EXHIBIT 99.01 - XCEL ENERGY CAUTIONARY FACTORS

The Private Securities Litigation Reform Act provides a "safe harbor" for
forward-looking statements to encourage 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 are made in written documents and oral
presentations of Xcel Energy. These statements are based on management's beliefs
as well as assumptions and information currently available to management. When
used in Xcel Energy's documents or oral presentations, the words "anticipate,"
"estimate," "expect," "projected," objective," "outlook," "forecast,"
"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 Xcel Energy'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, monetary fluctuations and
     their impact on capital expenditures;

o    The risk of a significant slowdown in growth or decline in the U.S.
     economy, the risk of delay in growth recovery in the U.S. economy or the
     risk of increased cost for insurance premiums, security and other items as
     a consequence of the Sept. 11, 2001, terrorist attacks;

o    Trade, monetary, fiscal, taxation and environmental policies of
     governments, agencies and similar organizations in geographic areas where
     Xcel Energy 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 SEC, the Federal Energy
     Regulatory Commission and similar entities with regulatory oversight;

o    Availability of credit or cost of capital, changes in: interest rates;
     market perceptions of the utility industry, Xcel Energy or any of its
     subsidiaries; or security ratings;

o    Effect of recent credit agency actions;

o    Factors affecting utility and nonutility operations such as unusual weather
     conditions; catastrophic weather-related damage; unscheduled generation
     outages, maintenance or repairs; unanticipated changes to fossil fuel,
     nuclear fuel or gas supply costs or availability due to higher demand,
     shortages, transportation problems or other developments; nuclear or
     environmental incidents; or electric transmission or gas pipeline
     constraints;

o    Employee workforce factors, including loss or retirement of key executives,
     collective bargaining agreements with union employees, or work stoppages;

o    Increased competition in the utility industry or additional competition in
     the markets served by Xcel Energy and its subsidiaries;

o    State, federal and foreign legislative and regulatory initiatives that
     affect cost and investment recovery, have an impact on rate structures and
     affect the speed and degree to which competition enters the electric and
     gas markets; 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    Nuclear regulatory policies and procedures, including operating regulations
     and spent nuclear fuel storage;

o    Social attitudes regarding the utility and power industries;

o    Risks associated with the California power and other western markets;

o    Cost and other effects of legal and administrative proceedings,
     settlements, investigations and claims;

o    Technological developments that result in competitive disadvantages and the
     potential for impairment of existing assets;

o    Factors associated with nonregulated investments, including risks
     associated with timely completion of projects, including obtaining
     competitive contracts and construction delays, foreign government actions,
     foreign economic and currency risks, political instability in foreign
     countries, partnership actions, competition, operating risks, dependence on
     certain suppliers and customers, domestic and foreign environmental and
     energy regulations;

o    Many of the project investments made by Xcel Energy's subsidiary NRG, Inc.
     consist of minority interests, and a substantial portion of future
     investments may take the form of minority interests, which limits NRG's
     ability to control the development or operation of the project;

o    The realization of expectations regarding the NRG financial improvement
     plan; and

o    Other business or investment considerations that may be disclosed from time
     to time in Xcel Energy's SEC filings or in other publicly disseminated
     written documents.

Xcel Energy 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 should not be construed as
exhaustive.