Case Study: Xcel Energy achieves centralized, automated treasury and regulatory‑compliant cash management with Kyriba

Xcel Energy’s Treasury Modernization in Regulated Utility World

Xcel Energy, a Minneapolis‑based holding company serving ~5.8 million utility customers across eight states with 12,000+ employees, needed to replace legacy systems and spreadsheets with a cloud treasury system while meeting unique regulated‑utility requirements. Key goals included reducing manual processes, centralizing and automating treasury and finance, enhancing fraud protection and GL reporting, and — critically under regulation — physically moving cash between entities and viewing each entity’s net and forecasted positions.

Working with implementation partner Clearsulting, Xcel went live on Kyriba March 1, 2022 in a “big‑bang” rollout covering 14 modules, 15 integrations, four reporting banks, one payment bank and 100+ accounts. The platform centralized debt and investment management (including commercial paper, syndicated facilities and $24B in bonds), established in‑house banking and a utility money pool, automated reconciliation of more than 500,000 vendor payments and customer rebates annually, eliminated spreadsheet reliance, and delivered compliant, scalable operations with smooth month‑ and quarter‑end closes.

Xcel Energy

Eric Gray

Director of Cash Management