1. Strategy Is On Track
Texas - Kansas - Missouri Investor Meetings
March 4 - 5, 2009

2. Safe Harbor
This material includes forward-looking statements that are subject to
certain risks, uncertainties and assumptions. Such forward-looking
statements include projected earnings, cash flows, capital
expenditures and other statements and are identified in this document
by the words “anticipate,” “estimate,” “expect,” “projected,”
“objective,” “outlook,” “possible,” “potential” and similar
expressions. Actual results may vary materially. Factors that could
cause actual results to differ materially include, but are not limited to:
general economic conditions, including the availability of credit,
actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry; competitive factors;
unusual weather; effects of geopolitical events, including war and acts
of terrorism; changes in federal or state legislation; regulation; actions
of accounting regulatory bodies; and other risk factors listed from
time to time by Xcel Energy in reports filed with the SEC, including
Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2008.

3. Company Profile
NSP-Wisconsin
Traditional Regulation
6% of earnings *
NSP-Minnesota
41% of earnings * Operate in 8 States
Combination Utility
PSCo
Electric 81% of net income
48% of earnings *
Gas 19% of net income
SPS
5% of earnings *
Customers
3.4 million electric
1.9 million gas
2008 Financial Statistics
* Percentages based on 2008 Ongoing Earnings
NI Ongoing: $641 million
2008 EPS Ongoing: $1.45; GAAP: $1.46 NI GAAP: $646 million
Assets: $25 billion
2008 Dividend $0.95 per share annualized
Equity ratio: 44%

4. Strategy and Objectives
Grow our core business and
meet the environmental challenge
Achieve long-term annual EPS growth of 5% – 7%
Increase dividend by 2% – 4% annually
Senior unsecured ratings in BBB+ to A range
Reduce emissions by 2020

5. Growth Drivers
Rate base growth
— Uprating/improving existing fleet
— Wind development
— Transmission expansion
Achieving authorized returns
— Rider recovery
— Filing rate cases where necessary

6. Renewable Strategy Drivers
Leadership advantages
State legislative mandates
Emerging Federal climate policy
Excellent renewable resources
Regional cost advantages
Renewables offer flexibility
Opportunity for growth

7. Wind Growth
MW
10,000
SPS Projected
8,000 PSCo
NSP
6,000
4,000
2,000
0
00
06
02
04
08
10
12
14
16
18
20
20
20
20
20
20
20
20
20
20
20
20

8. 0
200
400
600
800
20
06
20 1,000 MW
07
20 SPS
08
PSCo
20
09
20
10
20
Solar Growth
11
20
12
20
13
20
14
20
15
20
16
Projected
20
17
20
18
20
19
20
20

9. Projected Renewable Resources
Energy
2007 2020
Nuclear Nuclear
11% 13% Renewables
Natural Renewables 24%
Gas 9% Natural
31%
Gas
17%
Coal Coal
49% 46%
Capacity
MW Wind Hydro Solar Biomass RDF Landfill Geothermal
2007 2,700 365 17 182 100 15 0
2020 7,400 400 800 250 60 20 20

10. Capital Forecast
Dollars in millions
$2,300 $2,350 $2,350
$1,800
2009 2010 2011 2012
Other Nuclear Fuel Gas
Electric Distribution Electric Transmission Electric Generation
Wind

11. Solid Liquidity
Dollars in millions, as of February 27, 2009
Credit Total
Lines Available Cash Liquidity
Hold Co. $ 772 $ 355 $3 $ 358
NSPM 482 476 2 478
PSCo 675 651 0 651
SPS 248 238 141 379
Other 0 0 62 62
Total $2,177 $1,720 $ 208 $1,928

12. Modest Financing Needs in 2009
NSPM $400 million of first mortgage bonds
PSCo $400 million of first mortgage bonds
Both companies are “A” rated for secured debt

13. Solid Credit Ratings
Secured Unsecured
Fitch Moody’s S&P Fitch Moody’s S&P *
Hold Co. – – – BBB+ Baa1 BBB
NSPM A+ A2 A A A3 BBB+
NSPW A+ A2 A A A3 A-
A-
PSCo A A3 A A– Baa1 BBB+
A–
SPS – – – BBB+ Baa1 BBB+
* S&P upgraded the unsecured ratings for NSPM, NSPW and PSCo
on November 5, 2008

14. Current Rate Cases
Colorado Electric
— Requested rate increase of $174 million (7.4%)
— Decision expected summer 2009
Minnesota Electric
— Requested rate increase of $156 million (6.05%)
— Interim rates of $132 million
— Decision expected fall/winter 2009
Texas Electric
— Granted $57.4 million – pending commission approval
New Mexico Electric
— Seeking rate increase of $24.6 million
— Decision expected fall/winter 2009

15. Colorado Electric Case Update
Staff Recommendation:
— $110.3 million based on a forward test year
$69.9 million to be effective in July 2009
$40.4 million effective in January 2010
— ROE of 10.37%
— Equity ratio of 58.08%
Office of Consumer Council Recommendation:
— $3.8 million increase based on a historic test year
— ROE of 9.75%
— Equity ratio of 53%
PSCo expects new rates effective summer 2009

16. Texas Electric Case Update
Granted interim rate increase of $57.4 million
Adjusted request for $5.6 million reduction in
depreciation expenses
Black box settlement resolving all fuel
reconciliation issues related to 2006-2007
timeframe
Commission approval is pending

17. 2009 Earnings Guidance
2009
Earnings Per Share $1.45 - $1.55
Key Assumptions
— Relatively flat sales growth
— Reasonable treatment in rate cases
— Increasing revenue from riders
— Rising O&M expense
— Increasing depreciation expense
— Increasing interest expense
— Higher share count

18. Financial Execution
Delivering on 5 – 7% EPS Growth
Guidance Range
$1.45–$1.55
2005 – 2009 CAGR = 6.9% **
$1.45
$1.43
$1.30
$1.15
2005 2007 2008 2009
2006
Ongoing * Ongoing * Ongoing * Ongoing * Guidance
* Ongoing EPS excludes the impacts of COLI and disc ops.
A reconciliation to GAAP earnings is included in the appendix
** Estimated CAGR is based on middle of 2009 guidance range

19. Financial Execution
Delivering 2 – 4% Dividend Growth
Annualized dividend per share
2004 – 2008 CAGR = 3.4%
$0.95
$0.92
$0.89
$0.86
$0.83
2004 2005 2006 2007 2008

20. Key Take-Aways
Our strategy remains unchanged and on track
Constructive regulatory environment
Modest financing needs in 2009
We have the liquidity and balance sheet to finance our
rate base growth strategy
We are well-positioned to execute our business plan
We offer an attractive total return, based on
— A long-term annual EPS growth objective of 5% – 7%
— A safe, secure and growing dividend, currently
yielding approximately 5.5%

21. Appendix

22. Strong Balance Sheet
As of December 31, 2008
Millions Percent
Equity $ 6,964 44%
Preferred Equity 105 1%
Current Portion LT Debt 559 3%
Short-term Debt 455 3%
Long-term Debt * 7,732 49%
Total Capitalization $15,815 100%
* Long-term debt includes $400 million of hybrid securities which receives
50% equity treatment from the rating agencies.

23. Debt Maturities
Dollars in millions
$1,200
SPS
$1,000 PSCo
NSPW
$800
NSPM
$600 Xcel Energy
$400
$200
$0
2009 2010 2011 2012 2013 2014 2015

24. Pension Funding
As of December 31,
Dollars in millions
2008 2007
Fair value of pension assets $2,185 $3,186
Projected benefit obligation 2,598 2,662
Funded status $(413) $524
Funded status % 84% 120%
Pension Assumptions 2009 2008
Discount rate 6.75% 6.25%
Expected long-term rate of return 8.50 8.75
Expected Contributions
2009: $70 million to $130 million
2010: $150 million to $250 million

25. Reconciliation – Ongoing EPS to GAAP
Dollars per share
2007 2008
2005 2006
Ongoing Earnings $1.15 $1.30 $1.43 $1.45
PSRI/COLI 0.05 0.05 (0.08) 0.01
Continuing Operations $1.20 $1.35 $1.35 $1.46
Disc Ops 0.03 0.01 – –
GAAP Earnings $1.23 $1.36 $1.35 $1.46
As a result of the termination of the COLI program, Xcel Energy’s management
Energy’s
believes that ongoing earnings provide a more meaningful comparison of earnings
comparison
results between different periods in which the COLI program was in place and is
more representative of Xcel Energy’s fundamental core earnings power.
Energy’s
Xcel Energy’s management uses ongoing earnings internally for financial planning
Energy’s planning
and analysis, for reporting of results to the Board of Directors, in determining
Directors,
whether performance targets are met for performance-based compensation,
performance-based
and when communicating its earnings outlook to analysts and investors.
investors.

26. Capital Expenditure Forecast
Denotes enhanced recovery mechanism
Dollars in millions
2009 2010 2011 2012
Base & Other $1,305 $1,500 $1,520 $1,665
Nuclear Capacity/Life Ext 130 170 185 150
Comanche 3 130 15 0 0
MN Wind Generation 110 420 370 0
MN Wind Tran/CapX 2020 60 165 240 485
MERP 30 10 0 0
Fort St. Vrain CT 25 0 0 0
Sherco Upgrade 10 20 35 50
Total $1,800 $2,300 $2,350 $2,350

27. 2007 Rate Base and ROE
Dollars in millions Weather Normalized
Rate Base Earned ROE
Minnesota Electric $4,054 11.02%
Minnesota Gas 456 7.74
North Dakota Electric 202 2.96
North Dakota Gas 44 7.66
South Dakota Electric 251 9.28
Colorado Electric 3,569 10.09
Colorado Gas 1,096 10.45
Wisconsin Electric 554 8.33
Wisconsin Gas 77 8.59
Texas Electric 940 4.61*
New Mexico Electric** 276 2.24*
Wholesale 982 Not Reported
Total Rate Base $12,501
* Texas and New Mexico ROEs are actual earned, not weather normalized
** Results impacted by fuel disallowance

28. Minnesota Electric Rate Case
Filed November 3, 2008
2009 forward test year
Seeking rate increase of $156 million
— Electric rate base of $4.1 billion
— Requested ROE of 11.0%
— Equity ratio of 52.5%
Interim rates of $132 million effective January 2009
Decision expected fall/winter 2009

29. 2009 Colorado Electric Rate Case
Filed November 14, 2008
2009 forward test year
Seeking a rate increase of $174 million or 7.4%
— Electric rate base of $4.1 billion
— Requested ROE of 11%
— Equity ratio of 58%
Decision expected summer 2009
Partial-year revenue increase beginning in July

30. 2010 Colorado Electric Rate Case
Expected filing April 2009
2010 forward test year
Purpose is to recover costs associated with major
plan investments, including full-year costs for
Comanche and Ft. St. Vrain and other 2010 costs
Decision expected winter 2009
Full-year revenue increase in 2010

31. New Mexico Electric Rate Case
Filed December 18, 2008
Historic test year based on year-ending June 2008
Seeking rate increase of $24.6 million or 5.1%
— Electric rate base of $321 million
— Requested ROE of 12.0%
— Equity ratio of 50%
Seeking interim rates of $7.6 million for Lea Power
capacity contract

32. Recent Rate Case Outcomes
Dollars in millions
Dollar Increase Return on Equity
Requested Granted Requested Granted
Texas Electric * $94.4 $57.4 11.25% N/A
Wisconsin Electric $10.0 $5.6 11.0% 10.75%
North Dakota $17.9 $12.8 11.5% 10.75%
* Settlement pending commission approval

33. Minnesota Recovery Mechanisms
Forward test year with interim rates
MERP rider
Transmission rider
Conservation improvement program rider
Mercury reduction & environmental
improvement rider
RDF rider
State energy policy rider
Fuel clause adjustment
Purchased gas adjustment

34. Colorado Recovery Mechanisms
Ability to file either historic or forecast test years
Purchased capacity cost adjustment
Comanche 3 - forward CWIP via general rate case
Transmission rider
Renewable energy rider
Demand-side management cost adjustment rider
Air quality improvement rider
Energy cost adjustment
Natural gas cost adjustment
Partial decoupling on retail natural gas

35. Wisconsin Recovery Mechanisms
Forward test year
Ability to file for prospective fuel & purchase
energy adjustments (Wisconsin)
Fuel clause adjustment – wholesale
Purchased gas adjustment
Fuel clause factor (Michigan retail)

36. SPS Recovery Mechanisms
Historic test year (Texas & New Mexico)
Texas fixed fuel factor recovery
New Mexico fuel clause adjustment
Ability to establish interim rates through rate case
to recover capacity costs associated the Lea Power
contract (Texas)

37. Dakota’s Recovery Mechanisms
Forward test year with interim rates (ND)
Historic test year (SD)
Environmental rider (ND & SD)
Transmission rider (ND & SD)
Fuel clause adjustment (ND & SD)
Full decoupling on retail natural gas (ND)