1. Renewable Energy Strategy
Mark Stoering
Vice President, Portfolio Strategy
& Business Development
New York Analyst Meeting
December 5, 2007

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; 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 2006.

3. US Renewables Today
Fuel source for approx. 2.5% of electricity 1
— Approximately 1% wind
13,885 MW Installed wind capacity 2
3
— Utility wind ownership < 1,700 MW
#1 provider of wind energy in the nation
1) EIA 11/06/07, includes biomass, wind, geothermal and solar
(MWh) – excludes hydro
2) AWEA 09/30/07
3) AWEA 12/31/06

4. Excellent Renewable Resource Potential
Wind Resource
Solar Resource
Direct Nomal
Solar Radiation
kWh/m2/day
8.00 – 8.25
7.75 – 8.00
7.50 – 7.75
7.25 – 7.50
7.00 – 7.25
6.75 – 7.00
Biomass
6.50 – 6.75
6.25 – 6.50
6.00 – 6.25
Biomass Resource
5.75 – 6.00
5.50 – 5.75
2.75 – 5.50

5. 2007 Renewable Resources
MW NSP PSCo SPS Total
Wind 1,115 1,084 575 2,774
Hydro 277 88 0 365
Solar 0 17 0 17
Biomass 182 1 0 183
RDF 100 0 0 100
Landfill 15 0 0 15
Renewables
10%
Gas & Oil
21%
Coal
57%
Nuclear
12%
2007 Energy Supply

6. Renewable Portfolio Standards
Minnesota 30% by 2020
2020
(25% wind)
Approx. 6,000 MW
Colorado 20% by 2020
New Mexico 20% by 2020
Wisconsin 13% by 2015
2007
N. Dakota 10% by 2015
Approx. 2,800 MW
Texas 5% by 2015

7. Xcel Energy’s Renewables Strategy
Meet customer preferences / state RPS mandates
Advance Environmental Leadership Strategy
Capitalize on “Renewables Geography”
Target our ownership > 50%
Benefit with favorable cost recovery
Provide transparent EPS growth

8. Strategic Rationale
for Renewables Ownership
Demonstrate our commitment
Meet customer, regulator and
investor expectations
Secure long-term assets / sites
Lower life-cycle costs
Improve system integration
Balance sheet support
Renewable portfolio balance

9. Targeted Wind Additions
2009–2012
NSP 500 MW Wind RFP – December
PSCo 300 MW Wind RFP – January
Regulatory filings support targeted additions
Ownership preference / build-transfer structure
Establish developer partnerships

10. Wind Development Strategy
Partner with experienced developers
— Build / Transfer structure
— Balance development risk
— Access to sites / assets / transmission
— Active competitive bid process (Initially)
— Annual investment towards RPS
— Allow for developer objectives
Developer Wind Project Pipeline
TX / SD 10,000+ MW
CO / MN / ND 5,000 – 10,000 MW
WI 2,000 – 5,000 MW
NM 1,000 – 2,000 MW
Source: Emerging Energy Research, LLC.
Greenfield, CBED, WindSource development

11. Projected Renewable Resources
MW
2007 2020
Wind 2,774 7,400
Hydro 365 400
Solar 17 600
Biomass 183 250
RDF 100 60
Landfill 15 20
Geothermal 0 20
Nuclear Nuclear
Renewables Renewables
12% 13%
10% 24%
Gas & Oil
Gas & Oil 17%
21%
Coal
Coal
46%
57%

12. The Cornerstones of Our Strategy
Building the Core
Targeted Environmental
Investment Leadership
Value
Operational
Excellence
Cost Recovery