This document provides an earnings presentation for a utility company for the fourth quarter and full year of 2008. It summarizes key financial metrics including EPS results, EPS changes from the prior year, drivers of changes in electric and gas margins, O&M expense changes, liquidity, 2008 accomplishments, pending regulatory filings, and 2009 earnings guidance.

1. Year End 2008
Earnings Release Presentation
January 29, 2009

2. EPS Results
Fourth Quarter Full Year
2008 2007 2008 2007
Regulated Operations $0.38 $0.33 $1.59 $1.55
Holding Company & Other (0.03) (0.03) (0.14) (0.12)
EPS – Ongoing $0.35 $0.30 $1.45 $1.43
PSRI/COLI Settlement 0.01 0.01 0.01 (0.08)
EPS $0.36 $0.31 $1.46 $1.35
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3. EPS Change From Prior Year
Fourth Quarter Full Year
2008 vs. 2007 2008 vs. 2007
2007 GAAP EPS $ 0.31 $ 1.35
PSRI/COLI IRS settlement (0.01) 0.08
2007 Ongoing EPS 0.30 1.43
Lower O&M expense 0.07 0.02
Higher electric margins 0.02 0.03
Higher natural gas margins – 0.06
Higher AFUDC - equity 0.01 0.06
Higher depreciation and amortization – (0.03)
Higher conservation and DSM expenses – (0.02)
Higher financing costs (0.03) (0.05)
Dilution (0.02) (0.03)
Other 0.01 (0.01)
2008 GAAP EPS $0.36 $1.46
2008 PSRI/COLI settlement (0.01) (0.01)
2008 Ongoing EPS $ 0.35 $ 1.45
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4. Electric Margin Change From Prior
Year
Fourth Quarter Full Year
Dollars in millions
2008 vs. 2007 2008 vs. 2007
Retail rate increases (WI, ND, NM, TX) $ 17 $ 48
Conservation and non-fuel riders 10 28
Sales growth (excluding weather impact) 6 30
MERP rider 6 23
Increased margin due to leap year – 9
Estimated impact of weather – (49)
Purchased capacity costs (19) (30)
Retail customer sales mix 1 (8)
Trading margin (7) (10)
Revenue subject to refund (nuclear outages) (2) (18)
Other, including fuel recovery 1 1
Total electric utility margin increase $ 13 $ 24
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5. Gas Margin Change From Prior
Year
Dollars in millions
Fourth Quarter Full Year
2008 vs. 2007 2008 vs. 2007
Base rate increase (CO & WI) $2 $ 24
Estimated weather impact 2 10
Sales growth (excluding weather impact) 1 5
Conservation revenues (1) 3
Increased margin due to leap year – 1
Other (3) 3
Total natural gas margin increase $1 $ 46
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6. O&M Expenses Change From Prior
Year
Fourth Quarter Full Year
Dollars in millions
2008 vs. 2007 2008 vs. 2007
Nuclear outage expenses $8 $ (13)
Higher uncollectible receivable costs 7 7
Lower Employee benefit costs (21) (39)
Higher (lower) plant generation costs (15) 9
Higher (lower) consulting costs (7) 7
Higher (lower) material costs (4) 2
Higher (lower) contract labor (4) 4
Higher (lower) labor costs (1) 22
Other, including nuclear plant costs (13) (10)
Total O&M expense decrease $ (50) $ (11)
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7. Strong Liquidity
Liquidity in $Millions as of January 21, 2009
Credit Total
Lines Available Cash Liquidity
HoldCo $ 772 $ 321 $1 $ 322
NSP-M 482 431 2 433
NSP-M
PSCo 675 670 1 671
SPS 248 236 229 465
NSP-WI* 0 0 58 58
NSP-WI*
Total $2,177 $1,658 $ 291 $1,949
* NSP-WI doesn’t have a separate credit facility, instead it has a borrowing
agreement with NSP-M
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8. 2008 Accomplishments
Raised $2.3 billion to finance growth strategy
S&P upgraded unsecured debt ratings
Active on the regulatory front
Made progress on wind generation ownership
Major construction projects remained on schedule
Increase common dividend 3.3% to $0.95 per share
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9. Regulatory Filings
Pending Rate Cases
Minnesota Electric
Colorado Electric
Texas Electric
New Mexico Electric
SPS Wholesale
Completed Rate Cases
North Dakota Electric
Wisconsin – Limited Reopener
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10. 2009 Earnings Guidance
Dollars per share
EPS Range
Xcel Energy EPS $1.45 – $1.55
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