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First Quarter 2008
Earnings Release Presentation




          May 1, 2008
EPS Results

                               First Quarter
                          2008            2007
Regulated Operations      $ 0.39         $ 0.31
Holding Company & Other    (0.04)         (0.04)
EPS – Ongoing             $ 0.35         $ 0.27
PSRI                       –               0.01
Total EPS                 $ 0.35         $ 0.28




                                                   1
EPS Change from Prior Year

                                       First Quarter
2007 Ongoing EPS                         $ 0.27
PSRI earnings                              0.01
2007 GAAP EPS                              0.28
Higher base electric margins               0.07
Higher natural gas margins                 0.03
Higher interest and other income           0.01
Higher O&M expense                        (0.02)
Higher effective tax rate                 (0.02)
Higher depreciation and amortization      (0.01)
Other                                      0.01
2008 GAAP EPS                            $ 0.35


                                                       2
Electric Margin Change from Prior Year
Dollars in millions
                                            First Quarter
                                            2008 vs. 2007
Sales growth (excluding weather impact)         $10
Retail rate increases (WI and ND interim)         10
Increased margin due to leap year                  9
Conservation and non-fuel riders                   8
MERP rider                                         5
Estimated weather impact                           3
Other                                              4
Electric Utility Margin Change                  $49




                                                            3
Gas Margin Change from Prior Year
Dollars in millions
                                          First Quarter
                                          2008 vs. 2007
Base rate changes (CO and WI)                $ 15
Estimated weather impact                         3
Conservation revenue                             3
Transportation                                   2
Sales growth (excluding weather impact)          1
Increased margin due to leap year                1
Total Natural Gas Margin Increase            $ 25




                                                          4
O&M Expenses Change from Prior Year

Dollars in millions                               First Quarter
                                                  2008 vs. 2007
Lower employee benefit expenses                     $ (9)
Higher combustion/hydro plant expenses                 8
Higher conservation expenses (offset in margin)        6
Higher contract labor and consulting expenses          6
Higher nuclear plant outage expenses                   6
Higher labor costs                                     2
Lower nuclear plant operation expenses                (2)
Other                                                 (2)
Total O&M Expense Increase                           $ 15




                                                                  5
2008 Regulatory Filings

New Mexico electric
North Dakota electric
PSCo wholesale
SPS wholesale
Nuclear filings




                          6
2008 Earnings Guidance
Dollars per share

                           EPS Range

Utility Operations        $1.61 – $1.71
Holding Company & Other       (0.16)
Xcel Energy EPS           $1.45 – $1.55




                                          7

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xcel energy Q1 08Earnings

  • 1. First Quarter 2008 Earnings Release Presentation May 1, 2008
  • 2. EPS Results First Quarter 2008 2007 Regulated Operations $ 0.39 $ 0.31 Holding Company & Other (0.04) (0.04) EPS – Ongoing $ 0.35 $ 0.27 PSRI – 0.01 Total EPS $ 0.35 $ 0.28 1
  • 3. EPS Change from Prior Year First Quarter 2007 Ongoing EPS $ 0.27 PSRI earnings 0.01 2007 GAAP EPS 0.28 Higher base electric margins 0.07 Higher natural gas margins 0.03 Higher interest and other income 0.01 Higher O&M expense (0.02) Higher effective tax rate (0.02) Higher depreciation and amortization (0.01) Other 0.01 2008 GAAP EPS $ 0.35 2
  • 4. Electric Margin Change from Prior Year Dollars in millions First Quarter 2008 vs. 2007 Sales growth (excluding weather impact) $10 Retail rate increases (WI and ND interim) 10 Increased margin due to leap year 9 Conservation and non-fuel riders 8 MERP rider 5 Estimated weather impact 3 Other 4 Electric Utility Margin Change $49 3
  • 5. Gas Margin Change from Prior Year Dollars in millions First Quarter 2008 vs. 2007 Base rate changes (CO and WI) $ 15 Estimated weather impact 3 Conservation revenue 3 Transportation 2 Sales growth (excluding weather impact) 1 Increased margin due to leap year 1 Total Natural Gas Margin Increase $ 25 4
  • 6. O&M Expenses Change from Prior Year Dollars in millions First Quarter 2008 vs. 2007 Lower employee benefit expenses $ (9) Higher combustion/hydro plant expenses 8 Higher conservation expenses (offset in margin) 6 Higher contract labor and consulting expenses 6 Higher nuclear plant outage expenses 6 Higher labor costs 2 Lower nuclear plant operation expenses (2) Other (2) Total O&M Expense Increase $ 15 5
  • 7. 2008 Regulatory Filings New Mexico electric North Dakota electric PSCo wholesale SPS wholesale Nuclear filings 6
  • 8. 2008 Earnings Guidance Dollars per share EPS Range Utility Operations $1.61 – $1.71 Holding Company & Other (0.16) Xcel Energy EPS $1.45 – $1.55 7