Xcel Energy (XEL) 8-K Results of Operations and Financial Condition

Exhibit 99.01

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Edison Electric Institute

Financial Conference

November 8, 2005

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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.

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Dick Kelly

President and Chief Executive Officer

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

Financial Performance
Regulators/ Legislators
	Value to Customers	Environmental Stewardship
Invest in Regulated Utility Business

Operational Focus

Results in local decision makers with 360 degree perspective, responsibility and accountability

	Regulatory
Financial		Legislative
issues
	Operational Focus
Resource		Customer
needs		expectations
	Resource
	portfolio

Improving Reliability

Objective Within Top Quartile

System Average Interruption Duration Index (SAIDI)

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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

Distribution, Customer and A & G Costs

Dollars per customer

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Source:  2004 FERC Form 1

Improving Large Customer* Satisfaction

Percentile rank – TQS survey results

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Good

*6,100 customers surveyed served by 60 utilities

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

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

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 NO_Xstandards 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

MERP Project Status

King
•  571 MW super-critical coal retrofit and upgrade
•  Broke ground April 2006	[GRAPHIC]
•  90% of contracts placed
•  Shut-down fall 2006; on-line spring 2007
High Bridge
•  267 MW coal to 575 MW CCGT
•  All major permits received	[GRAPHIC]
•  Site work under way
•  On-line late spring 2008
Riverside
•  386 MW coal to 520 MW CCGT
•  Permitting and equipment design underway	[GRAPHIC]
•  On-line late spring 2009

Comanche 3 Update

•All environmental permits received*

•Construction contracts awarded for:

•     Boiler
•     Turbine
•     Air quality systems	[GRAPHIC]
•     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

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

Financial Overview

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Ben Fowke

Vice President and Chief Financial Officer

Rate Cases with 2006 Impacts

	Filed
•      Colorado Gas	ý
•     Wisconsin Electric and Gas	ý
•     Minnesota Electric	ý
•     North Dakota Electric	November 2005

PSCo Gas Rate Case

Dollars in millions

	Case					Percent		Rate
	Amount			ROE		Equity		Base
PSCo	$	34.5		11.00	%	55.49	%	$	1,030	(1)
CPUC Staff	$	8.5		9.50	%	52.53	%	$	996	(2)
OCC	$	(0.2	)	8.50	%	50.10	%	$	1,003	(2)

(1)Historic year-end

(2)Average

Revenue requirement impact of 100 basis point change

ROE = $9 million

Percent equity = $2 million

NSP – Wisconsin Electric Rate Case

Dollars in millions

	Case				Percent		Rate
	Amount		ROE		Equity		Base
NSP (W)	$	53.1	11.90	%	56.32	%	$	553.2	(1)
PSCW Staff	$	45.4	11.00	%	56.43	%	$	551.1	(1)
							��
Industrial Group	NP		10.50	%	51.00	%	NP
Department of Defense	$	20.2	10.25	%	56.32	%	$	553.2

(1)Forecast average

NP – No proposal

Revenue requirement impact of 100 basis point change

ROE = $5 million

Percent equity = $1 million

NSP – Wisconsin Gas Rate Case

Dollars in millions

	Case				Percent		Rate
	Amount		ROE		Equity		Base
NSP (W)	$	7.7	11.90	%	56.32	%	$	81.4	(1)
PSCW Staff	$	5.8	11.00	%	56.43	%	$	81.1	(1)
Industrial Group	NP		10.50	%	51.00	%	NP
Department of Defense	$	3.3	10.25	%	56.32	%	$	77.0	(1)

(1)Forecast average

NP – No proposal

Revenue requirement impact of 100 basis point change

ROE = $0.7 million

Percent equity = $0.2 million

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

Minnesota Electric Rate Case Drivers

1992 – 2004
Customer Growth	180,000
Load Growth	3,000		MW
Added Capacity	580		MW
Rate Reductions	$	23.5	million

Residential Rate	@	675 KWh/month
1993		7.25 cents/KWh
2005		8.47 cents/KWh
		1.3%/year increase

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	Interim Rates Effective
November 2, 2005	January 1, 2006
November 2005

Rate Cases with Expected 2007 Impacts

•Colorado Electric

•Texas Electric

•New Mexico Electric

•South Dakota Electric

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		%

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

Dollars in millions

																Annual
																Growth
																Rate from
	2005			2006			2007			2008			2009			2005
Equity Rate
Base	$	5,570		$	5,790		$	6,200		$	6,510		$	6,640
ROE
9.2%	$	515	*+	$	530		$	570		$	600		$	610		4.3	%
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

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

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

Xcel Energy Investor Meeting

Tuesday, November 29, 2005

Pierre Hotel

5^th Avenue at 61^st 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

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Appendix

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Strong Regional Economy

Unemployment rate — August 2005
US	4.9	%
Xcel service area	4.0	%
Xcel annual sales growth — 2005-2009
Electric	1.8	%
Gas	1.5	%
4th largest US electric and gas utility —

*Sale pending on Kansas and Oklahoma properties

Organizational Structure 2004 Results

		Xcel Energy Inc.	Income from Continuing
		$527	Operations (Dollars in millions)
		Holding
		Company
		$(43)
Northern	Northern
States	States	Public	Southwestern	Subsidiaries
Power	Power	Service	Public	•    Eloigne
Company -	Company -	Company of	Service	•    Quixx
Minnesota	Wisconsin	Colorado	Company
$230	$54	$218	$55	$13
Regulated				Nonregulated

Rate Base and Returns

Dollars in millions

	Rate Base			Earned				Equity
	2004			ROE		Authorized		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

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	$	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	$	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

Dollars in millions

	NSP (M)		NSP (W)		PSCo		SPS		Total
Net Income
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.

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%

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”

Coal Supply Contracted

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			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

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

Retail Electric Rate* Comparison

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* EEI typical bills – Summer 2005

Senior Debt Ratings

	Moody’s		S&P
	Secured	Unsecured	Secured	Unsecured
Holding Co.	—	Baa1	—	BBB-
NSP (M)	A2	A3	A-	BBB-
NSP (W)	A2	A3	A-	BBB
PSCo	A3	Baa1	A-	BBB-
SPS	—	Baa1	—	BBB
Outlook		Stable		Stable

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

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

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

Energy Supply Mix – 2004

Owned and Purchased

Fuel Mix	Purchased Energy
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*Low-sulfur, low-mercury western coal