1. Executing
The Operating Company Plans
Financial
Performance
Regulators/
Legislators
Value to Environmental
Customers Stewardship
Invest in Regulated Utility Business
Paul Bonavia President – Utilities Group

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.

3. Operating Companies
Xcel Energy
Utilities Group
Public Southwestern
Northern Northern
Service Public
States Power States Power
Company of Service
Minnesota Wisconsin
Colorado Company
NSP (M) NSP (W)
PSCo SPS

4. Northern States Power – Minnesota
North Dakota Minnesota Strong Regional
Economy
Unemployment rate –
Minneapolis/
September 2005
St. Paul
US 4.8%
NSP (M) 3.5%
South Dakota
Job growth – 2006 Forecast
NSP (M) 1.3%
2004 Customers
Xcel annual sales growth –
Electric 1,352,244
2005 – 2009
Gas 453,982 Electric 1.7%
Gas 1.5%

5. Northern States Power – Minnesota
Future Power Requirements
Load & Resources
MWs in thousands
16
Load Obligation
14
@ 15% Reserve
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Non-Nuclear Owned Nuclear
Long-Term Purchases Short-Term Purchases

6. Northern States Power – Minnesota
Resource Plan
1,805 MW incremental non-renewable
resource need by 2015
560 MW incremental renewable resource
need by 2015
780 MW previously mandated renewable
resources in progress
Nuclear plant relicensing
CapX transmission bill

7. Northern States Power – Minnesota
Customer Relations
Top quartile reliability
Top quartile customer satisfaction
Public support for environmental initiatives
Fuel cost mitigation plan

8. Northern States Power – Minnesota
Regulatory Climate
Multiple electric rate cases
Minnesota and North Dakota gas rate cases in 2005
Multiple cost recovery riders
Conservation incentive plan and MERP allow
premium returns

9. Northern States Power – Minnesota
Priorities
Sustain strong operating performance
Execute rate cases
Advocate environmental and cost recovery policy
initiatives
Increase capital and O&M flexibility

10. Northern States Power – Wisconsin
Upper Michigan
Strong Regional
Economy
Unemployment rate –
September 2005
US 4.8%
NSP (W) 3.5%
Wisconsin
Job growth – 2006 Forecast
NSP (W) 1.3%
2004 Customers
Xcel annual sales growth –
Electric 240,035
2005 – 2009
Gas 97,463 Electric 1.6%
Gas 1.2%

11. Northern States Power – Wisconsin
Profile
Resource planning and energy supply coordinated
with Northern States Power Minnesota through
Interchange Agreement
Lowest retail rates in Wisconsin
Rate case every two years
Best Xcel Energy delivery system performance
Best Xcel Energy financial performance

12. Northern States Power – Wisconsin
Priorities
Keep it up
Execute rate cases
Advance environmental initiatives

13. Public Service Company of Colorado
Colorado Solid Regional
Economy
Unemployment rate –
September 2005
US 4.8%
PSCo 4.8%
Job growth – 2006 Forecast
PSCo 2.0%
2004 Customers
Xcel annual sales growth –
Electric 1,294,849
2005 – 2009
Gas 1,209,297 Electric 1.9%
Gas 1.5%

14. Public Service Company of Colorado
Future Power Requirements
Load & Resources
MWs in thousands
9
Load Obligation @ 16% Reserve
8
7
6
5
4
3
2
1
0
2006 2007 2008 2009 2010 2011 2012 2013
Owned Purchases Reserve Sharing Comanche 3

15. Public Service Company of Colorado
Resource Plan
2,600 MW by 2013
Comanche coal plant project
320 MW demand side management by 2013
Renewable portfolio standard
2007 solar mandate
IGCC legislation

16. Public Service Company of Colorado
Customer Relations
High exposure to natural gas volatility
Quality of Service Plan reform
Customer satisfaction trails other operating
companies
Major franchise renewals
Fuel cost mitigation plan

17. Public Service Company of Colorado
Rates
2005 gas rate case
2006 electric rate case
Multiple cost recovery clauses expire 12-31-06

18. Public Service Company of Colorado
Priorities
Improve customer satisfaction
Continue reliability initiatives
Prepare 2006 electric rate case
Conclude least-cost resource plan
Increase capital and O&M flexibility

19. Southwestern Public Service
New Mexico
Strong Regional
Economy
Unemployment rate –
September 2005
US 4.8%
SPS 4.2%
Texas
Job growth – 2006 Forecast
SPS 1.4%
2004 Customers
Xcel annual sales growth –
Electric 394,879
2005 – 2009
Electric 2.1%
Note: Sale pending on Kansas
and Oklahoma properties

20. Southwestern Public Service
Future Power Requirements
Load & Resources
MWs in thousands
8
7 Load Obligation
@ 12% Reserve
6
5
4
3
2
1
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Owned Long-Term Purchases Short-Term Purchases

21. Southwestern Public Service
Resource Plan
Long system is now short
Two low-cost coal plants plus gas-fired
steam plants
New environmental mandates
Transmission and renewable energy
investment opportunities

22. Southwestern Public Service
Priorities
Gain support for resource plan and cost recovery
Prepare 2006 rate case
Improve large customer relations

23. Executing the Operating Company Plan
People
Strategy Operations
Three Core Processes

24. Strategy
Customers
Portfolio Regulation

25. Operations
Operating plans translate strategy into specific
goals, actions, milestones and accountabilities
Xcel Energy
SPS
NSP (M) NSP (W) PSCo

26. Executing
The Operating Company Plans
Strategy
Make building generation, purchasing power and
conservation financially equivalent
Enables better decisions by considering all
costs and benefits
Compensates utility shareholders for lost
margins and imputed debt
Execution
Resource plan decisions, rate proposals
and legislation
Comanche 3 settlement
Minnesota rate case financial equivalency
proposal
Transmission riders
Manage to authorized returns

27. Strategy: Optimize Reliability / Cost
Balance
Top Quartile Satisfaction* is Financially Prudent
Cost per Customer** (Dollars) by Customer Satisfaction
160
Good
141
138 139
136
140
124 124
123 124
115 116
120 115 116
100
80
60
40
20
0
2000 2001 2002 2003
First Decile Satisfaction First Quartile Satisfaction
Below Average Satisfaction
* JD Power Survey
** Distribution O&M per retail customer plus customer care (FERC 901-916) less
customer assistance (908) per retail customer

28. Capital Investment per New Customer
Dollars Good
1,591 1,571
1,427
1,214 1,196 1,173
Electric Gas
2003 2004 Oct YTD '05

29. Improving Large Customer* Satisfaction
Percentile rank – TQS survey results
82
73
55
Good
2003 2004 2005
* 6,100 customers surveyed served by 60 utilities

30. Xcel Energy Utilities Group
NSP (M) NSP (W) PSCo SPS
Resource External Asset
Transmission Marketing
Portfolio Affairs Management

31. People – Right People in Right Jobs
Paul Bonavia
President – Utilities Group
NSP (W) PSCo SPS
NSP (M)
President & CEO President & CEO President & CEO
President & CEO
Mike Swenson Pat Vincent Gary Gibson
Cyndi Lesher

32. Executing
The Operating Company Plans
Financial
Performance
Regulators/
Legislators
Value to Environmental
Customers Stewardship
Invest in Regulated Utility Business