[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","z36al80xymbq3z5ysj4gq8i85","revision",2,"title","NSP-Minnesota提交截至2026年9月30日季度的Form 10-Q：前三季度净利润7.45亿美元","originalTitle","NORTHERN STATES POWER CO (0001123852) (Filer)","summary","Northern States Power Company（NSP-Minnesota）提交截至2026年9月30日季度的Form 10-Q；截至2026年前九个月，公司GAAP净利润为7.45亿美元，上年同期为6.86亿美元。","reason","NSP-Minnesota前三季度净利润同比增加，材料同时列出客户退款、融资成本及监管程序等影响业绩与费率的不确定因素。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-29T19:33:08.000Z","discoveredAt","2026-10-29T19:48:35.571Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f7cskzqRKAvE",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","427b727c-38b4-4cf1-b5e0-57fe1052461f","NSP-Minnesota披露2026年前三季度业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

（勾选一项）


☒	根据 1934 年《证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据 1934 年《证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自至

委员会档案编号：001-31387


Northern States Power Company
（注册人章程中规定的确切名称）

明尼苏达州

41-1967505

（注册成立或组建的州或其他司法管辖区）

（美国国税局雇主识别号）

414 Nicollet Mall，

明尼阿波利斯，

明尼苏达州

55401

（主要行政办公室地址）

（邮政编码）


	(612)	330-5500
（注册人电话号码，包括区号）


N/A
（自上次报告以来，如有更改，填写前名称、前地址和前财年）

根据该法案第 12(b) 条注册的证券：

各类别名称

交易代码

注册交易所名称

N/A

请勾选以表明注册人是否 (1) 在此前 12 个月内（或注册人须提交此类报告的较短期间内）已提交根据 1934 年《证券交易法》第 13 或 15(d) 条要求提交的所有报告，以及 (2) 在过去 90 天内一直须遵守此类提交要求。 ☒ 是 ☐ 否

请勾选以表明注册人在此前 12 个月内（或注册人须提交此类文件的较短期间内）是否已以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的所有交互式数据文件。 ☒ 是 ☐ 否

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。请参阅《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☐

加速申报公司

☐

非加速申报公司

☒

较小申报公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请勾选注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新颁布或修订的财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。 ☐ 是 ☒ 否

请注明截至最近可行日期，发行人各类普通股的流通股数。


类别		截至 2026 年 10 月 29 日的流通股数
普通股，面值 $0.01		1,000,000 股

Northern States Power Company 符合 Form 10-Q 一般说明 H(1)(a) 和 (b) 规定的条件，因此按照该 Form 10-Q 一般说明 H(2) 指定的简化披露格式提交本 Form 10-Q。


第一部分	财务信息
第1项 —	财务报表（未经审计）	4
	合并收益表	4
	合并综合收益表	5
	合并现金流量表	6
	合并资产负债表	7
	合并普通股股东权益表	8
	合并财务报表附注	8
第2项 —	管理层对财务状况和经营成果的讨论与分析	19
第4项 —	控制与程序	22

第二部分	其他信息
第1项 —	法律诉讼	22
第1A项 —	风险因素	22
第5项 —	其他信息	22
第6项 —	附件	23

签名	24

本 Form 10-Q 由 NSP-Minnesota 提交。NSP-Minnesota 是 Xcel Energy Inc. 的全资子公司。有关 Xcel Energy 的其他信息可见于其向 SEC 提交的各类文件。本报告应作为整体阅读。

缩略语定义


Xcel Energy Inc. 的子公司及关联公司（现有及曾有）
NSP-Minnesota	一家明尼苏达州公司 Northern States Power Company
NSP System	由 NSP-Minnesota 和 NSP-Wisconsin 组成、以一体化方式运行并由 NSP-Minnesota 管理的电力生产和输电系统
NSP-Wisconsin	一家威斯康星州公司 Northern States Power Company
PSCo	Public Service Company of Colorado
SPS	Southwestern Public Service Company
公用事业子公司	NSP-Minnesota、NSP-Wisconsin、PSCo 和 SPS
Xcel Energy	Xcel Energy Inc. 及其子公司

联邦和州监管机构


EPA	美国环境保护署
FASB	财务会计准则委员会
FERC	联邦能源监管委员会

MPUC	明尼苏达州公用事业委员会
NDPSC	北达科他州公共服务委员会

PSCW	威斯康星州公共服务委员会
SEC	证券交易委员会
SDPUC	南达科他州公用事业委员会







其他
AFUDC	施工期间使用资金的备抵
ALJ	行政法法官

ASU	会计准则更新

C&I	商业和工业
CCR	煤炭燃烧残余物
CCR Rule	EPA 发布的最终规则（40 CFR 257.50 - 257.107），对 CCR 作为非危险废物的管理、储存和处置进行规范
CEO	首席执行官
CERCLA	《综合环境响应、赔偿与责任法》
CFO	首席财务官




DSM	需求侧管理
ESA	电力服务协议
ETR	有效税率

FTR	金融输电权
GAAP	美国公认会计原则
GHG	温室气体
IPP	独立发电实体


MGP	人造煤气厂
MISO	中大陆独立系统运营商公司
NAV	资产净值
NOx	氮氧化物
O&M	运营与维护

PFAS	全氟和多氟烷基物质
PPA	购电协议
PTC	生产税抵免

RFP	征求建议书
ROE	股本回报率
ROU	使用权
RTO	区域输电组织

VIE	可变利益实体



计量单位
MMBtu	百万英热单位
MW	兆瓦
MWh	兆瓦时


前瞻性陈述

除本报告所含历史陈述外，本文讨论的事项均为前瞻性陈述，受某些风险、不确定性和假设影响。这些前瞻性陈述包括涉及未来销售额、未来费用、未来税率、未来经营业绩、预计基本资本支出和融资计划、预计资本新增额以及关于附加费申报的年度收入需求预测、预期客户费率上调或退款、对监管程序的预期和意向、预期养老金缴款，以及利率变化、信贷风险敞口增加和法律程序结果对我们的经营业绩、财务状况和现金流的预期影响；此外，假设和其他陈述亦属于前瞻性陈述，本文通过“预计”“相信”“可能”“估计”“预期”“打算”“或许”“目标”“展望”“计划”“预计”“可能”“潜在”“应当”“将”“会”等词语及类似表述标明。实际结果可能存在重大差异。前瞻性陈述仅反映其作出之日的情况，我们明确表示不承担更新任何前瞻性信息的义务。除 NSP-Minnesota 截至 2025 年 12 月 31 日财年的年度报告 Form 10-K及其后向 SEC 提交的文件中讨论的因素外，以下因素也可能导致实际结果与管理层根据此类前瞻性信息所表达的预期存在重大差异：运营安全，包括我们的核能发电设施和其他公用事业运营；成功开展长期运营规划；与野火相关的风险；与能源市场和生产相关的商品风险；能源价格和燃料成本上涨；合格员工队伍和第三方承包商因素；员工、董事或第三方行为造成的声誉影响；我们收回成本的能力；大型负荷客户增长相关风险；监管变化；信用评级下调以及维持某些合同关系的成本；总体经济状况，包括衰退状况、通胀率、货币波动、供应链限制及其对资本支出的影响和/或 NSP-Minnesota 能否以有利条件获得融资；资本的可获得性或成本；客户和交易对手向我们偿还债务的能力；与员工福利计划和医疗福利资金相关的假设和成本；税法；疫情相关的不确定性；地缘政治事件（包括战争和恐怖主义行为）的影响；网络安全威胁和数据安全泄露；季节性天气模式；环境法律法规的变化；气候变化和其他天气事件；自然灾害和资源枯竭，包括遵守任何相应的立法和监管变化；超过责任保险承保范围的潜在监管处罚和野火损害成本；与将天然气用作能源相关的监管变化和/或限制；劳动力市场严峻状况以及我们吸引和留住合格员工队伍的能力；以及我们执行战略或实现环境、社会和治理事项相关预期的能力，包括因法律、监管和其他标准、流程及假设不断演变、科学和技术发展步伐、成本增加、必要融资的可获得性以及碳市场变化所造成的影响。

第一部分 — 财务信息

第 1 项 — 财务报表

NSP-MINNESOTA 及子公司

合并收益表（未经审计）

（金额单位：百万）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
营业收入
电力（非关联方）	$	1,610			$	1,541		$	4,025	$	3,929
电力（关联方）	139			135			363		377
天然气	73			65			605		535
其他	2			2			5		7
营业收入总额	1,824			1,743			4,998		4,848

营业费用
电力燃料和外购电力	559			526			1,487		1,486
已售及输送天然气的成本	17			18			305		279

运营和维护费用	389			375			1,103		1,065
节能计划费用	50			31			146		100
折旧和摊销	298			304			778		883
税费（所得税除外）	67			65			208		199
营业费用总额	1,380			1,319			4,027		4,012

营业收入	444			424			971		836

其他费用（收入），净额	(9)			9			3		17
施工期间使用资金补贴 — 权益	29			18			73		51

利息费用和融资成本
利息费用和其他融资成本	134			112			392		308
施工期间使用资金补贴 — 债务	(11)			(10)			(31)		(27)
利息费用和融资成本总额	123			102			361		281

税前收入	341			349			686		623
所得税费用（收益）	19			36			(59)		(63)
净收入	$	322			$	313		$	745	$	686

参见合并财务报表附注

NSP-MINNESOTA 及子公司

合并综合收益表（未经审计）

（金额单位：百万）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
净收入	$	322			$	313		$	745	$	686
其他综合收益


衍生工具：
公允价值净增（减），扣除税项后	7			(1)			10		3


其他综合收益（亏损）总额	7			(1)			10		3
综合收益总额	$	329			$	312		$	755	$	689

参见合并财务报表附注

NSP-MINNESOTA 及子公司

合并现金流量表（未经审计）

（金额单位：百万）


	截至 9 月 30 日的九个月
	2026		2025
经营活动
净收入	$	745			$	686
将净收入调节为经营活动提供的现金：
折旧和摊销	786			889
核燃料摊销	89			87
递延所得税	236			304
施工期间使用的权益资金补贴	(73)			(51)
坏账准备	23			19

经营资产和负债变动：
应收账款	(62)			(8)
应计未开票收入	72			7
存货	(52)			(28)
其他流动资产	(14)			34
应付账款	(16)			(96)
监管资产和负债净额	5			(67)
其他流动负债	171			6
养老金和其他员工福利义务	(31)			(53)
其他，净额	4			6
经营活动提供的现金净额	1,883			1,735

投资活动
资本支出/建设支出	(2,461)			(2,291)
购买投资证券	(1,409)			(854)
出售投资证券所得款项	1,407			851
公用事业资金池安排投资	(463)			(735)
公用事业资金池安排还款	463			768
其他，净额	(3)			1
投资活动使用的现金净额	(2,466)			(2,260)

融资活动
短期借款净偿还额	(220)			(195)
公用事业资金池安排项下借款	295			798
公用事业资金池安排项下偿还款	(369)			(798)
发行长期债务所得款项	1,180			1,083
偿还长期债务	—			(250)
母公司资本投入	291			250
向母公司支付的股息	(354)			(298)

融资活动提供的现金净额	823			590

现金、现金等价物及受限现金净变动	240			65
期初现金、现金等价物及受限现金	80			71
期末现金、现金等价物及受限现金	$	320			$	136

现金流量信息补充披露：
支付的利息（扣除资本化金额）	$	(277)			$	(255)


非现金投资和融资交易补充披露：
应计的不动产、厂房及设备新增额	$	419			$	352
转入不动产、厂房及设备的存货	34			34
经营租赁和融资租赁使用权资产	2			1,043
建设期间使用的权益资金拨备	73			51

参阅合并财务报表附注

NSP-MINNESOTA及子公司

合并资产负债表（未经审计）

（金额以百万计，股份和每股数据除外）


	2026年9月30日		2025年12月31日
资产
流动资产
现金及现金等价物	$	320			$	80
应收账款净额	571			566
应收关联方款项	41			2

应计未开票收入	243			316
存货	385			367
监管资产	288			303
衍生工具	75			78

预付款及其他	110			82
流动资产总额	2,033			1,794

不动产、厂房及设备净额	24,268			23,106

其他资产
核设施退役基金及其他投资	4,282			3,990
监管资产	725			709
衍生工具	42			54
经营租赁使用权资产	120			124
融资租赁使用权资产	1,212			1,242
其他	35			24
其他资产总额	6,416			6,143
资产总额	$	32,717			$	31,043

负债和权益
流动负债

短期债务	—			220
公用事业资金池安排项下借款	—			74
应付账款	813			677
应付关联方账款	107			108
监管负债	307			389
应计税款	293			243
应计利息	131			83
应付母公司股息	124			103
衍生工具	22			23

其他	313			214
流动负债总额	2,110			2,134

递延贷项及其他负债
递延所得税	2,881			2,556
监管负债	2,523			2,349
资产弃置义务	2,627			3,215
衍生工具	52			67
养老金及员工福利义务	84			108
经营租赁负债	115			120
融资租赁负债	1,175			1,204
其他	38			38
递延贷项及其他负债总额	9,495			9,657

承诺和或有事项
资本结构
长期债务	8,953			7,908
长期债务——关联方	1,094			953
普通股——授权发行5,000,000股，面值$0.01；1,000,000股已发行截至2026年9月30日和2025年12月31日，分别为	—			—
实收资本溢价	7,346			7,052
留存收益	3,713			3,343
累计其他综合收益（亏损）	6			(4)
普通股股东权益总额	11,065			10,391
负债和权益总额	$	32,717			$	31,043

参见合并财务报表附注

NSP-MINNESOTA及子公司

普通股股东权益合并报表（未经审计）

（金额以百万计，股份数据除外）


	已发行普通股	留存收益		累计其他综合亏损	普通股股东权益总额
	股份数	面值		额外实收资本
截至2026年和2025年9月30日的三个月
2025年6月30日余额	1,000,000		$	—		$	6,650		$	3,036		$	(4)		$	9,682
净利润					313				313
其他综合亏损							(1)		(1)
向母公司宣告的股息					(120)				(120)
母公司投入的资本				(39)					(39)
2025年9月30日余额	1,000,000		$	—		$	6,611		$	3,229		$	(5)		$	9,835

2026年6月30日余额	1,000,000		$	—		$	7,252		$	3,515		$	(1)		$	10,766
净利润					322				322
其他综合收益							7		7
向母公司宣告的股息					(124)				(124)
母公司投入的资本				94					94
2026年9月30日余额	1,000,000		$	—		$	7,346		$	3,713		$	6		$	11,065

	已发行普通股	留存收益		累计其他综合亏损	普通股股东权益总额
	股份数	面值		额外实收资本
截至2026年和2025年9月30日的九个月
2024年12月31日余额	1,000,000		$	—		$	6,399		$	2,881		$	(8)		$	9,272
净利润					686				686
其他综合收益							3		3
向母公司宣告的股息					(338)				(338)
母公司投入的资本				212					212

2025年9月30日余额	1,000,000		$	—		$	6,611		$	3,229		$	(5)		$	9,835

2025年12月31日余额	1,000,000		$	—		$	7,052		$	3,343		$	(4)		$	10,391
净利润					745				745
其他综合收益							10		10
向母公司宣告的股息					(375)				(375)
母公司投入的资本				294					294
2026年9月30日余额	1,000,000	$	—		$	7,346		$	3,713		$	6		$	11,065


参见合并财务报表附注

NSP-MINNESOTA及子公司

合并财务报表附注（未经审计）

管理层认为，随附的未经审计合并财务报表包含所有必要调整，以便按照GAAP公允列报NSP-Minnesota及其子公司截至2026年9月30日和2025年12月31日的财务状况；NSP-Minnesota截至2026年和2025年9月30日的三个月和九个月的经营成果（包括净利润、综合收益和股东权益变动的组成部分）；以及NSP-Minnesota截至2026年和2025年9月30日的九个月现金流量。

除另有披露外，所有调整均属正常、经常性调整。管理层还评估了2026年9月30日之后至这些合并财务报表发布日发生的事件的影响。这些报表包含该评估产生的所有必要调整和披露。2025年12月31日的资产负债表信息摘自NSP-Minnesota 2025年年度报告中经审计的2025年合并财务报表，报告载于Form 10-K，截至2025年12月31日的年度。

合并财务报表附注按照 SEC 关于 10-Q 表季度报告的规则和规定编制。根据这些规则和规定，按 GAAP 编制年度财务报表时通常包含的某些信息和附注披露已予以简化或省略。更多信息请参阅 NSP-Minnesota 截至 2025 年 12 月 31 日止年度的年度报告中所载合并财务报表及其附注，该报告已于 2026 年 2 月 25 日向 SEC 提交，见 10-K 表。由于 NSP-Minnesota 的电力和天然气销售具有季节性，中期业绩不一定适合作为预测全年业绩的依据。


1. 重要会计政策摘要

NSP-Minnesota 截至 2025 年 12 月 31 日止年度年度报告中合并财务报表附注 1 所列的重要会计政策，在所有重大方面均适当反映了会计政策的当前状况，并以引用方式并入本文，见 10-K 表。


2. 会计公告

近期发布

利润表费用的细分 — 2024 年 11 月，FASB 发布了 ASU 2024-03 – 费用细分披露（子主题 220-40），要求披露某些类别利润表费用的更多细节。该 ASU 适用于 2026 年 12 月 15 日之后开始的年度报告期，以及 2027 年 12 月 15 日之后开始的中期报告期。NSP-Minnesota 正在评估新披露指引的影响。

环境信用额度 — 2026 年 5 月，FASB 发布了 ASU 2026-02 – 环境信用额度和环境信用额度义务（主题 818），为某些环境工具（包括可再生能源信用额度和排放配额）以及将通过此类信用额度履行的合规义务制定了会计和披露要求。该 ASU 适用于 2027 年 12 月 15 日之后开始的年度和中期期间。NSP-Minnesota 正在评估新会计和披露指引的影响。


3. 选定的资产负债表数据


（百万美元）	2026 年 9 月 30 日		2025 年 12 月 31 日
应收账款净额
应收账款	$	612			$	604
减：呆账准备	(41)			(38)
应收账款净额	$	571			$	566


（百万美元）	2026 年 9 月 30 日		2025 年 12 月 31 日
存货
材料和用品	$	288			$	262
燃料	63			72
天然气	34			33
存货总额	$	385			$	367


（百万美元）	2026 年 9 月 30 日		2025 年 12 月 31 日
不动产、厂房和设备净额
电力设施	$	25,391			$	24,857
天然气设施	2,825			2,687
普通及其他财产	1,772			1,614
待退役设施 (a)	475			504
在建工程	2,759			1,927
不动产、厂房和设备总额	33,222			31,589
减：累计折旧	(9,403)			(8,952)
核燃料	3,747			3,678
减：累计摊销	(3,298)			(3,209)
不动产、厂房和设备净额	$	24,268			$	23,106

(a)金额包括 Sherco 1 和 3 号机组以及 A.S. King。余额按扣除累计折旧后的净额列示。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，分别有 107 百万美元和 16 百万美元的收入可能需要退还，该金额计入其他流动负债。

在截至 2026 年 9 月 30 日的九个月内，NSP-Minnesota 因明尼苏达州电价案批准延长核电站使用年限，确认了折旧费用和资产报废义务的减少。


4. 借款及其他融资工具

短期借款

NSP-Minnesota 主要通过发行商业票据以及根据其信贷额度和资金池进行借款来满足短期流动性需求。

资金池 — Xcel Energy Inc. 及其公用事业子公司已建立资金池安排，允许公用事业子公司之间进行短期投资和借款。Xcel Energy Inc. 可按市场利率向公用事业子公司投资；但资金池安排不允许公用事业子公司向 Xcel Energy Inc. 投资。

资金池借款：


（金额单位：百万美元，利率除外）	截至 2026 年 9 月 30 日的三个月		截至 2025 年 12 月 31 日的年度
借款限额	$	250			$	250
期末未偿还金额	—			74
平均未偿还金额	—			50
最高未偿还金额	—			250
按日计算的加权平均利率	不适用		4.11	%
期末加权平均利率	不适用		3.88

商业票据 — 未偿还商业票据：


（金额单位：百万美元，利率除外）	截至 2026 年 9 月 30 日的三个月		截至 2025 年 12 月 31 日的年度
借款限额	$	800		$	800
期末未偿还金额	—		220
平均未偿还金额	—		130
最高未偿还金额	—		610
按日计算的加权平均利率	不适用		4.37	%
期末加权平均利率	不适用		3.83

循环信贷额度 — NSP-Minnesota 发行商业票据时，其循环信贷额度必须等于或大于商业票据借款限额，且发行的商业票据不得超过该信贷额度下的可用额度。该信贷额度以应付银行票据、信用证以及商业票据借款备用支持的形式提供短期融资。

NSP-Minnesota 有权申请将循环信贷额度的终止日期延长两个额外的一年期。所有延期申请均须经多数银行团批准。

截至 2026 年 9 月 30 日，NSP-Minnesota 有以下已承诺的可用循环信贷额度（单位：百万美元）：


信贷额度 (a)		已提取 (b)	可用
$	800		$	44	$	756

(a)于 2029 年 12 月到期。

(b)包括未偿还商业票据和信用证。

所有信贷额度银行借款、未结清信用证和未结清商业票据都会减少信贷额度的可用容量。截至2026年9月30日和2025年12月31日，NSP-Minnesota均无未偿还的信贷额度直接垫款。

信用证 — NSP-Minnesota 使用信用证（期限通常为一年）为某些义务提供财务担保。2026年9月30日和2025年12月31日，信贷额度项下未结清的信用证均为 $44 million。其金额约等于公允价值，且需支付费用。

此外，2026年3月，NSP-Minnesota 签订了一项非承诺性持续信用证协议，总额度为 $50 million，以在循环信贷额度之外提供额外的信用证容量。截至2026年9月30日，该持续信用证协议项下未结清信用证为 $21 million。

双边信贷协议 — 2026年4月，NSP-Minnesota 的非承诺性双边信贷协议续期一年。该信贷协议仅限用于支持信用证。

截至2026年9月30日和2025年12月31日，NSP-Minnesota 在 $75 million 双边信贷协议项下未结清的信用证分别为 $59 million 和 $69 million。

长期借款

在截至2026年9月30日的九个月内，NSP-Minnesota 发行了本金总额为 $600 million、利率为4.85%、于2036年5月15日到期的第一抵押债券，以及本金总额为 $600 million、利率为5.55%、于2056年5月15日到期的第一抵押债券。

Xcel Energy Inc. 购买 NSP-Minnesota 的第一抵押债券 — 在截至2026年9月30日的九个月内，Xcel Energy Inc. 以 $97 million 购买了 NSP-Minnesota 本金总额为 $141 million 的第一抵押债券。Xcel Energy Inc. 购买的债券在 NSP-Minnesota 合并资产负债表中列为长期债务——关联方。


5. 收入

收入按所提供商品/服务的类型以及市场/客户类型分类。NSP-Minnesota 的营业收入包括以下各项：


	截至2026年9月30日止三个月
（百万美元）	电力		天然气		所有其他		总计
主要收入类型
客户合同收入：
居民	$	593			$	37		$	2	$	632
商业和工业	733			28			—		761
其他	10			—			—		10
零售合计	1,336			65			2		1,403
批发	101			—			—		101
输电	92			—			—		92
互换及其他	144			2			—		146
客户合同收入合计	1,673			67			2		1,742
替代收入及其他	76			6			—		82
收入总额	$	1,749			$	73		$	2	$	1,824


	截至2025年9月30日止三个月
（百万美元）	电力		天然气		所有其他		总计
主要收入类型
客户合同收入：
居民	$	568			$	32		$	—	$	600
商业和工业	725			28			—		753
其他	11			—			2		13
零售合计	1,304			60			2		1,366
批发	110			—			—		110
输电	79			—			—		79
互换及其他	141			—			—		141

客户合同收入合计	1,634			60			2		1,696
替代收入及其他	42			5			—		47
收入总额	$	1,676			$	65		$	2	$	1,743


	截至2026年9月30日的九个月
（百万美元）	电力		天然气		所有其他		合计
主要收入类型
与客户合同产生的收入：
居民用户	$	1,379			$	327		$	2	$	1,708
商业和工业用户	1,860			234			—		2,094
其他	29			—			3		32
零售总额	3,268			561			5		3,834
批发	301			—			—		301
输电	238			—			—		238
互换及其他	355			5			—		360
与客户合同产生的收入总额	4,162			566			5		4,733
替代收入及其他	226			39			—		265
总收入	$	4,388			$	605		$	5	$	4,998


	截至2025年9月30日的九个月
（百万美元）	电力		天然气		所有其他		合计
主要收入类型
与客户合同产生的收入：
居民用户	$	1,386			$	281		$	1	$	1,668
商业和工业用户	1,884			204			—		2,088
其他	31			—			6		37
零售总额	3,301			485			7		3,793
批发	302			—			—		302
输电	210			—			—		210
互换及其他	387			8			—		395
与客户合同产生的收入总额	4,200			493			7		4,700
替代收入及其他	106			42			—		148
总收入	$	4,306			$	535		$	7	$	4,848


6. 所得税

经营所得税费用总额与按法定联邦所得税税率对所得税费用前收入计算的金额不同。

有效所得税调节：


	截至9月30日的九个月
（百万美元）	2026		2025
所得税前收入（国内）	$	686			$	623

联邦法定税率影响	144			131
税款（减少）增加项：
税收抵免
PTC (a)	(215)			(198)
其他	(3)			(5)
监管调整 (b)
AFUDC股权部分	(17)			(13)
与厂房相关的超额递延税款	(14)			(20)
其他	6			8
州所得税，扣除联邦税影响后 (c)	39			35
其他	1			(1)
所得税优惠	$	(59)			$	(63)


	截至9月30日的九个月
	2026		2025
联邦法定税率	21.0	%		21.0	%
税款（减少）增加项：
税收抵免
PTC (a)	(31.4)			(31.9)
其他	(0.5)			(0.9)
监管调整 (b)
AFUDC股权部分	(2.6)			(2.1)
与厂房相关的超额递延税款	(2.0)			(3.2)
其他	0.9			1.3
州所得税，扣除联邦税影响后 (c)	5.6			5.7
其他	0.4			—
有效所得税税率	(8.6)	%		(10.1)	%

(a)风能和太阳能 PTC（扣除转让折价后）通常抵减客户账单（冲减收入），对收益没有重大影响。

(b)监管调整主要涉及因税率变化而将与厂房相关的超额递延税款抵减客户账单，以及仅为账面目的资本化 AFUDC 股权部分。与抵减超额递延税款相关的所得税优惠，由相应的收入减少额抵销。

(c)州和地方所得税主要为明尼苏达州州税。


7. 金融资产和负债的公允价值

公允价值计量

关于公允价值计量和披露的会计指引，提供了一个分层框架，用于披露计量按公允价值计量的资产和负债时所用输入值的可观察性。

•第 1 级——报告日，活跃市场中相同资产或负债的报价可用。第 1 级资产和负债包括在活跃市场中交易、具有可观察实际交易价格的工具。

•第 2 级——定价输入并非活跃市场中的实际交易价格，但在报告日可直接或间接观察到。第 2 级资产和负债通常与活跃交易的证券或合约具有可比性，或使用高度可观察输入通过模型定价。

•第 3 级——截至报告日，定价的重要输入几乎无法观察或完全无法观察。第 3 级资产和负债包括使用需要重大判断或估计的模型进行估值的资产和负债。

具体估值方法包括：

股权证券及其他基金投资 — 股权证券采用活跃市场报价估值。集合基金的公允价值采用资产净值（NAV）计量。集合基金投资可在适当通知后按资产净值赎回。私募股权集合基金的任何非计划赎回均须获得基金批准，基金可自行决定批准或拒绝此类赎回。房地产集合基金的非计划分配可在适当通知后赎回，但基金流动性不足可能导致提款延迟或折价。

债务证券投资 — 债务证券的公允价值由第三方定价服务根据近期交易，以及类似证券相对于基准利率的可观察利差确定。

利率衍生品 — 利率衍生品的公允价值根据经纪商报价确定，报价采用当前市场利率预测。

大宗商品衍生品 — 大宗商品衍生品远期合约和期权的公允价值计量方法采用远期价格和波动率，并针对特定交割地点进行定价调整，通常归类为第 2 级。

当合约涉及不活跃的交割地点，或期限延伸至活跃交易所不易观察到的期间时，会评估估值中使用较不易观察输入的重要性，并可能因此归类为第 3 级。

NSP-Minnesota持有的电力大宗商品衍生品包括输电拥塞工具，通常称为FTR。向RTO购买的FTR属于金融工具，持有人据此可获得或须支付月度收入或费用，金额取决于特定输电路径上的输电拥塞情况。

这些工具的价值源自输电拥塞成本，旨在抵消这些成本。除输电总负荷外，拥塞还受发电厂运行计划以及与特定输电路径相关的电力消耗影响。发电厂意外停运、计划检修、发电所用燃料相对成本变化、天气以及电力需求总体变化，都可能影响输电网中发电厂的运行计划及这些工具的价值。

FTR 按公允价值确认，并在结算前于每个期间进行调整。鉴于 FTR 报告的拍卖价值所依据的某些变量可观测性有限，这些公允价值计量被归类为第 3 级。

拥塞净成本（包括 FTR 结算的影响）通过燃料和外购能源成本回收机制分摊。因此，未结算工具的公允价值（即衍生资产或负债）由监管资产或负债抵销/递延。

非衍生工具公允价值计量

核管理委员会要求 NSP-Minnesota 持有投资组合，以资助其核电厂退役成本。核退役基金资产在法律上受到限制，只能用于这些设施的退役。该基金包含现金等价物、债务证券、股权证券及其他投资。NSP-Minnesota 按照 MPUC 批准的资产配置，设定合格信托各资产类别的投资目标。

NSP-Minnesota 假定所有成本均可通过费率回收，并在核电厂的使用年限内确认退役资金成本。基金存续期间投资的已实现和未实现收益，递延后用于抵销 NSP-Minnesota 的监管资产，或确认为监管负债（视资金状况而定），以反映核退役成本。因此，核退役基金证券的任何已实现和未实现收益及损失，均递延为监管资产/负债的组成部分。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，核退役基金的未实现收益分别为 2.0 十亿美元和 1.8 十亿美元；截至这两个日期，未实现损失分别为 81 百万美元和 47 百万美元。

核退役基金中按经常性公允价值计量的非衍生工具：


	2026 年 9 月 30 日
			公允价值
（百万美元）	成本		第 1 级		第 2 级		第 3 级	NAV		总计
核退役基金 (a)
现金等价物	$	42			$	42		$	—		$	—		$	—	$	42
混合基金	771			—			—		—		1,202		1,202
债务证券	1,050			—			994		12		—		1,006
股权证券	461			1,968			1		—		—		1,969
总计	$	2,324			$	2,010		$	995		$	12		$	1,202	$	4,219

(a)列报于合并资产负债表中的核退役基金及其他投资，其中还包括 63 百万美元的其他投资。


	2025 年 12 月 31 日
			公允价值
（百万美元）	成本		第 1 级		第 2 级		第 3 级	NAV		总计
核设施退役基金 (a)
现金等价物	$	60			$	60		$	—		$	—		$	—	$	60
混合基金	720			—			—		—		1,072		1,072
债务证券	944			—			934		11		—		945
股权证券	505			1,861			2		—		—		1,863
总计	$	2,229			$	1,921		$	936		$	11		$	1,072	$	3,940

(a)列报于合并资产负债表中的核设施退役基金及其他投资项目，其中还包括 $50 million 的其他投资。

截至 2026 年和 2025 年 9 月 30 日的三个月和九个月期间，Level 3 投资未发生层级间转移。

截至 2026 年 9 月 30 日，核设施退役基金中债务证券的合同到期日：


	最终合同到期日
（百万美元）	1 年内到期		1 至 5 年内到期	5 至 10 年内到期		10 年后到期	总计
债务证券	$	3		$	457		$	334	$	212	$	1,006

衍生活动和公允价值计量

NSP-Minnesota 为交易目的并为管理利率及公用事业商品价格变动相关风险，订立包括远期合约、期货、掉期和期权在内的衍生工具。

利率衍生工具 — NSP-Minnesota 订立合约，以有效固定假设未来债务发行指定本金金额的利率。这些金融掉期根据指定基准利率的变动进行净额结算，作为对冲市场利率变动的工具，而这些变动将影响指定的预期债务发行。就会计而言，这些衍生工具被指定为现金流量套期工具；在被套期交易发生前，公允价值变动计入其他综合收益。

截至 2026 年 9 月 30 日，与利率衍生工具相关的累计其他综合损失包含不重大净损失；随着被套期交易影响收益，预计这些净损失将在未来 12 个月内重新分类计入收益。截至 2026 年 9 月 30 日，NSP-Minnesota 尚未结算的利率衍生工具名义金额为 $130 million，公允价值不重大。

有关符合条件的利率现金流量套期对 NSP-Minnesota 累计其他综合损失的财务影响（该损失列于合并普通股股东权益表和综合收益表），请参阅附注 10。

批发和商品交易 — NSP-Minnesota 开展各类批发和商品交易活动，包括电力容量、能源、能源相关工具以及天然气相关工具（包括衍生工具）的买卖。NSP-Minnesota 可在其风险管理委员会批准的准则和限制范围内开展这些活动；该委员会由未直接参与本政策所管辖活动的管理人员组成。

为交易目的订立的衍生工具交易，其结果列示在合并收益表的电力收入中，并扣除与客户分享的部分。这些活动并非旨在降低受监管电力和天然气业务相关的大宗商品价格风险。此类利润的分享由州监管程序以及经 FERC 批准的联合运营协议的执行情况决定。

大宗商品衍生工具 — NSP-Minnesota 订立衍生工具，以管理其电力和天然气业务中因大宗商品价格变化而导致的未来现金流波动。这可能包括购买或出售能源或能源相关产品、用于发电的天然气、转售天然气以及 FTR。

截至 2026 年 9 月 30 日，为此目的尚未到期的最重要衍生工具头寸涉及由 MISO 管理的 FTR 工具。这些工具旨在抵消输电系统拥堵的影响。

NSP-Minnesota 代表电力和天然气客户订立用于降低大宗商品价格风险的衍生工具时，通常不会将这些工具指定为符合条件的套期保值交易。这些工具未实现损失或收益（如适用）分类为监管资产或负债，是基于经批准的监管回收机制。

截至 2026 年 9 月 30 日，NSP-Minnesota 没有指定为现金流量套期保值的大宗商品合同。

大宗商品远期合约、期权和 FTR 的名义总额：


（金额单位：百万） (a)(b)	2026 年 9 月 30 日	2025 年 12 月 31 日
电力 MWh	28		27
天然气 MMBtu	76		30

(a)不反映相关大宗商品的净头寸。

(b)期权的名义金额按总额计入，但根据行权概率加权。

信用风险及集中度考量 — NSP-Minnesota 持续监控其利率衍生工具和大宗商品衍生工具合同交易对手的信用状况，直至结算，并评估各交易对手履行合同所列交易的能力。信用风险对合并资产负债表中列示的未结算大宗商品衍生工具公允价值的影响并不重大。

NSP-Minnesota 与特定实体或行业相关的主要信用风险集中于其批发、交易及非交易大宗商品活动的交易对手合同。

截至 2026 年 9 月 30 日，NSP-Minnesota 在这些活动中最重要的三个交易对手中，有两个的信用风险敞口合计为 21 百万美元，占该信用风险敞口的 37%；它们获得了 S&P Global Ratings、Moody’s Investor Services 或 Fitch Ratings 的投资级信用评级。

三个最重要交易对手之一的信用风险敞口为 32 百万美元，占该信用风险敞口的 58%；该交易对手未获这些外部评级机构评级，但根据 NSP-Minnesota 的内部分析，其信用质量与投资级相当。

这些重要交易对手均为市政电力实体或 RTO。

信用相关或有特征 — NSP-Minnesota 签订的衍生工具合同条款（包括作为正常采购和正常销售合同核算、因此未反映在合并资产负债表中的合同）可能因各种原因要求提供抵押品或结算合同，其中包括任何一家适用公用事业子公司的信用评级被主要信用评级机构下调至投资级以下。

截至2026年9月30日和2025年12月31日，此类合同条款涉及的衍生负债分别为3 百万美元和7 百万美元。

某些合同还包含交叉违约条款，如果其他融资安排未能遵守付款条款或其他契约，可能要求提供抵押品或结算合同。

截至2026年9月30日和2025年12月31日，此类合同条款涉及的衍生负债分别约为43 百万美元和54 百万美元。

某些衍生工具还受含有充分保证条款的合同条款约束。如果合理预期某公用事业子公司履行合同义务的能力受损，这些条款允许交易对手要求提供履约保证，包括现金抵押品。

截至2026年9月30日和2025年12月31日，NSP-Minnesota 均未因衍生工具合同中的充分保证条款而提供抵押品。

经常性衍生工具公允价值计量


	本期确认的税前公允价值收益（损失）计入：
（百万美元）	累计其他综合损失		监管资产和负债
截至2026年9月30日的三个月
指定为现金流量套期的衍生工具：
利率	$	9			$	—
合计	$	9			$	—
其他衍生工具：
电力商品	$	—			$	(13)
天然气商品	—			(2)
合计	$	—			$	(15)

截至2025年9月30日的三个月



其他衍生工具：
电力商品	$	—			$	10
天然气商品	—			(3)
合计	$	—			$	7

截至2026年9月30日的九个月
指定为现金流量套期的衍生工具：
利率	$	13			$	—
合计	$	13			$	—
其他衍生工具
电力商品	$	—			$	(8)
天然气商品	—			1
合计	$	—			$	(7)

截至2025年9月30日的九个月
指定为现金流量套期的衍生工具：
利率	$	4			$	—
合计	$	4			$	—
其他衍生工具
电力商品	$	—			$	5
天然气商品	—			(2)
合计	$	—			$	3


	本期从监管资产和负债重分类至收益中的税前损失（收益）		本期在收益中确认的税前（损失）收益
（百万美元）
截至2026年9月30日的三个月



其他衍生工具：
商品交易	$	—			$	(1)	(a)
电力商品	1		(b)	—

合计	$	1			$	(1)

截至2025年9月30日的三个月



其他衍生工具：
大宗商品交易	$	—			$	3	(a)
电力商品	(3)		(b)	—

合计	$	(3)			$	3

截至2026年9月30日的九个月



其他衍生工具：
大宗商品交易	$	—			$	(2)	(a)
电力商品	(35)		(b)	—
天然气商品	—			(5)		(c)(d)
合计	$	(35)			$	(7)

截至2025年9月30日的九个月



其他衍生工具：
大宗商品交易	$	—			$	(5)	(a)
电力商品	(5)		(b)	—
天然气商品	—			(4)		(c)(d)
合计	$	5			$	(9)

(a)计入电力收入。所列金额不包括非衍生品交易或与客户的利润分享。

(b)计入电力燃料和外购电力。这些衍生品结算收益和损失通过燃料和外购电力成本回收机制与电力客户分享，并酌情从收入中重新分类为监管资产或负债。FTR结算款与客户分享，对净收入没有重大影响。所列金额反映拍卖日至结算日之间公允价值的变化，但不包括最初的拍卖公允价值。

(c)计入天然气销售和输送成本。这些损失受成本回收机制约束，并酌情从收入中重新分类为监管资产。

(d)主要与期权溢价摊销有关。

截至2026年和2025年9月30日的三个月和九个月，重新分类至利息费用的利率现金流套期保值收益和损失对累计其他综合损失的影响并不重大。

截至2026年和2025年9月30日的九个月，NSP-Minnesota没有指定为公允价值套期保值的衍生工具。

按经常性基础以公允价值计量的衍生资产和负债如下：


	2026年9月30日		2025年12月31日
	公允价值		公允价值总额		净额结算 (a)		合计	公允价值		公允价值总额		净额结算 (a)		合计
（百万美元）	第1级		第2级		第3级				第1级		第2级		第3级
流动衍生资产
指定为现金流量套期保值的衍生工具：
利率	$	—			$	13		$	—			$	13			$	—		$	13	$	—		$	1		$	—	$	1	$	—	$	1
其他衍生工具：
大宗商品交易	$	9			$	3		$	4			$	16			$	(13)		$	3	$	2		$	7		$	7	$	16	$	(10)	$	6
电力商品	—			—			53		53			(1)			52			—		—	68		68			(3)		65
天然气商品	—			7			—		7			—			7			—		6	—		6			—		6
流动衍生资产总额	$	9			$	23		$	57			$	89			$	(14)		$	75	$	2		$	14		$	75	$	91	$	(13)	$	78


非流动衍生资产
其他衍生工具：
大宗商品交易	$	2			$	32		$	15			$	49			$	(7)		$	42	$	3		$	27		$	35	$	65	$	(11)	$	54
非流动衍生资产总额	$	2			$	32		$	15			$	49			$	(7)		$	42	$	3		$	27		$	35	$	65	$	(11)	$	54


	2026年9月30日		2025年12月31日
	公允价值		公允价值总额		净额结算 (a)		合计	公允价值		公允价值总额		净额结算 (a)		合计
（百万美元）	第1级		第2级		第3级				第1级		第2级		第3级
流动衍生负债


其他衍生工具：
大宗商品交易	$	11			$	8		$	8			$	27			$	(13)		$	14		$	5		$	15			$	6		$	26		$	(12)		$	14
电力商品	—			—			1		1			(1)			—			—		—		3		3			(3)			—
天然气商品	—			2			—		2			—			2			—		3		—		3			—			3
流动衍生负债总额	$	11			$	10		$	9			$	30			$	(14)		16		$	5		$	18			$	9		$	32		$	(15)		17
购电协议 (b)										6											6
流动衍生工具										$	22											$	23
非流动衍生负债
其他衍生工具：
大宗商品交易	$	3			$	19		$	33			$	55			$	(8)		$	47		$	6		$	24			$	40		$	70		$	(13)		$	57
非流动衍生负债总额	$	3			$	19		$	33			$	55			$	(8)		47		$	6		$	24			$	40		$	70		$	(13)		57
购电协议 (b)										5											10
非流动衍生工具										$	52											$	67

(a)NSP-Minnesota nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At Sept. 30, 2026 and Dec. 31, 2025 derivative assets and liabilities include rights to reclaim cash collateral of $1 million and $4 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.

(b)NSP-Minnesota currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.

Changes in Level 3 commodity derivatives:


	Three Months Ended Sept. 30
(Millions of Dollars)	2026		2025
Balance at July 1	$	65			$	58

Settlements (a)	(15)			(27)
Net transactions recorded during the period:
Losses recognized in earnings (b)	(5)			(1)
Net (losses) gains recognized as regulatory assets and liabilities (a)	(15)			17
Balance at Sept. 30	$	30			$	47


	Nine Months Ended Sept. 30
(Millions of Dollars)	2026		2025
Balance at Jan. 1	$	61			$	32
Purchases (a)	87			62
Settlements (a)	(64)			(49)
Net transactions recorded during the period:
Losses recognized in earnings (b)	(18)			(9)
Net (losses) gains recognized as regulatory assets and liabilities (a)	(36)			11
Balance at Sept. 30	$	30			$	47

(a)Relates primarily to FTR instruments administered by MISO.

(b)Relates to commodity trading and is subject to offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Table of Contents

Fair Value of Long-Term Debt

Other financial instruments for which the carrying amount did not equal fair value:


	Sept. 30, 2026		Dec. 31, 2025
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	8,953			$	7,525		$	7,908	$	7,154
Long-term debt - related parties	1,094			720			953		699

Fair value of NSP-Minnesota’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of Sept. 30, 2026 and Dec. 31, 2025, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.


8. Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost


	Three Months Ended Sept. 30
	2026		2025
(Millions of Dollars)	Pension Benefits
Service cost	$	6			$	6
Interest cost (a)	9			8
Expected return on plan assets (a)	(11)			(12)

Amortization of net loss (a)	3			2

Net periodic benefit cost	7			4
Effects of regulation	7			3
Net benefit cost recognized for financial reporting	$	14			$	7


	Nine Months Ended Sept. 30
	2026		2025
(Millions of Dollars)	Pension Benefits
Service cost	$	17			$	16
Interest cost (a)	26			26
Expected return on plan assets (a)	(33)			(34)

Amortization of net loss (a)	11			8

Net periodic benefit cost	21			16
Effects of regulation	10			7
Net benefit cost recognized for financial reporting	$	31			$	23

(a)The components of net periodic cost other than the service cost component are included in the line item “Other (expense) income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.

Postretirement plan net periodic benefit cost was immaterial for the three and nine months ended Sept. 30, 2026 and 2025.

In January 2026, contributions totaling $75 million were made across Xcel Energy’s pension plans, of which $33 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2026.


9. Commitments and Contingencies

Legal

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, 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.

Rate Matters and Other

NSP-Minnesota is involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements.

Environmental

New and changing federal and state environmental mandates can create financial liabilities for NSP-Minnesota, which are normally recovered through the regulated rate process.

Site Remediation

Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. NSP-Minnesota may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination.

Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which NSP-Minnesota is alleged to have sent wastes to that site.

MGP, Landfill and Disposal Sites

NSP-Minnesota is investigating, remediating or performing post-closure actions at eight historical MGP, landfill or other disposal sites across its service territories.

NSP-Minnesota has recognized an immaterial amount of remaining liabilities for resolution of these issues, however, the final outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.

Water and Waste

Coal Ash Regulation — NSP-Minnesota is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.

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In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.

As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.

If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions.

NSP-Minnesota continues to perform site investigation activities related to the CCR Rule, which may result in updates to estimated costs as well as identification of additional required corrective actions.

In February 2026, the EPA issued a final rule amending the CCR Legacy rule. The ruling extends deadlines for various regulatory actions and clarifies previous information regarding implementation of the rule. NSP-Minnesota anticipates impacts to be consistent with prior accruals.

In April 2026, the EPA published a new proposed rule with additional amendments to the CCR Legacy Rule. NSP-Minnesota is evaluating this proposed rule and its potential impacts.

Air

Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act that established NOx allowance budgets for fossil fuel-fired electric generating facilities in subject states. The final rule establishes a federal plan and applies to generation facilities in Minnesota, as well as other states outside of our service territory.

If the rule is implemented, NSP-Minnesota anticipates the annual costs could be significant but recoverable through regulatory mechanisms. However, the plan is subject to both judicial and administrative stays while the EPA reconsiders the rule. In January 2026, the EPA proposed Phase 1 of its reconsideration of the “Good Neighbor” rule. NSP-Minnesota will continue to evaluate any additional phases of the reconsideration of this rule as they are published by the EPA.

Leases

Finance lease payments are allocated between interest charges and depreciation and amortization on the consolidated statements of income. PPA operating lease payments are included in electric fuel and purchased power, and expense for other operating leases is included in O&M expense and electric fuel and purchased power.

Components of lease expense:


	Three Months Ended Sept. 30
(Millions of Dollars)	2026		2025
Operating leases
PPA capacity payments	$	—			$	12
Other operating leases (a)	6			3
Total operating lease expense	$	6			$	15
Finance leases
Amortization of ROU assets	$	9			$	3
Interest expense on lease liability	17			11
Total finance lease expense	$	26			$	14


	Nine Months Ended Sept. 30
(Millions of Dollars)	2026		2025
Operating leases
PPA capacity payments	$	—			$	62
Other operating leases (a)	14			12
Total operating lease expense	$	14			$	74
Finance leases
Amortization of ROU assets	$	27			$	3
Interest expense on lease liability	50			11
Total finance lease expense	$	77			$	14

(a)Includes immaterial short-term lease expense.

Commitments under operating and finance leases as of Sept. 30, 2026:


(Millions of Dollars)		Operating Leases		Finance Leases
Total minimum obligation		$	237			$	1,905
Interest component of obligation		(115)			(692)
Present value of minimum obligation		122			1,213
Less current portion	(7)			(38)
Noncurrent operating and finance lease liabilities	$	115			$	1,175

Variable Interest Entities

Under certain PPAs, NSP-Minnesota purchases power from IPPs for which NSP-Minnesota is required to reimburse fuel costs, or to participate in tolling arrangements under which NSP-Minnesota procures the natural gas required to produce the energy that it purchases. NSP-Minnesota has determined that certain IPPs are VIEs, however NSP-Minnesota is not directly subject to risk of loss from the operations of these entities, and no additional significant financial support is required other than contractual payments for energy and capacity.

NSP-Minnesota evaluated each of these VIEs for possible consolidation and concluded that these entities are not required to be consolidated in its consolidated financial statements because NSP-Minnesota does not have the power to direct the activities that most significantly impact the entities’ economic performance.

NSP-Minnesota had 1,347 MW of capacity under long-term PPAs at both Sept. 30, 2026 and Dec. 31, 2025 with entities that have been determined to be VIEs. These agreements have expiration dates through 2039.

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10. Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax:


	Three Months Ended Sept. 30, 2026		Three Months Ended Sept. 30, 2025
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges	Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive income (loss) at July 1	$	1			$	(2)		$	(1)		$	(2)		$	(2)	$	(4)
Gains reclassified from net accumulated other comprehensive income:
Other comprehensive gain (loss) before reclassifications	7			—			7		(1)		—		(1)


Net current period other comprehensive income (loss)	7			—			7		(1)		—		(1)
Accumulated other comprehensive income (loss) at Sept. 30	$	8			$	(2)		$	6		$	(3)		$	(2)	$	(5)


	Nine Months Ended Sept. 30, 2026		Nine Months Ended Sept. 30, 2025
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges	Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at Jan. 1	$	(2)			$	(2)		$	(4)		$	(6)		$	(2)	$	(8)
Gains reclassified from net accumulated other comprehensive income:
Other comprehensive gain before reclassifications	10			—			10		3		—		3


Net current period other comprehensive income	10			—			10		3		—		3
Accumulated other comprehensive income (loss) at Sept. 30	$	8			$	(2)		$	6		$	(3)		$	(2)	$	(5)


11. Segment Information

Segment information and reconciliation to NSP-Minnesota’s consolidated net income:


	Three Months Ended Sept. 30, 2026
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	1,749			$	73		$	1,822
Intersegment revenue	—			4			4
Total segment revenues	1,749			77			1,826
Electric fuel and purchased power	559			—			559
Cost of natural gas sold and transported	—			17			17
O&M expenses	355			32			387
Depreciation and amortization	272			25			297
Other segment expenses, net	88			14			102
Interest charges and financing costs	113			10			123
Income tax expense (benefit)	36			(7)			29
Net income (loss)	$	326			$	(14)		$	312

Total segment net income					$	312
Non-segment net income					10
Consolidated net income					$	322

(a)Regulated electric results include $139 million of affiliate revenues. Regulated natural gas results include an immaterial amount of affiliate revenues.


	Three Months Ended Sept. 30, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	1,676			$	65		$	1,741
Intersegment revenue	—			5			5
Total segment revenues	1,676			70			1,746
Electric fuel and purchased power	526			—			526
Cost of natural gas sold and transported	—			18			18
O&M expenses	344			30			374
Depreciation and amortization	280			24			304
Other segment expenses, net	68			12			80
Interest charges and financing costs	93			9			102
Income tax expense (benefit)	41			(7)			34
Net income (loss)	$	324			$	(16)		$	308

Total segment net income					$	308
Non-segment net income					5
Consolidated net income					$	313

(a)Regulated electric results include $135 million of affiliate revenues. Regulated natural gas results include an immaterial amount of affiliate revenues.

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	Nine Months Ended Sept. 30, 2026
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	4,388			$	605		$	4,993
Intersegment revenue	1			10			11
Total segment revenues	4,389			615			5,004
Electric fuel and purchased power	1,487			—			1,487
Cost of natural gas sold and transported	—			305			305
O&M expenses	1,009			89			1,098
Depreciation and amortization	700			75			775
Other segment expenses, net	243			55			298
Interest charges and financing costs	333			28			361
Income tax (benefit) expense	(64)			15			(49)
Net income	$	681			$	48		$	729

Total segment net income					$	729
Non-segment net income					16
Consolidated net income					$	745

(a)Regulated electric results include $363 million of affiliate revenues. Regulated natural gas results include an immaterial amount of affiliate revenues.


	Nine Months Ended Sept. 30, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues (a)	$	4,306			$	535		$	4,841
Intersegment revenue	—			11			11
Total segment revenues	4,306			546			4,852
Electric fuel and purchased power	1,486			—			1,486
Cost of natural gas sold and transported	—			279			279
O&M expenses	978			83			1,061
Depreciation and amortization	815			67			882
Other segment expenses, net	203			51			254
Interest charges and financing costs	256			25			281
Income tax (benefit) expense	(73)			9			(64)
Net income	$	641			$	32		$	673

Total segment net income					$	673
Non-segment net income					13
Consolidated net income					$	686

(a)Regulated electric results include $377 million of affiliate revenues. Regulated natural gas results include an immaterial amount of affiliate revenues.

Asset and capital expenditure information is not provided for NSP-Minnesota’s reportable segments. As an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment.

Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.

Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.

Other segment expenses, net, for the reportable segments includes conservation and DSM expenses, taxes (other than income taxes), other income, net, intersegment expenses and AFUDC - equity.

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Discussion of financial condition and liquidity for NSP-Minnesota is omitted per conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q for wholly owned subsidiaries. It is replaced with management’s narrative analysis of the results of operations set forth in General Instruction H(2)(a) of Form 10-Q for wholly owned subsidiaries (reduced disclosure format).

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.

NSP-Minnesota’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation, and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Earnings Adjusted for Certain Items (Ongoing Earnings)

Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items.

We use this non-GAAP financial measure to evaluate and provide details of NSP-Minnesota’s core earnings and underlying performance. For instance, to present ongoing earnings, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NSP-Minnesota. This non-GAAP financial measure should not be considered as an alternative to measures calculated and reported in accordance with GAAP.

The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:


	Nine Months Ended Sept. 30
(Millions of Dollars)	2026		2025
GAAP net income	$	745			$	686
Prairie Island outage refunds	38			—
Less: tax effect of adjustment	(11)			—
Ongoing earnings	$	772			$	686

Prairie Island Outage Refunds — In a September 2024 decision, the MPUC ruled that NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in an extended 2023-2024 outage. In May 2026, the MPUC ordered a disallowance of $41 million for estimated replacement power costs incurred during the outage. Total non-recurring charges of $38 million were recorded to electric revenues during the nine months ended Sept. 30, 2026 for incremental customer refunds, including interest.

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Results of Operations

NSP-Minnesota’s GAAP net income was $745 million for the nine months ended Sept. 30, 2026, compared with $686 million for the prior year. Ongoing net income was $772 million for the nine months ended Sept. 30, 2026, compared to $686 million for the prior year. The ongoing earnings increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased interest charges. The difference between GAAP and ongoing earnings was driven by recognition of customer refunds related to the 2023-2024 Prairie Island nuclear facility outage.

Electric Revenue

Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.


(Millions of Dollars)	Nine Months Ended Sept. 30, 2026 vs. 2025
Non-fuel riders	$	69
Conservation and DSM (offset in expense)	50
Wholesale transmission	28
Sales and demand	26

PTCs flowed back to costumers (offset in ETR)	(42)
Prairie Island outage refund (a)	(38)
Estimated impact of weather (net of decoupling/sales true-up)	(23)


Other, net	12
Total increase	$	82

(a)See “Non-GAAP Financial Measures” section for additional information.

Natural Gas Revenues

Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.


(Millions of Dollars)	Nine Months Ended Sept. 30, 2026 vs. 2025
Regulatory rate outcomes (MN)	$	34
Recovery of higher cost of natural gas	29
Retail sales growth	7



Total increase	$	70

Electric Fuel and Purchased Power — Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.

Electric fuel and purchased power expenses increased $1 million year-to-date. The increase was primarily due to increased transmission expense, increased interchange billings and commodity price, partially offset by decreased capacity costs.

Cost of Natural Gas Sold and Transported — Expenses incurred for the cost of natural gas sold are impacted by market prices and seasonality. These costs are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.

Natural gas sold and transported increased $26 million year-to-date. The increase was primarily due to increased commodity prices, partially offset by timing of fuel recovery mechanisms.

Non-Fuel Operating Expenses and Other Items

O&M Expenses — O&M expenses increased $38 million year-to-date, which was primarily due to increased generation and gas system costs.

Depreciation and Amortization — Depreciation and amortization expense decreased $105 million year-to-date, which was primarily due to the recognition of 2025 and 2026 depreciation reductions (nuclear life extensions) in the second quarter of 2026, partially offset by system expansion.

Interest Charges — Interest charges increased $84 million year-to-date, which was largely due to higher debt levels and interest associated with new finance lease PPAs for natural gas fueled generating facilities.

Public Utility Regulation and Other

The FERC and various state and local regulatory commissions regulate NSP-Minnesota. NSP-Minnesota is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Minnesota, North Dakota and South Dakota.

Rates are designed to recover plant investment, operating costs and an allowed return on investment. NSP-Minnesota requests changes in utility rates through commission filings. Changes in operating costs can affect NSP-Minnesota’s financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and demand side management efforts and the cost of capital.

In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact NSP-Minnesota’s results of operations.

Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2025 appropriately represent, in all material respects, the current status of public utility regulation and are incorporated herein by reference.

Pending and Recently Concluded Regulatory Proceedings

Minnesota Electric Rate Case Stay-Out Petition — On Oct. 9th, 2026, NSP-Minnesota filed an Electric Customer Rate Stability Plan with the MPUC, as an alternative to the planned upcoming rate case filing.

The terms of the proposed plan are as follows:

•Customer base rate freeze for calendar years 2027 and 2028.

•Accelerated recognition of federal Investment Tax Credit benefits related to five battery storage projects over two years. This acceleration will act as an offset to the incremental revenue requirement impact of ongoing necessary capital improvements.

•Continuation of other true-up and tracker mechanisms as approved in NSP-Minnesota’s most recent Electric Rate Case.

A MPUC decision on the proposed Rate Stability Plan has been requested by January 2027. If not approved, NSP-Minnesota expects to file an electric rate case in early 2027.

2024 Minnesota Electric Rate Case — In November 2024, NSP-Minnesota filed an electric rate case in Minnesota based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. In December 2024, the MPUC approved interim rates of $192 million, effective Jan. 1, 2025. In October 2025, NSP-Minnesota filed rebuttal testimony, updating its total revenue request to $365 million.

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In July 2026, the MPUC issued a written order. Terms of the order include:

•Rate increase of approximately $211 million over two years (annual average increase of 2.9%).

•ROE of 9.60% and equity ratio of 52.5%.

•Continuation of existing true-up mechanisms inclusive of the sales true-up, coupled with authorization of new tracker mechanisms.

Final rates will take effect in the first quarter of 2027.

2025 Minnesota Natural Gas Rate Case — In October 2025, NSP-Minnesota filed a natural gas rate case in Minnesota, seeking a total revenue increase of $62 million (8.2%) as updated in April 2026. The filing is based on a 2026 forecast test year and includes an ROE of 10.65%, a 52.5% equity ratio and rate base of $1.5 billion. NSP-Minnesota requested interim rates of $51 million effective January 1, 2026, which were approved by the MPUC.

In May 2026, NSP-Minnesota and certain intervenors reached a non-unanimous settlement, based on a total revenue increase of $38 million (4.9%) and a weighted average cost of capital of 7.21% (an increase from the previously authorized 7.16%).

In August 2026, the ALJ issued their report. A MPUC decision is expected in the fourth quarter of 2026.

2026 North Dakota Natural Gas Rate Case — In January 2026, NSP-Minnesota filed a natural gas rate case in North Dakota, for an annual rate increase of $14 million (11.9%). The filing is based on a 2026 forecast test year and includes an ROE of 10.85%, a 52.5% equity ratio and rate base of $235 million. In March 2026, the NDPSC approved interim rates of $12 million effective April 1, 2026. The procedural schedule is yet to be determined.

NSP System

Pending and Recently Concluded Regulatory Proceedings

NSP-Minnesota and NSP-Wisconsin are actively engaged in multiple processes and proceedings to acquire resources to meet their identified generation resource needs.

•In October 2023, NSP-Minnesota issued an RFP seeking 1,200 MW of wind assets to replace capacity and reutilize interconnection rights associated with the retiring Sherco coal facilities. NSP-Minnesota filed for approval of recommended projects in March 2026, which were approved by the MPUC in September 2026.

•In December 2025, NSP-Minnesota and NSP-Wisconsin jointly issued an RFP seeking up to 3,500 MW of wind, solar, hydro, standalone storage, or hybrid capacity that will achieve commercial operation by December 31, 2030. Short-listed projects were announced in June 2026, and filing for requisite regulatory approval is expected by the end of 2026.

•NSP-Minnesota and NSP-Wisconsin may continue to file additional RFPs throughout 2026 and 2027 for resource needs as part of their Upper Midwest resource planning efforts.

Large Load Agreement — Pine Island Data Center — In the first quarter of 2026, NSP-Minnesota entered into an ESA to power a new Google data center in Minnesota. Under the agreement, Google will pay all costs for its new service for the duration of the contract, in accordance with Minnesota’s regulatory and legislative requirements for large loads. If approved, the agreement is expected to result in approximately $1.1 billion of benefits to NSP-Minnesota’s customers. A request for approval of the ESA, including a proposed Clean Energy Accelerator Charge for 1,900 MW of clean energy resources, was filed with the MPUC in April 2026. A decision is expected in early 2027.

Approvals for 1,000 MW of resources for the Clean Energy Accelerator program have been received as part of existing resource acquisition processes. The remaining resources are expected to be requested in those processes by the second quarter of 2027.

Large Load/Data Center Tariff — In Minnesota, we have a tariff applicable to large load customers, designed to allow us to serve these new customers and support local economic development while protecting existing customers from bearing the incremental costs to serve these loads.

The tariff, which was approved by the MPUC in June 2026, is mandatory for new loads over 100 MW and includes an incremental cost test, minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements.

Other

Tariffs, Trade Complaints and Federal Actions

Several trade cases related to anti-dumping and countervailing duty investigations are ongoing and we continue to monitor the potential impacts of these cases.

Executive orders have been issued imposing new global and country-specific tariffs on many imports, which may impact our procurement and development activities. Additionally, executive orders and actions from government agencies may impact the permitting of wind and solar facilities and the retirement of coal facilities.

NSP-Minnesota continues to assess the impacts of these tariffs, executive orders, trade complaints and federal policies on its business, including company owned projects and PPAs. NSP-Minnesota may seek regulatory relief, if required, in its jurisdictions.

Continued and/or further policy actions or other restrictions, disruptions in imports from key suppliers, or any new trade complaint could impact viability, timelines and costs of various projects and PPAs.

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Environmental Regulation

Throughout 2025 and 2026, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. NSP-Minnesota will continue to monitor proposed rules as they move toward final action. Additionally, any other amendments and changes to rules will be evaluated as proposed by the EPA.

Clean Air Act

Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing greenhouse gas emissions from the power sector. The rules establish requirements for new natural gas-fired generating units and emission guidelines for existing coal and certain natural gas generation. In September 2026, the EPA issued a final rule repealing portions of the 2024 rules, including carbon capture and storage (CCS) standards. The EPA simultaneously proposed to rescind the remaining power plant GHG regulations.

Endangerment Finding — In February 2026, the EPA issued a final rule repealing the 2009 Endangerment Finding and associated regulations addressing GHG emissions from new motor vehicles and engines under the Clean Air Act. NSP-Minnesota will monitor any additional actions and evaluate the impacts.

Emerging Contaminants of Concern

PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. NSP-Minnesota does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.

In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA. In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.

Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, NSP-Minnesota believes the costs would be recoverable through rates based on prior state commission practices.

Effluent Limitation Guidelines

In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, NSP-Minnesota has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.


ITEM 4 — CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

NSP-Minnesota maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.

As of Sept. 30, 2026, based on an evaluation carried out under the supervision and with the participation of NSP-Minnesota’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that NSP-Minnesota’s disclosure controls and procedures were effective.

Internal Control Over Financial Reporting

No changes in NSP-Minnesota’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, NSP-Minnesota’s internal control over financial reporting.

PART II — OTHER INFORMATION


ITEM 1 — LEGAL PROCEEDINGS

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 9 to the consolidated financial statements and Part I Item 2 for further information.


ITEM 1A — RISK FACTORS

NSP-Minnesota’s risk factors are documented in Item 1A of Part I of its Annual Report on Form 10-K for the year ended Dec. 31, 2025, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K.


ITEM 5 — OTHER INFORMATION

None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended Sept. 30, 2026.

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ITEM 6 — EXHIBITS

* Indicates incorporation by reference


Exhibit Number	Description	Report or Registration Statement	Exhibit Reference
3.01*	Articles of Incorporation and Amendments of Northern Power Corp. (renamed NSP-Minnesota on Aug. 21, 2000)	NSP-Minnesota Form 10-12G dated Oct. 5, 2000	3.01
3.02*	Amended and Restated Bylaws of NSP-Minnesota, dated Jan. 25, 2019	NSP-Minnesota Form 10-K for the year ended Dec. 31, 2018	3.02
31.01	Principal Executive Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Principal Financial Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Schema
101.CAL	Inline XBRL Calculation
101.DEF	Inline XBRL Definition
101.LAB	Inline XBRL Label
101.PRE	Inline XBRL Presentation
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Northern States Power Company (a Minnesota corporation)

October 29, 2026	By:	/s/ MELISSA L. OSTROM
		Melissa L. Ostrom
		Senior Vice President, Controller
		(Principal Accounting Officer)


	By:	/s/ BRIAN J. VAN ABEL
		Brian J. Van Abel
		Executive Vice President, Chief Financial Officer
		(Principal Financial Officer)

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