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 (NSP-Wisconsin).  Such
statements  are based on management's beliefs as well as assumptions made by and
information  currently  available  to  management.  When used in NSP-Wisconsin'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 NSP-Wisconsin'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 govern-
    ments,  agencies   and  similar  organizations  in  geographic  areas where
    NSP-Wisconsin  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  NSP-Wisconsin;  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 NSP-Wisconsin's Securities and Exchange Commission filings or  in
    other  publicly  disseminated  written  documents.
- -  Factors associated with Y2K compliance that might cause material  differences
    from   the   expectations   disclosed  include,  but are not limited to, the
    availability of key Y2K personnel,   NSP's ability to locate and correct all
    relevant computer codes, the  readiness of third parties,  and NSP's ability
    to   respond to  unforeseen Y2K complications.    Such material  differences
    could   result in,   among  other  things, business disruptions, operational
    problems, financial loss, legal liability, and similar risks.

NSP-Wisconsin  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  NSP-Wisconsin  prior  to  the  effective date of the Act.