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NOTES to CONSOLIDATED FINANCIAL STATEMENTS
Xcel Energy Annual Report 2004
59
9. GENERATING PLANT OWNERSHIP AND OPERATION
Joint Plant Ownership Following are the investments by Xcel Energy’s subsidiaries in jointly owned plants and the related ownership percentages as of
Dec. 31, 2004:
Construction
Plant in Accumulated Work in
(Thousands of dollars) Service Depreciation Progress Ownership %
NSP-Minnesota
Sherco Unit 3 $492,581 $268,734 $2,244 59.0
Sherco Common Facilities Units 1, 2 and 3 102,556 50,428 – 65.6
Transmission facilities, including substations 4,832 1,765 – 59.0
Total NSP-Minnesota $599,969 $320,927 $2,244
PSCo
Hayden Unit 1 $ 85,638 $ 42,839 $ – 75.5
Hayden Unit 2 79,979 45,094 443 37.4
Hayden Common Facilities 28,600 4,815 16 53.1
Craig Units 1 and 2 58,604 31,698 33 9.7
Craig Common Facilities Units 1, 2 and 3 32,553 9,547 18 6.5–9.7
Transmission and other facilities, including substations 150,812 41,171 359 11.6–73.0
Total PSCo $436,186 $175,164 $ 869
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 and construction expenditures are 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 are included in the applicable utility components of operating expenses. Each of the respective owners is responsible for
the issuance of its own securities to finance its portion of the construction costs.
Nuclear Plant Operation NSP-Minnesota and four other utility companies formed the Nuclear Management Co. (NMC), and each of the five member
companies retains a 20 percent ownership interest in the NMC. The NMC is an operating company that manages the operations, maintenance and
physical security of eight nuclear generating units on six sites, including three units/two sites owned by NSP-Minnesota. NSP-Minnesota continues to
own the plants, controls all energy produced by the plants, and retains responsibility for nuclear property and liability insurance and decommissioning costs.
In accordance with the 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.