J P M O R G A N North America Equity Research 30 July 2026 Xcel Energy Line-of-Sight Capex +$3bn on 2.6GW SPS Adds; Rate Base CAGR Now Tracking ~13%; Strong Regulatory Progress Derisks Outlook; 2Q26 Ahead See page 3 for analyst certification and important disclosures. Overweight XEL, XEL US Price (29 Jul 26):$78.75 Head of North America Power, Utilities, Midstream, LNG, and Nuclear Jeremy Tonet, CFA AC (1-212) 622-4915 jeremy.b.tonet@jpmorgan.com Diana Niles (1-212) 622-3328 diana.niles@jpmorgan.com North A ...