Xcel Energy 2008 Annual Report Download - page 90

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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, 2008 and 2007, 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, 2008. 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, 2008 and 2007, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2008, 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 8 to the 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.
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, 2008, 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 27, 2009 expressed an unqualified opinion
on the Company’s internal control over financial reporting.
/s/ DELOITTE & TOUCHE LLP
Minneapolis, Minnesota
February 27, 2009
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