Overview Key strengths Key risks Rate-regulated, vertically integrated electric and natural gas utility operations. Financial measures below the midpoint of the benchmark range for the financial risk profile category. Regulatory and geographic diversity. High capital spending. Large customer base across eight states. Negative discretionary cash flow, indicating external funding needs. Low-cost, diversified generation portfolio. Operating cash flow with support from steady, ongoing cost recovery. In the eight jurisdictions in which Xcel Energy Inc. (Xcel) operates, most provide for forward test years, fuel-recovery mechanisms, and interim rates. Jurisdictions that allow for multiyear rate plans and credit-supportive cost recovery account for 80% of Xcel's EBITDA. Xcel serves about 5.5 million customers (3.5 million electric and 2 million gas) in eight states. The
