Overview Key strengths Key risks Fully regulated, vertically integrated electric and gas utility strategy. Operating risks associated with nuclear and coal generation. Effective management of regulatory risk across utility footprint. Increasing financing costs. Material electricity generation from carbon-free sources. Negative discretionary cash flow leads to external funding needs. Between 2023-2027, Xcel plans to spend $29.5 billion on utility investments, including new renewables generation. Because of this higher capital spending, Xcel?s credit quality will depend on the timeliness of future rate recovery at its utilities and operating cost management. Delayed rate recovery or operating cost overruns could increase funding costs. Debt issuance above the level in our base-case scenario could erode cushion in the company?s financial measures. The long-term extension at
