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    SEC Form 11-K filed by Xcel Energy Inc.

    6/26/25 2:50:02 PM ET
    $XEL
    Power Generation
    Utilities
    Get the next $XEL alert in real time by email
    11-K 1 xcel12312024nceessopeip11-k.htm 11-K Document



    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION

    WASHINGTON, D.C. 20549

    FORM 11-K
    ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the fiscal year ended Dec. 31, 2024 or
    oTRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from           to

    Commission file number:  1-3034
     

    A. Full title of the plan and the address of the plan, if different from that of the issuer named below:


    New Century Energies, Inc.
    Employees’ Savings and Stock Ownership Plan for
    Bargaining Unit Employees and Former Non-Bargaining Unit Employees

    and

    New Century Energies, Inc.
    Employee Investment Plan for Bargaining Unit Employees and
    Former Non-Bargaining Unit Employees 
    B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

    XCEL ENERGY INC.
    414 NICOLLET MALL
    MINNEAPOLIS, MINNESOTA 55401
    (612) 330-5500











    TABLE OF CONTENTS
    New Century Energies, Inc. Employees’ Savings and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees (BU Savings Plan)
    Report of Independent Registered Public Accounting Firm
    3
    Statements of Net Assets Available for Benefits as of Dec. 31, 2024 and 2023
    4
    Statement of Changes in Net Assets Available for Benefits for the Year Ended Dec. 31, 2024
    5
     
    New Century Energies, Inc. Employee Investment Plan For Bargaining Unit Employees and Former Non-Bargaining Unit Employees (EIP Savings Plan)
    Report of Independent Registered Public Accounting Firm
    6
    Statements of Net Assets Available for Benefits as of Dec. 31, 2024 and 2023
    7
    Statement of Changes in Net Assets Available for Benefits for the Year Ended Dec. 31, 2024
    8
     
    Notes to Financial Statements as of Dec. 31, 2024 and 2023 and for the Year Ended Dec. 31, 2024
    9
    Supplemental Schedules:
    Form 5500, Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at Year End) – BU Savings Plan
    17
    Form 5500, Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at Year End) – EIP Savings Plan
    18
    Form 5500, Schedule H, Part IV – Line 4(a) – Schedule of Delinquent Participant Contributions for the Year Ended Dec. 31, 2024 - BU Savings Plan
    19
    Form 5500, Schedule H, Part IV – Line 4(a) – Schedule of Delinquent Participant Contributions for the Year Ended Dec. 31, 2024 - EIP Savings Plan
    20
    Signatures
    21
     
    Exhibits
    23.1: Consent of Independent Registered Public Accounting Firm

    Note: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
    2

    Table of Contents

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    To the Plan Administrator and Plan Participants of
    New Century Energies, Inc. Employees’ Savings and
    Stock Ownership Plan for Bargaining Unit Employees and
    Former Non-Bargaining Unit Employees

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of New Century Energies, Inc. Employees’ Savings and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees (the "Plan") as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Report on Supplemental Schedule

    The supplemental schedule listed in the Table of Contents as of the year ended December 31, 2024, has been subjected to audit procedures in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.



    /s/ DELOITTE & TOUCHE LLP

    Minneapolis, Minnesota
    June 26, 2025

    We have served as the auditor of the Plan since 2002.

    3

    Table of Contents
    NEW CENTURY ENERGIES, INC.
    EMPLOYEES’ SAVINGS AND STOCK OWNERSHIP PLAN FOR
    BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
     Dec. 31, 2024Dec. 31, 2023
    Assets
    Investments at fair value (participant-directed):
    General investments$521,009,770 $469,948,010 
    Investment in Master Trust44,706,192 49,073,668 
    Total investments565,715,962 519,021,678 
    Receivables:
    Xcel Energy contributions12,063,735 11,073,671 
    Participant contributions574,108 608,392 
    Notes receivable from participants7,270,037 7,365,088 
    Total receivables19,907,880 19,047,151 
    Net assets available for benefits$585,623,842 $538,068,829 

    The accompanying notes are an integral part of the financial statements

    4

    Table of Contents
    NEW CENTURY ENERGIES, INC.
    EMPLOYEES’ SAVINGS AND STOCK OWNERSHIP PLAN FOR
    BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
     Year Ended Dec. 31
     2024
    Contributions:
    Xcel Energy$12,063,809 
    Employee25,135,175 
    Rollover977,899 
    Total contributions38,176,883 
    Investment income: 
    Plan interest in income from Master Trust4,658,713 
    Interest and dividends9,544,325 
    Net change in fair value of:
    Interest in mutual funds, self-directed brokerage accounts and collective trusts50,183,741 
    Total investment income64,386,779 
    Interest on notes receivable from participants514,549 
    Benefits paid to participants(54,959,520)
    Administrative expenses(563,678)
    Net increase in net assets available for benefits47,555,013 
    Net assets available for benefits at beginning of year538,068,829 
    Net assets available for benefits at end of year585,623,842 
     
    The accompanying notes are an integral part of the financial statements

    5

    Table of Contents
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    To the Plan Administrator and Plan Participants of
    New Century Energies, Inc. Employee Investment Plan
    for Bargaining Unit Employees and
    Former Non-Bargaining Unit Employees

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of New Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees (the "Plan") as of December 31, 2024, and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024, and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Report on Supplemental Schedule

    The supplemental schedule listed in the Table of Contents as of the year ended December 31, 2024, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.



    /s/ DELOITTE & TOUCHE LLP

    Minneapolis, Minnesota
    June 26, 2025

    We have served as the auditor of the Plan since 2002.

    6

    Table of Contents
    NEW CENTURY ENERGIES, INC.
    EMPLOYEE INVESTMENT PLAN FOR BARGAINING
    UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
     Dec. 31, 2024Dec. 31, 2023
    Assets
    Investments at fair value (participant-directed):
    General investments$141,583,226 $124,077,343 
    Investment in Master Trust27,653,139 28,282,642 
    Total investments169,236,365 152,359,985 
    Receivables:
    Xcel Energy contributions2,564,466 2,364,810 
    Participant contributions260,922 252,130 
    Notes receivable from participants4,870,783 4,277,551 
    Total receivables7,696,171 6,894,491 
    Net assets available for benefits$176,932,536 $159,254,476 

    The accompanying notes are an integral part of the financial statements

    7

    Table of Contents
    NEW CENTURY ENERGIES, INC.
    EMPLOYEE INVESTMENT PLAN FOR BARGAINING
    UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
     Year Ended Dec. 31
     2024
    Contributions:
    Xcel Energy$2,564,466 
    Employee7,311,443 
    Rollover72,769 
    Total contributions9,948,678 
    Investment income: 
    Plan interest in income from Master Trust2,686,142 
    Interest and dividends1,794,526 
    Net change in fair value of:
    Interest in mutual funds, self-directed brokerage accounts, and collective trusts14,657,172 
    Total investment income19,137,840 
    Interest on notes receivable from participants316,778 
    Benefits paid to participants(11,370,950)
    Administrative expenses(223,209)
    Change in net assets before plan transfers17,809,137 
    Transfer of plan assets(131,077)
    Net increase in net assets available for benefits17,678,060 
    Net assets available for benefits at beginning of year159,254,476 
    Net assets available for benefits at end of year$176,932,536 
     
    The accompanying notes are an integral part of the financial statements

    8

    Table of Contents
    NEW CENTURY ENERGIES, INC. EMPLOYEES’ SAVINGS AND STOCK OWNERSHIP PLAN FOR
    BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES
    and
    NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT
    EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEES

    NOTES TO THE FINANCIAL STATEMENTS AS OF DEC. 31, 2024 AND 2023 AND FOR THE YEAR ENDED DEC. 31, 2024
     
    1.    DESCRIPTION OF PLANS

    The following includes a brief description of the New Century Energies, Inc. Employees’ Savings and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees (BU Savings Plan) and the New Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees (EIP Savings Plan), collectively the “Plans.” Participants should refer to their respective Plan Document or Summary Plan Description for more complete information. The notes to the financial statements generally apply to the Plans and specific disclosures are presented to address matters for individual plans, where applicable.

    General – The Plans are defined contribution benefit plans which provide eligible employees of Plan sponsor, Xcel Energy Inc., and its participating subsidiaries (Xcel Energy) the opportunity to contribute to a qualified retirement savings plan. Each Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

    For the BU Savings Plan and the EIP Savings Plan, Xcel Energy contributes the employer matching contribution in cash. Participant deferrals and employer matching contributions are invested into one or more investment funds as elected by the participants.

    Plan and Trust Management – The Plan administrator is Xcel Energy, who has authority to control and manage the operation and administration of the Plans. Plan assets are held by a trustee under a trust agreement as adopted by Xcel Energy. The Plans’ assets invested in Xcel Energy Inc. common stock are held in the Xcel Energy Stock Fund within the Master Trust (see Note 4). The Xcel Energy Stock Fund also holds an immaterial amount of cash equivalents for operational purposes. Individual participant accounts are valued daily based on the current fair value of each asset type. The Vanguard Group is the record keeper and Vanguard Fiduciary Trust Company (VFTC) serves as trustee for the Plans.

    Transfer of Plan Assets – Assets are transferred amongst plans when an eligible participant moves from one benefit plan to another plan sponsored by Xcel Energy.

    Eligibility

    BU Savings Plan
    All regular, full-time employees of Xcel Energy whose collective bargaining agreement allows for participation in the Plan on the first day of the month following date of hire, while a regular, part-time employee (one who works less than 40 hours per week) must complete one year and 1,000 hours of service to become eligible.

    EIP Savings Plan
    All regular, full-time employees of Xcel Energy whose collective bargaining agreement allows for participation in the Plan as soon as it is administratively feasible following their date of hire.

    Employee and Employer Contributions – Each plan allows participants to contribute a portion of their compensation as pre-tax, pre-tax rollovers from other qualified retirement plans and allows for a discretionary employer matching contribution (see Note 3). The BU Savings Plan and the EIP Savings Plan also allow participant after-tax contributions.

    Vesting – Employee contributions, matching contributions made by Xcel Energy and earnings in each Plan are immediately vested.

    Distributions

    BU Savings Plan
    Benefits may be distributed after termination of employment, disability, or death (payable to designated beneficiary) in the form of a single lump sum, rollover to an IRA or another employer’s qualified plan.  

    9

    Table of Contents
    EIP Savings Plan
    Benefits may be distributed after termination of employment, disability, or death (payable to designated beneficiary) in the form of installments, a single lump sum or a rollover to an IRA or another employer’s qualified plan.

    For each of the Plans, if the total amount of the participant’s vested account balance exceeds $1,000 at a distributive event, the participant may defer distribution until age 72, unless the participant consents in writing to commence distributions at an earlier date. If the total amount is less than $1,000, the Plan Administrator will schedule a payment date and the amount will be distributed as soon as it is administratively possible. All vested account balances remaining in the Plans after the participant decides to terminate employment with Xcel Energy for any reason will be invested in the funds of the participant’s choice. The participant will continue to receive their share of investment earnings and dividend distributions until the account is completely distributed.

    Participant Accounts – Both Plans maintain individual accounts for each participant. Each participant’s account is credited with the participant’s contributions, Company matching contributions, and Plan earnings as applicable. Participant accounts are also charged with withdrawals, an allocation of Plan losses as applicable, and administrative expenses not paid by Xcel Energy. Allocations are based on participant earnings or account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

    Forfeited Amounts – There was no forfeiture activity for the year ended Dec. 31, 2024. There was an immaterial amount in the forfeitures account of the BU Savings Plan as of Dec. 31, 2024.

    Plan Termination – While Xcel Energy expects to continue the Plans, it reserves the right at its sole and absolute discretion to amend, modify, change or terminate the Plans for whatever reason it deems appropriate, subject to collective bargaining obligations. If Xcel Energy were to terminate the Plans, assets would be distributed in accordance with ERISA guidelines.

    Administrative Expenses – Xcel Energy pays certain administrative expenses of the Plans. Certain investment advisory, trustee and recordkeeping fees are paid by the Plans or by the participant, as applicable. The Self-Directed Brokerage Option annual account maintenance fee and plan recordkeeping fees are paid by the participant. Loan set-up fees are paid by Xcel Energy under the BU Savings Plan. Loan set-up fees and annual maintenance fees are paid by the participant under the EIP Savings Plan.

    Xcel Energy Inc. Common Stock Dividends

    BU Savings Plan
    Dividends paid on shares held in Xcel Energy Inc. common stock within the Master Trust are paid quarterly to Plan participants in cash as a taxable distribution.

    EIP Savings Plan
    Dividends paid on shares held in Xcel Energy Inc. common stock within the Master Trust are automatically reinvested in Xcel Energy Inc. common stock unless the participant elects to receive them as a taxable cash distribution.

    2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Basis of Accounting – The accompanying financial statements of the Plans have been prepared under the accrual method of accounting in conformity with accounting principles generally accepted in the United States of America (GAAP).

    Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.

    Risks and Uncertainties – The Plans provide for investment in a variety of investment funds. Investments, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risk. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investments, it is reasonably possible that changes in investment values will occur in the near term and such changes could materially affect participants’ account balances and amounts reported in the financial statements.

    Fair Value Measurements — The Plans present money market funds and mutual funds, the Xcel Energy Stock Fund held within the Master Trust, common collective trusts and self-directed brokerage accounts investments at fair value in its financial statements.

    10

    Table of Contents
    The fair values of money market funds are based on quoted net asset value (NAV), calculated as $1 per share, and are included in the Fair Value hierarchy as Level 1 investments (see Note 6). The fair values of mutual funds and Xcel Energy Inc. common stock are based on quoted market prices and reported as Level 1 investments.

    The self-directed brokerage option allows participants to self-direct investments in a wider variety of equity securities, mutual funds, debt securities, preferred stock and exchange-traded funds. Within self-directed brokerage accounts, the fair value of mutual funds, equity securities and exchange-traded funds are based on quoted market prices and are assigned as Level 1 investments, while the fair values of debt securities are based on market interest rate curves and recent trades of similarly rated securities and are assigned as Level 2 investments.

    Common collective trusts include investments in retirement target date trusts, which have been assigned as Level 2 investments, are valued at the underlying investments’ NAV at the close of the day.

    Notes Receivable from Participants – Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as deemed distributions based on Plan document terms.

    Investments – The Plans’ net asset investments include money market funds, various mutual funds, collective trusts, a portion of the Master Trust, and self-directed brokerage accounts. Each participant elects the percentage of his or her account balance to be invested in each investment option. Investment income (loss) includes interest and dividends. Realized gains and losses on the sale of investments and unrealized gains or losses in the fair value of investments are shown as net appreciation (depreciation) in the fair value of investments. Total investment income (loss) is allocated to each fund based on the number of units in each fund. Security transactions are recognized on the trade date (the date the order to buy or sell is executed).

    Income Recognition – The difference between fair value and cost of investments, including realized and unrealized gains and losses, is reflected in the Statements of Changes in Net Assets Available for Benefits. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date.

    Payment of Benefits – Benefit payments are recorded when paid.

    3.    PLAN FUNDING

    Employee Contributions

    BU Savings Plan
    Participants may elect to make 401(k) pre-tax deferrals, Roth 401(k) after-tax deferrals, or after-tax deferrals, or a combination of the above not to exceed 20% of their pay. After-tax deferrals may not exceed 8%. The IRS limit for contributions is $23,000 in 2024. Participants who are age 50 or older during the Plan year may make additional (catch-up) contributions up to $7,500 in 2024. The Plan is required to make corrective distributions when IRS limits are exceeded due to excess deferrals, excess contributions and excess annual additions, which are returned to participants during the subsequent Plan year.

    EIP Savings Plan
    Participants may elect to make either regular 401(k) pre-tax deferrals, Roth 401(k) after-tax deferrals or a combination of both not to exceed 30% of their base pay or $23,000 in 2024. Participants who are age 50 or older during the Plan year, may make additional catch-up contributions (pre-tax and/or Roth 401(k) after-tax) up to $7,500 in 2024. The Plan is required to make corrective distributions when IRS limits are exceeded due to excess deferrals, excess contributions and excess annual additions, which are returned to participants during the subsequent Plan year.

    The EIP Savings Plan has an automatic enrollment program for newly hired/rehired full-time employees in regular status. Eligible employees who do not make an affirmative election or do not waive Plan participation within 30 days from date of hire/rehire are automatically enrolled at an initial percentage of base pay (4% pre-tax in 2024), contribution rates are automatically increased each year by 1% (capped at 10%), and their accounts are automatically invested in an age-appropriate target-date fund. Employees who are automatically enrolled can opt out of the default options and make their own independent choices at any time.

    Employer Contributions

    BU Savings Plan
    Xcel Energy provides a matching contribution equal to 100% of the first 3%, and 50% of the next 4% of a participant’s pre-tax contributions during the Plan year. All Plan participants are eligible for the matching contribution, regardless of their employment status at year-end. Employer contributions may be made at any time during the Plan year or after its close, but not later than 60 days after the close of the Plan year. 2024 employer contributions were paid in February 2025. The contribution is based on each participant’s annual contribution and eligible compensation as
    11

    Table of Contents
    defined in the Plan Document.

    EIP Savings Plan
    Xcel Energy provides a matching contribution equal to 50% of the first 8% of base pay contributed by the employee on a pre-tax and/or Roth 401(k) after-tax basis during the Plan year. All employees participating in the Plan are eligible for a matching contribution, regardless of their employment status at year-end. Matching contributions are allocated after the close of the Plan year, typically during the first quarter. 2024 employer contributions were paid in February 2025. The contribution is based on each employee’s annual contribution and eligible compensation as defined in the Plan Document.

    Investment of Employee and Employer Contributions – Participants may invest their contributions among various investment funds offered by the Plans. Any dividends and interest earned on their investments will be reinvested in each of those same investments automatically. For the 2024 Plan year, Xcel Energy matching contributions made to the BU Savings Plan and the EIP Savings Plan were paid in cash and invested in accordance with the participant’s investment election.

    4.    INTEREST IN MASTER TRUST

    The Master Trust is an investment vehicle consisting of Xcel Energy Inc. common stock and a small amount of cash to ensure daily liquidity. The Master Trust pools the stock investment from all four Xcel Energy Inc. sponsored 401(k) plans to reduce administrative and investment expenses. The value of each Plan’s interest in the Master Trust is based on the beginning of the year value of the interest in the Master Trust, plus actual contributions, transfers and allocated investment income or loss, less actual distributions and allocated administrative expenses. Investment income or loss and administrative expenses related to the Master Trust are allocated to the individual plans based upon the daily valuation of the balances invested by each plan.

    The net change in value from participation in the Master Trust is reported as one line item in the accompanying Statements of Changes in Net Assets Available for Benefits and each Plan’s interest in the Master Trust is reported as a single line item in the accompanying Statements of Net Assets Available for Benefits.

    A summary of the Plans’ interest in Master Trust as of Dec. 31, 2024 and 2023 are summarized below:
    Dec. 31, 2024
    BU Savings PlanEIP Savings Plan
    Interest in Master Trust (in approximate shares)662,118 409,555 
    Interest in Master Trust (in percentage)16.1 %9.9 %
    Dec. 31, 2023
    BU Savings PlanEIP Savings Plan
    Interest in Master Trust (in approximate shares)786,059 453,030 
    Interest in Master Trust (in percentage)16.0 %9.2 %

    A summary of the Plans’ interest in Master Trust income for the year ended Dec. 31, 2024 is below:
    For the year ended Dec. 31, 2024
    BU Savings PlanEIP Savings Plan
    Interest in income from Master Trust (in percentage)16.6 %9.6 %

    The Plans have an undivided interest in each security in the Master Trust.

    12

    Table of Contents
    A summary of the net assets of the Master Trust and the Plans’ interest in Master Trust as of Dec. 31, 2024 and 2023 are summarized below:
    Dec. 31, 2024
    Master Trust BalancesBU Savings Plan Interest in Master Trust BalancesEIP Savings Plan Interest in Master Trust Balances
    Total net assets of Xcel Stock Fund at fair value$278,281,843 $44,706,192 $27,653,139 
    Dec. 31, 2023
    Master Trust BalancesBU Savings Plan Interest in Master Trust BalancesEIP Savings Plan Interest in Master Trust Balances
    Total net assets of Xcel Stock Fund at fair value$306,042,777 $49,073,668 $28,282,642 

    Master Trust and Plans’ interest in Master Trust income for the year ended Dec. 31, 2024 are as follows:
    Dec. 31, 2024
    Master Trust BalancesBU Savings Plan Interest in Master Trust BalancesEIP Savings Plan Interest in Master Trust Balances
    Total interest, dividend and other income$7,348,322 $1,193,182 $698,448 
    Realized and unrealized gain in Xcel Energy Stock Fund20,777,801 3,465,531 1,987,694 
    Total net income$28,126,123 $4,658,713 $2,686,142 

    5.    FEDERAL INCOME TAX STATUS

    The IRS has determined and informed Xcel Energy by letters dated March 24, 2017 and March 13, 2017, respectively, that the BU Savings Plan and the EIP Savings Plan meet the requirements of Section 401(a) of the Internal Revenue Code (IRC) of 1986, as amended. Xcel Energy believes that the Plans are currently designed and are being operated in compliance with applicable requirements of the IRC and that the Plans continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plans’ financial statements.

    6.    FAIR VALUE MEASUREMENTS

    The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value was established by this guidance. The three levels in the hierarchy are as follows:
    Level 1 – Quoted prices are available in active markets for identical assets as of the reporting date. The types of assets included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as listed mutual funds and money market funds.

    Level 2 – Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, as is the case with preferred stock. The collective trusts are not actively traded on an exchange.

    Level 3 – Significant inputs to pricing have little or no observability as of the reporting date. The types of assets included in Level 3 are those with inputs requiring significant management judgment or estimation.

    13

    Table of Contents
    The following tables present, for each of these hierarchy levels, the Plans’ assets measured at fair value on a recurring basis:
    BU Savings PlanDec. 31, 2024
     Level 1Level 2Level 3Total
    Mutual Funds$207,122,191 $— $— $207,122,191 
    Collective Trusts— 283,109,918 — 283,109,918 
    Self-Directed Brokerage Accounts8,788,895 — — 8,788,895 
    Money Market Funds21,988,766 — — 21,988,766 
    Plan Interest in Master Trust:
    Xcel Energy Stock Fund44,706,192 — — 44,706,192 
    Total$282,606,044 $283,109,918 $— $565,715,962 
     Dec. 31, 2023
     Level 1Level 2Level 3Total
    Mutual Funds$193,501,506 $— $— $193,501,506 
    Collective Trusts— 244,718,712 — 244,718,712 
    Self-Directed Brokerage Accounts6,547,943 — — 6,547,943 
    Money Market Funds25,179,849 — — 25,179,849 
    Plan Interest in Master Trust:
    Xcel Energy Stock Fund49,073,668 — — 49,073,668 
    Total$274,302,966 $244,718,712 $— $519,021,678 
    EIP Savings PlanDec. 31, 2024
     Level 1Level 2Level 3Total
    Mutual Funds$47,674,137 $— $— $47,674,137 
    Collective Trusts— 85,700,801 — 85,700,801 
    Self-Directed Brokerage Accounts3,966,781 — — 3,966,781 
    Money Market Funds4,241,507 — — 4,241,507 
    Plan Interest in Master Trust:
    Xcel Energy Stock Fund27,653,139 — — 27,653,139 
    Total$83,535,564 $85,700,801 $— $169,236,365 
     Dec. 31, 2023
     Level 1Level 2Level 3Total
    Mutual Funds$43,962,644 $— $— $43,962,644 
    Collective Trusts— 72,436,638 — 72,436,638 
    Self-Directed Brokerage Accounts3,162,938 — — 3,162,938 
    Money Market Funds4,515,123 — — 4,515,123 
    Plan Interest in Master Trust:
    Xcel Energy Stock Fund28,282,642 — — 28,282,642 
    Total$79,923,347 $72,436,638 $— $152,359,985 
    14

    Table of Contents
    7.    NOTES RECEIVABLE FROM PARTICIPANTS

    The Plans allow participants to borrow against funds held in their account in any amount greater than $1,000 but less than 50% of the participant’s vested account balance. In no event can a participant borrow more than $50,000 less the participant’s highest outstanding loan balance during the preceding 12 months. Only one outstanding loan is permitted at any time and may not exceed a period of 5 years for a general-purpose loan or 15 years for a principal residence loan. The loan shall bear a rate of interest equal to the prime rate in effect on the first business day of the month the loan request is approved plus 1%, and stays in effect until the loan is repaid. Repayment of the loan plus interest is made through automatic payroll deductions and is credited to each participant’s account as paid. If a participant retires or terminates employment for any reason, the outstanding loan balance must be repaid within 90 days from the date of termination, unless the participant elects to continue making monthly installment payments established by the Plan Administrator.
    A summary of the Plans’ notes receivable as of Dec. 31, 2024 and 2023 is below:
    BU Savings Plan
    Dec. 31, 2024Dec. 31, 2023
    Interest rates on outstanding loans4.25% - 9.50%4.25% - 9.50%
    Maturity range2025 - 20392024 - 2038

    EIP Savings Plan
    Dec. 31, 2024Dec. 31, 2023
    Interest rates on outstanding loans4.25% - 9.50%4.25% - 9.50%
    Maturity range2025 - 20382024 - 2038

    8.    EXEMPT PARTY-IN-INTEREST TRANSACTIONS
    The Plans’ investments include shares of Xcel Energy Inc. common stock. For the BU Savings Plan, on the Statements of Net Assets Available for Benefits, the value of interest in Master Trust included dividends declared and payable to the Plan of $408,751 at Dec. 31, 2023. For the EIP Savings Plan, on the Statements of Net Assets Available for Benefits, the value of interest in Master Trust included dividends declared and payable to the Plan of $235,575 at Dec. 31, 2023. There were no dividends payable to either plan as of Dec. 31, 2024.

    The Plans also invest in shares of mutual funds and collective trusts managed by an affiliate of VFTC. VFTC acts as trustee for all Plan investments. Transactions in such investments qualify as party-in-interest transactions that are exempt from the prohibited transaction rules. The BU Savings Plan incurred fees for investment management and recordkeeping services of $563,678 for the year ended Dec. 31, 2024. The EIP Savings Plan incurred fees for investment management and recordkeeping services of $223,209 for the year ended Dec. 31, 2024.

    9.    RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

    The following is a reconciliation of Net Assets Available for Benefits and Net Decrease in Net Assets Available for Benefits per the financial statements to net assets and net income per the Form 5500 as of Dec. 31, 2024 and 2023, and for the year ended Dec. 31, 2024, as applicable:

    BU Savings Plan:
    20242023
    Net assets available for benefit per the financial statements$585,623,842 $538,068,829 
    Deemed distributions of participant loans(128,947)(145,968)
    Net assets available for benefit per the Form 5500$585,494,895 $537,922,861 
    2024
    Increase in net assets available for benefit per the financial statements$47,555,013 
    Deemed distributions activity17,021 
    Net income per the 5500$47,572,034 

    15

    Table of Contents
    EIP Savings Plan:
    20242023
    Net assets available for benefit per the financial statements$176,932,536 $159,254,476 
    Deemed distributions of participant loans(90,009)(8,634)
    Net assets available for benefit per the Form 5500$176,842,527 $159,245,842 
    2024
    Increase in net assets available for benefit per the financial statements$17,678,060 
    Transfer of Plan Assets131,077 
    Deemed distribution activity(81,375)
    Net income per the 5500$17,727,762 

    16

    Table of Contents
    NEW CENTURY ENERGIES, INC. EMPLOYEES’ SAVINGS AND STOCK OWNERSHIP PLAN FOR BARGAINING UNIT  EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEESSchedule 1
    Schedule of Assets (Held at Year End)
    As of Dec. 31, 2024 
    New Century Energies, Inc. Employee’s Saving and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees, EIN 41-0448030, Plan 005 
    Attachment to Form 5500, Schedule H, Part IV, Line 4(i)
    Identity of Issue, Borrower, Lessor, or Similar PartyDescription of Investment, Including Maturity Date, Rate of Interest, Collateral, and Par or Maturity ValueCostCurrent Value
    *VanguardVanguard Institutional 500 Index Trust**$94,965,105 
    *VanguardVanguard PRIMECAP Fund Admiral Shares**84,807,822 
    *VanguardVanguard Developed Market Index Institutional Plus**40,919,893 
    *VanguardVanguard Mid-Cap Index Fund Institutional Plus Shares**35,643,341 
    *VanguardVanguard Institutional Total Bond Market Index Trust**30,365,850 
    *VanguardVanguard Target Retirement 2045 Trust Plus**22,034,074 
    *VanguardVanguard Federal Money Market**21,988,766 
    *VanguardVanguard Target Retirement 2050 Trust Plus**18,609,919 
    *VanguardVanguard Target Retirement 2040 Trust Plus**17,203,588 
    *VanguardVanguard Target Retirement 2035 Trust Plus**16,772,152 
    *VanguardVanguard Small Cap Index Fund Institutional Plus Shares**16,044,673 
    *VanguardVanguard Target Retirement 2025 Trust Plus**15,880,960 
    *VanguardVanguard Emerging Markets Stock Index Fund Institutional Shares**15,066,877 
    *VanguardVanguard Target Retirement 2030 Trust Plus**12,856,423 
    *VanguardVanguard Target Retirement Income Trust Plus**12,809,704 
    *VanguardVanguard Target Retirement 2055 Trust Plus**12,083,887 
    BlackRockBlackRock Total Return Bond Fund; Class M**11,659,563 
    *VanguardVanguard Target Retirement 2020 Trust Plus**10,226,774 
    *VanguardVanguard Value Index Fund Institutional Shares**10,090,984 
    ***Self-Directed Brokerage Accounts**8,788,895 
    *VanguardVanguard Inflation Protected Securities Fund Institutional Shares**4,548,601 
    *VanguardVanguard Target Retirement 2060 Trust Plus**3,815,260 
    *VanguardVanguard Target Retirement 2065 Trust Plus**2,485,685 
    *VanguardVanguard Extended Market Index Trust**987,731 
    *VanguardVanguard Target Retirement 2070 Trust Plus**239,768 
    *VanguardVanguard Target Retirement Income and Growth Trust Plus**113,475 
    *Notes Receivable from Participants, net of deemed distributions of $128,947 — Interest rates between 4.25%-9.50% with maturities ranging from 2025 through 2039**7,141,090 
    Total Investments$528,150,860 
    *Party in Interest
    **Historical cost is not required for participant-directed funds.
    ***$760,827 is invested in Vanguard managed securities.

    See accompanying report of the Independent Registered Public Accounting Firm
    17

    Table of Contents
    NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEESSchedule 1
    Schedule of Assets (Held at Year End)
    As of Dec. 31, 2024 
    New Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees, EIN 41-0448030, Plan 006
    Attachment to Form 5500, Schedule H, Part IV, Line 4(i)
    Identity of Issue, Borrower,Lessor, or Similar PartyDescription of Investment, Including Maturity Date, Rate of Interest,Collateral, and Par or Maturity ValueCostCurrent Value
    *VanguardVanguard Institutional 500 Index Trust**$26,730,243 
    *VanguardVanguard Developed Markets Index Fund Institutional Plus Shares**12,678,766 
    *VanguardVanguard Mid-Cap Index Fund: Inst'l Plus Shares**11,552,793 
    *VanguardVanguard PRIMECAP Fund Admiral Shares**10,343,668 
    *VanguardVanguard Institutional Total Bond Market Index Trust**9,790,364 
    *VanguardVanguard Target Retirement 2050 Trust Plus**7,419,073 
    *VanguardVanguard Target Retirement 2045 Trust Plus**6,496,590 
    *VanguardVanguard Target Retirement 2055 Trust Plus**6,154,480 
    *VanguardVanguard Target Retirement 2040 Trust Plus**5,283,119 
    *VanguardVanguard Target Retirement 2030 Trust Plus**5,196,261 
    *VanguardVanguard Emerging Markets Stock Index Fund: Inst'l Shares**4,745,955 
    BlackRockBlackRock Total Return Bond Fund; Class M**4,313,408 
    *VanguardVanguard Federal Money Market Fund**4,241,507 
    *VanguardVanguard Small-Cap Index Fund: Inst'l Plus Shr**4,219,978 
    *VanguardVanguard Target Retirement 2035 Trust Plus**4,110,337 
    *VanguardVanguard Target Retirement 2060 Trust Plus**3,967,692 
    ***Self-Directed Brokerage Fund**3,966,781 
    *VanguardVanguard Value Index Fund Institutional Shares**3,170,632 
    *VanguardVanguard Target Retirement 2025 Trust Plus**2,166,682 
    *VanguardVanguard Target Retirement 2020 Trust Plus**1,319,457 
    *VanguardVanguard Target Retirement Income Trust Plus**1,203,507 
    *VanguardVanguard Target Retirement 2065 Trust Plus**1,105,284 
    *VanguardVanguard Inflation-Protected Securities Fund: Inst'l Shares**962,345 
    *VanguardVanguard Institutional Extended Market Index Trust**298,992 
    *VanguardVanguard Target Retirement 2070 Trust Plus**145,312 
    *Notes Receivable from Participants, net of deemed distributions of $90,009 — Interest rates between 4.25% - 9.50% with maturities ranging from 2025 through 2038**4,780,774 
    Total Investments$146,364,000 
    *Party in Interest
    **Historical cost is not required for participant-directed funds.
    ***$27,487 is invested in Vanguard managed securities.

    See accompanying report of the Independent Registered Public Accounting Firm

    18

    Table of Contents
    NEW CENTURY ENERGIES, INC. EMPLOYEES’ SAVINGS AND STOCK OWNERSHIP PLAN FOR BARGAINING UNIT  EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEESSchedule 2
    Schedule of Delinquent Participant Contributions
    For the Year Ended Dec. 31, 2024
     
    New Century Energies, Inc. Employee’s Saving and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees, EIN 41-0448030, Plan 005
    Attachment to Form 5500, Schedule H, Part IV, Line 4(a)
    Nonexempt Prohibited TransactionsCorrected Under VFCP and PTE** 2002-51
    Contributions Not CorrectedContributions Corrected Outside VFCPContributions Pending Correction in VFCP*
    Check here if late participant loan contributions are included: X
    2024 delinquent participant contributions (a)
    $— $— $2,747,443 $— 
    See accompanying report of the Independent Registered Public Accounting Firm
    * Voluntary Fiduciary Correction Program (VFCP)
    ** Prohibited Transaction Exemption (PTE)
    (a)Lost earnings associated with the late contributions were remitted on July 3, 2024.











































    19

    Table of Contents
    NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT PLAN FOR BARGAINING UNIT EMPLOYEES AND FORMER NON-BARGAINING UNIT EMPLOYEESSchedule 2
    Schedule of Delinquent Participant Contributions
    For the Year Ended Dec. 31, 2024
     
    New Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees, EIN 41-0448030, Plan 006
    Attachment to Form 5500, Schedule H, Part IV, Line 4(a)
    Nonexempt Prohibited TransactionsCorrected Under VFCP and PTE** 2002-51
    Contributions Not CorrectedContributions Corrected Outside VFCPContributions Pending Correction in VFCP*
    Check here if late participant loan contributions are included: X
    2024 delinquent participant contributions (a)
    $— $680,557 $— $— 
    See accompanying report of the Independent Registered Public Accounting Firm
    * Voluntary Fiduciary Correction Program (VFCP)
    ** Prohibited Transaction Exemption (PTE)
    (a)Lost earnings associated with the late contributions were remitted on July 3, 2024.
    20

    Table of Contents
    XCEL ENERGY INC.
    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, Xcel Energy Inc. has duly caused this annual report on Form 11-K to be signed on its behalf by the undersigned, thereunto duly authorized on June 26, 2025.

    NEW CENTURY ENERGIES, INC. EMPLOYEES’ SAVINGS AND
    STOCK OWNERSHIP PLAN FOR BARGAINING UNIT EMPLOYEES
    AND FORMER NON-BARGAINING UNIT EMPLOYEES

    NEW CENTURY ENERGIES, INC. EMPLOYEE INVESTMENT
    PLAN FOR BARGAINING UNIT EMPLOYEES AND FORMER
    NON-BARGAINING UNIT EMPLOYEES
     By/s/ Brian J. Van Abel
      Executive Vice President, Chief Financial Officer
      Member, Pension Trust Administration Committee

    21
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      First quarter GAAP and ongoing earnings per share were $0.84 in 2025 compared with $0.88 in 2024. Xcel Energy reaffirms its 2025 ongoing EPS guidance of $3.75 to $3.85. Xcel Energy Inc. (NASDAQ:XEL) today reported 2025 first quarter GAAP earnings of $483 million, or $0.84 per share, compared with $488 million, or $0.88 per share in the same period in 2024. First quarter ongoing earnings reflect higher O&M expenses, depreciation and interest charges, partially offset by increased recovery of infrastructure investments. "As we continue to advance our mission to make energy work better for our customers, we are building new generation, investing in system resilience and leading the ener

      4/24/25 6:10:00 AM ET
      $XEL
      Power Generation
      Utilities