DEAR

FELLOW
SHAREHOLDERS
Xcel Energy achieved strong financial and
operational results again in 2021, despite the
second year of a global pandemic and severe
weather challenges. During these tough
times, we delivered for our customers and
communities when they needed us most,
and we continued to advance our financial,
operational, and sustainability goals.
Our theme for this report, “Horizon Bound,”
reflects our balanced, organic growth and our
aggressive clean energy targets for the next
decade and beyond. In the next eight years, we
will add significant renewable generation to our
system, expand our transmission infrastructure
to enable those resources, deploy new clean
fuels to power our customers and heat their
homes, invest in grid resiliency and automation,
and enable electrification of transportation at
scale, all while keeping customer bills affordable.
This report showcases how our team is working
hard to deliver for you, our valued shareholders. Bob Frenzel
Chairman,
CEO transition
President and
It was an honor to be elected by our Board of
Chief Executive
Directors to replace retiring Ben Fowke as our
Officer
company’s CEO in August. I worked closely
with Ben for five years, first as Chief Financial
Officer and more recently as President and Chief
Operating Officer. We share the same vision
for the company and executed our transition
in August from a position of strength — our
reputation is excellent, our balance sheet is
healthy, our operations are strong, and our
strategy is sound.

HORIZON BOUND
ANNUAL REPORT 2021 3