Xcel Energy 2007 Annual Report Download - page 80

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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 statements of capitalization of Xcel Energy Inc. and
subsidiaries (the ‘‘Company’’) as of December 31, 2007 and 2006, and the related consolidated statements of income,
common stockholders’ equity and comprehensive income, and cash flows for each of the three years in the period ended
December 31, 2007. Our audits also included the financial statement schedules listed in the Index at Item 15. These
financial statements and financial statement schedules are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the financial statements and financial statement schedules 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, 2007 and 2006, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2007, in conformity with accounting principles
generally accepted in the United States of America. Also, in our opinion, such financial statement schedules, when
considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material
respects, the information set forth therein.
As discussed in Note 7 to the consolidated financial statements, the Company adopted Financial Accounting Standards
Board (FASB) Interpretation No. 48, ‘‘Accounting for Uncertainty in Income Taxes — an interpretation of FASB
Statement No. 109,’’ as of January 1, 2007. As discussed in Note 10 to the consolidated financial statements, the
Company adopted Statement of Financial Accounting Standards No. 158, ‘‘Employers’ Accounting for Defined Benefit
Pension and Other Postretirement Plans,’’ as of December 31, 2006.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the Company’s internal control over financial reporting as of December 31, 2007, 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 20, 2008 expressed an unqualified opinion on the Company’s
internal control over financial reporting.
/s/ DELOITTE & TOUCHE LLP
Minneapolis, Minnesota
February 20, 2008
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