Xcel Energy J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Xcel Energy J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

Xcel Energy Overweight

XEL, XEL US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$81.47

Xcel Energy Inc Chief Delivery Officer, Michael Lamb, and IR Vice President,

Roopesh Aggarwal, hosted meetings this week at the J.P. Morgan Natural Resources

Conference. Please see below for some quick takeaways.

Net Takeaway: With a CO electric settlement and a verbal MN electric rate case Head of North America Power,

decision in hand, we believe XEL has largely de-risked regulatory concerns. In Utilities, Midstream, LNG, and

Nuclear

particular, the MN electric ROE appears constructive and exceeded our expectations

given the prior order. Looking ahead, we will listen for incremental 1.5-3.0GW SPS Jeremy Tonet, CFA AC

RFP visibility on the 2Q call and await additional clarity in the MN RFP (~4,100 MW) (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

in 4Q, potentially around a 3Q/EEI timeline update. We appreciate XEL’s efforts

Diana Niles

highlight a thoughtful approach to long term project management strategy. We believe

(1-212) 622-3328

capital plan execution can present a differentiating factor for utility companies in an diana.niles@jpmorgan.com

era of capital plan expansions, and as such we view XEL’s strategy to expand Aidan C Kelly

partnerships as diligent preparation. (1-212) 622-4912

• CO electric rate case settlement and MN electric verbal decision help aidan.x.kelly@jpmchase.com

derisk regulatory exposure. PSCo reached a settlement in its electric rate case Eli Jossen, CFA

(1-212) 622-4113

for a $225mm revenue increase, 9.3% ROE, and 54.5% equity ratio compared eli.jossen@jpmchase.com