This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes key initiatives including investments in renewable energy, transmission infrastructure and nuclear capacity extensions. It also outlines Xcel's strategy to recover costs through regulatory mechanisms and deliver earnings and dividend growth. Recent and pending rate cases are also summarized.

1. Financial Plan
Ben Fowke
Vice President and CFO
New York Analyst Meeting
December 5, 2007

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; 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 2006.

3. Today’s Recap
Strong regulatory compact
Ability to address carbon and environmental issues
— Geography
— Fuel efficiency
Willingness to address environmental issues
Partner in public policy implementation due
to environmental leadership
Manageable cost increases to implement plan
Capital investment opportunity is growing

4. Capital Expenditure Forecast
Denotes enhanced recovery mechanism
Dollars in millions
2007 2008 2009 2010 2011
Base & Other $1,080 $1,245 $1,285 $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
Fort St. Vrain CT 90 100 25 0 0
Total Committed $2,090 $2,100 $1,600 $1,700 $2,000
Potential Projects 0 0-100 200-400 200-400 200-500
Range $2,090 $2,100- $1,800- $1,900- $2,200-
$2,200 $2,000 $2,100 $2,500

5. Potential Resource Plan Projects
Incremental wind generation (2007–2011)
— Estimated 600 MW
— Ownership target > 50%
— Potential investment up to $600 million
Incremental natural gas generation (2007–2011)
— Ownership target up to 100%
— Potential investment up to $400 million
Additional transmission (2007–2011)
— Potential investment up to $400 million

6. Recovery on Capital Investment *
Dollars in millions
2,800
$2,350
2,400
$2,150
$2,090 $2,000
$1,900
2,000
1,600
1,200
800
400
0
2007 2008 2009 2010 2011
Traditional Recovery Enhanced Recovery Depreciation
* Capital forecast based on middle of range

7. Potential Cash from Operations
Dollars in millions
2,400
2,000
1,600
1,200
800
400
0
2007 2008 2009 2010 2011
Net Income * Depreciation NOL
* Net Income growth based on middle of range

8. Delivering on Rate Base Growth *
Dollars in billions
CAGR = 7.5%
$16.9
$15.7
$14.9
$14.0
$12.8
$11.7
2006 2007 2008 2009 2010 2011
* Growth based on middle of capital forecast range

9. Earnings Guidance Range 2007–2008
Dollars per share
2007 2008
Regulated Utility $1.51 – $1.55 $1.61 – $1.71
Holding Company $(0.13) $(0.16)
Earnings before PSRI/COLI $1.38 – $1.42 $1.45 – $1.55
PSRI/COLI $(0.08) –
Continuing Operations $1.30 – $1.34 $1.45 - $1.55
Disc Ops $0.01 –
Total $1.31 – $1.35 $1.45 – $1.55

10. Delivering on
Dividend Growth Objective
Annualized dividend per share
2004–2007 CAGR = 3.5%
$0.92
$0.89
$0.86
$0.83
$0.75
2003 2004 2005 2006 2007

11. Catalysts
Improve earned return on equity
Colorado electric rate case in 2009
— Request will be based on forecast test year
Minnesota electric rate case in 2009
— Interim rates
— Potential nuclear recovery mechanism
Rate cases in smaller jurisdictions
WYCO gas transmission pipeline
— Operational in 2009
— $145 million equity investment
— Potential EPS contribution of 2 – 3 cents
per share

12. Premium Utility
Xcel Energy has the willingness and ability to reduce
carbon, while meeting increasing customer demand
Environmental leadership has given us credibility
with key stakeholders and a seat at the table
Enhanced regulatory recovery mechanisms improve
cash flow, keeps balance sheet strong and increases
regulatory certainty
SPS is positioned for improved performance
Continue to deliver on expectations
Xcel Energy is undervalued compared to regulated
utility peers

13. Attractive Value Proposition
Low risk, fully regulated and integrated utility
Constructive regulatory environment with enhanced
recovery of major capital projects
Pipeline of investment opportunities
Environmental leader, well-positioned
for changing rules
Attractive Total Return
Sustainable annual EPS growth of 5% – 7%
with upside potential
Strong dividend yield of ~ 4.2%
Sustainable annual dividend growth of 2% – 4%

14. Appendix

15. Company Profile
Traditional Regulation
NSP-Minnesota NSP-Wisconsin
Operate in 8 States
47% of net income 7% of net income
Combination Utility
Electric 85% of net income
Gas 15% of net income
PSCo
38% of net income Customers
3.3 million electric
1.8 million gas
SPS 2006 Financial Statistics
8% of net income NI cont op: $548 million
Assets: $22 billion
GAAP ROE: 10.1%
Equity ratio: 43%
2006 EPS $1.30 continuing operations
2007 Dividend $0.92 per share annualized

16. Capital Investment Opportunities *
Dollars in millions
$2,800
Potential Projects
$2,400
Common/Other
$2,000
Nuclear Fuel
$1,600
Gas
$1,200
Elec Distribution
$800
Elec Transmission
$400
Elec Generation
$0
2007 2008 2009 2010 2011
* Capital forecast based on middle of range

17. Capital Expenditures
by Operating Company *
Dollars in millions
2007 2008 2009 2010 2011
NSPM $1,025 $935 $955 $1,060 $1,380
PSCo 850 945 650 680 750
SPS 140 170 205 180 140
NSPW 75 100 90 80 80
Total $2,090 $2,150 $1,900 $2,000 $2,350
* Capital forecast based on middle of range

18. Capital Expenditures by Function *
Dollars in millions
2007 2008 2009 2010 2011
Elec Generation $1,000 $935 $480 $525 $745
Elec Transmission 400 300 325 390 500
Elec Distribution 330 355 345 355 360
Gas 115 140 155 160 155
Nuclear Fuel 90 145 150 140 105
Common/Other 155 225 145 130 135
Potential Projects 0 50 300 300 350
Total $2,090 $2,150 $1,900 $2,000 $2,350
* Capital forecast based on middle of range

19. Debt Maturities
Dollars in millions
$1,200
SPS
$1,000 PSCo
NSPW
$800
NSPM
$600 Xcel Energy
$400
$200
$0
2007 2008 2009 2010 2011 2012 2013 2014 2015
Xcel Energy: $104 million due 11/27/2007 @ 7.50%

20. Senior Debt Ratings
Secured Unsecured
Fitch Moody’s S&P Fitch Moody’s S&P
Holding Co. BBB+ Baa1 BBB
NSPM A+ A2 A A A3 BBB
NSPW A+ A2 A A A3 BBB+
PSCo A A3 A A- Baa1 BBB
SPS BBB+ Baa1 BBB+

21. 2006 Rate Case Outcomes
Dollars in millions
Return on Equity
Dollar Increase
Requested Granted Requested Granted
Colorado Electric $208 $151 11.0% 10.5%
Minnesota Electric $156 $131/115* 11.0% 10.54%
Wisconsin Electric $53.1 $43.4 11.9% 11.0%
Colorado Gas $34.5 $22.0 11.0% 10.5%
Wisconsin Gas $7.8 $3.9 11.9% 11.0%
* $131 million for 2006 reduced to $115 million in 2007
for large customer coming on-line January 1, 2007

22. 2007 Rate Case Outcomes
Dollars in millions
Dollar Increase Return on Equity
Requested Granted Requested Granted
Texas Electric $48.0 $23.0 11.6% N/A
Colorado Gas $41.9 $32.3 11.0% 10.25%
Minnesota Gas $18.5 $11.9 11.0% 9.71%
North Dakota Gas $2.8 $2.3 11.3% 10.75%

23. Pending Rate Cases
Dollars in millions
Revenue Requested Interim
Jurisdiction Request ROE Rate Decision
Wisconsin Electric $67.4 11.0% N/A December 2007
Wisconsin Gas $5.3 11.0% N/A December 2007
New Mexico Electric $17.3 11.0% N/A Summer 2008

24. 2006 Rate Base and ROE
Dollars in millions Weather Normalized
Rate Base Earned ROE
Minnesota Electric $3,599 10.3%
Minnesota Gas 441 6.1
North Dakota Electric 188 8.9
North Dakota Gas 44 7.5
South Dakota Electric 232 11.1
Colorado Electric 3,292 7.7
Colorado Gas 1,106 7.8
Wisconsin Electric 556 10.8
Wisconsin Gas 77 7.4
Texas Electric 977 6.5
New Mexico Electric 311 6.2
Wholesale 879 Not Reported
Total Rate Base $11,702