Form 8-K
8-K — XCEL ENERGY INC
Accession: 0000072903-26-000103
Filed: 2026-06-09
Period: 2026-06-05
CIK: 0000072903
SIC: 4931 (ELECTRIC & OTHER SERVICES COMBINED)
Item: Other Events
Documents
8-K — xel-20260605.htm (Primary)
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8-K
8-K (Primary)
Filename: xel-20260605.htm · Sequence: 1
xel-20260605
FALSEXCEL ENERGY INC0000072903MNPUBLIC SERVICE CO OF COLORADO0000081018CO00000729032026-06-052026-06-050000072903xel:PublicServiceCompanyOfColoradoMember2026-06-052026-06-050000072903us-gaap:CommonStockMember2026-06-052026-06-050000072903xel:A6.25JuniorSubordinatedNotesDue2085Member2026-06-052026-06-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 5, 2026
Commission File Number Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number IRS Employer Identification Number
001-3034 XCEL ENERGY INC. 41-0448030
(a Minnesota corporation)
414 Nicollet Mall
Minneapolis Minnesota 55401
(612) 330-5500
001-3280 PUBLIC SERVICE COMPANY OF COLORADO 84-0296600
(a Colorado corporation)
3500 Blake Street
Denver Colorado 80205
(303) 571-7511
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $2.50 par value per share XEL Nasdaq Stock Market LLC
6.25% Junior Subordinated Notes due 2085 XELLL Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £
Item 8.01. Other Events
In December 2025, Public Service Company of Colorado (PSCo), a wholly owned subsidiary of Xcel Energy Inc. (Xcel Energy), filed a natural gas rate case with the Colorado Public Utilities Commission (CPUC) seeking an increase in revenue of $190 million (11.6%). The request is based on a 10.75% return on equity (ROE), an equity ratio of 55% and a 2025 test year with a projected rate base of $4.7 billion.
In June 2026, 10 intervenors filed testimony, with CPUC Staff and the Colorado Office of the Utility Consumer Advocate (UCA) filing comprehensive testimony. The following modifications were proposed:
(Millions of Dollars) CPUC Staff UCA
PSCo rate request $ 190 $ 190
Recommended adjustments:
Depreciation expense (a)
(100) —
Capital structure and cost of capital (81) (65)
Test year and rate base methodology (38) (30)
O&M adjustments 12 (9)
Other, net 2 —
Total adjustments (205) (104)
Proposed revenue change $ (15) $ 86
Depreciation expense (a)
100 —
Proposed revenue change excluding depreciation expense $ 85 $ 86
ROE 8.50 % 9.20 %
Equity ratio 52.5 % 50.0 %
Rate Base Convention 13 month 13 month
(a)Adjustments are largely earnings neutral.
The remaining procedural schedule is as follows:
•Rebuttal testimony: July 2, 2026
•Settlement deadline: July 8, 2026
•Hearing: July 23-31, 2026
A CPUC decision and implementation of final rates is anticipated in the fourth quarter of 2026.
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to expectations regarding the regulatory proceedings and the effective date of the rates, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in PSCo’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety; successful long-term operational planning; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors or third-parties; our ability to recover costs; risks associated with the growth in large load customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of PSCo to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
June 9, 2026
Xcel Energy Inc. (a Minnesota corporation)
Public Service Company of Colorado (a Colorado corporation)
/s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer
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Entity Central Index Key
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Entity Incorporation, State or Country Code
MN
Document Type
8-K
Document Period End Date
Jun. 05, 2026
Entity File Number
001-3034
Entity Tax Identification Number
41-0448030
Entity Address, Address Line One
414 Nicollet Mall
Entity Address, City or Town
Minneapolis
Entity Address, State or Province
MN
Entity Address, Postal Zip Code
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City Area Code
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Local Phone Number
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Common Stock
Document Information [Line Items]
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Trading Symbol
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Security Exchange Name
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6.25% Junior Subordinated Notes due 2085
Document Information [Line Items]
Title of 12(b) Security
6.25% Junior Subordinated Notes due 2085
Trading Symbol
XELLL
Security Exchange Name
NASDAQ
Public Service Company of Colorado
Document Information [Line Items]
Entity Registrant Name
PUBLIC SERVICE CO OF COLORADO
Entity Central Index Key
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Entity Incorporation, State or Country Code
CO
Entity File Number
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Entity Tax Identification Number
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Entity Address, City or Town
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Entity Address, State or Province
CO
Entity Address, Postal Zip Code
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Local Phone Number
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