This document outlines presentations to be made to Boston investors in August and September 2005 by Xcel Energy. It discusses Xcel's strategy of investing in utility assets to earn its allowed rate of return. It provides details on Xcel's capital expenditure plan through 2009, anticipated rate base growth, upcoming rate cases, and regulatory support. The document also notes Xcel's guidance for 2005 EPS of $1.18-$1.28 per share and outlines its transparent strategy aimed at delivering competitive returns to shareholders.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and potential rate increases.
3) Major investment projects include Minnesota MERP and Comanche Unit 3, with overall capital expenditures growing utility rate base by an average of 4.4% annually.
4) Xcel expects to fund investments through operations, debt issuance, and dividend reinvestment without needing to issue new equity through 2006.
This document summarizes Xcel Energy's investor meetings on the west coast in September 2005. It outlines Xcel's strategy to invest in utility assets and earn allowed returns on equity. It provides details on drivers of value creation, capital expenditure plans from 2005-2009, sources of funding, potential regulatory income increases, and earnings growth targets. The appendix provides additional details on Xcel's service territories, organizational structure, rate base and returns by state.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. It provides capital expenditure forecasts through 2009 totaling $6.8 billion. It also discusses drivers of value creation like increasing rate base and regulatory return on equity. The document highlights Xcel Energy's environmental initiatives and renewable energy sources. It concludes by outlining Xcel's guidance for 2005 EPS and dividend policy.
This document summarizes Deutsche Bank's Electric Power Conference held on June 14-15, 2005. It outlines Xcel Energy's capital expenditure plan of $6.9 billion from 2005-2009, focusing on investments in generation, transmission, nuclear fuel, and customer additions. It also discusses regulatory support for the plan from Colorado, Minnesota, and Texas and the potential for increased regulatory income and depreciation from $1.24 billion in 2004 to $1.56-1.65 billion in 2009.
This document summarizes Wells Fargo's investor meeting on June 16, 2005. It outlines the company's capital expenditure plan of $6.9 billion from 2005-2009, focusing on utility asset investments. This is expected to increase average rate base growth by 4.4% annually and regulatory income and depreciation by over $1.5 billion from 2004 to 2009 levels. Key projects include Minnesota Energy Resource Plan investments, Comanche 3 power plant construction, and transmission upgrades. The presentation also reviews the company's dividend and financing strategies.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and potential rate increases.
3) Major investment projects include Minnesota MERP and Comanche Unit 3, with overall capital expenditures growing utility rate base by an average of 4.4% annually.
4) Xcel expects to fund investments through operations, debt issuance, and dividend reinvestment without needing to issue new equity through 2006.
This document summarizes Xcel Energy's investor meetings on the west coast in September 2005. It outlines Xcel's strategy to invest in utility assets and earn allowed returns on equity. It provides details on drivers of value creation, capital expenditure plans from 2005-2009, sources of funding, potential regulatory income increases, and earnings growth targets. The appendix provides additional details on Xcel's service territories, organizational structure, rate base and returns by state.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. It provides capital expenditure forecasts through 2009 totaling $6.8 billion. It also discusses drivers of value creation like increasing rate base and regulatory return on equity. The document highlights Xcel Energy's environmental initiatives and renewable energy sources. It concludes by outlining Xcel's guidance for 2005 EPS and dividend policy.
This document summarizes Deutsche Bank's Electric Power Conference held on June 14-15, 2005. It outlines Xcel Energy's capital expenditure plan of $6.9 billion from 2005-2009, focusing on investments in generation, transmission, nuclear fuel, and customer additions. It also discusses regulatory support for the plan from Colorado, Minnesota, and Texas and the potential for increased regulatory income and depreciation from $1.24 billion in 2004 to $1.56-1.65 billion in 2009.
This document summarizes Wells Fargo's investor meeting on June 16, 2005. It outlines the company's capital expenditure plan of $6.9 billion from 2005-2009, focusing on utility asset investments. This is expected to increase average rate base growth by 4.4% annually and regulatory income and depreciation by over $1.5 billion from 2004 to 2009 levels. Key projects include Minnesota Energy Resource Plan investments, Comanche 3 power plant construction, and transmission upgrades. The presentation also reviews the company's dividend and financing strategies.
This document contains the table of contents and management's discussion and analysis section from an annual report of Xcel Energy Inc. The summary is:
1) Xcel Energy was formed in 2000 through the merger of New Century Energies and Northern States Power.
2) The report discusses Xcel Energy's operations, financial results for 2001-1999, and significant factors that impacted earnings such as regulatory decisions and special charges.
3) Nonregulated subsidiaries such as NRG Energy contributed to earnings in 2001-1999, while other nonregulated businesses such as Planergy International decreased earnings.
This document is Southwestern Public Service Company's (SPS) annual report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2007. SPS is an electric utility that generates, transmits, and distributes electricity to customers in portions of Texas and New Mexico. The report provides an overview of SPS's business operations, including its focus on growing its electric rate base to meet customer demand. It also discusses recent regulatory developments in the electric utility industry, such as policies to address climate change and encourage renewable energy. The report addresses risks related to increasing environmental regulations and the potential impacts of climate change policy on SPS's operations.
This document is a Form 10-K annual report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the fiscal year ending December 31, 2005. SPS is an electric utility engaged in generation, transmission, distribution and sale of electricity primarily in Texas and New Mexico. It serves approximately 395,000 customers. In 2005, SPS reached an agreement to sell portions of its operations in Oklahoma, Kansas and Texas. SPS is a wholly owned subsidiary of Xcel Energy, a public utility holding company. The report provides an overview of SPS's operations and discusses recent regulatory developments affecting the electric utility industry.
This document summarizes a presentation by David Novak, the Chairman and CEO of Yum! Brands, at a strategic decisions conference on May 29, 2008. The summary highlights that Yum! Brands has global growth, with 40% of its operating profits coming from China in 2017 and significant international expansion opportunities. It also generates strong global cash flows and has delivered consistent double-digit earnings per share growth through share buybacks and commitment to dividends. The key strategies to drive further growth are building leading brands in China, improving performance in the US, aggressive international expansion, and delivering long-term shareholder and franchisee value.
The 2004 annual report summarizes Sanmina-SCI's financial performance and operational achievements for the fiscal year. Key highlights include record revenues of $12.2 billion, an 18% increase over the previous year. The company improved operating margins from 1.4% to 2.1% and ended the year with $1.1 billion in cash. Operationally, Sanmina-SCI expanded its global footprint and invested in new product introduction centers and original design manufacturing to provide more complete solutions to customers. Looking ahead, the company aims to further improve efficiency, profitability and returns through a continued focus on customers and quality.
This annual report discusses Xcel Energy's strong performance and opportunities for growth in 2000 following its merger. Key points include:
1) Xcel Energy met or exceeded its financial and operational targets for the merger in its first year. This included achieving $2.12 in earnings per share, exceeding its $1.77 target.
2) The report is optimistic about Xcel Energy's future, citing its large size and scope, growing customer base, and opportunities through its subsidiary NRG Energy.
3) Challenges in California and the need for a national energy policy are acknowledged, but the report expresses confidence in Xcel Energy's ability to thrive through innovative approaches and positioning its businesses for competition.
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, 2007. NSP-Minnesota generates, transmits, and distributes electricity and distributes and transports natural gas. It serves approximately 1.4 million electric customers and 500,000 natural gas customers across Minnesota, North Dakota, and South Dakota. NSP-Minnesota's earnings typically comprise 35-45% of its parent company Xcel Energy's consolidated net income. The report provides details on NSP-Minnesota's operations, regulation, markets, and financial results.
This document provides a summary of Xcel Energy's consolidated financial statements and notes for the years 2002, 2001 and 2000. It discusses key factors that impacted the company's earnings results for each year. In 2002, earnings were significantly reduced by large impairment and restructuring charges at NRG related to its financial difficulties. Earnings were also impacted by a tax benefit from Xcel Energy's investment in NRG. Regulated utility earnings were reduced by special charges in both 2002 and 2001.
1) The document outlines Xcel Energy's $6.9 billion capital expenditure plan from 2005-2009, which focuses on upgrading utility assets.
2) Key areas of investment include generation projects like Comanche 3, transmission infrastructure, and mandated safety improvements.
3) The plan aims to earn regulators' allowed returns and add to earnings growth while strengthening credit metrics. Regulatory support for cost recovery mechanisms enhances the plan's viability.
4) Executives project the investments will increase rate base by an average of 4.4% annually, potentially growing regulatory net income from $506 million in 2004 to $650-744 million in 2009 through higher returns on a larger equity base.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, capital expenditure plans, regulatory proceedings, and financial guidance. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures from 2005-2009 are projected to be $6.8 billion, funding growth in rate base and earnings. Rate cases in several states are expected to increase revenues. Regulatory net income is projected to grow 5-8% annually through increased investment and higher allowed returns.
This document 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, reports operating statistics, and summarizes subsidiaries including NRG Energy and e prime. The report is intended to comply with SEC reporting requirements and provide comprehensive information on the company's business and performance to investors.
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, 2006. PSCo is a wholly owned subsidiary of Xcel Energy Inc. that operates as an electric and natural gas utility in Colorado, serving approximately 1.3 million electric customers and 1.3 million natural gas customers. The report provides an overview of PSCo's electric and natural gas utility operations, including recent regulatory developments, ratemaking principles, energy sources and costs. It also discusses environmental matters, employees and risk factors. Financial statements and other disclosures are included as required by SEC regulations.
This document is a statistical supplement from Unum Group for the second quarter of 2008. It includes financial highlights and consolidated financial statements for Unum for quarters, six month periods, and full years 2005-2007. It also includes sales data by segment (Unum US, Unum UK, Colonial Life, etc.) and notes on non-GAAP measures and items affecting results for specific periods. The document provides an overview of Unum's financial and operating results over several years through tables, charts, and explanatory notes.
This document is Xcel Energy's annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2005. It provides an overview of Xcel Energy's business operations, including its electric and natural gas utility subsidiaries, nonregulated operations, environmental matters, capital spending, employees and executive officers. It also includes selected financial data and identifies risks and uncertainties facing the company.
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
The document outlines the agenda for today which includes welcome remarks, an introduction, a presentation on China's division growth strategy, a break, a division trade show presentation, and a tour of the Muhammad Ali Center. It then provides forward-looking statements and discusses Yum!'s global portfolio, global growth, global cash generation, consistent earnings growth, share buybacks, driving shareholder value through same-store sales growth, new unit growth, and high return on invested capital.
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, 2005. It provides an overview of NSP-Minnesota's electric and natural gas utility operations in Minnesota, North Dakota, and South Dakota. It discusses recent regulatory developments, ratemaking principles, energy sources and costs, environmental matters, and other aspects of NSP-Minnesota's electric and natural gas utility businesses. It also provides an overview of NSP-Minnesota's corporate structure and ownership by Xcel Energy, a registered utility holding company.
This document summarizes Xcel Energy's strategy and financial outlook for 2005-2009. The key points are:
1) Xcel plans to invest $6.8 billion in utility assets over 2005-2009 to increase rate base and earnings. This investment is supported by regulators and adds to growth.
2) Regulatory income and depreciation are forecasted to grow annually by 4.4-7.8% through rate increases and higher rate base.
3) Xcel expects its dividend to grow consistently with earnings of 2-4% annually and does not anticipate needing to issue new equity until 2007 or 2008.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and higher allowed returns on equity set in upcoming rate cases.
3) Capital expenditures will focus on transmission projects, plant upgrades, and the Comanche 3 coal plant, funded through operations and modest debt issuance.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, regulatory environment, capital expenditure plans, earnings guidance, and rate case forecasts for 2005-2009. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures are expected to total $6.8 billion over the period. Earnings are projected to grow 5-8% annually from $506 million in 2004 to a range of $650-744 million in 2009 through rate base growth and higher allowed returns.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
This document contains the table of contents and management's discussion and analysis section from an annual report of Xcel Energy Inc. The summary is:
1) Xcel Energy was formed in 2000 through the merger of New Century Energies and Northern States Power.
2) The report discusses Xcel Energy's operations, financial results for 2001-1999, and significant factors that impacted earnings such as regulatory decisions and special charges.
3) Nonregulated subsidiaries such as NRG Energy contributed to earnings in 2001-1999, while other nonregulated businesses such as Planergy International decreased earnings.
This document is Southwestern Public Service Company's (SPS) annual report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2007. SPS is an electric utility that generates, transmits, and distributes electricity to customers in portions of Texas and New Mexico. The report provides an overview of SPS's business operations, including its focus on growing its electric rate base to meet customer demand. It also discusses recent regulatory developments in the electric utility industry, such as policies to address climate change and encourage renewable energy. The report addresses risks related to increasing environmental regulations and the potential impacts of climate change policy on SPS's operations.
This document is a Form 10-K annual report filed by Southwestern Public Service Company (SPS) with the Securities and Exchange Commission for the fiscal year ending December 31, 2005. SPS is an electric utility engaged in generation, transmission, distribution and sale of electricity primarily in Texas and New Mexico. It serves approximately 395,000 customers. In 2005, SPS reached an agreement to sell portions of its operations in Oklahoma, Kansas and Texas. SPS is a wholly owned subsidiary of Xcel Energy, a public utility holding company. The report provides an overview of SPS's operations and discusses recent regulatory developments affecting the electric utility industry.
This document summarizes a presentation by David Novak, the Chairman and CEO of Yum! Brands, at a strategic decisions conference on May 29, 2008. The summary highlights that Yum! Brands has global growth, with 40% of its operating profits coming from China in 2017 and significant international expansion opportunities. It also generates strong global cash flows and has delivered consistent double-digit earnings per share growth through share buybacks and commitment to dividends. The key strategies to drive further growth are building leading brands in China, improving performance in the US, aggressive international expansion, and delivering long-term shareholder and franchisee value.
The 2004 annual report summarizes Sanmina-SCI's financial performance and operational achievements for the fiscal year. Key highlights include record revenues of $12.2 billion, an 18% increase over the previous year. The company improved operating margins from 1.4% to 2.1% and ended the year with $1.1 billion in cash. Operationally, Sanmina-SCI expanded its global footprint and invested in new product introduction centers and original design manufacturing to provide more complete solutions to customers. Looking ahead, the company aims to further improve efficiency, profitability and returns through a continued focus on customers and quality.
This annual report discusses Xcel Energy's strong performance and opportunities for growth in 2000 following its merger. Key points include:
1) Xcel Energy met or exceeded its financial and operational targets for the merger in its first year. This included achieving $2.12 in earnings per share, exceeding its $1.77 target.
2) The report is optimistic about Xcel Energy's future, citing its large size and scope, growing customer base, and opportunities through its subsidiary NRG Energy.
3) Challenges in California and the need for a national energy policy are acknowledged, but the report expresses confidence in Xcel Energy's ability to thrive through innovative approaches and positioning its businesses for competition.
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, 2007. NSP-Minnesota generates, transmits, and distributes electricity and distributes and transports natural gas. It serves approximately 1.4 million electric customers and 500,000 natural gas customers across Minnesota, North Dakota, and South Dakota. NSP-Minnesota's earnings typically comprise 35-45% of its parent company Xcel Energy's consolidated net income. The report provides details on NSP-Minnesota's operations, regulation, markets, and financial results.
This document provides a summary of Xcel Energy's consolidated financial statements and notes for the years 2002, 2001 and 2000. It discusses key factors that impacted the company's earnings results for each year. In 2002, earnings were significantly reduced by large impairment and restructuring charges at NRG related to its financial difficulties. Earnings were also impacted by a tax benefit from Xcel Energy's investment in NRG. Regulated utility earnings were reduced by special charges in both 2002 and 2001.
1) The document outlines Xcel Energy's $6.9 billion capital expenditure plan from 2005-2009, which focuses on upgrading utility assets.
2) Key areas of investment include generation projects like Comanche 3, transmission infrastructure, and mandated safety improvements.
3) The plan aims to earn regulators' allowed returns and add to earnings growth while strengthening credit metrics. Regulatory support for cost recovery mechanisms enhances the plan's viability.
4) Executives project the investments will increase rate base by an average of 4.4% annually, potentially growing regulatory net income from $506 million in 2004 to $650-744 million in 2009 through higher returns on a larger equity base.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, capital expenditure plans, regulatory proceedings, and financial guidance. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures from 2005-2009 are projected to be $6.8 billion, funding growth in rate base and earnings. Rate cases in several states are expected to increase revenues. Regulatory net income is projected to grow 5-8% annually through increased investment and higher allowed returns.
This document 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, reports operating statistics, and summarizes subsidiaries including NRG Energy and e prime. The report is intended to comply with SEC reporting requirements and provide comprehensive information on the company's business and performance to investors.
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, 2006. PSCo is a wholly owned subsidiary of Xcel Energy Inc. that operates as an electric and natural gas utility in Colorado, serving approximately 1.3 million electric customers and 1.3 million natural gas customers. The report provides an overview of PSCo's electric and natural gas utility operations, including recent regulatory developments, ratemaking principles, energy sources and costs. It also discusses environmental matters, employees and risk factors. Financial statements and other disclosures are included as required by SEC regulations.
This document is a statistical supplement from Unum Group for the second quarter of 2008. It includes financial highlights and consolidated financial statements for Unum for quarters, six month periods, and full years 2005-2007. It also includes sales data by segment (Unum US, Unum UK, Colonial Life, etc.) and notes on non-GAAP measures and items affecting results for specific periods. The document provides an overview of Unum's financial and operating results over several years through tables, charts, and explanatory notes.
This document is Xcel Energy's annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2005. It provides an overview of Xcel Energy's business operations, including its electric and natural gas utility subsidiaries, nonregulated operations, environmental matters, capital spending, employees and executive officers. It also includes selected financial data and identifies risks and uncertainties facing the company.
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
The document outlines the agenda for today which includes welcome remarks, an introduction, a presentation on China's division growth strategy, a break, a division trade show presentation, and a tour of the Muhammad Ali Center. It then provides forward-looking statements and discusses Yum!'s global portfolio, global growth, global cash generation, consistent earnings growth, share buybacks, driving shareholder value through same-store sales growth, new unit growth, and high return on invested capital.
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, 2005. It provides an overview of NSP-Minnesota's electric and natural gas utility operations in Minnesota, North Dakota, and South Dakota. It discusses recent regulatory developments, ratemaking principles, energy sources and costs, environmental matters, and other aspects of NSP-Minnesota's electric and natural gas utility businesses. It also provides an overview of NSP-Minnesota's corporate structure and ownership by Xcel Energy, a registered utility holding company.
This document summarizes Xcel Energy's strategy and financial outlook for 2005-2009. The key points are:
1) Xcel plans to invest $6.8 billion in utility assets over 2005-2009 to increase rate base and earnings. This investment is supported by regulators and adds to growth.
2) Regulatory income and depreciation are forecasted to grow annually by 4.4-7.8% through rate increases and higher rate base.
3) Xcel expects its dividend to grow consistently with earnings of 2-4% annually and does not anticipate needing to issue new equity until 2007 or 2008.
This document provides an overview of Xcel Energy's strategy and financial outlook for 2005-2009. Key points include:
1) Xcel plans to invest $6.8 billion in utility assets to earn its allowed return on equity and drive earnings growth through increased rate base.
2) Earnings are expected to grow 4-8% annually from increased investment and higher allowed returns on equity set in upcoming rate cases.
3) Capital expenditures will focus on transmission projects, plant upgrades, and the Comanche 3 coal plant, funded through operations and modest debt issuance.
This document summarizes an investor presentation by Xcel Energy covering topics such as strategy, regulatory environment, capital expenditure plans, earnings guidance, and rate case forecasts for 2005-2009. The strategy focuses on investing in utility assets and earning allowed returns. Capital expenditures are expected to total $6.8 billion over the period. Earnings are projected to grow 5-8% annually from $506 million in 2004 to a range of $650-744 million in 2009 through rate base growth and higher allowed returns.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to build its core business and earn allowed returns. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers for increasing rate base and regulatory returns, and environmental initiatives including renewable energy sources. Rate cases are discussed that could increase revenues in 2006 and 2007.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to build its core business and earn allowed returns. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through growth in rate base and returns, and environmental initiatives including renewable energy sources. Rate cases are also discussed seeking revenue increases in 2006 and 2007.
This document discusses Xcel Energy's strategy to invest in regulated utility assets to increase its earned return on equity and provide attractive total returns to shareholders. It outlines Xcel's capital expenditure plans through 2020 totaling around $1 billion per year focused on transmission infrastructure, as well as upcoming electric rate cases. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009.
This document discusses Xcel Energy's strategy to invest in regulated utility assets to increase its earned return on equity and provide attractive total returns to shareholders. It outlines Xcel's capital expenditure plans through 2020 totaling around $1 billion per year focused on transmission infrastructure, as well as upcoming electric rate cases. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009.
This document discusses Xcel Energy's strategy to invest in regulated utility assets to increase its earned return on equity and provide attractive total returns to shareholders. It outlines Xcel's capital expenditure plans through 2020 totaling around $1 billion per year focused on transmission infrastructure, as well as upcoming electric rate cases. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
This document provides an overview and summary of a financial forum held by AGA Financial from May 1-3, 2005. It includes forward-looking statements and discusses key assumptions, strategies, and financial projections for Xcel Energy and its regulated utility subsidiaries. The strategy involves low-risk investments in regulated utility assets to earn the authorized rate of return and achieve a total return objective of 7-9% per year for shareholders.
This document provides an overview and summary of a financial forum held by AGA Financial from May 1-3, 2005. It includes forward-looking statements and discusses key assumptions, strategies, and financial projections for Xcel Energy and its regulated utility subsidiaries. The strategy involves low-risk investments in regulated utility assets to earn the authorized rate of return and achieve a total return objective of 7-9% per year for shareholders.
This document provides an overview and summary of AGA Financial Forum held May 1-3, 2005. It discusses Xcel Energy's low-risk business strategy of investing in regulated utility assets to meet sales growth and earn allowed returns. Key points include earnings growth drivers, capital expenditure forecasts, regulatory initiatives, and 2005 earnings guidance assumptions. Financial information is presented for Xcel Energy and its operating companies.
This document outlines Xcel Energy's low-risk business strategy of investing in regulated utility assets to earn their authorized rate of return. Key points include:
- Xcel Energy aims for a total annual return of 7-9% through a 5% dividend yield and 2-4% earnings growth.
- Nearly 100% of income comes from regulated utility operations in 8 states, diversifying regulatory risk.
- Capital expenditure forecasts through 2009 will increase rate base and allow earning higher returns on equity.
- Regulatory initiatives are planned in various states from 2005-2007 to obtain rate increases.
This document provides an overview of Xcel Energy Inc., a major US electric and gas utility. It discusses Xcel's low-risk business strategy of investing in regulated utility assets to earn its authorized return on equity. Key details include Xcel's operating regions and subsidiaries, earnings growth drivers, capital expenditure plans, regulatory initiatives, and assumptions for 2005 earnings guidance. The presentation is aimed at investors to promote Xcel as a stable, low-risk investment.
This document provides an overview of Xcel Energy Inc., a major US electric and gas utility. It discusses Xcel's low-risk business strategy of investing in regulated utility assets to earn its authorized return on equity. Key details include Xcel's operating regions and subsidiaries, earnings growth drivers, capital expenditure plans, regulatory initiatives, and assumptions for 2005 earnings guidance. The presentation is aimed at investors to promote Xcel as a stable, low-risk investment.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, financial metrics including earnings growth and dividend yield, efforts to divest from the unprofitable NRG Energy business, and capital expenditure plans including converting coal plants to natural gas to reduce emissions. It also provides guidance for 2003 earnings per share and outlines financing plans to redeem higher interest debt.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, its financial performance and guidance, initiatives to reduce emissions in Minnesota, and capital expenditure and financing plans. It highlights Xcel Energy's regulated business model, commitment to dividends, efforts to resolve issues related to its former subsidiary NRG, and expectations for continued earnings growth.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of Xcel Energy from their presentation at the Banc of America Securities Energy & Power Conference in November 2003. Key points include that Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives for 2004 include investing additional capital in utilities, providing competitive returns to shareholders, and improving credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 per share for 2004.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a utility, investment merits, and objectives to invest additional capital in its utility business and improve credit ratings while providing competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a growing utility, its investment merits, and capital expenditure plans to improve its credit ratings and provide competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
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.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
2. Safe Harbor
This material includes forward-looking statements that are subject to certain
risks, uncertainties and assumptions. Such forward-looking statements
include projected earnings, cash flows, capital expenditures and other
statements and are identified in this document by the words “anticipate,”
“estimate,” “expect,” “projected,” “objective,” “outlook,” “possible,”
“potential” and similar expressions. Actual results may vary materially.
Factors that could cause actual results to differ materially include, but are
not limited to: general economic conditions, including the availability of
credit, actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry; competitive factors; unusual
weather; effects of geopolitical events, including war and acts of terrorism;
changes in federal or state legislation; regulation; final approval and
implementation of the pending settlement of the securities, ERISA and
derivative litigation; costs and other effects of legal administrative
proceedings, settlements, investigations and claims; actions of accounting
regulatory bodies; risks associated with the California power market; the
higher degree of risk associated with Xcel Energy’s nonregulated businesses
compared with Xcel Energy’s regulated business; and other risk factors
listed from time to time by Xcel Energy in reports filed with the SEC,
including Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2004.
3. Strategy — Building the Core
Invest in utility assets
AND
Earn our allowed return on equity
4. Drivers to Value Creation
Earn Authorized
Return
Increase
Equity
Increase
Investment
Service
Territory Growth
5. Capital Expenditure Plan
Prudent
Have regulatory, legislative
and environmental support
Manageable
Add to earnings growth
Deliver stronger credit metrics
6. Regulatory, Legislative
and Environmental Support
Minnesota MERP rider
Comanche 3 decision — Forward CWIP
and higher equity
Minnesota and Texas transmission
investment legislation
7. Capital Expenditure Forecast
Dollars in Millions
2005 2006 2007 2008 2009
Minnesota MERP $ 191 $ 404 $ 197 $ 125 $ 56
Comanche 3 59 179 287 298 125
Base level capital
expenditures 991 917 1,021 929 1,085
Total $1,241 $1,500 $1,505 $1,352 $1,266
8. Capital Expenditure Forecast
Dollars in millions
2005 2006 2007 2008 2009 Total
Total $1,241 $1,500 $1,505 $1,352 $1,266 $6,864
Anticipated Annual Growth in Average Rate Base
Average
2005 2006 2007 2008 2009 Annual
2004 Rate base
$10.5 billion 4% 4% 7% 5% 2% 4.4%
9. Sources of Funding
Growing cash from operations
Tax loss carry-forward
Proceeds from asset sales
Financing:
— Dividend reinvestment program
— Modest debt issuance
— No equity issuance necessary through 2006
Uncertain whether there is a need for public
equity issuance in 2007 or 2008
10. NSP — Minnesota Rate Cases
North Dakota Gas Approved June $0.7 million
increase
Minnesota Gas Approved July $5.8 million
10.4% ROE increase
Minnesota Electric To be filed Winter 2005
2006 test year
Interim rates early 2006
Decision Summer 2006
North Dakota To be filed Winter 2005
Electric Interim rates early 2006
Decision Summer 2006
South Dakota To be filed mid-2006
Electric Decision 2007
11. PSCo Rate Cases
Colorado Gas Filed May 27
Requested $33.4 million
11% ROE
55.49% common equity
Year-end rate base
Decision early 2006
Colorado Electric To be filed Spring 2006
Decision early 2007
12. Wisconsin Electric and Gas Rate Case
Requested ROE 11.9%
Common equity ratio 56.32%
Electric requested: Revenue increase of $40.8 million
Gas requested: Revenue increase of $7.0 million
Rates expected to be in effect January 2006
13. SPS Rate Case
Texas Electric To be filed Summer 2006
Decision 2007
New Mexico To be filed 2006
Electric Decision 2007
14. Potential Regulatory Income
and Depreciation*
Potential Result
2004 2009
Average rate base $10.5 B $13 B
Regulatory equity ratio 50.4% 50 – 52%
Equity rate base $5.3 B $6.5 – 6.76 B
Regulatory return on equity 9.6% 10 – 11%
Regulatory net income $506 M $650 – $744 M**
Depreciation – Cash flow $735 M $910 M***
Potential regulatory net income
and depreciation from regulated
operations $1,241 M $1,560 – $1,654 M
* All figures except 2004 depreciation are on an estimated regulatory basis,
which differs from GAAP reporting. A reconciliation from GAAP reporting
is shown in the appendix.
** Calculated by multiplying equity rate base by regulatory return on equity.
*** Assumes depreciation grows at the same rate as rate base.
15. Regulatory Net Income Growth Potential
Annual
2005 – 2009 Growth
2004 Potential Rate
Rate base $10.5 B $13 B 4.4%
Utility equity
capitalization 50% 50 – 52% 0 to 0.8%
Earned return on
utility rate base equity 9.7% 10 – 11% 0 to 2.6%
Total potential growth 4.4 to 7.8%
16. Company-Owned Life Insurance (COLI)
IRS dispute over tax deductibility of COLI
— $350 million potential exposure for tax
and interest
— $65 million potential exposure for penalties
— 2005 guidance includes $40 million tax benefit
or 9 cents per share for COLI
— It will potentially take several years to resolve
Potential FASB financial reporting issue
— Exposure draft issued on uncertain tax positions
— Impacts financial reporting not cash flows
17. 2005 EPS Guidance
Continuing Operations *
2005
Guidance
Regulated utility $1.27 – 1.37
Holding Company & other (0.09)
Total earnings from
continuing operations $1.18 – 1.28
* 2005 Guidance includes COLI tax benefits of 9 cents per share
18. Dividend
Annual dividend increased by 3 cents May 2005
Current annual dividend rate of 86 cents
Annual dividend increases consistent with
long-term earnings growth of 2 – 4%
21. Northern States
Power Company-
Minnesota
Northern States
Power Company-
Public Service Wisconsin
Company of
Colorado
Strong Regional
Economy
Unemployment rate —
February 2005
Southwestern
US 5.8%
Public Service
Xcel service area 4.7%
Job growth – 2005 Forecast
Xcel service area 2.4%
4th largest US electric
and gas utility — Xcel Annual sales growth —
Customers: 2005-2009
Electric 2.0%
3.3 Million Electric
Gas 1.2%
1.8 Million Gas
22. Organizational Structure
2004 Results
Income from Continuing
Xcel Energy Inc. Operations (Dollars in Millions)
$527
Holding
Company
$(43)
Northern Northern Subsidiaries
Southwestern
Public
States States Eloigne
Public
Service
Power Power Quixx
Service
Company of
Company - Company -
Company
Colorado
Minnesota Wisconsin
$230 $54 $218 $55 $13
Nonregulated
Regulated
23. Rate Base and Returns
Dollars in millions
Rate Base Earned Auth- Equity
2004 ROE orized Ratio
Average 2004 ROE 2004
Minnesota - Electric retail $2,992 10.73% 11.47% 50.3%
Minnesota - Gas retail 402 8.50 11.40 50.3
North Dakota - Electric retail 166 10.80 12.00 50.3
North Dakota - Gas retail 39 8.18 11.50 47.6
Colorado - Electric retail 3,042 9.18 10.75 50.1
Colorado - Gas retail 996 8.76 11.00 50.1
Texas - Electric retail 889 9.39 11.50 48.7
NSP (W) - Retail electric 538 NR 11.90 55.8
NSP (W) - Retail gas 70 NR 11.90 55.8
Non-reported 1.4 B
Total including non-reported 10.5 B
NR: Non-reportable
24. Reconciliation of Estimated Regulatory
Reporting from GAAP
Dollars in millions
Common Equity
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP common stockholder’s equity (1) $2,007 $433 $2,287 $781 $5,507
2003 GAAP common stockholder’s equity (1) 1,809 425 2,140 814 5,188
Average GAAP common stockholder’s equity 1,908 429 2,213 798 5,348
Adjustments -5 -5 64 -11 43
Adjusted average equity for purposes of
regulatory equity ratio $1,903 $424 $2,277 $787 $5,391
Debt
Source: 2004 Operating Company 10-K’s
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP total debt (1) (2) $2,032 $348 $2,502 $861 $5,743
2003 GAAP total debt (1) (2) 2,003 337 1,845 825 5,010
Average GAAP total debt 2,018 342 2,173 843 5,376
Adjustments -140 -6 94 -16 -68
Adjusted average debt for purposes of
regulatory equity ratio $1,878 $336 $2,267 $827 $5,308
Regulatory equity ratio 50.4%
(1) Source: 2004 Operating Company 10-K’s
(2) Consists of long-term debt, current portion of long-term debt and short-term debt
See note on the bottom of the following page for additional information
25. Reconciliation of Estimated Regulatory
Reporting from GAAP (Continued)
Dollars in millions
Net Income
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP net income (1) $230 $54 $218 $55 $557
Adjustments -25 -26 -51
Adjusted net income for purposes of
regulatory net income $205 $54 $192 $55 $506
Calculation of Regulatory Net Income
Estimated regulatory rate base ($10.5 B) x Regulatory equity ratio (50.4%)
= Estimated equity rate base ($5.3 B)
Regulatory net income ($506 M) ÷ Estimated equity rate base ($5.3 B) = Estimated regulatory
return on equity (9.6%)
Depreciation & Amortization – Cash Flows
NSP (M) NSP (W) PSCo SPS Total
2004 GAAP depreciation
and amortization – cash flow (1) $352 $48 $234 $100 $735
(1) Source: 2004 Operating Company 10-K’s
Financial results for regulatory reporting frequently differ from GAAP.
Regulatory reporting includes the use of 12 and 13 month averages for capitalization, eliminates
inter-company transactions, excludes non-regulated investments, includes or excludes revenues
and or expenses associated with various recovery mechanisms and other factors, all of which may
vary from one regulatory jurisdiction to another.
27. Capital Expenditure Forecast
by Operating Company
Dollars in Millions
2005 2006 2007 2008 2009
NSP-Minnesota $ 645 $ 832 $ 713 $ 571 $ 605
NSP-Wisconsin 60 79 75 74 68
PSCo 425 499 593 591 488
SPS 111 90 124 116 105
Total $1,241 $1,500 $1,505 $1,352 $1,266
28. NSP — Minnesota Operating Company
Capital Expenditure Forecast
Dollars in millions
2005 2006 2007 2008 2009 Total
MERP $191 $404 $197 $125 $ 56 $ 973
Excluding MERP 454 428 516 446 549 2,393
Total $645 $832 $713 $571 $605 $3,366
MERP $ 973
Transmission 459
Nuclear fuel 336
Balance of electric 1,250
Gas 188
Common 160
Total $3,366
29. PSCo Operating Company
Capital Expenditure Forecast
Dollars in millions
2005 2006 2007 2008 2009 Total
Comanche 3 $ 59 $179 $287 $298 $125 $ 948
Excl. Comanche 3 366 320 306 293 363 1,648
Total $425 $499 $593 $591 $488 $2,596
Comanche 3 $ 948
Transmission 280
Balance of electric 809
Gas 438
Common 98
Thermal 16
Non-utility 7
Total $2,596
30. SPS Operating Company
Capital Expenditure Forecast
Dollars in millions
2005 2006 2007 2008 2009 Total
Total $111 $90 $124 $116 $105 $546
Transmission $140
Balance of electric 406
Total electric $546
31. NSP — Wisconsin Operating Company
Capital Expenditure Forecast
Dollars in millions
2005 2006 2007 2008 2009 Total
Total $60 $79 $75 $74 $68 $356
Transmission $ 73
Balance of electric 200
Gas 45
Common 38
Total $356
32. Minnesota MERP — Potential Earnings
Dollars in millions
2005 2006 2007 2008 2009
Capital expenditures
Current year $191 $404 $197 $125 $56
Cumulative $238 $642 $839 $964 $1,020
Equity ratio 48.5% 48.5% 48.5% 48.5% 48.5%
Return on equity 10.86% 10.86% 10.86% 10.86% 10.86%
Equity return $8 $24 $40 $48 $53
33. Comanche 3 — Potential Earnings
Dollars in Millions
2005 2006 2007 2008 2009
Capital expenditures
Current year $59 $179 $287 $298 $125
Cumulative $62 $241 $528 $826 $951
Equity ratio 56% 56% 56% 56% 56%
Return on equity 10.75% 10.75% 10.75% 10.75% 10.75%
Equity return $2 $9 $23 $41 $54
34. Energy Supply Mix — 2004
Owned and Purchased
Fuel Mix Purchased
Energy
Gas
Nuclear Other
Gas 21%
12% 11%
27%
Renewable
7%
Owned
Coal *
Generation
54%
68%
* Low-sulfur, low-mercury western coal
35. Coal Supply Contracted
Coal
Coal Transportation
2005 99% 100%
2006 78 75
2007 65 45
2008 46 45
Annual consumption: 32 Million tons of low-sulfur,
low-mercury western coal
36. Electric Fuel and Purchased Energy
Cost Recovery Mechanisms
Minnesota: Monthly recovery of prospective costs
Colorado: Recovery of costs with sharing of
deviations up to + $11.25 million
from benchmark
Texas: File for semi-annual adjustments –
required if + 4% annually
Wisconsin: Biennial rate case – file for interim
adjustment if costs fall outside + 2%
annually
New Mexico: Recovery of costs with 2 month lag
37. Retail Electric Rate * Comparison
Cents per KWh * EEI typical bills – Summer 2004
18
16
14
12
10
8
6.01 6.06
6
4.87
4
2
0
r i
illo City ouis nve aul ines City ukee enix ago iam ston ork
ar e . L Y
cM
De St. P Mo sas ilwa Pho Chi Bo ew
m ak t
AL S s
ls/ De Kan M N
t
l p
a
S M