Xcel Energy

In June 1909, Henry Marison Byllesby organized the Washington County Light & Power Company, renamed Consumers Power Company that December. On February 5, 1916, it became Northern States Power Company.⁠[1]

Northern States Power’s Prairie Island nuclear plant began operation in 1973.⁠[1]

The company owned all of NRG Energy until NRG’s initial public offering in the second quarter of 2000. At year-end 2000, Xcel Energy indirectly owned 82 percent of NRG.⁠[2]

On August 18, 2000, New Century Energies and Northern States Power merged in a tax-free, stock-for-stock exchange to form Xcel Energy Inc., with NSP shares converted one for one.⁠[2]

NRG filed for Chapter 11 reorganization on May 14, 2003, and emerged on December 5, 2003. Xcel Energy relinquished its ownership interest and was obligated to pay up to $752 million to NRG in early 2004.⁠[3]

Xcel Energy sold Viking Gas Transmission Co. in January 2003 and Black Mountain Gas Co. in October 2003, and in January 2004 agreed to sell Cheyenne Light, Fuel and Power to Black Hills Corporation.⁠[3]

On May 18, 2011, Richard Kelly announced he would retire as chairman and CEO effective August 24, 2011, after 43 years with the company. Ben Fowke, then president and chief operating officer, was elected to succeed him.⁠[4]

On December 19, 2017, Xcel Energy announced it would move its stock listing from the New York Stock Exchange to Nasdaq, keeping its symbol. The transfer took effect after the market close on December 29, 2017, with Nasdaq trading expected from January 2, 2018. Fowke said: “We are pleased to join the world’s most innovative companies listed on Nasdaq.”⁠[5]

In December 2018, Xcel Energy announced a vision to provide “100% carbon-free electricity to customers by 2050,” becoming the first major U.S. utility to signal such a move.⁠[6]

On May 13, 2021, Fowke announced he would retire as CEO on August 18, 2021, and remain on the board as executive chairman. Bob Frenzel, who joined as chief financial officer in 2016 and became president and chief operating officer in March 2020, succeeded him as CEO and president.⁠[7]

The Marshall Fire ignited on December 30, 2021, burning more than 1,000 homes in Boulder County, Colorado. Plaintiffs later alleged that power lines played a role in one of two ignitions. Xcel Energy maintains its equipment did not cause or contribute to the fire.⁠[8]

The Smokehouse Creek Fire Complex in the Texas Panhandle began on February 26, 2024, and burned approximately 1,055,000 acres.⁠[9]

On March 7, 2024, Xcel Energy said its facilities “appear to have been involved in an ignition of the Smokehouse Creek fire,” while disputing that it acted negligently in maintaining and operating its infrastructure. The Texas A&M Forest Service found that power lines ignited both the Smokehouse Creek and Windy Deuce fires. A homeowner had already sued the company in Hemphill County.⁠[10]

On September 24, 2025, Xcel Energy announced that its subsidiary Public Service Company of Colorado had reached agreements in principle to resolve all Marshall Fire litigation, expecting to pay approximately $640 million, about $350 million from remaining insurance and none from customers. Xcel Energy “does not admit any fault, wrongdoing or negligence.”⁠[11]

The settlement came the day before trial was set to begin and covered claims from more than 4,000 homeowners, businesses and insurers.⁠[8]

In December 2025, Texas Attorney General Ken Paxton sued Southwestern Public Service Company, which operates in Texas as Xcel Energy, over the Smokehouse Creek Fire, seeking the State’s economic damages, including property damage and the lost value of wildlife and habitat, plus civil penalties. Xcel Energy said it would “vigorously defend ourselves against these allegations.”⁠[12]

The suit says the fire killed three people and more than 15,000 head of cattle, and seeks to recoup state economic losses. Xcel Energy disputes that it acted negligently and said it had agreed to settle $361 million in fire-related claims.⁠[13]

As of December 31, 2025, total estimated losses for the fires were $430 million before insurance, and about $374 million of settlements had been paid.⁠[9]

Through four utility subsidiaries, Xcel Energy serves about 3.9 million electric and 2.2 million natural gas customers in eight states. It had 11,534 full-time employees as of December 2025.⁠[14]

In 2025, revenues were $14,669 million, net income $2,018 million and diluted earnings per share $3.42.⁠[9]

On February 23, 2026, the Texas Attorney General’s office announced an agreed temporary injunction requiring Southwestern Public Service Company to replace damaged poles, replace poles at imminent risk of breaking in elevated wildfire-risk areas and inspect 35,000 poles a year in its Texas service area. The lawsuit continues.⁠[15]

As of September 30, 2026, Southwestern Public Service had settled 358 complaints and claims related to the fire. Total estimated losses and incurred legal costs were $525 million, with $65 million of remaining estimated probable losses before insurance. The Attorney General’s lawsuit was in discovery, expected to continue into 2027.⁠[16]