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New York Investor Meeting
    November 29, 2005
Northern States Power              Northern States Power
    Company - Minnesota                Company - Wisconsin


   Public Service
Company of Colorado




        Southwestern Public Service



                New York Investor Meeting
                       November 29, 2005
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; final approval and
implementation of the pending settlement of the securities, ERISA and
derivative litigation; costs and other effects of legal administrative
proceedings, settlements, investigations and claims including litigation
related to company-owned life insurance (COLI); actions of accounting
regulatory bodies; risks associated with the California power market; the
higher degree of risk associated with Xcel Energy’s nonregulated businesses
compared with Xcel Energy’s regulated business; 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 2004.
cuting the Plan
  Exe
          Achieving
         he Potential
        t




             Dick Kelly
President and Chief Executive Officer
Strategy — Building the Core

         Invest in utility assets
                  AND
    Earn our allowed return on equity
Financial Performance Objectives

 EPS growth rate 2005 – 2009
 — Target 5 – 7% per year*
 Annual dividend increases
 — Consistent with dividend growth
   objective of 2 – 4% per year
 Credit rating
 — Senior unsecured debt BBB+ to A range



* Excluding any impact from COLI
Financial
            Performance

            Regulators/
            Legislators

     Value to      Environmental
    Customers       Stewardship


Invest in Regulated Utility Business
Distribution, Customer and A & G Costs

         Dollars per customer
 500

 400

 300

 200

 100

   0
     L                                IN
                         N
                                                 TE
                                 C
                  R
             D                              O
                             W
    E                           E
                        G
            E                              S
                            N        C
                 W
   X                                            D
                       P   P   W
       Source: 2004 FERC Form 1
Improving Large Customer* Satisfaction

     Percentile rank – TQS survey results

                                              82
                             73

            55




                                                      Good

       2003              2004               2005
  * 6,100 customers surveyed served by 60 utilities
Construction Program
On-time and Within Budget

  Completed           In-Process
    Fort St. Vrain      King
    Black Dog           High Bridge
    Prairie Island      Riverside
    Steam Generator     Comanche 3
    Angus Anson
    Blue Lake
Environmental Stewardship

 7% of energy from renewables – 2004
 Wind generation:
 — Current                 953 MW
 — In-service by 2008      730
 — Negotiating             850
      Total              2,533 MW
 Partner with EPRI on high-altitude,
 Powder River Basin coal IGCC demonstration
 Partner with the National Renewable Energy
 Laboratory on wind-hydrogen demonstration
 8 MW solar farm to be built in Colorado
Supportive Regulatory Treatment

 MERP
 Transmission riders in Minnesota and Texas
 Capacity cost rider in Colorado
 Comanche 3 CWIP in rate base
 Public Service of Colorado equity ratio up to 60%
Financial Strength

 Regulatory support for major investments
 File rate cases
 Manage to allowed cost
 Invest in jurisdictions which provide a fair return
 Maintain solid balance sheet to support growth
 and achieve credit rating objectives
Operational Focus
                     Results in local decision makers
                     with 360 degree perspective,
                     responsibility and accountability

               Regulatory

                                 Legislative
  Financial
   issues
              Operational
                Focus
  Resource                       Customer
   needs                        expectations
               Resource
               portfolio
Organization Structure

                      CEO
                                       Chief
   Utilities
                                     Financial
   Group
               Optimize efficiency    Officer
                     while
                                     Customer
                  maximizing
   NSP (M)                              and
                 accountability      Enterprise
                                     Solutions
    PSCo
                                      Energy
                                      Supply
    SPS


   NSP (W)                           General
                                     Counsel
Paul Bonavia                       Dave Sparby
            President                          Vice President
            Utilities Group                    Government
                                                and Regulatory
                                                Affairs




  David Wilks                    Ben Fowke
    President                 Vice President
Energy Supply                       and CFO

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ExecutingPlan

  • 1. New York Investor Meeting November 29, 2005
  • 2. Northern States Power Northern States Power Company - Minnesota Company - Wisconsin Public Service Company of Colorado Southwestern Public Service New York Investor Meeting November 29, 2005
  • 3. 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; final approval and implementation of the pending settlement of the securities, ERISA and derivative litigation; costs and other effects of legal administrative proceedings, settlements, investigations and claims including litigation related to company-owned life insurance (COLI); actions of accounting regulatory bodies; risks associated with the California power market; the higher degree of risk associated with Xcel Energy’s nonregulated businesses compared with Xcel Energy’s regulated business; 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 2004.
  • 4. cuting the Plan Exe Achieving he Potential t Dick Kelly President and Chief Executive Officer
  • 5. Strategy — Building the Core Invest in utility assets AND Earn our allowed return on equity
  • 6. Financial Performance Objectives EPS growth rate 2005 – 2009 — Target 5 – 7% per year* Annual dividend increases — Consistent with dividend growth objective of 2 – 4% per year Credit rating — Senior unsecured debt BBB+ to A range * Excluding any impact from COLI
  • 7. Financial Performance Regulators/ Legislators Value to Environmental Customers Stewardship Invest in Regulated Utility Business
  • 8. Distribution, Customer and A & G Costs Dollars per customer 500 400 300 200 100 0 L IN N TE C R D O W E E G E S N C W X D P P W Source: 2004 FERC Form 1
  • 9. Improving Large Customer* Satisfaction Percentile rank – TQS survey results 82 73 55 Good 2003 2004 2005 * 6,100 customers surveyed served by 60 utilities
  • 10. Construction Program On-time and Within Budget Completed In-Process Fort St. Vrain King Black Dog High Bridge Prairie Island Riverside Steam Generator Comanche 3 Angus Anson Blue Lake
  • 11. Environmental Stewardship 7% of energy from renewables – 2004 Wind generation: — Current 953 MW — In-service by 2008 730 — Negotiating 850 Total 2,533 MW Partner with EPRI on high-altitude, Powder River Basin coal IGCC demonstration Partner with the National Renewable Energy Laboratory on wind-hydrogen demonstration 8 MW solar farm to be built in Colorado
  • 12. Supportive Regulatory Treatment MERP Transmission riders in Minnesota and Texas Capacity cost rider in Colorado Comanche 3 CWIP in rate base Public Service of Colorado equity ratio up to 60%
  • 13. Financial Strength Regulatory support for major investments File rate cases Manage to allowed cost Invest in jurisdictions which provide a fair return Maintain solid balance sheet to support growth and achieve credit rating objectives
  • 14. Operational Focus Results in local decision makers with 360 degree perspective, responsibility and accountability Regulatory Legislative Financial issues Operational Focus Resource Customer needs expectations Resource portfolio
  • 15. Organization Structure CEO Chief Utilities Financial Group Optimize efficiency Officer while Customer maximizing NSP (M) and accountability Enterprise Solutions PSCo Energy Supply SPS NSP (W) General Counsel
  • 16. Paul Bonavia Dave Sparby President Vice President Utilities Group Government and Regulatory Affairs David Wilks Ben Fowke President Vice President Energy Supply and CFO