1) Xcel Energy held its 2006 annual shareholders meeting on May 17, 2006. The meeting addressed the election of directors, ratification of auditors, and a proposal to separate the roles of Chairman and CEO. 2) Xcel Energy reported 2005 earnings of $499 million and first quarter 2006 earnings of $150 million. The company projected 2006 earnings between $1.25-$1.35 per share. 3) Xcel Energy outlined plans to invest $5 billion over 4 years to improve infrastructure and the environment, including emission reduction projects, transmission upgrades, and renewable energy investments. This would help earn the company's authorized rate of return. 4) Xcel Energy highlighted its commitment to environmental compliance, voluntary

1. Working for You
2006 Annual Shareholders Meeting
May 17, 2006

2. Dick Kelly
President, CEO
and Chairman
of the Board

3. C. Coney Roger R.
Burgess Hemminghaus

4. Douglas W.
A. Barry
Leatherdale
Hirschfeld

5. Dr. Margaret R.
Albert F.
Preska
Moreno

6. A. Patricia Richard H.
Sampson Truly

7. Fredric Richard K.
Corrigan Davis
President and COO
President and
U.S. Bancorp
CEO Mosaic
Company

8. Welcome
Del Hock
Retired Chairman and CEO
Dick Walker
Retired Chairman and CEO

9. Welcome
Deloitte & Touche

10. Welcome
Minnesota, North Dakota,
South Dakota and New Mexico
Shareholder Groups

11. Cathy Hart

12. TOTAL VOTING POWER
404,894,166
Votes Outstanding
344,412,767
Votes by Proxy
85.06%
Total Voting Power

13. Cathy Hart

14. PROPOSALS
Proposal #1
Election of 11 directors

15. PROPOSALS
Proposal #2
Ratification of the
appointment of Deloitte &
Touche LLP

16. PROPOSALS
Proposal #3
Separating the role of
Chairman of the Board and
Chief Executive Officer

17. Cathy Hart

18. Working for You - Video

19. Dick Kelly
President, CEO
and Chairman
of the Board

20. STRENGTHS
Successful growth strategy
Thriving service territory
Outstanding environmental record
Strong commitment to community
Excellent employees

21. DIVIDEND INCREASE
Dividend rate increase of 3 cents
Increase of 3.5 percent
Dividend yield of 4.8 percent
Annual increase of 2 – 4 percent

22. Dick Kelly
President, CEO
and Chairman
of the Board

23. PAT VINCENT
CEO
Public Service Company of Colorado

24. CYNDI LESHER
President & CEO
Northern States Power Company
Minnesota

25. MIKE SWENSON
President & CEO
Northern States Power Company
Wisconsin

26. GARY GIBSON
President & CEO
Southwestern Public
Service Company

27. Dick Kelly
President, CEO
and Chairman
of the Board

28. PAUL BONAVIA
President
Utilities Group

29. RAY GOGEL
Vice President
Customer and Enterprise Solutions
& Chief Administrative Officer

30. DAVID WILKS
President
Energy Supply

31. CATHY HART
Vice President Corporate Services
and Corporate Secretary

32. GARY JOHNSON
Vice President
& General Counsel

33. BEN FOWKE
Vice President
& Chief Financial Officer

34. DAVE SPARBY
Vice President
Government & Regulatory Affairs

35. TERESA MADDEN
Vice President
and Controller

36. GEORGE TYSON
Vice President
and Treasurer

37. Dick Kelly
President, CEO
and Chairman
of the Board

38. BEN FOWKE
Vice President
& Chief Financial Officer

39. 2005 FINANCIAL RESULTS
Earnings from continuing operations of:
$499 MILLION
$1.20 PER SHARE
Higher operating margins offset by:
Nuclear plant outages
Employee benefit costs
Uncollectible receivable expenses
Higher depreciation expenses

40. FIRST QUARTER 2006 RESULTS
Earnings from continuing operations of:
$150 MILLION
36 CENTS PER SHARE
Total earnings of:
$151 MILLION
36 CENTS PER SHARE
2006 EARNINGS GUIDANCE OF $1.25 to $1.35

41. BEN FOWKE
Vice President
& Chief Financial Officer

42. XCEL ENERGY VALUE PROPOSITION
Growing dividend
5% to 7% earnings growth
10% to 12% total return

43. AVERAGE TOTAL RETURN
25
Top 25% of the Industry
24.4%
20
15
16.0%
10
5
0
XCEL ENERGY UTILITY INDUSTRY

44. BEN FOWKE
Vice President
& Chief Financial Officer

45. BUILDING THE CORE
Invest in our core businesses
Earn a return on that investment

46. BUILDING THE CORE
Investing in our core businesses
$5 billion over 4 years
Strong environmental component
Regulatory certainty regarding recovery

47. COMANCHE 3
750 MW coal-fired unit

48. ENVIRONMENTAL IMPROVEMENTS
Comanche Station Projected Emissions and Generation
18000
Pre-Project
15000
Post-Project
12000
9000
6000
3000
0
Electricity
SO2 NOX
Production
(Tons/year) (Tons/year)
(GWh/year)

49. King Plant
High Bridge Plant
Riverside Plant
INVESTING IN OUR CORE BUSINESSES
Minnesota Emission Reduction Project

50. INVESTING IN OUR CORE BUSINESSES
Minnesota Emission Reduction Project
Reduce SO2 and NOX by more than 90%
Reduce mercury by almost 80%
Meets energy needs
Recovery approved

51. INVESTING IN OUR CORE BUSINESSES
Mercury Reduction Legislation

52. TRANSMISSION
Colorado
Completed $43 million project
Minnesota
Project underway — 200 miles of new and
upgraded lines and several new substations

53. Dick Kelly
President, CEO
and Chairman
of the Board

54. BUILDING THE CORE
Earning our authorized return
Natural gas cases in Wisconsin, Minnesota
and Colorado
Electric case in Wisconsin
Interim electric rates in Minnesota
Electric case in Colorado

55. XCEL ENERGY’S ENVIRONMENTAL RECORD
Compliance
Voluntary efforts
New technologies

56. COMMITMENT TO RENEWABLE ENERGY
Number 1 purchaser of wind power
Windsource — Nation’s largest green
power program

57. ENVIRONMENTAL TECHNOLOGIES
Clean-coal process
Creating hydrogen with wind power

58. ENVIRONMENTAL TECHNOLOGIES
Largest solar facility in Colorado

59. Dick Kelly
President, CEO
and Chairman
of the Board

60. ENERGY ASSISTANCE
$2 Million to Energy Outreach Colorado
$1 Million to HeatShare
More than $5.5 million across service
territory

61. Dick Kelly
President, CEO
and Chairman
of the Board

62. DENVER FRANCHISE AGREEMENT
Ensures reliability
Benefits customers
Encourages conservation and renewable
energy

63. CARING FOR COMMUNITIES
Corporate donations
Volunteer efforts
More than $12 million in 2005

64. TRIPLE BOTTOM LINE REPORT

65. Dick Kelly
President, CEO
and Chairman
of the Board

66. WILDFIRE VIDEO

67. Dick Kelly
President, CEO
and Chairman
of the Board

68. PROPOSALS
Proposal #1 Approved
Election of 11 directors

69. PROPOSALS
Proposal #2 Approved
Ratification of the
appointment of Deloitte &
Touche LLP

70. PROPOSALS
Proposal #3 Not Approved
Separating the role of
Chairman of the Board and
Chief Executive Officer

71. Dick Kelly
President, CEO
and Chairman
of the Board

72. You Get All of Our Energy

73. Working for You