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. Climate change. Material electricity generation from carbon-free sources. Negative discretionary cash flow leads to external funding needs. Our base case assumes that subsidiary Public Service Co. of Colorado (PSCo) will continue to recover invested costs on a timely basis and earn returns near or at its authorized levels. We also expect the legal proceeding around the Marshall fire will take time to resolve and that Xcel?s $500 million in insurance coverage will cover any legal expenses or financial liabilities over the next 24 months. Parties to SPS?s pending rate case
