Xcel Energy Inc. Equity Distribution Agreement

Xcel Energy Inc. has entered into an Equity Distribution Agreement with multiple sales agents and forward purchasers. This agreement allows Xcel Energy to offer and sell shares of its common stock, with a par value of $2.50 per share, up to an aggregate gross sales price of $4,300,000,000. The shares will be sold through the sales agents, who may act as agents or principals. The agreement also includes provisions for forward sale agreements, where Xcel Energy may issue shares to forward purchasers who will then sell them to hedge their positions. These forward transactions can be either "Initially Priced" or "Collared," with specific mechanisms for determining the sale price and settlement. Xcel Energy will receive proceeds from these sales over time, subject to various terms and conditions outlined in the agreement. The company has filed a registration statement on Form S-3 with the SEC in connection with this offering.