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EXHIBIT  99.01
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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 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.