Strategy Is On Track Strategy Is On Track Strategy Is On Track

Texas Texas -- Kansas Kansas -- Missouri Investor MeetingsMissouri Investor MeetingsMarch 4 March 4 -- 5, 20095, 2009

This material includes forwardThis material includes forward--looking statements that are subject to looking statements that are subject to certain risks, uncertainties and assumptions. Such forwardcertain risks, uncertainties and assumptions. Such forward--looking looking statements include projected earnings, cash flows, capital statements include projected earnings, cash flows, capital expenditures and other statements and are identified in this docexpenditures and other statements and are identified in this document ument by the words by the words ““anticipate,anticipate,”” ““estimate,estimate,”” ““expect,expect,”” ““projected,projected,””““objective,objective,”” ““outlook,outlook,”” ““possible,possible,”” ““potentialpotential”” and similar and similar expressions. Actual results may vary materially. Factors that expressions. Actual results may vary materially. Factors that could could cause actual results to differ materially include, but are not lcause actual results to differ materially include, but are not limited to: imited to: general economic conditions, including the availability of credigeneral economic conditions, including the availability of credit, t, actions of rating agencies and their impact on capital expendituactions of rating agencies and their impact on capital expenditures; res; business conditions in the energy industry; competitive factors;business conditions in the energy industry; competitive factors;unusual weather; effects of geopolitical events, including war aunusual weather; effects of geopolitical events, including war and acts nd acts of terrorism; changes in federal or state legislation; regulatioof terrorism; changes in federal or state legislation; regulation; actions n; actions of accounting regulatory bodies; and other risk factors listed fof accounting regulatory bodies; and other risk factors listed from rom time to time by Xcel Energy in reports filed with the SEC, inclutime to time by Xcel Energy in reports filed with the SEC, including ding Exhibit 99.01 to Xcel EnergyExhibit 99.01 to Xcel Energy’’s report on Form 10s report on Form 10--K for year 2008.K for year 2008.

Safe HarborSafe Harbor

Traditional RegulationTraditional Regulation

Operate in 8 StatesOperate in 8 States

Combination UtilityCombination UtilityElectric 81% of net incomeElectric 81% of net incomeGas 19% of net incomeGas 19% of net income

CustomersCustomers3.4 million electric3.4 million electric1.9 million gas1.9 million gas

2008 Financial Statistics2008 Financial StatisticsNI Ongoing: $641 million NI Ongoing: $641 million NI GAAP: $646 millionNI GAAP: $646 millionAssets: $25 billionAssets: $25 billionEquity ratio: 44%Equity ratio: 44%

Company ProfileCompany Profile

NSPNSP--WisconsinWisconsin6% of earnings *6% of earnings *NSPNSP--MinnesotaMinnesota

41% of earnings *41% of earnings *

SPSSPS5% of earnings *5% of earnings *

PSCoPSCo48% of earnings *48% of earnings *

2008 EPS Ongoing: $1.45; GAAP: $1.462008 EPS Ongoing: $1.45; GAAP: $1.462008 Dividend $0.95 per share annualized2008 Dividend $0.95 per share annualized

* Percentages based on 2008 Ongoing Earnings* Percentages based on 2008 Ongoing Earnings

Strategy and ObjectivesStrategy and Objectives

Grow our core business andGrow our core business andmeet the environmental challengemeet the environmental challenge

Achieve longAchieve long--term annual EPS growth of 5% term annual EPS growth of 5% –– 7%7%Increase dividend by 2% Increase dividend by 2% –– 4% annually4% annuallySenior unsecured ratings in BBB+ to A rangeSenior unsecured ratings in BBB+ to A rangeReduce emissions by 2020Reduce emissions by 2020

Growth DriversGrowth Drivers

Rate base growthRate base growth—— Uprating/improving existing fleetUprating/improving existing fleet—— Wind developmentWind development—— Transmission expansionTransmission expansion

Achieving authorized returnsAchieving authorized returns—— Rider recoveryRider recovery—— Filing rate cases where necessaryFiling rate cases where necessary

Renewable Strategy DriversRenewable Strategy Drivers

Leadership advantagesLeadership advantagesState legislative mandatesState legislative mandatesEmerging Federal climate policyEmerging Federal climate policyExcellent renewable resourcesExcellent renewable resourcesRegional cost advantagesRegional cost advantagesRenewables offer flexibilityRenewables offer flexibilityOpportunity for growthOpportunity for growth

Wind GrowthWind GrowthMWMW

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6,000

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SPSPSCoNSP

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SPSPSCoNSP

ProjectedProjected

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2006

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SPS

PSCo

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2006

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SPS

PSCo

Solar GrowthSolar Growth

MWMWProjectedProjected

Projected Renewable Resources

Coal 49% Coal 49%

Renewables9%

Renewables9%

Natural Gas 31%

Natural Gas 31%

Nuclear 11%

Nuclear 11%

Coal 46% Coal 46%

Renewables24%

Renewables24%

Natural Gas 17%

Natural Gas 17%

Nuclear 13%

Nuclear 13%

200720072007 202020202020

Wind Hydro Solar Biomass RDF Landfill GeothermalWindWind HydroHydro SolarSolar BiomassBiomass RDFRDF LandfillLandfill GeothermalGeothermalMWMWMW2007 2,700 365 17 182 100 15 02020 7,400 400 800 250 60 20 2020072007 2,7002,700 365365 1717 182182 100100 1515 0020202020 7,4007,400 400400 800800 250250 6060 2020 2020

CapacityCapacityCapacity

EnergyEnergyEnergy

2009 2010 2011 2012

Other Nuclear Fuel GasElectric Distribution Electric Transmission Electric GenerationWind

Capital Forecast Capital Forecast Dollars in millionsDollars in millions

$1,800$1,800

$2,300$2,300 $2,350$2,350 $2,350$2,350

Solid LiquiditySolid LiquiditySolid Liquidity

Hold Co. $ 772 $ 355 $ 3 $ 358NSPM 482 476 2 478PSCo 675 651 0 651SPS 248 238 141 379Other 0 0 62 62Total $2,177 $1,720 $ 208 $1,928

Hold Co.Hold Co. $ 772$ 772 $ 355$ 355 $ 3$ 3 $ 358$ 358NSPMNSPM 482482 476476 22 478478PSCoPSCo 675675 651651 00 651651SPSSPS 248248 238238 141141 379379Other Other 00 00 6262 6262TotalTotal $2,177$2,177 $1,720 $1,720 $ 208 $ 208 $1,928$1,928

Credit TotalLines Available Cash LiquidityCreditCredit TotalTotalLinesLines AvailableAvailable CashCash LiquidityLiquidity

Dollars in millions, as of February 27, 2009Dollars in millions, as of February 27, 2009Dollars in millions, as of February 27, 2009

Modest Financing Needs in 2009Modest Financing Needs in 2009

NSPM $400 million of first mortgage bondsNSPM $400 million of first mortgage bonds

PSCo $400 million of first mortgage bonds PSCo $400 million of first mortgage bonds

Both companies are Both companies are ““AA”” rated for secured debt rated for secured debt

Solid Credit RatingsSolid Credit Ratings

Hold Co. – – – BBB+ Baa1 BBBNSPM A+ A2 A A A3 BBB+NSPW A+ A2 A A A3 A-PSCo A A3 A A– Baa1 BBB+SPS – – – BBB+ Baa1 BBB+

Hold Co.Hold Co. –– –– –– BBB+BBB+ Baa1Baa1 BBBBBBNSPMNSPM A+A+ A2A2 A A AA A3A3 BBB+BBB+NSPWNSPW A+A+ A2 A2 A A AA A3A3 AA--PSCoPSCo AA A3A3 A A AA–– Baa1Baa1 BBB+BBB+SPSSPS –– –– –– BBB+BBB+ Baa1Baa1 BBB+BBB+

Fitch Moody’s S&P Fitch Moody’s S&P *Fitch Moody’s S&P Fitch Moody’s S&P *SecuredSecured UnsecuredUnsecured

* S&P upgraded the unsecured ratings for NSPM, NSPW and PSCoon November 5, 2008

Current Rate CasesCurrent Rate CasesColorado ElectricColorado Electric—— Requested rate increase of $174 million (7.4%)Requested rate increase of $174 million (7.4%)—— Decision expected summer 2009Decision expected summer 2009

Minnesota ElectricMinnesota Electric—— Requested rate increase of $156 million (6.05%)Requested rate increase of $156 million (6.05%)—— Interim rates of $132 millionInterim rates of $132 million—— Decision expected fall/winter 2009Decision expected fall/winter 2009

Texas ElectricTexas Electric—— Granted $57.4 million Granted $57.4 million –– pending commission approvalpending commission approval

New Mexico ElectricNew Mexico Electric—— Seeking rate increase of $24.6 millionSeeking rate increase of $24.6 million—— Decision expected fall/winter 2009Decision expected fall/winter 2009

Colorado Electric Case UpdateColorado Electric Case Update

Staff Recommendation:Staff Recommendation:—— $110.3 million based on a forward test year $110.3 million based on a forward test year

$69.9 million to be effective in July 2009 $69.9 million to be effective in July 2009 $40.4 million effective in January 2010$40.4 million effective in January 2010

—— ROE of 10.37%ROE of 10.37%—— Equity ratio of 58.08%Equity ratio of 58.08%

Office of Consumer CouncilOffice of Consumer Council Recommendation:Recommendation:—— $3.8 million increase based on a historic test year$3.8 million increase based on a historic test year—— ROE of 9.75% ROE of 9.75% —— Equity ratio of 53%Equity ratio of 53%

PSCo expects new rates effective summer 2009PSCo expects new rates effective summer 2009

Texas Electric Case UpdateTexas Electric Case Update

Granted interim rate increase of $57.4 millionGranted interim rate increase of $57.4 million

Adjusted request for $5.6 million reduction in Adjusted request for $5.6 million reduction in depreciation expensesdepreciation expenses

Black box settlement resolving all fuel Black box settlement resolving all fuel reconciliation issues related to 2006reconciliation issues related to 2006--2007 2007 timeframetimeframe

Commission approval is pendingCommission approval is pending

2009 Earnings Guidance2009 Earnings Guidance

Key AssumptionsKey Assumptions—— Relatively flat sales growthRelatively flat sales growth—— Reasonable treatment in rate casesReasonable treatment in rate cases—— Increasing revenue from ridersIncreasing revenue from riders—— Rising O&M expenseRising O&M expense—— Increasing depreciation expenseIncreasing depreciation expense—— Increasing interest expenseIncreasing interest expense—— Higher share countHigher share count

200920092009Earnings Per ShareEarnings Per Share $1.45 $1.45 -- $1.55$1.55

* Ongoing EPS excludes the impacts of COLI and disc ops.* Ongoing EPS excludes the impacts of COLI and disc ops.A reconciliation to GAAP earnings is included in the appendixA reconciliation to GAAP earnings is included in the appendix

** Estimated CAGR is based on middle of 2009 guidance range** Estimated CAGR is based on middle of 2009 guidance range

Financial ExecutionFinancial ExecutionDelivering on 5 Delivering on 5 –– 7% EPS Growth7% EPS Growth

$1.15$1.15$1.30$1.30

$1.43$1.43

2005 2005 Ongoing *Ongoing *

2006 2006 Ongoing *Ongoing *

2007 2007 Ongoing *Ongoing *

Guidance RangeGuidance Range

2008 2008 Ongoing *Ongoing *

2005 2005 –– 2009 CAGR = 6.9% 2009 CAGR = 6.9% **** $1.45$1.45––$1.55$1.55

2009 2009 GuidanceGuidance

$1.45$1.45

Financial ExecutionFinancial ExecutionDelivering 2 Delivering 2 –– 4% Dividend Growth 4% Dividend Growth

$0.95$0.92$0.89$0.86$0.83

2004 2005 2006 2007 2008

2004 2004 –– 2008 CAGR = 3.4%2008 CAGR = 3.4%

Annualized dividend per shareAnnualized dividend per share

Key TakeKey Take--AwaysAways

Our strategy remains unchanged and on trackOur strategy remains unchanged and on trackConstructive regulatory environmentConstructive regulatory environmentModest financing needs in 2009Modest financing needs in 2009We have the liquidity and balance sheet to finance our We have the liquidity and balance sheet to finance our rate base growth strategyrate base growth strategyWe are wellWe are well--positioned to execute our business planpositioned to execute our business planWe offer an attractive total return, based onWe offer an attractive total return, based on—— A longA long--term annual EPS growth objective of 5% term annual EPS growth objective of 5% –– 7%7%—— A safe, secure and growing dividend, currently A safe, secure and growing dividend, currently

yielding approximately 5.5%yielding approximately 5.5%

AppendixAppendix

As of December 31, 2008As of December 31, 2008

EquityEquity $ 6,964$ 6,964 44%44%Preferred EquityPreferred Equity 105105 1%1%Current Portion LT DebtCurrent Portion LT Debt 559559 3%3%ShortShort--term Debtterm Debt 455455 3%3%LongLong--term Debt * term Debt * 7,7327,732 49%49%Total CapitalizationTotal Capitalization $15,815$15,815 100%100%

Strong Balance SheetStrong Balance Sheet

MillionsMillions PercentPercent

* Long-term debt includes $400 million of hybrid securities which receives50% equity treatment from the rating agencies.

Debt MaturitiesDebt Maturities

$0

$200

$400

$600

$800

$1,000

$1,200

2009 2010 2011 2012 2013 2014 2015

SPSPSCoNSPWNSPMXcel Energy

Dollars in millionsDollars in millionsDollars in millions

Pension FundingPension Funding

Fair value of pension assetsFair value of pension assets $2,185$2,185 $3,186$3,186Projected benefit obligationProjected benefit obligation 2,5982,598 2,6622,662Funded statusFunded status $(413)$(413) $524$524Funded status %Funded status % 84%84% 120%120%

Dollars in millionsDollars in millionsDollars in millions As of December 31,As of December 31,20082008 20072007

Expected ContributionsExpected Contributions2009: $70 million to $130 million2009: $70 million to $130 million2010: $150 million to $250 million2010: $150 million to $250 million

Discount rateDiscount rate 6.75%6.75% 6.25%6.25%Expected longExpected long--term rate of returnterm rate of return 8.508.50 8.758.75

Pension AssumptionsPension Assumptions 20092009 20082008

Ongoing Earnings $1.15 $1.30 $1.43 $1.45PSRI/COLI 0.05 0.05 (0.08) 0.01Continuing Operations $1.20 $1.35 $1.35 $1.46Disc Ops 0.03 0.01 – –GAAP Earnings $1.23 $1.36 $1.35 $1.46

Ongoing EarningsOngoing Earnings $1.15 $1.15 $1.30$1.30 $1.43$1.43 $1.45$1.45PSRI/COLIPSRI/COLI 0.050.05 0.050.05 (0.08)(0.08) 0.010.01Continuing OperationsContinuing Operations $1.20$1.20 $1.35$1.35 $1.35$1.35 $1.46$1.46Disc OpsDisc Ops 0.030.03 0.01 0.01 –– ––GAAP EarningsGAAP Earnings $1.23$1.23 $1.36$1.36 $1.35$1.35 $1.46$1.46

Reconciliation Reconciliation –– Ongoing EPS to GAAP Ongoing EPS to GAAP

2007 2008 20072007 2008 2008 Dollars per shareDollars per share

200620062006200520052005

As a result of the termination of the COLI program, Xcel Energy’s management believes that ongoing earnings provide a more meaningful comparison of earnings results between different periods in which the COLI program was in place and is more representative of Xcel Energy’s fundamental core earnings power. Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors, in determining whether performance targets are met for performance-based compensation,and when communicating its earnings outlook to analysts and investors.

As a result of the termination of the COLI program, Xcel EnergyAs a result of the termination of the COLI program, Xcel Energy’’s management s management believes that ongoing earnings provide a more meaningful comparibelieves that ongoing earnings provide a more meaningful comparison of earnings son of earnings results between different periods in which the COLI program was results between different periods in which the COLI program was in place and is in place and is more representative of Xcel Energymore representative of Xcel Energy’’s fundamental core earnings power. s fundamental core earnings power. Xcel EnergyXcel Energy’’s management uses ongoing earnings internally for financial plans management uses ongoing earnings internally for financial planning ning and analysis, for reporting of results to the Board of Directorsand analysis, for reporting of results to the Board of Directors, in determining , in determining whether performance targets are met for performancewhether performance targets are met for performance--based compensation,based compensation,and when communicating its earnings outlook to analysts and inveand when communicating its earnings outlook to analysts and investors.stors.

Capital Expenditure ForecastCapital Expenditure Forecast

Dollars in millionsDollars in millionsDollars in millions Denotes enhanced recovery mechanismDenotes enhanced recovery mechanismDenotes enhanced recovery mechanism20092009 20102010 20112011 20122012

Base & Other Base & Other $1,305$1,305 $1,500$1,500 $1,520$1,520 $1,665$1,665Nuclear Capacity/Life ExtNuclear Capacity/Life Ext 130130 170170 185185 150150Comanche 3Comanche 3 130130 1515 00 00MN Wind GenerationMN Wind Generation 110110 420420 370370 00MN Wind Tran/CapX 2020MN Wind Tran/CapX 2020 6060 165165 240240 485485MERPMERP 3030 1010 00 00Fort St. Vrain CTFort St. Vrain CT 2525 00 00 00Sherco UpgradeSherco Upgrade 1010 2020 3535 5050Total Total $1,800$1,800 $2,300$2,300 $2,350$2,350 $2,350$2,350

2007 Rate Base and ROE2007 Rate Base and ROE

Minnesota ElectricMinnesota Electric $4,054$4,054 11.02%11.02%Minnesota GasMinnesota Gas 456456 7.747.74North Dakota ElectricNorth Dakota Electric 202202 2.962.96North Dakota GasNorth Dakota Gas 4444 7.667.66South Dakota ElectricSouth Dakota Electric 251251 9.289.28Colorado ElectricColorado Electric 3,5693,569 10.0910.09Colorado GasColorado Gas 1,0961,096 10.4510.45Wisconsin ElectricWisconsin Electric 554554 8.338.33Wisconsin GasWisconsin Gas 7777 8.598.59Texas ElectricTexas Electric 940940 4.614.61**New Mexico ElectricNew Mexico Electric**** 276276 2.242.24**WholesaleWholesale 982 Not Reported982 Not ReportedTotal Rate Base $12,501Total Rate Base $12,501

Weather NormalizedRate Base Earned ROE

Weather NormalizedWeather NormalizedRate BaseRate Base Earned ROEEarned ROE

Dollars in millionsDollars in millions

* Texas and New Mexico * Texas and New Mexico ROEsROEs are actual earned, not weather normalizedare actual earned, not weather normalized** Results impacted by fuel disallowance** Results impacted by fuel disallowance

Minnesota Electric Rate CaseMinnesota Electric Rate Case

Filed November 3, 2008Filed November 3, 2008

2009 forward test year2009 forward test year

Seeking rate increase of $156 millionSeeking rate increase of $156 million—— Electric rate base of $4.1 billionElectric rate base of $4.1 billion—— Requested ROE of 11.0%Requested ROE of 11.0%—— Equity ratio of 52.5%Equity ratio of 52.5%

Interim rates of $132 million effective January 2009Interim rates of $132 million effective January 2009

Decision expected fall/winter 2009Decision expected fall/winter 2009

2009 Colorado Electric Rate Case 2009 Colorado Electric Rate Case

Filed November 14, 2008Filed November 14, 2008

2009 forward test year2009 forward test year

Seeking a rate increase of $174 million or 7.4%Seeking a rate increase of $174 million or 7.4%—— Electric rate base of $4.1 billionElectric rate base of $4.1 billion—— Requested ROE of 11%Requested ROE of 11%—— Equity ratio of 58%Equity ratio of 58%

Decision expected summer 2009Decision expected summer 2009

PartialPartial--year revenue increase beginning in Julyyear revenue increase beginning in July

Expected filing April 2009Expected filing April 2009

2010 forward test year2010 forward test year

Purpose is to recover costs associated with major Purpose is to recover costs associated with major plan investments, including fullplan investments, including full--year costs for year costs for Comanche and Ft. St. Vrain and other 2010 costsComanche and Ft. St. Vrain and other 2010 costs

Decision expected winter 2009Decision expected winter 2009

FullFull--year revenue increase in 2010year revenue increase in 2010

2010 Colorado Electric Rate Case 2010 Colorado Electric Rate Case

New Mexico Electric Rate CaseNew Mexico Electric Rate Case

Filed December 18, 2008Filed December 18, 2008

Historic test year based on yearHistoric test year based on year--ending June 2008ending June 2008

Seeking rate increase of $24.6 million or 5.1%Seeking rate increase of $24.6 million or 5.1%—— Electric rate base of $321 millionElectric rate base of $321 million—— Requested ROE of 12.0%Requested ROE of 12.0%—— Equity ratio of 50%Equity ratio of 50%

Seeking interim rates of $7.6 million for Lea Power Seeking interim rates of $7.6 million for Lea Power capacity contractcapacity contract

Recent Rate Case Outcomes Recent Rate Case Outcomes

Texas Electric * $94.4 $57.4 11.25% N/A Wisconsin Electric $10.0 $5.6 11.0% 10.75%North Dakota $17.9 $12.8 11.5% 10.75%

* Settlement pending commission approval

Texas Electric Texas Electric ** $94.4$94.4 $57.4$57.4 11.25% N/A 11.25% N/A Wisconsin ElectricWisconsin Electric $10.0$10.0 $5.6$5.6 11.0%11.0% 10.75%10.75%North DakotaNorth Dakota $17.9$17.9 $12.8$12.8 11.5%11.5% 10.75%10.75%

* Settlement pending commission approval* Settlement pending commission approval

Dollar IncreaseDollar Increase Return on EquityReturn on EquityRequested GrantedRequested Granted Requested GrantedRequested Granted

Dollars in millionsDollars in millions

Minnesota Recovery MechanismsMinnesota Recovery Mechanisms

Forward test year with interim ratesForward test year with interim ratesMERP riderMERP riderTransmission riderTransmission riderConservation improvement program riderConservation improvement program riderMercury reduction & environmentalMercury reduction & environmentalimprovement riderimprovement riderRDF riderRDF riderState energy policy riderState energy policy riderFuel clause adjustment Fuel clause adjustment Purchased gas adjustmentPurchased gas adjustment

Colorado Recovery MechanismsColorado Recovery Mechanisms

Ability to file either historic or forecast test yearsAbility to file either historic or forecast test yearsPurchased capacity cost adjustmentPurchased capacity cost adjustmentComanche 3 Comanche 3 -- forward CWIP via general rate caseforward CWIP via general rate caseTransmission riderTransmission riderRenewable energy riderRenewable energy riderDemandDemand--side management cost adjustment riderside management cost adjustment riderAir quality improvement riderAir quality improvement riderEnergy cost adjustmentEnergy cost adjustmentNatural gas cost adjustmentNatural gas cost adjustmentPartial decoupling on retail natural gas Partial decoupling on retail natural gas

Wisconsin Recovery MechanismsWisconsin Recovery Mechanisms

Forward test yearForward test year

Ability to file for prospective fuel & purchase Ability to file for prospective fuel & purchase energy adjustments (Wisconsin)energy adjustments (Wisconsin)

Fuel clause adjustment Fuel clause adjustment –– wholesalewholesale

Purchased gas adjustment Purchased gas adjustment

Fuel clause factor (Michigan retail)Fuel clause factor (Michigan retail)

SPS Recovery MechanismsSPS Recovery Mechanisms

Historic test year (Texas & New Mexico)Historic test year (Texas & New Mexico)

Texas fixed fuel factor recoveryTexas fixed fuel factor recovery

New Mexico fuel clause adjustmentNew Mexico fuel clause adjustment

Ability to establish interim rates through rate case Ability to establish interim rates through rate case to recover capacity costs associated the Lea Power to recover capacity costs associated the Lea Power contract (Texas)contract (Texas)

DakotaDakota’’s Recovery Mechanismss Recovery Mechanisms

Forward test year with interim rates (ND)Forward test year with interim rates (ND)

Historic test year (SD)Historic test year (SD)

Environmental rider (ND & SD)Environmental rider (ND & SD)

Transmission rider (ND & SD)Transmission rider (ND & SD)

Fuel clause adjustment (ND & SD)Fuel clause adjustment (ND & SD)

Full decoupling on retail natural gas (ND)Full decoupling on retail natural gas (ND)