Xcel Energy Inc. issued $800,000,000 in aggregate principal amount of 5.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series due 2056. The notes have a stated maturity date of December 3, 2056. The initial interest rate is 5.75% per annum, accruing from March 3, 2026, to December 3, 2031 (the First Reset Date). After the First Reset Date, the interest rate will reset every five years to the Five-Year U.S. Treasury Rate plus a spread of 2.168%, with a minimum rate of 5.75%. Interest payments are due semi-annually in arrears on June 3 and December 3 of each year, commencing June 3, 2026. The company has the option to defer interest payments for one or more deferral periods of up to 20 consecutive semi-annual Interest Payment Periods, during which compound interest will accrue. During an Optional Deferral Period, the company is restricted from declaring or paying dividends on Capital Stock, redeeming Capital Stock, or making payments on equally or junior-ranked indebtedness. The notes are redeemable at the company's option, in whole or in part, on specific dates around the First Reset Date and on any Interest Payment Date thereafter, at 100% of the principal amount plus accrued interest. The company may also redeem the notes in whole, but not in part, following a Tax Event (at 100% principal) or a Rating Agency Event (at 102% principal), plus accrued interest. The notes are subordinate and junior in right of payment to the company's Senior Indebtedness.