EXHIBIT 99.01

Northern States Power Company Cautionary Factors

	The Private Securities Litigation Reform Act of 1995 (the 
Act) provides a new "safe harbor" for forward-looking statements 
to encourage such disclosures without the threat of litigation 
providing those statements are identified as forward-looking and 
are accompanied by meaningful, cautionary statements identifying 
important factors that could cause the actual results to differ 
materially from those projected in the statement.  Forward-looking 
statements have been and will be made in written documents and 
oral presentations of Northern States Power Company (the Company).  
Such statements are based on management's beliefs as well as 
assumptions made by and information currently available to 
management.  When used in the Company's documents or oral 
presentations, the words "anticipate", "estimate", "expect", 
"objective" and similar expressions are intended to identify 
forward-looking statements.  In addition to any assumptions and 
other factors referred to specifically in connection with such 
forward-looking statements, factors that could cause the Company's 
actual results to differ materially from those contemplated in any 
forward-looking statements include, among others, the following:

- -  Economic conditions including inflation rates and monetary 
   fluctuations;
- -  Trade, monetary, fiscal, taxation, and environmental policies 
   of governments, agencies and similar organizations in 
   geographic areas where the Company has a financial interest;
- -  Customer business conditions including demand for their 
   products or services and supply of labor and materials used in 
   creating their products and services;
- -  Financial or regulatory accounting principles or policies 
   imposed by the Financial Accounting Standards Board, the 
   Securities and Exchange Commission, the Federal Energy 
   Regulatory Commission and similar entities with regulatory 
   oversight;
- -  Availability or cost of capital such as changes in: interest 
   rates; market perceptions of the utility industry, the Company 
   or any of its subsidiaries; or security ratings;
- -  Factors affecting utility and non-utility operations such as 
   unusual weather conditions; catastrophic weather-related 
   damage; unscheduled generation outages, maintenance or repairs; 
   unanticipated changes to fossil fuel, nuclear fuel or gas 
   supply costs or availability due to higher demand, shortages, 
   transportation problems or other developments; nuclear or 
   environmental incidents; or electric transmission or gas 
   pipeline system constraints;
- -  Employee workforce factors including loss or retirement of key 
   executives, collective bargaining agreements with union 
   employees, or work stoppages;
- -  Increased competition in the utility industry, including: 
   industry restructuring initiatives; transmission system 
   operation and/or administration initiatives; recovery of 
   investments made under traditional regulation; nature of 
   competitors entering the industry; retail wheeling; a new 
   pricing structure; and former customers entering the generation 
   market;
- -  Rate-setting policies or procedures of regulatory entities, 
   including environmental externalities, which are values 
   established by regulators assigning environmental costs to each 
   method of electricity generation when evaluating generation 
   resource options;
- -  Nuclear regulatory policies and procedures including operating 
   regulations and used nuclear fuel storage; 
- -  Social attitudes regarding the utility and power industries;
- -  Cost and other effects of legal and administrative proceedings, 
   settlements, investigations and claims; 
- -  Technological developments that result in competitive 
   disadvantages and create the potential for impairment of 
   existing assets;
- -  Numerous matters associated with the proposed combination of 
   the Company and Wisconsin Energy Corporation to form Primergy 
   Corporation (Primergy), including:

   -  Regulatory authorities' decisions regarding business 
      combination issues including the approval of the business 
      combination as proposed, the rate structure of utility 
      operating companies after the merger, transmission system 
      operation and administration, or divestiture of gas 
      utility or non-regulated portions of the Company's 
      business; 
    - Qualification of the transaction as a pooling of 
      interests;
    - Factors affecting the anticipated cost savings including 
      national and regional economic conditions, national and 
      regional competitive conditions, inflation rates, weather 
      conditions, financial market conditions, and synergies 
      resulting from the business combination;
    - Allocation of benefits of cost savings between 
      shareholders and customers, which will depend, among 
      other things, upon the results of regulatory proceedings 
      in various jurisdictions;
    - Regulation of Primergy as a registered public utility 
      holding company and other different or additional federal 
      and state regulatory requirements or restrictions to 
      which Primergy and its subsidiaries may be subject as a 
      result of the business combination (including conditions 
      which may be imposed in connection with obtaining the 
      regulatory approvals necessary to consummate the business 
      combination, such as the possible requirement to divest 
      gas utility and possibly certain non-regulated 
      operations);
    - Factors affecting dividend policy including results of 
      operations and financial condition of Primergy and its 
      subsidiaries and such other business considerations as 
      the Primergy Board of Directors considers relevant. 
    - Factors associated with non-regulated investments including 
      conditions of final legal closing, foreign government actions, 
      foreign economic and currency risks, political instability in 
      foreign countries, partnership actions, competition, operating 
      risks, dependence on certain suppliers and customers, domestic 
      and foreign environmental and energy regulations;
    - Most of the current project investments made by the Company's 
      subsidiary, NRG Energy, Inc. (NRG) consist of minority 
      interests, and a substantial portion of future investments may 
      take the form of minority interests, which limits NRG's ability 
      to control the development or operation of the project;
- - Other business or investment considerations that may be 
  disclosed from time to time in the Company's Securities and 
  Exchange Commission filings or in other publicly disseminated 
  written documents.

The Company undertakes no obligation to publicly update or revise 
any forward-looking statements, whether as a result of new 
information, future events or otherwise.  The foregoing review of 
factors pursuant to the Act should not be construed as exhaustive 
or as any admission regarding the adequacy of disclosures made by 
the Company prior to the effective date of the Act.