Investor Relations Earnings Release

Business Wire, May 1, 2008

* Short-term wholesale and commodity trading margins are within a range of $20 million to $30 million.

* Capacity costs at NSP-Minnesota and SPS are projected to increase approximately $45 million to $55 million over 2007 levels. We expect regulatory recovery of approximately $11 million of the increase of capacity costs at SPS. Capacity costs at PSCo are recovered under the purchased capacity cost adjustment.

* Utility operating and maintenance expenses increase between 2 percent and 3 percent.

* Depreciation expense is projected to increase approximately $55 million to $65 million over 2007 levels.

* Interest expense increases approximately $20 million to $25 million over 2007 levels.

* Allowance for funds used during construction-equity increases approximately $35 million to $45 million over 2007 levels.

* An effective tax rate for continuing operations of approximately 32 percent to 35 percent.

* Average common stock and equivalents for diluted earnings per share calculations of approximately 438 million shares.

Note 6. Non-GAAP Reconciliation

The following table provides a reconciliation of GAAP earnings to ongoing earnings:

[TABLE OMITTED]

As a result of the termination of the COLI program, Xcel Energy's management believes that ongoing earnings provide a more meaningful comparison of earnings results between different periods in which the COLI program was in place and is more representative of Xcel Energy's fundamental core earnings power. Xcel Energy's management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the board of directors, in determining whether performance targets are met for performance-based compensation, and when communicating its earnings outlook to analysts and investors.

[TABLE OMITTED]