1. Reducing Carbon,
Delivering Results
American Gas Association
May 4 – 6, 2008

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 2007.

3. Attractive Investment Opportunity
Environmental leader with geographic competitive
advantage
Constructive regulation with enhanced recovery
of major capital projects
Conservative financial management
Strong corporate governance
Track record of successful execution

4. Environmental Leader
Resource plans’ projected CO2 emission reductions
Minnesota plan: 22% reduction by 2020
Colorado plan: 10% reduction by 2017
Innovative technology
Solar
Wind to battery
Wind to hydrogen
Demand Side Management (DSM)
Smart Grid
Geographic advantages
Wind
Solar
Carbon sequestration
Biomass

5. Geographic Competitive Advantage
Biomass Resource
Wind Resource
Source: National Renewable Energy Laboratory
Solar Resource
Wind Density
High
Low
Xcel Energy
States Served

6. Reducing Carbon Dioxide Emissions*
Millions of tons
80
75
70
65
60
2003 2004 2005 2006 2007
* Owned–generation carbon dioxide emissions

7. Projected Renewable Resources
Capacity (MW)
2007 2020
7,400
Wind 2,700
Hydro 365 400
Solar 17 600
Biomass 182 250
RDF 100 60
Landfill 15 20
Geothermal 0 20
Renewables
Nuclear Renewables
Nuclear
10%
12% 24%
13%
Gas & Oil Gas & Oil
21% 17%
Coal
Coal
46%
57%

8. Smart Grid Drivers for Change
Grid reliability
Improved reliability, increased demand
Environment
Global climate change
Legislative mandates for green power
Customer choices
Growing needs and expectations
Desire for greater flexibility and options

9. Smart Grid Scope and Efforts
Smart meters
Real time, high speed, two–way communications
Intelligent home/smart appliances
Demand Side Management
Distributed generation
Renewable energy sector growth
Energy storage devices

10. Smart Grid Pilot Project
Alignment with 5 partners
Total project cost ~ $100 million
Xcel Energy portion ~ 15% of total
Selected city: Boulder, CO
Benefit Benefit
Assessment Assessment
City Build Out Build Out
Begins Completed
Selection Begins Completed
2008 Q1 Q2 Q4 2009 Q1 Q4 2010

11. Constructive Regulation
Transmission riders – CO, MN, ND, SD
Renewable riders – CO, MN
MERP rider – MN
Conservation/DSM riders – CO, MN
Environmental riders – MN, ND, SD
Capacity rider – CO
Comanche 3 forward CWIP via general rate case – CO
IGCC rider – CO
Air quality improvement rider – CO

12. Projected Rider Revenue
Dollars in millions
240
CO AQIR
MN Renewable Energy Standard $195
200
CO Trans Cost Adjustment
MN Trans Cost Recovery $166
MN MERP
160
120 $107
$73
80
40
0
2006 2007 2008 2009

13. Regulatory Results
Rate relief granted 2006-2007: $400 million
2006 Minnesota electric rate case: $131 million
2006 Colorado electric rate case: $151 million
2006 Wisconsin gas and electric rate cases: $47 million
2007 Colorado gas rate case: $32 million
Other: $39 million

14. 2008 Regulatory Status
Status
Requested
New Mexico Electric December 2007 Pending
$17.3 million Summer 2008
11.0% ROE
North Dakota Electric December 2007 Pending
$20.5 million August 2008
11.5% ROE Interim rates
PSCo Wholesale February 2008 Settlement
Base rates $8.8 million $6.5 million
CWIP $3.7 million Blackbox
11.5% ROE
SPS Wholesale March 2008 Pending
$14.9 million
12.2% ROE

15. Solid Credit 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
A–
SPS – – – BBB+ Baa1 BBB+

16. Strong Access to Credit Markets
Issued $400 million of retail hybrid securities
with a 7.6% coupon in January 2008
Issued $500 million of first mortgage bonds
at NSP–Minnesota with 5.25% coupon in March 2008
Potential FMB debt issuances: 2nd half 2008
PSCo: $500 to $600 million
NSP–Wisconsin: Up to $250 million

17. Strong Corporate Governance
Independent Lead Director appointed June 2007
Annual election of all directors
12 independent directors on 13 person board
Management compensation aligned with
shareholders – stock ownership guidelines:
CEO ownership 5x annual base salary
CFO/Other Officers ownership 3x base salary

18. Proven Track Record:
Delivering on 5 – 7% EPS Growth
Ongoing EPS excludes the impacts of COLI and disc ops.
A reconciliation to GAAP earnings is included in the appendix.
Guidance Range
$1.45 – $1.55
$1.43
$1.30
$1.15
~ 5%*
10%
13%
2005 2006 2007 2008
Ongoing Ongoing Ongoing Guidance
* Estimated growth rate based on middle of guidance range

19. Proven Track Record:
Delivering 2 – 4% Dividend Growth
Annualized dividend per share
2004 – 2007 CAGR = 3.5%
$0.92
$0.89
$0.86
$0.83
$0.75
2003 2004 2005 2006 2007

20. Value Proposition
Low risk, fully regulated and integrated utility
Constructive regulation 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 ~ 4.4%
Sustainable annual dividend growth of 2% – 4%

21. Appendix

22. Reconciliation –
Ongoing EPS to GAAP
Dollars per share
2007
2005 2006
Ongoing Earnings $1.15 $1.30 $1.43
PSRI/COLI 0.05 0.05 (0.08)
Continuing Operations $1.20 $1.35 $1.35
Disc Ops 0.03 0.01 –
GAAP Earnings $1.23 $1.36 $1.35
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.

23. Earnings Guidance Range
Dollars per share
2007A 2008
Regulated Utility $1.55 $1.61 – $1.71
Holding Company (0.12) (0.16)
Ongoing Earnings $1.43 $1.45 – $1.55
PSRI/COLI $(0.08) –
Continuing Operations 1.35 1.45 – 1.55
Disc Ops – –
GAAP Earnings $1.35 $1.45 – $1.55

24. Capital Expenditure Forecast
Denotes enhanced recovery mechanism
Dollars in millions
2008 2009 2010 2011
Base & Other $1,245 $1,285 $1,310 $1,300
MERP 170 25 10 0
Comanche 3 330 60 10 0
MN Wind Tran/CapX 2020 40 65 115 270
Sherco Upgrade 5 20 75 230
MN Wind Generation 135 0 0 0
Nuclear Capacity/Life Ext 75 120 180 200
Fort St. Vrain CT 100 25 0 0
Total Committed $2,100 $1,600 $1,700 $2,000
Potential Projects 0-100 200-400 200-400 200-500
Range $2,100- $1,800- $1,900- $2,200-
$2,200 $2,000 $2,100 $2,500

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

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

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

28. 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

29. Debt Maturities
Dollars in millions
$1,200
SPS
$1,000 PSCo
NSPW
$800
NSPM
$600 Xcel Energy
$400
$200
$0
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