Private company
NORTHERN STATES POWER CO
NORTHERN STATES POWER CO is an American electric and services combined company based in Eau Claire.2
Last updated Oct 21, 2026.
Overview
- IndustryElectric & Other Services Combined2
- HeadquartersEau Claire, United States2
- Incorporated inMN3
- Business address414 Nicollet Mall, Minneapolis, Mn 554013
- Filer categoryNon-accelerated filer3
- Legal formBusiness Corporation2
- LEIOOVRSRHKQSBLKRB7QM172
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATION SERVICE COMPANY, 53703-4655 Madison, United States2
- Registered withCorporation Section (Division of Corporate & Consumer Services, Department of Financial Institutions), 1N016692
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Operating expenses | $5.0B6 | $5.9B7 | $5.2B8 | $5.1B8 | $5.3B8 | |||
| Operating income | $787.0M4 | $796.0M5 | $782.0M6 | $820.0M7 | $866.0M8 | $710.0M8 | $1.0B8 | |
| Interest | $233.0M4 | $249.0M5 | $271.0M6 | $291.0M7 | $325.0M8 | $363.0M8 | $430.0M8 | |
| Income before tax | $558.0M6 | $563.0M7 | $598.0M8 | $437.0M8 | $711.0M8 | |||
| Income tax | $47.0M4 | -$6.0M5 | -$48.0M6 | -$112.0M7 | -$109.0M8 | -$356.0M8 | -$193.0M8 | |
| Net income | $543.0M4 | $591.0M5 | $606.0M6 | $675.0M7 | $707.0M8 | $793.0M8 | $904.0M8 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash | $126.3M12 | $46.0M11 | $73.0M4 | $65.0M8 | $34.0M8 | $71.0M8 | $80.0M8 | |
| Receivables | $429.0M5 | $534.0M5 | ||||||
| Inventory | $309.0M5 | $384.0M6 | $356.0M7 | $339.0M8 | $367.0M8 | |||
| Current assets | $1.5B11 | $1.5B4 | $1.9B5 | $1.9B6 | $1.6B7 | $1.8B8 | $1.8B8 | |
| Property, plant and equipment | $16.4B5 | $17.5B6 | $18.8B7 | $20.9B8 | $23.1B8 | |||
| Total assets | $19.9B11 | $21.1B4 | $22.8B5 | $23.7B6 | $25.0B7 | $27.5B8 | $31.0B8 | |
| Accounts payable | $522.0M5 | $619.0M5 | ||||||
| Short-term debt | $300.0M5 | $400.0M6 | $07 | $250.0M8 | $08 | |||
| Current liabilities | $1.6B11 | $1.5B4 | $1.7B5 | $2.3B6 | $2.0B7 | $2.4B8 | $2.1B8 | |
| Long-term debt | $5.2B12 | $5.9B4 | $6.4B5 | $6.5B6 | $7.3B7 | $7.6B8 | $7.9B8 | |
| Retained earnings | $2.4B5 | $2.5B6 | $2.5B7 | $2.9B8 | $3.3B8 | |||
| Shareholders’ equity | $6.1B11 | $6.8B4 | $7.6B5 | $7.8B6 | $8.2B7 | $9.3B8 | $10.4B8 | |
| Shares outstanding | 1.0M shares11 | 1.0M shares4 | 1.0M shares5 | 1.0M shares6 | 1.0M shares7 | 1.0M shares8 | 1.0M shares8 | 1.0M shares8 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.2B4 | $1.2B5 | $1.1B6 | $1.9B7 | $2.3B8 | $1.9B8 | $2.1B8 | |
| Depreciation and amortization | $932.0M6 | $1.0B7 | $988.0M8 | $1.1B8 | $1.2B8 | |||
| Cash from investing | -$2.0B6 | -$1.8B7 | -$2.4B8 | -$2.8B8 | -$3.2B8 | |||
| Dividends paid | $467.0M4 | $408.0M5 | $431.0M6 | $560.0M7 | $647.0M8 | $494.0M8 | $419.0M8 | |
| Cash from financing | $875.0M6 | -$40.0M7 | $45.0M8 | $938.0M8 | $1.2B8 |
Corporate structure
NORTHERN STATES POWER CO is part of a group headed by Xcel Energy. 21 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- Xcel Energy Minneapolis, Minnesota, United States
- NORTHERN STATES POWER CO Eau Claire, Wisconsin, United States
- Northern States Power Company Minneapolis, Minnesota, United States
- PUBLIC SERVICE CO OF COLORADO Denver, Colorado, United States
- SOUTHWESTERN PUBLIC SERVICE CO Amarillo, Texas, United States
- Nicollet Holdings Company LLC Subsidiary · Minnesota, United States
- Nicollet Project Holdings LLC Subsidiary · Minnesota, United States
- Northern States Power Company (a Minnesota corporation) Subsidiary · Minnesota, United States
- Northern States Power Company (a Wisconsin corporation) Subsidiary · Wisconsin, United States
- WestGas InterState, Inc. Subsidiary · Colorado, United States
- Xcel Energy Communications Group Inc. Subsidiary · Minnesota, United States
- Xcel Energy International Inc. Subsidiary · Delaware, United States
- Xcel Energy Markets Holdings Inc. Subsidiary · Minnesota, United States
- Xcel Energy Nuclear Services Holdings, LLC Subsidiary · Delaware, United States
- Xcel Energy Retail Holdings Inc. Subsidiary · Minnesota, United States
- Xcel Energy Services Inc. Subsidiary · Delaware, United States
- Xcel Energy Transmission Holding Company, LLC Subsidiary · Delaware, United States
- Xcel Energy Venture Holdings, Inc. Subsidiary · Minnesota, United States
- Xcel Energy Ventures Inc. Subsidiary · Minnesota, United States
- Xcel Energy Wholesale Group Inc. Subsidiary · Minnesota, United States
- Xcel Energy WYCO Inc. Subsidiary · Colorado, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.
What it owns
What NORTHERN STATES POWER CO 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
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $31.6B8 Dec 31, 2025 | $29.2B8 Dec 31, 2024 | +8.1% |
| Accumulated depreciation | $9.0B8 Dec 31, 2025 | $8.8B8 Dec 31, 2024 | +2.3% |
| Property and equipment, net | $23.1B8 Dec 31, 2025 | $20.9B8 Dec 31, 2024 | +10.8% |
| Finance-lease assets | $1.2B8 Dec 31, 2025 | $08 Dec 31, 2024 | |
| Operating-lease assets (leased space) | $124.0M8 Dec 31, 2025 | $393.0M8 Dec 31, 2024 | −68.4% |
Inventory
Properties, in its own words
Virtually all of the utility plant property of NSP-Minnesota 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:
A.S. King-Bayport, MN, 1 Unit · Coal · 1968 · 511
Sherco-Becker, MN
Unit 1 · Coal · 1976 · 680
Unit 3 · Coal · 1987 · 517 · (b)
Monticello, MN, 1 Unit · Nuclear · 1971 · 617
Prairie Island-Welch, MN
Unit 1 · Nuclear · 1973 · 521
Unit 2 · Nuclear · 1974 · 519
Various locations, 4 Units · Wood/RDF · Various · 36 · (c)
Combustion Turbine:
Angus Anson-Sioux Falls, SD, 3 Units · Natural Gas · 1994 - 2005 · 343
Black Dog-Burnsville, MN, 3 Units · Natural Gas · 1987 - 2018 · 491
Blue Lake-Shakopee, MN, 2 Units · Natural Gas · 2005 · 300 · (d)
High Bridge-St. Paul, MN, 3 Units · Natural Gas · 2008 · 530
Inver Hills-Inver Grove Heights, MN, 6 Units · Natural Gas · 1972 - 1996 · 272
Riverside-Minneapolis, MN, 3 Units · Natural Gas · 2009 · 454
Reciprocating Generation:
Blue Lake-Shakopee, MN 3 Units · Natural Gas · Various · 24
Hydro:
Hennepin Island-Minneapolis, MN 5 Units · Hydro · 1954-1955 · 6
Wind:
Blazing Star 1-Lincoln County, MN, 100 Units · Wind · 2020 · 200 · (e)
Blazing Star 2-Lincoln County, MN, 100 Units · Wind · 2021 · 200 · (e)
Border-Rolette County, ND, 75 Units (f) · Wind · 2015 · 150 · (e)
Community Wind North-Lincoln County, MN, 12 Units · Wind · 2020 · 26 · (e)
Courtenay Wind-Stutsman County, ND, 100 Units · Wind · 2016 · 190 · (e)
Crowned Ridge 2-Grant County, SD, 88 Units · Wind · 2020 · 192 · (e)
Dakota Range, SD, 72 Units · Wind · 2022 · 298 · (e)
Foxtail-Dickey County, ND, 75 Units · Wind · 2019 · 150 · (e)
Freeborn-Freeborn County, MN, 100 Units · Wind · 2021 · 200 · (e)
Grand Meadow-Mower County, MN, 67 Units · Wind · 2008 · 100 · (e)
Jeffers-Cottonwood County, MN, 20 Units · Wind · 2020 · 43 · (e)
Lake Benton-Pipestone County, MN, 44 Units · Wind · 2019 · 99 · (e)
Mower-Mower County, MN, 43 Units · Wind · 2021 · 91 · (e)
Nobles-Nobles County, MN, 133 Units · Wind · 2010 · 200 · (e)
Northern Wind-Murray County, MN, 37 Units · Wind · 2023 · 92 · (e)
Pleasant Valley-Mower County, MN, 100 Units (f) · Wind · 2015 · 200 · (e)
Rock Aetna-Murray County, MN, 8 Units · Wind · 2022 · 20 · (e)
Solar:
Sherco Solar 1 and 2-Becker, MN, 130 units · Solar · 2024 - 2025 · 460 · (e)
Total · 8,732
(a)Summer 2025 net dependable capacity. Wind and solar is presented as net maximum capacity.
(b)Based on NSP-Minnesota’s ownership of 59%.
(c)RDF is made from municipal solid waste.
(d)Four units were retired in 2025.
(e)Net maximum capacity is attainable only when conditions are sufficiently available. Typical average capacity factors are 35-50% for wind facilities. For the year ended Dec. 31, 2025, wind facilities had a weighted-average capacity factor of 44%. For solar projects placed in service in 2025, factors will be available after a full year of operations.
(f)Repowered in 2025.
Electric utility overhead and underground transmission and distribution lines (measured in conductor miles) at Dec. 31, 2025:
Conductor Miles
500 KV · 2,921
345 KV · 13,394
230 KV · 2,299
161 KV · 610
115 KV · 8,137
Less than 115 KV · 6,569
Total Transmission · 33,930
Distribution
Less than 115 KV · 87,271
Total · 121,201
NSP-Minnesota had 352 electric utility transmission and distribution substations at Dec. 31, 2025.
Natural gas utility mains at Dec. 31, 2025:
Miles
Distribution · 11,117
Item 2 of the 10-K filed Feb 25, 2026.13
Subsidiaries and ownership
Parent company (GLEIF)
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.
Timeline
- Oct 9, 20268-K Other events14
- Jul 30, 20268-K Results of operations15
- Jun 22, 20268-K Other events16
- May 11, 20268-K Other events17
- Apr 30, 20268-K Results of operations18
- Mar 12, 20268-K Other events19
- Feb 5, 20268-K Results of operations20
- Oct 30, 20258-K Results of operations21
- Aug 25, 20258-K Other events22
- Jul 31, 20258-K Results of operations23
- Jun 30, 20258-K Other events24
- May 7, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation25
- Feb 26, 2020Parent Directly consolidated by Xcel Energy2
- Nov 16, 1901Founded NORTHERN STATES POWER CO is founded2
Calendar
Coming up
- Around Oct 29, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Jul 30, 2026Reported quarterly or annual results15
- Apr 30, 2026Reported quarterly or annual results18
- Feb 5, 2026Reported quarterly or annual results20
- Oct 30, 2025Reported quarterly or annual results21
- Jul 31, 2025Reported quarterly or annual results23
- Apr 24, 2025Reported quarterly or annual results26
- Feb 6, 2025Reported quarterly or annual results27
- Oct 31, 2024Reported quarterly or annual results28
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
81 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 15 other. The latest 20:
- Oct 9, 20268-K EDGAR
- Jul 30, 202610-Q EDGAR
- Jul 30, 20268-K EDGAR
- Jun 22, 20268-K EDGAR
- May 11, 20268-K EDGAR
- Apr 30, 202610-Q EDGAR
- Apr 30, 20268-K EDGAR
- Mar 12, 20268-K EDGAR
- Mar 6, 2026424B2 EDGAR
- Mar 5, 2026FWP EDGAR
- Mar 5, 2026424B5 EDGAR
- Feb 25, 202610-K EDGAR
- Feb 5, 20268-K EDGAR
- Oct 30, 202510-Q EDGAR
- Oct 30, 20258-K EDGAR
- Aug 25, 20258-K EDGAR
- Jul 31, 202510-Q EDGAR
- Jul 31, 20258-K EDGAR
- Jun 30, 20258-K EDGAR
- May 7, 20258-K EDGAR
The 81 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 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 CO1
- CIK0001123852
- Employer ID (EIN)41-196750513
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company13
- Incorporated inMinnesota13
- Fiscal year endsDecember 311
- Industry code (SIC)4931 Electric & Other Services Combined1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address414 Nicollet Mall, Minneapolis, MN 554011
- Phone61233055001
- Shares outstanding1,000,000 as of Jul 30, 202610
- AuditorDELOITTE & TOUCHE LLP, Minneapolis, Minnesota PCAOB ID 34; no auditor attestation of internal control over financial reporting13
- On EDGAR sinceOct 5, 20001
- Filings400 in all: 8-K (204), 10-Q (78), 10-K (27), 424B5 (22), 424B2 (20), FWP (19), S-3ASR (6), 10-Q/A (4)1
All 20 form types
424B3 (4), S-3 (4), 10-12G/A (2), EFFECT (2), 10-12G (1), 15-12G (1), 25-NSE (1), 8-A12B (1), CERTNYS (1), POS AM (1), REGDEX (1), S-4 (1)
- Latest filingsAnnual report (10-K) Feb 25, 2026
Quarterly report (10-Q) Jul 30, 2026
Latest 8-K (8-K) Oct 9, 2026
Risk factors and legal proceedings
The risks NORTHERN STATES POWER CO names in Item 1A of its 10-K filed Feb 25, 2026: 30 risks under these headings, as written.13
- 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.
- We are subject to the risks of nuclear generation.
The other 20 risks
- We share in the electric production and transmission costs of the NSP-Wisconsin system, which is integrated with our system. Accordingly, our costs may be increased due to increased costs associated with NSP-Wisconsin’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-Minnesota 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-Minnesota’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.13
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGAROther events
- 15SEC EDGARResults of operations
- 16SEC EDGAROther events
- 17SEC EDGAROther events
- 18SEC EDGARResults of operations
- 19SEC EDGAROther events
- 20SEC EDGARResults of operations
- 21SEC EDGARResults of operations
- 22SEC EDGAROther events
- 23SEC EDGARResults of operations
- 24SEC EDGAROther events
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