U.S. regulated electric and gas utility
Xcel Energy
Xcel Energy earns revenue by supplying electricity and natural gas to residential, commercial and industrial customers across eight U.S. states. It spends on generation fuel, purchased power, gas and wind turbines, and grid equipment while investing directly in large solar and storage projects.
XEL Updated Sep 11, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Xcel Energy is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 30 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · FY2025 total operating revenues: $14.669 billion
- Segments · Electric · Natural gas · Other
Revenue from
- Alphabet (Google) High confidence
Xcel Energy's Minnesota utility signed an agreement to supply power to Google's Pine Island data center. Google will cover its electric service and new grid infrastructure costs, but the total contract value was not disclosed.Confirms KO KETEP Global Energy Market Information Published Feb 26, 2026: U.S.: Google to deploy the world's largest iron-air battery for a Minnesota data centerConfirms EN Xcel Energy Newsroom Published Feb 24, 2026: Xcel Energy to power new Google data center in MinnesotaConfirms EN Google Blog Published Feb 24, 2026: Google is coming to Minnesota and advancing clean energy goals - Meta Platforms Medium confidence
Xcel Energy supplies power to Meta's data center in Rosemount, Minnesota. Meta pays for transmission and other extensions needed to serve the site, but the total power contract value was not disclosed.Confirms EN Xcel Energy Stories Published Mar 15, 2024: Building the 21st-century economy: Xcel Energy to power new Meta data center
Pays to
- NextEra Energy High confidence· Amount 99.3 USD_million_per_year (est.) · 2028 first full operating year · Estimated annual company-wide cost of six NextEra Energy battery-storage PPAs
Xcel Energy's SPS sought approval for six battery-storage power purchase agreements with NextEra Energy. The agreements were expected to cost the company about $99.3 million annually in the first full operating year.Confirms EN Xcel Energy filing with the Public Utility Commission of Texas Published Dec 9, 2025: Texas Power Purchase Agreements Approval - GE Vernova Medium confidence· Count 5 gas_turbines · 2026 strategic alliance reservation agreement · Number of GE Vernova F-class gas turbines reserved for purchase
Xcel Energy signed a reservation agreement to purchase GE Vernova F-class gas turbines and also reserved wind-turbine capacity for future projects. The disclosed order covers five gas turbines, while pricing was not disclosed.Confirms EN Xcel Energy Newsroom Published Feb 3, 2026: Xcel Energy and GE Vernova Announce Strategic Alliance Agreement to Advance the Future of Energy
Investments
- Sherco Solar Medium confidence· Amount 1.1 USD_billion (est.) · Sherco Solar three-phase project · Total clean-energy infrastructure investment in Sherco Solar
Xcel Energy developed the large Sherco Solar facility in Minnesota in phases for direct ownership and operation. The company described the project as an approximately $1.1 billion clean-energy infrastructure investment.Mentions KO DS Investment & Securities Published Feb 5, 2025: The renewed battle for hegemony: Data WarConfirms EN Xcel Energy Newsroom Published Nov 19, 2024: Xcel Energy's Sherco Solar starts producing carbon-free electricity for customers
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| eBay Inc. | lead2 | +33.8 | -36.5 | +7.7 | +44.8 | +42.7 | +19.8 |
| Colgate-Palmolive Company | lead2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cintas Corporation | lead2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Honeywell Technologies | lead2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Booking Holdings Inc. | lead2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -14.7 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -20.3 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| AppLovin Corporation | lead2 | · | -88.8 | +278.4 | +712.6 | +108.1 | -52.4 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Xcel Energy | node | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| GE Vernova | benef1 | · | · | · | · | +99 | +44.4 |
| NextEra Energy | benef1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Quanta Services | benef2 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +48 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
| Cameco | benef2 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +10.1 |
| Workday, Inc. | benef2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Xcel Energy operates across U.S. regulated electric and gas utility. It is +4.1% in 2026. The supply side (avg +25.3%) has moved harder than the stock (+4.1%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is GE Vernova (+44.4%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on generation fuel, purchased power, gas and wind turbines, and grid equipment while investing directly in large solar and storage projects.
Analysis generated from returns as of 2026-09-04