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Success Through
             Stakeholder Alignment


Texas Investor Meetings
September 30, 2008
Safe Harbor
This material includes forward-looking statements that are subject to
certain risks, uncertainties and assumptions. Such forward-looking
statements include projected earnings, cash flows, capital
expenditures and other statements and are identified in this document
by the words “anticipate,” “estimate,” “expect,” “projected,”
“objective,” “outlook,” “possible,” “potential” and similar
expressions. Actual results may vary materially. Factors that could
cause actual results to differ materially include, but are not limited to:
general economic conditions, including the availability of credit,
actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry; competitive factors;
unusual weather; effects of geopolitical events, including war and acts
of terrorism; changes in federal or state legislation; regulation; actions
of accounting regulatory bodies; and other risk factors listed from
time to time by Xcel Energy in reports filed with the SEC, including
Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2007.
Why We are Positioned for Success
  Ability to meet state RPS and environmental
  initiatives
  Well positioned for potential Federal climate
  policy
  Uniquely able to provide clean energy to
  customers and hedge against fuel price
  volatility
  Renewable portfolio extends the decision time
  horizon for new base load generation
  Geographic advantage
Addressing Public Policy
 State legislative mandates and goals
     Minnesota:      30% RPS mandate by 2020
                     30% carbon reduction goal by 2025
    Colorado:       20% RPS mandate by 2020
                    20% carbon reduction goal by 2020
    New Mexico:     20% RPS mandate by 2020
                    10% carbon reduction goal by 2020
    Wisconsin:      10% RPS mandate by 2015
    Texas:          5% RPS mandate by 2015
 Expanding emphasis on DSM and conservation
 Emerging Federal climate policy
    If Lieberman Warner Bill had passed:
        • 21% carbon reduction by 2020
        • 31% carbon reduction by 2030
        • 75% carbon reduction by 2050
    Federal climate policy likely in the next administration
Projected Renewable Resources
Energy
            2007                                   2020
               Nuclear                   Nuclear
                11%                       13%             Renewables
Natural              Renewables                              24%
 Gas                    9%         Natural
 31%
                                    Gas
                                    17%
                      Coal                                   Coal
                      49%                                    46%

Capacity
           Wind Hydro Solar   Biomass RDF Landfill Geothermal
   MW
   2007    2,700 365    17      182   100   15         0
   2020    7,400 400   600      250    60   20        20
Wind Development

Minnesota
  Propose adding 2,600 MW by 2020
  in Resource Plan
  NSP 500 MW Wind RFP
Colorado
  Propose adding 800 MW by 2015 in Resource Plan
  PSCo 100-150 MW Wind RFP
NSP-Minnesota Wind Opportunities
 NSP 500 MW Wind RFP
   Issued December 2007
   Bids received in March 2008
   Currently negotiating with wind developers
 Evaluating new wind generation resources
   CBED projects contracted via PPA’s and build-
   transfer agreements
   Potential ownership in North Dakota
 Capital expenditure forecast could increase if
 negotiations result in ownership of wind projects
Solar Development
Central Solar
  Alamosa Central Solar Plant      8.2 MW
  Resource Plan expands solar
     Current RFP                   75 MW
     Potential RFP’s              600 MW

Distributed Solar
  Solar*Rewards
     8.5 MW / 1,600+ installations
     Accepted additional 5 MW for 2009
  Resource Plan expands solar
     63.5 MW Customer-sited by 2015
Transmission Investment
   Net book value of $2.4 billion at year-end 2007
   17,619 miles of transmission pole lines
   #3 in total transmission pole miles
   232 miles of transmission pole lines added in 2007
Capital Expenditure in $millions
     $600
                                          $500
     $500
                                   $390
     $400
                         $325
              $300
     $300

     $200

     $100

       $0
              2008       2009      2010   2011
Rate Base Growth Drives EPS*
  Dollars in billions

   CAGR = 7.3%
                                              $16.6
                                    $15.4
                         $14.5
                $13.7
    $12.5




    2007A     2008F     2009F      2010F       2011F
 * Growth based on middle of capital forecast range
   announced in October 2007
Constructive Regulation
 Transmission riders – CO, MN, ND, SD
 Renewable riders – CO, MN
 MERP rider – MN
 Conservation/DSM riders – CO, MN
 Environmental riders – MN, ND, SD
 Capacity rider – CO
 Comanche 3 forward CWIP via general rate case – CO
 IGCC rider – CO
 Air quality improvement rider – CO
Projected Rider Revenue
      Dollars in millions
240
         Metro Emissions Reduction Project (MN)
         Air Quality Improvement Rider (CO)
                                                  $195
200      Renewable Energy Standard (MN)
         Transmission Rider (CO)         $166
         Transmission Rider (MN)
160


120                         $107

           $73
 80


 40


  0
           2006             2007        2008      2009
Recovery on Capital Expenditures*

        Dollars in millions
2,800
                                              $2,350
2,400
           $2,150
                                 $2,000
                        $1,900
2,000
1,600
1,200
 800
 400
   0
            2008         2009     2010         2011
                                                   Depreciation
   Traditional Recovery Enhanced Recovery
  * Capital expenditure forecast based on middle of range
Pending Rate Cases
                        Requested               Status
North Dakota Electric   June 2008               Pending
                        $17.9 million           Fall 2008
                        10.75% ROE              Interim rates
SPS Wholesale           March 2008              Pending
                        $14.9 million           Fall 2008
                        12.2% ROE
Texas Electric          June 2008               Pending
                        $61.3 million overall   Qtr 1 2009
                        11.25% ROE
NSP-Wisconsin           August 2008             Pending
                        Limited Reopener        Qtr 4 2008
                        $47.1 million
Financial Execution
Delivering on 5 – 7% EPS Growth

           Guidance Range
       2005 – 2008 CAGR = 9.3%                 $1.45 – $1.55
                                    $1.43
                      $1.30
       $1.15




        2005          2006          2007           2008
      Ongoing*      Ongoing*      Ongoing*       Guidance
   * Ongoing EPS excludes the impacts of COLI and disc ops.
     A reconciliation to GAAP earnings is included in the appendix.
  ** Estimated CAGR is based on middle of 2008 guidance range
Financial Execution
Delivering 2 – 4% Dividend Growth*


   Annualized dividend per share
    2004 – 2008 CAGR = 3.4%
                                                 $0.95
                                      $0.92
                           $0.89
               $0.86
    $0.83




     2004       2005       2006       2007        2008
  * Xcel Energy increased the dividend by 3¢ on May 21, 2008
Strong Access to Credit Markets in 2008
  Hold Co - issued $400 million of retail hybrid securities
  with a 7.6% coupon in January
  NSP-Minnesota - issued $500 million of first mortgage bonds
  with 10 year maturity and 5.25% coupon in March
  PSCo - issued $600 million of first mortgage bonds in August:
     10 year tranche with a 5.8% coupon
     30 year tranche with a 6.5% coupon
  NSP-Wisconsin – issued $200 million of first mortgage bonds
  with 30 year maturity and 6.375% coupon in September
  Potential debt issuances: 2nd half 2008
     SPS: Up to $250 million of unsecured debt
Equity Issuance
 Issued 17.25 million shares in September 2008
 Proceeds of approximately $345 million
 Why now?
   Fund capital expenditure growth plan
   Keeps balance sheet strong
   Prudently took advantage of a stable period in a
   disruptive capital market
   Took equity off the table based on current capital forecast
 Do we see the need for future equity beyond DRIP?
    Depends on level of capital expenditures
    Preserving credit metrics
    Potential for hybrids
    Potential asset sales
Value Proposition
 Low risk, fully regulated and integrated utility
 Constructive regulation with enhanced recovery
 of major capital projects
 Pipeline of investment opportunities
 Environmental leader, well–positioned
 for changing rules

  Attractive Total Return
    Sustainable annual EPS growth of 5% – 7%
    with upside potential
    Strong dividend yield of ~ 4.6%
    Sustainable annual dividend growth of 2% – 4%
Appendix
Company Profile
                                                        Traditional Regulation
                                 NSP-Wisconsin
                                                        Operate in 8 States
       NSP-Minnesota             6% of earnings *
      40% of earnings *
                                                        Combination Utility
                                                        Electric 85% of net income
                                                        Gas 15% of net income
     PSCo
49% of earnings *                                       Customers
                                                        3.3 million electric
                                                        1.8 million gas

            SPS                                         2007 Financial Statistics
      5% of earnings *                                  NI Ongoing: $612 million
                                                        NI GAAP: $577 million
         * Percentages based on 2007 Ongoing Earnings
                                                         Assets: $23 billion
                                                         Equity ratio: 43%
   2007 EPS Ongoing: $1.43; GAAP: $1.35
   2008 Dividend $0.95 per share annualized
Reconciliation –
   Ongoing EPS to GAAP
   Dollars per share
                                                                        2007
                                            2005          2006
   Ongoing Earnings                          $1.15        $1.30         $1.43
   PSRI/COLI                                  0.05          0.05        (0.08)
   Continuing Operations                     $1.20        $1.35         $1.35
   Disc Ops                                   0.03          0.01           –
   GAAP Earnings                            $1.23         $1.36         $1.35
As a result of the termination of the COLI program, Xcel Energy’s management
                                                           Energy’s
believes that ongoing earnings provide a more meaningful comparison of earnings
                                                             comparison
results between different periods in which the COLI program was in place and is
more representative of Xcel Energy’s fundamental core earnings power.
                             Energy’s
Xcel Energy’s management uses ongoing earnings internally for financial planning
     Energy’s                                                                planning
and analysis, for reporting of results to the Board of Directors, in determining
                                                       Directors,
whether performance targets are met for performance-based compensation,
                                            performance-based
and when communicating its earnings outlook to analysts and investors.
                                                                  investors.
Earnings Guidance Range
Dollars per share
                        2007A        2008
Regulated Utility       $1.55     $1.61 – $1.71
Holding Company          (0.12)      (0.16)
Ongoing Earnings        $1.43     $1.45 – $1.55

PSRI/COLI               $(0.08)        –
Continuing Operations    1.35      1.45 – 1.55
Disc Ops                   –           –
GAAP Earnings           $1.35     $1.45 – $1.55
Debt Maturities

         Dollars in millions
$1,200
                                                    SPS
$1,000                                              PSCo
                                                    NSPW
 $800
                                                    NSPM
 $600                                               Xcel Energy

 $400

 $200

   $0
          2008   2009   2010   2011   2012   2013   2014   2015
Credit Ratings

                      Secured              Unsecured
              Fitch   Moody’s   S&P   Fitch   Moody’s   S&P

Holding Co.     –        –       –    BBB+     Baa1     BBB
NSPM           A+        A2      A     A        A3      BBB
NSPW           A+        A2      A     A        A3      BBB+
PSCo           A         A3      A     A–      Baa1     BBB
                                       A–
SPS            –         –       –    BBB+     Baa1     BBB+
Geographic Competitive Advantage
                                                          Biomass Resource

Wind Resource
           Source: National Renewable Energy Laboratory




                                                          Solar Resource

 Wind Density
        High

        Low



                            Xcel Energy
                            States Served
Reducing Carbon Dioxide Emissions*

      Millions of tons
 80


 75


 70


 65


 60
         2003        2004     2005       2006       2007

      * Owned–generation carbon dioxide emissions
Smart Grid Pilot Project
 Pilot project in Boulder, Colorado:
    Five major partners
    Total project cost ~ $100 million
    Xcel Energy portion ~ $15 million
    Build out completed in 2009
 Scope:
   Smart meters
   Real time, high speed, two–way communications
   Intelligent home/smart appliances
   Demand Side Management
   Distributed generation
   Renewable energy sector growth
   Energy storage devices
Regulatory Results

Rate relief granted 2006-2007: $400 million
  2006 Minnesota electric rate case: $131 million
  2006 Colorado electric rate case: $151 million
  2006 Wisconsin gas and electric rate cases: $47 million
  2007 Colorado gas rate case: $32 million
  Other: $39 million
2008 Regulatory Outcomes
                      Requested                 Approved
New Mexico Electric   December 2007             August 2008
                      $17.3 million             $10.7 million
                      11.0% ROE                 10.18% ROE


PSCo Wholesale        February 2008             Settlement
                      Base rates $8.8 million   $6.5 million
                      CWIP $3.7 million         Blackbox
                      11.5% ROE
2007 Rate Base and ROE
                                                 Weather Normalized
 Dollars in millions
                                  Rate Base         Earned ROE
 Minnesota Electric                $4,054                 11.02%
 Minnesota Gas                        456                  7.74
 North Dakota Electric                202                  2.96
 North Dakota Gas                      44                  7.66
 South Dakota Electric                251                  9.28
 Colorado Electric                  3,569                 10.09
 Colorado Gas                       1,096                 10.45
 Wisconsin Electric                   554                  8.33
 Wisconsin Gas                         77                  8.59
 Texas Electric                       940                  4.61*
 New Mexico Electric**                276                  2.24*
 Wholesale                            982            Not Reported
 Total Rate Base                  $12,501
* Texas and New Mexico ROE’s are actual earned, not weather normalized
** Results impacted by fuel disallowance
Strong Corporate Governance

 Independent Lead Director
 Annual election of all directors
 12 independent directors on 13 person board
 Management compensation aligned with
 shareholders – stock ownership guidelines:
   CEO ownership 5x annual base salary
   CFO/Other Officers ownership 3x base salary

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xcel energy 09/30/08_Texas

  • 1. Success Through Stakeholder Alignment Texas Investor Meetings September 30, 2008
  • 2. Safe Harbor This material includes forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements include projected earnings, cash flows, capital expenditures and other statements and are identified in this document by the words “anticipate,” “estimate,” “expect,” “projected,” “objective,” “outlook,” “possible,” “potential” and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, actions of rating agencies and their impact on capital expenditures; business conditions in the energy industry; competitive factors; unusual weather; effects of geopolitical events, including war and acts of terrorism; changes in federal or state legislation; regulation; actions of accounting regulatory bodies; and other risk factors listed from time to time by Xcel Energy in reports filed with the SEC, including Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2007.
  • 3. Why We are Positioned for Success Ability to meet state RPS and environmental initiatives Well positioned for potential Federal climate policy Uniquely able to provide clean energy to customers and hedge against fuel price volatility Renewable portfolio extends the decision time horizon for new base load generation Geographic advantage
  • 4. Addressing Public Policy State legislative mandates and goals Minnesota: 30% RPS mandate by 2020 30% carbon reduction goal by 2025 Colorado: 20% RPS mandate by 2020 20% carbon reduction goal by 2020 New Mexico: 20% RPS mandate by 2020 10% carbon reduction goal by 2020 Wisconsin: 10% RPS mandate by 2015 Texas: 5% RPS mandate by 2015 Expanding emphasis on DSM and conservation Emerging Federal climate policy If Lieberman Warner Bill had passed: • 21% carbon reduction by 2020 • 31% carbon reduction by 2030 • 75% carbon reduction by 2050 Federal climate policy likely in the next administration
  • 5. Projected Renewable Resources Energy 2007 2020 Nuclear Nuclear 11% 13% Renewables Natural Renewables 24% Gas 9% Natural 31% Gas 17% Coal Coal 49% 46% Capacity Wind Hydro Solar Biomass RDF Landfill Geothermal MW 2007 2,700 365 17 182 100 15 0 2020 7,400 400 600 250 60 20 20
  • 6. Wind Development Minnesota Propose adding 2,600 MW by 2020 in Resource Plan NSP 500 MW Wind RFP Colorado Propose adding 800 MW by 2015 in Resource Plan PSCo 100-150 MW Wind RFP
  • 7. NSP-Minnesota Wind Opportunities NSP 500 MW Wind RFP Issued December 2007 Bids received in March 2008 Currently negotiating with wind developers Evaluating new wind generation resources CBED projects contracted via PPA’s and build- transfer agreements Potential ownership in North Dakota Capital expenditure forecast could increase if negotiations result in ownership of wind projects
  • 8. Solar Development Central Solar Alamosa Central Solar Plant 8.2 MW Resource Plan expands solar Current RFP 75 MW Potential RFP’s 600 MW Distributed Solar Solar*Rewards 8.5 MW / 1,600+ installations Accepted additional 5 MW for 2009 Resource Plan expands solar 63.5 MW Customer-sited by 2015
  • 9. Transmission Investment Net book value of $2.4 billion at year-end 2007 17,619 miles of transmission pole lines #3 in total transmission pole miles 232 miles of transmission pole lines added in 2007 Capital Expenditure in $millions $600 $500 $500 $390 $400 $325 $300 $300 $200 $100 $0 2008 2009 2010 2011
  • 10. Rate Base Growth Drives EPS* Dollars in billions CAGR = 7.3% $16.6 $15.4 $14.5 $13.7 $12.5 2007A 2008F 2009F 2010F 2011F * Growth based on middle of capital forecast range announced in October 2007
  • 11. Constructive Regulation Transmission riders – CO, MN, ND, SD Renewable riders – CO, MN MERP rider – MN Conservation/DSM riders – CO, MN Environmental riders – MN, ND, SD Capacity rider – CO Comanche 3 forward CWIP via general rate case – CO IGCC rider – CO Air quality improvement rider – CO
  • 12. Projected Rider Revenue Dollars in millions 240 Metro Emissions Reduction Project (MN) Air Quality Improvement Rider (CO) $195 200 Renewable Energy Standard (MN) Transmission Rider (CO) $166 Transmission Rider (MN) 160 120 $107 $73 80 40 0 2006 2007 2008 2009
  • 13. Recovery on Capital Expenditures* Dollars in millions 2,800 $2,350 2,400 $2,150 $2,000 $1,900 2,000 1,600 1,200 800 400 0 2008 2009 2010 2011 Depreciation Traditional Recovery Enhanced Recovery * Capital expenditure forecast based on middle of range
  • 14. Pending Rate Cases Requested Status North Dakota Electric June 2008 Pending $17.9 million Fall 2008 10.75% ROE Interim rates SPS Wholesale March 2008 Pending $14.9 million Fall 2008 12.2% ROE Texas Electric June 2008 Pending $61.3 million overall Qtr 1 2009 11.25% ROE NSP-Wisconsin August 2008 Pending Limited Reopener Qtr 4 2008 $47.1 million
  • 15. Financial Execution Delivering on 5 – 7% EPS Growth Guidance Range 2005 – 2008 CAGR = 9.3% $1.45 – $1.55 $1.43 $1.30 $1.15 2005 2006 2007 2008 Ongoing* Ongoing* Ongoing* Guidance * Ongoing EPS excludes the impacts of COLI and disc ops. A reconciliation to GAAP earnings is included in the appendix. ** Estimated CAGR is based on middle of 2008 guidance range
  • 16. Financial Execution Delivering 2 – 4% Dividend Growth* Annualized dividend per share 2004 – 2008 CAGR = 3.4% $0.95 $0.92 $0.89 $0.86 $0.83 2004 2005 2006 2007 2008 * Xcel Energy increased the dividend by 3¢ on May 21, 2008
  • 17. Strong Access to Credit Markets in 2008 Hold Co - issued $400 million of retail hybrid securities with a 7.6% coupon in January NSP-Minnesota - issued $500 million of first mortgage bonds with 10 year maturity and 5.25% coupon in March PSCo - issued $600 million of first mortgage bonds in August: 10 year tranche with a 5.8% coupon 30 year tranche with a 6.5% coupon NSP-Wisconsin – issued $200 million of first mortgage bonds with 30 year maturity and 6.375% coupon in September Potential debt issuances: 2nd half 2008 SPS: Up to $250 million of unsecured debt
  • 18. Equity Issuance Issued 17.25 million shares in September 2008 Proceeds of approximately $345 million Why now? Fund capital expenditure growth plan Keeps balance sheet strong Prudently took advantage of a stable period in a disruptive capital market Took equity off the table based on current capital forecast Do we see the need for future equity beyond DRIP? Depends on level of capital expenditures Preserving credit metrics Potential for hybrids Potential asset sales
  • 19. Value Proposition Low risk, fully regulated and integrated utility Constructive regulation with enhanced recovery of major capital projects Pipeline of investment opportunities Environmental leader, well–positioned for changing rules Attractive Total Return Sustainable annual EPS growth of 5% – 7% with upside potential Strong dividend yield of ~ 4.6% Sustainable annual dividend growth of 2% – 4%
  • 21. Company Profile Traditional Regulation NSP-Wisconsin Operate in 8 States NSP-Minnesota 6% of earnings * 40% of earnings * Combination Utility Electric 85% of net income Gas 15% of net income PSCo 49% of earnings * Customers 3.3 million electric 1.8 million gas SPS 2007 Financial Statistics 5% of earnings * NI Ongoing: $612 million NI GAAP: $577 million * Percentages based on 2007 Ongoing Earnings Assets: $23 billion Equity ratio: 43% 2007 EPS Ongoing: $1.43; GAAP: $1.35 2008 Dividend $0.95 per share annualized
  • 22. Reconciliation – Ongoing EPS to GAAP Dollars per share 2007 2005 2006 Ongoing Earnings $1.15 $1.30 $1.43 PSRI/COLI 0.05 0.05 (0.08) Continuing Operations $1.20 $1.35 $1.35 Disc Ops 0.03 0.01 – GAAP Earnings $1.23 $1.36 $1.35 As a result of the termination of the COLI program, Xcel Energy’s management Energy’s believes that ongoing earnings provide a more meaningful comparison of earnings comparison results between different periods in which the COLI program was in place and is more representative of Xcel Energy’s fundamental core earnings power. Energy’s Xcel Energy’s management uses ongoing earnings internally for financial planning Energy’s planning and analysis, for reporting of results to the Board of Directors, in determining Directors, whether performance targets are met for performance-based compensation, performance-based and when communicating its earnings outlook to analysts and investors. investors.
  • 23. Earnings Guidance Range Dollars per share 2007A 2008 Regulated Utility $1.55 $1.61 – $1.71 Holding Company (0.12) (0.16) Ongoing Earnings $1.43 $1.45 – $1.55 PSRI/COLI $(0.08) – Continuing Operations 1.35 1.45 – 1.55 Disc Ops – – GAAP Earnings $1.35 $1.45 – $1.55
  • 24. Debt Maturities Dollars in millions $1,200 SPS $1,000 PSCo NSPW $800 NSPM $600 Xcel Energy $400 $200 $0 2008 2009 2010 2011 2012 2013 2014 2015
  • 25. Credit Ratings Secured Unsecured Fitch Moody’s S&P Fitch Moody’s S&P Holding Co. – – – BBB+ Baa1 BBB NSPM A+ A2 A A A3 BBB NSPW A+ A2 A A A3 BBB+ PSCo A A3 A A– Baa1 BBB A– SPS – – – BBB+ Baa1 BBB+
  • 26. Geographic Competitive Advantage Biomass Resource Wind Resource Source: National Renewable Energy Laboratory Solar Resource Wind Density High Low Xcel Energy States Served
  • 27. Reducing Carbon Dioxide Emissions* Millions of tons 80 75 70 65 60 2003 2004 2005 2006 2007 * Owned–generation carbon dioxide emissions
  • 28. Smart Grid Pilot Project Pilot project in Boulder, Colorado: Five major partners Total project cost ~ $100 million Xcel Energy portion ~ $15 million Build out completed in 2009 Scope: Smart meters Real time, high speed, two–way communications Intelligent home/smart appliances Demand Side Management Distributed generation Renewable energy sector growth Energy storage devices
  • 29. Regulatory Results Rate relief granted 2006-2007: $400 million 2006 Minnesota electric rate case: $131 million 2006 Colorado electric rate case: $151 million 2006 Wisconsin gas and electric rate cases: $47 million 2007 Colorado gas rate case: $32 million Other: $39 million
  • 30. 2008 Regulatory Outcomes Requested Approved New Mexico Electric December 2007 August 2008 $17.3 million $10.7 million 11.0% ROE 10.18% ROE PSCo Wholesale February 2008 Settlement Base rates $8.8 million $6.5 million CWIP $3.7 million Blackbox 11.5% ROE
  • 31. 2007 Rate Base and ROE Weather Normalized Dollars in millions Rate Base Earned ROE Minnesota Electric $4,054 11.02% Minnesota Gas 456 7.74 North Dakota Electric 202 2.96 North Dakota Gas 44 7.66 South Dakota Electric 251 9.28 Colorado Electric 3,569 10.09 Colorado Gas 1,096 10.45 Wisconsin Electric 554 8.33 Wisconsin Gas 77 8.59 Texas Electric 940 4.61* New Mexico Electric** 276 2.24* Wholesale 982 Not Reported Total Rate Base $12,501 * Texas and New Mexico ROE’s are actual earned, not weather normalized ** Results impacted by fuel disallowance
  • 32. Strong Corporate Governance Independent Lead Director Annual election of all directors 12 independent directors on 13 person board Management compensation aligned with shareholders – stock ownership guidelines: CEO ownership 5x annual base salary CFO/Other Officers ownership 3x base salary