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.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the 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. 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
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