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;
- - 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.