Xcel Energy (XEL) Investor presentation summary

Investment strategy and financial performance

• $60 billion base capital plan for 2026–2030, with an additional $10+ billion in identified opportunities, targeting an 11% rate base CAGR and 10%+ total shareholder return, including 6–8%+ EPS growth and ~3% dividend yield.

• Met or exceeded earnings guidance for 21 consecutive years and increased dividends for 23 consecutive years, supported by a strong balance sheet and robust credit metrics.

• Residential electric bills are 29% below the national average, with long-term bill growth near inflation and a low customer share of wallet.

• Balanced sales growth, including significant upside from data centers, with a pipeline exceeding 20 GW and ~4 GW contracted by 2027.

• Partnerships with Tier 1 developers and suppliers, such as GE Vernova and NextEra Energy, support execution of large-scale renewable and data center projects.

Capital allocation and operational highlights

• Capital investments focus on electric generation (39%), transmission (26%), and distribution (23%), with a growing share for renewables and storage.

• Forecasted investments include ~11,400 MW of renewables, ~3,400 MW of natural gas, ~2,200 MW of storage, and 1,700 new transmission miles by 2030.

• Wildfire mitigation receives ~$5 billion, with approved resiliency plans in Colorado and Texas, including undergrounding, pole replacements, and advanced monitoring.

• Rate base projected to grow from $56 billion in 2025 to $94 billion in 2030, with OpCo CAGRs ranging from 7% to 22%.

• Financing plan for 2026–2030 includes $30.2 billion from operations, $22.8 billion in maturing debt, $7 billion in equity, and incremental debt as needed.

Sustainability and decarbonization

• Achieved ~58% reduction in electric carbon emissions from 2005–2025, aligned with Paris Agreement 1.5°C scenarios.

• Committed to 100% carbon-free electricity by 2050, net-zero methane natural gas service by 2030, and 70% less water consumption by 2030.

• Out of coal by year-end 2030, with 27 coal units retired by 2025 and no forced workforce reductions.

• Customer bill increases targeted near the rate of inflation, with programs to mitigate social impacts of coal plant closures and support local communities.

• Sustainability progress includes 1.5 million EVs enabled by 2035 and a workforce increasingly reflecting community diversity.