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  work  force 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 that might cause material differences
  from  the  expectations  disclosed  include,  but  are  not  limited  to,  the
  availability of key  Y2K  personnel,  NSP's  ability to locate and correct all
  relevant computer codes,  the readiness of third parties, and NSP's ability to
  respond  to  unforeseen  Y2K  complications.  Such  material differences 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 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.