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Responsible By Nature™
2008 Annual Report

Table of contents

  • Page 1
    Responsible By Natureâ„¢ 2008 Annual Report

  • Page 2
    ... Xcel Energy's value system and fundamental in creating a welcoming and respectful working environment. ON T HE COVE R : Steve Engebretson, journeyman lineman Xcel Energy employees such as Steve Engebretson are dedicated to customers and illustrate every day that they are Responsible By Natureâ„¢.

  • Page 3
    ... U.S. electric and natural gas company, with annual revenues of $11.2 billion. Based in Minneapolis, Minn., Xcel Energy operates in eight states. The company provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas...

  • Page 4
    Dick Kelly, Chairman, President and CEO

  • Page 5
    ... environmental leadership. Meeting the need for reliable energy requires significant investments, but before we invest, we work with regulators and legislators to ensure that the regulatory rules are in place to enable us to recover our costs and earn a fair return. Xcel Energy 2008 Annual Report...

  • Page 6
    Jim Zyduck, plant director, High Bridge As part of a major effort to reduce emissions, Xcel Energy converted its High Bridge generating plant from a coal-fired to a natural gas facility. In addition to improving the environment, the conversion added generating capacity to the plant.

  • Page 7
    ...and business customers for installing on-site solar systems. Applications for the program increased significantly last year, and we are expanding the effort to New Mexico. We also announced plans to acquire up to 600 megawatts of concentrating solar power, with Xcel Energy 2008 Annual Report page...

  • Page 8
    Sandy Simon, director, Utility Innovations and Smart Grid Strategy The company is exploring smart grid technologies that will enable customers to better manage their energy use and give Xcel Energy more options to monitor and operate its electric system.

  • Page 9
    ... those customers many options for managing their energy use. They can decide, for example, when to operate their appliances based on cost or environmental considerations. They can go online to determine how much energy they're using at a particular time of day. A smart grid benefits Xcel Energy as...

  • Page 10
    ... and wish them well. Sincerely, Richard C. Kelly Chairman, President and CEO Responsible By Natureâ„¢ We invite you to view Responsible By Natureâ„¢, a DVD that features Xcel Energy employees who are committed to their customers, their communities and the environment. The DVD also includes pro...

  • Page 11
    ... Commission file number 1-3034 (Exact name of registrant as specified in its charter) Minnesota 41-0448030 State or other jurisdiction of (I.R.S. Employer Identification No.) Incorporation or organization 414 Nicollet Mall, Minneapolis, MN 55401 (Address of principal executive offices) Registrant...

  • Page 12
    ......Xcel Energy Electric Operating Statistics ...NATURAL GAS UTILITY OPERATIONS ...Natural Gas Utility Trends ...NSP-Minnesota ...NSP-Wisconsin ...PSCo ...Xcel Energy Natural Gas Operating Statistics ...ENVIRONMENTAL MATTERS ...CAPITAL SPENDING AND FINANCING ...EMPLOYEES ...EXECUTIVE OFFICERS ...Risk...

  • Page 13
    ... life insurance policies Southwestern Public Service Co., a New Mexico corporation Utility Engineering Corporation, an engineering, construction and design company NSP-Minnesota, NSP-Wisconsin, PSCo, SPS WestGas InterState, Inc., a Colorado corporation operating an interstate natural gas pipeline...

  • Page 14
    ... customers for all purchased capacity payments to power suppliers, effective Jan. 1, 2007. Capacity charges are not included in PSCo's electric rates or other recovery mechanisms. Purchased gas adjustment. A clause included in NSP-Minnesota's and NSP-Wisconsin's retail natural gas rate schedules...

  • Page 15
    ... electric quality of service plan and a natural gas quality of service plan established by the CPUC. Private Fuel Storage, LLC. A consortium of private parties (including NSP-Minnesota) working to establish a private facility for interim storage of spent nuclear fuel. Public Utility Holding Company...

  • Page 16
    ...laws of Minnesota in 1909. Xcel Energy's executive offices are located at 414 Nicollet Mall, Minneapolis, Minn. 55401. Its web site address is www.xcelenergy.com. Xcel Energy makes available, free of charge through its web site, its annual report on Form 10-K, quarterly reports on Form 10-Q, current...

  • Page 17
    ... in electric and natural gas rate base to meet growing customer demands, environmental and renewable energy initiatives and to maintain or increase reliability and quality of service to customers. Xcel Energy files periodic rate cases or establishes formula rate or automatic rate adjustment...

  • Page 18
    ... regional Ancillary Services Market (ASM) in January 2009. Xcel Energy supports the continued development of wholesale competition and non-discriminatory wholesale open access transmission services. NSP-Minnesota received MPUC approval in 2008 to construct three new 115 KV transmission lines in 2009...

  • Page 19
    ...'s electric resource plans for meeting customers' future energy needs. The MPUC also certifies the need for generating plants greater than 50 MW and transmission lines greater than 100 KV. No large power plant or transmission line may be constructed in Minnesota except on a site or route designated...

  • Page 20
    ... peak demand for the NSP System occurred on July 29, 2008. Energy Sources and Related Transmission Initiatives NSP-Minnesota expects to use existing power plants, power purchases, DSM options, new generation facilities and expansion of existing power plants to meet its system capacity requirements...

  • Page 21
    ... coal resources. Excelsior Energy recommended inclusion of its proposed project in the plan. The Prairie Island Community expressed health and safety concerns regarding nuclear resources. The Minnesota Chamber of Commerce expressed interest in cost and rate management. NSP-Minnesota filed reply...

  • Page 22
    ... new facilities at a cost of $100 million, with construction to be completed by end of 2011. The estimated cost to NSP-Minnesota is approximately $26 million. In the second quarter of 2009, NSP-Minnesota plans to file a certificate of need application with the MPUC for two 161 KV transmission lines...

  • Page 23
    ... a program for nuclear high-level waste management. This includes the siting, licensing, construction and operation of a repository for domestically produced spent nuclear fuel from civilian nuclear power reactors and other high-level radioactive wastes at a permanent federal storage or disposal...

  • Page 24
    ...in Item 7A - Management's Discussion and Analysis. NSP-Minnesota has filed two applications for certificates of need related to its nuclear generating facilities to obtain approval for these projects. The first addresses approximately 71 MW of power uprates at the Monticello plant. The MPUC approved...

  • Page 25
    ... operating in Wyoming and Montana. Estimated coal requirements at NSP-Minnesota's and NSP-Wisconsin's major coal-fired generating plants were approximately 11.0 and 12.4 million tons per year at Dec. 31, 2008 and 2007, respectively. NSP-Minnesota and NSP-Wisconsin have contracted for coal supplies...

  • Page 26
    ... for new generating plants and electric transmission lines before the facilities may be sited and built. NSP-Wisconsin is subject to the jurisdiction of the FERC with respect to its wholesale electric operations, hydroelectric generation licensing, accounting practices, wholesale sales for resale...

  • Page 27
    ... transmission of electricity in interstate commerce. PSCo has received authorization from the FERC to make wholesale electricity sales at market-based prices, however, PSCo withdrew its market-based rate authority with respect to sales in its own and affiliated operating company control areas. Fuel...

  • Page 28
    .... The 2008 system peak demand for PSCo occurred on Aug. 1, 2008. Energy Sources and Related Transmission Initiatives PSCo expects to meet its system capacity requirements through existing electric generating stations, power purchases, new generation facilities, DSM options and phased expansion of...

  • Page 29
    ... 2020 in its next plan. In April 2008, the CPUC approved a certificate of public convenience and necessity application to build a new, company owned 260 MW combustion turbine project at the existing Fort St. Vrain generating station. Fort St. Vrain is scheduled to come on line in the second quarter...

  • Page 30
    ... to expand its ISOC program to make it available to customers without demand history, drop the threshold for participation to 300 KW, allow customers to control load through their energy management system, increase credits and allow customers to limit the number of interruptions in a day. PSCo also...

  • Page 31
    ...of the state's primary areas for wind energy expansion. On Aug. 15, 2008, the PUCT issued a final order identifying a transmission plan to deliver approximately 18,000 MW of wind energy to load centers in ERCOT. The plan includes lines in the Texas Panhandle. Cost of this transmission plan is almost...

  • Page 32
    ...Purchase Power Agreement (PPA), which was executed in 2006, provides for SPS to have exclusive rights to the facility for a period of 25 years. LPP's generation is a two-by-one natural gas combined cycle 604 MW plant located near Hobbs, N. M. Integrated Resource Planning - SPS is required to file an...

  • Page 33
    ...Developments The FERC has jurisdiction over rates for electric transmission service in interstate commerce and electricity sold at wholesale, hydro facility licensing, natural gas transportation, accounting practices and certain other activities of Xcel Energy's utility subsidiaries. State and local...

  • Page 34
    ...the self-reports related to incomplete generation station battery tests. The penalties are not expected to be material. In June 2008, as a follow-up to the WECC compliance audit, PSCo filed a self-report with WECC regarding violations of its relay maintenance plan. These reviews also found a lack of...

  • Page 35
    ... and congestion management using locational marginal pricing (LMP) and FTRs. The Day 2 market is designed to provide more efficient generation dispatch over the 15 state MISO region, including the NSP System. In 2007, SPP began operation of an Energy Imbalance Service (EIS) market, which will...

  • Page 36
    ...The Xcel Energy utility subsidiaries may not sell power at market-based rates within the PSCo and SPS balancing authorities, where they have been found to have market power under the FERC's applicable analysis. Both PSCo and SPS have cost-based coordination tariffs that they may use to make sales in...

  • Page 37
    Xcel Energy Electric Operating Statistics 2008 Year Ended Dec. 31, 2007 2006 Electric sales (millions of Kwh) Residential ...Commercial and industrial ...Public authorities and other ...Total retail ...Sales for resale ...Total energy sold ...Number of customers at end Residential ...Commercial and...

  • Page 38
    ... of peak day firm requirements. LNG and propane-air plants provide a cost-effective alternative to annual fixed pipeline transportation charges to meet the peaks caused by firm space heating demand on extremely cold winter days. NSP-Minnesota is required to file for a change in natural gas supply...

  • Page 39
    ... and storage services. The PSCW has the authority to disallow certain costs if it finds the utility was not prudent in its procurement activities. NSP-Wisconsin's natural gas rate schedules for Michigan customers include a natural gas cost recovery factor, which is based on 12-month projections...

  • Page 40
    ... days. NSP-Wisconsin is required to file a natural gas supply plan with the PSCW annually to change natural gas supply contract levels to meet peak demand. NSP-Wisconsin's winter 2008-2009 supply plan was approved by the PSCW in October 2008. Natural Gas Supply and Costs NSP-Wisconsin actively...

  • Page 41
    ...under the doctrine of regulated monopoly. The CPUC has confirmed the ALJ's ruling in deliberations on Feb. 5, 2009, but has not yet issued a final written order at this time. Capability and Demand PSCo projects peak day natural gas supply requirements for firm sales and backup transportation, which...

  • Page 42
    ... all necessary authorizations for the construction and continued operation of its generation, transmission and distribution systems. Company facilities have been designed and constructed to operate in compliance with applicable environmental standards. Xcel Energy and its subsidiaries strive to...

  • Page 43
    ... bargaining agreements. NSP-Minnesota ...NSP-Wisconsin ...PSCo ...SPS ...Xcel Energy Services Total ...Inc...3,637 546 2,772 1,191 3,077 11,223 EXECUTIVE OFFICERS Richard C. Kelly, 62, Chairman of the Board, Xcel Energy Inc., December 2005 to present; Chief Executive Officer, Xcel Energy Inc., July...

  • Page 44
    ... May 2004 to present. Previously, Managing Director and Assistant Treasurer, Xcel Energy Inc., July 2003 to May 2004; Director of Origination, Energy Markets Business Unit, Xcel Energy Inc., May 2002 to July 2003 and Associate and Vice President, Deutsche Bank Securities, December 1996 to April 2002...

  • Page 45
    ... of our utility operations, including siting and construction of facilities, customer service and the rates that we can charge customers. The FERC has jurisdiction, among other things, over wholesale rates for electric transmission service and the sale of electric energy in interstate commerce...

  • Page 46
    .... Both public officials and private individuals may seek to enforce the applicable environmental laws and regulations against us. We may be required to pay all or a portion of the cost to remediate (i.e. clean-up) sites where our past activities, or the activities of certain other parties, caused...

  • Page 47
    ...of the company's service territory could also have an impact on Xcel Energy revenues. Xcel Energy buys and sells electricity depending upon system needs and market opportunities. Extreme weather conditions creating high energy demand on our own and/or other systems may raise electricity prices as we...

  • Page 48
    ... on natural gas and coal prices. An important factor is Xcel Energy's ability to recover the costs incurred to comply with any regulatory requirements that are ultimately imposed. We may not recover all costs related to complying with regulatory requirements imposed on Xcel Energy or its operating...

  • Page 49
    ... terms. A disruption of the regional electric transmission grid, interstate natural gas pipeline infrastructure or other fuel sources, could negatively impact our business. Because our generation, transmission systems, and local natural gas distribution companies are part of an interconnected system...

  • Page 50
    ... all of our employees. Assumptions related to future costs, return on investments, interest rates and other actuarial assumptions have a significant impact on our funding requirements related to these plans. These estimates and assumptions may change based on economic conditions, actual stock market...

  • Page 51
    ... regulated by various state utility commissions, which generally possess broad powers to ensure that the needs of the utility customers are being met. If our utility subsidiaries were to cease making dividend payments, our ability to pay dividends on our common stock and preferred stock or otherwise...

  • Page 52
    ... Anson-Sioux Falls, SD 3 Units ...High Bridge-St. Paul, MN 3 Units ...Inver Hills-Inver Grove Heights, MN 6 Units ...Blue Lake-Shakopee, MN 6 Units ...Various locations 28 Units ...Wind: Grand Meadow-Mower County, MN ... Coal Coal Coal Nuclear Nuclear Nuclear Coal Coal/Natural Gas Natural Gas Coal...

  • Page 53
    ...Installed Summer 2008 Net Dependable Capability (MW) Steam: Bay Front-Ashland, WI ...3 Units French Island-La Crosse, WI . . 2 Units Combustion Turbine: Flambeau Station-Park Falls, WI Wheaton-Eau Claire, WI 6 Units ...French Island-La Crosse, WI 2 Units ...Hydro: 64 Units ... ... Coal/Wood/Natural...

  • Page 54
    ... 432 Natural gas utility mains at Dec. 31, 2008: Miles NSP-Minnesota NSP-Wisconsin PSCo WGI Transmission ...Distribution ... 135 9,506 - 2,189 2,300 21,090 12 - Item 3 - Legal Proceedings In the normal course of business, various lawsuits and claims have arisen against Xcel Energy. Management...

  • Page 55
    ... claims and environmental proceedings, see Note 17 to the consolidated financial statements. For a discussion of proceedings involving utility rates and other regulatory matters, see Item 1 for Public Utility Regulation and Summary of Recent Federal Regulatory Developments, and Item 7 - Management...

  • Page 56
    ... 5 - Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Quarterly Stock Data Xcel Energy's common stock is listed on the New York Stock Exchange (NYSE). The trading symbol is XEL. The following are the reported high and low sales prices based...

  • Page 57
    Item 6 - Selected Financial Data 2008 2007 2006 2005 (Millions of Dollars, Except Share and Per Share Data) 2004 Operating revenues ...Operating expenses ...Income from continuing operations ...Net income ...Earnings available for common stock ...Average number of common shares outstanding (000's) ...

  • Page 58
    ..., NSP-Wisconsin, PSCo and SPS. These utilities serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Along with WYCO, a joint venture formed with a subsidiary of El Paso Corporation to develop and lease natural gas pipeline...

  • Page 59
    ...in Minnesota and Wisconsin. • Xcel Energy has a number of environmental initiatives focused on our customers. Xcel Energy has the largest customer-driven wind program in the nation called WindSource௡. In Colorado, Xcel Energy manages a growing customer-sited solar program, known as Solar*Rewards...

  • Page 60
    ... unit, will provide low-cost, base load power and help maintain a reliable, reasonably priced and environmentally sound electricity supply in Colorado. Operation of Comanche 3 will help support Xcel energy's efforts to develop renewable energy, retire older, less-efficient resources and take other...

  • Page 61
    ... Those opportunities include the following: • Xcel Energy is making, as part of our MERP program, nearly $1 billion of improvements at three Twin Cities coal-fired generating plants, A. S. King, High Bridge and Riverside, to significantly reduce air emissions from those facilities while increasing...

  • Page 62
    ... related to the Building the Core strategy. Even though Xcel Energy ultimately manages the business based on the revenue streams provided by electric and natural gas, Xcel Energy continues to evolve the management of the portfolio of utility investments. While Xcel Energy has four separate operating...

  • Page 63
    ... operating and maintenance expense, higher electric and gas margins, and higher allowance for funds used during construction - equity. Partially offsetting these positive factors were higher depreciation and amortization, higher conservation and demand-side management program expenses, increased...

  • Page 64
    ... winters increase electric and natural gas sales, but also can increase operating and maintenance expenses. Unseasonably mild weather reduces electric and natural gas sales, but may not reduce operating and maintenance expenses. The impact of weather on earnings is based on the number of customers...

  • Page 65
    ... natural gas utility customers. Electric Revenues and Margins Electric fuel and purchased power expenses tend to vary with changing retail and wholesale sales requirements and unit cost changes in fuel and purchased power. Due to fuel and purchased energy cost-recovery mechanisms for customers...

  • Page 66
    ... at PSCo. Lower fuel and purchased power costs, largely recovered from customers, partially offset the positive variances. Electric Margin 2008 vs. 2007 (Millions of Dollars) Retail rate increases (Wisconsin, North Dakota, Texas interim and New Mexico) ...Retail sales growth (excluding weather...

  • Page 67
    ... gas revenues ... 2008 Comparison to 2007 - Natural gas revenues increased primarily due to higher natural gas costs in 2008, which are recovered from customers. Final gas rates were effective for Wisconsin in January 2008 and Minnesota in February 2008. Phase I rates were effective in Colorado...

  • Page 68
    ... a customer refund relating to this decision. • Lower employee benefit costs are due to eliminating our annual performance based incentive plan payout for 2008. • The higher plant generation costs were primarily attributable to scheduled and unplanned maintenance. • The increase in labor costs...

  • Page 69
    ... in 2006 ...Higher labor costs ...Lower gains/losses on sale or disposal of assets, net ...Higher contract labor costs ...Higher donations, including low income contributions (offset Higher material costs ...Lower employee benefit costs ...Lower nuclear plant outage costs ...Lower allowance for bad...

  • Page 70
    ... Results of Continuing Operations Xcel Energy's utility revenues depend on customer usage, which varies with weather conditions, general business conditions and the cost of energy services. Various regulatory agencies approve the prices for electric and natural gas service within their respective...

  • Page 71
    ... rates and expected return on plan assets. Xcel Energy evaluates these key assumptions at least annually by analyzing current market conditions, which includes changes in interest rates and market returns. Changes in the related net pension and post-retirement benefits costs and funding requirements...

  • Page 72
    ... generating plants in Minnesota and Colorado. See Note 17 to the consolidated financial statements for further discussion of Xcel Energy's environmental contingencies. Generating facilities throughout the Xcel Energy territory currently are subject to mercury reduction requirements only at the state...

  • Page 73
    ...filed a proposed MERP rider for 2009 designed to recover costs related to MERP environmental improvement projects. Under this rider, NSP-Minnesota proposes to recover $114 million in 2009, an increase of approximately $23 million over 2008. Impact of Nonregulated Investments In the past, Xcel Energy...

  • Page 74
    ... for the related issues. These adjustments may be favorable or unfavorable, increasing or decreasing earnings. See Note 8 for further details regarding income taxes. Employee Benefits Xcel Energy's pension costs are based on an actuarial calculation that includes a number of key assumptions...

  • Page 75
    ..., see Note 1 to the consolidated financial statements. Nuclear Decommissioning NSP-Minnesota owns nuclear generation facilities and regulations require NSP-Minnesota to decommission its nuclear power plants after each facility is taken out of service. Xcel Energy records future plant removal...

  • Page 76
    ..., gas distribution and electric transmission and distribution asset retirement obligations due to revised estimates and end of life dates. • Cost Estimate With Spent Fuel Disposal - Federal regulations require the DOE to provide a permanent repository for the storage of spent nuclear fuel. NSP...

  • Page 77
    ... Benefits, to expand an employer's required disclosures about plan assets of a defined benefit pension or other postretirement plan to include investment policies and strategies, major categories of plan assets, information regarding fair value measurements, and significant concentrations of credit...

  • Page 78
    ... to a split-dollar life insurance arrangement that provides a specified benefit to an employee that is limited to the employee's active service period with an employer. EITF No. 06-4 was effective for fiscal years beginning after Dec. 15, 2007, with earlier application permitted. Upon adoption of...

  • Page 79
    ... their electric and natural gas operations. Commodity price risk is managed by entering into long- and short-term physical purchase and sales contracts for electric capacity, energy and energy-related products and for various fuels used in generation and distribution activities. Commodity price risk...

  • Page 80
    ... be used only for activities related to nuclear decommissioning. The accounting for nuclear decommissioning recognizes that costs are recovered through rates; therefore, fluctuations in equity prices or interest rates do not have an impact on earnings. Credit Risk - Xcel Energy and its subsidiaries...

  • Page 81
    ... due to timing for interest payable and accounts payable and an increase in recoverable gas and electric costs. This increase was partially offset by changes in working capital activity due to increased inventory, contributions for pension and non-pension postretirement benefits, and an increase in...

  • Page 82
    ... - The estimated cost of the capital expenditure programs of Xcel Energy and its subsidiaries, excluding discontinued operations, and other capital requirements for the years 2009 through 2012 are shown in the tables below. By Segment 2009 2010 2011 2012 Electric ...Natural gas ...Common and...

  • Page 83
    ...power to meet system load and energy requirements, replace generation from company-owned units under maintenance and during outages, and meet operating reserve obligations. Certain contractual purchase obligations are adjusted based on indices. The effects of price changes are mitigated through cost...

  • Page 84
    ... distribution system upgrades, installation of a new broadband over power line system, use of in-home automation devices and the potential roll-out of pilot pricing tariffs in fall 2009. Pension Fund - Xcel Energy's pension costs and funding requirements are projected to increase, as a result of...

  • Page 85
    ... Dec. 31, 2008 and 2007, respectively. Pension Assumptions 2009 2008 Discount rate ...Expected long-term rate of return ... 6.75% 8.50 6.25% 8.75 Short-Term Investments - Xcel Energy, NSP-Minnesota, NSP-Wisconsin, PSCo and SPS maintain cash operating accounts with Wells Fargo Bank. At Dec. 31...

  • Page 86
    ... letters of credit. Reflects the payment of common dividends on Jan. 20, 2009. NSP-Wisconsin does not have a separate credit facility; however, it has a borrowing agreement with NSP-Minnesota. Listed below is a summary of the banks that make up the credit facilities of Xcel Energy and its...

  • Page 87
    ... of any other rating. On Nov. 5, 2008, S&P increased the senior unsecured credit ratings of NSP-Minnesota, NSP-Wisconsin and PSCo by one notch. In the event of a downgrade of its credit ratings to below investment grade, Xcel Energy may be required to provide credit enhancements in the form of cash...

  • Page 88
    ..., the Texas electric rate case, the New Mexico electric rate case, the SPS FERC wholesale electric rate cases and other rate cases that may be filed during the year. • Various riders, associated with MERP, Minnesota and Colorado transmission and Minnesota renewable energy, are expected to increase...

  • Page 89
    ... based on those criteria. Xcel Energy's independent auditors have issued an audit report on the company's internal control over financial reporting. Their report appears herein. /S/ RICHARD C. KELLY Richard C. Kelly Chairman, President and Chief Executive Officer February 27, 2009 /S/ BENJAMIN...

  • Page 90
    ... 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...

  • Page 91
    ... accompanying Management Report on Internal Controls over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight...

  • Page 92
    ... 25,045 Operating expenses Electric fuel and purchased power ...Cost of natural gas sold and transported ...Cost of sales - other ...Other operating and maintenance expenses ...Conservation and demand-side management program expenses Depreciation and amortization ...Taxes (other than income taxes...

  • Page 93
    ......Inventories ...Recoverable purchased natural gas and electric energy costs ...Other current assets ...Accounts payable ...Net regulatory assets and liabilities ...Other current liabilities ...Change in other noncurrent assets ...Change in other noncurrent liabilities ...Operating cash flows (used...

  • Page 94
    ... income taxes ...Deferred investment tax credits ...Regulatory liabilities ...Asset retirement obligations ...Derivative instruments valuation ...Customer advances ...Pension and employee benefit obligations ...Other ...Noncurrent liabilities held for sale and related ...to discontinued operations...

  • Page 95
    ... fair value changes during the period, net of tax of $(5,758) ...Unrealized gain - marketable securities, net of tax of $(513) ...Comprehensive income for 2008 Dividends declared: Cumulative preferred stock . . Common stock ...Issuances of common stock ...Share-based compensation ... ...(4,241) (415...

  • Page 96
    XCEL ENERGY INC. AND SUBSIDIARIES Consolidated Statements of Capitalization (amounts in thousands of dollars) Dec. 31 2008 2007 Long-Term Debt NSP-Minnesota First Mortgage Bonds, Series due: Aug. 1, 2010, 4.75% ...Aug. 28, 2012, 8% ...March 1, 2018, 5.25% ...March 1, 2019, 8.5%(b) ...Sept. 1, 2019,...

  • Page 97
    ...long-term debt ...Xcel Energy Inc. Unsecured senior notes, Series due: July 1, 2008, 3.4% ...Dec. 1, 2010, 7% ...April 1, 2017, 5.613% ...July 1, 2036, 6.5% ...Jan. 1, 2068, 7.6% ...Convertible notes, Series due: Nov. 21, 2008, 7.5% ...Fair value hedge, carrying value adjustment Unamortized discount...

  • Page 98
    ...Minnesota, NSP-Wisconsin, PSCo and SPS. These utilities serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. WGI, an interstate natural gas pipeline company, is also included in continuing regulated utility operations. Xcel Energy...

  • Page 99
    ... electric rates. The Texas retail fuel factors change each November and May based on the projected costs of natural gas. In New Mexico, SPS has a monthly fuel and purchased power cost-recovery factor. • NSP-Minnesota operates under various service quality standards, which could require customer...

  • Page 100
    ... sales of energy or energy-related products are primarily recorded as a component of revenue; hedging transactions for fuel used in energy generation are recorded as a component of fuel costs; hedging transactions for natural gas purchased for resale are recorded as a component of natural gas costs...

  • Page 101
    ... remediation proceeds. If several designated responsible parties exist, only Xcel Energy's expected share of the cost is estimated and recorded. Any future costs of restoring sites where operation may extend indefinitely are treated as a capitalized cost of plant retirement. The depreciation expense...

  • Page 102
    ... from business operations, Xcel Energy uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, AROs, decommissioning, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost...

  • Page 103
    ... at actual cost. The cost of RECs that are retired for compliance purposes are recorded as electric fuel and purchased power expense. The net margin on sales of RECs for trading purposes is recorded as electric utility operating revenues, net of any margin sharing requirements. As a result...

  • Page 104
    ... Benefits, to expand an employer's required disclosures about plan assets of a defined benefit pension or other postretirement plan to include investment policies and strategies, major categories of plan assets, information regarding fair value measurements, and significant concentrations of credit...

  • Page 105
    ... to a split-dollar life insurance arrangement that provides a specified benefit to an employee that is limited to the employee's active service period with an employer. EITF No. 06-4 was effective for fiscal years beginning after Dec. 15, 2007, with earlier application permitted. Upon adoption of...

  • Page 106
    ...Discontinued Operations Xcel Energy classified and accounted for certain assets as held for sale at Dec. 31, 2008 and 2007. Assets held for sale are valued on an asset-by-asset basis at the lower of carrying amount or fair value less costs to sell. In applying those provisions, management considered...

  • Page 107
    ...plus a borrowing margin based on the applicable debt rating. • The commitment fees, also based on applicable debt ratings, are calculated on the unused portion of the lines of credit at 8 annual basis points for Xcel Energy, PSCo and SPS, and at 6 annual basis points for NSP-Minnesota. Xcel Energy...

  • Page 108
    ... of its capital stock. Also during the deferral period, Xcel Energy may not make any principal or interest payments on, or repay, purchase or redeem any of its debt securities that are equal in right of payment with, or subordinated to, the Junior Notes. Xcel Energy also may not make payments on any...

  • Page 109
    ... and 2008 series convertible senior notes included provisions for conversion into shares of Xcel Energy common stock at a conversion price of $12.33 per share. Conversion was at the option of the holder at any time prior to maturity. In addition, Xcel Energy was required to make additional payments...

  • Page 110
    ... in jointly owned plants and the related ownership percentages as of Dec. 31, 2008: Plant in Service Construction Accumulated Work in Depreciation Progress (Thousands of Dollars) Ownership % NSP-Minnesota Sherco Unit 3 ...Sherco Common Facilities Units 1, 2 and 3 ...Transmission facilities...

  • Page 111
    ... Colorado, Minnesota, Texas, and Wisconsin, and various other state income-based tax returns. In the first quarter of 2008, the IRS completed an examination of Xcel Energy's federal income tax returns for 2004 and 2005 (and research credits for 2003). The IRS did not propose any material adjustments...

  • Page 112
    ... related to ongoing activity, partially offset by a decrease due to the expiration of statutes of limitations. Xcel Energy's amount of unrecognized tax benefits for continuing operations could significantly change in the next 12 months as the IRS audit of 2006 and 2007 progresses and when state...

  • Page 113
    ...) in tax from: State income taxes, net of federal income tax benefit . . Life insurance policies ...Tax credits recognized, net of federal income tax expense Capital loss carry forward utilization ...Resolution of income tax audits and other ...Regulatory differences - utility plant items ...FIN 48...

  • Page 114
    ... of $20.10 per share. The shares were re-offered to the public at a price of $20.20 per share plus a commission of $0.05 per share from the purchasers. On Sept. 18, 2008, Xcel Energy issued 2,250,000 shares of common stock pursuant to the underwriters' exercise in full of their over-allotment. The...

  • Page 115
    ... percent through dividends (other than dividends payable in common stock), distributions or acquisitions of Xcel Energy common stock. In addition, NSP-Minnesota's first mortgage indenture places certain restrictions on the amount of cash dividends it can pay to Xcel Energy, the holder of its common...

  • Page 116
    ... exercise price Restricted Stock - Certain employees may elect to receive shares of common or restricted stock under the Xcel Energy Executive Annual Incentive Award Plan. Restricted stock vests and settles in equal annual installments over a three-year period. Xcel Energy reinvests dividends on...

  • Page 117
    ... of the date of grant, all associated units shall be forfeited. In January 2004, Xcel Energy granted 512,638 restricted stock units under the Xcel Energy Omnibus Incentive Plan. The grant-date market price used to calculate the TSR for this grant was $17.03. On Aug. 2, 2006, the restrictions lapsed...

  • Page 118
    ... 16,777 3,680 Compensation costs for share-based payment arrangements is included in other operating and maintenance expense in the consolidated statements of income Included in compensation cost for share-based awards are matching contributions related to the Xcel Energy 401(k) plan, which totaled...

  • Page 119
    ... 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 Assets - Plan assets principally consist of the common stock of public companies, corporate bonds and...

  • Page 120
    ... Date ...Significant Assumptions Used to Measure Benefit Obligations: Discount rate for year-end valuation ...Expected average long-term increase in compensation level ...Mortality table ... At Dec. 31, 2008, one of Xcel Energy's pension plans had plan assets of $259.9 million, which exceeded...

  • Page 121
    ... market-related value) during each of the previous five years at the rate of 20 percent per year. Xcel Energy also maintains noncontributory, defined benefit supplemental retirement income plans for certain qualifying executive personnel. Benefits for these unfunded plans are paid out of Xcel Energy...

  • Page 122
    ... prior to 1997. 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...

  • Page 123
    ... computed benefit obligation and plan assets for Xcel Energy postretirement health care plans that benefit employees of its utility subsidiaries is presented in the following table: 2008 2007 (Thousands of Dollars) Change in Benefit Obligation: Obligation at Jan. 1 ...Service cost ...Interest cost...

  • Page 124
    ... 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 contributed...

  • Page 125
    ... cash flows from changes in commodity prices. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, gas for resale, and vehicle fuel. Certain derivative instruments entered into to manage this variability are designated as cash flow...

  • Page 126
    ...Long-term purchased power agreements ...Electric and natural gas trading and hedging instruments ...Interest rate hedging instruments ...Total...Xcel Energy began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments...

  • Page 127
    ... of Xcel Energy's long-term debt is estimated based on the quoted market prices for the same or similar issues, or the current rates for debt of the same remaining maturities and credit quality. The fair value estimates presented are based on information available to management as of Dec. 31, 2008...

  • Page 128
    ... are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed by the New York Stock Exchange and commodity derivative...

  • Page 129
    ... Gas and Resource Adjustment Clauses TCR Rider - In November 2006, the MPUC approved a TCR rider pursuant to legislation, which allows annual adjustments to retail electric rates to provide recovery of incremental transmission investments between rate cases. In December 2007, NSP-Minnesota filed...

  • Page 130
    ...subject to refund, and required NSP-Minnesota to make a filing that demonstrates that there were benefits of the ASM market after one year of operation. Gas Meter Module Failures - Approximately 8,700 customers in the St. Cloud and East Grand Forks areas of Minnesota and about 4,000 customers in the...

  • Page 131
    ... are listed below: • Adjustments in depreciation expenses related to service life changes for generation plants and removal rates for transmission and distribution plant, resulting in a $2.5 million decrease in the revenue deficiency. • Sharing of wholesale margins, refunding to customers 85...

  • Page 132
    ... Regulatory Proceedings - FERC MISO Long-Term Transmission Pricing - In October 2005, MISO filed a proposed change to its TEMT to regionalize future cost recovery of certain high voltage transmission projects. The tariff, called the Regional Expansion Criteria Benefits tariff, would recover certain...

  • Page 133
    ... rate increase, and the remaining liability will be refunded to customers in 2009, after the PSCW completes its final review of 2008 actual fuel costs. Electric, Purchased Gas and Resource Adjustment Clauses MISO ASM Cost Recovery - In the Dec. 30, 2008 order in NSP-Wisconsin's 2009 electric rate...

  • Page 134
    ... NSP-Wisconsin's application to install equipment relating to combustion improvement and NOx emission controls in boilers 1 and 2 at the Bay Front power plant in Ashland, Wis. Construction began in May and was completed in the fourth quarter of 2008. The new equipment and systems are in the testing...

  • Page 135
    ... its fixed monthly service and facilities charges. The CPUC also approved the recovery of PSCo's $15 million pilot low-income assistance program through customers' service and facilities charges. The costs of this low-income program are in addition to the $32.3 million base-rate increase approved in...

  • Page 136
    ...million of traditional base rate recovery and $3.7 million of construction work in progress recovery for the Comanche 3 and Fort St. Vrain projects. The increase would be applicable to all wholesale firm service customers with the exception of Intermountain Rural Electric Cooperative, which would be...

  • Page 137
    ... Base Rate 2007 New Mexico Retail Electric Rate Case - In July 2007, SPS filed with the NMPRC requesting a New Mexico retail electric general rate increase of $17.3 million annually, or 6.6 percent. The rate filing was based on a 2006 test year adjusted for known and measurable changes and included...

  • Page 138
    ... and purchased power costs to other wholesale customers, effectively raising the fuel cost charges to complainants. Cap Rock Energy Corporation (Cap Rock), another full-requirements customer of SPS, Public Service Company of New Mexico (PNM) and Occidental Permian Ltd. and Occidental Power Marketing...

  • Page 139
    ... compared to market energy prices. Several parties, including SPS, filed requests for rehearing on the order. These requests are pending before the FERC. In July 2008, SPS submitted its compliance report to the FERC. In the report, SPS has calculated the base rate refund for the 18-month period to...

  • Page 140
    ... Xcel Energy OATT. The changed rates will affect all wholesale transmission service customers using the SPS transmission network under either the SPP Regional OATT or the Xcel Energy OATT. The proposed rates would be updated annually each July 1 based on SPS' prior year actual costs and loads plus...

  • Page 141
    ...system peak by 300 MW. New state-of-the-art emission control equipment was placed in-service for the Allen S. King plant in 2007, and the existing High Bridge facility was replaced with a 575 MW natural gas combined cycle unit, which went into service in May 2008. The final phase of the MERP program...

  • Page 142
    ... cost-of-energy rate adjustment mechanisms. At Dec. 31, 2008, the estimated future payments for capacity, accounted for as executory contracts, that the utility subsidiaries of Xcel Energy are obligated to purchase, subject to availability, are as follows: (Millions of Dollars) 2009 2010 2011...

  • Page 143
    ... estimated future payments above. Purchase power agreement operating leases contractually expire through 2033. WYCO - Xcel Energy has invested approximately $128 million as of Dec. 31 2008 for construction of WYCO's High Plains gas pipeline and the related Totem gas storage facilities. The High...

  • Page 144
    ... revised feasibility study, as well as estimates for WDNR past oversight costs, outside legal and consultant costs and work plan costs. In addition to potential liability for remediation, NSP-Wisconsin may also have liability for natural resource damages (NRD) at the Ashland site. NSP-Wisconsin has...

  • Page 145
    ...end of 2008. The EPA has drafted a proposed rule to stay the effectiveness of CAIR in Minnesota. As such, cost estimates are not included at this time for NSP-Minnesota. Purchases of NOx allowances for NSP-Wisconsin are estimated at $2.1 million in 2009. Xcel Energy believes the cost of any required...

  • Page 146
    ...S. King plans are appropriate. In light of recent significant changes in the national economy, lower forecast of energy consumption, and new information concerning an emerging technology that may be more cost effective, NSP-Minnesota filed a request with the MPUC to withdraw the plan on Nov. 6, 2008...

  • Page 147
    ... to address this concern. Maddox Station Groundwater - The New Mexico Environment Department is requiring wastewater activity at Maddox Station to be permitted. SPS is developing the engineering wastewater management facilities and submitted the permit application in July 2008. The estimated cost of...

  • Page 148
    ...in service in the fourth quarter of 2008. Xcel Energy recognized an ARO for the retirement costs of natural gas mains at NSP-Minnesota, NSP-Wisconsin and PSCo. In addition, an ARO was recognized for the removal of electric transmission and distribution equipment at NSP-Minnesota, NSP-Wisconsin, PSCo...

  • Page 149
    ...- PSCo has underground natural gas storage facilities that have special closure requirements for which the final removal date cannot be determined, therefore an ARO has not been recorded. Removal Costs - Xcel Energy accrues an obligation for plant removal costs for other generation, transmission and...

  • Page 150
    ... Electric Insurance Ltd. (NEIL). The coverage limits are $2.3 billion for each of NSP-Minnesota's two nuclear plant sites. NEIL also provides business interruption insurance coverage, including the cost of replacement power obtained during certain prolonged accidental outages of nuclear generating...

  • Page 151
    ... eight states and New York City, as well as several environmental groups, filed lawsuits in U.S. District Court in the Southern District of New York against five utilities, including Xcel Energy, to force reductions in CO2 emissions. The other utilities include American Electric Power Co., Southern...

  • Page 152
    ... sites located in Ashland, Chippewa Falls, Eau Claire and LaCrosse, Wis. In lieu of participating in discussions, in October 2003, two of NSP-Wisconsin's insurers, St. Paul Fire & Marine Insurance Co. and St. Paul Mercury Insurance Co., commenced litigation against NSP-Wisconsin in Minnesota state...

  • Page 153
    .... Any insurance proceeds received by NSP-Wisconsin will be credited to ratepayers. None of the aforementioned lawsuit settlements are expected to have a material effect on Xcel Energy's consolidated financial statements. Nuclear Waste Disposal Litigation - In 1998, NSP-Minnesota filed a complaint in...

  • Page 154
    ... lawsuit in Colorado state court against Theodore Mallon and TransFinancial Corporation seeking damages for, among other things, breach of contract and breach of fiduciary duties associated with the sale of COLI policies. In May 2008, Xcel Energy, PSCo and PSRI filed an amended complaint that, among...

  • Page 155
    ... plants. NSP-Minnesota has funded its portion of the DOE's permanent disposal program since 1981. The fuel disposal fees are based on a charge of 0.1 cent per Kwh sold to customers from nuclear generation. Fuel expense includes the DOE fuel disposal assessments of approximately $13 million in 2008...

  • Page 156
    ... in future electric and natural gas rates. Any portion of Xcel Energy's business that is not regulated cannot use SFAS No. 71 accounting. If changes in the utility industry or the business of Xcel Energy no longer allow for the application of SFAS No. 71 under GAAP, Xcel Energy would be required to...

  • Page 157
    ... Dakota, Colorado, Texas and New Mexico. In addition, this segment includes 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...

  • Page 158
    ...processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits. To report income from continuing operations for regulated electric and regulated natural gas utility segments, Xcel Energy must assign or allocate all costs and...

  • Page 159
    ... and reported within the time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the chief executive officer (CEO) and chief financial officer (CFO...

  • Page 160
    ... to this report. Item 11 - Executive Compensation Information required under this Item is set forth in Xcel Energy's Proxy Statement for its 2009 Annual Meeting of Shareholders, which is incorporated by reference. Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related...

  • Page 161
    ... 4.03 to Form 8-K (file no. 001-03034) dated Jan. 16, 2008). NSP-Minnesota 4.13* 4.14* 4.15* 4.16* 4.17* 4.18* 4.19* 4.20* 4.21* 4.22* 4.23* Supplemental and Restated Trust Indenture, dated May 1, 1988, from Northern States Power Co. (a Minnesota corporation) to Harris Trust and Savings Bank, as...

  • Page 162
    ...18, 2000, supplemental to the Indenture dated July 1, 1999, among Xcel Energy, Northern States Power Co. (a Minnesota corporation) and Wells Fargo Bank Minnesota, National Association, as Trustee. (Exhibit 4.63 to NSP-Minnesota Form 10-12G (file no. 000-31709) dated Oct. 5, 2000). Supplemental Trust...

  • Page 163
    ... to Xcel Energy Inc. Omnibus Incentive Plan effective as of Jan. 1, 2009. NSP-Minnesota 10.23* Facilities Agreement, dated July 21, 1976, between Northern States Power Co. (a Minnesota corporation) and the Manitoba Hydro-Electric Board relating to the interconnection of the 500 kilovolt (KV) line...

  • Page 164
    ...Sherburne County Generating Unit No. 3. (Exhibit 10.01 to Form 10-Q for the quarter ended Sept. 30, 1994, file no. 001-03034). Power Agreement, dated June 14, 1984, between Northern States Power Co. (a Minnesota corporation) and the Manitoba Hydro-Electric Board, extending the agreement scheduled to...

  • Page 165
    ... STATEMENTS OF XCEL ENERGY INC. Statements of Income (amounts in thousands of dollars) 2008 Year ended Dec. 31, 2007 2006 Income Equity in income of subsidiaries ...Total income ...Expenses and other deductions Operating expenses ...Other income ...Interest charges and financing costs ... $708...

  • Page 166
    ... used in investing activities ...Financing activities Proceeds from (repayment of ) short-term borrowings, net Proceeds from issuance of long-term debt ...Repayment of long-term debt ...Proceeds from issuance of common stock ...Early participation payment on debt exchange ...Dividends paid ... $ 455...

  • Page 167
    ... STATEMENTS OF XCEL ENERGY INC. Balance Sheets (amounts in thousands of dollars) 2008 2007 Assets Cash and cash equivalents ...Accounts receivable from subsidiaries ...Other current assets ...Total current assets ...Investment in subsidiaries ...Other assets ...Noncurrent assets related to...

  • Page 168
    .... The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries. Cash dividends paid to Xcel Energy by subsidiaries were $630 million, $694 million, and $759 million in the three years ended Dec. 31, 2008, respectively. See Xcel Energy Inc. notes to...

  • Page 169
    SCHEDULE II XCEL ENERGY INC. AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended Dec. 31, 2008, 2007 and 2006 (amounts in thousands of dollars) Additions Charged to Charged to costs and other expenses accounts(1) Balance at beginning of period Deductions from reserves(2) Balance at end...

  • Page 170
    ... this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. XCEL ENERGY INC. Feb. 27, 2009 By: /s/ BENJAMIN G.S. FOWKE III Benjamin G.S. Fowke III Executive Vice President and Chief Financial Officer (Principal Financial Officer) Pursuant to the requirements of...

  • Page 171
    Shareholder Information H E A D Q UA R T E R S 414 Nicollet Mall, Minneapolis, Minnesota 55401 Xcel Energy Directors C. Coney Burgess 2, 3 Chairman and President Burgess-Herring Ranch Company Chairman, Herring Bank Fredric W. Corrigan 2, 4 Retired CEO and President The Mosaic Company Richard K. ...

  • Page 172
    ... the electricity used in Mohawk's operations. 414 Nicollet Mall Minneapolis, MN 55401 xcelenergy.com © 2009 Xcel Energy Inc. 09-02-021 Xcel Energy is a registered trademark of Xcel Energy Inc. Northern States Power Company-Minnesota, Northern States Power Company-Wisconsin, Public Service Company...