Overview
Xcel Energy Inc. is a Minneapolis-based U.S. utility company that provides electricity and natural gas to customers in parts of eight states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Its utility businesses generate, purchase, transmit and distribute electricity and purchase, transport and distribute natural gas.[1][2][3]
The company serves approximately 3.9 million electric customers and 2.2 million natural-gas customers. It reported $14.7 billion in operating revenue in 2025. Xcel Energy states its mission as “to make energy work better for our customers, helping them thrive every day.” [1][4][5] [1][2][3][4][5]
Products & services
Xcel Energy’s principal products are electricity and natural gas. Its electric utilities generate or purchase power, transmit and distribute it to retail customers, and sell wholesale electric capacity, energy and ancillary services. Its gas utilities purchase, transport, distribute and sell natural gas; they also transport gas owned by customers.[6][7][3] In 2025, regulated electric utility operating revenue was $12.16 billion, compared with $2.45 billion for regulated natural-gas utility operations—approximately 83% and 17%, respectively, of those two businesses’ combined operating revenue.[8] Steam and appliance-repair activities are also reported, but not as separate reportable segments.[9]
Customer-facing services include energy-conservation and demand-side-management programs, as well as clean-transportation programs intended to support electric-vehicle charging infrastructure. These offerings vary by utility and jurisdiction.[10][11] [6][7][3][8][8][9][10][11]
Geographic presence
Xcel Energy serves customers in portions of eight U.S. states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Its principal executive office is in Minneapolis, Minnesota. The company serves approximately 3.9 million electric customers and 2.2 million natural-gas customers across this footprint.[1][12]
Its utilities have distinct regional territories. NSP-Minnesota provides electricity in Minnesota, North Dakota and South Dakota, and retail natural gas in Minnesota and North Dakota. NSP-Wisconsin operates in Wisconsin and Michigan. Public Service Company of Colorado provides electricity and natural gas in Colorado, while Southwestern Public Service provides electricity in Texas and New Mexico.[2][13][3][14] [1][12][2][13][3][14]
Business segments
Xcel Energy reports two segments: **Regulated Electric Utility** and **Regulated Natural Gas Utility**. The electric segment generates, purchases, transmits, distributes and sells electricity in eight states, and includes wholesale electricity sales and transmission services. The gas segment purchases, transports, stores, distributes and sells natural gas, primarily in portions of five states. Utility operations are aggregated into these two segments rather than reported as separate segments by subsidiary.[15][16][17]
In 2025, the electric segment generated approximately **83%** of consolidated operating revenue ($12.16 billion), while natural gas generated approximately **17%** ($2.45 billion). Non-segment activities accounted for less than 1% ($57 million) and are not a third reportable segment; they include activities such as steam sales and appliance repair.[9] [15][16][17][8][8][8][8][9]
Company history
Xcel Energy was incorporated in Minnesota in 1909. Its present-day identity took shape through two later utility combinations: Public Service Company of Colorado and Southwestern Public Service Company formed New Century Energies in 1997, and New Century Energies merged with Northern States Power in 2000 under the Xcel Energy name.[18][19]
In 2018, Xcel Energy announced a goal of serving customers with electricity produced with zero carbon emissions by 2050, marking a significant shift in its long-term generation strategy. Robert Frenzel became president and chief executive officer in 2021 and chairman later that year.[20][21] [18][19][20][21]
Sources
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