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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.










































