Xcel Energy 2005 Annual Report Download - page 42

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
Xcel Energy Inc.
We have audited the accompanying consolidated balance sheets and consolidated statements of capitalization of Xcel Energy Inc. and
subsidiaries (the “ Company” ) as of December 31, 2005 and 2004, and the related consolidated statements of operations, common stockholders’
equity and comprehensive income, and cash flows for each of the three years in the period ended December 31, 2005. These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements
based on our audits.
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 obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Xcel Energy Inc. and
subsidiaries as of December 31, 2005 and 2004, and the results of their operations and their cash flows for each of the three years in the
period ended December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness
of the Company’s internal control over financial reporting as of December 31, 2005, based on the criteria established in
Internal Control –
Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24,
2006, expressed an unqualified opinion on management’s assessment of the effectiveness of the Company’s internal control over financial
reporting and an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Minneapolis, Minnesota
February 24, 2006
40 XCEL ENERGY 2005 ANNUAL REPORT