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Reducing Carbon
                        Delivering Results

RBC Investor Meetings
July 16 & 24, 2008
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; actions
of accounting regulatory bodies; 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 2007.
Xcel Energy Corporate Strategy

     Grow our core business and
   meet the environmental challenge


     Achieve annual EPS growth of 5 – 7%
     Increase dividend by 2 – 4% annually
     Reduce emissions by 2020
Company Profile
                                                        Traditional Regulation
                                 NSP-Wisconsin
                                                        Operate in 8 States
       NSP-Minnesota             6% of earnings *
      40% of earnings *
                                                        Combination Utility
                                                        Electric 85% of net income
                                                        Gas 15% of net income
     PSCo
49% of earnings *                                       Customers
                                                        3.3 million electric
                                                        1.8 million gas

            SPS                                         2007 Financial Statistics
      5% of earnings *                                  NI Ongoing: $612 million
                                                        NI GAAP: $577 million
         * Percentages based on 2007 Ongoing Earnings
                                                        Assets: $23 billion
                                                        Equity ratio: 43%
   2007 EPS Ongoing: $1.43, GAAP: $1.35
   2008 Dividend $0.95 per share annualized
Attractive Investment Opportunity

 Environmental leader with both a willingness and
 the ability to address environmental challenges
 Constructive regulation with enhanced recovery
 of major capital projects
 Rate base growth opportunities
 Track record of successful execution
 Strong corporate governance
Impact of Potential
Climate Change Legislation

 Climate Change legislation would require:
   Significant emission reductions
   Significant capital investments
   Long-term technological transformation
   A diverse portfolio of resources
Xcel Energy States at Forefront

                      Demand-Side
        Renewable     Management
         Portfolio    (annual MWh     Carbon
State   Standards       savings)     Reduction
                                    30% by 2025
MN      30% by 2020      1.5%
                                     (over 2005)

CO      20% by 2020       .6%           N/A

                                    10% by 2020
NM      20% by 2020       .3%
                                     (over 2000)
 WI     10% by 2015      N/A            N/A

 TX     5% by 2015        .2%           N/A
Benefits of a Stability/Reduction Plan

Reduce risk
  Federal and state carbon regulation
  Community and litigation risks
  Mitigate long-term costs to customers
Demonstrate continued environmental leadership
Potential for investment opportunities
Geographic Competitive Advantage
                                                          Biomass Resource

Wind Resource
           Source: National Renewable Energy Laboratory




                                                          Solar Resource

 Wind Density
        High

        Low



                            Xcel Energy
                            States Served
Clean Energy Actions

Increase renewable energy
Uprate and extend lives of nuclear plants
Expand demand side management, energy
efficiency and conservation efforts
Increase investment in transmission
Upgrade environmental systems and improve
efficiencies of generation plants
Replace/repower inefficient generation
Evaluate carbon capture and storage
Minnesota Resource Plan

 Reduces carbon emission by 22% by 2020
 Adds 2,600 megawatts (MW) of wind by 2020
 Seeks to expand output from Prairie Island and
 Monticello nuclear plants by 230 MW
 Requests environmental upgrades and capacity
 expansion of 80 MW at Sherco
 Seeks approval of Manitoba Hydro 375 MW PPA
 Would add 2,300 MW of natural gas generation
 Expands DSM efforts
 Plan requires Commission approval
Colorado Resource Plan

 Reduces carbon emission by 10% by 2017 and puts
 PSCo on path to achieve 20% reduction by 2020
 Adds 800 MW of wind by 2015
 Replaces four coal units with natural gas generation
 Acquire 25 MW of solar with plans to add up to 200
 MW of solar as technology develops
 Expands DSM efforts
 Plan requires Commission approval
Reducing Carbon Dioxide Emissions*

      Millions of tons
 80


 75


 70


 65


 60
         2003        2004     2005       2006       2007

      * Owned–generation carbon dioxide emissions
Projected Renewable Resources
 Energy
               2007                                   2020
                 Nuclear                    Nuclear
                  11%                        13%             Renewables
Gas & Oil              Renewables                               24%
  31%                     9%
                                    Gas & Oil
                                      17%

                        Coal                                    Coal
                        49%                                     46%

 Capacity
            Wind Hydro Solar   Biomass RDF Landfill Geothermal
  MW
  2007      2,700 365    17      182   100   15         0
  2020      7,400 400   600      250    60   20        20
Constructive Regulation
 Transmission riders – CO, MN, ND, SD
 Renewable riders – CO, MN
 MERP rider – MN
 Conservation/DSM riders – CO, MN
 Environmental riders – MN, ND, SD
 Capacity rider – CO
 Comanche 3 forward CWIP via general rate case – CO
 IGCC rider – CO
 Air quality improvement rider – CO
Projected Rider Revenue
      Dollars in millions
240
          CO AQIR
          MN Renewable Energy Standard    $195
200
          CO Trans Cost Adjustment
          MN Trans Cost Recovery $166
          MN MERP
160


120                     $107

           $73
 80


 40


  0
          2006              2007   2008   2009
Regulatory Results

Rate relief granted 2006-2007: $400 million
  2006 Minnesota electric rate case: $131 million
  2006 Colorado electric rate case: $151 million
  2006 Wisconsin gas and electric rate cases: $47 million
  2007 Colorado gas rate case: $32 million
  Other: $39 million
Recovery on Capital Investment*
        Dollars in millions
2,800
                                                $2,350
2,400
           $2,150
                                    $2,000
                        $1,900
2,000
1,600
1,200
 800
 400
   0
            2008         2009       2010          2011
   Traditional Recovery       Enhanced Recovery     Depreciation
  * Capital forecast based on middle of range
Delivering on Rate Base Growth*
  Dollars in billions

   CAGR = 7.5%
                                                $16.9
                                        $15.7
                                $14.9
                        $14.0
            $12.8
   $11.7




    2006    2007    2008      2009     2010     2011
 * Growth based on middle of capital forecast range
Proven Track Record
Delivering on 5 – 7% EPS Growth

           Guidance Range
                                                  $1.45 – $1.55
                                        $1.43
                       $1.30
      $1.15
                                                ~5%**
                                 10%
                13%




       2005             2006             2007         2008
     Ongoing*         Ongoing*         Ongoing*     Guidance
  * Ongoing EPS excludes the impacts of COLI and disc ops.
    A reconciliation to GAAP earnings is included in the appendix.
 ** Estimated growth rate based on middle of guidance range
Proven Track Record:
Delivering 2 – 4% Dividend Growth*


   Annualized dividend per share
    2004 – 2008 CAGR = 3.4%
                                                  $0.95
                                         $0.92
                                $0.89
                      $0.86
             $0.83
    $0.75




    2003      2004     2005     2006     2007     2008
  * Xcel Energy increased the dividend by 3¢ on May 21, 2008
Strong Corporate Governance

 Independent Lead Director
 Annual election of all directors
 12 independent directors on 13 person board
 Management compensation aligned with
 shareholders – stock ownership guidelines:
   CEO ownership 5x annual base salary
   CFO/Other Officers ownership 3x base salary
Value Proposition
 Low risk, fully regulated and integrated utility
 Constructive regulation with enhanced recovery
 of major capital projects
 Pipeline of investment opportunities
 Environmental leader, well–positioned
 for changing rules

  Attractive Total Return
    Sustainable annual EPS growth of 5% – 7%
    with upside potential
    Strong dividend yield of ~ 4.7%
    Sustainable annual dividend growth of 2% – 4%
Appendix
Reconciliation –
   Ongoing EPS to GAAP
   Dollars per share
                                                                        2007
                                            2005          2006
   Ongoing Earnings                          $1.15        $1.30         $1.43
   PSRI/COLI                                  0.05          0.05        (0.08)
   Continuing Operations                     $1.20        $1.35         $1.35
   Disc Ops                                   0.03          0.01           –
   GAAP Earnings                            $1.23         $1.36         $1.35
As a result of the termination of the COLI program, Xcel Energy’s management
                                                           Energy’s
believes that ongoing earnings provide a more meaningful comparison of earnings
                                                             comparison
results between different periods in which the COLI program was in place and is
more representative of Xcel Energy’s fundamental core earnings power.
                             Energy’s
Xcel Energy’s management uses ongoing earnings internally for financial planning
     Energy’s                                                                planning
and analysis, for reporting of results to the Board of Directors, in determining
                                                       Directors,
whether performance targets are met for performance-based compensation,
                                            performance-based
and when communicating its earnings outlook to analysts and investors.
                                                                  investors.
Earnings Guidance Range
Dollars per share
                        2007A        2008
Regulated Utility       $1.55     $1.61 – $1.71
Holding Company          (0.12)      (0.16)
Ongoing Earnings        $1.43     $1.45 – $1.55

PSRI/COLI               $(0.08)        –
Continuing Operations    1.35      1.45 – 1.55
Disc Ops                   –           –
GAAP Earnings           $1.35     $1.45 – $1.55
12
              /3
                 1/
                    20




                             -20%
                                    -15%
                                           -10%
                                                  -5%
                                                        0%
                                                             5%
                       07

            1/
               31
                  /   20
                        08

            2/
               29
                  /   20
                        08

            3/
               31
                  /   20
                        08
                                                                  Stock Price Change




Peer Avg
            4/
               30
                  /   20
                        08
XEL
            5/
               31
                  /   20
                        08

            6/
               30
                  /   20
                        08
           7/
              13
                /2
                  00
                    8
2008 Regulatory Status
                        Requested                 Status
New Mexico Electric     December 2007             Pending
                        $17.3 million             Summer 2008
                        11.0% ROE
North Dakota Electric   December 2007             Pending
                        $20.5 million             August 2008
                        11.5% ROE                 Interim rates
PSCo Wholesale          February 2008             Settlement
                        Base rates $8.8 million   $6.5 million
                        CWIP $3.7 million         Blackbox
                        11.5% ROE
SPS Wholesale           March 2008                Pending
                        $14.9 million
                        12.2% ROE
Texas Electric          June 2008                 Pending
                        $61.3 million overall
                        11.25% ROE
Capital Expenditure Forecast
                            Denotes enhanced recovery mechanism
Dollars in millions
                             2008      2009     2010    2011
Base & Other                $1,245   $1,285   $1,310   $1,300
MERP                           170       25      10        0
Comanche 3                     330       60      10        0
MN Wind Tran/CapX 2020          40       65     115      270
Sherco Upgrade                   5       20      75      230
MN Wind Generation             135        0       0        0
Nuclear Capacity/Life Ext       75      120     180      200
Fort St. Vrain CT              100       25       0        0
 Total Committed            $2,100   $1,600   $1,700   $2,000
Potential Projects            0-100 200-400 200-400 200-500
 Range                      $2,100- $1,800- $1,900- $2,200-
                             $2,200 $2,000 $2,100 $2,500
Capital Expenditures
by Operating Company*
Dollars in millions

                2008       2009        2010    2011
NSPM            $935       $955      $1,060   $1,380
PSCo              945       650         680     750
SPS               170       205         180     140
NSPW              100        90          80      80
Total         $2,150     $1,900      $2,000   $2,350


* Capital forecast based on middle of range
Capital Expenditures by Function*
Dollars in millions
                           2008      2009      2010     2011
Elec Generation            $935      $480       $525     $745
Elec Transmission           300       325        390      500
Elec Distribution           355       345        355      360
Gas                         140       155        160      155
Nuclear Fuel                145       150        140      105
Common/Other                225       145        130      135
Potential Projects           50       300        300      350
Total                    $2,150    $1,900     $2,000   $2,350
* Capital forecast based on middle of range
Credit Ratings

                      Secured              Unsecured
              Fitch   Moody’s   S&P   Fitch   Moody’s   S&P

Holding Co.     –        –       –    BBB+     Baa1     BBB
NSPM           A+        A2      A     A        A3      BBB
NSPW           A+        A2      A     A        A3      BBB+
PSCo           A         A3      A     A–      Baa1     BBB
                                       A–
SPS            –         –       –    BBB+     Baa1     BBB+
Debt Maturities

         Dollars in millions
$1,200
                                                    SPS
$1,000                                              PSCo
                                                    NSPW
 $800
                                                    NSPM
 $600                                               Xcel Energy

 $400

 $200

   $0
          2008   2009   2010   2011   2012   2013   2014   2015
Strong Access to Credit Markets

 Issued $400 million of retail hybrid securities
 with a 7.6% coupon in January 2008
 Issued $500 million of first mortgage bonds
 at NSP–Minnesota with 5.25% coupon in March 2008
 Potential FMB debt issuances: 2nd half 2008
   PSCo: $500 to $600 million
   NSP–Wisconsin: Up to $250 million

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xcel energy RBC_July_2008

  • 1. Reducing Carbon Delivering Results RBC Investor Meetings July 16 & 24, 2008
  • 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; actions of accounting regulatory bodies; 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 2007.
  • 3. Xcel Energy Corporate Strategy Grow our core business and meet the environmental challenge Achieve annual EPS growth of 5 – 7% Increase dividend by 2 – 4% annually Reduce emissions by 2020
  • 4. Company Profile Traditional Regulation NSP-Wisconsin Operate in 8 States NSP-Minnesota 6% of earnings * 40% of earnings * Combination Utility Electric 85% of net income Gas 15% of net income PSCo 49% of earnings * Customers 3.3 million electric 1.8 million gas SPS 2007 Financial Statistics 5% of earnings * NI Ongoing: $612 million NI GAAP: $577 million * Percentages based on 2007 Ongoing Earnings Assets: $23 billion Equity ratio: 43% 2007 EPS Ongoing: $1.43, GAAP: $1.35 2008 Dividend $0.95 per share annualized
  • 5. Attractive Investment Opportunity Environmental leader with both a willingness and the ability to address environmental challenges Constructive regulation with enhanced recovery of major capital projects Rate base growth opportunities Track record of successful execution Strong corporate governance
  • 6. Impact of Potential Climate Change Legislation Climate Change legislation would require: Significant emission reductions Significant capital investments Long-term technological transformation A diverse portfolio of resources
  • 7. Xcel Energy States at Forefront Demand-Side Renewable Management Portfolio (annual MWh Carbon State Standards savings) Reduction 30% by 2025 MN 30% by 2020 1.5% (over 2005) CO 20% by 2020 .6% N/A 10% by 2020 NM 20% by 2020 .3% (over 2000) WI 10% by 2015 N/A N/A TX 5% by 2015 .2% N/A
  • 8. Benefits of a Stability/Reduction Plan Reduce risk Federal and state carbon regulation Community and litigation risks Mitigate long-term costs to customers Demonstrate continued environmental leadership Potential for investment opportunities
  • 9. Geographic Competitive Advantage Biomass Resource Wind Resource Source: National Renewable Energy Laboratory Solar Resource Wind Density High Low Xcel Energy States Served
  • 10. Clean Energy Actions Increase renewable energy Uprate and extend lives of nuclear plants Expand demand side management, energy efficiency and conservation efforts Increase investment in transmission Upgrade environmental systems and improve efficiencies of generation plants Replace/repower inefficient generation Evaluate carbon capture and storage
  • 11. Minnesota Resource Plan Reduces carbon emission by 22% by 2020 Adds 2,600 megawatts (MW) of wind by 2020 Seeks to expand output from Prairie Island and Monticello nuclear plants by 230 MW Requests environmental upgrades and capacity expansion of 80 MW at Sherco Seeks approval of Manitoba Hydro 375 MW PPA Would add 2,300 MW of natural gas generation Expands DSM efforts Plan requires Commission approval
  • 12. Colorado Resource Plan Reduces carbon emission by 10% by 2017 and puts PSCo on path to achieve 20% reduction by 2020 Adds 800 MW of wind by 2015 Replaces four coal units with natural gas generation Acquire 25 MW of solar with plans to add up to 200 MW of solar as technology develops Expands DSM efforts Plan requires Commission approval
  • 13. Reducing Carbon Dioxide Emissions* Millions of tons 80 75 70 65 60 2003 2004 2005 2006 2007 * Owned–generation carbon dioxide emissions
  • 14. Projected Renewable Resources Energy 2007 2020 Nuclear Nuclear 11% 13% Renewables Gas & Oil Renewables 24% 31% 9% Gas & Oil 17% Coal Coal 49% 46% Capacity Wind Hydro Solar Biomass RDF Landfill Geothermal MW 2007 2,700 365 17 182 100 15 0 2020 7,400 400 600 250 60 20 20
  • 15. Constructive Regulation Transmission riders – CO, MN, ND, SD Renewable riders – CO, MN MERP rider – MN Conservation/DSM riders – CO, MN Environmental riders – MN, ND, SD Capacity rider – CO Comanche 3 forward CWIP via general rate case – CO IGCC rider – CO Air quality improvement rider – CO
  • 16. Projected Rider Revenue Dollars in millions 240 CO AQIR MN Renewable Energy Standard $195 200 CO Trans Cost Adjustment MN Trans Cost Recovery $166 MN MERP 160 120 $107 $73 80 40 0 2006 2007 2008 2009
  • 17. Regulatory Results Rate relief granted 2006-2007: $400 million 2006 Minnesota electric rate case: $131 million 2006 Colorado electric rate case: $151 million 2006 Wisconsin gas and electric rate cases: $47 million 2007 Colorado gas rate case: $32 million Other: $39 million
  • 18. Recovery on Capital Investment* Dollars in millions 2,800 $2,350 2,400 $2,150 $2,000 $1,900 2,000 1,600 1,200 800 400 0 2008 2009 2010 2011 Traditional Recovery Enhanced Recovery Depreciation * Capital forecast based on middle of range
  • 19. Delivering on Rate Base Growth* Dollars in billions CAGR = 7.5% $16.9 $15.7 $14.9 $14.0 $12.8 $11.7 2006 2007 2008 2009 2010 2011 * Growth based on middle of capital forecast range
  • 20. Proven Track Record Delivering on 5 – 7% EPS Growth Guidance Range $1.45 – $1.55 $1.43 $1.30 $1.15 ~5%** 10% 13% 2005 2006 2007 2008 Ongoing* Ongoing* Ongoing* Guidance * Ongoing EPS excludes the impacts of COLI and disc ops. A reconciliation to GAAP earnings is included in the appendix. ** Estimated growth rate based on middle of guidance range
  • 21. Proven Track Record: Delivering 2 – 4% Dividend Growth* Annualized dividend per share 2004 – 2008 CAGR = 3.4% $0.95 $0.92 $0.89 $0.86 $0.83 $0.75 2003 2004 2005 2006 2007 2008 * Xcel Energy increased the dividend by 3¢ on May 21, 2008
  • 22. Strong Corporate Governance Independent Lead Director Annual election of all directors 12 independent directors on 13 person board Management compensation aligned with shareholders – stock ownership guidelines: CEO ownership 5x annual base salary CFO/Other Officers ownership 3x base salary
  • 23. Value Proposition Low risk, fully regulated and integrated utility Constructive regulation with enhanced recovery of major capital projects Pipeline of investment opportunities Environmental leader, well–positioned for changing rules Attractive Total Return Sustainable annual EPS growth of 5% – 7% with upside potential Strong dividend yield of ~ 4.7% Sustainable annual dividend growth of 2% – 4%
  • 25. Reconciliation – Ongoing EPS to GAAP Dollars per share 2007 2005 2006 Ongoing Earnings $1.15 $1.30 $1.43 PSRI/COLI 0.05 0.05 (0.08) Continuing Operations $1.20 $1.35 $1.35 Disc Ops 0.03 0.01 – GAAP Earnings $1.23 $1.36 $1.35 As a result of the termination of the COLI program, Xcel Energy’s management Energy’s believes that ongoing earnings provide a more meaningful comparison of earnings comparison results between different periods in which the COLI program was in place and is more representative of Xcel Energy’s fundamental core earnings power. Energy’s Xcel Energy’s management uses ongoing earnings internally for financial planning Energy’s planning and analysis, for reporting of results to the Board of Directors, in determining Directors, whether performance targets are met for performance-based compensation, performance-based and when communicating its earnings outlook to analysts and investors. investors.
  • 26. Earnings Guidance Range Dollars per share 2007A 2008 Regulated Utility $1.55 $1.61 – $1.71 Holding Company (0.12) (0.16) Ongoing Earnings $1.43 $1.45 – $1.55 PSRI/COLI $(0.08) – Continuing Operations 1.35 1.45 – 1.55 Disc Ops – – GAAP Earnings $1.35 $1.45 – $1.55
  • 27. 12 /3 1/ 20 -20% -15% -10% -5% 0% 5% 07 1/ 31 / 20 08 2/ 29 / 20 08 3/ 31 / 20 08 Stock Price Change Peer Avg 4/ 30 / 20 08 XEL 5/ 31 / 20 08 6/ 30 / 20 08 7/ 13 /2 00 8
  • 28. 2008 Regulatory Status Requested Status New Mexico Electric December 2007 Pending $17.3 million Summer 2008 11.0% ROE North Dakota Electric December 2007 Pending $20.5 million August 2008 11.5% ROE Interim rates PSCo Wholesale February 2008 Settlement Base rates $8.8 million $6.5 million CWIP $3.7 million Blackbox 11.5% ROE SPS Wholesale March 2008 Pending $14.9 million 12.2% ROE Texas Electric June 2008 Pending $61.3 million overall 11.25% ROE
  • 29. Capital Expenditure Forecast Denotes enhanced recovery mechanism Dollars in millions 2008 2009 2010 2011 Base & Other $1,245 $1,285 $1,310 $1,300 MERP 170 25 10 0 Comanche 3 330 60 10 0 MN Wind Tran/CapX 2020 40 65 115 270 Sherco Upgrade 5 20 75 230 MN Wind Generation 135 0 0 0 Nuclear Capacity/Life Ext 75 120 180 200 Fort St. Vrain CT 100 25 0 0 Total Committed $2,100 $1,600 $1,700 $2,000 Potential Projects 0-100 200-400 200-400 200-500 Range $2,100- $1,800- $1,900- $2,200- $2,200 $2,000 $2,100 $2,500
  • 30. Capital Expenditures by Operating Company* Dollars in millions 2008 2009 2010 2011 NSPM $935 $955 $1,060 $1,380 PSCo 945 650 680 750 SPS 170 205 180 140 NSPW 100 90 80 80 Total $2,150 $1,900 $2,000 $2,350 * Capital forecast based on middle of range
  • 31. Capital Expenditures by Function* Dollars in millions 2008 2009 2010 2011 Elec Generation $935 $480 $525 $745 Elec Transmission 300 325 390 500 Elec Distribution 355 345 355 360 Gas 140 155 160 155 Nuclear Fuel 145 150 140 105 Common/Other 225 145 130 135 Potential Projects 50 300 300 350 Total $2,150 $1,900 $2,000 $2,350 * Capital forecast based on middle of range
  • 32. Credit Ratings Secured Unsecured Fitch Moody’s S&P Fitch Moody’s S&P Holding Co. – – – BBB+ Baa1 BBB NSPM A+ A2 A A A3 BBB NSPW A+ A2 A A A3 BBB+ PSCo A A3 A A– Baa1 BBB A– SPS – – – BBB+ Baa1 BBB+
  • 33. Debt Maturities Dollars in millions $1,200 SPS $1,000 PSCo NSPW $800 NSPM $600 Xcel Energy $400 $200 $0 2008 2009 2010 2011 2012 2013 2014 2015
  • 34. Strong Access to Credit Markets Issued $400 million of retail hybrid securities with a 7.6% coupon in January 2008 Issued $500 million of first mortgage bonds at NSP–Minnesota with 5.25% coupon in March 2008 Potential FMB debt issuances: 2nd half 2008 PSCo: $500 to $600 million NSP–Wisconsin: Up to $250 million