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 (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:

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 NSP-
  Wisconsin 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 NSP-Wisconsin; 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 NSP-Wisconsin's Securities and Exchange Commission filings or
  in other publicly disseminated written documents.
o     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.
o     Regulatory  delays  or  conditions imposed by  regulatory  agencies  in
  approving the proposed merger with NCE.

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 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.