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.
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 their allowed rate of return. It provides details on capital expenditure plans, upcoming rate cases in various states, regulatory support, and earnings growth potential through 2009. It also notes 2005 EPS guidance and dividend policy. The overall strategy is described as delivering competitive shareholder returns and improving credit metrics through a constructive regulatory environment.
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 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 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.
Xcel Energy announced lower earnings for the first quarter of 2005 compared to the same period in 2004. Income from continuing operations was $126 million compared to $149 million in 2004. Total earnings including discontinued operations were $121 million compared to $150 million in 2004. The earnings decline was largely due to lower short-term wholesale margins, higher depreciation expense, and higher utility operating and maintenance expenses. Xcel Energy maintained its 2005 earnings guidance.
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 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.
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 their allowed rate of return. It provides details on capital expenditure plans, upcoming rate cases in various states, regulatory support, and earnings growth potential through 2009. It also notes 2005 EPS guidance and dividend policy. The overall strategy is described as delivering competitive shareholder returns and improving credit metrics through a constructive regulatory environment.
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 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 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.
Xcel Energy announced lower earnings for the first quarter of 2005 compared to the same period in 2004. Income from continuing operations was $126 million compared to $149 million in 2004. Total earnings including discontinued operations were $121 million compared to $150 million in 2004. The earnings decline was largely due to lower short-term wholesale margins, higher depreciation expense, and higher utility operating and maintenance expenses. Xcel Energy maintained its 2005 earnings guidance.
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.
Este documento presenta una matriz para formular preguntas basadas en documentos sobre cómo plantear preguntas y déficits globales y de grieta. El objetivo es que los estudiantes reconozcan la importancia de centrarse en formular preguntas como punto de partida de un proceso de indagación, en lugar del fin. Se recomienda revisar estrategias para evitar el plagio como citar fuentes y usar comillas para citas textuales.
Innovation in Evidential Breath Testing - EASYCAL from Lifeloc TechnologiesLifeloc Technologies
Breath alcohol testing compliance is now easier, faster, and foolproof. The EASYCAL® calibration station automates alcohol testing calibration, cal-checks and gas management.
The Bolton map development project aims to redevelop a 50-acre site in Bolton into a mixed-use area. Plans include constructing new residential buildings with over 500 units, retail and commercial space, and a new public park. The goal is to bring new housing, jobs, and recreational opportunities to Bolton through this large redevelopment effort over the next 5 years.
This certificate recognizes Acme Camp for receiving an award from the Board of Trustees of Dixie College in Texas. The certificate was issued on January 14, 2020 and signed by the President of the Board of Trustees and Secretary of Dixie College.
Al Farasha Al Jameelah is a family-owned business based in Bulgaria that produces high-quality embroidered products. They opened an office in Dubai in 2011 and offer a full range of embroidered items for weddings and events including invitations, accessories, decorations, and more. Their products are made using fine materials like silk and crystals and involve a high degree of handcraftsmanship.
The storyboard outlines a scene where the main character is standing at the edge of a cliff, contemplating taking a leap of faith into the unknown waters below. They hesitate, questioning if they are ready to commit to such a life-changing decision without knowing what lies ahead. After a moment of deep reflection, they take a deep breath and jump, leaving their old life behind as they plunge into an exciting but uncertain new chapter.
The document outlines Xcel Energy's capital expenditure plans and forecasts for 2005-2009. It expects to invest $6.9 billion over this period, with key investments including Comanche 3 plant, Minnesota MERP rider projects, and transmission infrastructure. Regulatory filings are planned in various states to recover costs and earn authorized returns of 10-11% on equity. Forecasts show potential for regulated utility earnings and cash flows to grow annually by 4.4-7.8% through rate base increases and higher equity returns.
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 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 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 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 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 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 summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating as the 4th largest US electric and gas utility, growth opportunities through infrastructure investments, regulatory filings, and a total return objective of 7-9% per year through earnings growth and dividends.
This document provides an overview of Midwest Investor Meetings held by Xcel Energy on May 31-June 1, 2005. It summarizes Xcel's low-risk business strategy of investing in regulated utility assets to earn an allowed return on equity of 7-9% annually. Nearly 100% of income comes from regulated operations across eight Midwestern states. Key drivers of value creation include increasing investment, service territory growth, and regulatory initiatives.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating primarily regulated utilities, forecasting earnings growth of 2-4% annually through 2009 to achieve a total return objective of 7-9%, and ongoing capital expenditures and regulatory proceedings across its service territories to increase rates and earnings.
Este documento presenta una matriz para formular preguntas basadas en documentos sobre cómo plantear preguntas y déficits globales y de grieta. El objetivo es que los estudiantes reconozcan la importancia de centrarse en formular preguntas como punto de partida de un proceso de indagación, en lugar del fin. Se recomienda revisar estrategias para evitar el plagio como citar fuentes y usar comillas para citas textuales.
Innovation in Evidential Breath Testing - EASYCAL from Lifeloc TechnologiesLifeloc Technologies
Breath alcohol testing compliance is now easier, faster, and foolproof. The EASYCAL® calibration station automates alcohol testing calibration, cal-checks and gas management.
The Bolton map development project aims to redevelop a 50-acre site in Bolton into a mixed-use area. Plans include constructing new residential buildings with over 500 units, retail and commercial space, and a new public park. The goal is to bring new housing, jobs, and recreational opportunities to Bolton through this large redevelopment effort over the next 5 years.
This certificate recognizes Acme Camp for receiving an award from the Board of Trustees of Dixie College in Texas. The certificate was issued on January 14, 2020 and signed by the President of the Board of Trustees and Secretary of Dixie College.
Al Farasha Al Jameelah is a family-owned business based in Bulgaria that produces high-quality embroidered products. They opened an office in Dubai in 2011 and offer a full range of embroidered items for weddings and events including invitations, accessories, decorations, and more. Their products are made using fine materials like silk and crystals and involve a high degree of handcraftsmanship.
The storyboard outlines a scene where the main character is standing at the edge of a cliff, contemplating taking a leap of faith into the unknown waters below. They hesitate, questioning if they are ready to commit to such a life-changing decision without knowing what lies ahead. After a moment of deep reflection, they take a deep breath and jump, leaving their old life behind as they plunge into an exciting but uncertain new chapter.
The document outlines Xcel Energy's capital expenditure plans and forecasts for 2005-2009. It expects to invest $6.9 billion over this period, with key investments including Comanche 3 plant, Minnesota MERP rider projects, and transmission infrastructure. Regulatory filings are planned in various states to recover costs and earn authorized returns of 10-11% on equity. Forecasts show potential for regulated utility earnings and cash flows to grow annually by 4.4-7.8% through rate base increases and higher equity returns.
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 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 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 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 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 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 summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating as the 4th largest US electric and gas utility, growth opportunities through infrastructure investments, regulatory filings, and a total return objective of 7-9% per year through earnings growth and dividends.
This document provides an overview of Midwest Investor Meetings held by Xcel Energy on May 31-June 1, 2005. It summarizes Xcel's low-risk business strategy of investing in regulated utility assets to earn an allowed return on equity of 7-9% annually. Nearly 100% of income comes from regulated operations across eight Midwestern states. Key drivers of value creation include increasing investment, service territory growth, and regulatory initiatives.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating primarily regulated utilities, forecasting earnings growth of 2-4% annually through 2009 to achieve a total return objective of 7-9%, and ongoing capital expenditures and regulatory proceedings across its service territories to increase rates and earnings.
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.
This document provides an overview of Xcel Energy's operations and financial projections. It discusses Xcel's regulated utility subsidiaries, rate base and returns, reconciliation of regulatory and GAAP financial reporting, assumptions for 2006 earnings guidance, and projected capital expenditures and potential earnings from major projects. Key details include projected 2006 O&M and interest expenses, sales growth assumptions, coal supply contracts through 2008, and senior debt ratings of A- to BBB- with a stable outlook.
This document provides an overview of Xcel Energy's operations and financial projections. It discusses Xcel's regulated utility subsidiaries, rate base and returns, reconciliation of regulatory and GAAP financial reporting, assumptions for 2006 earnings guidance, and projected capital expenditures and potential earnings from major projects. Key details include projected 2006 O&M and interest expense increases, earnings assumptions, coal supply contracts through 2008, and senior debt credit ratings of BBB- to A3.
This document provides an overview of Xcel Energy's operations and financial projections. It discusses Xcel's operating companies and regulatory rate base returns. Key assumptions are presented for Xcel's 2006 earnings guidance, including expected sales growth, cost increases, and tax rates. Capital expenditure forecasts are given through 2009 for Xcel's operating companies. Senior debt ratings and retail electric rate comparisons are also summarized.
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 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 $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"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.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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. Potential Regulatory Income
and Depreciation*
Potential Growth
Result Rate
2004 2009 2004-2009
Average rate base $10.5 B $13 B 4.4%
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 5 – 8%
Depreciation – Cash flow $735 M $910 M**
Potential 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.
** Assumes depreciation grows at the same rate as rate base.
6. Capital Expenditure Plan
Prudent
Have regulatory, legislative
and environmental support
Manageable
Add to earnings growth
Deliver stronger credit metrics
7. Regulatory, Legislative
and Environmental Support
Minnesota MERP rider
Comanche 3 decision — Forward CWIP
and higher equity
Minnesota and Texas transmission
investment legislation
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. Rate Cases with Potential Revenue
Increases Effective in 2006
Colorado Gas – Requested $34 million
Wisconsin Electric and Gas – Requested
$48 million
Minnesota Electric
North Dakota Electric
11. Rate Cases with Potential Revenue
Increases Effective in 2007
Colorado Electric
South Dakota Electric
Texas Electric
New Mexico Electric
12. 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 9.6% 10 – 11% 0 to 2.6%
Total potential growth 4.4 to 7.8%
13. 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
14. 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
15. 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%
18. 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
19. 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
20. 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
21. 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
22. 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.
23. 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
24. PSCo Rate Cases
Colorado Gas Filed May 27
Requested $34 million
11% ROE
55.49% common equity
Year-end rate base
Decision early 2006
Colorado Electric To be filed Spring 2006
Decision early 2007
25. 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
26. SPS Rate Case
Texas Electric To be filed Summer 2006
Decision 2007
New Mexico To be filed 2006
Electric Decision 2007
28. 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
29. 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
30. 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
31. 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
32. 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
33. 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
34. 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
35. 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
36. 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
37. 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
38. 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
39. 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
St
AL s
l s/ D e K an M N
lt p
a
S M