Utilities

Xcel Energy Executive Compensation (FY25)

Name: Xcel Energy (XEL) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

XEL · Minneapolis, MN · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Bob Frenzel

Median of the other named officers

$3,165,265

5 officers, excluding the chief executive

Latest say-on-pay support

May 20, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of October 22, 2026Latest filing (8-K): May 22, 2026

12 filings cited on this page

Method: intel.velarion.ai/methodology

A report that fails to generate is refunded in full

Published by Velarion Company Intelligence

Xcel Energy brief$1,500Get the executive brief

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389 figures on this page: 380 cited to the filing that reported them, 9 calculated from figures it prints. See the citations

Frequently asked questions

Answers drawn from the data on this page.

Who is Xcel Energy's chief executive and what were they paid?

Bob Frenzel, Chairman, President and CEO, received $15,998,859 in total compensation for fiscal 2025. Frenzel's total was 23.7% higher than the $12,932,063 reported for fiscal 2024.

What was Xcel Energy's say-on-pay result?

For fiscal 2025, shareholders backed the say-on-pay proposal with 90.5% of votes cast for or against in favor at the meeting held May 20, 2026.

Which companies are in Xcel Energy's peer group?

The disclosed peer group includes AEP Company Inc., Ameren Corporation, CenterPoint Energy Inc., Consolidated Edison Inc. and Dominion Energy Inc., among others.

What is Xcel Energy's chief executive pay ratio?

The company reported a chief executive pay ratio of 108:1 for fiscal 2025, against median employee compensation of $147,664.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Bob Frenzel Chairman, President and CEO	◇	—	◇	—	◇	◇	◇	◇
Timothy O'Connor Executive Vice President, Chief Operations Officer	◇	—	◇	—	◇	◇	◇	◇
Brian Van Abel Executive Vice President, Chief Financial Officer	◇	—	◇	—	◇	—	◇	◇
Brett Carter Executive Vice President, Group President, Utilities and Chief Customer Officer	◇	—	◇	—	◇	◇	◇	◇
Amanda Rome Executive Vice President, Chief Legal and Compliance Officer	◇	—	◇	—	◇	◇	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Bob Frenzel Chairman, President and CEO	◇	—	◇	—	◇	◇	◇	◇
Brian Van Abel EVP, Chief Financial Officer	◇	◇	◇	—	◇	◇	◇	◇
Brett Carter Former EVP, Group President, Utilities and Chief Customer Officer Departed during or after this year	◇	—	◇	—	—	◇	◇	◇
Timothy O'Connor EVP, Chief Operations Officer	◇	◇	◇	—	◇	◇	◇	◇
Amanda Rome EVP, Group President, Utilities and Chief Customer Officer	◇	◇	◇	—	◇	◇	◇	◇
Patricia Correa SVP, Chief Human Resources Officer	◇	◇	◇	—	◇	◇	◇	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Bob Frenzel Chairman, President and CEO	◇	—	◇	—	◇	◇	◇	◇
Brian Van Abel EVP, Chief Financial Officer	◇	—	◇	—	◇	◇	◇	◇
Amanda Rome EVP, Group President, Utilities and Chief Customer Officer	◇	—	◇	—	◇	◇	◇	◇
Tim O'Connor EVP, Chief Operations Officer	◇	—	◇	—	◇	◇	◇	◇
Rob Berntsen EVP, Chief Legal and Compliance Officer	◇	◇	◇	—	◇	—	◇	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Bob Frenzel Chairman, President and CEO	◇	—	◇	—	◇	◇	◇	◇
Brian Van Abel EVP, Chief Financial Officer	◇	—	◇	—	◇	◇	◇	◇
Amanda Rome EVP, Group President, Utilities and Chief Customer Officer	◇	—	◇	—	◇	◇	◇	◇
Tim O'Connor Former EVP, Chief Operations Officer Departed during or after this year	◇	—	◇	—	◇	◇	◇	◇
Michael Lamb EVP, Chief Delivery Officer	◇	—	◇	—	◇	◇	◇	◇
Ryan Long EVP, Chief Legal and Compliance Officer	◇	—	◇	—	◇	◇	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Amanda Rome	PSU	◇	◇	◇	—	◇	—	◇
Amanda Rome	RSU	◇	—	—	◇	—	—	◇
Bob Frenzel	PSU	◇	◇	◇	—	◇	—	◇
Bob Frenzel	RSU	◇	—	—	◇	—	—	◇
Brian Van Abel	RSU	◇	—	—	◇	—	—	◇
Brian Van Abel	PSU	◇	◇	◇	—	◇	—	◇
Michael Lamb	PSU	◇	◇	◇	—	◇	—	◇
Michael Lamb	RSU	◇	—	—	◇	—	—	◇
Michael Lamb	PSU	◇	◇	◇	—	◇	—	◇
Michael Lamb	RSU	◇	—	—	◇	—	—	◇
Ryan Long	RSU	◇	—	—	◇	—	—	◇
Ryan Long	RSU	◇	—	—	◇	—	—	◇
Ryan Long	PSU	◇	◇	◇	—	◇	—	◇
Ryan Long	PSU	◇	◇	◇	—	◇	—	◇
Tim O'Connor	RSU	◇	—	—	◇	—	—	◇
Tim O'Connor	PSU	◇	◇	◇	—	◇	—	◇

Fiscal 2022, 2023, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Bob Frenzel	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Brian Abel	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Michael Lamb	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
Amanda Rome	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
Ryan Long	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Amanda Rome

EVP, Group President, Utilities and Chief Customer Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Bob Frenzel

Chairman, President and CEO · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Brian Van Abel

EVP, Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Michael Lamb

EVP, Chief Delivery Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Ryan Long

EVP, Chief Legal and Compliance Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Tim O'Connor

Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance cash amount	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Charles Pardee	◇	◇	—	—	—	—	◇
Megan Burkhart	◇	◇	—	—	—	—	◇
Devin Stockfish	◇	◇	—	—	—	—	◇
Patricia Kampling Lead independent director	◇	◇	—	—	—	—	◇
George Kehl	◇	◇	—	—	—	—	◇
Lynn Casey	◇	◇	—	—	—	—	◇
Tim Welsh	◇	◇	—	—	—	—	◇
Richard O'Brien	◇	◇	—	—	—	—	◇
James Prokopanko	◇	◇	—	—	—	—	◇
Netha Johnson	◇	◇	—	—	—	—	◇
Maria Demaree	◇	◇	—	—	—	—	◇
Christopher Policinski	◇	◇	—	—	—	—	◇
Kim Williams	◇	—	—	—	—	—	◇
Daniel Yohannes	◇	—	—	—	—	—	◇

Bob Frenzel served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇
Lead independent director premium	◇
Audit committee chair	◇
Audit committee member	◇
Compensation committee chair	◇
Compensation committee member	◇

Equity is delivered as Stock.

Stock ownership guideline: 7x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

AEP Company Inc. AEP
Ameren Corporation AEE
CenterPoint Energy Inc. CNP
Consolidated Edison Inc. ED
Dominion Energy Inc. D
DTE Energy Company DTE
Duke Energy Corporation DUK
Edison International EIX
Entergy Corporation ETR
Eversource Energy ES
Exelon Corporation EXC
FirstEnergy Corp. FE
NextEra Energy, Inc. NEE
PPL Corporation PPL
Public Service Enterprise Group Incorporated PEG
Sempra SRE
The Southern Company SO
WEC Energy Group, Inc. WEC

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	May 20, 2026	=	◇	◇	◇
2024	May 21, 2025	=	◇	◇	◇
2023	May 22, 2024	=	◇	◇	◇
2022	May 24, 2023	=	◇	◇	◇
2021	May 18, 2022	=	◇	◇	◇
2020	May 19, 2021	=	◇	◇	◇
2019	May 22, 2020	=	◇	◇	◇
2018	May 15, 2019	=	◇	◇	◇
2017	May 16, 2018	=	◇	◇	◇

Chief executive pay ratio

As calculated and reported by the company.

Ratio

◇

Median employee compensation

◇

Chief executive total compensation

◇

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Sample answer — “What is the CEO’s total compensation?”

- Bob Frenzel (Chairman, President and CEO), FY2025 total compensation $15,998,859 (base salary $1,450,000) [exec_comp, SEC accession 0000072903-26-000063, filed 2026-04-07]

What this page does not include

Everything above is a fact Xcel Energy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where Xcel Energy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $1,500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $1,500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

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Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

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Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

389 figures on this page: 380 cited to the filing that reported them, 9 calculated from figures it prints.

380 cited to the filing

9 calculated from the filing

Documents cited

8-K, filed May 22, 2026
0000072903-26-000097
DEF 14A, filed April 7, 2026
0000072903-26-000063
CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation Table · Grants of Plan-Based Awards · and 2 more sections
8-K, filed May 23, 2025
0000072903-25-000108
DEF 14A, filed April 8, 2025
0000072903-25-000078
Summary Compensation Table
8-K, filed May 23, 2024
0000072903-24-000111
DEF 14A, filed April 9, 2024
0000072903-24-000082
Summary Compensation Table
8-K, filed May 26, 2023
0000072903-23-000071
8-K, filed May 23, 2022
0000072903-22-000031
8-K, filed May 21, 2021
0000072903-21-000033
8-K, filed May 28, 2020
0000072903-20-000029
8-K, filed May 20, 2019
0000072903-19-000021
8-K, filed May 18, 2018
0000072903-18-000023

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Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.

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12 filings cited on this page

Method: intel.velarion.ai/methodology

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Utilities rankings

Chief executive pay — Utilities CEO pay ratio — Utilities Say-on-pay support — Utilities

Peers Xcel Energy discloses

The companies named in XEL's own disclosed peer group.

AEP Company Inc.Ameren Corporation CenterPoint Energy Inc.Consolidated Edison Inc.Dominion Energy Inc.DTE Energy Company Duke Energy Corporation Edison International Entergy Corporation Eversource Energy Exelon Corporation FirstEnergy Corp.NextEra Energy, Inc.PPL Corporation Public Service Enterprise Group Incorporated Sempra The Southern Company WEC Energy Group, Inc.

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}

More on Xcel Energy

Frequently asked questions

Executive compensation

Equity awards granted

Outstanding awards

Severance and change in control

Director compensation

Director fee schedule

Disclosed peer group

Say-on-pay history

Chief executive pay ratio

Velarion Pro: every company page, peer tools and exports, one seat

What this page does not include

Citations

Documents cited

The paid brief for Xcel Energy

Utilities rankings

Peers Xcel Energy discloses

Terms on this page