This document provides an overview of Xcel Energy's operations and financial projections. It discusses Xcel's regulated utility subsidiaries, rate base and returns, reconciliation of regulatory and GAAP financial reporting, assumptions for 2006 earnings guidance, and projected capital expenditures and potential earnings from major projects. Key details include projected 2006 O&M and interest expense increases, earnings assumptions, coal supply contracts through 2008, and senior debt credit ratings of BBB- to A3.
This document provides an overview and summary of a financial forum held by AGA Financial from May 1-3, 2005. It includes forward-looking statements and discusses key assumptions, strategies, and financial projections for Xcel Energy and its regulated utility subsidiaries. The strategy involves low-risk investments in regulated utility assets to earn the authorized rate of return and achieve a total return objective of 7-9% per year for shareholders.
Xcel Energy announced lower earnings for the first quarter of 2005 compared to the same period in 2004. Income from continuing operations was $126 million compared to $149 million in 2004. Total earnings including discontinued operations were $121 million compared to $150 million in 2004. The earnings decline was largely due to lower short-term wholesale margins, higher depreciation expense, and higher utility operating and maintenance expenses. Xcel Energy maintained its 2005 earnings guidance.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and potential rate increases.
3) Major investment projects include Minnesota MERP and Comanche Unit 3, with overall capital expenditures growing utility rate base by an average of 4.4% annually.
4) Xcel expects to fund investments through operations, debt issuance, and dividend reinvestment without needing to issue new equity through 2006.
This document summarizes Xcel Energy's investor meetings on the west coast in September 2005. It outlines Xcel's strategy to invest in utility assets and earn allowed returns on equity. It provides details on drivers of value creation, capital expenditure plans from 2005-2009, sources of funding, potential regulatory income increases, and earnings growth targets. The appendix provides additional details on Xcel's service territories, organizational structure, rate base and returns by state.
This document summarizes key points from a presentation given at an Edison Electric Institute financial conference. It outlines Xcel Energy's strategy to increase investment in its utility assets to drive growth and earnings, earn its authorized regulatory returns, and deliver total shareholder returns of 7-9% annually through earnings growth and dividends. Specific capital projects and regulatory filings aimed at achieving these goals are also mentioned.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating as the 4th largest US electric and gas utility, growth opportunities through infrastructure investments, regulatory filings, and a total return objective of 7-9% per year through earnings growth and dividends.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document provides an overview and summary of a financial forum held by AGA Financial from May 1-3, 2005. It includes forward-looking statements and discusses key assumptions, strategies, and financial projections for Xcel Energy and its regulated utility subsidiaries. The strategy involves low-risk investments in regulated utility assets to earn the authorized rate of return and achieve a total return objective of 7-9% per year for shareholders.
Xcel Energy announced lower earnings for the first quarter of 2005 compared to the same period in 2004. Income from continuing operations was $126 million compared to $149 million in 2004. Total earnings including discontinued operations were $121 million compared to $150 million in 2004. The earnings decline was largely due to lower short-term wholesale margins, higher depreciation expense, and higher utility operating and maintenance expenses. Xcel Energy maintained its 2005 earnings guidance.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and potential rate increases.
3) Major investment projects include Minnesota MERP and Comanche Unit 3, with overall capital expenditures growing utility rate base by an average of 4.4% annually.
4) Xcel expects to fund investments through operations, debt issuance, and dividend reinvestment without needing to issue new equity through 2006.
This document summarizes Xcel Energy's investor meetings on the west coast in September 2005. It outlines Xcel's strategy to invest in utility assets and earn allowed returns on equity. It provides details on drivers of value creation, capital expenditure plans from 2005-2009, sources of funding, potential regulatory income increases, and earnings growth targets. The appendix provides additional details on Xcel's service territories, organizational structure, rate base and returns by state.
This document summarizes key points from a presentation given at an Edison Electric Institute financial conference. It outlines Xcel Energy's strategy to increase investment in its utility assets to drive growth and earnings, earn its authorized regulatory returns, and deliver total shareholder returns of 7-9% annually through earnings growth and dividends. Specific capital projects and regulatory filings aimed at achieving these goals are also mentioned.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating as the 4th largest US electric and gas utility, growth opportunities through infrastructure investments, regulatory filings, and a total return objective of 7-9% per year through earnings growth and dividends.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
xcel energy 8BFFinancial_Plan_Xcel_Energy_12052007finance26
This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes Xcel's ability to address environmental issues through its operations and fuel efficiency. The capital expenditure forecast shows increasing investments in areas like wind generation, transmission projects, and nuclear capacity extensions. The plan also discusses Xcel's earnings guidance, dividend growth, regulatory proceedings, and opportunities for investment and earnings growth.
This document summarizes a company's earnings results for the second quarter of 2008 compared to the second quarter of 2007. It reported $0.24 in EPS for the second quarter of 2008, up from $0.16 in the same period in 2007. The increase was driven by higher natural gas margins due to base rate changes and weather, as well as higher plant generation and labor costs, partially offset by lower electric utility margins and higher conservation and DSM costs. The document also provides guidance of $1.45 to $1.55 in EPS for 2008.
xcel energy BAC_Presentation_112007_Finalfinance26
Ben Fowke, Vice President and CFO of Xcel Energy, discusses the company's strategy to achieve financial success through environmental leadership. Xcel aims to stabilize or reduce carbon emissions from electricity by 2020 through renewable energy, energy efficiency, upgrading plants, and evaluating carbon capture technology. This strategy positions the company for anticipated climate regulation while maintaining reasonable customer rates and regulatory support for investments. Fowke outlines capital spending projections and enhanced recovery mechanisms that can deliver earnings and dividend growth.
xcel energy 7258B9DD-EF98-40EE-97CF-0BFED2089B2B_0309_NEW4Texas-KCRoadshowfinance26
This document summarizes a presentation for investors in Texas, Kansas, and Missouri. It outlines Xcel Energy's strategy to grow its core utility business while meeting environmental challenges. Key points include growing rate base through transmission expansion and wind development. Earnings guidance for 2009 is $1.45 to $1.55 per share. The strategy aims for long-term annual EPS growth of 5-7% and dividend growth of 2-4% annually. Regulatory filings and rate cases are progressing as planned.
This document summarizes Xcel Energy's energy supply plan and performance. It outlines Xcel's diverse fuel mix including coal, natural gas, nuclear, renewables and purchases. It shows that Xcel has lower non-fuel and fuel costs than peers. The document also discusses Xcel's strong operational performance across its plants, environmental stewardship initiatives to reduce emissions, and cost management through sourcing and construction projects completed on time and on budget.
This document is a presentation by David Eves, President and CEO of Southwestern Public Service Company, to analysts in New York on December 5, 2007. It provides an overview of SPS, including its financial performance in 2006, generation assets, customer base, rates of return, and environmental policies. It discusses reasons for past underperformance, and outlines a turnaround plan focused on resolving fuel cost allocation disputes, improving service, securing stakeholder support, and investments to ensure generation adequacy and transmission access while maintaining low rates. Key priorities are improving partnerships with customers and cost recovery, while investing in generation, transmission, renewables and demand-side management to improve environmental performance.
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
Xcel Energy reported first quarter 2008 earnings per share of $0.35, up from $0.28 in the first quarter of 2007. Higher electric and natural gas margins contributed to the increased earnings. Total operating and maintenance expenses were $15 million higher in the first quarter of 2008 compared to the same period in 2007, largely due to higher fuel and contract labor costs. The presentation provides guidance of $1.45 to $1.55 EPS for 2008.
Xcel Energy announced earnings of $151 million or $0.36 per share for Q1 2006, up from $121 million or $0.29 per share in Q1 2005. Regulated utility earnings increased to $162 million due to rate increases in Colorado, Wisconsin and an interim increase in Minnesota, partially offset by higher expenses and warmer weather. Commodity trading margins increased to $12 million. Management reaffirmed 2006 earnings guidance of $1.25-1.35 per share.
This document summarizes Xcel Energy's strategy to reduce carbon emissions and invest in renewable energy. It outlines Xcel's plans to reduce CO2 emissions 22% by 2020 in Minnesota and 10% by 2017 in Colorado through investments in smart grid technology, wind, solar, biomass, and carbon sequestration. It also discusses Xcel's attractive investment opportunities through regulated utility growth, constructive regulation supporting capital investments, and a track record of successful execution.
The document outlines Xcel Energy's financial plan for 2005-2009, including objectives of 5-7% annual EPS growth, 2-4% annual dividend increases, and maintaining a BBB+ to A credit rating. It provides details on capital expenditures, projected rate base growth, regulatory net income forecasts, potential cash flows, capital structure ratios, and earnings guidance. The overall plan is to invest in regulated utility businesses and achieve reasonable earnings growth through rate cases while maintaining investment grade credit ratings.
This document provides an overview of Xcel Energy's strategy to align stakeholders through renewable energy development and regulatory policies. It summarizes Xcel's renewable portfolio goals through 2020, including increasing wind and solar capacity. It also discusses the company's transmission investments and constructive regulatory environment, which allow recovery of capital expenditures. Finally, it highlights Xcel's financial execution in delivering earnings and dividend growth.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
The document provides financial results and guidance for Xcel Energy for Q3 2008. Key points include:
- Q3 2008 EPS was $0.51 compared to $0.59 in Q3 2007. Lower electric utility margins and higher expenses contributed to the decline.
- Natural gas margins increased $8M due to base rate changes and sales growth, while electric margins declined $28M due to weather, nuclear refueling, and purchased capacity costs.
- Xcel has strong liquidity of $1.9B and recently issued debt and equity to fund growth and maintain a strong balance sheet.
- 2008 EPS guidance is $1.45-$1.50.
xcel energy 2007 Earnings Release Presentation10252007finance26
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) The document discusses Xcel Energy's strategy of executing operating company plans to optimize reliability and costs for customers while achieving financial performance targets.
2) It highlights initiatives across various operating companies including resource planning, rate cases, and legislative advocacy to balance customer, environmental, and shareholder interests.
3) The priorities for each operating company are identified as continuing safe and reliable operations, pursuing cost recovery through regulatory proceedings, and improving customer satisfaction.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
xcel energy 2008 June_EurpopeanInvestor854finance26
This document summarizes Xcel Energy's business profile, environmental leadership initiatives, regulatory framework, growth opportunities, and financial performance. Xcel Energy is a major utility operating in 8 states, focusing on reducing carbon emissions through renewable energy investments and technology pilots. The company expects to grow earnings 5-7% annually through rate base investments and has a track record of increasing its dividend by 2-4% per year.
This document summarizes Xcel Energy's strategy and financial outlook for 2005-2009. The key points are:
1) Xcel plans to invest $6.8 billion in utility assets over 2005-2009 to increase rate base and earnings. This investment is supported by regulators and adds to growth.
2) Regulatory income and depreciation are forecasted to grow annually by 4.4-7.8% through rate increases and higher rate base.
3) Xcel expects its dividend to grow consistently with earnings of 2-4% annually and does not anticipate needing to issue new equity until 2007 or 2008.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and higher allowed returns on equity set in upcoming rate cases.
3) Capital expenditures will focus on transmission projects, plant upgrades, and the Comanche 3 coal plant, funded through operations and modest debt issuance.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, regulatory environment, capital expenditure plans, earnings guidance, and rate case forecasts for 2005-2009. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures are expected to total $6.8 billion over the period. Earnings are projected to grow 5-8% annually from $506 million in 2004 to a range of $650-744 million in 2009 through rate base growth and higher allowed returns.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, capital expenditure plans, regulatory proceedings, and financial guidance. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures from 2005-2009 are projected to be $6.8 billion, funding growth in rate base and earnings. Rate cases in several states are expected to increase revenues. Regulatory net income is projected to grow 5-8% annually through increased investment and higher allowed returns.
xcel energy 8BFFinancial_Plan_Xcel_Energy_12052007finance26
This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes Xcel's ability to address environmental issues through its operations and fuel efficiency. The capital expenditure forecast shows increasing investments in areas like wind generation, transmission projects, and nuclear capacity extensions. The plan also discusses Xcel's earnings guidance, dividend growth, regulatory proceedings, and opportunities for investment and earnings growth.
This document summarizes a company's earnings results for the second quarter of 2008 compared to the second quarter of 2007. It reported $0.24 in EPS for the second quarter of 2008, up from $0.16 in the same period in 2007. The increase was driven by higher natural gas margins due to base rate changes and weather, as well as higher plant generation and labor costs, partially offset by lower electric utility margins and higher conservation and DSM costs. The document also provides guidance of $1.45 to $1.55 in EPS for 2008.
xcel energy BAC_Presentation_112007_Finalfinance26
Ben Fowke, Vice President and CFO of Xcel Energy, discusses the company's strategy to achieve financial success through environmental leadership. Xcel aims to stabilize or reduce carbon emissions from electricity by 2020 through renewable energy, energy efficiency, upgrading plants, and evaluating carbon capture technology. This strategy positions the company for anticipated climate regulation while maintaining reasonable customer rates and regulatory support for investments. Fowke outlines capital spending projections and enhanced recovery mechanisms that can deliver earnings and dividend growth.
xcel energy 7258B9DD-EF98-40EE-97CF-0BFED2089B2B_0309_NEW4Texas-KCRoadshowfinance26
This document summarizes a presentation for investors in Texas, Kansas, and Missouri. It outlines Xcel Energy's strategy to grow its core utility business while meeting environmental challenges. Key points include growing rate base through transmission expansion and wind development. Earnings guidance for 2009 is $1.45 to $1.55 per share. The strategy aims for long-term annual EPS growth of 5-7% and dividend growth of 2-4% annually. Regulatory filings and rate cases are progressing as planned.
This document summarizes Xcel Energy's energy supply plan and performance. It outlines Xcel's diverse fuel mix including coal, natural gas, nuclear, renewables and purchases. It shows that Xcel has lower non-fuel and fuel costs than peers. The document also discusses Xcel's strong operational performance across its plants, environmental stewardship initiatives to reduce emissions, and cost management through sourcing and construction projects completed on time and on budget.
This document is a presentation by David Eves, President and CEO of Southwestern Public Service Company, to analysts in New York on December 5, 2007. It provides an overview of SPS, including its financial performance in 2006, generation assets, customer base, rates of return, and environmental policies. It discusses reasons for past underperformance, and outlines a turnaround plan focused on resolving fuel cost allocation disputes, improving service, securing stakeholder support, and investments to ensure generation adequacy and transmission access while maintaining low rates. Key priorities are improving partnerships with customers and cost recovery, while investing in generation, transmission, renewables and demand-side management to improve environmental performance.
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
Xcel Energy reported first quarter 2008 earnings per share of $0.35, up from $0.28 in the first quarter of 2007. Higher electric and natural gas margins contributed to the increased earnings. Total operating and maintenance expenses were $15 million higher in the first quarter of 2008 compared to the same period in 2007, largely due to higher fuel and contract labor costs. The presentation provides guidance of $1.45 to $1.55 EPS for 2008.
Xcel Energy announced earnings of $151 million or $0.36 per share for Q1 2006, up from $121 million or $0.29 per share in Q1 2005. Regulated utility earnings increased to $162 million due to rate increases in Colorado, Wisconsin and an interim increase in Minnesota, partially offset by higher expenses and warmer weather. Commodity trading margins increased to $12 million. Management reaffirmed 2006 earnings guidance of $1.25-1.35 per share.
This document summarizes Xcel Energy's strategy to reduce carbon emissions and invest in renewable energy. It outlines Xcel's plans to reduce CO2 emissions 22% by 2020 in Minnesota and 10% by 2017 in Colorado through investments in smart grid technology, wind, solar, biomass, and carbon sequestration. It also discusses Xcel's attractive investment opportunities through regulated utility growth, constructive regulation supporting capital investments, and a track record of successful execution.
The document outlines Xcel Energy's financial plan for 2005-2009, including objectives of 5-7% annual EPS growth, 2-4% annual dividend increases, and maintaining a BBB+ to A credit rating. It provides details on capital expenditures, projected rate base growth, regulatory net income forecasts, potential cash flows, capital structure ratios, and earnings guidance. The overall plan is to invest in regulated utility businesses and achieve reasonable earnings growth through rate cases while maintaining investment grade credit ratings.
This document provides an overview of Xcel Energy's strategy to align stakeholders through renewable energy development and regulatory policies. It summarizes Xcel's renewable portfolio goals through 2020, including increasing wind and solar capacity. It also discusses the company's transmission investments and constructive regulatory environment, which allow recovery of capital expenditures. Finally, it highlights Xcel's financial execution in delivering earnings and dividend growth.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
The document provides financial results and guidance for Xcel Energy for Q3 2008. Key points include:
- Q3 2008 EPS was $0.51 compared to $0.59 in Q3 2007. Lower electric utility margins and higher expenses contributed to the decline.
- Natural gas margins increased $8M due to base rate changes and sales growth, while electric margins declined $28M due to weather, nuclear refueling, and purchased capacity costs.
- Xcel has strong liquidity of $1.9B and recently issued debt and equity to fund growth and maintain a strong balance sheet.
- 2008 EPS guidance is $1.45-$1.50.
xcel energy 2007 Earnings Release Presentation10252007finance26
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) The document discusses Xcel Energy's strategy of executing operating company plans to optimize reliability and costs for customers while achieving financial performance targets.
2) It highlights initiatives across various operating companies including resource planning, rate cases, and legislative advocacy to balance customer, environmental, and shareholder interests.
3) The priorities for each operating company are identified as continuing safe and reliable operations, pursuing cost recovery through regulatory proceedings, and improving customer satisfaction.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
xcel energy 2008 June_EurpopeanInvestor854finance26
This document summarizes Xcel Energy's business profile, environmental leadership initiatives, regulatory framework, growth opportunities, and financial performance. Xcel Energy is a major utility operating in 8 states, focusing on reducing carbon emissions through renewable energy investments and technology pilots. The company expects to grow earnings 5-7% annually through rate base investments and has a track record of increasing its dividend by 2-4% per year.
This document summarizes Xcel Energy's strategy and financial outlook for 2005-2009. The key points are:
1) Xcel plans to invest $6.8 billion in utility assets over 2005-2009 to increase rate base and earnings. This investment is supported by regulators and adds to growth.
2) Regulatory income and depreciation are forecasted to grow annually by 4.4-7.8% through rate increases and higher rate base.
3) Xcel expects its dividend to grow consistently with earnings of 2-4% annually and does not anticipate needing to issue new equity until 2007 or 2008.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and higher allowed returns on equity set in upcoming rate cases.
3) Capital expenditures will focus on transmission projects, plant upgrades, and the Comanche 3 coal plant, funded through operations and modest debt issuance.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, regulatory environment, capital expenditure plans, earnings guidance, and rate case forecasts for 2005-2009. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures are expected to total $6.8 billion over the period. Earnings are projected to grow 5-8% annually from $506 million in 2004 to a range of $650-744 million in 2009 through rate base growth and higher allowed returns.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, capital expenditure plans, regulatory proceedings, and financial guidance. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures from 2005-2009 are projected to be $6.8 billion, funding growth in rate base and earnings. Rate cases in several states are expected to increase revenues. Regulatory net income is projected to grow 5-8% annually through increased investment and higher allowed returns.
This document provides an overview and summary of a financial forum held by AGA Financial from May 1-3, 2005. It includes forward-looking statements and discusses key assumptions, strategies, and financial projections for Xcel Energy and its regulated utility subsidiaries. The strategy involves low-risk investments in regulated utility assets to earn the authorized rate of return and achieve a total return objective of 7-9% per year for shareholders.
This document provides an overview and summary of AGA Financial Forum held May 1-3, 2005. It discusses Xcel Energy's low-risk business strategy of investing in regulated utility assets to meet sales growth and earn allowed returns. Key points include earnings growth drivers, capital expenditure forecasts, regulatory initiatives, and 2005 earnings guidance assumptions. Financial information is presented for Xcel Energy and its operating companies.
This document provides an overview of Xcel Energy Inc., a major US electric and gas utility. It discusses Xcel's low-risk business strategy of investing in regulated utility assets to earn its authorized return on equity. Key details include Xcel's operating regions and subsidiaries, earnings growth drivers, capital expenditure plans, regulatory initiatives, and assumptions for 2005 earnings guidance. The presentation is aimed at investors to promote Xcel as a stable, low-risk investment.
This document outlines Xcel Energy's low-risk business strategy of investing in regulated utility assets to earn their authorized rate of return. Key points include:
- Xcel Energy aims for a total annual return of 7-9% through a 5% dividend yield and 2-4% earnings growth.
- Nearly 100% of income comes from regulated utility operations in 8 states, diversifying regulatory risk.
- Capital expenditure forecasts through 2009 will increase rate base and allow earning higher returns on equity.
- Regulatory initiatives are planned in various states from 2005-2007 to obtain rate increases.
This document provides an overview of Xcel Energy Inc., a major US electric and gas utility. It discusses Xcel's low-risk business strategy of investing in regulated utility assets to earn its authorized return on equity. Key details include Xcel's operating regions and subsidiaries, earnings growth drivers, capital expenditure plans, regulatory initiatives, and assumptions for 2005 earnings guidance. The presentation is aimed at investors to promote Xcel as a stable, low-risk investment.
This document outlines presentations to be made to Boston investors in August and September 2005 by Xcel Energy. It discusses Xcel's strategy of investing in utility assets to earn their allowed rate of return. It provides details on capital expenditure plans, upcoming rate cases in various states, regulatory support, and earnings growth potential through 2009. It also notes 2005 EPS guidance and dividend policy. The overall strategy is described as delivering competitive shareholder returns and improving credit metrics through a constructive regulatory environment.
The document outlines Xcel Energy's capital expenditure plans and forecasts for 2005-2009. It expects to invest $6.9 billion over this period, with key investments including Comanche 3 plant, Minnesota MERP rider projects, and transmission infrastructure. Regulatory filings are planned in various states to recover costs and earn authorized returns of 10-11% on equity. Forecasts show potential for regulated utility earnings and cash flows to grow annually by 4.4-7.8% through rate base increases and higher equity returns.
This document outlines presentations to be made to Boston investors in August and September 2005 by Xcel Energy. It discusses Xcel's strategy of investing in utility assets to earn its allowed rate of return. It provides details on Xcel's capital expenditure plan through 2009, anticipated rate base growth, upcoming rate cases, and regulatory support. The document also notes Xcel's guidance for 2005 EPS of $1.18-$1.28 per share and outlines its transparent strategy aimed at delivering competitive returns to shareholders.
This document provides an overview of Midwest Investor Meetings held by Xcel Energy on May 31-June 1, 2005. It summarizes Xcel's low-risk business strategy of investing in regulated utility assets to earn an allowed return on equity of 7-9% annually. Nearly 100% of income comes from regulated operations across eight Midwestern states. Key drivers of value creation include increasing investment, service territory growth, and regulatory initiatives.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating primarily regulated utilities, forecasting earnings growth of 2-4% annually through 2009 to achieve a total return objective of 7-9%, and ongoing capital expenditures and regulatory proceedings across its service territories to increase rates and earnings.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations and environmental leadership. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental upgrades. This is expected to drive earnings per share growth of 5-7% annually and annual dividend growth of 2-4%. Regulatory mechanisms allow for recovery of major capital investments.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental projects. Xcel expects this capital investment to drive 5-7% annual EPS growth and 2-4% annual dividend growth. The company operates under constructive regulation and has recovery mechanisms that allow passing costs through to customers.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors in May 2007. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights its leadership in renewable energy and environmental initiatives, and projects sustainable earnings growth of 5-7% through continued capital investment. Regulatory mechanisms allow for recovery of major capital expenditures and fuel costs.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights their leadership in renewable energy and environmental initiatives, and provides projections showing expected sustainable earnings growth through 2020 driven by continued capital investments. Regulatory mechanisms across their jurisdictions allow for recovery of fuel and purchased power costs as well as major capital investments.
This document provides a summary from Ben Fowke, Vice President and CFO of Xcel Energy, given at the AGA Financial Forum on April 29 - May 1, 2007. It outlines Xcel Energy's strategy of focusing on regulated utility operations to drive sustainable 5-7% EPS growth and 2-4% annual dividend growth. It also highlights Xcel Energy's environmental leadership in wind and other renewable energy, and discusses regulatory matters and major capital projects.
This document provides a summary of Xcel Energy's strategy for sustainable growth through 2022. It outlines Xcel's plans to invest heavily in renewable energy and transmission projects to meet renewable portfolio standards, as well as large coal and nuclear projects. It also discusses Xcel's regulatory strategy of obtaining forward cost recovery for these major investments and notes Xcel's expectation of 5-7% annual earnings growth through 2022.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, financial metrics including earnings growth and dividend yield, efforts to divest from the unprofitable NRG Energy business, and capital expenditure plans including converting coal plants to natural gas to reduce emissions. It also provides guidance for 2003 earnings per share and outlines financing plans to redeem higher interest debt.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, its financial performance and guidance, initiatives to reduce emissions in Minnesota, and capital expenditure and financing plans. It highlights Xcel Energy's regulated business model, commitment to dividends, efforts to resolve issues related to its former subsidiary NRG, and expectations for continued earnings growth.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of Xcel Energy from their presentation at the Banc of America Securities Energy & Power Conference in November 2003. Key points include that Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives for 2004 include investing additional capital in utilities, providing competitive returns to shareholders, and improving credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 per share for 2004.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a utility, investment merits, and objectives to invest additional capital in its utility business and improve credit ratings while providing competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a growing utility, its investment merits, and capital expenditure plans to improve its credit ratings and provide competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
- Xcel Energy reported income from continuing operations of $166 million, or $0.40 per share for Q3 2004, down from $185 million, or $0.44 per share in Q3 2003.
- Significantly cooler temperatures in Q3 2004 reduced earnings compared to the prior year. However, lower depreciation and utility expenses partially offset the weather impact.
- For the first nine months of 2004, earnings from continuing operations were $400 million, or $0.97 per share, up from $373 million, or $0.91 per share in the same period in 2003.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
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[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
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; 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.
3. Northern States
Power
Company- Northern
Strong Regional
Minnesota States Power
Economy
Company-
Wisconsin Unemployment rate —
Public Service August 2005
Company of US 4.9%
Colorado Xcel service area 4.0%
Xcel annual sales growth —
2005-2009
Electric 1.8%
Southwestern
Gas 1.5%
Public Service*
4th largest US electric
and gas utility —
* Sale pending on Kansas and Oklahoma properties
4. Organizational Structure
2004 Results
Income from Continuing
Xcel Energy Inc. Operations (Dollars in millions)
$527
Holding
Company
$(43)
Northern Northern
Southwestern
Public Subsidiaries
States States
Public
Service Eloigne
Power Power
Service
Company of Quixx
Company - Company -
Company
Colorado
Minnesota Wisconsin
$230 $54 $218 $55 $13
Nonregulated
Regulated
5. Rate Base and Returns
Dollars in millions Rate Base Earned Auth- Equity
2004 ROE orized Ratio
Average 2004 ROE 2004
NSP (M) - Electric retail $2,992 10.73% (1) 11.47% 50.3%
NSP (M) - Gas retail 402 8.50 10.40 (2) 50.3
North Dakota - Electric retail 166 10.80 12.00 50.3
North Dakota - Gas retail 39 8.18 11.50 47.6
Colorado - Electric retail 3,042 9.18 10.75 50.1
Colorado - Gas retail 996 8.76 11.00 50.1
Texas - Electric retail 889 9.39 11.50 48.7
NSP (W) - Retail electric 538 NR 11.90 55.8
NSP (W) - Retail gas 70 NR 11.90 55.8
Non-reported 1.4 B
Total including non-reported 10.5 B
NR: Non-reportable
(1) Projected 2005 ROE of 8.96% based on normal conditions as of May 1,
2005. 2004 result reflects strong trading margins and change in
decommissioning accrual.
(2) 2005 decision
6. Reconciliation of Estimated
Regulatory Reporting from GAAP
Dollars in millions
Common Equity
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP common stockholder’s equity (1) $2,007 $433 $2,287 $781 $5,507
2003 GAAP common stockholder’s equity (1) 1,809 425 2,140 814 5,188
Average GAAP common stockholder’s equity 1,908 429 2,213 798 5,348
Adjustments -5 -5 64 -11 43
Adjusted average equity for purposes
of regulatory equity ratio
ratio $1,903
$1,903 $424 $2,277 $787 $5,391
Debt
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP total debt (1) (2) $2,032 $348 $2,502 $861 $5,743
2003 GAAP total debt (1) (2) 2,003 337 1,845 825 5,010
Average GAAP total debt 2,018 342 2,173 843 5,376
Adjustments -140 -6 94 -16 -68
Adjusted average debt for purposes
of regulatory equity ratio
ratio $1,878
$1,878 $336 $2,267 $827 $5,308
Regulatory equity ratio 50.4%
(1) Source: 2004 Operating Company 10-K’s
(2) Consists of long-term debt, current portion of long-term debt and short-term debt
See note on the bottom of the following page for additional information
7. Reconciliation of Estimated
Regulatory Reporting from GAAP (Continued)
Dollars in millions
Net Income
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP net income (1) $230 $54 $218 $55 $557
Adjustments -25 -26 -51
Adjusted net income for purposes of
regulatory net income $205 $54 $192 $55 $506
Calculation of Regulatory Net Income
Estimated regulatory rate base ($10.5 B) x Regulatory equity ratio (50.4%)
= Estimated equity rate base ($5.3 B)
Regulatory net income ($506 M) ÷ Estimated equity rate base ($5.3 B) = Estimated regulatory
return on equity (9.6%)
Depreciation & Amortization – Cash Flows
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP depreciation
and amortization – cash flow (1) $352 $48 $234 $100 $735
(1) Source: 2004 Operating Company 10-K’s
Financial results for regulatory reporting frequently differ from GAAP.
Regulatory reporting includes the use of 12 and 13 month averages for capitalization, eliminates
inter-company transactions, excludes non-regulated investments, includes or excludes revenues
and or expenses associated with various recovery mechanisms and other factors, all of which may
vary from one regulatory jurisdiction to another.
8. Potential Cash Flow Statement Summary*
Dollars in millions
2006 2007 2008 2009
Cash provided by
operations $1,580 $1,685 $1,795 $1,865
Cash used for investing (1,599) (1,655) (1,464) (1,228)
Cash provided (used)
for financing 37 (26) (355) (622)
Net increase (decrease) 18 4 (24) 15
Cash at beginning of year 60 78 82 58
Cash at end of year $78 $82 $58 $73
* This illustration represents one potential scenario,
and does not represent guidance or a most likely outcome
9. 2006 Key Earnings Guidance Assumptions
Successful rate cases
— Minnesota electric request $168 million
— Wisconsin electric & gas request $61 million
— Colorado gas request $34 million
— North Dakota electric request
Weather adjusted sales growth:
— Retail Electric 1.3 – 1.7%
— Gas 0 – 1.0%
10. 2006 Key Earnings Assumptions
Change from 2005:
— Short-term wholesale margins decline
approximately $15 – 30 million
— O&M expenses increase 3 – 4%
— Depreciation increases $100 – 110 million,
including $60 million increase in decommissioning
— Interest increases $10 – 15 million
— AFUDC equity expected to increase
$10 – 15 million
Continue to recognize COLI tax deduction
Effective income tax rate of 27 – 29%
Average shares 428 million based on “If converted”
11. Coal Supply Contracted
Coal
Coal Transportation
2005 99% 100%
2006 94 75
2007 65 45
2008 46 45
Annual consumption: 32 million tons of low-sulfur,
low-mercury western coal
12. Electric Fuel and Purchased
Energy Cost Recovery Mechanisms
Minnesota: Monthly recovery of prospective costs
Colorado: Recovery of costs with sharing of
deviations up to + $11.25 million
from benchmark
Texas: File for semi-annual adjustments –
required if + 4% annually
Wisconsin: Biennial rate case – file for interim
adjustment if costs fall outside + 2%
annually
New Mexico: Recovery of costs with 2 month lag
13. Retail Electric Rate* Comparison
Rate*
Cents per KWh * EEI typical bills – Summer 2005
18
16
14
12
10
8.48
8
6.48
5.46
6
4
2
0
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