Xcel Energy 2009 Annual Report Download - page 51
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We must rely on cash from our subsidiaries to make dividend payments.
We are a holding company and our investments in our subsidiaries are our primary assets. Substantially all of our
operations are conducted by our subsidiaries. Consequently, our operating cash flow and our ability to service our
indebtedness and pay dividends depends upon the operating cash flow of our subsidiaries and the payment of funds by
them to us in the form of dividends. Our subsidiaries are separate legal entities that have no obligation to pay any
amounts due pursuant to our obligations or to make any funds available for that purpose or for dividends on our
common stock, whether by dividends or otherwise. In addition, each subsidiary’s ability to pay dividends to us depends
on any statutory and/or contractual restrictions that may be applicable to such subsidiary, which may include
requirements to maintain minimum levels of equity ratios, working capital or assets. Also, our utility subsidiaries are
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 meet our financial obligations could be adversely affected.
Item 1B — Unresolved Staff Comments
None.
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