Director, Capital Asset Accounting

Xcel Energy Services Inc; Minneapolis (MN); Hybrid; USD 148,000 - 211,000; Full time

Benefits offered by this job

Medical/Pharmacy Plan

Dental

Vision

401(k) plan

Pension

Job summary

Xcel Energy is seeking a Director of Capital Asset Accounting to lead the plant asset accounting and capital policy functions. The role requires ensuring GAAP compliance and regulatory alignment across FERC and IRS requirements, while guiding a staff to deliver accurate financial information.

Responsibilities include managing depreciation, tax deductions, decommissioning funding, and regulatory testimony to support rate cases, with a hybrid work model and leadership responsibilities.

Qualifications

• Bachelor's degree in Business, Finance, Accounting or related field.
• 10+ years of accounting experience with 5+ years in management.
• Strong written and oral communication; leadership and interpersonal abilities.

Responsibilities

• Oversee Property Accounting functions and capital policy maintenance in compliance with GAAP and regulatory bodies.
• Manage capital investment cost recovery, regulatory filings, and expert testimony to support rate recovery.
• Oversee plant asset forecasting and reporting for regulatory filings and internal information needs.

Skills

Communication skills (written & oral)

Leadership

Interpersonal skills

Education

Bachelor's degree in Business/Finance/Accounting or related

Job description

Xcel Energy (NASDAQ: XEL) is a leading energy provider and Fortune 500 company, dedicated to serving millions of electricity and natural gas customers across eight states: Minnesota, Colorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and Texas. We make energy work better for our customers, helping them thrive every day. That means always raising the bar - delivering better service and providing more reliable, resilient, and sustainable energy.

Xcel Energy is a place where you’ll have opportunities to grow, expand your skills, and help lead the clean energy transition. We offer meaningful rewards, recognition, and support to help you build your career and make an impact - both on the job and beyond.

Most importantly, it means you’ll be joining a company that knows employees are the driving force behind its success and is committed to helping you be your best.

Xcel Energy supports a hybrid work model to enable collaboration and flexibility. Many roles are expected to work onsite three days per week (Tuesday–Thursday); however, work location expectations vary based on role, team, and business needs.

Director, Capital Asset Accounting Position Summary

This position is responsible for the overall area management of all plant asset related accounting functions, capital policy maintenance and support, plant asset related tax deductions, nuclear plant decommissioning funding, and rate case support for all investment related rate base and cost of service information.

This position is also responsible for ensuring all activities are in compliance with the requirements of the Federal Energy Regulatory Commission, the various state public utilities commissions, the Internal Revenue Service, the Nuclear Regulatory Commission, and that all accounting is performed within Generally Accepted Accounting Principles and Company guidelines.

As a manager of staff, develop and lead a team to successfully implement initiatives and achieve goals, including all managerial duties.

Essential Responsibilities

Provide the overall management of all Property Accounting functions, which establish corporate capitalization policies and include the development, enhancement, and maintenance of the property records process for all of the plant assets of the Corporation. These functions must remain in compliance with the Federal Energy Regulatory Commission and Generally Accepted Accounting Principles. Provide the overall management for Xcel’s capital investment cost recovery process which includes the development of detailed actuarial analysis, regulatory filings with the various state and federal rate regulatory commissions, and expert testimony to support recovery levels in rate proceedings. Provide the overall management for Xcel’s nuclear plant decommissioning funding process. This process includes the development of detailed engineering cost studies combined with a complete financial and economic analysis to support regulatory filings. This process must be in compliance with the various state regulatory commission requirements, the minimum external funding requirements of the Nuclear Regulatory Commission, and the tax qualified funding requirements of the IRS. The overall management of this process also requires expert testimony on this subject matter in both rate proceedings and decommissioning specific hearings. Oversee capital policy and support application to work performed within the operating units at Xcel Energy. This role involves consultation with business leaders on work activities, evaluation of work against existing capital policies, and support for implementing processes that allow capital costs to be accurately captured within the plan records. Manage the maximization of Xcel’s corporate income tax deductions from the computation and support of accelerated income tax depreciation expenses and provide for the computation and support of deferred income taxes. These computations must remain in compliance with the Internal Revenue Code and supporting tax regulations. This process must also be in compliance with state and federal rate regulatory agency requirements, includes expert testimony in rate regulatory proceedings, and requires detailed support upon audit by IRS examining agents. Provide the overall management for the plant asset related forecast process which supports Xcel’s earnings forecasts and is a critical component of regulatory filings for all retail and wholesale jurisdictions Provide the overall management for Xcel’s capital asset processing and reporting necessary to disseminate capital asset information as required by various regulatory authorities (FERC, SEC, state commissions) as well as meeting all internal information requirements necessary to sustain efficient and effective business operations.

Minimum Requirements

Bachelor's Degree in Business, Finance, Accounting or related subject area. 10+ years of accounting experienced with 5 years management experience. Strong written and oral communication skills are require to provide expert testimony in regulatory proceedings and communicate effectively with upper management. Strong leadership and interpersonal skills are also required to effectively provide the management and leadership to the overall asset accounting staff and functional responsibilities.

Preferred Qualifications

Preferred Qualifications, CPA, MBA or advanced degree. BPA knowledge. Preferred Requirements

Our culture is grounded in shared values and employee commitments that guide how we work, support one another, and grow together. Our Values Connected, Committed, Trustworthy, Safe

Our Employee Commitments Work that makes a difference A team you can count of Opportunities to grow Rewards that help you thrive

Xcel Energy provides job applicants reasonable accommodations for disabilities throughout the application process.

Non-Bargaining

The anticipated starting base pay for this position is: $148,400.00 to $210,733.00 per year

Benefits

• Annual Incentive Program
• Medical/Pharmacy Plan
• Dental
• Vision
• Life Insurance
• Dependent Care Flexible Spending Account
• Health Care Flexible Spending Account
• Health Savings Account (HSA) (if enrolled in eligible health plan)
• Limited-Purpose FSA (if enrolled in eligible health plan and HSA)
• Transportation Reimbursement Account
• Short-term disability (STD)
• Long-term disability (LTD)
• Employee Assistance Program (EAP)
• Fitness Center Reimbursement (if enrolled in eligible health plan)
• Tuition reimbursement
• Transit programs
• Employee recognition program
• Pension
• 401(k) plan
• Paid time off (PTO)
• Holidays
• Volunteer Paid Time Off (VPTO)
• Parental Leave

Benefit plans are subject to change and Xcel Energy has the right to end, suspend, or amend any of its plans, at any time, in whole or in part.

In any materials you submit, you may redact or remove age-identifying information including but not limited to dates of school attendance and graduation. You will not be penalized for redacting or removing this information.

EEO is the Law (PDF) | Equal Opportunity Statement (PDF) | Employee Rights (PDF) All Xcel Energy employees and contractors share responsibility for protecting the company's information and systems by adhering to cybersecurity policies, standards, and best practices, recognizing that cybersecurity is everyone's responsibility.

Accessibility Statement Xcel Energy endeavors to make https://www.xcelenergy.com and https://jobs.xcelenergy.com accessible to any and all users.

You. Us. Together.

At Xcel Energy, we’re more than an energy company. We’re reinventing how we power communities. Redefining how we care for customers. Reaffirming our commitment to the planet. We’re committed to leading with equity and inclusion. You’re not waiting for change – you’re creating it. You’re driven to protect the environment, support your community, and seek innovation.

You want a career that grows with you and an employer who values you. You are reliable, trustworthy and bring integrity to everything you do. We are leading the way in clean energy. We’re using technology and innovation in every facet of our company. We’re providing safe, stable jobs with robust benefits. We keep our customers at the center of all we do. We’re committed to hiring a workforce that reflects the communities we serve.

Together, we can provide carbon-free electricity by 2050. Together, we can take care of the environment and our communities. Together, we can create a place where everyone belongs. Together we’re building a better tomorrow.