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, a Wisconsin corporation (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, or the
   Company; 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;
- -  Numerous matters associated with the proposed combination of
   Northern States Power Company, a Minnesota corporation (NSPM)
   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
        NSPM'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. 
- -  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.