Xcel Energy 2010 Annual Report Download

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ANNUAL REPORT 2010

Table of contents

  • Page 1
    A N NUA L REP ORT 2010

  • Page 2
    ... 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 customers. FINANCIAL HIGHLIGHTS 2010 Ongoing earnings per share Total GAAP earnings...

  • Page 3
    ... health. Standard & Poor's upgraded our credit ratings in 2010, and we were able to issue $1.9 billion of securities at attractive rates. That made our purchase of two Colorado natural gas plants from Calpine Corporation a particularly wise move. Not only were we able to finance the acquisition...

  • Page 4

  • Page 5
    ... to complete major projects on time, on budget and safely, which are hallmarks of operational excellence. We also operate our existing assets well. Xcel Energy employee Sarah Robinson, pictured above, was the project manager of an effort to reinforce natural gas pipeline in Colorado. B U I LT...

  • Page 6

  • Page 7
    ... to provide our customers with reliable, reasonably priced energy. Our emission-reduction proposal in Colorado is a good example. The plan responds to Colorado's Clean Air-Clean Jobs Act, which the state passed in anticipation of federal clean air regulations. We supported the legislation, which...

  • Page 8

  • Page 9
    ... the communities we serve is fundamental to our own success. We contribute to their well-being through grants to nonprofit organizations as well as the volunteer time and energy of our employees and retirees. In 2010, Xcel Energy distributed $4.2 million in focus area grants to promote job training...

  • Page 10
    .... Sincerely, Richard C. Kelly Chairman and CEO Ben Fowke President and COO Lasting value Xcel Energy's Jerome Davis, regional vice president in Colorado, is one of many employees who help the company build strong relationships with the community. Moving forward, we will rely on the qualities that...

  • Page 11
    ...(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-3034 Xcel Energy Inc. (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation or organization) 414 Nicollet Mall Minneapolis, MN 55401 (Address of principal executive offices...

  • Page 12
    ... Business ...DEFINITION OF ABBREVIATIONS AND INDUSTRY TERMS ...COMPANY OVERVIEW ...ELECTRIC UTILITY OPERATIONS ...Electric Utility Trends ...NSP-Minnesota ...NSP-Wisconsin ...PSCo ...SPS ...Electric Operating Statistics ...NATURAL GAS UTILITY OPERATIONS ...Natural Gas Utility Trends ...NSP-Minnesota...

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

  • Page 14
    ... the operation of nuclear power plants. Colorado Office of Consumer Counsel Office of Energy Security, Minnesota Department of Commerce. Occupational Safety and Health Administration Public Service Commission of Wisconsin. The state agency that regulates the retail rates, services, securities...

  • Page 15
    ... Renewable energy standard adjustment Steam cost adjustment. Allows PSCo to recover the difference between its actual cost of fuel and the amount of these costs recovered under its base steam service rates. The SCA is revised annually to coincide with changes in fuel costs. State Energy Policy...

  • Page 16
    ... by direct assignment or by allocation, with providing service to the utility customer. Notice of proposed rulemaking Nitrogen oxide Nuclear Energy Institute Operating and maintenance Other comprehensive income Performance-based regulatory plan. An annual electric earnings test, an electric quality...

  • Page 17
    ... Insurance Company Potentially responsible party Performance share plan Public Utility Regulatory Policies Act of 1978 Photovoltaic The investor-owned plant facilities for generation, transmission and distribution and other assets used in supplying utility service to the consumer. Renewable energy...

  • Page 18
    ..., an interstate natural gas pipeline company, these companies comprise the continuing regulated utility operations. Xcel Energy was incorporated under the laws of Minnesota in 1909. Xcel Energy's executive offices are located at 414 Nicollet Mall, Minneapolis, Minn. 55401. Its website address is www...

  • Page 19
    ...'s retail electric operating revenues were derived from operations in Colorado during 2010. Generally, PSCo's earnings contribute approximately 45 percent to 55 percent of Xcel Energy's consolidated net income. PSCo owns the following direct subsidiaries: 1480 Welton, Inc. and United Water Company...

  • Page 20
    ... constructed and placed in service. Alternative Energy Options - Xcel Energy's industrial and large commercial customers have the ability to own or operate facilities to generate their own electricity. In addition, customers may have the option of substituting other fuels, such as natural gas, steam...

  • Page 21
    ...the costs of offering a low-income customer co-pay program designed to reduce natural gas service disconnections. MCR - The MCR recovers costs related to reducing Mercury emissions at two NSP-Minnesota fossil fuel power plants. RDF - The RDF allocates money collected from retail customers to support...

  • Page 22
    ...life extensions and capacity increases at NSP-Minnesota's nuclear generating plants, the near term actions in the plan include continued expansion of demand side management programs up to 1.5 percent of sales annually, the acquisition of up to 250 MW of additional wind power to be in service by 2012...

  • Page 23
    ... a future natural gas rate case. ARCs - In 2009, the FERC adopted rules requiring MISO and other RTOs to allow ARCs to offer demand response aggregation services to end-use customers unless the relevant state regulatory agency prohibited the operation of ARCs. Under MISO's proposed tariff revisions...

  • Page 24
    ... remove spent nuclear fuel from all domestic reactor sites. Nuclear Plant Power Uprates and Life Extension Monticello Life Extension - In 2006, the NRC renewed Monticello's operating license 20 years or until 2030. Prairie Island Life Extension - In 2008, NSP-Minnesota filed an application with the...

  • Page 25
    ... costs. Fuel Sources Coal - The NSP System normally maintains approximately 40 days of coal inventory at each plant site. Coal supply inventories at Dec. 31, 2010 and 2009 were approximately 39 and 43 days usage, respectively. NSP-Minnesota's generation stations use lowsulfur western coal purchased...

  • Page 26
    ... the state commissions certifies the need for new generating plants and electric transmission lines before the facilities may be sited and built. NSPWisconsin is subject to the jurisdiction of the FERC with respect to its wholesale electric operations, hydroelectric generation licensing, accounting...

  • Page 27
    ... electricity sales at market-based prices (see Summary of Recent Federal Regulatory Developments - Market-Based Rate Rules discussion); however, PSCo withdrew its market-based rate authority with respect to sales in its own and affiliated operating company control areas. Fuel, Purchased Energy...

  • Page 28
    ... the summer. The 2010 uninterrupted system peak demand for PSCo occurred on July 14, 2010. 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...

  • Page 29
    ... rate filing is pending and allows for multi-year rate plans. In December 2010, the CPUC approved the following Shutdown Cherokee Units 1 and 2 in 2011 and Cherokee Unit 3 (365 MW in total) by the end of 2015, after a new natural gas combined-cycle unit is built at Cherokee Station (569 MW); Fuel...

  • Page 30
    ... the next seven years. The rate impact of the proposed plan is expected to increase future bills on average by 2 percent annually. San Luis Valley-Calumet-Comanche Unit 3 Transmission Project - In May 2009, PSCo and Tri-State Generation and Transmission Association filed a joint application with the...

  • Page 31
    ... natural gas transactions in interstate commerce. SPS has received authorization from the FERC to make wholesale electric sales at marketbased prices (see Summary of Recent Federal Regulatory Developments - Market-Based Rate Rules discussion). Fuel, Purchased Energy and Conservation Cost-Recovery...

  • Page 32
    ... in the state. Parties can appeal the application of the rule to SPS when SPS files for the rider in the spring of 2011. Jones CCN - In August 2010, the PUCT approved SPS' request for a CCN to build a gas-fired combustion turbine generating unit at SPS' existing Jones Station in Lubbock, Texas. The...

  • Page 33
    ... new third gas turbine to its Jones Plant site in Lubbock, Texas. SPS received CCN approvals from the PUCT and NMPRC for the turbine which will become operational in June 2011. This generating unit will add 168 MW of capacity to the SPS service territory. SPS also executed a purchase power agreement...

  • Page 34
    ... million. Wholesale Commodity Marketing Operations SPS conducts various wholesale marketing operations, including the purchase and sale of electric capacity, energy and energy related products. SPS uses physical and financial instruments to minimize commodity price and credit risk and hedge supplies...

  • Page 35
    ... turn over the functional control of their electric transmission assets for the sale of electric transmission services to an RTO. NSP-Minnesota and NSP-Wisconsin are members of the MISO RTO. SPS is a member of the SPP RTO. Each RTO separately files regional transmission tariff rates for approval by...

  • Page 36
    ..., commenced a non-public investigation of the transmission service arrangements across the Lamar Tie Line, a transmission facility that connects PSCo and SPS. In July 2008, the DOI issued a preliminary report alleging Xcel Energy violated certain FERC policies, rules and approved tariffs, that could...

  • Page 37
    ..., Chisago, Minn. to Apple River, Wis. and CapX2020 transmission projects. The incentives are recovered through MISO transmission rates. In December 2010, the FERC notified NSP-Minnesota and NSP-Wisconsin that the FERC audit division is beginning an audit of their compliance with the FERC's rules and...

  • Page 38
    Electric Operating Statistics 2010 Year Ended Dec. 31, 2009 2008 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 of period Residential ...Commercial and ...

  • Page 39
    ... natural gas revenue on conservation improvement programs in the state of Minnesota. These costs were recovered from Minnesota customers through an annual cost-recovery mechanism for natural gas conservation and energy management program expenditures. In 2010, this law changed to an energy savings...

  • Page 40
    ... cold winter 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 2010-2011 supply plan was approved by the PSCW in October 2010. Natural Gas Supply and Costs NSP-Wisconsin...

  • Page 41
    ... day. The balance of the quantities required to meet firm peak day sales obligations are primarily purchased at PSCo's city gate meter stations and a small amount is received directly from wellhead sources. PSCo is required by CPUC regulations to file a natural gas purchase plan by June of each year...

  • Page 42
    ...2010, PSCo purchased natural gas from approximately 41 suppliers. SPS Natural Gas Facilities Used for Electric Generation SPS does not provide natural gas service at retail, but purchases and transports natural gas for certain of its generation facilities and operates natural gas pipeline facilities...

  • Page 43
    ... employees covered under a collective-bargaining agreement, which expires in October 2011. 2010 2009 â- â- NSP-Minnesota ...NSP-Wisconsin ...PSCo ...SPS ...Xcel Energy Services Inc...Total ...EXECUTIVE OFFICERS 3,689 559 2,823 1,192 3,027 11,290 3,763 561 2,791 1,186 3,050 11,351 Richard...

  • Page 44
    ...; Vice President and Assistant Controller, March 2005 to June 2007, Xcel Energy Services Inc. and Vice President and Controller Energy Markets Business Unit, Xcel Energy Services Inc., February 2004 to February 2005. Judy M. Poferl, 50, President, Director and Chief Executive Officer, NSP-Minnesota...

  • Page 45
    ... corporate areas such as internal audit, the corporate controller and legal services. While Xcel Energy has developed a number of formal structures for risk management, many material risks affect the business as a whole and are managed across business areas. Xcel Energy management also communicates...

  • Page 46
    ... 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, the sale of electric energy in interstate commerce and certain natural gas...

  • Page 47
    ... differing methodologies or change in the methodologies used by the various rating agencies. For example, Standard & Poor's calculates an imputed debt associated with capacity payments from purchase power contracts. An increase in the overall level of capacity payments would increase the amount of...

  • Page 48
    ... affect our results of operations. Our self-insured costs of health care benefits for eligible employees and costs for retiree health care plans have increased substantially in recent years. Increasing levels of large individual health care claims and overall health care claims could have an adverse...

  • Page 49
    ... operating conditions such as generation fuels mix, availability of water for cooling, availability of fuel transportation, electric generation capacity, transmission, etc. Our subsidiary, NSP-Minnesota, is subject to the risks of nuclear generation. NSP-Minnesota's two nuclear stations, Prairie...

  • Page 50
    ... of operations. For our natural gas transmission or distribution lines located near populated areas, including residential areas, commercial business centers, industrial sites and other public gathering areas, the level of potential damages resulting from these risks is greater. Public Policy Risks...

  • Page 51
    ... adverse effect on our business. While we have already incurred increased costs for security and capital expenditures in response to these risks, we may experience additional capital and operating costs to implement security for our plants, including our nuclear power plants under the NRC's design...

  • Page 52
    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, we face...

  • Page 53
    ... Generating Stations: NSP-Minnesota Summer 2010 Net Dependable Capability (MW) Station, Location and Unit Fuel Installed Steam: A.S. King-Bayport, Minn...Sherco-Becker, Minn. Unit 1 ...Unit 2 ...Unit 3 ...Monticello-Monticello, Minn...Prairie Island-Welch, Minn. Unit 1 ...Unit 2 ...Black Dog...

  • Page 54
    ... Storage, 2 Units ...Various locations, 9 Units ...Wind: Ponnequin-Weld County, Colo...Diesel: Cherokee-Denver, Colo., 2 Units...(a) (b) (c) (d) (e) Coal Coal Coal Coal Coal Coal Coal Coal Natural Gas Natural Gas Natural Gas Natural Gas Hydro Hydro Wind Diesel 1951-1955 1957-1968 1973-2010 1979...

  • Page 55
    ...- - 11,365 21,130 Electric utility transmission and distribution substations at Dec. 31, 2010: NSP-Minnesota NSP-Wisconsin PSCo SPS Quantity ...Natural gas utility mains at Dec. 31, 2010: Miles 369 204 222 421 NSP-Minnesota NSP-Wisconsin PSCo WGI Transmission ...Distribution ... 135 9,586...

  • Page 56
    ... 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 on the NYSE Composite Transactions for the quarters of 2010 and 2009 and the dividends declared per share during...

  • Page 57
    ...of Xcel Energy's dividend policy. The following compares our cumulative TSR on common stock with the cumulative total return of the EEI Investor-Owned Electrics Index and the Standard & Poor's 500 Composite Stock Price Index over the last five fiscal years (assuming a $100 investment in each vehicle...

  • Page 58
    ... year ended Dec. 31, 2010: Issuer Purchases of Equity Securities Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs Period Total Number of Share Purchases Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly...

  • Page 59
    ... Operations Xcel Energy is a public utility holding company. In 2010, Xcel Energy's continuing operations included the activity of four utility subsidiaries that serve electric and natural gas customers in eight states. These utility subsidiaries are NSP-Minnesota, NSPWisconsin, PSCo and SPS...

  • Page 60
    ... utility companies operating in Minnesota, Colorado, and New Mexico use a carbon proxy cost mandated by the state commissions as part of its evaluation of the impact of potential GHG regulation on its future resource acquisition plans. Xcel Energy publishes a Corporate Responsibility Report annually...

  • Page 61
    ... tested the use of solar thermal energy to supplement a coal plant steam cycle and reduce the plant's fuel consumption and emissions. Hydro provides 4 percent of Xcel Energy's electric generation. Xcel Energy operates 27 hydroelectric power plants in Wisconsin, Minnesota and Colorado, which can...

  • Page 62
    ...our customer energy efficiency and conservation programs; Retire and replace several existing coal-fired electric generation facilities with natural gas or combined-cycle generation units at PSCo and NSP-Minnesota; Install several SCRs for controlling NOx emissions and a scrubber for controlling SO2...

  • Page 63
    ... include corporate center services as well as certain operational functions, such as management of the generation fleet, transmission systems, environmental compliance, government and legislative compliance, NERC and FERC compliance and safety programs. At the same time, Xcel Energy realizes...

  • Page 64
    ...Minnesota, Colorado, Texas, New Mexico and Wisconsin, which were partially mitigated by the negative impact of weather, lower sales and higher purchase capacity power costs. Offsetting stronger electric margins were higher operating and maintenance expenses, resulting from increased employee benefit...

  • Page 65
    ... share for 2009. The 2009 increase was primarily due to electric rate increases in Texas (effective in February 2009) and New Mexico (effective in July 2009) and the 2008 resolution of certain fuel cost allocation issues, which were partially offset by higher purchased capacity costs. NSP-Wisconsin...

  • Page 66
    ...2009 ongoing diluted earnings per share ...Components of change - 2010 vs. 2009 Higher electric margins ...Higher natural gas margins ...Higher operating and maintenance expenses ...Higher conservation and DSM expenses (partially offset in revenues) ...Higher depreciation and amortization ...Lower...

  • Page 67
    ...Xcel Energy's business segments on the basis of GAAP. Contributions to Income (Millions of Dollars) 2010 2009 2008 GAAP income (loss) by segment Regulated electric income ...Regulated natural gas income ...Other income (a) ...Segment income - continuing operations ...Holding company and other costs...

  • Page 68
    ... energy sales for the years ended Dec. 31, compared with the previous year. Dec. 31, 2010 Weather Normalized Weather Normalized Lubbock (a) Dec. 31, 2009 Weather Normalized Actual Actual Electric residential ...Electric commercial and industrial ...Total retail electric sales ...Firm natural gas...

  • Page 69
    ... higher fuel and purchased power costs, retail rate increases in Colorado, Wisconsin, South Dakota and New Mexico, higher conservation revenue and incentives and warmer than normal summer weather, primarily at NSP-Minnesota. Electric Margin (Millions of Dollars) 2010 vs. 2009 Retail rate increases...

  • Page 70
    ...due to electric rate increases in Colorado, Minnesota, Texas, New Mexico and Wisconsin, higher conservation and DSM revenue and non-fuel riders. This was partially offset by higher purchase capacity costs and a negative impact of weather. Natural Gas Revenues and Margin The cost of natural gas tends...

  • Page 71
    ... conservation and DSM rates in 2010. Natural Gas Revenues (Millions of Dollars) 2009 vs. 2008 Purchased natural gas adjustment clause recovery ...Estimated impact of weather ...Conservation and DSM revenue and incentive ...Other (including sales mix), net ...Total decrease in natural gas revenues...

  • Page 72
    ... and base rates. Overall, the programs are designed to encourage the operating companies and their retail customers to conserve energy or change energy usage patterns in order to reduce peak demand on the gas or electric system. This, in turn, reduces the need for additional plant capacity, reduces...

  • Page 73
    ... the High Plains natural gas pipeline, located in Colorado, which commenced operations in late 2008 as well as a gas storage facility that began operations in mid-2009. AFUDC - AFUDC decreased by approximately $30.7 million, for 2010 compared with 2009. The decrease is partially due to Comanche Unit...

  • Page 74
    ... the sale of property. Factors Affecting Results 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...

  • Page 75
    ... operations. Xcel Energy expects to periodically file for rate changes based on changing energy market and general economic conditions. The electric and natural gas rates charged to customers of Xcel Energy's utility subsidiaries are approved by the FERC and the regulatory commissions in the states...

  • Page 76
    ... to reduce emissions of generating plants in Minnesota and Colorado. See Note 14 to the consolidated financial statements for further discussion of Xcel Energy's environmental contingencies. Air Emissions Xcel Energy's operations are subject to the CAA and similar state laws and regulations. These...

  • Page 77
    ... a significant effect on the operation of the business and on the results reported even if the nature of the accounting policies applied have not changed. The following is a list of accounting policies that are most critical to the portrayal of Xcel Energy's financial condition and results, and that...

  • Page 78
    Employee Benefits Xcel Energy's pension costs are based on an actuarial calculation that includes a number of key assumptions, most notably the annual return level that pension investment assets will earn in the future and the interest rate used to discount future pension benefit payments to a ...

  • Page 79
    ...2009 and 2010, respectively, to the postretirement health care plans. Xcel Energy expects to contribute approximately $40.5 million during 2011. Xcel Energy recovers employee benefits costs in its regulated utility operations consistent with accounting guidance with the exception of the areas noted...

  • Page 80
    ... nuclear fuel. NSP-Minnesota has funded its portion of the DOE's permanent disposal program since 1981. The spent fuel storage assumptions have a significant influence on the decommissioning cost estimate. The manner in which spent nuclear fuel is managed and the assumptions used to develop cost...

  • Page 81
    ... to commodity price risk in 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...

  • Page 82
    ... and obligations over a particular period of time under normal market conditions. The VaRs for the NSP-Minnesota and PSCo commodity trading operations, calculated on a consolidated basis using a Monte Carlo simulation with a 95 percent confidence level and a one-day holding period, were as follows...

  • Page 83
    ..., accounts payable and inventory as a result of natural gas prices and an increase in plant-related deferred income taxes. The increase was partially offset by increased pension contributions made in 2009 and higher AFUDC due primarily to the construction of Comanche Unit 3, a power facility located...

  • Page 84
    ... in investing activities increased by $1.1 billion during 2010, primarily due to the acquisition of two natural-gas fired generation facilities and increased investment in utility operations primarily at PSCo, including the completion of Comanche Unit 3. Cash used in investing activities decreased...

  • Page 85
    ..., the availability of purchased power, alternative plans for meeting Xcel Energy's long-term energy needs, compliance with future environmental requirements and RPS to install emission-control equipment, and merger, acquisition and divestiture opportunities to support corporate strategies may impact...

  • Page 86
    ... 2011 2010 Pension Assumptions Discount rate ...Expected long-term rate of return ... 5.50% 7.50 6.00% 7.79 Long-Term Contracts - In response to the CACJA passed in Colorado, PSCo entered into a 10-year physical gas supply contract from January 2012 through 2021 for gas-fired generation. Pricing...

  • Page 87
    ... timing of short-term funding needs depend in large part on financing needs for construction expenditures, working capital and dividend payments. Short-Term Investments - Xcel Energy, NSP-Minnesota, NSP-Wisconsin, PSCo and SPS maintain cash operating accounts with Wells Fargo Bank. At Dec. 31, 2010...

  • Page 88
    ... shares of common equity and receiving cash proceeds of $449.8 million. The price used to determine cash proceeds was calculated based on the August 2010 public offering price of Xcel Energy's common stock, adjusted for underwriting fees, as well as a daily adjustment based on the federal funds rate...

  • Page 89
    ...of equity through the Dividend Reinvestment Program and various benefit programs in 2011. Financing plans are subject to change, depending on capital expenditures, internal cash generation, market conditions and other factors. Off-Balance-Sheet Arrangements Xcel Energy does not have any off-balance...

  • Page 90
    .... 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 and Chief Executive Officer February 28, 2011 /S/ DAVID M. SPARBY David M. Sparby Vice President...

  • Page 91
    ... 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 92
    ...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 Board (United...

  • Page 93
    ... OF INCOME (amounts in thousands, except per share data) 2010 Year Ended Dec. 31 2009 2008 Operating revenues Electric ...Natural gas...Other ...Total operating revenues ...Operating expenses Electric fuel and purchased power...Cost of natural gas sold and transported ...Cost of sales - other...

  • Page 94
    ... activities: Depreciation and amortization ...Conservation and demand side management program amortization ...Nuclear fuel amortization ...Deferred income taxes ...Amortization of investment tax credits ...Allowance for equity funds used during construction ...Equity earnings of unconsolidated...

  • Page 95
    ... credits and other liabilities Deferred income taxes ...Deferred investment tax credits ...Regulatory liabilities ...Asset retirement obligations ...Derivative instruments ...Customer advances ...Pension and employee benefit obligations ...Other ...Total deferred credits and other liabilities...

  • Page 96
    ... Income (Loss) Total Common Stockholders' Equity Shares Par Value Balance at Dec. 31, 2007 ...Adoption of new accounting guidance for endorsement split-dollar life insurance, net of tax of $(1,038) ...Net income...Changes in unrecognized amounts of pension and retiree medical benefits...

  • Page 97
    ... Senior F Notes, due Oct. 1, 2036, 6% ...Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2011, 5.2% ...July 1, 2016, 8.5% ...Sept. 1, 2016, 5.75% ...Unamortized discount ...Total...Less current maturities ...Total SPS long-term debt ... $ $ - 450,000 250,000...

  • Page 98
    ... discount ...Total ...Less current maturities (including elimination of PSCo capital lease obligation) ...Total Xcel Energy Inc. long-term debt ...Total long-term debt ...Preferred Stockholders' Equity Preferred Stock - authorized 7,000,000 shares of $100 par value; outstanding shares: 2010...

  • Page 99
    .... NSP-Minnesota's rates include a CIP rider for cost recovery of conservation and energy management program costs as well as recovery of a financial incentive for meeting energy savings goals. NSP-Minnesota operates under various service quality standards, which could require customer refunds if...

  • Page 100
    ...part of SPS' retail electric rates. The Texas retail fuel factors can change up to three times per year based on the projected costs of natural gas. In January 2010, the PUCT approved recovery of certain transmission investments and other transmission costs through the TCRF rider. In New Mexico, the...

  • Page 101
    ... sales designation. See Note 11 to the consolidated financial statements for further discussion of Xcel Energy's risk management and derivative activities. Property, Plant and Equipment and Depreciation - Property, plant and equipment is stated at original cost. The cost of plant includes direct...

  • Page 102
    ... are included in Xcel Energy's rate base for establishing utility service rates. In addition to construction-related amounts, AFUDC also is recorded to reflect returns on capital used to finance conservation programs in Minnesota. Generally, AFUDC costs are recovered from customers as the related...

  • Page 103
    ... designated responsible parties exist, costs are estimated and recorded only for Xcel Energy's share of the cost. Any future costs of restoring sites where operation may extend indefinitely are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates...

  • Page 104
    ... PSCo, SPS and NSP-Minnesota, DSM and CIP program costs are recovered through a combination of base rate revenue and rider mechanisms. The revenue billed to customers recovers incurred costs for conservation programs and also incentive amounts that are designed to encourage Xcel Energy's achievement...

  • Page 105
    ... is 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 of state regulatory orders, Xcel Energy reduces recoverable fuel costs for the value...

  • Page 106
    ... and supplies ...Fuel ...Natural gas...Property, plant and equipment, net Electric plant ...Natural gas plant ...Common and other property ...Plant to be retired (a) ...Construction work in progress ...Total property, plant and equipment ...Less accumulated depreciation ...Nuclear fuel ...Less...

  • Page 107
    ... fees, also based on applicable long-term credit ratings, are calculated on the unused portion of the lines of credit at 8 basis points per year for Xcel Energy and SPS and at 6 basis points per year for NSP-Minnesota and PSCo. At Dec. 31, 2010, the credit facilities were used to provide backup for...

  • Page 108
    ...2011...2012...2013...2014...2015...Xcel Energy $ 55 1,059 259 282 257 In May 2010, Xcel Energy issued $550 million of 4.70 percent unsecured senior notes, due May 15, 2020. Xcel Energy added the net proceeds from the sale of the notes to its general funds and used the proceeds to repay commercial...

  • Page 109
    ... 860 MW, coal-fueled electric generating unit. NSP-Minnesota is the operating agent under the joint ownership agreement. NSP-Minnesota's share of operating expenses and construction expenditures are included in the applicable utility accounts. CapX2020 is a joint initiative of 11 transmission-owning...

  • Page 110
    ... and 2009. State Audits - Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions of Colorado, Minnesota, Texas, and Wisconsin, and various other state income-based tax returns. As of Dec. 31, 2010, Xcel Energy's earliest open tax years that are subject...

  • Page 111
    ... law in a court ruling issued to an unrelated taxpayer, coupled with the completion of the state of Minnesota review of tax years 2002 through 2007. Xcel Energy' s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS audit progresses and state audits resume...

  • Page 112
    ... - utility plant items ...Resolution of income tax audits and other ...Change in unrecognized tax benefits ...Life insurance policies ...Previously recognized Medicare Part D subsidies ...Other, net ...Effective income tax rate from continuing operations ...The components of Xcel Energy's income tax...

  • Page 113
    ... proceeds of $449.8 million. The forward price used to determine cash proceeds was calculated based on the August 2010 public offering price of Xcel Energy's common stock, adjusted for underwriting fees, as well as a daily adjustment based on the federal funds rate less a spread of 0.50 percent, and...

  • Page 114
    ... 2010. The issuance of securities by Xcel Energy generally is not subject to regulatory approval. However, utility financings and certain intra-system financings are subject to the jurisdiction of the applicable state regulatory commissions and/or the FERC under the Federal Power Act PSCo currently...

  • Page 115
    ... a commercial paper program authorized for $150 million and enter into a back-up credit facility. Subsequently, NSP-Wisconsin's intercompany borrowing arrangement with NSP-Minnesota will be terminated. 8. Share-Based Compensation Stock Options - Xcel Energy has incentive compensation plans under...

  • Page 116
    ... for COLI for grant years prior to 2008). Additionally, Xcel Energy's annual dividend paid on its common stock must remain at a specified amount per share or greater. EPS growth will be measured annually at the end of each fiscal year. The remaining awarded units, plus associated earned dividend...

  • Page 117
    ... units and granted based on the number of stock equivalent units held by each participant as of the dividend date. The stock equivalent units are payable as a distribution of Xcel Energy's common stock upon a director's termination of service. The stock equivalent units granted for the years...

  • Page 118
    ...1 are highly liquid and actively traded instruments with quoted prices, such as common stocks listed by the New York Stock Exchange. Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets...

  • Page 119
    Pension Benefits Xcel Energy has several noncontributory, defined benefit pension plans that cover almost all employees. Benefits are based on a combination of years of service, the employee's average pay and social security benefits. Xcel Energy's policy is to fully fund into an external trust the ...

  • Page 120
    ... (Thousands of Dollars) Level 1 Dec. 31, 2010 Level 2 Level 3 Total Cash equivalents ...Short-term investments...Derivatives...Government securities ...Corporate bonds ...Asset-backed securities ...Mortgage-backed securities...Common stock ...Private equity investments ...Commingled equity and bond...

  • Page 121
    ...and other calculations prescribed by the funding requirements of income tax and other pension-related regulations. These regulations did not require cash funding for 2008 through 2010 for Xcel Energy's pension plans and are not expected to require cash funding in 2011. Xcel Energy made total pension...

  • Page 122
    ... retirement income plans for certain qualifying executive personnel. Benefits for these unfunded plans are paid out of Xcel Energy's operating cash flows. Defined Contribution Plans Xcel Energy maintains 401(k) and other defined contribution plans that cover substantially all employees. Total...

  • Page 123
    .... Plan Assets - Certain state agencies that regulate Xcel Energy's utility subsidiaries also have issued guidelines related to the funding of postretirement benefit costs. SPS is required to fund postretirement benefit costs for Texas and New Mexico jurisdictional amounts collected in rates and PSCo...

  • Page 124
    ... 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: (Thousands of Dollars) 2010 2009 Change in Projected Benefit Obligation: Obligation at Jan. 1 ...Service cost ...Interest cost...

  • Page 125
    ... health care plans have no funding requirements under income tax and other 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...

  • Page 126
    ...rates, utility commodity prices and vehicle fuel prices, as well as variances in forecasted weather. Short-Term Wholesale and Commodity Trading Risk - Xcel Energy's utility subsidiaries conduct various short-term wholesale and commodity trading activities, including the purchase and sale of electric...

  • Page 127
    ... from changes in commodity prices in their electric and natural gas operations, as well as for trading purposes. 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. At Dec. 31, 2010, Xcel Energy had...

  • Page 128
    ... to electric fuel and purchased power; these derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. Recorded to cost of natural gas sold...

  • Page 129
    ... assets Derivatives designated as cash flow hedges: Vehicle fuel and other commodity ...Other derivative instruments: Trading commodity ...Electric commodity ...Natural gas commodity ...Total current derivative assets ...Purchased power agreements (b) ...Current derivative instruments ...Noncurrent...

  • Page 130
    ......Asset-backed securities ...Mortgage-backed securities . . Equity securities: Common stock ...Total ...Current derivative liabilities Other derivative instruments: Trading commodity ...Electric commodity ...Natural gas commodity ...Total current derivative liabilities ...Purchased power agreements...

  • Page 131
    ... instruments: Trading commodity ...Electric commodity ...Natural gas commodity ...Total current derivative assets ...Purchased power agreements (b) ...Current derivative instruments ...Noncurrent derivative assets Derivatives designated as cash flow hedges: Vehicle fuel and other commodity ...Other...

  • Page 132
    ... designated as cash flow hedges: Vehicle fuel and other commodity . . Other derivative instruments: Trading commodity ...Electric commodity ...Natural gas commodity ...Other commodity ...Total current derivative liabilities ...Purchased power agreements (b) ...Current derivative instruments...

  • Page 133
    ... recorded at cost plus accrued interest to approximate fair value. Changes in the observed trading prices and liquidity of cash equivalents, including money market funds, are also monitored as additional support for determining fair value. Equity securities are valued using quoted prices in active...

  • Page 134
    ... customer loans for the Farm Rewiring Program (e) SPS Xcel Energy Xcel Energy Xcel Energy Xcel Energy NSP-Wisconsin Xcel Energy $ 87.0 17.5 14.7 12.5 10.0 1.0 $ 17.5 - - - 0.5 (c) (c) (c) (c) (e) (b) (c) ... Combination of guarantees benefiting various Xcel Energy subsidiaries (h) ...Total...

  • Page 135
    ... - MPUC Base Rate NSP-Minnesota Electric Rate Case - In November 2010, NSP-Minnesota filed a request with the MPUC to increase annual electric rates in Minnesota for 2011 by approximately $150 million, or an increase of 5.62 percent. The rate filing is based on a 2011 forecast test year and included...

  • Page 136
    ... - NDPSC NSP-Minnesota North Dakota Electric Rate Case - In December 2010, NSP-Minnesota filed a request with the NDPSC to increase 2011 electric rates in North Dakota by approximately $19.8 million, or an increase of 12 percent. The rate filing is based on a 2011 forecast test year and includes...

  • Page 137
    ... and aging infrastructure costs through a pipeline integrity rider. Electric, Purchased Gas and Resource Adjustment Clauses TCA Rider - In November 2010, PSCo filed its annual TCA rider, to adjust the amounts recovered in the rider based on updated plant balances. The filing increased rates by...

  • Page 138
    ... and purchased power costs for calendar years 2008 and 2009. As of Dec. 31, 2009, SPS had a fuel cost under-recovery of approximately $3.3 million. In November 2010, SPS filed an update to the cost of service to reflect the impact on Texas retail rates, primarily resulting from its sale of Lubbock...

  • Page 139
    ... SPS, filed a rate complaint with the FERC alleging that SPS' rates for wholesale service were excessive and that SPS had incorrectly calculated monthly fuel cost adjustment charges to such customers (the complaint). Cap Rock, another full-requirements customer of SPS, Public Service Company of New...

  • Page 140
    ... PSCW rate case process. Black Dog Repowering - NSP-Minnesota is proposing construction over the next five years to repower the Black Dog plant in Burnsville, Minn. The $585 million project will replace the remaining coal-fired units and install approximately 680 MW of natural gas generation in...

  • Page 141
    ... of Xcel Energy have entered into agreements with other utilities and energy suppliers for purchased power to meet system load and energy requirements, replace generation from company-owned units under maintenance or during outages, and meet operating reserve obligations. NSP-Minnesota, PSCo and SPS...

  • Page 142
    ... SPS does not have the power to direct the activities that most significantly impact TUCO's economic performance. Low-Income Housing Limited Partnerships - Eloigne and NSP-Wisconsin have entered into limited partnerships for the construction and operation of affordable rental housing developments...

  • Page 143
    ...The remainder of the leases, primarily for office space, railcars, generating facilities, trucks, aircraft, cars and power-operated equipment, are accounted for as operating leases. Total expenses under operating lease obligations for Xcel Energy and its subsidiaries was approximately $197.4 million...

  • Page 144
    ...through the rate regulatory process. To the extent any costs are not recovered through the options listed above, Xcel Energy would be required to recognize an expense. Site Remediation - The Comprehensive Environmental Response, Compensation and Liability Act of 1980 and comparable state laws impose...

  • Page 145
    ... as power plants. These regulations became applicable in 2011. In December 2010, the EPA announced a settlement with several states and environmental groups to begin preparing regulations of emissions from both new and existing steam electric generating units, such as coal-fired power plants, under...

  • Page 146
    ...rules. The EPA has agreed to finalize MACT emission standards for all hazardous air pollutants from electric utility steam generating units by November 2011 to replace the CAMR. Xcel Energy anticipates that the EPA will require affected facilities to demonstrate compliance within three to five years...

  • Page 147
    ...impacted. Xcel Energy submitted comments to the EPA on Nov. 19, 2010 indicating its support of the development of regulations to manage coal ash as a nonhazardous waste. The timing, scope and potential cost of any final rule that might be implemented are not determinable at this time. PSCo Notice of...

  • Page 148
    ... for NSP-Minnesota and PSCo steam production plant related to radiation sources in equipment used to monitor the flow of coal, lime and other materials through feeders. Xcel Energy recognized an ARO for the retirement costs of natural gas mains at NSP-Minnesota, NSP-Wisconsin and PSCo. In addition...

  • Page 149
    ... depreciation rates. The accumulated balances by entity are as follows at Dec. 31: (Millions of Dollars) 2010 2009 NSP-Minnesota ...NSP-Wisconsin ...PSCo ...SPS ...Total Xcel Energy ...Nuclear Insurance $ $ 400 107 385 88 980 $ $ 372 102 375 93 942 NSP-Minnesota's public liability for claims...

  • Page 150
    ... adverse effect on Xcel Energy's financial position and results of operations. Environmental Litigation State of Connecticut vs. Xcel Energy Inc. et al. - In 2004, the attorneys general of eight states and New York City, as well as several environmental groups, filed lawsuits in U.S. District Court...

  • Page 151
    .... vs. PSCo - In July 2009, Stone & Webster, Inc. (Shaw) filed a complaint against PSCo in State District Court in Denver, Colo. for damages allegedly arising out of its construction work on the Comanche Unit 3 coal-fired plant. Shaw, a contractor retained to perform certain engineering, procurement...

  • Page 152
    ...is responsible for permanently storing spent fuel from NSP-Minnesota's nuclear plants as well as from other U.S. nuclear 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...

  • Page 153
    ...-for-sale securities under the applicable accounting guidance. NSP-Minnesota plans to reinvest matured securities until decommissioning begins. NSP-Minnesota recognizes the costs of funding the decommissioning of its nuclear generating plants over the lives of the plants, assuming rate recovery...

  • Page 154
    ... to be paid back to customers in future electric and natural gas rates. Any portion of Xcel Energy's business that is not regulated cannot establish regulatory assets and liabilities. If changes in the utility industry or the business of Xcel Energy no longer allow for the application of regulatory...

  • Page 155
    ...regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo are each separately and regularly reviewed by Xcel Energy' s chief operating decision maker. Xcel Energy...

  • Page 156
    ... in the United States. Regulated electric utility also includes commodity trading operations. â- Xcel Energy' s regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. â- Revenues from...

  • Page 157
    ...Center is a 652 MW combined-cycle natural gas-fired power plant that began commercial operations in 2004. Both power plants previously provided energy and capacity to PSCo under purchased power agreements, which were set to expire in 2013 and 2014, respectively. The acquisition developed out of PSCo...

  • Page 158
    ... on the control evaluation, testing and remediation performed, Xcel Energy did not identify any material control weaknesses, as defined under the standards and rules issued by the Public Company Accounting Oversight Board and as approved by the SEC and as indicated in Management Report on Internal...

  • Page 159
    ...and Chief Operating Officer and Vice President and Chief Financial Officer under this new policy. PART III Item 10 - Directors, Executive Officers and Corporate Governance Information required under this Item with respect to directors is set forth in Xcel Energy's Proxy Statement for its 2011 Annual...

  • Page 160
    ...127217) dated Aug. 5, 2005). Form of Restricted Stock Agreement Dated Aug. 5, 2005 (Exhibit 4.08 to Form S-8 (file no. 333-127217) dated Aug. 5, 2005). Supplemental Trust Indenture dated June 1, 2006 between Xcel Energy and Wells Fargo Bank, Minnesota, NA, as Trustee, creating $300,000,000 principal...

  • Page 161
    ...among Xcel Energy, NSP-Minnesota and Wells Fargo Bank Minnesota, NA, as Trustee (Assignment and Assumption of Indenture). (Exhibit 4.63 to NSP-Minnesota Form 10-12G (file no. 000-31709) dated Oct. 5, 2000). Supplemental Indenture dated July 1, 2002 between NSP-Minnesota and BNY Midwest Trust Company...

  • Page 162
    ... 4.04 to Xcel Energy Form 10-Q (file no. 001-03034) dated Nov. 13, 2003). Fourth Supplemental Indenture dated Oct. 1, 2006 between SPS and The Bank of New York, as successor Trustee (Exhibit 4.01 to Form 8-K (file no. 001-03789) dated Oct. 3, 2006). Red River Authority for Texas Indenture of Trust...

  • Page 163
    ... Share Agreement. 10.26+ Xcel Energy 2005 Long-Term Incentive Plan Form of Restricted Stock Unit Agreement. NSP-Minnesota 10.27* 10.28* 10.29* 10.30* Ownership and Operating Agreement, dated March 11, 1982, between NSP-Minnesota, Southern Minnesota Municipal Power Agency and United Minnesota...

  • Page 164
    ... Litigation Reform Act of 1995. The following materials from Xcel Energy's Annual Report on Form 10-K for the year ended Dec. 31, 2010 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Cash Flows, (iii) the...

  • Page 165
    SCHEDULE I XCEL ENERGY INC. CONDENSED STATEMENTS OF INCOME (amounts in thousands, except per share data) 2010 Year Ended Dec. 31 2009 2008 Income Equity earnings of subsidiaries ...Total income ...Expenses and other deductions Operating expenses ...Other income ...Interest charges and financing ...

  • Page 166
    XCEL ENERGY INC. CONDENSED STATEMENTS OF CASH FLOWS (amounts in thousands of dollars) 2010 Year Ended Dec. 31 2009 2008 Operating activities Net cash provided by operating...stock ...Dividends paid ...Net cash used in (provided by) financing activities ...Net increase... - - 20,133 (414,922) (381,039) ...

  • Page 167
    XCEL ENERGY INC. CONDENSED BALANCE SHEETS (amounts in thousands of dollars) Dec. 31 2010 2009 Assets Cash and cash equivalents ...Accounts receivable from subsidiaries ...Other current assets ...Total current assets ...Investment in subsidiaries ...Other assets ...Total other assets ...Total assets...

  • Page 168
    ... party receivables net of payables. Accounts receivable and payable with affiliates at Dec. 31 were: 2010 (Thousands of Dollars) Accounts Receivable Accounts Payable Accounts Receivable 2009 Accounts Payable NSP-Minnesota ...NSP-Wisconsin ...PSCo ...SPS ...Xcel Energy Services Inc...Xcel Energy...

  • Page 169
    SCHEDULE II XCEL ENERGY INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DEC. 31, 2010, 2009 AND 2008 (amounts in thousands of dollars) Additions Charged to Charged to other costs and accounts(a) expenses Deductions from reserves(b) Balance at Jan. 1 Balance at Dec. 31 Reserve ...

  • Page 170
    ... Executive Officer) Vice President and Controller (Principal Accounting Officer) Vice President and Chief Financial Officer (Principal Financial Officer) President, Chief Operating Officer and Director Director Director Director Director Director Director Director Director Attorney-in-Fact...

  • Page 171
    ... 414 Nicollet Mall, Minneapolis, Minn. 55401 Xcel Energy Directors Fredric W. Corrigan 2, 4 Retired CEO and President The Mosaic Company Richard K. Davis 3, 4 Chairman, President and CEO U.S. Bancorp Ben Fowke President and COO Xcel Energy Inc. Richard C. Kelly Chairman and CEO Xcel Energy...

  • Page 172
    ...: 414 Nicollet Mall Minneapolis, MN 55401 xcelenergy.com © 2011 Xcel Energy Inc. | Xcel Energy is a registered trademark of Xcel Energy Inc. | 11-01-020 Northern States Power Company - Minnesota; Northern States Power Company - Wisconsin; Public Service Company of Colorado; and Southwestern Public...