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Second Quarter 2008
Earnings Release Presentation




         July 31, 2008
EPS Results

                                  Second Quarter
                              2008           2007
Regulated Operations         $ 0.28         $ 0.30
Holding Company & Other       (0.04)         (0.03)
EPS – Ongoing                $ 0.24         $ 0.27
PSRI / COLI IRS Settlement    –              (0.11)
Total EPS                    $ 0.24         $ 0.16




                                                      1
EPS Change from Prior Year

                                      Second Quarter
2007 GAAP EPS                            $ 0.16
PSRI / COLI IRS settlement                 0.11
2007 Ongoing EPS                           0.27
Higher natural gas margins                 0.02
Higher AFUDC - equity                      0.01
Higher O&M expense                        (0.04)
Lower base electric utility margins       (0.01)
Higher conservation & DSM costs           (0.01)
Higher financing costs                    (0.01)
Other                                      0.01
2008 GAAP / Ongoing EPS                  $ 0.24


                                                       2
Electric Margin Change from Prior Year
Dollars in millions
                                            Second Quarter
                                             2008 vs. 2007
Sales growth (excluding weather impact)          $ 12
Retail rate increases (WI and ND interim)            9
Conservation and non-fuel riders                     7
MERP rider                                           5
Estimated weather impact                          (19)
Retail customer sales mix                         (13)
Purchased capacity costs                            (7)
Electric Utility Margin Change                   $ (6)




                                                             3
Gas Margin Change from Prior Year
Dollars in millions
                                    Second Quarter
                                     2008 vs. 2007
Base rate changes (CO & WI)             $7
Estimated impact of weather                4
Service and facility fees revenue          2
Conservation revenue                       1
Other                                     (1)

Total Natural Gas Margin Increase       $ 13




                                                     4
O&M Expenses Change from Prior Year

Dollars in millions                   Second Quarter
                                       2008 vs. 2007
Higher plant generation costs             $ 11
Higher labor costs                           10
Higher fleet costs                            5
Higher employee benefit expenses              4
Higher contract labor                         3
Lower nuclear plant outage expenses         (10)
Other, including consulting costs             6

Total O&M Expense Increase                $ 29




                                                       5
2008 Regulatory Filings

North Dakota electric
New Mexico electric
SPS wholesale
Texas electric




                          6
2008 Earnings Guidance
Dollars per share

                           EPS Range

Utility Operations        $1.61 – $1.71
Holding Company & Other       (0.16)
Xcel Energy EPS           $1.45 – $1.55




                                          7

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xcel energy 2Q 08_Earnings4578

  • 1. Second Quarter 2008 Earnings Release Presentation July 31, 2008
  • 2. EPS Results Second Quarter 2008 2007 Regulated Operations $ 0.28 $ 0.30 Holding Company & Other (0.04) (0.03) EPS – Ongoing $ 0.24 $ 0.27 PSRI / COLI IRS Settlement – (0.11) Total EPS $ 0.24 $ 0.16 1
  • 3. EPS Change from Prior Year Second Quarter 2007 GAAP EPS $ 0.16 PSRI / COLI IRS settlement 0.11 2007 Ongoing EPS 0.27 Higher natural gas margins 0.02 Higher AFUDC - equity 0.01 Higher O&M expense (0.04) Lower base electric utility margins (0.01) Higher conservation & DSM costs (0.01) Higher financing costs (0.01) Other 0.01 2008 GAAP / Ongoing EPS $ 0.24 2
  • 4. Electric Margin Change from Prior Year Dollars in millions Second Quarter 2008 vs. 2007 Sales growth (excluding weather impact) $ 12 Retail rate increases (WI and ND interim) 9 Conservation and non-fuel riders 7 MERP rider 5 Estimated weather impact (19) Retail customer sales mix (13) Purchased capacity costs (7) Electric Utility Margin Change $ (6) 3
  • 5. Gas Margin Change from Prior Year Dollars in millions Second Quarter 2008 vs. 2007 Base rate changes (CO & WI) $7 Estimated impact of weather 4 Service and facility fees revenue 2 Conservation revenue 1 Other (1) Total Natural Gas Margin Increase $ 13 4
  • 6. O&M Expenses Change from Prior Year Dollars in millions Second Quarter 2008 vs. 2007 Higher plant generation costs $ 11 Higher labor costs 10 Higher fleet costs 5 Higher employee benefit expenses 4 Higher contract labor 3 Lower nuclear plant outage expenses (10) Other, including consulting costs 6 Total O&M Expense Increase $ 29 5
  • 7. 2008 Regulatory Filings North Dakota electric New Mexico electric SPS wholesale Texas electric 6
  • 8. 2008 Earnings Guidance Dollars per share EPS Range Utility Operations $1.61 – $1.71 Holding Company & Other (0.16) Xcel Energy EPS $1.45 – $1.55 7