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", "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 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.