This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
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 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.
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 a presentation given by Dick Kelly, the CEO of Xcel Energy, at a financial conference in 2007. The presentation addresses Xcel Energy's strategy for achieving financial success through environmental leadership as climate change policies emerge. Key points include:
1) Xcel Energy is positioning itself to be a leader in addressing climate change by stabilizing or reducing its carbon emissions by 2020 through investments in renewables, energy efficiency, nuclear and cleaner generation.
2) This strategy is expected to reduce regulatory risk, meet customer and political expectations, and demonstrate environmental leadership which could open investment opportunities.
3) Financial projections show rate base growth of 7.5% annually through 2011 which Xcel Energy expects to
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 summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in infrastructure, environmental stewardship, and supportive regulatory treatment across its utility territories. The presentation also reviews Xcel's operational focus and organizational structure.
George Tyson presents Xcel Energy's strategy to achieve financial success through environmental leadership. Key points are:
1) Xcel aims to reduce carbon emissions 20% by 2020 while meeting annual EPS growth targets of 5-7% and dividend increases of 2-4%.
2) Climate change policy will require significant emission cuts, investments, and plant changes. Xcel's states are leaders in renewable standards and energy efficiency.
3) Xcel's carbon reduction strategy includes increasing renewables, upgrading plants, and evaluating carbon capture technology. This will significantly change Xcel's energy supply mix by 2020.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
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 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.
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 a presentation given by Dick Kelly, the CEO of Xcel Energy, at a financial conference in 2007. The presentation addresses Xcel Energy's strategy for achieving financial success through environmental leadership as climate change policies emerge. Key points include:
1) Xcel Energy is positioning itself to be a leader in addressing climate change by stabilizing or reducing its carbon emissions by 2020 through investments in renewables, energy efficiency, nuclear and cleaner generation.
2) This strategy is expected to reduce regulatory risk, meet customer and political expectations, and demonstrate environmental leadership which could open investment opportunities.
3) Financial projections show rate base growth of 7.5% annually through 2011 which Xcel Energy expects to
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 summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in infrastructure, environmental stewardship, and supportive regulatory treatment across its utility territories. The presentation also reviews Xcel's operational focus and organizational structure.
George Tyson presents Xcel Energy's strategy to achieve financial success through environmental leadership. Key points are:
1) Xcel aims to reduce carbon emissions 20% by 2020 while meeting annual EPS growth targets of 5-7% and dividend increases of 2-4%.
2) Climate change policy will require significant emission cuts, investments, and plant changes. Xcel's states are leaders in renewable standards and energy efficiency.
3) Xcel's carbon reduction strategy includes increasing renewables, upgrading plants, and evaluating carbon capture technology. This will significantly change Xcel's energy supply mix by 2020.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
This document is Northern States Power Company's (NSP-Wisconsin) annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the fiscal year ending December 31, 2004. It provides an overview of NSP-Wisconsin's electric and natural gas utility operations in Wisconsin and Michigan, discusses recent regulatory developments, describes energy resources and supply, lists environmental matters, and addresses required financial disclosures. The report is intended to comply with SEC regulations for a utility holding company and its subsidiaries.
This Form 10-Q was filed by Xcel Energy Inc. with the SEC for the quarterly period ended September 30, 2008. It includes:
- Consolidated statements of income, cash flows, and balance sheets for the company and its subsidiaries.
- Details operating revenues and expenses for the company's electric and natural gas utility operations.
- Notes to the consolidated financial statements providing additional information.
- Management's discussion of financial condition and results of operations over the period.
Yum! Brands achieved 13% earnings per share growth in 2005, driven by continued international expansion and strong performance in the US at Taco Bell and KFC. The company's diversified global portfolio helped it weather challenges like high gas prices and avian flu concerns. International markets contributed significantly to growth, with the franchise business achieving double digit sales and profit increases and over 700 new restaurants opening internationally. The company is focused on further developing high growth markets like China, India, Russia, and Europe to drive continued profitable expansion.
#
3 Drive Same Store Sales same store sales growth at Taco Bell and KFC in the U.S.
Growth Through was outstanding. Taco Bell achieved a remarkable
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 energy supply plan and performance. It outlines Xcel's diverse fuel mix including coal, natural gas, nuclear, renewables and purchases. It shows that Xcel has lower non-fuel O&M and fuel costs per MWh than peers. The document also discusses Xcel's initiatives to improve plant availability and reduce emissions to comply with environmental regulations at lower costs. It provides examples of Xcel's successful completed construction projects on time and on budget.
- Xcel Energy Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2006.
- The report includes consolidated statements of income, cash flows, and balance sheets, as well as notes to the financial statements and discussions of financial condition, results of operations, and accounting policies.
- For the quarter, Xcel Energy reported operating revenues of $2.88 billion, net income of $151.3 million, and basic earnings per share of $0.37.
This document provides a summary from Ben Fowke, Vice President and CFO of Xcel Energy, given at the AGA Financial Forum on April 29 - May 1, 2007. It outlines Xcel Energy's strategy of focusing on regulated utility operations to drive sustainable 5-7% EPS growth and 2-4% annual dividend growth. It also highlights Xcel Energy's environmental leadership in wind and other renewable energy, and discusses regulatory matters and major capital projects.
This document provides a summary of Xcel Energy's strategy for sustainable growth through 2022. It outlines Xcel's plans to invest heavily in renewable energy and transmission projects to meet renewable portfolio standards, as well as large coal and nuclear projects. It also discusses Xcel's regulatory strategy of obtaining forward cost recovery for these major investments and notes Xcel's expectation of 5-7% annual earnings growth through 2022.
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.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations and environmental leadership. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental upgrades. This is expected to drive earnings per share growth of 5-7% annually and annual dividend growth of 2-4%. Regulatory mechanisms allow for recovery of major capital investments.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental projects. Xcel expects this capital investment to drive 5-7% annual EPS growth and 2-4% annual dividend growth. The company operates under constructive regulation and has recovery mechanisms that allow passing costs through to customers.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn the allowed rate of return and deliver earnings per share growth of 5-7% annually. It highlights Xcel's environmental stewardship through renewable energy initiatives and discusses regulatory support for major projects. The organizational structure and roles of key executives are also summarized.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in transmission, distribution and customer service. The presentation also provides details on Xcel's construction program, environmental stewardship initiatives, and supportive regulatory treatment across its utility territories.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference in November 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. Key points include delivering competitively priced and reliable energy, leading in renewables and emissions reductions, and significant investment opportunities through 2020 to support growth. Earnings guidance of $1.25-1.35 per share is provided for 2006 and $1.35-1.45 for 2007.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference in November 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. Key points include delivering competitively priced and reliable energy, leading in renewables and emissions reductions, and significant investment opportunities through 2020 to support growth. Earnings guidance of $1.25-1.35 per share is provided for 2006 and $1.35-1.45 for 2007.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference on November 5-8, 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. It outlines investment opportunities from 2006-2020 and provides earnings guidance for 2006 and 2007.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors in May 2007. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights its leadership in renewable energy and environmental initiatives, and projects sustainable earnings growth of 5-7% through continued capital investment. Regulatory mechanisms allow for recovery of major capital expenditures and fuel costs.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights their leadership in renewable energy and environmental initiatives, and provides projections showing expected sustainable earnings growth through 2020 driven by continued capital investments. Regulatory mechanisms across their jurisdictions allow for recovery of fuel and purchased power costs as well as major capital investments.
This document summarizes Xcel Energy's strategy of investing in regulated utility assets and increasing its earned return on equity. It discusses major capital investment projects, recent rate cases, regulatory cost recovery mechanisms, and financial performance targets. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009 and annual dividend increases of 2-4% by investing over $1 billion per year in transmission, distribution, generation and other core regulated assets.
This document provides an overview of Xcel Energy's strategy to invest in regulated utility assets and increase its earned return on equity. It discusses regulatory approvals and rate cases that allow recovery of investments. Key investments include CapX2020 transmission projects totaling over $3 billion through 2020 and ongoing capital expenditures of approximately $1 billion per year. Financial targets include 5-7% annual EPS growth and 2-4% annual dividend growth.
This document summarizes Xcel Energy's strategy of investing in regulated utility assets and increasing its earned return on equity. It discusses major capital investment projects, recent rate cases, regulatory cost recovery mechanisms, and financial performance targets. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009 and annual dividend increases of 2-4% by investing over $1 billion per year in transmission, distribution, generation and other core regulated assets.
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 is Northern States Power Company's (NSP-Wisconsin) annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the fiscal year ending December 31, 2004. It provides an overview of NSP-Wisconsin's electric and natural gas utility operations in Wisconsin and Michigan, discusses recent regulatory developments, describes energy resources and supply, lists environmental matters, and addresses required financial disclosures. The report is intended to comply with SEC regulations for a utility holding company and its subsidiaries.
This Form 10-Q was filed by Xcel Energy Inc. with the SEC for the quarterly period ended September 30, 2008. It includes:
- Consolidated statements of income, cash flows, and balance sheets for the company and its subsidiaries.
- Details operating revenues and expenses for the company's electric and natural gas utility operations.
- Notes to the consolidated financial statements providing additional information.
- Management's discussion of financial condition and results of operations over the period.
Yum! Brands achieved 13% earnings per share growth in 2005, driven by continued international expansion and strong performance in the US at Taco Bell and KFC. The company's diversified global portfolio helped it weather challenges like high gas prices and avian flu concerns. International markets contributed significantly to growth, with the franchise business achieving double digit sales and profit increases and over 700 new restaurants opening internationally. The company is focused on further developing high growth markets like China, India, Russia, and Europe to drive continued profitable expansion.
#
3 Drive Same Store Sales same store sales growth at Taco Bell and KFC in the U.S.
Growth Through was outstanding. Taco Bell achieved a remarkable
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 energy supply plan and performance. It outlines Xcel's diverse fuel mix including coal, natural gas, nuclear, renewables and purchases. It shows that Xcel has lower non-fuel O&M and fuel costs per MWh than peers. The document also discusses Xcel's initiatives to improve plant availability and reduce emissions to comply with environmental regulations at lower costs. It provides examples of Xcel's successful completed construction projects on time and on budget.
- Xcel Energy Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended March 31, 2006.
- The report includes consolidated statements of income, cash flows, and balance sheets, as well as notes to the financial statements and discussions of financial condition, results of operations, and accounting policies.
- For the quarter, Xcel Energy reported operating revenues of $2.88 billion, net income of $151.3 million, and basic earnings per share of $0.37.
This document provides a summary from Ben Fowke, Vice President and CFO of Xcel Energy, given at the AGA Financial Forum on April 29 - May 1, 2007. It outlines Xcel Energy's strategy of focusing on regulated utility operations to drive sustainable 5-7% EPS growth and 2-4% annual dividend growth. It also highlights Xcel Energy's environmental leadership in wind and other renewable energy, and discusses regulatory matters and major capital projects.
This document provides a summary of Xcel Energy's strategy for sustainable growth through 2022. It outlines Xcel's plans to invest heavily in renewable energy and transmission projects to meet renewable portfolio standards, as well as large coal and nuclear projects. It also discusses Xcel's regulatory strategy of obtaining forward cost recovery for these major investments and notes Xcel's expectation of 5-7% annual earnings growth through 2022.
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.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations and environmental leadership. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental upgrades. This is expected to drive earnings per share growth of 5-7% annually and annual dividend growth of 2-4%. Regulatory mechanisms allow for recovery of major capital investments.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental projects. Xcel expects this capital investment to drive 5-7% annual EPS growth and 2-4% annual dividend growth. The company operates under constructive regulation and has recovery mechanisms that allow passing costs through to customers.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn the allowed rate of return and deliver earnings per share growth of 5-7% annually. It highlights Xcel's environmental stewardship through renewable energy initiatives and discusses regulatory support for major projects. The organizational structure and roles of key executives are also summarized.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in transmission, distribution and customer service. The presentation also provides details on Xcel's construction program, environmental stewardship initiatives, and supportive regulatory treatment across its utility territories.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference in November 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. Key points include delivering competitively priced and reliable energy, leading in renewables and emissions reductions, and significant investment opportunities through 2020 to support growth. Earnings guidance of $1.25-1.35 per share is provided for 2006 and $1.35-1.45 for 2007.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference in November 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. Key points include delivering competitively priced and reliable energy, leading in renewables and emissions reductions, and significant investment opportunities through 2020 to support growth. Earnings guidance of $1.25-1.35 per share is provided for 2006 and $1.35-1.45 for 2007.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference on November 5-8, 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. It outlines investment opportunities from 2006-2020 and provides earnings guidance for 2006 and 2007.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors in May 2007. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights its leadership in renewable energy and environmental initiatives, and projects sustainable earnings growth of 5-7% through continued capital investment. Regulatory mechanisms allow for recovery of major capital expenditures and fuel costs.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights their leadership in renewable energy and environmental initiatives, and provides projections showing expected sustainable earnings growth through 2020 driven by continued capital investments. Regulatory mechanisms across their jurisdictions allow for recovery of fuel and purchased power costs as well as major capital investments.
This document summarizes Xcel Energy's strategy of investing in regulated utility assets and increasing its earned return on equity. It discusses major capital investment projects, recent rate cases, regulatory cost recovery mechanisms, and financial performance targets. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009 and annual dividend increases of 2-4% by investing over $1 billion per year in transmission, distribution, generation and other core regulated assets.
This document provides an overview of Xcel Energy's strategy to invest in regulated utility assets and increase its earned return on equity. It discusses regulatory approvals and rate cases that allow recovery of investments. Key investments include CapX2020 transmission projects totaling over $3 billion through 2020 and ongoing capital expenditures of approximately $1 billion per year. Financial targets include 5-7% annual EPS growth and 2-4% annual dividend growth.
This document summarizes Xcel Energy's strategy of investing in regulated utility assets and increasing its earned return on equity. It discusses major capital investment projects, recent rate cases, regulatory cost recovery mechanisms, and financial performance targets. The strategy aims to deliver earnings per share growth of 5-7% annually through 2009 and annual dividend increases of 2-4% by investing over $1 billion per year in transmission, distribution, generation and other core regulated assets.
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 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 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 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 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.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
- Xcel Energy reported income from continuing operations of $166 million, or $0.40 per share for Q3 2004, down from $185 million, or $0.44 per share in Q3 2003.
- Significantly cooler temperatures in Q3 2004 reduced earnings compared to the prior year. However, lower depreciation and utility expenses partially offset the weather impact.
- For the first nine months of 2004, earnings from continuing operations were $400 million, or $0.97 per share, up from $373 million, or $0.91 per share in the same period in 2003.
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.
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“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
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.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
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 including litigation
related to company-owned life insurance (COLI); 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.
4. Financial Performance Objectives
EPS growth rate 2005 - 2009
— Target 5 – 7% per year*
Annual dividend increases
— Consistent with dividend growth
objective of 2 – 4% per year
Credit rating
— Senior unsecured debt A to BBB+
* Excluding any impact from COLI
5. Financial
Performance
Regulators/
Legislators
Value to Environmental
Customers Stewardship
Invest in Regulated Utility Business
6. Operational Focus
Results in local decision makers
with 360 degree perspective,
responsibility and accountability
Regulatory
Legislative
Financial
issues
Operational
Focus
Resource Customer
needs expectations
Resource
portfolio
7. Improving Reliability
Objective Within Top Quartile
System Average Interruption Duration Index (SAIDI)
120
100
80
60
40
20
0
1999 2000 2001 2002 2003 2004 2005
Projected
EEI Top Quartile
Xcel Energy
EEI Median
8. PSCo Quality Service Plan (QSP) Settlement
Invest $11 million of incremental capital
targeted at specific outage causes
QSP excludes SAIDI
Investment will be included in rate base
after 2006 rate case
9. Distribution, Customer and A & G Costs
Dollars per customer
500
400
300
200
100
0
L IN
N
TE
C
R
D O
W
E E
G
E S
N C
W
X D
P P W
Source: 2004 FERC Form 1
10. Improving Large Customer* Satisfaction
Percentile rank – TQS survey results
82
73
55
Good
2003 2004 2005
* 6,100 customers surveyed served by 60 utilities
11. Working with Customers
$5 million contribution to energy assistance
providers
Increased conservation and energy-saving
programs promotion
Pro-actively work with “at-risk” customers
regarding community resources and offer
financial assistance
Work with community leaders, local companies
and organizations to develop additional support
Communicate extensively to provide customers
with resources and information
12. Environmental Stewardship
7% of energy from renewables – 2004
Wind generation:
— Current 953 MW
— In-service by 2008 730
— Negotiating 850
Total 2,533 MW
Partner with EPRI on high-altitude,
Powder River Basin coal IGCC demonstration
Partner with the National Renewable Energy
Laboratory on wind-hydrogen demonstration
8 MW solar farm to be built in Colorado
13. CAIR and Mercury Compliance Plan
Colorado is exempt from CAIR
Filed suit contesting inclusion of West Texas
in CAIR
NSP SO2 credits to last through 2020
SPS to purchase SO2 allowances
Investment of $50 – 60 million to meet NOX
standards at NSP and SPS
PSCo expected to meet mercury reduction
requirements with Comanche 3 and
Comanche 1 & 2 modifications
Testing and evaluating approaches to address
mercury reduction at NSP and SPS
14. MERP Project Status
King
571 MW super-critical coal retrofit
super-critical
and upgrade
Broke ground April 2006
90% of contracts placed
Shut-down fall 2006; on-line spring 2007
Shut-down on-line
High Bridge
267 MW coal to 575 MW CCGT
All major permits received
Site work under way
On-line late spring 2008
On-line
Riverside
386 MW coal to 520 MW CCGT
Permitting and equipment design
underway
On-line late spring 2009
On-line
15. Comanche 3 Update
All environmental permits received*
Construction contracts awarded for:
— Boiler
— Turbine
— Air quality systems
— Site development
— Stack construction
Site preparation underway
Stack foundation work has begun
Formal groundbreaking later this year
* Two parties filed suit challenging issuance of permits, they have
not sought a stay of permits or an injunction on construction
16. Earn a Fair Return on Equity
File rate cases
Receive a fair return on equity
Manage to allowed cost
Invest in jurisdictions which provide a fair return
File rate cases as often as necessary
18. Rate Cases with 2006 Impacts
Filed
Colorado Gas
Wisconsin Electric and Gas
Minnesota Electric
North Dakota Electric November 2005
19. PSCo Gas Rate Case
Dollars in millions
Case Percent Rate
Amount ROE Equity Base
$1,030 (1)
PSCo $34.5 11.00% 55.49%
$996 (2)
CPUC Staff $8.5 9.50% 52.53%
$1,003 (2)
OCC $(0.2) 8.50% 50.10%
Historic year-end
(1)
Average
(2)
Revenue requirement impact of 100 basis point change
ROE = $9 million
Percent equity = $2 million
20. NSP – Wisconsin Electric Rate Case
Dollars in millions
Case Percent Rate
Amount ROE Equity Base
$553.2 (1)
NSP (W) $53.1 11.90% 56.32%
$551.1 (1)
PSCW Staff $45.4 11.00% 56.43%
Industrial
Group NP 10.50% 51.00% NP
Department
of Defense $20.2 10.25% 56.32% $553.2
Forecast average
(1)
NP – No proposal
Revenue requirement impact of 100 basis point change
ROE = $5 million
Percent equity = $1 million
21. NSP – Wisconsin Gas Rate Case
Dollars in millions
Case Percent Rate
Amount ROE Equity Base
$81.4 (1)
NSP (W) $7.7 11.90% 56.32%
$81.1 (1)
PSCW Staff $5.8 11.00% 56.43%
Industrial
Group NP 10.50% 51.00% NP
Department
$77.0 (1)
of Defense $3.3 10.25% 56.32%
(1) Forecast
average
NP – No proposal
Revenue requirement impact of 100 basis point change
ROE = $0.7 million
Percent equity = $0.2 million
22. NSP – Minnesota Electric Rate Case
Request increase of $168 million; 8.05% increase
Rate base of $3.2 billion
Request ROE of 11%; 51.7% equity
Based on 2006 forecast test year
Interim rates set at $141 million in effect January
2006, subject to refund; 6.9% increase
Decommissioning accrual
Revenue requirement impact of 100 basis point change
ROE = $29 million
Percent equity = $4 million
24. Minnesota Regulatory Process November 2006
Rates Implemented
November 2006
Briefs
Decision
~July 2006
August 2006
Public Hearings
Technical Hearings
~March 2006
~June 2006
Interveners File
Rebuttal Testimony
~February 2006
~March 2006
Discovery
Interventions
Company Files Case
November 2, 2005 Interim Rates Effective
January 1, 2006
November 2005
25. Rate Cases with Expected 2007 Impacts
Colorado Electric
Texas Electric
New Mexico Electric
South Dakota Electric
26. Capital Expenditure Forecast
Dollars in millions
2005 2006 2007 2008 2009
Base level
capital exp $ 982 $1,035 $1,016 $ 920 $1,031
Minnesota MERP 211 336 228 180 44
Comanche 3 62 198 331 284 73
Total $1,255 $1,569 $1,575 $1,384 $1,148
Anticipated annual
growth in average
rate base 4% 4% 7% 5% 2%
27. Potential Regulatory Net Income
Dollars in millions
2004 2005 2006 2007 2008 2009
Average rate base $10,500
Projected rate base
growth 4% 4% 7% 5% 2%
Projected average
rate base $10,920 $11,357 $12,152 $12,759 $13,015
Equity ratio 51% 51% 51% 51% 51%
Average equity
rate base $5,570 $5,790 $6,200 $6,510 $6,640
28. Potential Regulatory Net Income
Annual
Dollars in millions
Growth
Rate from
2005
2005 2006 2007 2008 2009
Equity Rate
Base $5,570 $5,790 $6,200 $6,510 $6,640
ROE
9.2% $515* $530 $570 $600 $610 4.3%
$515*
9.5% $550 $590 $620 $630 5.2%
10.0% $580 $620 $650 $660 6.4%
10.5% $650 $680 $700 8.0%
11.0% $680 $720 $730 9.1%
* Represents approximately mid-point of lower half of 2005
guidance range Potential trajectory
29. Earnings Guidance Range
Dollars per share
2005 2006**
Regulated Utility $1.18 – $1.28 $1.25 – $1.35
Holding Company
and other (0.09) (0.10)
COLI – Tax benefit 0.09 0.10
Continuing operations $1.18 – $1.28* $1.25 – $1.35
* Expected to be in lower half of range
** See earnings guidance assumptions in appendix
30. Financial Performance Objectives
EPS growth rate 2005 – 2009
— Target 5 – 7% per year*
Annual dividend increases
— Consistent with dividend growth
objective of 2 – 4% per year
Credit rating
— Senior unsecured debt A to BBB+
* Excluding any impact from COLI
31. Xcel Energy Investor Meeting
Tuesday, November 29, 2005
Pierre Hotel
5th Avenue at 61st Street, New York
Breakfast buffet at 7:30 am
Presentation from 8:00 am to 12 noon
Presenters
Dick Kelly President and Chief Executive Officer
Paul Bonavia President – Operating Utilities
David Wilks President – Energy Supply
David Sparby Vice President – Regulatory and
Legislative Affairs
Ben Fowke Vice President and Chief Financial Officer
RSVP to Faye Wahlstrand: 612-215-4548
email: faye.m.wahlstrand@xcelenergy.com
34. Northern States
Power
Company- Northern
Strong Regional
Minnesota States Power
Economy
Company-
Wisconsin Unemployment rate —
Public Service August 2005
Company of US 4.9%
Colorado Xcel service area 4.0%
Xcel annual sales growth —
2005-2009
Electric 1.8%
Southwestern
Gas 1.5%
Public Service*
4th largest US electric
and gas utility —
* Sale pending on Kansas and Oklahoma properties
35. Organizational Structure
2004 Results
Income from Continuing
Xcel Energy Inc. Operations (Dollars in millions)
$527
Holding
Company
$(43)
Northern Northern
Southwestern
Public Subsidiaries
States States
Public
Service Eloigne
Power Power
Service
Company of Quixx
Company - Company -
Company
Colorado
Minnesota Wisconsin
$230 $54 $218 $55 $13
Nonregulated
Regulated
36. Rate Base and Returns
Dollars in millions Rate Base Earned Auth- Equity
2004 ROE orized Ratio
Average 2004 ROE 2004
NSP (M) - Electric retail $2,992 10.73% (1) 11.47% 50.3%
NSP (M) - Gas retail 402 8.50 10.40 (2) 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
(1) Projected 2005 ROE of 8.96% based on normal conditions. 2004 result
reflects strong trading margins and change in decommissioning accrual.
(2) 2005 decision
37. 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
ratio $1,903
$1,903 $424 $2,277 $787 $5,391
Debt
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
ratio $1,878
$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
38. 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.
39. 2006 Key Earnings Guidance Assumptions
Successful rate cases
— Minnesota electric request $168 million
— Wisconsin electric & gas request $61 million
— Colorado gas request $34 million
— North Dakota electric request
Weather adjusted sales growth:
— Retail Electric 1.3 – 1.7%
— Gas 0 – 1.0%
40. 2006 Key Earnings Assumptions
Change from 2005:
Short-term wholesale margins decline
approximately $15 – 30 million
O&M expenses increase 3 – 4%
Depreciation increases $100 – 110 million,
including $60 million increase in decommissioning
Interest increases $10 – 15 million
AFUDC equity expected to increase $10 – 15 million
Continue to recognize COLI tax deduction
Effective income tax rate of 27 – 29%
Average shares 428 million based on “If converted”
41. Coal Supply Contracted
Coal
Coal Transportation
2005 99% 100%
2006 94 75
2007 65 45
2008 46 45
Annual consumption: 32 million tons of low-sulfur,
low-mercury western coal
42. 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
43. Retail Electric Rate* Comparison
Rate*
Cents per KWh * EEI typical bills – Summer 2005
18
16
14
12
10
8.48
8
6.48
5.46
6
4
2
0
o
lo e r
y x k
i n
s
ril City uis Cit aul ine uke icag eni nve iam sto Yor
ma ke . Lo sas t. P Mo lwa Ch Pho De M Bo ew
Aa
St Kan ls/S Des Mi N
tL
l
Mp
Sa
45. Capital Expenditure Forecast
by Operating Company
Dollars in millions
2005 2006 2007 2008 2009
NSP (M) $ 673 $ 879 $ 697 $ 564 $ 517
NSP (W) 58 66 67 95 63
PSCo 414 525 684 604 457
SPS 110 99 127 121 111
Total $1,255 $1,569 $1,575 $1,384 $1,148
46. Minnesota MERP – Potential Earnings
Dollars in millions
2005 2006 2007 2008 2009
Capital expenditures
Current year $211 $336 $213 $138 $64
Cumulative $258 $594 $806 $944 $1,008
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 $23 $38 $47 $52
47. Comanche 3 – Potential Earnings
Dollars in millions
2005 2006 2007 2008 2009
Capital expenditures
Current year $62 $198 $331 $284 $73
Cumulative $66 $264 $595 $879 $952
Equity ratio 56% 56% 56% 56% 56%
Return on equity 10.75% 10.75% 10.75% 10.75% 10.75%
Equity return $2 $10 $26 $45 $55
48. 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