Exhibit 99.01

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

     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 natural 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 natural 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 create the potential for impairment of existing assets;

     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.