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 nonregulated 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 nonregulated 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.