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:

o Economic   conditions   including   inflation   rates   and   monetary
  fluctuations;
o Trade,  monetary,  fiscal,  taxation, and  environmental  policies  of
  governments,  agencies and similar organizations in  geographic  areas
  where the Company has a financial interest;
o Customer  business conditions including demand for their  products  or
  services  and  supply of labor and materials used  in  creating  their
  products and services;
o 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;
o Availability  or  cost of capital such as changes in: interest  rates;
  market  perceptions  of  the  utility industry,  or  the  Company;  or
  security ratings;
o 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;
o Employee  work  force  factors including loss  or  retirement  of  key
  executives, collective bargaining agreements with union employees,  or
  work stoppages;
o 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;
o 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;
o Social attitudes regarding the utility and power industries;
o Cost  and  other  effects  of  legal and  administrative  proceedings,
  settlements, investigations and claims;
o Technological  developments that result in  competitive  disadvantages
  and create the potential for impairment of existing assets;
o 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.