SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
In the Matter of | ||
CERTIFICATE | ||
Xcel Energy Inc. | ||
OF | ||
File No. 70-9635 | ||
File No. 70-10275 | NOTIFICATION | |
(Public Utility Holding Company Act of 1935) |
This Certificate of Notification is filed by Xcel Energy Inc. ("Xcel Energy"), a Minnesota corporation, pursuant to Rule 24. Such filing is made pursuant to (i) Xcel Energy's Form U-1 Application-Declaration in File No. 70-9635 and the order of the Securities and Exchange Commission (the "Commission") dated September 30, 2003 (HCAR No. 27731) (the "2003 Order") and (ii) Xcel Energy's Form U-1 Application- Declaration in File No. 70-10275 and the order of the Commission dated June 20, 2005 (HCAR No. 27985) (the "2005 Order"). The 2003 Order and the 2005 Order directed that Xcel Energy file with the Commission certificates pursuant to Rule 24 on a quarterly basis within 60 days from the end of the first three quarters and within 90 days from the end of the last calendar quarter. This certificate is being filed pursuant to each of the 2003 Order (See Part 1 below) and the 2005 Order (see Part 2 below) and reports transactions from April 1, 2005 through June 30, 2005 (the "Second Quarter").
PART 1 Reporting Requirements set forth in the 2003 Order (File No. 70-9635):
Average consolidated retained earnings: | $ | 416.9 million | |
Aggregate investment in all EWGs and FUCOs*: | $ | 6.1 million |
|
(in millions) |
||
---|---|---|---|
Investment in EWGs and FUCOs: | |||
US Power Fund * | $ | 6.1 million |
Debt as a percentage of capitalization and total dollars in millions (including approximately $295.0 million of short-term debt) | 57 | % | $ | 7,013 | |
Common stock equity as a percentage of capitalization |
42 |
% |
$ |
5,252 |
|
Preferred equity as a percentage of capitalization | 1 | % | $ | 105 |
Xcel Energy's Utility Subsidiaries capitalization ratio* and capital structure as of June 30, 2005:
|
NSP- Minnesota |
NSP- Wisconsin |
PSCo |
SPS |
|||||
---|---|---|---|---|---|---|---|---|---|
Debt as a percentage of capitalization (including short-term debt) | 50 | % | 45 | % | 46 | % | 53 | % | |
Common stock equity as a percentage of capitalization | 50 | % | 55 | % | 54 | % | 47 | % |
|
NSP- Minnesota |
NSP- Wisconsin |
PSCo |
SPS |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt (including short-term debt) in millions | $ | 2,159 | $ | 345 | $ | 2,222 | $ | 892 | ||||
Common stock equity in millions | $ | 2,181 | $ | 427 | $ | 2,598 | $ | 778 |
Market-to-book ratio at June 30, 2005 | 1.50 |
None.
|
(in millions) |
|||
---|---|---|---|---|
Retained earnings growth from EWG projects | $ | 0.2 | * | |
Retained earnings growth from all other Xcel Energy subsidiaries (reflects dividend payments) | 32.7 | |||
Total increase in consolidated retained earnings for the six months ended June 30, 2005 | $ | 32.9 | ||
|
Revenue |
Net income |
|||||
---|---|---|---|---|---|---|---|
|
(in millions) |
||||||
US Power Fund | $ | * | $ | 0.2 | ** |
2
None.
Xcel Energy issued a total of 506,302* shares during the Second Quarter. The shares were issued as follows: 404,969 shares under the dividend reinvestment plan and 101,333 under the optional cash plan.
None.
Guarantor |
Beneficiary |
Amount |
Matures |
Issued/Renewed |
Purpose |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Xcel Energy | ZEC Corporation | $ | 17,500,000 | March 2, 2010 | Issued | Guarantee Xcel Energy Wholesale Group Inc.'s indemnification obligations under the Stock Purchase Agreement, dated March 2, 2005, for the sale of Utility Engineering Corporation |
On June 10, 2005, Xcel Energy re-entered the commercial paper market by issuing $175 million of notes. Net proceeds were used to repay higher-cost borrowings under its five-year bank credit facility. Xcel Energy's commercial paper is rated A-2 by Standard & Poor's Ratings Services and Prime-2 by Moody's Investor Services, Inc. A security rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by a rating agency. At June 30, 2005, Xcel Energy had $295 million of outstanding commercial paper at a weighted average interest rate of 3.33 percent.
As of June 30, 2005 Xcel Energy Inc. had $0 borrowings outstanding under its $600 million five-year revolving credit facility.
None.
3
NSP-MN, PSCo and SPS had borrowings from the Utility Money Pool during the Second Quarter.* The highest amount outstanding during the quarter for NSP-MN was $22,000,000. As of the end of the quarter, NSP-MN had no borrowings outstanding. The highest amount outstanding during the quarter for PSCo was $56,000,000. As of the end of the quarter, PSCo had no borrowings outstanding. The highest amount outstanding during the quarter for SPS was $47,000,000. As of quarter end, SPS's outstanding balance was $31,200,000. Xcel Energy's highest loan amount to the money pool during the quarter was $56,000,000. Xcel Energy had $31,200,000 loaned to the money pool at the end of the quarter. The interest rate for the money pool was 3.88%.
None.
Utility Subsidiaries Borrowings Under Credit Agreements
On an on-going basis the Utility Subsidiaries borrow and repay debt under their credit agreements (see below). The borrowings under these credit-agreements are classified as long-term debt because these are funds drawn under their five-year credit agreements. As of June 30, 2005, the Utility Subsidiaries listed below had outstanding borrowings under their credit agreements as follows:
Utility Subsidiary |
Amount |
Avg. Rate |
||||
---|---|---|---|---|---|---|
PSCo | $ | 6,000,000 | 5.98 | % | ||
SPS | $ | 35,000,000 | 3.75 | % | ||
NSP-MN | $ | 220,000,000 | 4.24 | % |
PSCo
As of June 30, 2005, P.S.R. Investments, Inc. had short-term borrowings outstanding from PSCo of $12,570,000 at an average rate of 4.98%.
As of June 30, 2005, PSCo had a note outstanding from 1480 Welton in the amount of $11,808,970.
PSCo Credit Agreement
On April 21, 2005, PSCo replaced its 364-day revolving credit agreement with a five-year credit agreement that expires on April 21, 2010 with the ability to extend to April 21, 2011. The size of the credit agreement is $500 million with the ability to upsize by $100 million for a total of $600 million. The interest rate per annum under the agreement is the Prime Rate or the Eurodollar Rate plus a spread of 0.575%. The credit agreement is primarily used to fund general corporate needs.
4
NSP-MM
NSP-MN Credit Agreement
On April 21, 2005, NSP-MN replaced its 364-day revolving credit agreement with a five-year credit agreement that expires on April 21, 2010 with the ability to extend to April 21, 2011. The size of the credit agreement is $375 million with the ability to upsize by $75 million for a total of $450 million. The interest rate per annum under the agreement is the Prime Rate or the Eurodollar Rate plus a spread of 0.575%. The credit agreement is primarily used to fund general corporate needs.
SPS
SPS Credit Agreement
On April 21, 2005, SPS replaced its 364-day revolving credit agreement with a five-year credit agreement that expires on April 21, 2010 with the ability to extend to April 21, 2011. The size of the credit agreement is $250 million with the ability to upsize by $50 million for a total of $300 million. The interest rate per annum under the agreement is the Prime Rate or the Eurodollar Rate plus a spread of 0.475%. The credit agreement is primarily used to fund general corporate needs.
NSP-WI
As of June 30, 2005, NSP-WI had short-term debt outstanding from NSP-MN of $29,100,000 at an average rate of 4.24%.
5
Lender |
Borrower |
Amount Outstanding |
|||
---|---|---|---|---|---|
Xcel Energy | Xcel Energy Services Inc. | $ | 29,300,000 | ||
NCE Communications, Inc. | Xcel Energy Communications Group, Inc. | $ | 2,895,000 | ||
e prime Energy Marketing, Inc. | Xcel Energy Retail Holdings, Inc. ("Xcel Retail") | $ | 11,850,000 | ||
Xcel Retail | Xcel Energy Cadence | $ | 1,065,000 | ||
Xcel Retail | The Planergy Group | $ | 18,049,027 | ||
XERS Inc. | Xcel Retail | $ | 7,400,000 | ||
Reddy Kilowatt | Xcel Retail | $ | 900,000 | ||
Xcel Energy Products and Services, Inc. | Xcel Retail | $ | 2,480,000 | ||
Xcel Energy Markets Holdings, Inc. | e prime, Inc. | $ | 3,200,000 | ||
Xcel Energy | Xcel Energy Markets Holdings, Inc. | $ | 6,610,000 | ||
Xcel Energy | Xcel Energy Ventures, Inc. | $ | 35,650,000 | ||
Xcel Energy Ventures, Inc. | Eloigne | $ | 34,530,000 | ||
Xcel Retail | Xcel Energy Performance Contracting, Inc. | $ | 800,000 | ||
Xcel Energy | Clearwater Investments | $ | 700,000 | ||
Xcel Energy Communications Group, Inc. | Seren Innovations, Inc. | $ | 1,800,000 | ||
Xcel Energy | Xcel Energy Communications Group, Inc. | $ | 825,000 | ||
Xcel Energy | 1480 Welton | $ | 9,100,000 | ||
Xcel Energy | United Power & Land | $ | 3,700,000 | ||
Xcel Energy | Xcel Energy WYCO | $ | 317,000 | ||
Xcel Energy Wholesale | Quixx | $ | 1,885,000 |
Notional Amount |
Type |
Rate |
Trade Date |
Effective Date |
Expiration Date |
Counterparty |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$ | 25,000,000 | Pay Fix Forward Starting Swap | 4.9175 | % | 04/13/05 | 09/30/05 | 09/30/15 | Bank of Tokyo Mitsubishi |
None.
The consolidated balance sheets of Xcel Energy, Public Service Company of Colorado, Southwestern Public Service Company, Northern States Power Company (Minnesota), and Northern States Power Company (Wisconsin), as of June 30, 2005 are incorporated by reference.
6
Such balance sheets were filed with the respective company's Form 10-K for the quarter ended June 30, 2005. The file numbers are as follows:
Xcel Energy | 1-3034 | |
Public Service Company of Colorado | 001-03280 | |
Southwestern Public Service Company | 001-03789 | |
Northern States Power Company (Minnesota) | 000-31387 | |
Northern States Power Company (Wisconsin) | 001-03140 |
The following balance sheets as of June 30, 2005 were filed under confidential treatment pursuant to Rule 104(b):
Exhibit 1 | Xcel Energy Services Inc. | |
Exhibit 2 | Xcel Energy Communications Group, Inc. | |
Exhibit 3 | NCE Communications, Inc. | |
Exhibit 4 | Xcel Energy Retail Holdings, Inc. | |
Exhibit 5 | Xcel Energy Cadence | |
Exhibit 6 | The Planergy Group | |
Exhibit 7 | Xcel Energy Wholesale Group, Inc. | |
Exhibit 8 | Xcel Energy Markets Holdings, Inc. | |
Exhibit 9 | e prime, Inc. | |
Exhibit 10 | Quixx Corporation | |
Exhibit 11 | Xcel Energy Ventures Inc. | |
Exhibit 12 | Reddy Kilowatt | |
Exhibit 13 | Xcel Energy Products and Services, Inc. | |
Exhibit 14 | P.S.R. Investments, Inc. | |
Exhibit 15 | e prime Energy Marketing, Inc. | |
Exhibit 16 | XERS Inc. | |
Exhibit 17 | United Power & Land | |
Exhibit 18 | Eloigne | |
Exhibit 19 | Xcel Energy Performance Contracting Inc. | |
Exhibit 20 | Clearwater Investments | |
Exhibit 21 | 1480 Welton | |
Exhibit 22 | Seren Innovations, Inc. | |
Exhibit 23 | Xcel Energy WYCO Inc. |
None.
PART 2 Reporting Requirements set forth in the 2005 Order (File No. 70-10275):
None.
7
total number of shares issued or issuable under options granted during the Authorization Period pursuant to authorization granted in this proceeding.
See Part 1 (i) above. A total of 4,447 shares were issued during the Authorization Period.
None.
See Part 1(k) above.
See Part 1(j) and (l) above.
|
Short-Term Debt* |
Long-Term Debt* |
||||
---|---|---|---|---|---|---|
|
(in thousands) |
|||||
Amount Authorized in 2005 Order | $ | 1,000,000 | $ | 1,800,000 | ||
Amount Outstanding as of 6/30/2005 | $ | 295,000 | $ | 0 | ||
Amount available | $ | 705,000 | $ | 1,000,000 |
See Part 1(n) above.
None.
8
See Part 1(p) above.
See Part 1(q) above.
See Part 1(r) above.
None.
None.
None.
None.
None.
None.
None.
9
See Part 1 (t) above.
See Part 1(c) above.
|
Xcel Energy |
NSP-Minnesota |
NSP-Wisconsin |
PSCO |
SPS |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
(in thousands) |
||||||||||||||||
Balance at Dec. 31, 2004 | $ | 396,641 | $ | 983,940 | $ | 275,092 | $ | 392,746 | $ | 370,430 | |||||||
Net income | 204,884 | 71,360 | 12,803 | 112,795 | 31,605 | ||||||||||||
Dividends to parent | (107,640 | ) | (23,026 | ) | | (41,327 | ) | ||||||||||
Dividends declared: | |||||||||||||||||
Preferred stock | (2,120 | ) | | | | | |||||||||||
Common stock | (169,887 | ) | | | | | |||||||||||
Balance at June 30, 2005 | $ | 429,518 | $ | 947,660 | $ | 264,869 | $ | 505,541 | $ | 360,708 |
See Part 1(u) above.
I, George E. Tyson II, Vice President and Treasurer of Xcel Energy Inc., certify that transactions included in this Certificate of Notification have been carried out in accordance with the terms and conditions of and for the purposes represented in the Application-Declaration.
XCEL ENERGY INC. | |||
By: |
/s/ GEORGE E. TYSON II George E. Tyson II Vice President and Treasurer |
Dated: August 25, 2005
10