The document summarizes Xcel Energy's third quarter 2007 earnings results and provides guidance for 2007 and 2008. Some of the accomplishments in the third quarter included strong earnings results, regulatory approvals, and an S&P credit rating upgrade. Earnings per share for the third quarter were $0.58 compared to $0.53 the previous year. For 2007, utility operations are expected to contribute $1.51-$1.55 per share while total earnings are forecasted to be $1.31-$1.35 per share. The 2008 guidance estimates utility operations will contribute $1.61-$1.71 per share and total earnings of $1.45-$1.55 per share.

1. Third Quarter 2007
Earnings Release Presentation
October 25, 2007

2. Recent Accomplishments
Posted strong third quarter results
MN commission approved depreciation
live extension
COLI resolution finalized
NSP-Minnesota gas rate case completed
S&P credit ratings upgrade
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3. EPS Results
Third Quarter YTD
2007 2006 2007 2006
Regulated Operations $0.60 $0.50 $1.22 $1.11
Holding Company & Other (0.03) – (0.09) (0.03)
EPS – Continuing Ops $0.57 $0.50 $1.13 $1.08
Income (loss) from Disc Ops 0.01 0.03 (0.08) 0.04
Total EPS – Diluted $0.58 $0.53 $1.05 $1.12
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4. EPS Change From Prior Year
Third Quarter YTD
2007 vs. 2006 2007 vs. 2006
2006 EPS – Diluted $0.53 $1.12
Higher electric margins 0.15 0.21
Lower ST wholesale & trading margins (0.01) (0.01)
Higher O&M expense (0.05) (0.07)
Higher natural gas margins – 0.04
Lower (higher) depr. and amort. 0.02 (0.01)
Higher financing costs (0.02) (0.04)
Higher effective tax rate (0.04) (0.08)
Other 0.02 0.01
Changes in EPS – Disc Ops (0.02) (0.12)
2007 EPS – Diluted $0.58 $1.05
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5. Electric Margin Change From Prior Year
Third Quarter YTD
Dollars in millions
2007 vs. 2006 2007 vs. 2006
PSCo electric rate increase $ 31 $ 85
Sales growth (excluding weather impact) 16 41
Firm wholesale 12 10
Conservation and non-fuel riders 11 20
Transmission fee classification change 11 –
MERP rider 8 22
Estimated weather impact 7 9
NSP-Wisconsin fuel cost recovery 2 (14)
SPS potential regulatory settlements (1) (14)
Other 8 (15)
Total electric utility margin increase $105 $144
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6. Gas Margin Change From Prior Year
Dollars in millions
Third Quarter YTD
2007 vs. 2006 2007 vs. 2006
Base rate changes $3 $ 11
–
Sales decline (excluding weather impact) (3)
Transportation 2 4
Service and facilities fee revenue 2 7
Estimated weather impact (1) 12
Other (1) (5)
Total natural gas margin increase $2 $ 29
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7. O&M Expenses Change From Prior Year
Third Quarter YTD
Dollars in millions
2007 vs. 2006 2007 vs. 2006
Higher conservation incentive programs $13 $9
Transmission fee classification change 11 –
Higher uncollectible receivable expenses 7 9
Higher combustion/hydro plant expenses 4 18
Lower employee benefit expenses (3) (14)
Higher (lower) consulting costs (2) 5
Higher nuclear plant operation expenses 2 10
Higher donations 2 7
Higher nuclear plant outage expenses – 4
Other – 5
Total O&M expense increase $34 $53
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8. Capital Expenditure Forecast
Dollars in millions Denotes enhanced recovery process
2007 2008 2009 2010 2011
Base & Other $1,080 $1,245 $1,310 $1,310 $1,300
MERP 290 170 25 10 0
Comanche 3 360 330 60 10 0
MN Wind Tran/CapX 2020 160 40 65 115 270
Sherco Upgrade 5 5 20 75 230
MN Wind Generation 80 135 0 0 0
Nuclear Capacity/Life Ext 25 75 120 180 200
Total Committed $2,000 $2,000 $1,600 $1,700 $2,000
Potential Projects 0 100-200 200-400 200-400 200-500
Range $2,000 $2,100- $1,800- $1,900- $2,200-
$2,200 $2,000 $2,100 $2,500
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9. 2007 Earnings Guidance
Dollars per share
EPS Range
Utility Operations $1.51 – $1.55
Holding Company & Other (0.13)
Continuing Operations $1.38 – $1.42
Discontinued Operations (0.07)
Total Xcel Energy $1.31 – $1.35
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10. 2008 Earnings Guidance
Dollars per share
EPS Range
Utility Operations $1.61 – $1.71
Holding Company & Other (0.16)
Xcel Energy Continuing Operations $1.45 – $1.55
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