Xcel Energy 2002 Annual Report Download - page 55

The charters of some of Xcel Energy’s subsidiaries also authorize the issuance of preferred shares. However, at this time, there are no
such shares outstanding. This chart shows data for first- and second-tier subsidiaries:
Preferred Preferred
Shares Par Shares
Authorized Value Outstanding
Cheyenne Light, Fuel & Power Co. 1,000,000 $100.00 None
Southwestern Public Service Co. 10,000,000 $ 1.00 None
Public Service Co. of Colorado 10,000,000 $ 0.01 None
9. mandatorily redeemable preferred securities of subsidiary trusts
SPS Capital I, a wholly owned, special-purpose subsidiary trust of SPS, has $100 million of 7.85-percent trust preferred securities issued
and outstanding that mature in 2036. Distributions paid by the subsidiary trust on the preferred securities are financed through interest
payments on debentures issued by SPS and held by the subsidiary trust, which are eliminated in consolidation. The securities are redeemable
at the option of SPS after October 2001, at 100 percent of the principal amount plus accrued interest. Distributions and redemption
payments are guaranteed by SPS.
NSP Financing I, a wholly owned, special-purpose subsidiary trust of NSP-Minnesota, has $200 million of 7.875-percent trust preferred
securities issued and outstanding that mature in 2037. Distributions paid by the subsidiary trust on the preferred securities are financed
through interest payments on debentures issued by NSP-Minnesota and held by the subsidiary trust, which are eliminated in consolidation.
The preferred securities are redeemable at NSP Financing I’s option at $25 per share, beginning in 2002. Distributions and redemption
payments are guaranteed by NSP-Minnesota.
PSCo Capital Trust I, a wholly owned, special-purpose subsidiary trust of PSCo, has $194 million of 7.60-percent trust preferred
securities issued and outstanding that mature in 2038. Distributions paid by the subsidiary trust on the preferred securities are financed
through interest payments on debentures issued by PSCo and held by the subsidiary trust, which are eliminated in consolidation.
The securities are redeemable at the option of PSCo after May 2003 at 100 percent of the principal amount outstanding plus accrued
interest. Distributions and redemption payments are guaranteed by PSCo.
The mandatorily redeemable preferred securities of subsidiary trusts are consolidated in Xcel Energy’s Consolidated Balance Sheets.
Distributions paid to preferred security holders are reflected as a financing cost in the Consolidated Statements of Operations,along
with interest charges.
10. joint plant ownership
The investments by Xcel Energy’s subsidiaries in jointly owned plants and the related ownership percentages as of Dec. 31, 2002, are:
Plant in Accumulated Construction
(Thousands of dollars) Service Depreciation Work in Progress Ownership %
NSP-Minnesota
Sherco Unit 3 $612,643 $291,754 $ 943 59.0
PSCo
Hayden Unit 1 $ 84,486 $ 38,429 $ 446 75.5
Hayden Unit 2 79,882 42,291 6 37.4
Hayden Common Facilities 27,339 3,300 250 53.1
Craig Units 1 and 2 59,636 31,963 258 9.7
Craig Common Facilities Units 1, 2 and 3 18,473 9,029 3,409 6.5–9.7
Transmission Facilities, including Substations 89,254 29,365 1,208 42.0–73.0
Total PSCo $359,070 $154,377 $5,577
NRG
McClain $277,566 $ 12,329 $ – 77.0
Big Cajun II Unit 3 188,758 12,275 244 58.0
Conemaugh 62,045 4,134 766 3.7
Keystone 52,905 3,543 5,039 3.7
Total NRG $581,274 $ 32,281 $6,049
NSP-Minnesota is part owner of Sherco 3, an 860-megawatt, coal-fueled electric generating unit. NSP-Minnesota is the operating
agent under the joint ownership agreement. NSP-Minnesota’s share of operating expenses for Sherco 3 is included 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.
notes to consolidated financial statements
xcel energy inc. and subsidiaries page 69