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 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 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.