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Annual Report 2004
building the core

Table of contents

  • Page 1
    Annual Report 2004 building the core

  • Page 2
    ...of customers, Xcel Energy is the fourth-largest combination electric and natural gas company in the nation. financial highlights 2004 Earnings per common share - diluted Discontinued operations Earnings per common share - diluted before discontinued operations Dividends annualized Stock price (close...

  • Page 3
    1 Xcel Energy Annual Report 2004

  • Page 4
    ... charge of $143 million, or 34 cents per share, related to the planned sale of Seren Innovations, Inc., our broadband communications company. The results in 2003 included tax benefits related to Xcel Energy's write-off of its investment in NRG Energy, Inc., which was divested at year-end 2003...

  • Page 5
    pictured above Wayne H. Brunetti, Chairman and Chief Executive Officer (right), and Richard C. Kelly, President and Chief Operating Officer (left) Xcel Energy Annual Report 2004 3

  • Page 6
    ... electricity by 2010. The total cost for the 750-megawatt power plant, including all required transmission lines, is an estimated $1.35 billion. Energy demand is growing in Minnesota, too, where we filed a similar resource plan to meet a projected 3,100-megawatt demand for new generation by 2019...

  • Page 7
    ...as a new power plant or transmission line, our work to ensure a regulatory framework that allows us to earn a return sufficient to retain and attract capital to the business is equally important. To do this, we make certain the company retain and attract capital to the business Xcel Energy Annual...

  • Page 8
    ... wind energy program in the United States, with 38,236 customers at the end of 2004 in Colorado, Minnesota and New Mexico. For Xcel Energy, environmental protection is a core value that shapes every decision we make about satisfying the energy needs of our customers. Xcel Energy Annual Report 2004...

  • Page 9
    ... since 1989. Dave, who will retire in May, has been a member of the Xcel Energy board and a predecessor company since 1976. Xcel Energy Annual Report 2004 Sincerely, Wayne H. Brunetti Chairman and Chief Executive Officer Richard C. Kelly President and Chief Operating Officer 7 designed to build...

  • Page 10
    ... years without a safety mishap. Employees at our Campion High Pressure Gas Service Center in Colorado have worked more than 25 years without a lost-workday incident. Several power plants have operated two or three years without a safety incident. Xcel Energy Annual Report 2004 8 we achieved good...

  • Page 11
    xcel energy portfolio of energy sources ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ Y ฀ ฀ ฀ ฀ ฀ Y ฀ ฀ ฀ Xcel Energy Annual Report 2004 9

  • Page 12
    ... nest boxes on the stacks of Xcel Energy power plants. Working with the Raptor Resource Project, we take pride in the fact that the peregrine is no longer listed as an endangered species. And peregrines aren't the only birds of interest. We work actively to promote habitats for osprey, eagles, blue...

  • Page 13
    xcel energy wind generation With 884 megawatts of wind energy in its portfolio at the end of 2004, Xcel Energy is the second-largest retail provider of wind energy in the nation. 11 in megawatts           Xcel Energy Annual Report 2004

  • Page 14
    ...in real time 293 locations, including meter, regulator and compressor stations as well as natural gas plants. Xcel Energy crews care about customers - no matter where those customers reside. About 250 Xcel Energy employees from across our 10-state service territory traveled to Florida and Alabama to...

  • Page 15
    13 Xcel Energy Annual Report 2004

  • Page 16
    Employee and retiree volunteerism is another component of the company's community care effort. In 2004, we commemorated the 15th anniversary of the Kitchen Appliance Marking Program. More than 1,530 visually impaired customers have benefited from the free service, in which Xcel Energy retiree ...

  • Page 17
    15 Xcel Energy Annual Report 2004

  • Page 18
    ... gas marketing and trading company. NRG, Xcel Energy International, e prime and Seren are presented as a component of discontinued operations. See Note 3 to the Consolidated Financial Statements for further discussion of discontinued operations. FORWARD-LOOKING STATEMENTS Xcel Energy Annual Report...

  • Page 19
    ... cases by experiencing relatively robust growth in our service territories as well as aggressively managing the costs of our business. Through two mergers, we have realized cost savings and operational efficiencies. These steps have helped us to avoid filing rate cases, but at the same time, we have...

  • Page 20
    ... regulations based on the work we have done in the last few years on projects such as MERP, we plan to continue our aggressive efforts to improve our environmental performance. - We need to obtain uncontested environmental permits for the new construction of the Comanche 3 coal plant. - We expect to...

  • Page 21
    ... on further developed market information, as well as preliminary feedback from prospective buyers. The earnings in 2003 from discontinued operations are primarily due to an adjustment to previously estimated tax benefits related to Xcel Energy's write-off of its investment in NRG. NRG recorded more...

  • Page 22
    ...706) 333 (316) $3,246 51.8% Xcel Energy Annual Report 2004 $5,218 (2,028) - - ...rate reductions related to lower property taxes in Minnesota and estimated customer refunds related to service quality requirements in Colorado. Base Electric Utility Margin (Millions of dollars) 2004 vs. 2003 2003 vs...

  • Page 23
    ... through costs with no sharing provisions under the interim adjustment clause in 2003, and the impact of weather. Also decreasing margin were 2003 rate reductions related to lower property taxes in Minnesota and estimated refunds to customers related to service quality requirements in Colorado. The...

  • Page 24
    ... by $22 million. Special Charges Special charges in 2004 were $17.6 million related to the settlement of shareholder litigation. Special charges reported in 2003 relate to the TRANSLink Transmission Co., LLC (TRANSLink) project and NRG restructuring costs. Special charges for 2002 include...

  • Page 25
    ... the net income and earnings-per-share contributions of the continuing operations of Xcel Energy's nonregulated businesses and holding company results: Contribution to Xcel Energy's earnings (Millions of dollars) 2004 2003 2002 Eloigne Company Planergy Financing costs - holding company Special...

  • Page 26
    ... from discontinued operations Income (loss) per share Viking Gas Transmission Co. Black Mountain Gas Cheyenne Light, Fuel and Power Co. Regulated utility segments - income per share (loss) NRG segment - loss per share Xcel Energy International e prime Seren Innovations Other NRG-related tax benefits...

  • Page 27
    ... and international projects, and regulatory developments and changing circumstances that adversely affected NRG's ability to recover the carrying value of certain investments. As of the bankruptcy filing date (May 14, 2003), Xcel Energy had recognized $263 million of NRG's impairments and related...

  • Page 28
    ... gas utility customers. Pension Plan Costs and Assumptions Xcel Energy's pension costs are based on an actuarial calculation that includes 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...

  • Page 29
    ... point lower discount rate, 5.0 percent, would increase 2005 pension costs by $6.2 million. Alternative Employee Retirement Income Security Act of 1974 (ERISA) funding assumptions would also change the expected future cash funding requirements for the pension plans. Cash funding requirements can be...

  • Page 30
    ...In Colorado, certain purchased electric capacity costs are recovered through a rate-adjustment mechanism. In Minnesota, generally changes in purchased electric capacity costs are not recovered through these rate-adjustment mechanisms. For Wisconsin electric operations, where automatic cost-of-energy...

  • Page 31
    ..., respectively, are related to modifications to reduce the emissions of NSP-Minnesota's generating plants located in the Minneapolis-St. Paul metropolitan area pursuant to the metropolitan emissions reduction project, which are recoverable from customers through costrecovery mechanisms. See Notes 16...

  • Page 32
    ... raised by tax authorities, including appeals and litigation where necessary, are assessed. - Projections are made regarding earnings on pension investments, and the salary increases provided to employees over their periods of service. - Future cash inflows of operations are projected in order to...

  • Page 33
    ... confidence interval level based on historical price movement, lognormal price distribution assumption, delta half-gamma approach for non-linear instruments and a three-day holding period for both electricity and natural gas. Previously, Xcel Energy calculated VaR using a holding period of five days...

  • Page 34
    ... trading (b) Natural gas retail marketing (b) Other (a) Comprises transactions for both NSP-Minnesota and PSCo. (b) Conducted by e prime, which is a discontinued operation. $0.92 $ - $0.08 $ - $0.70 $0.06 $0.32 $0.02 $1.51 $0.89 $1.00 $0.15 $0.29 $ - $0.02 $ - Interest Rate Risk Xcel Energy...

  • Page 35
    ...2003 due to the timing of payments made for trade payables partially offset by increased inventory costs related to higher natural gas costs, which will be collected from customers in future periods. Cash provided by operating activities for discontinued operations decreased $580 million during 2004...

  • Page 36
    ... NSP-Minnesota's generating plants. The MERP project is expected to cost approximately $1 billion, with major construction starting in 2005 and finishing in 2009. Xcel Energy expects to recover the costs of the emission-reduction project through customer rate increases beginning in 2006. Comanche...

  • Page 37
    ...& Poor's Ratings Services (Standard & Poor's) and Moody's Investors Services, Inc. (Moody's). Short-Term Funding Sources Historically, Xcel Energy has used a number of sources to fulfill short-term funding needs, including operating cash flow, notes payable, commercial paper and bank lines of credit...

  • Page 38
    ... Xcel Energy companies: Company Credit Type Moody's Standard & Poor's Xcel Energy Annual Report 2004 36 Xcel Energy Xcel Energy NSP-Minnesota NSP-Minnesota NSP-Minnesota NSP-Wisconsin NSP-Wisconsin PSCo PSCo PSCo SPS SPS Senior Unsecured Debt Commercial Paper Senior Unsecured Debt Senior Secured...

  • Page 39
    ... million remaining under this registration. Future Financing Plans Xcel Energy generally expects to fund its operations and capital investments primarily through internally generated funds. Xcel Energy plans to renew its credit facilities at NSP-Minnesota, PSCo and SPS during 2005 and may refinance...

  • Page 40
    ...assessment of the company's internal control over financial reporting. Their report appears on the following page. Wayne H. Brunetti Chairman and Chief Executive Officer March 3, 2005 Benjamin G.S. Fowke III Vice President and Chief Financial Officer March 3, 2005 38 Xcel Energy Annual Report 2004

  • Page 41
    ...included for NRG Energy, Inc. for the period described above, is based solely on the report of such other auditors. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to...

  • Page 42
    ... Accounting Oversight Board (United States), the consolidated financial statements as of December 31, 2004 of the Company and subsidiaries and our report dated March 3, 2005 expressed an unqualified opinion on those financial statements. 40 Xcel Energy Annual Report 2004 Minneapolis, Minnesota...

  • Page 43
    .... Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. 41 Xcel Energy Annual Report 2004 PricewaterhouseCoopers LLP Minneapolis, Minnesota March...

  • Page 44
    ...funds used during construction - debt Distributions on redeemable preferred securities of subsidiary trusts Total interest charges and financing costs Income from continuing operations before income taxes Income taxes Income from continuing operations Income (loss) from discontinued operations - net...

  • Page 45
    ... from discontinued operations Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization Nuclear fuel amortization Deferred income taxes Amortization of investment tax credits Allowance for equity funds used during construction Undistributed equity...

  • Page 46
    ...and related to discontinued operations Total current assets Property, plant and equipment, at cost: Electric utility plant Natural gas utility plant Common utility and other property Construction work in progress Total property, plant and equipment Less accumulated depreciation Nuclear fuel - net of...

  • Page 47
    ... marketable securities Comprehensive loss for 2002 Dividends declared: Cumulative preferred stock Common stock Issuances of common stock Acquisition of NRG minority common shares Repayment of ESOP loan Balance at Dec. 31, 2002 Net income Currency translation adjustments Minimum pension liability Net...

  • Page 48
    ...2010, 4.75% Aug. 28, 2012, 8% March 1, 2019, 8.5% Sept. 1, 2019, 8.5% July 1, 2025, 7.125% March 1, 2028, 6.5% April 1, 2030, 8.5% Dec. 1, 2005-2008, 4.4%-5% Senior Notes due Aug. 1, 2009, 6.875% Retail Notes due July 1, 2042, 8% Other Unamortized discount - net... $ Xcel Energy Annual Report 2004 ...

  • Page 49
    ... Bond, Series due Nov. 1, 2021, 6% Fort McCoy System Acquisition, due Oct. 31, 2030, 7% Senior Notes - due, Oct. 1, 2008, 7.64% Unamortized discount Total Less current maturities Total NSP-Wisconsin long-term debt Other Subsidiaries Various Eloigne Co. Affordable Housing Project Notes, due 2005-2039...

  • Page 50
    ... for low-income housing tax credits). During 2003, Planergy International, Inc. (energy management solutions) closed and began selling a majority of its business operations, with final dissolution occurring in 2004. During 2004, Xcel Energy's board of directors approved management's plan to pursue...

  • Page 51
    ... utility service rates. In addition to construction-related amounts, AFDC also is recorded to reflect returns on capital used to finance conservation programs in Minnesota. Decommissioning Xcel Energy accounts for the future cost of decommissioning, or retirement, of its nuclear generating plants...

  • Page 52
    ... paid by Xcel Energy in connection with combined state filings. In accordance with PUHCA requirements, the 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...

  • Page 53
    ... Prior service costs Other (primarily project development costs in 2004 and franchises in 2003) $2.7 $5.1 $4.6 $3.3 $0.6 $0.8 $ - $1.4 $3.5 $5.1 $5.8 $2.3 $0.6 $0.7 $ - $0.6 Xcel Energy Annual Report 2004 51 Asset Valuation On Jan. 1, 2002, Xcel Energy adopted SFAS No. 144 - "Accounting for...

  • Page 54
    ... $32 million of financial advisor fees, legal costs and consulting costs related to the NRG bankruptcy transaction. These charges were partially offset by a $20 million pension curtailment gain related to the termination of NRG employees from Xcel Energy's pension plan, as discussed in Note 12...

  • Page 55
    .... Xcel Energy's share of NRG's results for all 2003 periods is reported in a single line item, Equity in Losses of NRG, as a component of discontinued operations. NRG's 2003 results do reflect some effects of asset impairments and restructuring costs, as discussed below. Xcel Energy's share of NRG...

  • Page 56
    ...from bankruptcy in December 2003, Xcel Energy divested its ownership interest in NRG. Xcel Energy has recognized tax benefits related to the divestiture. These tax benefits, since related to Xcel Energy's investment in discontinued NRG operations, also are reported as discontinued operations. During...

  • Page 57
    ...Restricted Cash Trade receivables - net Deferred income tax benefits Other current assets Current assets Property, plant and equipment - net Deferred income tax benefits Other noncurrent assets Noncurrent assets Current portion of long-term debt Accounts payable - trade NRG settlement payments Other...

  • Page 58
    ...In return for such payments, Xcel Energy received, or was granted, voluntary and involuntary releases from NRG and its creditors. In 2004, Xcel Energy paid $752 million to NRG. Xcel Energy met these cash requirements with cash on hand, including tax refund proceeds associated with the NRG bankruptcy...

  • Page 59
    ...Xcel Energy Annual Report 2004 57 Maturities of long-term debt are: 2005 2006 2007 2008 2009 $224 million $839 million $341 million $654 million $700 million 7. PREFERRED STOCK At Dec. 31, 2004, Xcel Energy had six series of preferred stock outstanding, which were callable at its option at prices...

  • Page 60
    ... securities. A certificate of cancellation was filed to dissolve PSCo Capital Trust I on Dec. 29, 2003. Distributions paid to preferred security holders were reflected as a financing cost in the Consolidated Statements of Operations, along with interest charges. 58 Xcel Energy Annual Report...

  • Page 61
    ... Nuclear Power Plant Operating Services Agreement, NSP-Minnesota also pays its proportionate share of the operating expenses and capital improvement costs incurred by NMC. NSP-Minnesota paid NMC $314.7 million in 2004, $227.0 million in 2003 and $182.5 million in 2002. 59 Xcel Energy Annual Report...

  • Page 62
    ... to NRG's emergence from bankruptcy in December 2003 and Xcel Energy's corresponding divestiture of its ownership interest in NRG. Accordingly, Xcel Energy's tax benefits related to its investment in NRG are reported in discontinued operations. Xcel Energy's federal net operating loss and tax credit...

  • Page 63
    ...$548,393 384,646 $1.43 Xcel Energy Annual Report 2004 61 Incentive Stock Plans Xcel Energy and some of its subsidiaries have incentive compensation plans under which stock options and other performance incentives are awarded to key employees. The weighted average number of common and potentially...

  • Page 64
    ... and performance shares. The grant-date market price used to calculate the TSR for this grant is $18.10. Xcel Energy applies Accounting Principles Board Opinion No. 25 - "Accounting for Stock Issued to Employees" in accounting for stock-based compensation and, accordingly, no compensation cost is...

  • Page 65
    ...senior unsecured debt was considered investment grade by at least one nationally recognized rating agency. Stockholder Protection Rights Agreement In June 2001, Xcel Energy adopted a Stockholder Protection Rights Agreement. Each share of Xcel Energy's common stock includes one shareholder protection...

  • Page 66
    ... employee's average pay and Social Security benefits. Xcel Energy's policy is to fully fund into an external trust the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws. Pension Plan...

  • Page 67
    ... tax and other pension-related regulations. These regulations did not require cash funding in the years 2002 through 2004 for Xcel Energy's pension plans, and is not expected to require cash funding in 2005. PSCo elected to make voluntary contributions to its pension plan for bargaining employees...

  • Page 68
    ....0 million curtailment gain related to termination of NRG employees as a result of the divestiture of NRG in December 2003. Xcel Energy Annual Report 2004 Pension costs include an expected return impact for the current year that may differ from actual investment performance in the plan. The return...

  • Page 69
    ... Plan Assets Certain state agencies that regulate Xcel Energy's utility subsidiaries also have issued guidelines related to the funding of SFAS No. 106 costs. SPS is required to fund SFAS No. 106 costs for Texas and New Mexico jurisdictional amounts collected in rates, and PSCo is required to fund...

  • Page 70
    ... tax and other retirement-related regulations other than fulfilling benefit payment obligations, when claims are presented and approved under the plans. Additional cash funding requirements are prescribed by certain state and federal rate regulatory authorities, as discussed previously. Xcel Energy...

  • Page 71
    ... STATEMENTS Projected Benefit Payments The following table lists Xcel Energy's projected benefit payments for the pension and postretirement benefit plans: Projected Pension Benefit Payments Gross Projected Postretirement Health Care Benefit Payments Expected Medicare Part D Subsidies Net Projected...

  • Page 72
    ... starting swaps, that effectively fix the yield or price on a specified treasury security for a specific period. These derivative instruments are designated as cash flow hedges for accounting purposes. As of Dec. 31, 2004, Xcel Energy had net gains related to settled interest rate lock agreements...

  • Page 73
    ...The fair market value of Xcel Energy's interest rate swaps at Dec. 31, 2004, was a liability of approximately $8.3 million. Hedges of Foreign Currency Exposure of a Net Investment in Foreign Operations Due to the discontinuance of NRG and Xcel Energy International's operations in 2003, as discussed...

  • Page 74
    .... Xcel Energy Annual Report 2004 Xcel Energy provides guarantees and bond indemnities supporting certain of its subsidiaries. The guarantees issued by Xcel Energy guarantee payment or performance by its subsidiaries under specified agreements or transactions. As a result, Xcel Energy's exposure...

  • Page 75
    ... Guarantee performance and payment of surety bonds for those subsidiaries Various subsidiaries (g) Two guarantees benefiting Cheyenne to guarantee the payment obligations under gas and power purchase agreements (h) Xcel Energy Guarantee the indemnification obligations of Xcel Energy Markets Holdings...

  • Page 76
    ... the Renewable Development Fund. All of the cost increases to NSP-Minnesota from these required payments and funding commitments are expected to be recoverable in Minnesota retail customer rates, mainly through existing cost-recovery mechanisms. Funding commitments to the Renewable Development Fund...

  • Page 77
    ... customers in rates for future nuclear fuel disposal costs or decommissioning costs related to NSP-Minnesota's nuclear generating plants. See Note 17 to the Consolidated Financial Statements for further discussion of nuclear obligations. Xcel Energy Annual Report 2004 2005 2006 2007 2008 2009 2010...

  • Page 78
    ... $2.9 million. In 2006, NSP-Minnesota plans to commence construction of the High Bridge Combined Cycle Generating Plant, as part of the MERP, on the site of the Levee Station. The construction of the new plant will require the removal of buried structures and soil and groundwater remediation...

  • Page 79
    ... Air Act's New Source Review (NSR) requirements. The suit is related to alleged modifications of electric generating plants located in the South and Midwest. Subsequently, the EPA also issued requests for information pursuant to the Clean Air Act to numerous electric utilities, including Xcel Energy...

  • Page 80
    ... costs. Xcel Energy also is involved in other projects to improve available methods for managing carbon. Department of Labor Audit In 2001, Xcel Energy received notice from the Department of Labor (DOL) Employee Benefit Security Administration that it intended to audit the Xcel Energy pension plan...

  • Page 81
    ... of these plans. A hearing is scheduled for April 1, 2005, to consider final approval of this settlement. SchlumbergerSema, Inc. vs. Xcel Energy Inc. (NSP-Minnesota) Under a 1996 data services agreement, SchlumbergerSema, Inc. (SLB) provides automated meter reading, distribution automation and other...

  • Page 82
    ...natural gas to inflate prices. The case is in the early stages, there has been no discovery and Xcel Energy intends to vigorously defend against these claims. Hill et al. vs. PSCo et al. In late October 2003, there were two wildfires in Colorado, one in Boulder County and the other in Douglas County...

  • Page 83
    ... of investments in fixed-income securities, such as tax-exempt municipal bonds and U.S. government securities that mature in one to 20 years, and common stock of public companies. NSP-Minnesota plans to reinvest matured securities until decommissioning begins. 81 Xcel Energy Annual Report 2004

  • Page 84
    ... 2002 Annual decommissioning cost accrual reported as depreciation expense: Externally funded Internally funded (including interest costs) Interest cost on externally funded decommissioning obligation Earnings from external trust funds Net decommissioning accruals recorded Xcel Energy Annual Report...

  • Page 85
    ... FINANCIAL STATEMENTS Removal Costs Xcel Energy also accrues an obligation for plant removal costs for other generation, transmission and distribution facilities of its utility subsidiaries. Generally, the accrual of future non-legal removal obligations is not required. However, long-standing...

  • Page 86
    ... Energy Annual Report 2004 Regulatory Assets Net nuclear asset retirement obligations Power purchase contract valuation adjustments AFDC recorded in plant (a) Losses on reacquired debt Conservation programs (a) Nuclear decommissioning costs (b) Employees' postretirement benefits other than pension...

  • Page 87
    ... Dakota, Colorado, Texas, New Mexico, Kansas and Oklahoma. It also makes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated Electric Utility also includes commodity trading operations. - Xcel Energy's Regulated Natural Gas Utility segment...

  • Page 88
    ... million, or 68 cents per share, due to revisions to the estimated tax benefits related to Xcel Energy's investment in NRG. See Note 3 to the Consolidated Financial Statements for further discussion of these items. - Fourth-quarter results from discontinued operations were decreased by $59 million...

  • Page 89
    ...New York Stock Exchange the CEO certification for 2004 required by section 303A.12(a) of the New York Stock Exchange's rules relating to compliance with the New York Stock Exchange's corporate governance listing standards. Xcel Energy Annual Report 2004 87 reports available online Financial reports...

  • Page 90
    ... Xcel Energy Annual Report 2004 A. Barry Hirschfeld 2, 3 President A.B. Hirschfeld Press, Inc. Richard C. Kelly* President and COO Xcel Energy Inc. Douglas W. Leatherdale 1, 2, 3 Retired Chairman and CEO The St. Paul Companies, Inc. Albert F. Moreno 1, 3 Senior Vice President and General Counsel...