Xcel Energy is a regulated electric and natural gas utility serving roughly 3.9 million electric and 2.2 million natural gas customers across eight states, primarily in the Upper Midwest, Colorado, and the Southwest. Electricity is the dominant business; natural gas is secondary. Xcel Energy operates as a regulated monopoly through four utility subsidiaries — NSP-Minnesota, PSCo, SPS, and NSP-Wisconsin — each subject to oversight by state public utility commissions that set rates and allowed returns. As a fully regulated utility, Xcel Energy's earnings are primarily driven by rate base growth: capital invested in generation, transmission, and distribution earns a commission-approved return on equity, typically 9–11%. Xcel Energy targets roughly 11% annualized rate base growth over 2026–2030, supported by a $60B five-year capital plan covering new wind, solar, battery storage, natural gas generation, and transmission and distribution upgrades. Fuel costs are passed through to customers via adjustment clauses, so commodity prices don't materially affect earnings. Xcel Energy's "Steel for Fuel" strategy has centered on replacing coal with wind and solar, reducing customer costs through production tax credits and avoided fuel expenses. The most significant near-term growth driver is data center load, with Xcel Energy having signed agreements for over 2 GW of data center capacity, targeting 6 GW by end of 2027 through a co-development partnership with NextEra Energy. Additional load growth is expected from oil and gas electrification in the Permian Basin and EV adoption. Management targets roughly 9% average EPS growth through 2030.