This document is a quarterly report filed by Southwestern Public Service Co. (SPS) with the Securities and Exchange Commission for the quarter ending September 30, 2005. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's consolidated financial statements and notes for the quarter, including income statements, cash flow statements, and balance sheets. It also includes information on significant accounting policies, regulatory matters, commitments and contingencies, and recent FERC and energy legislation updates that could impact SPS's operations or financial results.
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2005. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including its consolidated statements of income, cash flows, and balance sheets. It also discusses SPS meeting the conditions to file a reduced disclosure format 10-Q and provides an overview of SPS's regulatory environment and market-based rate authority with the Federal Energy Regulatory Commission.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
- Northern States Power Company filed a quarterly report with the SEC for the period ending September 30, 2005.
- For the quarter, the company reported operating revenues of $976.9 million and net income of $115.9 million.
- Key financial details included total operating expenses of $777.8 million, operating income of $199.2 million, and interest charges of $35.3 million.
- Southwestern Public Service Company filed a Form 10-Q for the quarterly period ended March 31, 2005.
- The filing includes the company's consolidated statements of income and cash flows, which show that net income for the quarter was $14.1 million and net cash provided by operating activities was $49.5 million.
- It also includes notes and disclosures regarding the company's business, accounting policies, and other required regulatory information.
This document is a quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarterly period ended Sept. 30, 2006. It includes SPS's financial statements, operating results, cash flows, and other required disclosures. SPS is a wholly owned subsidiary of Xcel Energy Inc. that provides electric utility services in parts of Texas and New Mexico. The report indicates that SPS had operating revenues of $472.6 million for the quarter and net income of $32.6 million.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ending September 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes for the periods, including statements of income, cash flows, and balance sheets.
- Key details include operating revenues of $1.08 billion for the quarter and $2.997 billion for the nine months, and net income of $130.7 million for the quarter and $219.8 million for the nine months.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
This document is the Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2008. The summary includes SPS's financial statements for the quarter, including statements of income, cash flows, and balance sheets. It also provides notes on SPS's significant accounting policies and recently issued accounting pronouncements. Key information includes operating revenues of $537.9 million for the quarter and net income of $4 million. Total assets were $2.77 billion and total liabilities and equity were also $2.77 billion as of June 30, 2008.
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2005. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including its consolidated statements of income, cash flows, and balance sheets. It also discusses SPS meeting the conditions to file a reduced disclosure format 10-Q and provides an overview of SPS's regulatory environment and market-based rate authority with the Federal Energy Regulatory Commission.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
- Northern States Power Company filed a quarterly report with the SEC for the period ending September 30, 2005.
- For the quarter, the company reported operating revenues of $976.9 million and net income of $115.9 million.
- Key financial details included total operating expenses of $777.8 million, operating income of $199.2 million, and interest charges of $35.3 million.
- Southwestern Public Service Company filed a Form 10-Q for the quarterly period ended March 31, 2005.
- The filing includes the company's consolidated statements of income and cash flows, which show that net income for the quarter was $14.1 million and net cash provided by operating activities was $49.5 million.
- It also includes notes and disclosures regarding the company's business, accounting policies, and other required regulatory information.
This document is a quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarterly period ended Sept. 30, 2006. It includes SPS's financial statements, operating results, cash flows, and other required disclosures. SPS is a wholly owned subsidiary of Xcel Energy Inc. that provides electric utility services in parts of Texas and New Mexico. The report indicates that SPS had operating revenues of $472.6 million for the quarter and net income of $32.6 million.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ending September 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes for the periods, including statements of income, cash flows, and balance sheets.
- Key details include operating revenues of $1.08 billion for the quarter and $2.997 billion for the nine months, and net income of $130.7 million for the quarter and $219.8 million for the nine months.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
This document is the Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2008. The summary includes SPS's financial statements for the quarter, including statements of income, cash flows, and balance sheets. It also provides notes on SPS's significant accounting policies and recently issued accounting pronouncements. Key information includes operating revenues of $537.9 million for the quarter and net income of $4 million. Total assets were $2.77 billion and total liabilities and equity were also $2.77 billion as of June 30, 2008.
This document is Xcel Energy Inc.'s annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2001. It provides an overview of the company's electric and gas utility operations in multiple US states, discusses regulatory issues, and reports operating statistics. It also describes subsidiaries including NRG Energy, which is involved in power generation, and e prime, an internet-based business services company. The report is intended to provide shareholders and the SEC with comprehensive information on the company's structure, business operations, and performance.
This document is Northern States Power Company's (NSP-Minnesota) annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2006. NSP-Minnesota generates, transmits, distributes, and sells electricity and distributes and sells natural gas in Minnesota, North Dakota, and South Dakota. It intends to focus on growing its electric and natural gas infrastructure to meet customer demand. The utility industry has undergone changes including deregulation, competition, and consolidation through mergers and acquisitions. NSP-Minnesota operates as part of the integrated electric system jointly owned with NSP-Wisconsin and is subject to state and federal regulatory oversight.
- The document is Northern States Power Company's (NSP-Wisconsin) Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides financial statements and notes for the company, including income statements, balance sheets, cash flow statements, and notes on accounting policies.
- Key details include operating revenues of $151.9 million for the quarter and $367 million for the six months, net income of $9.3 million for the quarter and $23.4 million for the six months.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
unum group 5_2 ClaimReassessmentUpdate1Q2007finance26
This document summarizes Unum's first quarter 2007 results for its claim reassessment process. It established $613.4 million in reserves for direct operating expenses, benefit costs from reopening claims, and fines. As of March 31, 2007 it had mailed forms to 290,903 eligible claimants, received back 21,140 completed forms, and estimated a total of 23,086 claims would be reassessed. Its review of 17,179 claims as of March 31, 2007 showed a 38% overturn rate of initial "not disabled" decisions.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
This document is Xcel Energy's annual report on Form 10-K filed with the SEC for the fiscal year ending December 31, 2005. It summarizes Xcel Energy's electric and natural gas utility operations in several Midwestern and Western states, as well as its nonregulated subsidiaries. The report provides details on operating statistics, environmental matters, capital spending, employees and executive officers for the company and its major utility subsidiaries.
Unum Group reported financial results for the second quarter of 2007, with net income of $153.5 million compared to $125.2 million in the second quarter of 2006. The company increased its reserve for costs related to its claim reassessment process by $53 million before tax. Operating earnings guidance for 2007 was revised upward due to strong performance across business segments. The claim reassessment process is now expected to be substantially completed by the end of the third quarter, ahead of schedule.
This document is Public Service Company of Colorado's (PSCo) annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2007. PSCo is a wholly owned subsidiary of Xcel Energy Inc. that operates primarily in Colorado generating, purchasing, transmitting, distributing and selling electricity. Key details include that PSCo serves both retail and wholesale customers, its rates and services are regulated by the CPUC and FERC, and it owns and operates electric generation facilities as well as transmission and distribution infrastructure to deliver electricity to customers. The report provides an overview of PSCo's electric and natural gas utility operations, recent regulatory developments, environmental matters, and risk factors.
UnumProvident Corporation reported net income of $73.4 million for Q1 2006, down from $152.2 million in Q1 2005. Results included a $86 million pre-tax charge to update assumptions for costs related to a claim reassessment process from prior regulatory settlements. Excluding this and other items, income was $131.2 million. Several business segments saw higher earnings, while the US Brokerage group income protection line, which included the charge, reported a loss. Despite challenges, management expects to achieve long term financial targets but lowered 2006 EPS guidance to $1.65-$1.70.
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2006. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including statements of income, cash flows, and balance sheets. It also discusses ongoing regulatory proceedings involving SPS's transmission and wholesale rates.
- Air Products reported first quarter earnings per share of $0.80, up 16% from the prior year, and raised its full-year EPS guidance.
- Revenues increased 5% to $2.1 billion due to higher natural gas and raw material pass-through costs, volume growth in Gases, and improved Chemicals pricing.
- Operating income rose 11% to $252 million primarily from strong Gases volumes and higher Equipment activity, despite impacts from hurricanes Katrina and Rita.
This document is Northern States Power Company's (NSP-Wisconsin) quarterly report filed with the SEC for the quarter ending March 31, 2007. It includes NSP-Wisconsin's consolidated financial statements and notes. The financial statements show that for the quarter, NSP-Wisconsin had operating revenues of $212 million and net income of $9.1 million. Total assets as of March 31, 2007 were $1.23 billion, with property, plant and equipment making up the largest portion at $953 million. NSP-Wisconsin is a wholly owned subsidiary of Xcel Energy and generates revenues primarily from electric and natural gas utility operations in Wisconsin.
- Air Products is a $10 billion company that produces industrial gases like hydrogen, oxygen, and nitrogen. It has a diverse customer base across various markets and geographies.
- The company aims to achieve profitable growth through long-term contracts, a solid project backlog, and opportunities in energy markets. It also seeks to improve returns through margin growth, productivity increases, and share repurchases.
- Air Products has leading positions in hydrogen and oxygen supply for refineries and gasification. It is well-positioned to benefit from increasing demand for cleaner fuels and greenhouse gas reduction technologies. The company expects to deliver sustainable double-digit earnings growth and superior returns going forward.
This document provides a statistical supplement for UnumProvident Corporation's second quarter 2005 financial results, adjusted to reflect new segment reporting implemented in the third quarter of 2005. It includes key financial highlights such as total premium income of $1.94 billion for the quarter. The supplement presents financial data and statistics for the quarter and year to date by business segment, including income statements, balance sheets, investment portfolios, and statutory capital. Notes are provided to give additional context to the financial information presented.
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 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.
- Southwestern Public Service Company filed a Form 10-Q for the quarterly period ended March 31, 2005.
- The filing includes the company's consolidated statements of income and cash flows, which show that the company reported net income of $14.1 million and net cash provided by operating activities of $49.5 million for the quarter.
- Additional details are provided on operating revenues and expenses, other income and expenses such as interest charges, and cash flows from investing and financing activities.
- Northern States Power Company filed a quarterly report with the SEC for the period ending September 30, 2005.
- For the quarter, the company reported operating revenues of $976.9 million and net income of $115.9 million.
- Key financial details included total operating expenses of $777.8 million, operating income of $199.2 million, and interest charges of $35.3 million.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Wisconsin) with the Securities and Exchange Commission for the quarterly period ended September 30, 2005. It provides unaudited financial statements and notes for NSP-Wisconsin, including statements of income, cash flows, and balance sheets. Key details include operating revenues of $150 million for the quarter and $486 million year-to-date, net income of $4.1 million for the quarter and $16.9 million year-to-date, and total assets of $1.18 billion as of September 30, 2005. The report also notes recent federal energy legislation and regulatory matters.
This document is Xcel Energy Inc.'s annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2001. It provides an overview of the company's electric and gas utility operations in multiple US states, discusses regulatory issues, and reports operating statistics. It also describes subsidiaries including NRG Energy, which is involved in power generation, and e prime, an internet-based business services company. The report is intended to provide shareholders and the SEC with comprehensive information on the company's structure, business operations, and performance.
This document is Northern States Power Company's (NSP-Minnesota) annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2006. NSP-Minnesota generates, transmits, distributes, and sells electricity and distributes and sells natural gas in Minnesota, North Dakota, and South Dakota. It intends to focus on growing its electric and natural gas infrastructure to meet customer demand. The utility industry has undergone changes including deregulation, competition, and consolidation through mergers and acquisitions. NSP-Minnesota operates as part of the integrated electric system jointly owned with NSP-Wisconsin and is subject to state and federal regulatory oversight.
- The document is Northern States Power Company's (NSP-Wisconsin) Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides financial statements and notes for the company, including income statements, balance sheets, cash flow statements, and notes on accounting policies.
- Key details include operating revenues of $151.9 million for the quarter and $367 million for the six months, net income of $9.3 million for the quarter and $23.4 million for the six months.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
unum group 5_2 ClaimReassessmentUpdate1Q2007finance26
This document summarizes Unum's first quarter 2007 results for its claim reassessment process. It established $613.4 million in reserves for direct operating expenses, benefit costs from reopening claims, and fines. As of March 31, 2007 it had mailed forms to 290,903 eligible claimants, received back 21,140 completed forms, and estimated a total of 23,086 claims would be reassessed. Its review of 17,179 claims as of March 31, 2007 showed a 38% overturn rate of initial "not disabled" decisions.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
This document is Xcel Energy's annual report on Form 10-K filed with the SEC for the fiscal year ending December 31, 2005. It summarizes Xcel Energy's electric and natural gas utility operations in several Midwestern and Western states, as well as its nonregulated subsidiaries. The report provides details on operating statistics, environmental matters, capital spending, employees and executive officers for the company and its major utility subsidiaries.
Unum Group reported financial results for the second quarter of 2007, with net income of $153.5 million compared to $125.2 million in the second quarter of 2006. The company increased its reserve for costs related to its claim reassessment process by $53 million before tax. Operating earnings guidance for 2007 was revised upward due to strong performance across business segments. The claim reassessment process is now expected to be substantially completed by the end of the third quarter, ahead of schedule.
This document is Public Service Company of Colorado's (PSCo) annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2007. PSCo is a wholly owned subsidiary of Xcel Energy Inc. that operates primarily in Colorado generating, purchasing, transmitting, distributing and selling electricity. Key details include that PSCo serves both retail and wholesale customers, its rates and services are regulated by the CPUC and FERC, and it owns and operates electric generation facilities as well as transmission and distribution infrastructure to deliver electricity to customers. The report provides an overview of PSCo's electric and natural gas utility operations, recent regulatory developments, environmental matters, and risk factors.
UnumProvident Corporation reported net income of $73.4 million for Q1 2006, down from $152.2 million in Q1 2005. Results included a $86 million pre-tax charge to update assumptions for costs related to a claim reassessment process from prior regulatory settlements. Excluding this and other items, income was $131.2 million. Several business segments saw higher earnings, while the US Brokerage group income protection line, which included the charge, reported a loss. Despite challenges, management expects to achieve long term financial targets but lowered 2006 EPS guidance to $1.65-$1.70.
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2006. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including statements of income, cash flows, and balance sheets. It also discusses ongoing regulatory proceedings involving SPS's transmission and wholesale rates.
- Air Products reported first quarter earnings per share of $0.80, up 16% from the prior year, and raised its full-year EPS guidance.
- Revenues increased 5% to $2.1 billion due to higher natural gas and raw material pass-through costs, volume growth in Gases, and improved Chemicals pricing.
- Operating income rose 11% to $252 million primarily from strong Gases volumes and higher Equipment activity, despite impacts from hurricanes Katrina and Rita.
This document is Northern States Power Company's (NSP-Wisconsin) quarterly report filed with the SEC for the quarter ending March 31, 2007. It includes NSP-Wisconsin's consolidated financial statements and notes. The financial statements show that for the quarter, NSP-Wisconsin had operating revenues of $212 million and net income of $9.1 million. Total assets as of March 31, 2007 were $1.23 billion, with property, plant and equipment making up the largest portion at $953 million. NSP-Wisconsin is a wholly owned subsidiary of Xcel Energy and generates revenues primarily from electric and natural gas utility operations in Wisconsin.
- Air Products is a $10 billion company that produces industrial gases like hydrogen, oxygen, and nitrogen. It has a diverse customer base across various markets and geographies.
- The company aims to achieve profitable growth through long-term contracts, a solid project backlog, and opportunities in energy markets. It also seeks to improve returns through margin growth, productivity increases, and share repurchases.
- Air Products has leading positions in hydrogen and oxygen supply for refineries and gasification. It is well-positioned to benefit from increasing demand for cleaner fuels and greenhouse gas reduction technologies. The company expects to deliver sustainable double-digit earnings growth and superior returns going forward.
This document provides a statistical supplement for UnumProvident Corporation's second quarter 2005 financial results, adjusted to reflect new segment reporting implemented in the third quarter of 2005. It includes key financial highlights such as total premium income of $1.94 billion for the quarter. The supplement presents financial data and statistics for the quarter and year to date by business segment, including income statements, balance sheets, investment portfolios, and statutory capital. Notes are provided to give additional context to the financial information presented.
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 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.
- Southwestern Public Service Company filed a Form 10-Q for the quarterly period ended March 31, 2005.
- The filing includes the company's consolidated statements of income and cash flows, which show that the company reported net income of $14.1 million and net cash provided by operating activities of $49.5 million for the quarter.
- Additional details are provided on operating revenues and expenses, other income and expenses such as interest charges, and cash flows from investing and financing activities.
- Northern States Power Company filed a quarterly report with the SEC for the period ending September 30, 2005.
- For the quarter, the company reported operating revenues of $976.9 million and net income of $115.9 million.
- Key financial details included total operating expenses of $777.8 million, operating income of $199.2 million, and interest charges of $35.3 million.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Wisconsin) with the Securities and Exchange Commission for the quarterly period ended September 30, 2005. It provides unaudited financial statements and notes for NSP-Wisconsin, including statements of income, cash flows, and balance sheets. Key details include operating revenues of $150 million for the quarter and $486 million year-to-date, net income of $4.1 million for the quarter and $16.9 million year-to-date, and total assets of $1.18 billion as of September 30, 2005. The report also notes recent federal energy legislation and regulatory matters.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Wisconsin) with the Securities and Exchange Commission for the quarterly period ended September 30, 2005. It provides unaudited financial statements and notes for NSP-Wisconsin, including statements of income, cash flows, and balance sheets. Key details include operating revenues of $150 million for the quarter and $486 million year-to-date, net income of $4.1 million for the quarter and $16.9 million year-to-date, and total assets of $1.18 billion as of September 30, 2005. The report also notes recent federal energy legislation and regulatory matters.
- Public Service Company of Colorado (PSCo) filed a Form 10-Q quarterly report with the SEC for the quarter ended Sept. 30, 2005.
- PSCo is a wholly owned subsidiary of Xcel Energy Inc. and operates electric and natural gas utilities primarily in Colorado.
- For the quarter, PSCo reported operating income of $99 million on revenues of $782 million. Net income was $46 million.
- Public Service Company of Colorado (PSCo) filed a Form 10-Q with the SEC for the quarterly period ended September 30, 2005.
- PSCo is a wholly owned subsidiary of Xcel Energy Inc. and operates electric and natural gas utilities in Colorado.
- For the quarter, PSCo reported operating income of $99 million on revenues of $782 million. Net income was $46 million.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Minnesota) with the Securities and Exchange Commission for the quarterly period ended June 30, 2005. It includes NSP-Minnesota's consolidated financial statements and notes. The financial statements show that for the quarter, NSP-Minnesota had operating revenues of $854 million and net income of $29.7 million. For the six months ended June 30, 2005, operating revenues were $1.8 billion and net income was $71.4 million. As of June 30, 2005, NSP-Minnesota had total assets of $8.4 billion and total equity of $2.2 billion.
This document is a Form 10-Q quarterly report filed by Northern States Power Company (NSP-Minnesota) with the Securities and Exchange Commission for the quarterly period ended June 30, 2005. It includes NSP-Minnesota's consolidated financial statements and notes. The financial statements show that for the quarter, NSP-Minnesota had operating revenues of $854 million and net income of $29.7 million. For the six months ended June 30, 2005, operating revenues were $1.8 billion and net income was $71.4 million. As of June 30, 2005, NSP-Minnesota had total assets of $8.4 billion and total equity of $2.2 billion.
This document is a Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2006. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report provides SPS's unaudited financial statements and notes for the quarter, including statements of income, cash flows, and balance sheets. It also discusses ongoing regulatory proceedings involving SPS's transmission and wholesale rates.
This document is the Form 10-Q quarterly report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the quarter ended June 30, 2008. The summary includes SPS's financial statements for the quarter, including statements of income, cash flows, and balance sheets. It also provides notes on SPS's significant accounting policies and recently issued accounting pronouncements. Key information includes operating revenues of $537.9 million for the quarter and net income of $4 million. Total assets were $2.77 billion and total liabilities and equity were also $2.77 billion as of June 30, 2008.
This document is a Form 10-Q quarterly report filed by Public Service Company of Colorado (PSCo) with the Securities and Exchange Commission for the quarterly period ended June 30, 2005. It includes PSCo's consolidated financial statements and notes. The financial statements show that for the quarter, PSCo had operating revenues of $783 million and net income of $47 million. For the six months ended June 30, 2005, PSCo had operating revenues of $1.8 billion and net income of $113 million. As of June 30, 2005, PSCo had total assets of $7.4 billion and total equity of $2.6 billion.
This document is a Form 10-Q quarterly report filed by Public Service Company of Colorado (PSCo) with the Securities and Exchange Commission for the quarterly period ended June 30, 2005. It includes PSCo's consolidated financial statements and notes. The financial statements show that for the quarter, PSCo had operating revenues of $783 million and net income of $47 million. For the six months ended June 30, 2005, PSCo had operating revenues of $1.8 billion and net income of $113 million. As of June 30, 2005, PSCo had total assets of $7.4 billion and total equity of $2.6 billion.
This document is a quarterly report filed with the SEC by Southwestern Public Service Company (SPS) for the quarter ending March 31, 2006. It includes SPS's financial statements and notes. SPS is a wholly owned subsidiary of Xcel Energy Inc. that provides electric service in parts of Texas and New Mexico. The report indicates that SPS is currently involved in several regulatory proceedings regarding its wholesale transmission and power rates.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q for the period ending March 31, 2006 with the SEC.
- For the quarter, the company reported operating revenues of $412.8 million and net income of $11.9 million.
- Key financial details included in the filing were the statements of income and cash flows for the quarter, which showed changes in items like operating expenses, generation fuel costs, taxes and cash used/provided by operating, investing and financing activities.
- The document is a Form 10-Q quarterly report filed by Public Service Company of Colorado (PSCo) with the SEC for the quarter ended September 30, 2006.
- It includes unaudited consolidated financial statements for the third quarter and year-to-date, including statements of income, cash flows, and balance sheets.
- Notes to the financial statements provide additional details on significant accounting policies, regulatory matters, income taxes, derivatives and fair value measurements, pension and benefit plans, and commitments and contingencies.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
- This document is Northern States Power Company's (NSP-Minnesota) quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides NSP-Minnesota's consolidated financial statements and notes to the financial statements for the periods ended June 30, 2006 and December 31, 2005.
- The financial statements show NSP-Minnesota's operating revenues, expenses, income, cash flows, assets, liabilities, and equity for the periods. Notes to the financial statements provide additional details on NSP-Minnesota's significant accounting policies and other financial information.
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 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.
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.
- 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.
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.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
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My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended Sept. 30, 2005
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-03789
SOUTHWESTERN PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
New Mexico 75-0575400
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Tyler at Sixth,
Amarillo, Texas 79101
(Address of principal executive (Zip Code)
offices)
Registrant’s telephone number, including area code (303) 571-7511
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at October 26, 2005
Common Stock, $1 par value 100 shares
Southwestern Public Service Company meets the conditions set forth in General Instruction H (1)(a) and (b) of Form 10-Q and is
therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H (2) to such Form 10-Q.
2. Table of Contents
PART I - FINANCIAL INFORMATION
Item l. Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis
Item 4. Controls and Procedures
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 6. Exhibits
This Form 10-Q is filed by Southwestern Public Service Co. (SPS). SPS is a wholly owned subsidiary of Xcel Energy Inc. (Xcel
Energy). Additional information on Xcel Energy is available on various filings with the Securities and Exchange Commission (SEC).
2
3. PART 1. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
SOUTHWESTERN PUBLIC SERVICE CO.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Thousands of Dollars)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
Operating revenues $ 487,760 $ 390,077 $ 1,181,489 $ 1,044,233
Operating expenses:
Electric fuel and purchased power 346,057 252,904 806,020 669,552
Other operating and maintenance expenses 47,515 41,694 137,033 129,585
Depreciation and amortization 24,910 23,098 72,609 68,148
Taxes (other than income taxes) 13,666 13,328 39,103 38,163
Total operating expenses 432,148 331,024 1,054,765 905,448
Operating income 55,612 59,053 126,724 138,785
Other income:
Interest and other income, net of nonoperating expenses (see
Note 6) 1,643 359 5,585 1,397
Allowance for funds used during construction—equity 746 91 1,718 1,199
Total other income 2,389 450 7,303 2,596
Interest charges and financing costs:
Interest charges—net of amounts capitalized, includes other
financing costs of $1,542, $1,555, $4,578 and $4,941,
respectively 13,432 13,224 40,212 39,753
Allowance for funds used during construction—debt (382 ) (454 ) (1,392 ) (1,311 )
Total interest charges and financing costs 13,050 12,770 38,820 38,442
Income before income taxes 44,951 46,733 95,207 102,939
Income taxes 16,730 17,979 35,381 39,316
Net income $ 28,221 $ 28,754 $ 59,826 $ 63,623
See Notes to Consolidated Financial Statements
3
4. SOUTHWESTERN PUBLIC SERVICE CO.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Thousands of Dollars)
Nine Months Ended
Sept. 30,
2005 2004
Operating activities:
Net income $ 59,826 $ 63,623
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 78,074 74,601
Deferred income taxes 42,864 23,058
Amortization of investment tax credits (188 ) (188 )
Allowance for equity funds used during construction (1,718 ) (1,199 )
Change in recoverable electric energy costs (70,470 ) (40,793 )
Change in accounts receivable (46,650 ) (23,014 )
Change in unbilled revenues (17,450 ) 4,111
Change in inventories 694 482
Change in other current assets (263 ) (1,171 )
Change in accounts payable 46,807 211
Change in other current liabilities 31,510 14,236
Change in other noncurrent assets (12,300 ) (11,913 )
Change in other noncurrent liabilities 4,712 3,137
Net cash provided by operating activities 115,448 105,181
Investing activities:
Capital/construction expenditures (89,350 ) (84,855 )
Allowance for equity funds used during construction 1,718 1,199
Other investments—net 1,617 3,666
Net cash used in investing activities (86,015 ) (79,990 )
Financing activities:
Short-term borrowings—net (22,400 ) 45,000
Capital contributions from parent 56,736 1,032
Dividends paid to parent (63,769 ) (70,606 )
Net cash used in financing activities (29,433 ) (24,574 )
Net increase (decrease) in cash and cash equivalents — 617
Cash and cash equivalents at beginning of period 5 9,869
Cash and cash equivalents at end of period $ 5 $ 10,486
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized) $ 29,616 $ 29,437
Cash paid for income taxes (net of refunds received) $ (1,698 ) $ 6,966
See Notes to Consolidated Financial Statements
4
5. SOUTHWESTERN PUBLIC SERVICE CO.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Thousands of Dollars)
Sept. 30, Dec. 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $ 5 $ 5
Accounts receivable—net of allowance for bad debts: $2,702 and $2,844, respectively 111,946 66,445
Accounts receivable from affiliates 3,423 2,273
Accrued unbilled revenues 79,719 62,269
Recoverable electric energy costs 150,510 80,040
Materials and supplies inventories—at average cost 13,667 14,403
Fuel inventory—at average cost 3,040 2,997
Derivative instruments valuation—at market 24,626 8,381
Prepayments and other 7,165 6,902
Total current assets 394,101 243,715
Property, plant and equipment, at cost:
Electric utility plant 3,307,554 3,291,086
Construction work in progress and other property 74,594 65,848
Total property, plant and equipment 3,382,148 3,356,934
Less accumulated depreciation (1,400,201 ) (1,398,497 )
Net property, plant and equipment 1,981,947 1,958,437
Other assets:
Other investments 8,285 9,902
Regulatory assets 131,320 93,067
Prepaid pension asset 139,584 132,757
Derivative instruments valuation—at market 61,686 52,431
Deferred charges and other 4,060 4,819
Total other assets 344,935 292,976
Total assets $ 2,720,983 $ 2,495,128
LIABILITIES AND EQUITY
Current liabilities:
Borrowings on utility money pool, weighted average interest rate of 3.85% at Sept. 30,
2005 $ 13,600 $ —
Bank borrowings on line of credit — 36,000
Accounts payable 189,083 139,311
Accounts payable to affiliates 11,372 14,105
Taxes accrued 27,917 901
Accrued interest 15,048 10,098
Dividends payable to parent 19,496 22,442
Current deferred income taxes 32,869 7,878
Derivative instruments valuation—at market 29,399 14,772
Other 17,655 18,109
Total current liabilities 356,439 263,616
Deferred credits and other liabilities:
Deferred income taxes 452,803 438,276
Deferred investment tax credits 3,528 3,716
Regulatory liabilities 107,945 135,881
Derivative instruments valuation—at market 107,464 22,449
Benefit obligations and other 29,769 24,817
Total deferred credits and other liabilities 701,509 625,139
Long-term debt 825,696 825,462
Common stock—authorized 200 shares of $1.00 par value, outstanding 100 shares — —
Premium on common stock 472,566 415,830
Retained earnings 369,434 370,430
Accumulated other comprehensive loss (4,661 ) (5,349 )
Total common stockholder’s equity 837,339 780,911
Commitments and contingencies (see Note 3)
Total liabilities and equity $ 2,720,983 $ 2,495,128
See Notes to Consolidated Financial Statements
5
6. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to
present fairly the financial position of SPS as of Sept. 30, 2005, and Dec. 31, 2004; the results of its operations for the three and nine
months ended Sept. 30, 2005 and 2004; and its cash flows for the nine months ended Sept. 30, 2005 and 2004. Due to the seasonality
of electric sales of SPS, quarterly results are not necessarily an appropriate base from which to project annual results.
The significant accounting policies of SPS are set forth in Note 1 to its consolidated financial statements in its Annual Report on Form
10-K for the year ended Dec. 31, 2004. The following notes should be read in conjunction with such policies and other disclosures in
the Form 10-K.
1. Significant Accounting Policies
FASB Interpretation No. 47 (FIN No. 47)—In April 2005, the Financial Accounting Standards Board (FASB) issued FIN No. 47 to
clarify the scope and timing of liability recognition for conditional asset retirement obligations pursuant to Statement of Financial
Accounting Standard (SFAS) No. 143—“Accounting for Asset Retirement Obligations”. The interpretation requires that a liability be
recorded for the fair value of an asset retirement obligation, if the fair value is estimable, even when the obligation is dependent on a
future event. FIN No. 47 further clarified that uncertainty surrounding the timing and method of settlement of the obligation should be
factored into the measurement of the conditional asset retirement obligation rather than affect whether a liability should be
recognized. Implementation is required to be effective no later than the end of fiscal years ending after Dec. 15, 2005. Additionally,
FIN No. 47 will permit but not require restatement of interim financial information during any period of adoption. Both recognition of
a cumulative change in accounting and disclosure of the liability on a pro forma basis are required for transition purposes. SPS is
evaluating the impact of FIN No. 47, however, it is not expected to have a material impact on results of operations or financial
position due to the expected recovery in customer rates.
Reclassifications—Certain items in the statement of income for the three and nine months ended Sept. 30, 2004 have been reclassified
to conform to the 2005 presentation. These reclassifications had no effect on net income.
2. Regulation
Federal Regulation
Energy Legislation—On Aug. 8, 2005, President Bush signed into law the Energy Policy Act of 2005 (Energy Act), significantly
changing many federal energy statutes. The Energy Act is expected to have a substantial long-term effect on energy markets, energy
investment, and regulation of public utilities and holding company systems by the Federal Energy Regulatory Commission (FERC),
the Securities and Exchange Commission (SEC) and the United States Department of Energy (DOE). The FERC was directed by the
Energy Act to address many areas previously regulated by other governmental entities under the statutes and determine whether
changes to such previous regulations are warranted. The issues that the FERC has been required to consider associated with the repeal
of the Public Utility Holding Company Act of 1935, include the expansion of FERC authority to review mergers and sales of public
utility companies and the expansion of the FERC authority over the books and records of public utility companies previously
governed by the SEC. The FERC is in various stages of rulemaking on these and other issues. SPS cannot predict the impact the new
rulemaking will have on its operations or financial results, if any.
Market-Based Rate Authority—The FERC regulates the wholesale sale of electricity. In order to obtain market-based rate
authorization from the FERC, utilities such as SPS have been required to submit analyses demonstrating that they did not have market
power in the relevant markets. SPS was previously granted market-based rate authority by the FERC.
In 2004, the FERC adopted two indicative screens (an uncommitted pivotal supplier analysis and an uncommitted market share
analysis) as a revised test to assess market power. Passage of the two screens creates a rebuttable presumption that an applicant does
not have market power, while the failure creates a rebuttable presumption that the utility does have market power. An applicant or
intervenor can rebut the presumption by performing a more extensive delivered-price test analysis. If an applicant is determined to
have generation market power, the applicant has the opportunity to propose its own mitigation plan or may implement default
mitigation established by the FERC. The default mitigation limits prices for sales of power to cost-based rates within areas where an
applicant is found to have market power.
Xcel Energy filed the required analysis applying the FERC’s two indicative screens on behalf of itself and SPS with the FERC on Feb.
7, 2005. This analysis demonstrated that SPS passed the pivotal supplier analysis in its own control area and all adjacent markets, but
that it failed the market share analysis in its own control areas. Numerous parties filed interventions and requested that the FERC set
the analysis for hearing. Certain parties asked the FERC to revoke the market-based rate authority of SPS.
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7. On June 2, 2005, the FERC issued an order initiating a proceeding pursuant to Section 206 of the Federal Power Act to investigate
SPS’s market-based rate authority within its own control area. The refund effective date that has been set as part of that investigation
for such sales is August 12, 2005.
On August 1, 2005, SPS and Public Service Company of Colorado (PSCo), another wholly owned subsidiary of Xcel Energy,
submitted a filing to withdraw their market-based rate authority with respect to sales within their control areas. As part of that filing,
SPS and PSCo proposed to charge existing cost-based rates for sales into the SPS and PSCo control areas. In October 2005, PSCo and
SPS filed revised tariff sheets to reflect that limitation on their market-based rate authority. Notwithstanding these actions, certain
intervenors are still contending that FERC must hold an investigation regarding SPS’ market power and the rates that SPS is proposing
to charge where it has relinquished market-based rate authority. The matter is pending before the FERC.
FERC Transmission Rate Case—On Sept. 2, 2004, Xcel Energy filed on behalf of SPS and PSCo an application to increase
wholesale transmission service and ancillary service rates within the Xcel Energy joint open access transmission tariff. SPS and PSCo
requested an increase in annual transmission service and ancillary services revenues of $6.1 million. As a result of a settlement with
certain PSCo wholesale power customers in 2003, their power sales rates would be reduced by $1.4 million. The net increase in annual
revenues proposed is $4.7 million, of which $1.7 million is attributable to SPS. The FERC suspended the filing and delayed the
effective date of the proposed increase to June 1, 2005. The rate increase application also includes SPS and PSCo adopting an annual
formula rate for transmission service pricing as previously approved by the FERC for other transmission providers, which would
provide annual rate changes reflecting changes in cost and usage. The case is currently pending settlement judge procedures and
interim rates went into effect on June 1, 2005, subject to refund.
Wholesale Rate Complaint—In November 2004, several wholesale cooperative customers of SPS filed a $3 million rate complaint at
the FERC requesting that the FERC investigate SPS’ wholesale power base rates and fuel clause calculations. In December 2004, the
FERC accepted the complaint filing and ordered SPS base rates subject to refund, effective January 1, 2005. Also in November 2004,
SPS filed revisions to its wholesale fuel cost adjustment clause. The FERC set the proposed rate changes into effect on January 1,
2005, subject to refund, and consolidated the proceeding with the wholesale cooperative customers’ complaint proceeding. The FERC
set the consolidated proceeding for hearing and settlement judge procedures, which were terminated when the parties could not reach a
settlement. A hearing judge has been appointed by the FERC and hearings have been scheduled for December 2005.
On Sept. 15, 2005, Public Service Company of New Mexico (PNM) filed a separate complaint at the FERC in which it contended that
its demand charge under an existing interruptible power supply contract with SPS is excessive and that SPS has overcharged PNM for
fuel costs under three separate agreements through erroneous fuel clause calculations. PNM’s arguments mirror those that it made as
an intervenor in the cooperatives’ complaint case, and SPS believes that they have little merit. SPS submitted a response to PNM’s
complaint in October 2005, and the case is pending FERC action.
SPP Energy Imbalance Service—On June 15, 2005, the Southwest Power Pool (SPP) filed proposed tariff provisions to establish an
Energy Imbalance Service (EIS), a wholesale energy market for the SPP region, using a phased approach toward the development of a
fully-functional locational marginal pricing energy market with appropriate financial transmission rights. On July 15, 2005, Xcel
Energy filed a protest addressing the EIS proposal and urging FERC to reject the proposal and provide guidance to SPP in its effort to
design and implement a fully functional Day 2 market for the SPP region to avoid “seams” between the Midwest Independent
Transmission System Operator, Inc. (MISO) and SPP regions. On Sept. 19, 2005, FERC issued an order rejecting the SPP EIS
proposal and providing guidance and recommendations to SPP; however, the FERC did not require SPP to implement a full Day 2
market similar to MISO. Requests for rehearing of the FERC order were due Oct. 19, 2005.
Other Regulatory Matters
Texas Retail Fuel Cost—Fuel and purchased energy costs are recovered in Texas through a fixed fuel and purchased energy recovery
factor. In May 2004, SPS filed with the Public Utility Commission of Texas (PUCT) its periodic request for fuel and purchased power
cost recovery for electric generation and fuel management activities for the period from January 2002 through December 2003. SPS
requested approval of approximately $580 million of Texas-jurisdictional fuel and purchased power costs for the two-year period.
Intervenor and PUCT staff testimony was filed in October 2004 and hearings were held in December 2004. Intervenor testimony
contained objections to SPS’ methodology for assigning average fuel costs to certain wholesale sales, among other things. Recovery
of $49 million to $86 million of the requested amount was contested by multiple intervenors.
The administrative law judge issued his recommended proposal for the decision (PFD) on April 15, 2005, which was generally
favorable to SPS. Prior to issuance of the PFD, SPS had entered into a non-unanimous stipulation with the PUCT staff and several of
the intervenors. The stipulation would provide reasonable regulatory certainty for SPS on all key issues raised in this proceeding. The
deadline for parties to protest the stipulation and request a hearing was July 22, 2005. No parties protested the stipulation. On Oct. 7,
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8. 2005, the PUCT issued an order requesting exceptions on the PFD and stipulation and announced it would take both into consideration
in making its decision in this proceeding. It is anticipated that a final order will be issued in November 2005. The PUCT order may
or may not reflect the terms of the stipulation or the PFD. The stipulation reflects a potential liability of approximately $25 million,
which is consistent with the reserve that SPS accrued during the fourth quarter of 2004 related to this proceeding. SPS believes this
estimate is appropriate and sufficient.
Energy Legislation—The 2005 Texas Legislature passed and the Governor signed, effective June 18, 2005, a law establishing
statutory authority for electric utilities outside of the electric reliability council of Texas in the SPP or the Western Electricity
Coordinating Council to have timely recovery of transmission infrastructure investments. After notice and hearing, the PUCT may
allow recovery on an annual basis of the reasonable and necessary expenditures for transmission infrastructure improvement costs and
changes in wholesale transmission charges under a tariff approved by FERC. The PUCT will initiate a rulemaking for this process
that is expected to take place largely in the first quarter of 2006.
New Mexico Fuel Review—On Jan. 28, 2005, the New Mexico Public Regulatory Commission (NMPRC) accepted the staff petition
for a review of SPS’ fuel and purchased power cost. The staff has requested a formal review of SPS’ fuel and purchased power cost
adjustment clause (FPPCAC) for the period of Oct. 1, 2001 through August 2004. Several parties have requested to expand the issues
in the case. The NMPRC decided not to expand the case and address any additional issues in SPS’ fuel continuation case filed in
August 2005. Hearings in the fuel review case have been scheduled for April 2006.
New Mexico Fuel Factor Continuation Filing—The filing to continue the use of SPS’ FPPCAC was filed on Aug. 18, 2005. This
filing is required every two years pursuant to the NMPRC rules. The filing proposes that the FPPCAC continue the current monthly
factor cost recovery methodology. Certain industrial customers have asked the NMPRC review SPS’ assignment of system average
fuel cost to certain wholesale capacity sales. Also they are asking that the NMPRC investigate the treatment of renewable energy
credits and sulfur dioxide allowance credit proceeds in relation to SPS’ New Mexico retail fuel and purchased power recovery clause.
Hearings have been scheduled for April 2006, and a NMPRC decision is expected in late 2006.
3. Commitments and Contingent Liabilities
Environmental Contingencies
SPS has been or is currently involved with the cleanup of contamination from certain hazardous substances at several sites. In many
situations, SPS is pursuing or intends to pursue insurance claims and believes it will recover some portion of these costs through such
claims. Additionally, where applicable, SPS is pursuing, or intends to pursue, recovery from other potentially responsible parties and
through the rate regulatory process. To the extent any costs are not recovered through the options listed above, SPS would be required
to recognize an expense for such unrecoverable amounts in its consolidated financial statements.
Clean Air Interstate and Mercury Rules—In March 2005, the Environmental Protection Agency (EPA) issued two significant new
air quality rules. The Clean Air Interstate Rule (CAIR) further regulates sulfur dioxide (SO2) and nitrogen oxide (NOx) emissions,
and the Clean Air Mercury Rule regulates mercury emissions from power plants for the first time.
The objective of the CAIR is to cap emissions of SO2 and NOx in the eastern United States, including Texas. When fully
implemented, CAIR will reduce SO2 emissions in 28 eastern states and the District of Columbia by over 70 percent and NOx
emissions by over 60 percent from 2003 levels. It is designed to address the transportation of fine particulates, ozone and emission
precursors to non-attainment downwind states. CAIR has a two-phase compliance schedule, beginning in 2009 for NOx and 2010 for
SO2, with a final compliance deadline in 2015 for both emissions. Under CAIR, each affected state will be allocated an emissions
budget for SO2 and NOX that will result in significant emission reductions. It will be based on stringent emission controls and forms
the basis for a cap-and-trade program. State emission budgets or caps decline over time. States can choose to implement an
emissions reduction program based on the EPA’s proposed model program, or they can propose another method, which the EPA
would need to approve.
On July 11, 2005, SPS, the City of Amarillo and Occidental Permian LTD filed a lawsuit against the EPA and a request for
reconsideration with the agency to exclude West Texas from the CAIR. El Paso Electric Co. joined in the request for reconsideration.
Xcel Energy and SPS advocated that West Texas should be excluded from CAIR, because it does not contribute significantly to
nonattainment with the fine particulate matter National Ambient Air Quality Standard in any downwind jurisdiction.
• Emissions from plants located in the Texas panhandle are more than 1,000 kilometers away from cities like Chicago, St.
Louis and Indianapolis and have no measurable impact on their air quality.
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9. • EPA should not arbitrarily include the entire state of Texas in the rule. As a result of its size, there are significant differences
in the air quality impacts of plants in the different regions of Texas.
• EPA has precedent for dividing the state into two regions. As part of the Texas Air Quality strategy, the Texas Commission
on Environmental Quality split the state and imposed different requirements on West Texas. The Bush Administration
adopted a similar approach in its proposed Clear Skies Act.
• EPA excluded Oklahoma and Kansas from CAIR, but imposes CAIR’s burdens on plants in West Texas. Emissions from
West Texas must pass through Oklahoma and Kansas—and over power plants in those states that are not subject to the rule—
before reaching the downwind cities the rule is designed to protect.
Under CAIR’s cap and trade structure, SPS can comply through capital investments in emission controls or purchase of emission
“allowances” from other utilities making reductions on their systems. Based on the preliminary analysis of various scenarios of
capital investment and allowance purchase, capital investments could range from $30 million to $300 million and allowance purchases
or increased operating and maintenance expenses could range from $20 million to $28 million per year, beginning in 2010. This does
not include other costs that SPS will have to incur to comply with EPA’s new mercury emission control regulations, which will apply
to SPS’ plants.
These cost estimates represent one potential scenario on how to comply with the CAIR, if West Texas is not excluded from CAIR.
There is uncertainty concerning implementation of CAIR. States are required to develop implementation plans within 18 months of
the issuance of the new rules and have a significant amount of discretion in the implementation details. Legal challenges to CAIR
rules could alter their requirements and/or schedule. The uncertainty associated with the final CAIR rules makes it difficult to project
the ultimate amount and timing of capital expenditure and operating expenses.
While SPS expects to comply with the new rules through a combination of additional capital investments in emission controls at
various facilities and purchases of emission allowances, it is continuing to review the alternatives. SPS believes the cost of any
required capital investment or allowance purchases will be recoverable from customers.
The EPA’s Clean Air Mercury Rule also uses a national cap-and-trade system and is designed to achieve a 70 percent reduction in
mercury emissions. It affects all coal- and oil-fired generating units across the country greater than 25 megawatts. Compliance with
this rule also occurs in two phases, with the first phase beginning in 2010 and the second phase in 2018. States will be allocated
mercury allowances based on their baseline heat input relative to other states and by coal type. Each electric generating unit will be
allocated mercury allowances based on its percentage of total coal heat input for the state. SPS is evaluating the impact of the Clean
Air Mercury Rule and is currently unable to estimate the cost.
Cunningham Station Groundwater—Cunningham Station is a natural gas fired power plant constructed in the 1960’s and has 28
water wells installed on its water rights. The well field provides water for boiler makeup, cooling water, and potable water.
Following an acid release in 2002, groundwater samples revealed elevated concentrations of inorganic salt compounds not related to
the release. The contamination was identified in wells located near the plant buildings. The source of contamination is thought to be
leakage from ponds that receive blowdown water from the plant. In response to a request by the New Mexico Environment
Department (NMED), SPS prepared a corrective action plan to address the groundwater contamination. Under the plan submitted to
the NMED, SPS agreed to control leakage from the plant blowdown ponds through construction of a new lined pond, additional
irrigation area to minimize percolation, and installation of additional wells to monitor groundwater quality. On June 23, 2005, NMED
issued a letter approving the corrective action plan. The action plan is subject to continued compliance with New Mexico regulations
and oversight by the NMED. These actions are estimated to cost approximately $3.8 million through 2008.
Legal Contingencies
Lawsuits and claims arise in the normal course of business. Management, after consultation with legal counsel, has recorded an
estimate of the probable cost of settlement or other disposition of them. The ultimate outcome of these matters cannot presently be
determined. Accordingly, the ultimate resolution of these matters could have a material adverse effect on SPS’ financial position and
results of operations.
Carbon Dioxide Emissions Lawsuit—On July 21, 2004, the attorneys general of eight states and New York City, as well as several
environmental groups, filed lawsuits in U.S. District Court for the Southern District of New York against five utilities, including Xcel
Energy, to force reductions in carbon dioxide (CO2) emissions. Although SPS is not named as a party to this litigation, the requested
relief that Xcel Energy cap and reduce its CO2 emissions could have a material adverse effect on SPS. The other utilities include
American Electric Power Co., Southern Co., Cinergy Corp. and Tennessee Valley Authority. CO2 is emitted whenever fossil fuel is
combusted, such as in automobiles, industrial operations and coal- or gas-fired power plants. The lawsuits allege that CO2 emitted by
each company is a public nuisance as defined under state and federal common law because it has contributed to global warming. The
lawsuits do not demand monetary damages. Instead, the lawsuits ask the court to order each utility to cap and reduce its CO2
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10. emissions. In October 2004, Xcel Energy and four other utility companies filed a motion to dismiss the lawsuit, contending, among
other reasons, that the lawsuit should be dismissed because it is an attempt to usurp the policy-setting role of the U.S. Congress and
the president. On Sept. 19, 2005, the judge granted the defendants’ motion to dismiss on constitutional grounds. Plaintiffs have filed
a notice of appeal.
Other Contingencies
The circumstances set forth in Note 11 to the consolidated financial statements in SPS’ Annual Reports on Form 10-K for the year
ended Dec. 31, 2004 and Note 2 of this Quarterly Report on Form 10-Q, appropriately represent, in all material respects, the current
status of commitments and contingent liabilities and are incorporated herein by reference.
4. Fuel Supply and Costs
SPS previously notified the DOE of reduced inventories of coal at its electric generating stations. Delivery of coal from the Powder
River Basin region in Wyoming has been disrupted by train derailments and other operational problems purportedly caused by
deteriorated rail track beds of approximately 100 miles in length in Wyoming. The BNSF Railway Co. (BNSF) and the Union Pacific
Railroad (UPRR) jointly own the rail line. The BNSF operates and maintains the rail line. The Powder River Basin is a primary
source of coal used by SPS in the operation of its two coal-fired electric generating stations.
BNSF and UPRR have indicated that repair and reconstruction of the deteriorated sections of rail track beds may take the balance of
the year. While BNSF and UPRR have begun to repair the rail beds, they continue to work with SPS in identifying options in the
interim to increase the rate of coal deliveries. Additionally, SPS analyzed the magnitude, likelihood and effects of reduced coal
deliveries to its generating stations and developed an interim plan to conserve coal. The interim plan included temporarily modifying
the dispatch of its coal-fired electric generating stations to conserve existing coal supplies. SPS has increased power purchases from
third parties and, where practicable, has increased the use of natural gas for electric generation to replace the coal-fired electric
generation. Also, SPS has contacted wholesale customers to identify options to reduce sales levels, if necessary.
The cost of purchased power and natural gas for electric generation is higher than that for coal-fired electric generation, and the use of
these sources to replace coal-fired electric generation increased the price of electricity for retail and wholesale customers.
SPS has discussed this situation with the staffs of the regulatory commissions in Texas and New Mexico.
In Texas, fuel and purchased energy costs are recovered through a fixed fuel and purchased energy recovery factor, which is part of
SPS’ retail electric rates. If it appears that SPS will materially over-recover or under-recover these costs, the factor may be revised
upon application by SPS or action by the PUCT. The regulations require surcharging of under-recovered amounts, including interest,
when they exceed 4 percent of SPS’ annual fuel and purchased energy costs, as allowed by the PUCT, if the condition is expected to
continue. SPS expects to file a fuel surcharge to recover under-recovered costs in November 2005.
In New Mexico, increases and decreases in fuel and purchased energy costs, including deferred amounts, are recovered through a
monthly fuel and purchased power clause with a two-month lag. Wholesale customers, under the FERC jurisdiction also pay a
monthly fuel cost adjustment calculated on actual fuel and purchased power costs in accordance with the FERC’s fuel clause
regulations.
While SPS believes that it should be allowed to recover these higher costs, the ultimate success of recovery could significantly impact
the 2005 financial results of SPS.
5. Derivative Valuation and Financial Impacts
SPS records all derivative instruments on the balance sheet at fair value unless exempted as a normal purchase or sale. Changes in a
non-exempt derivative instrument’s fair value are recognized currently in earnings unless the derivative has been designated in a
qualifying hedging relationship. The application of hedge accounting allows a derivative instrument’s gains and losses to be reflected
in Other Comprehensive Income or to offset related results of the hedged item in the statement of income, to the extent effective.
SFAS No. 133—“Accounting for Derivative Instruments and Hedging Activities,” as amended, requires that the hedging relationship
be highly effective and that a company formally designate a hedging relationship to apply hedge accounting.
SPS records the fair value of its derivative instruments in its Consolidated Balance Sheet as a separate line item identified as
Derivative Instruments Valuation for assets and liabilities, as well as current and noncurrent.
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11. Cash Flow Hedges
SPS has a minimal amount of short-term wholesale marketing activity designated as cash flow hedges. The fair value of these cash
flow hedges is recorded in either Other Comprehensive Income or deferred as a regulatory asset or liability. This classification is
based on the regulatory recovery mechanisms in place. Amounts deferred in these accounts are recorded in earnings as the hedged
purchase or sales transaction is settled. As of Sept. 30, 2005, SPS had no amounts accumulated in Other Comprehensive Income
related to commodity cash flow hedge contracts that are expected to be recognized in earnings during the next 12 months as the
hedged transactions settle.
SPS enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix
the yield or price on a specified benchmark interest rate for a specific period. These derivative instruments are designated as cash flow
hedges for accounting purposes, and the change in the fair value of these instruments is recorded as a component of Other
Comprehensive Income. As of Sept. 30, 2005, SPS had net losses of $0.6 million in accumulated in Other Comprehensive Income
related to interest rate cash flow hedge contracts that are expected to be recognized in earnings during the next 12 months.
Gains or losses on hedging transactions for the sales of electric energy are recorded as a component of revenue, hedging transactions
for fuel used in energy generation are recorded as a component of fuel costs, and interest rate hedging transactions are recorded as a
component of interest expense. SPS is allowed to recover in electric rates the costs of certain financial instruments acquired to reduce
commodity cost volatility. There was no hedge ineffectiveness in the third quarter of 2005.
The impact of the components of hedges on SPS’ Other Comprehensive Income, included as a component of stockholder’s equity, are
detailed in the following table:
Nine months ended
Sept. 30,
(Millions of dollars) 2005 2004
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 $ (5.3 ) $ (7.2 )
After-tax net unrealized gains related to derivatives accounted for as hedges 0.8 0.9
After-tax net realized (gains) losses on derivative transactions reclassified into earnings (0.2 ) 0.7
Accumulated other comprehensive loss related to cash flow hedges at Sept. 30 $ (4.7 ) $ (5.6 )
Derivatives Not Qualifying for Hedge Accounting
SPS has extremely limited commodity trading operations that enter into derivative instruments. These derivative instruments are
accounted for on a mark-to-market basis in the Consolidated Statement of Income. The results of these transactions are reported on a
net basis within Operating Revenue on the Consolidated Statement of Income.
SPS also enters into certain commodity-based derivative transactions, not included in trading operations, which do not qualify for
hedge accounting treatment. These derivative instruments are accounted for on a mark-to-market basis in accordance with SFAS No.
133.
Normal Purchases or Normal Sales Contracts
SPS enters into contracts for the purchase and sale of various commodities for use in its business operations. SFAS No. 133 requires a
company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that literally meet the
definition of a derivative may be exempted from the fair value reporting requirements of SFAS No. 133 as normal purchases or
normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial
instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the
normal course of business. Contracts that meet these requirements are documented and exempted from the accounting and reporting
requirements of SFAS No. 133.
SPS evaluates all of its contracts when such contracts are entered to determine if they are derivatives and, if so, if they qualify and
meet the normal designation requirements under SFAS No. 133. None of the derivative contracts entered into within the commodity
trading operations qualify for a normal designation.
Normal purchases and normal sales contracts are accounted for as executory contracts as required under other generally accepted
accounting principles.
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12. 6. Detail of Interest and Other Income, Net of Nonoperating Expenses
Interest and other income, net of nonoperating expenses, for the three and nine months ended Sept. 30 consists of the following:
Nine months
Three months ended ended
Sept. 30 Sept. 30
(Thousands of dollars) 2005 2004 2005 2004
Interest income $ 1,745 $ 360 $ 2,457 $ 1,163
Gain on sale of assets — — 2,279 —
Other nonoperating income 23 15 992 434
Nonoperating expenses (125 ) (16 ) (143 ) (200 )
Total interest and other income, net of nonoperating expenses $ 1,643 $ 359 $ 5,585 $ 1,397
7. Segment Information
SPS has one reportable segment. SPS operates in the Regulated Electric Utility industry, providing wholesale and retail electric
service in the states of Texas, New Mexico, Kansas and Oklahoma. Revenues from external customers were $487.8 million and
$390.1 million for the three months ended Sept. 30, 2005 and 2004. Revenues from external customers were $1,181.5 million and
$1,044.2 million for the nine months ended Sept. 30, 2005 and 2004.
8. Comprehensive Income
The components of total comprehensive income are shown below:
Three month Nine months
ended ended
Sept. 30, Sept. 30,
(Millions of dollars) 2005 2004 2005 2004
Net income $ 28.2 $ 28.8 $ 59.8 $ 63.6
Other comprehensive income:
After-tax net unrealized gains (losses) related to derivatives accounted for as hedges
(see Note 5) 1.0 (0.7 ) 0.8 0.9
After-tax net realized losses (gains) on derivative transactions reclassified into
(0.1 ) 0.2 (0.2 ) 0.7
earnings (see Note 5)
Other comprehensive income (loss) 0.9 (0.5 ) 0.6 1.6
Comprehensive income $ 29.1 $ 28.3 $ 60.4 $ 65.2
The accumulated comprehensive income in stockholder’s equity at Sept. 30, 2005 and 2004, relates to valuation adjustments on SPS’
derivative financial instruments and hedging activities.
9. Benefit Plans and Other Postretirement Benefits
Components of Net Periodic Benefit Cost
Three months ended Sept. 30,
2005 2004 2005 2004
Postretirement Health
(Thousands of dollars) Pension Benefits Care Benefits
Xcel Energy Inc.
Service cost $ 15,115 $ 14,143 $ 1,671 $ 1,525
Interest cost 40,246 41,349 13,765 13,151
Expected return on plan assets (70,290 ) (75,690 ) (6,425 ) (5,812 )
Amortization of transition (asset) obligation — (2 ) 3,645 3,644
Amortization of prior service cost (credit) 7,509 7,503 (545 ) (544 )
Amortization of net (gain) loss 1,705 (3,688 ) 6,562 5,412
Net periodic benefit cost (credit) (5,715 ) (16,385 ) 18,673 17,376
Settlements and curtailments — (223 ) — —
Credits not recognized due to the effects of regulation 4,842 10,480 — —
Additional cost recognized due to the effects of regulation — — 972 973
Net benefit cost (credit) recognized for financial reporting $ (873 ) $ (6,128 ) $ 19,645 $ 18,349
SPS
Net benefit cost (credit) recognized for financial reporting $ (2,276 ) $ (2,801 ) $ 1,714 $ 1,377
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13. Nine months ended Sept. 30,
2005 2004 2005 2004
Postretirement Health
(Thousands of dollars) Pension Benefits Care Benefits
Xcel Energy Inc.
Service cost $ 45,345 $ 43,617 $ 5,013 $ 4,575
Interest cost 120,738 124,023 41,295 39,453
Expected return on plan assets (210,048 ) (227,222 ) (19,275 ) (17,438 )
Amortization of transition (asset) obligation — (6 ) 10,934 10,934
Amortization of prior service cost (credit) 22,527 22,509 (1,634 ) (1,634 )
Amortization of net (gain) loss 5,115 (11,406 ) 19,685 16,238
Net periodic benefit cost (credit) (16,323 ) (48,485 ) 56,018 52,128
Settlements and curtailments — (926 ) — —
Credits not recognized due to the effects of regulation 14,526 29,225 — —
Additional cost recognized due to the effects of regulation — — 2,918 2,918
Net benefit cost (credit) recognized for financial reporting $ (1,797 ) $ (20,186 ) $ 58,936 $ 55,046
SPS
Net benefit cost (credit) recognized for financial reporting $ (6,827 ) $ (8,383 ) $ 5,140 $ 4,132
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
Discussion of financial condition and liquidity for SPS is omitted per conditions set forth in general instructions H (1) (a) and (b) of
Form 10-Q for wholly owned subsidiaries. It is replaced with management’s narrative analysis and the results of operations set forth in
general instructions H (2) (a) of Form 10-Q for wholly owned subsidiaries (reduced disclosure format).
Forward-Looking Information
The following discussion and analysis by management focuses on those factors that had a material effect on the financial condition
and results of operations of SPS during the periods presented, or are expected to have a material impact in the future. It should be read
in conjunction with the accompanying unaudited financial statements and notes.
Except for the historical statements contained in this report, the matters discussed in the following discussion and analysis are
forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are
intended to be identified in this document by the words “anticipate,” “estimate,” “expect,” “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:
• Economic conditions, including their impact on capital expenditures and the ability of the SPS to obtain financing on favorable
terms, inflation rates and monetary fluctuations;
• Business conditions in the energy business;
• Demand for electricity in the nonregulated marketplace;
• Trade, monetary, fiscal, taxation and environmental policies of governments, agencies and similar organizations in geographic
areas where SPS has a financial interest;
• Customer business conditions, including demand for their products or services and supply of labor and materials used in
creating their products and services;
• Financial or regulatory accounting principles or policies imposed by the Financial Accounting Standards Board, the Securities
and Exchange Commission, the Federal Energy Regulatory Commission and similar entities with regulatory oversight;
• Availability or cost of capital such as changes in: interest rates; market perceptions of the utility industry, SPS, Xcel Energy or
any of its other subsidiaries; or security ratings;
• Factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled
generation outages, maintenance or repairs; unanticipated changes to fossil fuel or natural gas supply costs or availability due
to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission
or natural gas pipeline constraints;
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14. • Employee workforce factors, including loss or retirement of key executives, collective bargaining agreements with union
employees, or work stoppages;
• Increased competition in the utility industry;
• State and federal legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate
structures and affect the speed and degree to which competition enters the electric markets; industry restructuring initiatives;
transmission system operation and/or administration initiatives; recovery of investments made under traditional regulation;
nature of competitors entering the industry; retail wheeling; a new pricing structure; and former customers entering the
generation market;
• Rate-setting policies or procedures of regulatory entities, including environmental externalities, which are values established by
regulators assigning environmental costs to each method of electricity generation when evaluating generation resource options;
• Social attitudes regarding the utility and power industries;
• Cost and other effects of legal and administrative proceedings, settlements, investigations and claims;
• Technological developments that result in competitive disadvantages and create the potential for impairment of existing assets;
• Significant slowdown in growth or decline in the U.S. economy, delay in growth or recovery of the U.S. economy or increased
cost for insurance premiums, security and other items;
• Risks associated with implementation of new technologies; and
• Other business or investment considerations that may be disclosed from time to time in SPS’ SEC filings or in other publicly
disseminated written documents.
Market Risks
SPS is exposed to market risks, including changes in commodity prices and interest rates, as disclosed in Item 7A—Quantitative and
Qualitative Disclosures About Market Risk in its Annual Report on Form 10-K for the year ended Dec. 31, 2004. Commodity price
and interest rate risks for SPS are mitigated in most jurisdictions due to cost-based rate regulation. At Sept. 30, 2005, there were no
material changes to the financial market risks that affect the quantitative and qualitative disclosures presented as of Dec. 31, 2004.
RESULTS OF OPERATIONS
SPS’ net income was approximately $59.8 million for the first nine months of 2005, compared with approximately $63.6 million for
the first nine months of 2004. The decrease is primarily due to a higher depreciation and operating and maintenance expenses,
partially offset the gains on the sale of water rights.
Electric Utility, Short-term Wholesale and Commodity Trading Margins
The following table details the change in electric revenue and margin. Electric production expenses tend to vary with changing retail
and wholesale sales requirements and unit cost changes in fuel and purchased power. Due to fuel clause cost recovery mechanisms for
retail customers, most fluctuations in energy costs do not affect electric margin.
SPS has two distinct forms of wholesale marketing activities: short-term wholesale and commodity trading. Short-term wholesale
refers to energy related purchase and sales activity and the use of certain financial instruments associated with the fuel required for
and energy produced from SPS’ generation assets and energy and capacity purchased to serve native load. Commodity trading is not
associated with SPS’ generation assets or the energy and capacity purchased to serve native load.
SPS conducts an inconsequential amount of commodity trading. Margins from commodity trading activity are partially redistributed
to Northern States Power Company, a Minnesota corporation, and Public Service Company of Colorado, both wholly owned
subsidiaries of Xcel Energy, pursuant to the joint operating agreement (JOA) approved by the FERC. Margins received pursuant to
the JOA are reflected as part of Base Electric Utility Revenues. Short-term wholesale and commodity trading margins reflect the
impact of regulatory sharing, if applicable. Trading revenues are reported net of trading costs (i.e., on a margin basis) in the
Consolidated Statements of Income. Commodity trading costs include purchased power, transmission, broker fees and other related
costs.
As one of the expected outcomes of the fuel reconciliation proceeding discussed in Note 2, the recovery of costs associated with
Renewable Energy Credits (REC) may change. As a part of this change in regulatory recovery, SPS anticipates conducting additional
marketing activities of RECs. However, the ultimate impact of this change in recovery and additional marketing activity is not
expected to be significant. The net results of this activity will be presented as a component of Base Electric Utility Revenues.
14
15. The following table details the revenue and margin for base electric utility and short-term wholesale activities:
Base Short-
Electric term Consolidated
(Millions of dollars) Utility Wholesale Total
Nine months ended Sept. 30, 2005
Electric utility revenue $ 1,178 $ 3$ 1,181
Electric fuel and purchased power (803 ) (3 ) (806 )
Gross margin before operating expenses $ 375 $ —$ 375
Margin as a percentage of revenue 31.8 % 0.0 % 31.8 %
Nine months ended Sept. 30, 2004
Electric utility revenue $ 1,041 $ 3$ 1,044
Electric fuel and purchased power (668 ) (2 ) (670 )
Gross margin before operating expenses $ 373 $ 1$ 374
Margin as a percentage of revenue 35.8 % 33.3 % 35.8 %
The following summarizes the components of the changes in base electric revenue and base electric margin for the nine months ended
Sept. 30:
Base Electric Revenue
(Millions of dollars) 2005 vs. 2004
Sales growth (excluding weather impact) $ 8
Capacity sales (7 )
Fuel cost recovery 125
Transmission and other 11
Total base electric revenue increase $ 137
Base Electric Margin
(Millions of dollars) 2005 vs. 2004
Sales growth (excluding weather impact) $ 5
Capacity sales (7 )
Other 4
Total base electric margin increase $ 2
Non-Fuel Operating Expense and Other Costs
The following summarizes the components of the changes in other utility operating and maintenance expense for the nine months
ended Sept. 30:
(Millions of dollars) 2005 vs. 2004
Higher pension and medical costs $ 5
Higher outside legal costs 1
Higher plant overhaul costs 1
Total other utility operating and maintenance expense increase $ 7
Depreciation and amortization expense increased by approximately $4.5 million, or 6.5 percent, for the first nine months of 2005,
compared with the first nine months of 2004. The increase is primarily due to plant additions and higher software amortization.
Other income increased by approximately $4.7 million, or 181 percent, for the first nine months of 2005, compared with the first nine
months of 2004. The increase is primarily due to gains on the sale of water rights.
Income tax expense decreased by approximately $3.9 million for the first nine months of 2005, compared with the same period of
2004. The decrease was primarily due to lower income levels and a decrease in plant-related regulatory items for 2005 as compared to
2004. The effective tax rate was 37.2 percent for the first nine months of 2005, compared with 38.2 percent for the same period in
2004.
15
16. Item 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
SPS maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it
files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods
specified in Securities and Exchange Commission rules and forms. As of the end of the period covered by this report, based on an
evaluation carried out under the supervision and with the participation of SPS’ management, including the chief executive officer
(CEO) and chief financial officer (CFO), of the effectiveness of its disclosure controls and procedures, the CEO and CFO have
concluded that SPS’ disclosure controls and procedures are effective.
Internal Control Over Financial Reporting
No change in SPS’ internal control over financial reporting has occurred during the most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, its internal control over financial reporting. SPS has made certain changes in its
internal controls over financial reporting during the most recent fiscal quarter in order to make the control environment more effective
and efficient.
Part II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
In the normal course of business, various lawsuits and claims have arisen against SPS. Management, after consultation with legal
counsel, has recorded an estimate of the probable cost of settlement or other disposition for such matters. See Notes 2 and 3 to the
consolidated financial statements in this Quarterly Report on Form 10-Q for further discussion of legal proceedings, including
Regulatory Matters and Commitments and Contingent Liabilities, which are hereby incorporated by reference. Reference also is made
to Item 3 of and Note 11 to the consolidated financial statements in SPS’ Annual Report on Form 10-K for the year ended Dec. 31,
2004 for a description of certain legal proceedings presently pending. Except as discussed herein, there are no new significant cases to
report against SPS and there have been no notable changes in the previously reported proceedings.
Item 6. EXHIBITS
(a) Exhibits
The following Exhibits are filed with this report:
* Incorporated by reference.
31.01 Principal Executive Officer’s and Principal Financial Officer’s certifications pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.01 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
99.01 Statement pursuant to Private Securities Litigation Reform Act of 1995.
16
17. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized on Oct. 31, 2005.
Southwestern Public Service Co.
(Registrant)
/s/ TERESA S. MADDEN
Teresa S. Madden
Vice President and Controller
/s/ BENJAMIN G.S. FOWKE III
Benjamin G.S. Fowke III
Vice President and Chief Financial Officer
18. Exhibit 31.01
Certifications
I, Gary L. Gibson, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Southwestern Public Service Co.;
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly
present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this quarterly report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed
under our supervision to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly
report is being prepared;
b) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
c) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent function):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial data; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: Oct. 31, 2005
/s/ GARY L. GIBSON
Gary L. Gibson
President and Chief Executive Officer
19. I, Benjamin G.S. Fowke III, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Southwestern Public Service Co.;
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly
present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the
periods presented in this quarterly report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed
under our supervision to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly
report is being prepared;
b) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
c) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent function):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial data; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: Oct. 31, 2005
/s/ BENJAMIN G.S. FOWKE III
Benjamin G.S. Fowke III
Vice President and Chief Financial Officer
2
20. Exhibit 32.01
Officer Certification
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of SPS on Form 10-Q for the quarter ended Sept. 30, 2005, as filed with the Securities and
Exchange Commission on the date hereof (Form 10-Q), each of the undersigned officers of the SPS certifies, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:
(1) The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of
operations of SPS as of the dates and for the periods expressed in the Form 10-Q.
Date: Oct. 31, 2005
/s/ GARY L. GIBSON
Gary L. Gibson
President and Chief Executive Officer
/s/ BENJAMIN G.S. FOWKE III
Benjamin G.S. Fowke III
Vice President and Chief Financial Officer
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or
as a separate disclosure document.
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise
adopting the signature that appears in typed form within the electronic version of this statement required by Section 906, has been
provided to SPS and will be retained by SPS and furnished to the Securities and Exchange Commission or its staff upon request.
21. Exhibit 99.01
SPS Cautionary Factors
The Private Securities Litigation Reform Act provides a “safe harbor” for forward-looking statements to encourage such disclosures
without the threat of litigation, providing those statements are identified as forward-looking and are accompanied by meaningful,
cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the
statement. Forward-looking statements are made in written documents and oral presentations of SPS. These statements are based on
management’s beliefs as well as assumptions and information currently available to management. When used in SPS’ documents or
oral presentations, the words “anticipate,” “estimate,” “expect,” “projected,” objective,” “outlook,” “forecast,” “possible,” “potential”
and similar expressions are intended to identify forward-looking statements. In addition to any assumptions and other factors referred
to specifically in connection with such forward-looking statements, factors that could cause SPS’ actual results to differ materially
from those contemplated in any forward-looking statements include, among others, the following:
• Economic conditions, including their impact on capital expenditures and the ability of SPS to obtain financing on favorable
terms, inflation rates and monetary fluctuations;
• Business conditions in the energy business;
• Demand for electricity in the nonregulated marketplace;
• Trade, monetary, fiscal, taxation and environmental policies of governments, agencies and similar organizations in geographic
areas where SPS has a financial interest;
• Customer business conditions, including demand for their products or services and supply of labor and materials used in
creating their products and services;
• Financial or regulatory accounting principles or policies imposed by the Financial Accounting Standards Board, the Securities
and Exchange Commission, the Federal Energy Regulatory Commission and similar entities with regulatory oversight;
• Availability or cost of capital such as changes in: interest rates; market perceptions of the utility industry, SPS, Xcel Energy or
any of its other subsidiaries; or security ratings;
• Factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled
generation outages, maintenance or repairs; unanticipated changes to fossil fuel or natural gas supply costs or availability due
to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission
or gas pipeline constraints;
• Employee workforce factors, including loss or retirement of key executives, collective bargaining agreements with union
employees, or work stoppages;
• Increased competition in the utility industry;
• State and federal legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate
structures and affect the speed and degree to which competition enters the electric markets; industry restructuring initiatives;
transmission system operation and/or administration initiatives; recovery of investments made under traditional regulation;
nature of competitors entering the industry; retail wheeling; a new pricing structure; and former customers entering the
generation market;
• Rate-setting policies or procedures of regulatory entities, including environmental externalities, which are values established by
regulators assigning environmental costs to each method of electricity generation when evaluating generation resource options;
• Social attitudes regarding the utility and power industries;
• Cost and other effects of legal and administrative proceedings, settlements, investigations and claims;
• Technological developments that result in competitive disadvantages and create the potential for impairment of existing assets;
• Significant slowdown in growth or decline in the U.S. economy, delay in growth or recovery of the U.S. economy or increased
cost for insurance premiums, security and other items;
• Risks associated with implementation of new technologies; and
• Other business or investment considerations that may be disclosed from time to time in SPS’ SEC filings or in other publicly
disseminated written documents.
SPS undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing review of factors should not be construed as exhaustive.