THE FUTURE IN SIGHT CORPORATE RESPONSIBILITY REPORT FORWARD-LOOKING STATEMENTS Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including the 2020 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future bad debt expense, and future operating performance, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Quarterly Report on Form 10-Q and in other securities filings (including Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, and subsequent securities filings), could cause actual results to differ materially from management expectations as suggested by such forward- looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third- party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory THE FUTURE IN SIGHT | XCEL ENERGY 2 TABLE OF CONTENTS WHO WE ARE 4 MESSAGE FROM THE CEO 6 ENVIRONMENT • Leading the Clean Energy Transition 10 • Energy Innovation 18 • Renewable Energy 24 • Energy Efficiency and Electric Vehicles 33 • Environmental Management 40 • Reducing Air and Other Emissions 46 • Managing Water Use 53 • Preventing and Managing Waste 58 • Wildlife and Habitat Protection 64 SOCIAL • Customer Commitment 69 • Reliable and Secure Energy 75 • Community Relations and Economic Development 83 • Community Involvement 88 • Human Capital Management 93 • Employee Safety 104 GOVERNANCE • Managing Corporate Responsibility 109 • Stakeholder Engagement 116 • Corporate Compliance and Business Conduct 122 • Public Policy 126 • Supply Chain Management 131 ABOUT THIS REPORT 136 THE FUTURE IN SIGHT | XCEL ENERGY 3 WHO WE ARE We are not waiting for the future. We are busy building it. Every day, we power millions of homes, businesses and communities with energy across parts of eight Western and Midwestern states. Our customers rely on us to be there 24/7 with safe, affordable electricity and natural gas — but we provide much more than that. Headquartered in Minneapolis, we are an industry leader in delivering renewable energy and in reducing carbon and other emissions. We are the first major U.S. power company to announce its vision to provide customers 100% carbon-free electricity. We constantly work to offer a cleaner energy mix, smarter solutions and seamless experiences for our customers. We are delivering modern energy leadership and services — everything from electric vehicle charging stations to an extensive portfolio of energy-saving programs and renewable choices. Beyond energy, we believe in giving back, whether that is assisting our communities with economic development, supporting customers in need or donating our time and financial resources. Learn more about Xcel Energy in our Corporate Responsibility Highlights and find our corporate recognition on xcelenergy.com. THE FUTURE IN SIGHT | XCEL ENERGY 4 OUR VISION We will be the preferred and trusted provider of the energy our customers need. OUR MISSION We provide our customers the safe, clean, reliable energy services they want and value at a competitive price. OUR VALUES Our values reflect our core beliefs — who we are, how we conduct our business and the importance of our customers. They guide us in our work and in our interactions with each other. We are Committed, Connected, Safe and Trustworthy. OUR SERVICE Xcel Energy is a major U.S. regulated electric and natural gas delivery company, serving approximately 3.7 million electricity and 2.1 million natural gas customers. Through four energy subsidiaries, we operate in Minnesota, North Dakota and South Dakota (Northern States Power Company-Minnesota); Wisconsin and Michigan (Northern States Power Company-Wisconsin), Colorado (Public Service Company of Colorado); and Texas and New Mexico (Southwestern Public Service Company). THE FUTURE IN SIGHT | XCEL ENERGY 5 MESSAGE FROM THE CEO TO OUR STAKEHOLDERS: By design, Xcel Energy is built to withstand storms. Our crews have responded to tornadoes, hurricanes and floods — sometimes only months apart. Throughout our 100-plus-year history, we’ve overcome numerous natural disasters to provide safe, reliable and affordable energy that our customers and communities count on every day. In early spring of 2020, we faced a different kind of challenge. The COVID-19 pandemic — with the stay-at- home mandates and social distancing guidelines — that have fundamentally changed American life. It’s reinforced the essential role we play in society — in keeping people safe while enabling their daily lives, in driving economic development, protecting the environment, and of course, serving as a resource and partner to our local communities. COVID-19 also underscores our tremendous responsibility to employees — the people that make our business run, especially those on the front lines who keep the lights on and the natural gas flowing. PUTTING OUR EMPLOYEES FIRST Safety is more than a priority at Xcel Energy. It’s a core value that we live every day. To protect our workers and reduce the spread of COVID-19, we immediately implemented numerous new guidelines — from staggered work schedules to extra protocols when entering customer homes and limiting visitors at our facilities. Every employee who can work remotely has done so, and we’ve supported our workers’ health and financial security by expanding medical benefits and providing paid time off for employees who are quarantined or need additional recovery time. Prior to the pandemic, we launched an initiative to reshape our safety culture. We’ve made great strides in reducing injuries in the past decade, but new research and updated industry best practices have shown that the absence of reported injuries does not necessarily assure safety. THE FUTURE IN SIGHT | XCEL ENERGY 6 Going forward, instead of focusing on an injury count, we are increasing efforts to prevent the most life- altering injuries and fatalities by identifying the most serious risks inherent in our work. We’re encouraging open communication and more information sharing — we want our employees and contractors to feel comfortable reporting injuries so they can get the care they need, and we can learn from one another’s experiences. It’s an example of the values-based workplace culture we are fostering, one where all employees strive to be: Committed, Connected, Safe and Trustworthy. Through these values, we bring our very best to work each day to serve customers and meet our three strategic priorities: leading the clean energy transition, enhancing the customer experience and keeping customer bills low. At all levels, we’re aligning our work to make sure everyone is focused on these same priorities through our performance management, professional development and recognition programs. SERVING CUSTOMERS, COMMUNITIES AND THE ECONOMY The people we serve need us today, more than ever. Thousands of our customers have lost jobs or put their work on hold, so to help them, we’ve stopped all electric or natural gas service disconnects during this time. We also immediately stepped up to donate $1.5 million through Xcel Energy and the Xcel Energy Foundation to address food insecurity and other relief efforts within our eight-state service territory. To encourage employees to support their favorite nonprofits, we ran a Disaster Response Matching Gifts campaign that offered a 2-to-1 match. Xcel Energy employees always deliver — within weeks, employee donations, combined with the match, contributed another $450,000 to communities. Last year, our employees volunteered nearly 82,000 hours and served on more than 500 community boards. Altogether in 2019, employee giving and donations from Xcel Energy and the Xcel Energy Foundation contributed