Wayne BrunettiChairman and Chief Executive Officer

Wayne BrunettiChairman and Chief Executive Officer

This material includes forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements include projected earnings, cash flows, capital expenditures and other statements and are identified in this document by the words “anticipate,” “estimate,” “expect,” “projected,” “objective,” “outlook,”“possible,” “potential” and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, actions of rating agencies and their impact on capital expenditures; business conditions in the energy industry; competitive factors; unusual weather; effects of geopolitical events, including war and acts of terrorism, changes in federal or statelegislation; regulation; risks associated with the California power market; the higher degree of risk associated with Xcel Energy’s nonregulated businesses compared with Xcel Energy’s regulated business; and the other risk factors listed from time to time by Xcel Energy in reports filed with the SEC, including Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2003.

Safe HarborSafe HarborSafe Harbor

Xcel Energy Investment MeritsXcel Energy Investment MeritsXcel Energy Investment Merits

Low risk, integrated utility

Simple business model

Total return 7 – 9%Dividend yield 5%Earnings growth 2 – 4%

Low risk, integrated utility

Simple business model

Total return 7 – 9%Dividend yield 5%Earnings growth 2 – 4%

Customers:Customers:3.3 Million Electric3.3 Million Electric1.8 Million Gas1.8 Million Gas

NSPM $193 10.7%NSPW 57 13.6%PSCo 228 11.1%SPS 82 10.0%NonregulatedSubsidiaries (12)Holding Co. (41)Xcel Energy $507 10.3%

NSPM $193 10.7%NSPW 57 13.6%PSCo 228 11.1%SPS 82 10.0%NonregulatedSubsidiaries (12)Holding Co. (41)Xcel Energy $507 10.3%

Net2003 Income ROE

Net2003 Income ROE

Southwestern Public Service

NSPMinnesota

NSP Wisconsin

44thth largest US electriclargest US electricand gas utility and gas utility ––

Dollars in millionsDollars in millionsPublic Service

Companyof Colorado

Exiting Non-Core BusinessesExiting NonExiting Non--Core BusinessesCore Businesses

Yorkshire Electric Sold February 2001

Viking Gas Transmission Sold January 2003

Black Mountain Gas Sold October 2003

NRG Resolved December 2003

e prime Sold February 2004

Argentine Assets* Sold Spring 2004

Cheyenne Light, Fuel & Power SalePending Year-end 2004

Seren Pursuing First QuarterSale 2005

Yorkshire Electric Sold February 2001

Viking Gas Transmission Sold January 2003

Black Mountain Gas Sold October 2003

NRG Resolved December 2003

e prime Sold February 2004

Argentine Assets* Sold Spring 2004

Cheyenne Light, Fuel & Power SalePending Year-end 2004

Seren Pursuing First QuarterSale 2005

* 76 MW Remain to be sold* 76 MW Remain to be sold

Strategy — Building the CoreStrategy Strategy —— Building the CoreBuilding the Core

Invest in utility assets to meet growth and earna reasonable return on that investment

Annual core investment of $900–$950 million, versus depreciation of $800 million

$1 billion of generation authorized in Minnesota

$940 million of generation proposed in Colorado

$250 million of additional investment in generation

Invest in utility assets to meet growth and earna reasonable return on that investment

Annual core investment of $900–$950 million, versus depreciation of $800 million

$1 billion of generation authorized in Minnesota

$940 million of generation proposed in Colorado

$250 million of additional investment in generation

Energy Supply — 2004Energy Supply Energy Supply —— 20042004

32 Million Tons Western CoalDelivered Cost $0.68 - $1.30/MBTU99% Contracted 200495% Contracted 200580% Contracted 200668% Contracted 2007Coal and Transportation Contracts

Expire 2004 - 2017

32 Million Tons Western CoalDelivered Cost $0.68 - $1.30/MBTU99% Contracted 200495% Contracted 200580% Contracted 200668% Contracted 2007Coal and Transportation Contracts

Expire 2004 - 2017

51%51%

12%12%10%10%2%2%

25%25%PurchasesPurchases

OtherOtherGasGas

NuclearNuclear

CoalCoal

2004 Power Supply – MwIncludes Purchased Power2004 Power Supply 2004 Power Supply –– MwMw

Includes Purchased PowerIncludes Purchased Power

Northern States PowerNorthern States PowerNorthern States Power

Gas48%Gas48%

Nuclear16%

Nuclear16%

Coal43%Coal43%

Gas18%Gas18%

Public Service of ColoradoPublic Service of ColoradoPublic Service of Colorado

Coal Coal 45%45%

OtherOther4%4%Other Other

7%7%

HydroHydro16%16%

HydroHydro3%3%

Metro Emissions Reduction Program(MERP)

Metro Emissions Reduction ProgramMetro Emissions Reduction Program(MERP)(MERP)

Reduce emissions

300 MW incremental capacity at timeof system peak

Budget approximately $1 billion

Cash return on investment begins January 2006

Target ROE 10.86% with sliding scale

Equity ratio 48.5%

Reduce emissions

300 MW incremental capacity at timeof system peak

Budget approximately $1 billion

Cash return on investment begins January 2006

Target ROE 10.86% with sliding scale

Equity ratio 48.5%

Proposed Colorado Coal PlantProposed Colorado Coal PlantProposed Colorado Coal Plant

Least-cost Resource Plan (LCP) filed April 30, 2004

Growing load requires more base-load generation

Coal generation reduces price volatility

750 MW at existing Comanche plant site

Estimated cost of $1.3 billion with potentialfor multiple owners

Least-cost Resource Plan (LCP) filed April 30, 2004

Growing load requires more base-load generation

Coal generation reduces price volatility

750 MW at existing Comanche plant site

Estimated cost of $1.3 billion with potentialfor multiple owners

Proposed Colorado LCPRegulatory Treatment

Proposed Colorado LCPProposed Colorado LCPRegulatory TreatmentRegulatory Treatment

Rider to recover cash return on CWIP through 2006

File rate case in 2006 with rates effective 1/1/2007

CWIP included in rate base for 2006 rate case

Rider to recover cash return on remaining capital investment, until full plant goes intorate base

Increase in equity to support purchased power obligations

Rider to recover cash return on CWIP through 2006

File rate case in 2006 with rates effective 1/1/2007

CWIP included in rate base for 2006 rate case

Rider to recover cash return on remaining capital investment, until full plant goes intorate base

Increase in equity to support purchased power obligations

Colorado Coal PlantProcedural ScheduleColorado Coal PlantColorado Coal PlantProcedural ScheduleProcedural Schedule

Intervenor AnswerTestimony September 13, 2004

PSCo Rebuttal andIntervenor Answer Testimony October 18, 2004

Hearings November 1 – 19, 2004

Statements of Position December 3, 2004

Commission Decision December 15, 2004

Intervenor AnswerTestimony September 13, 2004

PSCo Rebuttal andIntervenor Answer Testimony October 18, 2004

Hearings November 1 – 19, 2004

Statements of Position December 3, 2004

Commission Decision December 15, 2004

Potential Capital ExpendituresPotential Capital ExpendituresPotential Capital ExpendituresDollars in millionsDollars in millions

Core Investment $1,005 $1,009 $ 909 $ 925 $ 925 $ 925

Minnesota MERP 43 139 295 343 177 34

Colorado Coal 3 33 186 285 293 129

NSP CombustionTurbines 79 47

PI Steam Generators 74 8

PI Vessel Heads 16 14 10

Total $1,220 $1,250 $1,400 $1,553 $1,395 $1,088

Core Investment $1,005 $1,009 $ 909 $ 925 $ 925 $ 925

Minnesota MERP 43 139 295 343 177 34

Colorado Coal 3 33 186 285 293 129

NSP CombustionTurbines 79 47

PI Steam Generators 74 8

PI Vessel Heads 16 14 10

Total $1,220 $1,250 $1,400 $1,553 $1,395 $1,088

2004 2005 2006 2007 2008 20092004 2005 2006 2007 2008 2009

Retail Electric Rate* ComparisonCentral US

Retail Electric Rate* ComparisonRetail Electric Rate* ComparisonCentral USCentral US

*EEI typical bills – Winter 2003**EEI typical bills EEI typical bills –– Winter 2003Winter 2003

0

2

4

6

8Cents per KwhCents per KwhCents per Kwh

Amarillo

Amarillo

Amarillo

Kansas City

Kansas City

Kansas CityDenverDenverDenver

Mpls/St. Paul

Mpls/St. Paul

Mpls/St. Paul

St. Louis

St. Louis

St. Louis

Des Moines

Des Moines

Des Moines

Chicago

Chicago

Chicago

Milwaukee

Milwaukee

Milwaukee

Phoenix

Phoenix

Phoenix

Salt Lake City

Salt Lake City

Salt Lake City

4.594.594.59

5.965.965.96 6.046.046.04

Dollars in billionsDollars in billions

Building the CorePotential Gross Plant

Building the CoreBuilding the CorePotential Gross PlantPotential Gross Plant

20032003 20042004 20052005 20062006 20072007 20082008 20092009

$22.3$22.3

$30.2$30.2

2009Year-End

2009Year-End

2004 Earnings Guidance2004 Earnings Guidance2004 Earnings Guidance

EPS Range EPS Range Dollars per shareDollars per share

Utility Operations $1.22 – $1.30Holding Company Finance Cost (0.08) Eloigne 0.01Other Nonregulated Subsidiaries 0.00 – 0.02

Xcel Energy Continuing Operations $1.15 – $1.25

Discontinued Operations –Seren & Other (0.30) – (0.25)

Xcel Energy $0.85 – $1.00

Utility Operations $1.22 – $1.30Holding Company Finance Cost (0.08) Eloigne 0.01Other Nonregulated Subsidiaries 0.00 – 0.02

Xcel Energy Continuing Operations $1.15 – $1.25

Discontinued Operations –Seren & Other (0.30) – (0.25)

Xcel Energy $0.85 – $1.00

Minnesota Gas Rate CaseMinnesota Gas Rate CaseMinnesota Gas Rate Case

Requested:

$9.9 million annual revenue increase, 1.7%

11.5% ROE

Partial decoupling of margin from sales

Interim rates in effect December 1, 2004

Decision expected summer 2005

Requested:

$9.9 million annual revenue increase, 1.7%

11.5% ROE

Partial decoupling of margin from sales

Interim rates in effect December 1, 2004

Decision expected summer 2005

Dividend PolicyDividend PolicyDividend Policy

Long-term targeted dividend payout ratio of 60 – 75%

Board approved an annual dividend increase of 8 cents

Annual dividend rate of 83 cents

Goal of annual dividend increases

Long-term targeted dividend payout ratio of 60 – 75%

Board approved an annual dividend increase of 8 cents

Annual dividend rate of 83 cents

Goal of annual dividend increases

Xcel Energy Investment MeritsXcel Energy Investment MeritsXcel Energy Investment Merits

Low risk, integrated utility

Simple business model

Total return 7 – 9%Dividend yield 5%Earnings growth 2 – 4%

Low risk, integrated utility

Simple business model

Total return 7 – 9%Dividend yield 5%Earnings growth 2 – 4%

The Need for Clarity of Public PolicyThe Need for Clarity of Public PolicyThe Need for Clarity of Public Policy

National Energy Policy

Clear, comprehensive environmental policy

Federal vs. state authority

National Energy Policy

Clear, comprehensive environmental policy

Federal vs. state authority

We can get the job done if we know what the rules are

We can get the job done if we know what the rules are