xcel energy ar 03 narrative

This document is Xcel Energy's 2003 annual report. It provides the following key information: 1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states. 2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share. 3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.