A lower-risk and vertically integrated regulated electric and gas utility; A large and diverse customer base; Effective management of regulatory risk; and More than 50% of the company's electricity is generated from coal. Our financial risk assessment incorporates the use of our medial volatility table, reflecting the company's lower-risk, rate-regulated utility and higher operating risk of its regulated generation; Financial measures that are generally consistent with the significant financial risk profile category; Capital spending averaging about $1 billion; and Negative discretionary cash flow. The stable outlook on Public Service Co. of Colorado (PSCo) reflects S&P Global Ratings consolidated view of parent Xcel Energy Inc., including our expectations that the consolidated company will generally continue to reach constructive regulatory outcomes to
