The company plans to make $45 billion in capital investments to improve reliability, resiliency, and sustainability. This signals a strong commitment to long-term growth and infrastructure development. See Item 1.

The company is committed to maintaining a safe and reliable electric and natural gas system while leading the clean energy transition. This indicates a forward-looking strategy focused on sustainability and environmental responsibility. See Item 1.

The company is transforming and expanding its electric grid to accommodate load growth, renewable energy, and distributed energy resources. This indicates a proactive approach to meeting future energy demands and adapting to changing energy sources. See Item 1.

The company has consistently achieved its financial objectives, meeting or exceeding its initial ongoing earnings guidance range for 20 consecutive years and delivering dividend growth for 22 consecutive years. This demonstrates strong management execution and financial discipline. See Item 1.

The company has implemented the capability to deliver enhanced, wildfire safety operations and conduct proactive public safety power shutoffs across its entire system. This indicates a commitment to risk management and operational safety. See Item 1.

The company has undertaken numerous initiatives to meet current requirements and prepare for potential future regulations, reduce GHG emissions, and respond to state renewable and energy efficiency goals. This indicates proactive management and a commitment to environmental compliance. See Item 1.

Wildfires could jeopardize Xcel Energy's electric and gas infrastructure and third-party property and result in temporary power outages or shortages in our service territories. This highlights a significant risk related to extreme weather events. See Item 1A.

Climate change can create physical and financial risk. Physical risks include changes in weather conditions and extreme weather events. This highlights the potential impact of climate change on the company's operations and financial performance. See Item 1A.

Increasing levels of large individual health care claims and overall health care claims could have an adverse impact on our results of operations, financial condition or cash flows. This highlights a potential cost pressure that could impact profitability. See Item 1A.

Xcel Energy is subject to public policies that promote competition and development of energy markets. This highlights the competitive pressures that the company faces in the energy sector. See Item 1.

Xcel Energy's industrial and large commercial customers have the ability to generate their own electricity. This highlights the competitive pressures that the company faces in the energy sector. See Item 1.

The FERC has continued to promote competitive wholesale markets through open access transmission and other means. This highlights the competitive pressures that the company faces in the energy sector. See Item 1.

Since 2020, our lean operating program has generated nearly $500 million of sustainable savings for our customers, while improving operating outcomes and reducing enterprise risk. This demonstrates a commitment to operational efficiency and cost management. See Item 1.

At the same time, our Steel for Fuel strategy has saved customers nearly $5 billion since 2017 in avoided fuel costs and PTCs. This demonstrates a commitment to operational efficiency and cost management. See Item 1.

In turn, we delivered our electric and natural gas products in 2024 at a price that is lower than it was ten years ago on an inflation adjusted basis. This demonstrates a commitment to operational efficiency and cost management. See Item 1.

We are in the process of installing smart electric meters, which will deliver customer and operational benefits, providing near-real-time communication, allowing customers to know how much energy they are using and what it will cost. This indicates a commitment to innovation and technology. See Item 1.

In 2024, we implemented the capability to deliver enhanced, wildfire safety operations and conduct proactive public safety power shutoffs across our entire system. This indicates a commitment to innovation and technology. See Item 1.

Going forward, our goal is to enable the clean energy transition while keeping long-term customer bill growth below the rate of inflation through initiatives including conservation programs, O&M cost control, our One Xcel Energy Way lean management initiative, advanced operational technologies and our Steel for Fuel program. This indicates a commitment to innovation and technology. See Item 1.

Over the next five years, we plan to make $45 billion of capital investments to improve reliability, resiliency and sustainability. This indicates a commitment to capital allocation. See Item 1.

Significant investment in our transmission and distribution systems is essential to ensure resiliency and reliability for customers, we have approximately $28 billion in our 2025 - 2029 capital plan focused specifically on this. This indicates a commitment to capital allocation. See Item 1.

We have 15,000 - 29,000 MW of investment opportunity, through new and extended generation, in development across our NSP, PSCo and SPS footprint. This indicates a commitment to capital allocation. See Item 1.

Xcel Energy is committed to maintaining a safe and reliable electric and natural gas system, while leading the clean energy transition. This indicates a commitment to ESG initiatives. See Item 1.

Our sustainability commitments are summarized as follows: See Item 1A for risks and uncertainties related to strategic and sustainability goals and objectives. This indicates a commitment to ESG initiatives. See Item 1.

Finally, we are working at both a state and federal level on legislation to enhance the safety of our communities from evolving extreme weather risks while protecting the financial integrity of companies like Xcel Energy. This indicates a commitment to ESG initiatives. See Item 1.

New demand remains robust in our territories, including load growth from new data centers, industrial electrification and electric vehicle adoption. This indicates a favorable market environment for the company's services. See Item 1.

Xcel Energy is subject to public policies that promote competition and development of energy markets. This highlights the competitive pressures that the company faces in the energy sector. See Item 1.

Economic conditions may have a material impact on Xcel Energy's operating results. This highlights the potential impact of macroeconomic factors on the company's operations. See Item 1.