The decrease in third quarter 2009 earnings was primarily due to lower sales resulting from cooler temperatures in the third quarter of 2009, higher operating and maintenance expense and an increase in the effective tax rate. Partially offsetting these factors was an increase in electric margins as a result of several constructive rate case outcomes including those in Minnesota, Colorado, Texas, New Mexico and Wisconsin.

"Lower sales resulting from unseasonably cool temperatures, as well as an increase in our overall effective tax rate reduced our earnings this quarter compared to last year," said Richard C. Kelly, chairman and chief executive officer. "Throughout the year, we have acted to offset the impact of lower sales, due to both unfavorable temperatures and economic conditions, through various cost management initiatives. Based on current projections, we expect 2009 earnings to be near the mid-point of our guidance range of $1.45 to $1.55 per share."

At 10a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator's instructions.

 US Dial-In:              (877) 941-8610 
 International Dial-In:   (480) 629-9819 
 Conference ID:           4166774        


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The conference call also will be simultaneously broadcast and archived on Xcel Energy's website at www.xcelenergy.com. To access the presentation, click on Investor Information. If you are unable to participate in the live event, the call will be available for replay from 12:00p.m. CDT on Oct. 29 through 11:59p.m. CDT on Oct. 30.

 Replay Numbers                          
 US Dial-In:              (800) 406-7325 
 International Dial-In:   (303) 590-3030 
 Access Code:             4166774#       


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Except for the historical statements contained in this release, the matters discussed herein, including our 2009 full year EPS guidance and assumptions, are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should" and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit and its impact on capital expenditures and the ability of Xcel Energy and its subsidiaries to obtain financing on favorable terms; business conditions in the energy industry; actions of credit rating agencies; competitive factors, including the extent and timing of the entry of additional competition in the markets served by Xcel Energy and its subsidiaries; unusual weather; effects of geopolitical events, including war and acts of terrorism; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rates or have an impact on asset operation or ownership; structures that affect the speed and degree to which competition enters the electric and natural gas markets; costs and other effects of legal and administrative proceedings, settlements, investigations and claims; actions of accounting regulatory bodies; and the other risk factors listed from time to time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Risk Factors in Item 1A and Exhibit99.01 of Xcel Energy's Annual Report on Form10-K for the year ended Dec.31, 2008 and of Xcel Energy's Quarterly Report on Form10-Q for the quarter ended June 30, 2009.

This information is not given in connection with any sale, offer for sale or offer to buy any security.

Exception caught in main.

XCEL ENERGY INC. AND SUBSIDIARIES Notes to Investor Relations Earnings Release (Unaudited)

Due to the seasonality of Xcel Energy's operating results, quarterly financial results are not an appropriate base from which to project annual results.

Note 1. Earnings per Share Summary

The following table summarizes the diluted earnings per share for Xcel Energy:

Exception caught in main.

 ((a))   Ongoing earnings exclude the impact related to the Corporate Owned Life Insurance (COLI) program. During 2007, Xcel Energy resolved a dispute with the IRS regarding its COLI program. The 2009 and 2008 earnings were not materially affected by the termination of the COLI program and the 2009 impact is primarily related to legal costs associated with company claims against the insurance provider and broker of the COLI policies. 


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PSCo ” Earnings at PSCo were flat for the third quarter and decreased by five cents per share for the nine months ending Sept. 30, 2009, largely due to the negative impact of weather and rising costs. The decrease was partially offset by new electric rates that went into effect in July 2009. In May 2009, the Colorado Public Utilities Commission (CPUC) approved an annual electric rate increase of $112 million.

NSP-Minnesota ” Earnings at NSP-Minnesota decreased by five cents per share for the third quarter and by three cents per share for the nine months ending Sept. 30, 2009. The decrease is mainly due to the negative impact of weather, an increase in the effective tax rate and timing of nuclear outage expenses. The decrease was partially offset by an electric rate increase that went into effect in January 2009.

NSP-Wisconsin ” Earnings at NSP-Wisconsin were flat for the third quarter and increased by one cent per share for the nine months ending Sept. 30, 2009, largely due to improved fuel recovery and new rates which were effective in January 2009.

SPS ” Earnings at SPS increased by three cents per share for the third quarter and by eight cents per share for the nine months ending Sept. 30, 2009. The 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.

WYCO ” Equity earnings of unconsolidated subsidiaries were flat for the third quarter and increased by one cent per share for the nine months ending Sept. 30, 2009, due to our investment in WYCO, which owns a natural gas pipeline in Colorado that began operations in late 2008 as well as a storage facility that commenced operations in July 2009.

The following table summarizes significant components contributing to the changes in the 2009 diluted earnings per share compared with the same periods in 2008, which are discussed in more detail later in the release.

Exception caught in main.

 ((a))   Ongoing earnings exclude the impact related to the COLI program. During 2007, Xcel Energy resolved a dispute with the IRS regarding its COLI program. The 2009 and 2008 earnings were not materially affected by the termination of the COLI program and the 2009 impact is primarily related to legal costs associated with company claims against the insurance provider and broker of the COLI policies. 


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Note 2. Regulated Utility Results ” Continuing Operations

Estimated Impact of Temperature Changes on Regulated Earnings ” The following table summarizes the estimated impact on earnings per share of temperature variations compared with sales under normal weather conditions.

                    Three Months Ended Sept. 30,              Nine Months Ended Sept. 30,             
                    2009 vs.      2008 vs.      2009 vs.      2009 vs.      2008 vs.      2009 vs.    
                    Normal        Normal        2008          Normal        Normal        2008        
 Retail electric    $  (0.05  )   $  (0.01  )   $  (0.04  )   $  (0.05  )   $  (0.01  )   $  (0.04  ) 
 Firm natural gas      -             -             -             (0.01  )      0.01          (0.02  ) 
 Total              $  (0.05  )   $  (0.01  )   $  (0.04  )   $  (0.06  )   $  -          $  (0.06  ) 
                                                                                                      


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Sales ” The following table summarizes Xcel Energy's sales increases and decreases for actual and weather-normalized sales for 2009 compared with the same periods in 2008, excluding the impact of the 2008 leap year.

                                      Three Months Ended Sept. 30,      Nine Months Ended Sept. 30,    
                                      Actual       Normalized           Actual       Normalized        
 Electric residential                 (3.6  )  %   2.8              %   (2.3  )  %   0.5             % 
 Electric commercial and industrial   (3.9  )      (2.2  )              (3.3  )      (2.6  )           
 Total retail electric sales          (3.8  )      (0.8  )              (3.0  )      (1.7  )           
 Firm natural gas sales               (3.4  )      (2.0  )              (7.0  )      0.7               
                                                                                                       


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Electric ” Electric revenues and fuel and purchased power expenses are largely impacted by the fluctuation of natural gas prices used in the generation of electricity, but has little impact on electric margin. The following tables detail the electric revenues and margin:

                                     Three Months Ended Sept. 30,   Nine Months Ended Sept. 30, 
 (Millions of Dollars)               2009          2008             2009           2008         
 Electric revenues                   $  2,129      $  2,576         $  5,749       $  6,704     
 Electric fuel and purchased power      (982   )      (1,514  )        (2,704  )      (3,871  ) 
 Electric margin                     $  1,147      $  1,062         $  3,045       $  2,833     
                                                                                                


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The following table summarizes the components of the changes in electric margin:

                                                                                         Three Months      Nine Months     
                                                                                         Ended Sept. 30,   Ended Sept. 30, 
 (Millions of Dollars)                                                                   2009 vs. 2008     2009 vs.