Hunton Andrews Kurth LLP advised the underwriters on an SEC-registered offering of 18.3 million shares of common stock of Xcel Energy Inc. ("Xcel"), which shares were borrowed from third parties by affiliates of two of the underwriters, in their capacities as forward counterparties, and subsequently sold to the underwriters for sale in the offering, which closed on November 5, 2024. On November 7, 2024, Xcel closed on the offering of 2.7 million of shares of its common stock with a forward component in connection with the underwriters’ exercise in full of their option to purchase additional shares.

Xcel Energy is a public utility holding company with four utility subsidiaries: (i) Northern States Power Company, a Minnesota corporation, which provides electric utility service to approximately 1.5 million customers in Minnesota, North Dakota and South Dakota and natural gas utility service to approximately 0.6 million customers in Minnesota and North Dakota; (ii) Northern States Power Company, a Wisconsin corporation, which provides electric utility service to approximately 0.3 million customers and natural gas utility service to approximately 0.1 million customers in Wisconsin and Michigan; (iii) Public Service Company of Colorado, a Colorado corporation, which provides electric utility service to approximately 1.6 million customers and natural gas utility service to approximately 1.5 million customers in Colorado; and (iv) Southwestern Public Service Company, a New Mexico corporation, which provides electric utility service to approximately 0.4 million customers in Texas and New Mexico.

The Hunton Andrews Kurth team included Peter K. O'Brien, Brendan P. Harney, Reuben H. Pearlman and Jingyi "Alice" Yao. Joseph Buonnano provided advice on the forward component. Robert McNamara, William Freeman, Caitlin Scipioni and Katherine Gallagher provided tax advice.