Xcel Energy 2002 Annual Report Download

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table of contents
consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 44
notes to consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 51
shareholder information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 101
xcel energy directors and principal officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 102

Table of contents

  • Page 1
    ... financial statements ...notes to consolidated financial statements shareholder information ...xcel energy directors and principal officers ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... page 44 page 51 page 101...

  • Page 2
    ... serve electric and natural gas customers in 12 states. These six utility subsidiaries are Northern States Power Co., a Minnesota corporation (NSP-Minnesota); Northern States Power Co., a Wisconsin corporation (NSP-Wisconsin); Public Service Company of Colorado (PSCo); Southwestern Public Service Co...

  • Page 3
    ...Contribution to earnings per share 2002 2001 2000 Regulated utility (including extraordinary items): Electric utility Gas utility Total regulated utility NRG (including discontinued operations) (see Note 3) Other nonregulated/holding company: Tax benefit related to investment in NRG Other (see Note...

  • Page 4
    ...and wholesale sales requirements and unit cost changes in fuel and purchased power. Due to fuel cost recovery mechanisms for retail customers in several states, most fluctuations in energy costs do not materially affect electric utility margin. However, the fuel clause cost recovery in Colorado does...

  • Page 5
    ... from electric trading activity, conducted at NSP-Minnesota and PSCo, are partially redistributed to other operating utilities of Xcel Energy, pursuant to a joint operating agreement ( JOA) approved by the Federal Energy Regulatory Commission (FERC). Trading margins reflect the impact of sharing...

  • Page 6
    ... incentive compensation and other employee benefit costs, as well as lower staffing levels in corporate areas. These decreases were substantially offset by higher plant outage and property insurance costs, in addition to inflationary factors such as market wage increases. Other utility operating and...

  • Page 7
    ... increased earnings by an estimated 1 cent per share. nrg results Contribution to Xcel Energy's earnings per share 2002 2001 2000 Continuing NRG operations: Operations before tax credits, special charges and disposal losses Tax credits Special charges - asset impairments (Note 2) Special charges...

  • Page 8
    ... charges and discontinued operations, respectively. other nonregulated subsidiaries and holding company results Contribution to Xcel Energy's earnings per share 2002 2001 2000 Xcel International Eloigne Company Seren Innovations Planergy International e prime Financing costs and preferred dividends...

  • Page 9
    ... Xcel Energy merger. factors affecting results of operations Xcel Energy's utility revenues depend on customer usage, which varies with weather conditions, general business conditions and the cost of energy services. Various regulatory agencies approve the prices for electric and natural gas service...

  • Page 10
    ... to weather impacts, customer sales levels in Xcel Energy's regulated utility businesses can vary with economic conditions, customer usage patterns and other factors. Weather-normalized sales growth for retail electric utility customers was estimated to be 1.8 percent in 2002 compared with 2001...

  • Page 11
    ... At Asset Valuation NRG Seren Argentina - Regional economic conditions affecting asset operation, market prices and related cash flows - Foreign currency valuation changes - Regulatory and political environments and requirements - Levels of future market penetration and customer growth Management...

  • Page 12
    ...a number of key assumptions, most notably the annual return level that pension investment assets will earn in the future, and the interest rate used to discount future pension benefit payments to a present value obligation for financial reporting. In addition, the actuarial calculation uses an asset...

  • Page 13
    ...Resources. The electric and natural gas rates charged to customers of Xcel Energy's utility subsidiaries are approved by the FERC and the regulatory commissions in the states in which they operate. The rates are generally designed to recover plant investment, operating costs and an allowed return on...

  • Page 14
    ...2002 General Rate Case In May 2002, PSCo filed a combined general retail electric, natural gas and thermal energy base rate case with the CPUC to address increased costs for providing services to Colorado customers. This filing was required as part of the Xcel Energy merger stipulation and agreement...

  • Page 15
    ... projects through NRG, but may continue investing in natural gas marketing and trading through e prime and construction projects through Utility Engineering. Xcel Energy's nonregulated businesses may carry a higher level of risk than its traditional utility businesses due to a number of factors...

  • Page 16
    ...electric and natural gas transmission and distribution assets on property under easement agreements. Easements are generally perpetual and require retirement action only upon abandonment or cessation of use of the property for the specified purpose. The liability is not estimable because Xcel Energy...

  • Page 17
    ...to market price risk for the purchase and sale of electric energy and natural gas. In such jurisdictions, electric energy and natural gas expenses are recovered based on fixed price limits or under established sharing mechanisms. Xcel Energy manages commodity price risk by entering into purchase and...

  • Page 18
    ... the electric energy from the company's equity method investments that own electric operations. Xcel Energy manages this market price risk through involvement with the management committee or board of directors of each of these ventures. Xcel Energy's risk management policy does not cover the...

  • Page 19
    ...various holding periods varying from two to five days. As of Dec. 31, 2002, the calculated VaRs were: (Millions of dollars) Year Ended Dec. 31, 2002 Average During 2002 High Low Electric commodity trading Natural gas commodity trading Natural gas retail marketing NRG power marketing (a) (a) NRG VaR...

  • Page 20
    ... to support corporate strategies, address restructuring requirements and comply with future requirements to install emission-control equipment may impact actual capital requirements. For more information, see Notes 4 and 18 to the Consolidated Financial Statements. Xcel Energy's investment in exempt...

  • Page 21
    ... cents per share during 2003. The Articles of Incorporation of Xcel Energy place restrictions on the amount of common stock dividends it can pay when preferred stock is outstanding. Under the provisions, dividend payments may be restricted if Xcel Energy's capitalization ratio (on a holding company...

  • Page 22
    ... what management believes is a reasonable separation of NRG's operations and credit risk from our utility operations and corporate financing activities. These ratings reflect the views of Moody's and Standard & Poor's. A security rating is not a recommendation to buy, sell or hold securities and...

  • Page 23
    ... affiliates generally restrict their ability to pay dividends, make distributions or otherwise transfer funds to NRG. As of Dec. 31, 2002, Loy Yang, Energy Center Kladno, LSP Energy (Batesville), NRG South Central and NRG Northeast Generating do not currently meet the minimum debt service coverage...

  • Page 24
    ... subsidiaries. The debt agreements of NRG's subsidiaries and project affiliates generally restrict their ability to pay dividends, make distributions or otherwise transfer funds to NRG. As of Dec. 31, 2002, Loy Yang, Killingholme, Energy Center Kladno, LSP Energy (Batesville), NRG South Central and...

  • Page 25
    ...fund those payments with cash from tax savings. The principal terms of the settlement as of the date of this report were as follows: Xcel Energy would pay up to $752 million to NRG to settle all claims of NRG and the claims of NRG against Xcel Energy, including all claims under the Support Agreement...

  • Page 26
    ... 31, 2002. The tax benefit has been estimated at approximately $706 million. This benefit is based on the tax basis of Xcel Energy's investment in NRG. Xcel Energy expects to claim a worthless stock deduction in 2003 on its investment. This would result in Xcel Energy having a net operating loss for...

  • Page 27
    ... assistance to NRG become probable. As noted previously, a bankruptcy filing by NRG would have several effects on Xcel Energy's financial condition and results of operations. If a bankruptcy filing and other necessary governance actions eliminate Xcel Energy's control over NRG, then management...

  • Page 28
    ... report To Xcel Energy Inc.: We have audited the accompanying consolidated balance sheets and consolidated statements of capitalization of Xcel Energy Inc. (a Minnesota corporation) and subsidiaries (the Company) as of December 31, 2002 and 2001, and the related consolidated statements of operations...

  • Page 29
    ... with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the...

  • Page 30
    ... (loss) from discontinued operations - net of tax (see Note 3) Income (loss) before extraordinary items Extraordinary items - net of income taxes of $0, $4,807 and ($8,549), respectively Net income (loss) Dividend requirements on preferred stock Earnings available for common shareholders 879,736 38...

  • Page 31
    ...premiums Proceeds from issuance of common stock Proceeds from NRG stock offering Dividends paid Net cash provided by financing activities Effect of exchange rate changes on cash Net increase in cash and cash equivalents - discontinued operations Net increase in cash and cash equivalents - continuing...

  • Page 32
    ... purchased natural gas and electric energy costs Derivative instruments valuation - at market Prepayments and other Current assets held for sale Total current assets Property, plant and equipment, at cost: Electric utility plant Nonregulated property and other Natural gas utility plant Construction...

  • Page 33
    ... income for 2000 Dividends declared: Cumulative preferred stock of Xcel Energy Common stock Issuances of common stock - net proceeds Tax benefit from stock options exercised Other Gain recognized from NRG stock offering Loan to ESOP to purchase shares Repayment of ESOP loan (a) Balance at Dec...

  • Page 34
    ..., 2002, and 1.85% at Dec. 31, 2001 Dec. 1, 2003-2008, 4.25%-5% Guaranty Agreements, Series due Feb. 1, 2003-May 1, 2003, 5.375%-7.4% Senior Notes, due Aug. 1, 2009, 6.875% Retail Notes, due July 1, 2042, 8% Employee Stock Ownership Plan Bank Loans, variable rate Other Unamortized discount-net Total...

  • Page 35
    ... Center, Inc. Senior Secured Notes, Series due June 15, 2013, 7.31% NRG Peaking Finance LLC, due 2019, 6.67% NRG Pike Energy LLC, due 2010, 4.92% PERC, due 2017-2018, 5.2% Audrain Capital Lease Obligation, due Dec. 31, 2023, 10% Saale Energie GmbH Schkopau Capital Lease, due May 2021, various rates...

  • Page 36
    ...7.875% PSCo, due 2038, 7.6% SPS, due 2036, 7.85% Total mandatorily redeemable preferred securities of subsidiary trusts $ 200,000 $ 194,000 100,000 $ 494,000 $ 200,000 194,000 100,000 494,000 cumulative preferred stock - authorized 7,000,000 shares of $100 par value; outstanding shares: 2002, 1,049...

  • Page 37
    ... Xcel Energy directly owns six utility subsidiaries that serve electric and natural gas customers in 12 states. These six utility subsidiaries are NSP-Minnesota, NSP-Wisconsin, PSCo, SPS, BMG and Cheyenne. Their service territories include portions of Arizona, Colorado, Kansas, Michigan, Minnesota...

  • Page 38
    .... In Colorado, PSCo operates under an electric performance-based regulatory plan, which results in an annual earnings test. NSP-Minnesota's and PSCo's rates include monthly adjustments for the recovery of conservation and energy management program costs, which are reviewed annually. SPS' rates in...

  • Page 39
    ... holding company also allocates its own net income tax benefits to its direct subsidiaries based on the positive tax liability of each company. Xcel Energy defers income taxes for all temporary differences between pretax financial and taxable income, and between the book and tax bases of assets and...

  • Page 40
    ... at Utility Engineering. As part of Xcel Energy's acquisition of NRG's minority shares (see Note 4), $62 million of excess purchase price was allocated to fixed assets related to projects where the fair value of the fixed assets was higher than the carrying value as of June 2002, to prepaid pension...

  • Page 41
    ...extraordinary items Reported net income Add back: goodwill amortization (after tax) Adjusted net income Earnings per share $737.7 1.2 $738.9 $784.7 3.2 $787.9 $795.0 3.2 $798.2 $ 2.31 $513.8 1.8 $515.6 $545.8 2.5 $548.3 $526.8 2.5 $529.3 $ 1.55 Asset Valuation On Jan. 1, 2002, Xcel Energy adopted...

  • Page 42
    ...) 2002 2001 2000 NRG special charges: Asset impairments - continuing operations Financial restructuring and NEO costs Total NRG special charges Regulated utility special charges: Regulatory recovery adjustment (SPS) Restaffing (utility and service companies) Post-employment benefits (PSCo) Merger...

  • Page 43
    ... to NRG's financial restructuring. 2002 and 2001 - Utility Restaffing During 2001, Xcel Energy expensed pretax special charges of $39 million for expected staff consolidation costs for an estimated 500 employees in several utility operating and corporate support areas of Xcel Energy. In 2002, the...

  • Page 44
    ...NRG's management considered cash flow analyses, bids and offers related to those assets and businesses. As a result, NRG recorded estimated after-tax losses on assets held for sale of $5.8 million for the year ended Dec. 31, 2002. This amount is included in Income (loss) from discontinued operations...

  • Page 45
    ... long-term power pool prices, escalated future project operating costs and expected plant operation given assumed market conditions. The major classes of assets and liabilities held for sale are as follows as of Dec. 31: (Thousands of dollars) 2002 2001 Cash Receivables, net Derivative instruments...

  • Page 46
    ... of Operations. 4. nrg acquisition and restructuring plan During 2002, Xcel Energy acquired all of the 26 percent of NRG shares not then owned by Xcel Energy through a tender offer and merger involving a tax-free exchange of 0.50 shares of Xcel Energy common stock for each outstanding share of NRG...

  • Page 47
    ... were terminated. NRG utilized independent electric revenue forecasts from an outside energy markets consulting firm to develop forecasted cash flow information included in the business plan. NRG management concluded that the forecasted free cash flow available to NRG after servicing project-level...

  • Page 48
    ... 31, 2002. The tax benefit has been estimated at approximately $706 million. This benefit is based on the tax basis of Xcel Energy's investment in NRG. Xcel Energy expects to claim a worthless stock deduction in 2003 on its investment. This would result in Xcel Energy having a net operating loss for...

  • Page 49
    ... to cash and stock investments already made in NRG at Dec. 31, 2002. Additional tax benefits could be recorded in 2003 at the time that such benefits are considered likely of realization, when the payment of guarantees and other financial assistance to NRG become probable. Xcel Energy believes that...

  • Page 50
    ... support for commercial paper borrowings. At Dec. 31, 2002, there were $399 million of loans outstanding under the Xcel Energy line of credit and $88 million for PSCo. The borrowing rates under these lines of credit are based on the applicable London Interbank Offered Rate (LIBOR) plus an applicable...

  • Page 51
    ... line of credit of $1 billion, which terminated on March 7, 2003. At Dec. 31, 2002, NRG had a $1-billion outstanding balance under this credit facility. NRG has failed to make interest payments when due. In addition, NRG violated both the minimum net worth covenant and the minimum interest coverage...

  • Page 52
    ...day grace period to make payment ended Dec. 16, 2002, and NRG did not make payment. As a result, this issue is in default. In addition, NRG did not make the Feb. 17, 2003, quarterly interest payment. In the event of an NRG bankruptcy, the obligation to purchase shares of Xcel Energy stock terminates...

  • Page 53
    ...in favor of the collateral agent for the benefit of the secured parties, under which it agreed to make payments to cover scheduled principal and interest payments on the bonds and regularly scheduled payments under the interest rate swap agreement, to the extent that the net revenues from the peaker...

  • Page 54
    ... of NRG and of defaults on material obligations. 8. preferred stock At Dec. 31, 2002, Xcel Energy had six series of preferred stock outstanding, which were callable at its option at prices ranging from $102.00 to $103.75 per share plus accrued dividends. Xcel Energy can only pay dividends on...

  • Page 55
    ...in the applicable utility components of operating expenses. PSCo's assets include approximately 320 megawatts of jointly owned generating capacity. PSCo's share of operating expenses and construction expenditures is included in the applicable utility components of operating expenses. xcel energy inc...

  • Page 56
    ... insurance policies Tax credits recognized Equity income from unconsolidated affiliates Income from foreign consolidated affiliates Regulatory differences - utility plant items Valuation allowance Xcel Energy tax benefit on NRG Nondeductible merger costs Other - net Total effective income tax rate...

  • Page 57
    ...mark-to-market transactions Tax benefit transfer leases Employee benefits and other accrued liabilities Other Total deferred tax liabilities Deferred tax assets Xcel Energy benefit on NRG Book write-down (impairment of assets) Net operating loss carryforward Differences between book and tax basis of...

  • Page 58
    ...on the shares we hold while restrictions are in place. Restrictions also apply to the additional shares acquired through dividend reinvestment. Restricted shares have a value equal to the market trading price of Xcel Energy's stock at the grant date. We granted 50,083 restricted shares in 2002, when...

  • Page 59
    ... trust the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws. Plan assets principally consist of the common stock of public companies, corporate bonds and U.S. government securities...

  • Page 60
    ...assets at Jan. 1 Actual return on plan assets Employer contributions - acquisitions Settlements Benefit payments Fair value of plan assets at Dec. 31 Funded Status of Plans at Dec. 31 Net asset Unrecognized transition asset Unrecognized prior service cost Unrecognized (gain) loss Net pension amounts...

  • Page 61
    ... the ESOP loans. All uncommitted ESOP shares were released and will be used by Xcel Energy for the 2002 employer matching contribution to its 401(k) plan. Postretirement Health Care Benefits Xcel Energy has contributory health and welfare benefit plans that provide health care and death benefits to...

  • Page 62
    ...of net periodic postretirement benefit cost are: (Thousands of dollars) 2002 2001 2000 Service cost Interest cost Expected return on plan assets Amortization of transition obligation Amortization of prior service cost (credit) Amortization of net loss (gain) Net periodic postretirement benefit cost...

  • Page 63
    ... L.P. Borger Energy L.P. Various affordable housing limited partnerships (1) Pending disposition at Dec. 31, 2002 Partnership Joint Venture Partnership Partnership Partnership Partnership Tenants in Common Partnership Joint Venture General/Limited Partnership General/Limited Partnership Limited...

  • Page 64
    ... to comply with pooling-of-interests accounting requirements associated with the merger of NSP and NCE in 2000. Xcel Energy received approximately $366 million for the sale, which approximated the book value of Xcel Energy's investment. On Aug. 28, 2002, Xcel Energy sold its remaining 5.25-percent...

  • Page 65
    ... partnerships and joint ventures. The fair value of Xcel Energy's long-term debt and the mandatorily redeemable preferred securities are estimated based on the quoted market prices for the same or similar issues, or the current rates for debt of the same remaining maturities and credit quality. The...

  • Page 66
    ... the payment obligations under gas and power purchase agreements Construction contract performance guarantee of Utility Engineering subsidiaries Guarantee for obligations of a customer in connection with an electric sale agreement Guarantees related to energy conservation projects in which Planergy...

  • Page 67
    ... are used to either minimize the risks associated with market prices, or to profit from price volatility related to our purchase and sale commitments. Beginning with the third quarter of 2002, Xcel Energy has presented the results of its electric trading activity using the net accounting method. The...

  • Page 68
    ... energy requirements. Xcel Energy's risk management policy allows us to manage the market price risks and provides guidelines for the level of price risk exposure that is acceptable within our operations. Xcel Energy is exposed to market price risk for the sale of electric energy and the purchase...

  • Page 69
    .... Amounts deferred in Other Comprehensive Income are recorded as the hedged purchase or sales transaction is completed. This could include the physical sale of electric energy or the use of natural gas to generate electric energy. Xcel Energy expects to reclassify into earnings during 2003 net gains...

  • Page 70
    ... opportunities to support corporate strategies, address restructuring requirements and comply with future requirements to install emission-control equipment may impact actual capital requirements. Support and Capital Subscription Agreement In May 2002, Xcel Energy and NRG entered into a support and...

  • Page 71
    ... gas storage and transportation, or to make payments in lieu thereof, under these contracts. In addition, Xcel Energy is required to pay additional amounts depending on actual quantities shipped under these agreements. Xcel Energy's risk of loss, in the form of increased costs, from market price...

  • Page 72
    ...portion of the Ashland site that it owns, using information available to date and reasonably effective remedial methods. NSP-Wisconsin has deferred, as a regulatory asset, the remediation costs accrued for the Ashland site because we expect that the Public Service Commission of Wisconsin (PSCW) will...

  • Page 73
    ... impact to Xcel Energy is not determinable at this time. NSP-Minnesota NSR Information Request As stated previously, on Nov. 3, 1999, the United States Department of Justice filed suit against a number of electric utilities for alleged violations of the Clean Air Act's NSR requirements related to...

  • Page 74
    ... of the accident. NSP-Minnesota has a self-insured retention deductible of $2 million with general liability coverage limits of $185 million. Seren's primary insurance coverage is $1 million and its secondary insurance coverage is $185 million. The ultimate cost to Xcel Energy, NSP-Minnesota and...

  • Page 75
    .... In addition, Public Utility District No. 1 of Snohomish County, Washington, has filed a suit against NRG, Xcel Energy and several other market participants in United States District Court for the Central District of California contending that some of its trading strategies, as reported to the FERC...

  • Page 76
    ... a single amended complaint, against Xcel Energy, NRG and the nine members of NRG's board of directors. In March 2002, a similar class action lawsuit was filed in the state trial court for Hennepin County, Minnesota. Each of the actions challenged the proposed purchase by Xcel Energy, via exchange...

  • Page 77
    ..., a return of compensation received and awards of fees and expenses. In each of the cases, the defendants have filed motions to dismiss the complaint for failure to make a proper pre-suit demand, or in the federal court case, to make any pre-suit demand at all, upon Xcel Energy's board of directors...

  • Page 78
    ... an action against NRG to recover net damages through the date of judgment, as well as any additional amounts due and owing for electric service provided to the Dunkirk plant after Sept. 18, 2000. NiMo claims that NRG has failed to pay retail tariff amounts for utility services commencing on or...

  • Page 79
    ... policy loans on its income tax returns for subsequent years. However, defense of Xcel Energy's position may require significant cash outlays on a temporary basis, if refund litigation is pursued in United States District Court. The total disallowance of interest expense deductions for the period of...

  • Page 80
    ...is made by the Minnesota Legislature regarding interim spent fuel storage facilities, Xcel Energy will make a decision on whether to pursue license renewal for Monticello and Prairie Island plants. Applications for license renewal must be submitted to the Nuclear Regulatory Commission (NRC) at least...

  • Page 81
    ... costs to payment date (at 4.35 percent per year) Estimated future decommissioning costs (undiscounted) Effect of discounting obligation (using risk-free interest rate) Discounted decommissioning cost obligation Assets held in external decommissioning trust Discounted decommissioning obligation...

  • Page 82
    ... than pension Employees' postemployment benefits Renewable resource costs State commission accounting adjustments (a) Other Total regulatory assets Investment tax credit deferrals Unrealized gains from decommissioning investments Pension costs-regulatory differences Interest on income tax refunds...

  • Page 83
    ..., energy efficiency management, conservation programs and mass market services; an affordable housing investment company; a broadband telecommunications company; and several other small companies and businesses. To report net income for electric and natural gas utility segments, Xcel Energy must...

  • Page 84
    ...statements business segments Electric Utility Natural Gas Utility Reconciling Eliminations Consolidated Total (Thousands of dollars) NRG (b) All Other (b) 2002 Operating revenues from external customers (a) Intersegment revenues Equity in earnings (losses) of unconsolidated affiliates (a) Total...

  • Page 85
    ... of NRG's assets and liabilities by $155.5 million as of Sept. 30, 2002. In addition, the restatement for Bayou Cove Peaking LLC and Somerset Power LLC impairments reduced the previously reported net property, plant and equipment balance by $175.8 million. The restatement for the interest rate swaps...

  • Page 86
    ... been restated from amounts previously reported. NRG's asset impairments and restructuring charges for the quarter have been restated, increasing NRG's operating expenses by $192 million and a correction for interest rate swaps that resulted in additional income of $62 million, for a net effect of...

  • Page 87
    ...agents shareholder information headquarters 800 Nicollet Mall, Minneapolis, Minnesota 55402 internet address www.xcelenergy.com investors hotline 1-877-914-9235 stock transfer agent Wells Fargo Shareowner Services 161 North Concord Exchange South St. Paul, Minnesota 55075 1-877-778-6786, toll free...

  • Page 88
    ... President and General Counsel Patricia K. Vincent President - Retail Benjamin G.S. Fowke III Vice President and Treasurer Richard C. Kelly Vice President and Chief Financial Officer David M. Wilks President - Energy Supply Raymond E. Gogel Vice President and Chief Information Officer Cynthia...

  • Page 89

  • Page 90
    U.S. Bancorp Center 800 Nicollet Mall Minneapolis, MN 55402 Xcel Energy investors hotline: 1-877-914-9235 www.xcelenergy.com © 2003 Xcel Energy Inc. Xcel Energy is a trademark of Xcel Energy Inc. Printed on recycled paper, using soy-based inks CSS#0208