,395

SPS | Authorized Equity Ratios & ROEs Equity Ratio ROE Texas Electric 54.62% (a) 9.45% (a) New Mexico Electric 54.80% 9.45% (a) For AFUDC purposes.

SPS | Recovery Mechanisms Texas: Historic test year (wind settlement reduced regulatory lag) DSM incentive mechanism Fuel clause adjustment Purchased Capacity Cost Recovery Factor Transmission Cost Recovery Factor Distribution Cost Recovery Factor AMI rider Generation rider

New Mexico: Ability to file forward test year DSM incentive mechanism Fuel clause adjustment

65 SPS | Investor Fact Book November 2020 | Xcel Energy

SPS | System Energy Mix

2005 2019 2027 Projected 2% 1%

26% 25% 31% 43% 54% 48% 2%

47% 19%

2%

Coal Natural Gas Solar Wind Other

SPS | Renewable Portfolio Standards Texas: 3.3% (currently in compliance)

New Mexico: 15% (currently in compliance) 20% by 2020 40% by 2025 50% by 2030 80% by 2040 100% by 2045

SPS | Commission Profiles Texas Commissioner, Party Appointed Term Expiration DeAnn Walker, R* 9/2017 8/2021 Arthur D’Andrea, R 11/2017 8/2023 Shelly Botkin 6/2018 8/2019

Commissioners are appointed by the governor and serve staggered, 6-year terms. The governor designates the chair.

New Mexico: Commissioner, Party Elected Term Expiration Theresa Becenti-Aguilar, D* 1/2019 12/2022 Cynthia Hall, D 1/2017 12/2020 Valerie Espinoza, D** 1/2013 12/2020 Stephen Fischmann, D 1/2019 12/2022 Jeff Byrd, R 1/2019 12/2022 Commissioners are elected by district and serve staggered, 4-year terms. The chair is elected by the commissioners.

* Chair ** Vice Chair

66

414 Nicollet Mall Minneapolis, MN 55401 xcelenergy.com | © 2020 Xcel Energy Inc. | Xcel Energy is a registered trademark of Xcel Energy Inc. | 20-10-520