EXHIBIT  99.01
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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, a Wisconsin Corporation (NSP-Wisconsin).  Such
statements  are based on management's beliefs as well as assumptions made by and
information  currently  available  to  management.  When used in NSP-Wisconsin's
documents  or  oral presentations, the words "anticipate", "estimate", "expect",
"objective",  "outlook,"  "possible",  "potential"  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 NSP-Wisconsin'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
    NSP-Wisconsin  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,  or NSP-Wisconsin; or security ratings;
  - Factors   affecting   operations   such   as   unusual  weather  conditions;
    catastrophic  weather-related  damage;   unscheduled  generation    outages,
    maintenance or  repairs;   unanticipated  changes  to  fossil  fuel  or  gas
    supply    costs   or  availability    due   to  higher   demand,  shortages,
    transportation problems or other developments;   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;
  - 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;
  - Other business or investment considerations that may be disclosed from  time
    to time in  NSP-Wisconsin's Securities and Exchange Commission filings or in
    other  publicly  disseminated  written  documents.
  - Factors   associated  with  Y2K compliance  and remediation that might cause
    material  Y2K-related  problems  to  surface  at  a  later date, even though
    NSP  experienced  a  smooth  transition  into  the  year 2000. Such material
    problems could result   in,  among   other  things,   business  disruptions,
    operational problems, financial loss, legal liability,  and  similar  risks.
  - Regulatory delays or conditions  imposed by regulatory agencies in approving
    the  proposed  merger  with  NCE.

NSP-Wisconsin  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  NSP-Wisconsin  prior  to  the  effective date of the Act.