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Private company

NORTHERN STATES POWER CO /WI/

NORTHERN STATES POWER CO /WI/ is an American electric and services combined company based in Eau Claire.1

Last updated Oct 21, 2026.

Overview

  • IndustryElectric & Other Services Combined1
  • HeadquartersEau Claire, Wisconsin1
  • Incorporated inWI2
  • Business address1414 W Hamilton Ave, Eau Claire, Wi 547022
  • Filer categoryNon-accelerated filer2

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NSP-Wisconsin is a wholly owned subsidiary of Xcel Energy Inc. and Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available, free of charge through its website, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy’s website is not a part of, or incorporated by reference in, this annual report on Form 10-K.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income45678$245.0M in 2025+87% since 2019
0$100.0M$200.0M$300.0M2019: $131.0M$131.0M20192020: $141.0M$141.0M2020+8%2021: $174.0M$174.0M2021+23%2022: $197.0M$197.0M2022+13%2023: $214.0M$214.0M2023+9%2024: $216.0M$216.0M2024+1%2025: $245.0M$245.0M2025+13%
Net income45678$158.0M in 2025+100% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $79.0M$79.0M20192020: $107.0M$107.0M2020+35%2021: $108.0M$108.0M2021+1%2022: $125.0M$125.0M2022+16%2023: $136.0M$136.0M2023+9%2024: $134.0M$134.0M2024−1%2025: $158.0M$158.0M2025+18%
Fiscal year20192020202120222023202420252026
Revenue
Operating expenses$931.0M6$1.0B7$963.0M8$915.0M8$979.0M8
Operating income$131.0M4$141.0M5$174.0M6$197.0M7$214.0M8$216.0M8$245.0M8
Interest$39.0M4$40.0M5$42.0M6$45.0M7$54.0M8$68.0M8$79.0M8
Income before tax$138.0M6$160.0M7$176.0M8$174.0M8$203.0M8
Income tax$16.0M4-$7.0M5$30.0M6$35.0M7$40.0M8$40.0M8$45.0M8
Net income$79.0M4$107.0M5$108.0M6$125.0M7$136.0M8$134.0M8$158.0M8

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What it owns

What NORTHERN STATES POWER CO /WI/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$6.0B8 Dec 31, 2025$5.4B8 Dec 31, 2024+11.7%
Accumulated depreciation$1.8B8 Dec 31, 2025$1.7B8 Dec 31, 2024+5.0%
Property and equipment, net$4.2B8 Dec 31, 2025$3.7B8 Dec 31, 2024+14.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.0M8 Dec 31, 2025$8.0M8 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$33.0M8 Dec 31, 2025$28.0M8 Dec 31, 2024+17.9%

Properties, in its own words

Virtually all of the utility plant property of NSP-Wisconsin is subject to the lien of its first mortgage bond indenture.

Station, Location and Unit at Dec. 31, 2025 · Fuel · Installed · MW (a)

The rest of Item 2

Steam:

Bay Front-Ashland, WI, 2 Units · Wood/Natural Gas · 1948 - 1956 · 41

French Island-La Crosse, WI, 2 Units · Wood/RDF · 1940 - 1948 · 16 · (b)

Combustion Turbine:

French Island-La Crosse, WI, 2 Units · Oil · 1974 · 119

Wheaton-Eau Claire, WI, 1 Unit · Natural Gas · 2025 · 206 · (c)

Reciprocating Generation:

Wheaton-Eau Claire, WI, 5 Units · Natural Gas · 2025 · 40 · (c)

Hydro:

Various locations, 62 Units · Hydro · Various · 135

Total · 557

(a)Summer 2025 net dependable capacity.

(b)RDF is made from municipal solid waste.

(c)Four combustion turbine units were retired in 2025 and replaced with one new combustion turbine and five reciprocating generation units.

Electric utility overhead and underground transmission and distribution lines (measured in conductor miles) at Dec. 31, 2025:

Conductor Miles

345 KV · 3,019

161 KV · 1,816

115 KV · 1,860

Less than 115 KV · 5,666

Total Transmission · 12,361

Distribution

Less than 115 KV · 28,582

Total · 40,943

NSP-Wisconsin had 208 electric utility transmission and distribution substations at Dec. 31, 2025.

Natural gas utility mains at Dec. 31, 2025:

Miles

Distribution · 2,628

Item 2 of the 10-K filed Feb 25, 2026.3

Timeline

  1. Jun 10, 20268-K Entered a material agreement; New debt or obligation13
  2. Nov 7, 20258-K Other events14
  3. Aug 11, 20258-K Other events15
  4. Jun 23, 20258-K Other events16
  5. Apr 1, 20258-K Other events17
  6. May 16, 20248-K Other events18
  7. Nov 13, 20238-K Other events19
  8. Sep 1, 20238-K Other events20
  9. May 10, 20238-K Entered a material agreement; New debt or obligation21
  10. Jul 15, 20228-K Entered a material agreement; New debt or obligation22
  11. Nov 18, 20218-K Other events23

Filings

37 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 11 major events, 6 other. The latest 20:

  1. Jul 30, 202610-Q EDGAR
  2. Jun 10, 20268-K EDGAR
  3. Apr 30, 202610-Q EDGAR
  4. Feb 25, 202610-K EDGAR
  5. Nov 7, 20258-K EDGAR
  6. Oct 30, 202510-Q EDGAR
  7. Aug 11, 20258-K EDGAR
  8. Jul 31, 202510-Q EDGAR
  9. Jun 23, 20258-K EDGAR
  10. Jun 18, 2025424B2 EDGAR
  11. Jun 17, 2025FWP EDGAR
  12. Jun 17, 2025424B5 EDGAR
  13. Apr 24, 202510-Q EDGAR
  14. Apr 1, 20258-K EDGAR
  15. Feb 27, 202510-K EDGAR
  16. Oct 31, 202410-Q EDGAR
  17. Aug 1, 202410-Q EDGAR
  18. May 16, 20248-K EDGAR
  19. May 14, 2024424B2 EDGAR
  20. May 13, 2024FWP EDGAR

The 37 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How NORTHERN STATES POWER CO /WI/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNORTHERN STATES POWER CO /WI/1
  • CIK0000072909
  • Employer ID (EIN)39-05083153
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inWisconsin3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4931 Electric & Other Services Combined1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1414 W Hamilton Ave, Eau Claire, WI 547021
  • Mailing addressP O Box 8, Eau Claire, WI 54702-0081
  • Phone71583926211
  • Shares outstanding933,000 as of Jul 30, 202610
  • Public float$0 as of Jun 30, 20258
  • AuditorDELOITTE & TOUCHE LLP, Minneapolis, Minnesota PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMar 28, 19941
  • Filings324 in all: 8-K (137), 10-Q (98), 10-K (34), 424B5 (11), 424B2 (9), FWP (9), S-3 (5), 10-Q/A (4)1
    All 18 form types

    S-3ASR (4), EFFECT (3), 10-K/A (2), UPLOAD (2), 424B3 (1), CORRESP (1), POS AM (1), S-3/A (1), S-4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Latest 8-K (8-K) Jul 30, 2026

Risk factors and legal proceedings

The risks NORTHERN STATES POWER CO /WI/ names in Item 1A of its 10-K filed Feb 25, 2026: 30 risks under these headings, as written.3

  • Risks Associated with Our Business
  • Operational Risks
  • Our natural gas and electric generation/transmission and distribution operations involve numerous risks that may result in accidents and other operating risks and costs.
  • Our utility operations, resource adequacy and system reliability are subject to long-term planning and project risks.
  • Our utility operations are highly dependent on suppliers to deliver components in accordance with short and long-term project schedules.
  • We are subject to physical and financial risks associated with climate change and other weather, natural disaster and resource depletion impacts.
  • Our utilities have significant risks associated with wildfires.
  • We are subject to commodity risks and other risks associated with energy markets and energy production.
  • Failure to attract and retain a qualified workforce could have an adverse effect on operations.
  • Our operations use third-party contractors in addition to employees to perform periodic and ongoing work.
  • Actions of our employees, directors, third-party contractors or suppliers could expose us to reputational risks.
  • Although we do not own any nuclear generating facilities, because our production and transmission system is operated on an integrated basis with NSP-Minnesota’s (an affiliate of NSP-Wisconsin) production and transmission system, we may be subject to risks associated with NSP-Minnesota’s nuclear generation.
The other 20 risks
  • We share in the electric production and transmission costs of the NSP-Minnesota system, which is integrated with our system. Accordingly, our costs may be increased due to increased costs associated with NSP-Minnesota’s system.
  • We are a wholly owned subsidiary of Xcel Energy Inc. Xcel Energy Inc. can exercise substantial control over our dividend policy and business and operations and may exercise that control in a manner that may be perceived to be adverse to our interests.
  • Financial Risks
  • Our profitability depends on our ability to recover costs and changes in regulation may impair our ability to recover costs from our customers.
  • Growth in large load customers, including data centers, may increase customer concentration, capital requirements and revenue variability risks.
  • Any reductions in our credit ratings could increase our financing costs and the cost of maintaining certain contractual relationships.
  • We are subject to capital market and interest rate risks.
  • We are subject to credit risks.
  • As we are a subsidiary of Xcel Energy Inc., we may be negatively affected by events impacting the credit or liquidity of Xcel Energy Inc. and its affiliates.
  • Increasing costs of our defined benefit retirement plans and employee benefits may adversely affect our results of operations, financial condition or cash flows.
  • Increasing costs associated with health care plans may adversely affect our results of operations.
  • Federal tax law may significantly impact our business.
  • Macroeconomic Risks
  • Economic conditions impact our business.
  • We face risks related to health epidemics and other outbreaks, which may have a material effect on our financial condition, results of operations and cash flows.
  • Operations could be impacted by war, terrorism or other events.
  • A cybersecurity incident or security breach could have a material effect on our business.
  • Our operating results may fluctuate on a seasonal and quarterly basis and can be adversely affected by milder weather.
  • Public Policy Risks
  • Increased risks of regulatory penalties could negatively impact our business.
  • The continued use of natural gas for both power generation and gas distribution have increasingly become a public policy advocacy target. These efforts may result in a limitation of natural gas as an energy source for both power generation and heating, which could impact our ability to reliably and affordably serve our customers.
  • Environmental Policy Risks
  • We may be subject to legislative and regulatory responses to climate change, with which compliance could be difficult and costly.
  • We are subject to environmental laws and regulations, with which compliance could be difficult and costly.

Legal proceedings

NSP-Wisconsin is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation.

Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to, when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Wisconsin’s consolidated financial statements. Legal fees are generally expensed as incurred.

See Note 10 to the consolidated financial statements, Item 1 and Item 7 for further information.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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