8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)     August 20, 2002    

Xcel Energy Inc.

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of incorporation)

1-3034	41-0448030
(Commission File Number)	(IRS Employer Identification No.)

800 Nicollet Mall, Mpls, MN	55402
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code     612-330-5500    

(Former name or former address, if changed since last report)

Item 5. Other Events

Xcel Energy announced that longtime industry executive Richard C. (Dick) Kelly has been named the company’s chief financial officer, effective immediately.

The Xcel Energy press release is attached as Exhibit 99.01

On Aug. 20, 2002, Xcel Energy’s subsidiary, NRG Energy, Inc., announced it had obtained approval from lenders to extend until Sept. 13, 2002, the deadline by which it must post collateral ranging in value from $1.1 billion to $1.3 billion. As part of the agreement with its lenders, NRG agreed not to make any additional draw requests under its $2 billion construction revolver.

NRG also agreed it would not fund debt service reserve collateral requirements of $130 million relating to NRG Northeast Generating LLC and NRG South Central Generating LLC. NRG would be in default if it fails to meet these collateral requirements by Aug. 26, 2002. If NRG has not funded the debt service reserve collateral requirements by Oct. 25, 2002, the holders of the $1.3 billion of outstanding bonds related to the Northeast and South Central generating projects will have the right to accelerate the bonds.

The press release is attached as Exhibit 99.02

Item 7. Financial Statements and Exhibits

(c) Exhibits

Exhibit No.	Description
99.01	Xcel Energy Press Release dated Aug. 21, 2002
99.02	NRG Energy Press Release dated Aug. 20, 2002

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Xcel Energy Inc.
(a Minnesota Corporation)

/s/ RICHARD C. KELLY
Richard C. Kelly
Vice President and Chief Financial Officer

August 22, 2002

2 EX-99.01 3 c71513exv99w01.htm EX-99.01 XCEL ENERGY PRESS RELEASE - AUG. 21, 2002

Exhibit 99.01

U.S. Bancorp Center
800 Nicollet Mall
Minneapolis, MN 55402-2023

Kelly named CFO at Xcel Energy; retains role at NRG Energy
as key element of efforts to strengthen both companies

MINNEAPOLIS, Aug. 21, 2002 (BUSINESS WIRE) — Xcel Energy (NYSE:XEL) today announced that longtime industry executive Richard C. (Dick) Kelly has been named the company’s chief financial officer, effective immediately. Kelly also remains president and chief operating officer of Xcel Energy’s power-generation subsidiary NRG Energy.

Kelly replaces Edward J. (Jim) McIntyre, who has left to pursue other interests after 30 years at Xcel Energy and a predecessor company, Northern States Power Co. (NSP).

“Dick Kelly’s long experience as a CFO and his deep understanding of operations of Xcel Energy and NRG will be invaluable in our efforts to strengthen both companies,” said Wayne H. Brunetti, chairman, president and chief executive officer of Xcel Energy.

“I’m eager to take on the challenge of rebuilding the financial strength of Xcel Energy and all of its subsidiaries,” Kelly said. “Serving in dual roles at Xcel Energy and NRG will allow me to work toward maximizing the significant asset value in both companies.”

“We are grateful for Jim’s integrity and tireless efforts during his long career,” Brunetti said. “We appreciate his long years of service and the many contributions he has made to our success.”

McIntyre said, “I have had a very rewarding career with this company. The people are of the highest caliber, and it has been an honor and a pleasure to be associated with them for more than three decades. I wish them all the best in the future.”

McIntyre has held a series of increasingly responsible positions since he joined NSP in 1973, including as president and chief executive officer of NSP-Wisconsin and vice president of NSP’s gas utility. He became CFO of Xcel Energy when it was created by the merger of NSP with Denver-based New Century Energies (NCE) in 2000.

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Kelly became president of Enterprises for Xcel Energy in August 2000. He also is board chairman of its subsidiary Utility Engineering and recently became president and chief operating officer of NRG. He retains those positions.

Prior to the formation of Xcel Energy, Kelly was chief financial officer at one of its predecessor companies, NCE. He held a variety of increasingly responsible finance positions at Public Service Company of Colorado before it merged with Southwestern Public Service Company to form NCE. He has a master of business administration degree and a bachelor of science degree in accounting from Regis University.

This release may include 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,” “estimate,” “expect,” “projected,” “objective,” “outlook,” “possible,” “potential” and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including their impact on capital expenditures; business conditions in the energy industry; competitive factors; unusual weather; changes in federal or state legislation; regulation; risks associated with the California power market; currency translation and transaction adjustments; the higher degree of risk associated with Xcel Energy’s nonregulated businesses compared with Xcel Energy’s regulated business; and the other risk factors listed from time to time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2001.

Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. Formed by the merger of Denver-based New Century Energies and Minneapolis-based Northern States Power Co., Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

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CONTACT:

Xcel Energy Inc., Minneapolis
Investor Relations:
R J Kolkmann, 612/215-4559
P A Johnson, 612/215-4535
or
News media inquiries:
Xcel Energy media relations, 612/215-5300
Xcel Energy Internet Address:
http://www.xcelenergy.com

5 EX-99.02 4 c71513exv99w02.htm EX-99.02 NRG ENERGY PRESS RELEASE - AUG. 21, 2002

Exhibit 99.02

U.S. Bancorp Center
800 Nicollet Mall
Minneapolis, MN 55402-2023

Bank lenders delay collateral requirements for NRG Energy
Sales of NRG assets proceeding on schedule

MINNEAPOLIS, Aug. 20, 2002 — NRG Energy, Inc., today announced it had obtained approval from lenders to extend until Sept. 13, 2002, the deadline by which it must post collateral ranging in value from $1.1 billion to $1.3 billion for certain agreements.

“This is a significant development in our ongoing efforts to strengthen the finances of NRG and to assure financial markets of our integrity and credibility,” said Dick Kelly, NRG president and chief operating officer. “This extension gives NRG the time it needs to continue to execute its plan, market certain NRG assets and develop a more permanent arrangement with our lenders.”

“The collateral waivers provide breathing room to enable us to continue the process of strengthening NRG,” Kelly said.

NRG sought the extensions in anticipation of cash that is to be generated as part of a financial improvement program for NRG that was announced in July. That program includes reducing capital expenditures by $1 billion, and selling certain NRG operations overseas and in the United States to raise an expected $1.4 billion. The asset sales are proceeding on target, with the bulk of sales expected to be completed by year-end 2002. “We are encouraged by both the number and size of the bids,” Kelly said. “We are finalizing several asset sales agreements, which we will announce shortly.”

NRG Energy, a wholly owned subsidiary of Xcel Energy, develops and operates power generating facilities. NRG’s operations include competitive energy production and cogeneration facilities, thermal energy production and energy resource recovery facilities.

This release may include 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,” “estimate,” “expect,” “projected,”

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“objective,” “outlook,” “possible,” “potential” and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including their impact on capital expenditures; business conditions in the energy industry; competitive factors; unusual weather; changes in federal or state legislation; regulation; risks associated with the California power market; currency translation and transaction adjustments; the realization of expectations regarding the NRG financial improvement plan and the other risk factors listed from time to time by NRG in reports filed with the Securities and Exchange Commission including NRG Energy’s report on Form 10-K for year 2001.

CONTACT:
Xcel Energy Inc., Minneapolis
Investor Relations:
R J Kolkmann, 612/215-4559
P A Johnson, 612/215-4535

News media inquiries:
Xcel Energy media relations, 612/215-5300
Xcel Energy Internet Address:
http://www.xcelenergy.com

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EX-99.01

Xcel Energy Inc.

EX-99.02

Xcel Energy Inc.