Delivering on ExpectationsDelivering on Expectations

European Road ShowSeptember 10-15, 2007

Ben FowkeBen FowkeVice President and CFOVice President and CFO

This material includes forwardThis material includes forward--looking statements that are subject to looking statements that are subject to certain risks, uncertainties and assumptions. Such forwardcertain risks, uncertainties and assumptions. Such forward--looking looking statements include projected earnings, cash flows, capital expestatements include projected earnings, cash flows, capital expenditures nditures and other statements and are identified in this document by the and other statements and are identified in this document by the words words ““anticipate,anticipate,”” ““estimate,estimate,”” ““expect,expect,”” ““projected,projected,”” ““objective,objective,”” ““outlook,outlook,””““possible,possible,”” ““potentialpotential”” and similar expressions. Actual results may vary and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ mmaterially. Factors that could cause actual results to differ materially aterially include, but are not limited to: general economic conditions, ininclude, but are not limited to: general economic conditions, including the cluding the availability of credit, actions of rating agencies and their impavailability of credit, actions of rating agencies and their impact on capital act on capital expenditures; business conditions in the energy industry; competexpenditures; business conditions in the energy industry; competitive itive factors; unusual weather; effects of geopolitical events, includfactors; unusual weather; effects of geopolitical events, including war and ing war and acts of terrorism; changes in federal or state legislation; reguacts of terrorism; changes in federal or state legislation; regulation; costs lation; costs and other effects of legal administrative proceedings, settlemenand other effects of legal administrative proceedings, settlements, ts, investigations and claims including litigation related to companinvestigations and claims including litigation related to companyy--owned owned life insurance (COLI); actions of accounting regulatory bodies; life insurance (COLI); actions of accounting regulatory bodies; the higher the higher degree of risk associated with Xcel Energydegree of risk associated with Xcel Energy’’s nonregulated businesses s nonregulated businesses compared with Xcel Energycompared with Xcel Energy’’s regulated business; and other risk factors s regulated business; and other risk factors listed from time to time by Xcel Energy in reports filed with thlisted from time to time by Xcel Energy in reports filed with the SEC, e SEC, including Exhibit 99.01 to Xcel Energyincluding Exhibit 99.01 to Xcel Energy’’s report on Form 10s report on Form 10--K for year 2006.K for year 2006.

Safe HarborSafe Harbor

ProfileProfile

NSP- Wisconsin7% of net income

NSP- Minnesota47% of net income

SPS8% of net income

PSCo38% of net income

2006 EPS $1.30 continuing operations2006 EPS $1.30 continuing operations2007 Dividend $0.92 per share annualized2007 Dividend $0.92 per share annualized

Traditional Regulation

Operate in 8 States

Combination Utility:• Electric 85% of net income• Gas 15% of net income

Customers:• 3.3 million electric• 1.8 million gas

2006 Financial Stats:• NI Cont Op = $548 million• Assets = $22 billion• Equity Ratio = 43%• GAAP ROE = 10.1%

Attractive Total ReturnSustainable 5% – 7% earnings per share growthDividend yield 4.5% Dividend growth of 2% – 4% per year

Value PropositionValue Proposition•• Low risk, fully regulated and integrated utilityLow risk, fully regulated and integrated utility

•• Constructive regulatory environment with enhanced Constructive regulatory environment with enhanced recovery of major capital projectsrecovery of major capital projects

•• Pipeline of investment opportunitiesPipeline of investment opportunities

•• Environmental leader, wellEnvironmental leader, well--positionedpositionedfor changing rulesfor changing rules

~~

Delivering on Expectations Delivering on Expectations

•• Positive resolution of the COLI programPositive resolution of the COLI program•• Completed upgrade of the King plantCompleted upgrade of the King plant•• Signed 100Signed 100--MW wind development projectMW wind development project•• Filed Certificate of Need for Filed Certificate of Need for CapXCapX 20202020•• Constructive resolutions of several rate cases Constructive resolutions of several rate cases •• Filed rate cases in Wisconsin and New MexicoFiled rate cases in Wisconsin and New Mexico•• Increased dividend 3.4% Increased dividend 3.4% •• Positioned to deliver 2007 earnings from continuing Positioned to deliver 2007 earnings from continuing

operations at the highoperations at the high--end or potentially exceeding end or potentially exceeding guidance rangeguidance range

2007 Accomplishments2007 Accomplishments

Delivering on Expectations Delivering on Expectations

•• Minnesota Emissions Reduction ProjectMinnesota Emissions Reduction Project–– Approximately 75% of capital spentApproximately 75% of capital spent–– King upgrade completed on scheduleKing upgrade completed on schedule–– Project is within 5% of original budgetProject is within 5% of original budget

•• Comanche 3Comanche 3–– Approximately 45% of capital spentApproximately 45% of capital spent–– Project is on scheduleProject is on schedule–– Project is on budgetProject is on budget–– Estimated plant cost is approximately $1,400/Estimated plant cost is approximately $1,400/kwkw–– Estimated allEstimated all--in cost is approximately $1,800/in cost is approximately $1,800/kwkw

Strong Construction ManagementStrong Construction Management

Environmental LeadershipEnvironmental Leadership• Number 1 utility wind provider

— 1,300 MW on-line— 2,800 MW projected by year-end 2007

• Over 2,000 MW of conservation and DSM achieved

• One of the largest U.S. solar photovoltaic projects

• Evaluating an IGCC with sequestration

• Reducing emissions and increasing efficiency at power plants— MERP— Comanche— Sherco Upgrade Project

• Planning life extension and capacity increases at nuclear plants

• Member of Dow Jones Sustainability Index

•• Number 1 utility wind providerNumber 1 utility wind provider—— 1,300 MW on1,300 MW on--lineline—— 2,800 MW projected by year2,800 MW projected by year--end 2007end 2007

•• Over 2,000 MW of conservation and DSM achievedOver 2,000 MW of conservation and DSM achieved

•• One of the largest U.S. solar photovoltaic projects One of the largest U.S. solar photovoltaic projects

•• Evaluating an IGCC with sequestrationEvaluating an IGCC with sequestration

•• Reducing emissions and increasing efficiency at power plantsReducing emissions and increasing efficiency at power plants—— MERPMERP—— ComancheComanche—— Sherco Upgrade ProjectSherco Upgrade Project

•• Planning life extension and capacity increases at nuclear plantsPlanning life extension and capacity increases at nuclear plants

•• Member of Dow Jones Sustainability IndexMember of Dow Jones Sustainability Index

Capital Investment OpportunitiesCapital Investment Opportunities

2007 2008 2009 2010 2011Elec Gen Elec Tran Elec DistGas Nuclear Fuel Common/Other

Capital Expenditures by Function ($Millions)Capital Expenditures by Function ($Millions)

$1,900 $1,900$1,700

$1,850 $1,700

Transmission Expansion Transmission Expansion -- CapXCapX 20202020

South DakotaSouth Dakota

IowaIowa

MinnesotaMinnesota

WisconsinWisconsin

North DakotaNorth Dakota

Group IIGroup IIGroup IGroup I

Group ITotal Cost Total Cost $1.4 $1.4 -- $1.7 Billion$1.7 BillionXcel Share $800 Xcel Share $800 -- $900 Million$900 MillionCertificate of Need Filed Certificate of Need Filed In Service in 2014 In Service in 2014

Post Group IPost Group I

In Service 2014 In Service 2014 –– 20202020

~~~~~~~~

Nuclear Life Extension and Nuclear Life Extension and Uprate Uprate •• Monticello Monticello

–– Life extension approximately $150 million Life extension approximately $150 million –– Power Power uprateuprate approximately $130 million ($1,850/approximately $130 million ($1,850/kwkw) )

•• 15 MW new capacity in 200915 MW new capacity in 2009•• 56 MW new capacity in 201156 MW new capacity in 2011

•• Prairie IslandPrairie Island–– Life extension approximately $400 million Life extension approximately $400 million

•• Includes Unit 2 steam generator replacement Includes Unit 2 steam generator replacement –– Power Power uprateuprate approximately $320 million ($1,900/approximately $320 million ($1,900/kwkw) )

•• 82 MW new capacity on Unit 1 in 201282 MW new capacity on Unit 1 in 2012•• 82 MW new capacity on Unit 2 in 201582 MW new capacity on Unit 2 in 2015

Enhanced Recovery on Capital InvestmentEnhanced Recovery on Capital Investment

$0

$400

$800

$1,200

$1,600

$2,000

2007 2008 2009 2010 2011

Traditional Enhanced Recovery

Capital Expenditures ($Millions)Capital Expenditures ($Millions)

Depreciation

Delivering on Rate Base GrowthDelivering on Rate Base Growth

$11.7$12.8

$13.7 $14.4 $15.1 $15.5

2006A 2007 2008 2009 2010 2011

$Billions$Billions

CAGR = 6%

Incremental Investment OpportunitiesIncremental Investment Opportunities•• Capital expenditure forecast is being updated Capital expenditure forecast is being updated

and should be completed in third quarterand should be completed in third quarter

•• Forecast is expected to increase:Forecast is expected to increase:–– Additional wind generationAdditional wind generation

–– Additional transmissionAdditional transmission

–– Potential needs from resource plansPotential needs from resource plans

•• Incremental investment will drive future Incremental investment will drive future EPS growthEPS growth

Funding Plan Through 2009 Funding Plan Through 2009

•• Cash from operationsCash from operations•• NOL tax benefitsNOL tax benefits•• DRIPDRIP•• Debt issuancesDebt issuances•• Hybrid issuanceHybrid issuance•• Potential equity issuancePotential equity issuance

Delivering on EPS Growth ObjectiveDelivering on EPS Growth Objective

$1.15 $1.30 $1.30 - $1.40

2005 Actual 2006 Actual 2007 Guidance

Guidance Guidance RangeRange

Utility Operations $1.45 – $1.55Holding Company & Other (0.15)Continuing Operations $1.30 – $1.40*Disc Ops $(0.10) – $(0.08)Total Xcel Energy $1.20 – $1.32

13% >7%

2007 Continuing Operations EPS Guidance2007 Continuing Operations EPS Guidance

* Xcel Energy is positioned to deliver 2007 earnings from contin* Xcel Energy is positioned to deliver 2007 earnings from continuinguingoperations at the highoperations at the high--end or potentially exceeding guidance rangeend or potentially exceeding guidance range

Delivering on Dividend Growth ObjectiveDelivering on Dividend Growth Objective

$0.92$0.89$0.86$0.83$0.75

2003 2004 2005 2006 2007

Annualized dividend per share Annualized dividend per share

2004-2007 CAGR = 3.5%

Delivering on Expectations Delivering on Expectations

•• Colorado rate case to be filed in fall 2007 Colorado rate case to be filed in fall 2007 –– Based on forecast test yearBased on forecast test year

•• Resource plans to be filedResource plans to be filed–– Colorado: October 2007Colorado: October 2007–– Minnesota: December 2007Minnesota: December 2007

•• Additional capital investment opportunitiesAdditional capital investment opportunities•• Actions to improve earned ROE in Actions to improve earned ROE in

jurisdictions where we arenjurisdictions where we aren’’t earning our t earning our authorized returnauthorized return

Additional CatalystsAdditional Catalysts

Key TakeKey Take--AwaysAways•• Strong regulatory recovery mechanisms Strong regulatory recovery mechanisms

–– Forward test years Forward test years –– Riders for major capital projectsRiders for major capital projects–– Fuel clause and PGA recoveryFuel clause and PGA recovery

•• Opportunities exist to improve earned ROE in Opportunities exist to improve earned ROE in jurisdictions where we arenjurisdictions where we aren’’t earning our t earning our authorized returnauthorized return

•• Significant capital investment opportunities Significant capital investment opportunities •• We are disciplined portfolio managers We are disciplined portfolio managers •• Capital investment is driven by customer Capital investment is driven by customer

requirements and economic signalsrequirements and economic signals

Attractive Total ReturnSustainable 5% – 7% earnings per share growthDividend yield 4.5%Dividend growth of 2% – 4% per year

Value PropositionValue Proposition•• Low risk, fully regulated and integrated utilityLow risk, fully regulated and integrated utility

•• Constructive regulatory environment with enhanced Constructive regulatory environment with enhanced recovery of major capital projectsrecovery of major capital projects

•• Pipeline of investment opportunitiesPipeline of investment opportunities

•• Environmental leader, wellEnvironmental leader, well--positionedpositionedfor changing rulesfor changing rules

~~

AppendixAppendix

CoalCoal 3535 8,1828,182Natural GasNatural Gas 5858 4,9874,987NuclearNuclear 33 1,6681,668HydroHydro 8383 508508OilOil 2424 460460RDFRDF 66 6767WindWind 3737 2727TotalTotal 15,89915,899

2006 OwnedGenerating Facilities

2006 Owned2006 OwnedGenerating FacilitiesGenerating Facilities

Unit TypeUnit Type UnitsUnits MWMW

Xcel Energy Supply SourcesXcel Energy Supply Sources

Nuclear12%

NuclearNuclear12%12%

Coal **52%

Coal **Coal **52% 52%

Gas & Oil27%

Gas & OilGas & Oil27%27%

* Includes purchases** Low-sulfur western coal** Includes purchasesIncludes purchases**** LowLow--sulfur western coalsulfur western coal

Renewables9%

RenewablesRenewables9%9%

2006Energy Supply Mix*

20062006Energy Supply Mix*Energy Supply Mix*

Delivering Competitively Priced EnergyDelivering Competitively Priced EnergySummer 2006 EEI Typical BillsSummer 2006 EEI Typical Bills

0

3

6

9

12

15

18

21

0

3

6

9

12

15

18

21Cents per kWh (Retail)Cents per kWh (Retail)Cents per kWh (Retail)

7.017.017.01

Phoenix

Phoenix

PhoenixAmarillo

Amarillo

Amarillo

Milwaukee

Milwaukee

Milwaukee

Des Moines

Des Moines

Des Moines

Kansas City

Kansas City

Kansas City

Denver

Denver

Denver

Mpls/St. Paul

Mpls/St. Paul

Mpls/St. Paul

Boston

Boston

Boston

Chicago

Chicago

Chicago

Salt Lake City

Salt Lake City

Salt Lake City

St. Louis

St. Louis

St. Louis

MiamiMiamiMiami

New York

New York

New York

Washington DC

Washington DC

Washington DC

6.646.646.647.797.797.79

Strong Operational PerformanceStrong Operational PerformanceNuclear Capacity FactorsNuclear Capacity Factors

20032003 20042004 20052005 20062006

System Reliability (SAIDI) - MinutesSystem Reliability (SAIDI) System Reliability (SAIDI) -- MinutesMinutes

20032003 20052005 2006200620042004

10510581.481.4

99.599.579.279.2

92.392.3 91.291.2 90.490.4 92.892.8

OSHA Incident RateOSHA Incident Rate

20032003 20052005 2006200620042004

3.623.62 3.403.402.532.532.762.76

Residential SatisfactionResidential Satisfaction

88%88% 85%85%85%85%85%85%

20032003 20052005 2006200620042004

Good

Good

Good

Good

Debt MaturitiesDebt MaturitiesDebt Maturities

$0

$200

$400

$600

$800

$1,000

$1,200

2007 2008 2009 2010 2011 2012 2013 2014 2015

XcelNSPMNSPWPSCoSPS

Dollars in millionsDollars in millionsDollars in millions

PSCO$100M due 3/1/07 @ 7.11%

Xcel Energy$230M due 11/1/07 @ 7.50%

Senior Debt RatingsSenior Debt Ratings

SecuredSecured UnsecuredUnsecuredFitch Moody’s S&P Fitch Moody’s S&PFitchFitch MoodyMoody’’ss S&PS&P FitchFitch MoodyMoody’’ss S&PS&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-

SPS BBB+ Baa1 BBB

Holding Co.Holding Co. BBB+BBB+ Baa1Baa1 BBBBBB--

NSPMNSPM A+ A+ A2A2 AA-- AA A3A3 BBBBBB--

NSPWNSPW A+A+ A2 A2 AA-- AA A3A3 BBB BBB

PSCoPSCo AA A3A3 AA-- AA-- Baa1Baa1 BBBBBB--

SPSSPS BBB+BBB+ Baa1Baa1 BBBBBB

Constructive RegulationConstructive Regulation2006 Rate Case Outcomes (Millions) 2006 Rate Case Outcomes (Millions)

Colorado Gas $34.5 $22.0 11.0% 10.5%Wisconsin Electric 53.1 43.4 11.9% 11.0%Wisconsin Gas 7.8 3.9 11.9% 11.0%Minnesota Electric 156 131/115* 11.0% 10.54%Colorado Electric 208 151 11.0% 10.5%

Colorado GasColorado Gas $34.5$34.5 $22.0$22.0 11.0%11.0% 10.5%10.5%Wisconsin ElectricWisconsin Electric 53.153.1 43.443.4 11.9%11.9% 11.0%11.0%Wisconsin GasWisconsin Gas 7.87.8 3.93.9 11.9%11.9% 11.0%11.0%Minnesota ElectricMinnesota Electric 156156 131/115* 131/115* 11.0%11.0% 10.54%10.54%Colorado Electric Colorado Electric 208208 151 151 11.0%11.0% 10.5%10.5%

Dollar IncreaseDollar IncreaseDollar Increase Return on EquityReturn onReturn on EquityEquityRequested GrantedRequestedRequested GrantedGranted Requested GrantedRequestedRequested GrantedGranted

* $131 million for 2006 reduced to $115 million in 2007 for larg* $131 million for 2006 reduced to $115 million in 2007 for large e customer coming oncustomer coming on--line January 1, 2007 line January 1, 2007

2007 Rate Case Outcomes2007 Rate Case Outcomes$Millions $Millions

Colorado Gas $41.9 $32.3 11.0% 10.25%North Dakota Gas $2.8 $2.3 11.3% 10.75%Texas Electric $48.0 $23.0 11.6% NA Minnesota Gas $18.5 $11.9 11.0% 9.71%

Colorado GasColorado Gas $41.9$41.9 $32.3$32.3 11.0%11.0% 10.25%10.25%North Dakota GasNorth Dakota Gas $2.8$2.8 $2.3 $2.3 11.3%11.3% 10.75%10.75%Texas ElectricTexas Electric $48.0$48.0 $23.0$23.0 11.6% NA 11.6% NA Minnesota GasMinnesota Gas $18.5$18.5 $11.9$11.9 11.0%11.0% 9.71%9.71%

Dollar IncreaseDollar IncreaseDollar Increase Return on EquityReturn on EquityReturn on EquityRequested GrantedRequestedRequested GrantedGranted Requested GrantedRequestedRequested GrantedGranted

Pending Rate CasesPending Rate CasesDollars in millions Dollars in millions

RevenueRevenue RequestedRequested InterimInterimJurisdictionJurisdiction RequestRequest ROEROE RateRate DecisionDecision

Wisconsin ElectricWisconsin Electric $67.4$67.4 11.0%11.0% NANA Dec. 2007Dec. 2007

Wisconsin GasWisconsin Gas $5.3$5.3 11.0%11.0% NANA Dec. 2007Dec. 2007

New Mexico ElectricNew Mexico Electric $17.3$17.3 11.0%11.0% NANA Summer 2008Summer 2008

Future Rate CasesFuture Rate Cases: : * Colorado electric rate case filing planned for the fall of 20* Colorado electric rate case filing planned for the fall of 200707* Texas electric rate case filing planned for 2008* Texas electric rate case filing planned for 2008

Capital Expenditure ForecastCapital Expenditure Forecast$Millions$Millions Denotes enhanced recovery processDenotes enhanced recovery process

20072007 20082008 20092009 20102010 20112011Base & Other Cap ExBase & Other Cap Ex $ 955$ 955 $ 950$ 950 $ 950$ 950 $1,000$1,000 $ 965$ 965MERPMERP 275275 170170 3535 1010 00Comanche 3Comanche 3 345345 275275 5555 1515 00MN Wind TransmissionMN Wind Transmission 150150 2020 5050 1515 0 0 CapX 2020CapX 2020 55 2020 110110 240240 180180Sherco UpgradeSherco Upgrade 1010 6565 200200 245245 165165Wind GenerationWind Generation 5050 155155 00 00 00BART ProjectsBART Projects 00 55 4040 6565 4040Nuclear Nuclear

FuelFuel 9090 160160 145145 105105 165165Capacity & Life ExtCapacity & Life Ext 2020 8080 115115 155155 185185

Total $1,900 $1,900 $1,700 $1,850 $1,700

20072007 20082008 20092009 20102010 20112011

NSPNSP--MNMN $995$995 $1,050$1,050 $1,000$1,000 $1,090$1,090 $995$995PSCoPSCo 690690 635635 515515 580 580 490490SPS SPS 140140 130130 130 130 120 120 150150NSPNSP--WIWI 7575 8585 55 55 6060 65 65 TotalTotal $1,900$1,900 $1,900$1,900 $1,700$1,700 $1,850 $1,700$1,850 $1,700

Capital Expenditures by Op Co Capital Expenditures by Op Co $Millions$Millions

Capital Expenditures by Function Capital Expenditures by Function

20072007 20082008 20092009 20102010 20112011

Elec Elec GenGen $837$837 $874$874 $624$624 $683$683 $658$658Elec Elec TranTran 390390 251251 307307 428 428 318318Elec Elec DistDist 317317 318318 325 325 329 329 298298GasGas 117117 141141 165 165 139139 121 121 Nuclear FuelNuclear Fuel 8787 161161 147147 105105 165165Common/OtherCommon/Other 152152 155155 132132 167167 140140Total $1,900 $1,900 $1,700 $1,850 Total $1,900 $1,900 $1,700 $1,850 $1,700$1,700

$Millions$Millions

2006 Rate Base and ROE2006 Rate Base and ROE

Minnesota ElectricMinnesota Electric $3,599 10.3%$3,599 10.3%Minnesota GasMinnesota Gas 441441 6.16.1North Dakota ElectricNorth Dakota Electric 188188 8.98.9North Dakota GasNorth Dakota Gas 4444 7.57.5South Dakota ElectricSouth Dakota Electric 232 11.1232 11.1Colorado ElectricColorado Electric 3,2923,292 7.77.7Colorado GasColorado Gas 1,1061,106 7.87.8Wisconsin ElectricWisconsin Electric 556 556 10.710.7Wisconsin GasWisconsin Gas 7777 4.64.6Texas ElectricTexas Electric 977 977 6.56.5New Mexico ElectricNew Mexico Electric 311311 6.26.2WholesaleWholesale 879879 NRNR

Total Rate Base $11,702Total Rate Base $11,702NR = Not ReportedNR = Not Reported

W/NRate Base Earned ROE

W/NW/NRate BaseRate Base Earned ROEEarned ROE$Millions$Millions

Source: National Renewable Energy Laboratory

Xcel Energy and Wind PotentialXcel Energy and Wind Potential

Wind DensityWind DensityHighHigh

LowLowXcel EnergyXcel EnergyStates ServedStates Served

Projected Wind GenerationProjected Wind Generation

1,300

2,800

6,000

2006 2007 2020

MWMWMW

Minnesota Recovery MechanismsMinnesota Recovery Mechanisms

•• Forward test year with interim ratesForward test year with interim rates

•• MERP riderMERP rider

•• Transmission riderTransmission rider

•• Conservation improvement program riderConservation improvement program rider

•• Mercury reduction & environmental improvement riderMercury reduction & environmental improvement rider

•• RDF riderRDF rider

•• State energy policy riderState energy policy rider

•• Fuel clause adjustment Fuel clause adjustment

•• Purchased gas adjustmentPurchased gas adjustment

DakotaDakota’’s Recovery Mechanismss Recovery Mechanisms

•• Forward test year with interim rates (ND)Forward test year with interim rates (ND)

•• Historical test year (SD)Historical test year (SD)

•• Environmental rider (ND & SD)Environmental rider (ND & SD)

•• Transmission rider (ND & SD)Transmission rider (ND & SD)

•• Fuel clause adjustment (ND & SD)Fuel clause adjustment (ND & SD)

•• Full decoupling on retail natural gas (ND)Full decoupling on retail natural gas (ND)

Colorado Recovery MechanismsColorado Recovery Mechanisms•• Ability to file either historical or forecast test yearsAbility to file either historical or forecast test years•• Purchased capacity cost adjustmentPurchased capacity cost adjustment•• Comanche 3 Comanche 3 –– forward CWIP via general rate caseforward CWIP via general rate case•• Transmission riderTransmission rider•• Renewable energy riderRenewable energy rider•• IGCC rider (if there is an approved project)IGCC rider (if there is an approved project)•• Demand side management cost adjustment riderDemand side management cost adjustment rider•• Air quality improvement riderAir quality improvement rider•• Energy cost adjustmentEnergy cost adjustment•• Gas cost adjustmentGas cost adjustment•• Partial decoupling on retail natural gas Partial decoupling on retail natural gas

Wisconsin Recovery MechanismsWisconsin Recovery Mechanisms

•• Forward test yearForward test year

•• Ability to file for prospective fuel & purchase energy Ability to file for prospective fuel & purchase energy adjustments (Wisconsin)adjustments (Wisconsin)

•• Fuel clause adjustment Fuel clause adjustment –– wholesalewholesale

•• Purchased gas adjustment Purchased gas adjustment

•• Fuel clause factor (Michigan retail)Fuel clause factor (Michigan retail)

SPS Recovery MechanismsSPS Recovery Mechanisms

•• Historical test year (Texas & New Mexico)Historical test year (Texas & New Mexico)

•• Texas fixed fuel factor recoveryTexas fixed fuel factor recovery

•• New Mexico fuel clause adjustmentNew Mexico fuel clause adjustment

•• Ability to establish interim rates through rate case to Ability to establish interim rates through rate case to recover capacity costs associated the Lea Power recover capacity costs associated the Lea Power contract (Texas)contract (Texas)