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Sankey diagram of Xcel Energy Inc.. A complete text table follows the diagram.
Commercial demand is becoming the utility's largest customer engine, while long-term tariffs pair new data centers with dedicated clean power and customer protections
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All customer-to-utility links come directly from the filing's revenue matrix. The operating-platform node combines reported expense lines by exact addition net of the Marshall wildfire-litigation credit.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Residential customers | 1 | $1.5B | 38% of revenue; weather reduced demand |
| Commercial & industrial customers | 1 | $1.7B | 43% of revenue; the largest customer engine |
| Other retail customers | 1 | $37M | Public and miscellaneous retail load |
| Wholesale power | 1 | $217M | Sales into regional power markets |
| Transmission | 1 | $186M | Moving power across the system |
| Other customer contracts | 1 | $62M | Electric and gas services |
| Alternative & other revenue | 1 | $267M | Regulatory and non-contract revenue |
| Regulated electric utility | 2 | $3.0B | 74% of company revenue |
| Regulated natural gas utility | 2 | $1.0B | 26% of company revenue |
| All other businesses | 2 | $15M | Small non-utility activity |
| Multi-state regulated revenue | 3 | $4.0B | +2.9% year over year |
| Operating income | 4 | $754M | 18.8% operating margin |
| Electric fuel & purchased power | 4 | $1.0B | Generation and market power |
| Natural gas supply | 4 | $520M | Gas sold and transported |
| Grid operations, conservation & tax | 4 | $957M | Reliability and demand management |
| Utility-asset depreciation | 4 | $768M | $67.8B net plant base |
| Other cost of sales | 4 | $3M | Remaining sales cost |
| From | To | Value |
|---|---|---|
| Residential customers | Regulated electric utility | $904M |
| Residential customers | Regulated natural gas utility | $612M |
| Residential customers | All other businesses | $1M |
| Commercial & industrial customers | Regulated electric utility | $1.4B |
| Commercial & industrial customers | Regulated natural gas utility | $334M |
| Commercial & industrial customers | All other businesses | $9M |
| Other retail customers | Regulated electric utility | $35M |
| Other retail customers | All other businesses | $2M |
| Wholesale power | Regulated electric utility | $217M |
| Transmission | Regulated electric utility | $186M |
| Other customer contracts | Regulated electric utility | $12M |
| Other customer contracts | Regulated natural gas utility | $50M |
| Alternative & other revenue | Regulated electric utility | $230M |
| Alternative & other revenue | Regulated natural gas utility | $34M |
| Alternative & other revenue | All other businesses | $3M |
| Regulated electric utility | Multi-state regulated revenue | $3.0B |
| Regulated natural gas utility | Multi-state regulated revenue | $1.0B |
| All other businesses | Multi-state regulated revenue | $15M |
| Multi-state regulated revenue | Operating income | $754M |
| Multi-state regulated revenue | Electric fuel & purchased power | $1.0B |
| Multi-state regulated revenue | Natural gas supply | $520M |
| Multi-state regulated revenue | Grid operations, conservation & tax | $957M |
| Multi-state regulated revenue | Utility-asset depreciation | $768M |
| Multi-state regulated revenue | Other cost of sales | $3M |