Xcel Energy Inc. entered into an equity distribution agreement on October 30, 2026, with a group of major financial institutions. The agreement designates 22 sales agents and 22 forward purchasers, including Barclays, BMO Capital Markets, BNP Paribas, J.P. Morgan, Goldman Sachs, and Wells Fargo.
Under the terms of the agreement, Xcel Energy may offer and sell its common stock, with a par value of $2.50 per share, through the sales agents and forward purchasers. The total potential gross sales price of the shares is capped at $6,000,000,000.
The company noted that its prior equity distribution agreement, dated May 1, 2026, has been terminated. As of the termination date, approximately $448.6 million in shares remained unsold under that program. Additionally, $3.8 billion in shares are subject to outstanding forward sale agreements from the prior program, and $2.2 billion in shares are subject to outstanding forward sale agreements from a previous agreement dated August 1, 2025.
The new agreement outlines two types of forward transactions. The first is an "Initially Priced Forward Transaction," where Xcel Energy receives the forward sale price at settlement. The second is a "Collared Forward Transaction," which involves a floor price and a cap price determined during an initial hedging period. In these transactions, Xcel Energy does not initially receive proceeds from the sale of borrowed shares, but expects to receive cash proceeds upon future physical settlement, subject to the terms of the agreements.
