Xcel Energy Inc. is a low-risk, vertically integrated, and rate-regulated electric and natural gas utility. It operates in diverse regulatory jurisdictions that are mostly credit-supportive. It has a large customer base across eight states. The company's incremental wind investments provide a low-risk form of regulated asset growth. We measure Xcel Energy's financial measures using more moderate financial benchmarks compared to the typical corporate issuer, reflecting Xcel Energy's low-risk, regulated business and effective management of regulatory risk. Financial measures are consistent with the middle of the range for its financial risk profile category. The company's high capital spending averages $3.7 billion, reflecting increased wind investments. It has negative discretionary cash flows over the next few years, reflecting high capital spending. The
