Exhibit 99.03

UNAUDITED CONSOLIDATED PRO FORMA FINANCIAL INFORMATION
ACCOUNTING FOR NRG ON THE EQUITY METHOD

Background
As discussed in Xcel Energy’s Quarterly Report on Form 10-Q for March 31, 2003, NRG voluntarily filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code on May 14, 2003. As part of this action, the tentative settlement agreement reached in March 2003 among Xcel Energy, NRG and NRG’s creditors (“the Settlement”) was filed with the Bankruptcy Court for its consideration as a resolution of NRG’s financial difficulties. If the court approves the terms of the Settlement, upon emergence from bankruptcy Xcel Energy will divest its ownership interests in NRG. This divestiture will result in NRG ultimately being reported as a discontinued operation of Xcel Energy. However, pending the outcome of the bankruptcy proceeding, Xcel Energy will remain 100 percent owner of NRG but will not have sufficient control to continue consolidating NRG. During the period between NRG’s filing for bankruptcy and its actual divestiture by Xcel Energy, Xcel Energy will report NRG as an equity investment under generally accepted accounting principles. Because such accounting requirements do not allow equity accounting until the period that includes the bankruptcy filing, Xcel Energy is providing investors with pro forma information for historical periods presenting NRG under the equity method of accounting.

Pro Forma Information
The following summary of unaudited pro forma financial information for Xcel Energy gives effect to the change of accounting for NRG from consolidated financial reporting to the equity method of accounting. Under the equity method, NRG is not consolidated in Xcel Energy’s financial statements but instead is reported as a single investment-related item (NRG Losses In Excess of Investment) on the Balance Sheet, and a single item (Equity in Losses of NRG) on the Statements of Operations. Because Xcel Energy’s cumulative equity in NRG’s losses to date exceeds the cumulative investments made in NRG, the investment-related balance sheet item is not an asset but is reported as a current liability.

The following pro forma Balance Sheet and Statements of Operations are treated as if Xcel Energy had never consolidated NRG for financial reporting purposes. This unaudited pro forma summarized financial information should be read in conjunction with the historical financial statements and related notes of Xcel Energy, which are included in the 2002 Annual Report on Form 10-K, and the March 31, 2003 Quarterly Report on Form 10-Q. The unaudited pro forma Balance Sheet information at March 31, 2003 assumes that NRG had been deconsolidated (that is, the equity method had been applied) on that date. The unaudited pro forma Statement of Operations information for the quarters ended March 31, 2002 and 2003, and the year ended Dec. 31, 2002, assumes that NRG had been deconsolidated on Jan. 1, 2002, the beginning of the earliest period presented.

These summarized pro forma amounts do not include any of the future financial impacts that may occur from NRG’s filing for bankruptcy, or from implementing the Settlement. Also, the unaudited summarized pro forma financial information does not necessarily indicate what Xcel Energy’s financial position or operating results would have been if NRG had filed for bankruptcy (or had been divested) in the periods presented, and does not necessarily indicate future operating results of Xcel Energy (with or without NRG).

XCEL ENERGY INC. AND SUBSIDIARIES
Pro Forma Consolidated Statement Of Operations
(Thousands of Dollars, Except Per Share Data)

						Pro Forma Adjustments for NRG
											Pro Forma
			As Reported			Apply Equity			Adjust		Adjusted
			3/31/2003 (a)			Accounting (b)			Eliminations		3/31/2003
Operating Revenues:
	Electric Utility		$	1,368,970							$	1,368,970
	Natural Gas Utility			666,129								666,129
	Electric and Natural Gas Trading			3,574								3,574
	Nonregulated and Other			641,549			(533,640	)				107,909
	Equity Earnings from Investments in Affiliates (f)			40,130			(45,629	)				(5,499	)
		Total Operating Revenues		2,720,352			(579,269	)		—		2,141,083
Operating Expenses:
	Electric Fuel and Purchased Power — Utility			592,690								592,690
	Cost of Natural Gas Sold and Transported — Utility			479,951								479,951
	Cost of Sales — Nonregulated and Other			362,212			(284,606	)				77,606
	Other Operating and Maintenance Expenses — Utility			381,627								381,627
	Other Operating and Maintenance Expenses — Nonregulated			187,450			(161,904	)				25,546
	Depreciation and Amortization			263,473			(69,584	)				193,889
	Taxes (Other Than Income Taxes)			81,584			—					81,584
	Writedowns and Disposal Losses from Equity Investments			16,591			(16,591	)				—
	Special Charges			47,200			(45,759	)				1,441
		Total Operating Expenses		2,412,778			(578,444	)		—		1,834,334
Operating Income				307,574			(825	)		—		306,749
Interest Income				10,448			(4,794	)				5,654
Other Nonoperating Income				10,154			(6,965	)				3,189
Nonoperating Expense				(7,217	)		2,334					(4,883	)
Equity in Losses of NRG (f)				—			(12,632	)				(12,632	)
Interest Charges and Financing Costs:
	Interest Charges — net of amounts capitalized			285,259			(179,544	)				105,715
	Distributions on Redeemable Preferred Securities of Subsidiary Trusts			9,586								9,586
		Total Interest Charges and Financing Costs		294,845			(179,544	)		—		115,301
Income from Continuing Operations Before Income Taxes, And Minority Interest				26,114			156,662			—		182,776
Income Taxes				98,089			(34,573	)				63,516
Minority Interest — expense (income) (e)				194			53					247
Income (Loss) from Continuing Operations (d)				(72,169	)		191,182			—		119,013
Earnings per share — basic and diluted:
	Income (loss) from continuing operations (d)		$	(0.18	)	$	0.48		$	—	$	0.30

See accompanying Notes to Pro Forma Financial Information.

XCEL ENERGY INC. AND SUBSIDIARIES
Pro-forma Consolidated Statement Of Operations
(Thousands of Dollars, Except Per Share Data)

						Pro-forma Adjustments for NRG
											Pro-forma
			As Reported			Apply Equity			Adjust		Adjusted
			12/31/2002 (a)			Accounting (b)			Eliminations		12/31/2002
Operating Revenues:
	Electric Utility		$	5,435,377							$	5,435,377
	Natural Gas Utility			1,397,800								1,397,800
	Electric and Natural Gas Trading			8,485								8,485
	Nonregulated and Other			2,611,149			(2,212,153	)				398,996
	Equity Earnings from Investments in Affiliates (f)			71,561			(68,996	)				2,565
		Total Operating Revenues		9,524,372			(2,281,149	)		—		7,243,223
Operating Expenses:
	Electric Fuel and Purchased Power — Utility			2,199,099								2,199,099
	Cost of Natural Gas Sold and Transported — Utility			851,987								851,987
	Cost of Sales — Nonregulated and Other			1,361,466			(1,094,795	)				266,671
	Other Operating and Maintenance Expenses — Utility			1,501,602								1,501,602
	Other Operating and Maintenance Expenses — Nonregulated			787,968			(665,886	)				122,082
	Depreciation and Amortization			1,037,429			(256,199	)				781,230
	Taxes (Other Than Income Taxes)			318,641								318,641
	Write-downs and Disposal Losses from Equity Investments			207,290			(196,192	)				11,098
	Special Charges			2,691,223			(2,656,093	)				35,130
		Total Operating Expenses		10,956,705			(4,869,165	)		—		6,087,540
Operating Income (Loss)				(1,432,333	)		2,588,016			—		1,155,683
Interest Income				45,863			(16,322	)				29,541
Other Nonoperating Income				28,167			2,145					30,312
Nonoperating Expense				(30,043	)		10,007					(20,036	)
Equity in Losses of NRG (f)				—			(3,464,282	)				(3,464,282	)
Interest Charges and Financing Costs:
	Interest Charges — net of amounts capitalized			879,736			(493,956	)				385,780
	Distributions on Redeemable Preferred Securities of Subsidiary Trusts			38,344								38,344
		Total Interest Charges and Financing Costs		918,080			(493,956	)		—		424,124
Income (Loss) from Continuing Operations Before Income Taxes and Minority Interest				(2,306,426	)		(386,480	)		—		(2,692,906	)
Income Taxes (Benefit)				(627,985	)		165,382					(462,603	)
Minority Interest — expense (income)				(17,071	)		4,759					(12,312	)
Income (Loss) from Continuing Operations(d)				(1,661,370	)		(556,621	)		—		(2,217,991	)
Earnings (loss) per share — basic and diluted:
	Income (loss) from continuing operations(d)		$	(4.36	)	$	(1.46	)	$	—	$	(5.82	)

See accompanying Notes to Pro-forma Financial Information.

XCEL ENERGY INC. AND SUBSIDIARIES
Pro Forma Consolidated Statement Of Operations
(Thousands of Dollars, Except Per Share Data)

						Pro Forma Adjustments for NRG
											Pro Forma
			As Reported			Apply Equity			Adjust		Adjusted
			3/31/2002 (a)			Accounting (b)			Eliminations		3/31/2002
Operating Revenues:
	Electric Utility		$	1,231,657							$	1,231,657
	Natural Gas Utility			563,911								563,911
	Electric and Natural Gas Trading Margin			2,750								2,750
	Nonregulated and Other			555,786			(468,099	)				87,687
	Equity Earnings from Investments in Affiliates (f)			16,480			(14,670	)				1,810
		Total Operating Revenues		2,370,584			(482,769	)		—		1,887,815
Operating Expenses:
	Electric Fuel and Purchased Power — Utility			488,114								488,114
	Cost of Natural Gas Sold and Transported — Utility			375,615								375,615
	Cost of Sales — Nonregulated and Other			277,063			(219,928	)				57,135
	Other Operating and Maintenance Expenses — Utility			391,491								391,491
	Other Operating and Maintenance Expenses — Nonregulated			194,322			(169,422	)				24,900
	Depreciation and Amortization			247,993			(54,060	)				193,933
	Taxes (Other Than Income Taxes)			82,897								82,897
	Special Charges			14,113								14,113
		Total Operating Expenses		2,071,608			(443,410	)		—		1,628,198
Operating Income				298,976			(39,359	)		—		259,617
Interest Income				17,975			(7,583	)				10,392
Other Nonoperating Income				9,442			(2,679	)				6,763
Other Nonoperating Expense				(6,072	)		—					(6,072	)
Equity in Losses of NRG (f)				—			(26,463	)				(26,463	)
Interest Charges and Financing Costs:
	Interest Charges — net of amounts capitalized			188,605			(113,358	)				75,247
	Distributions on Redeemable Preferred Securities of Subsidiary Trusts			9,700								9,700
		Total Interest Charges and Financing Costs		198,305			(113,358	)		—		84,947
Income from Continuing Operations Before Income Taxes and Minority Interest				122,016			37,274			—		159,290
Income Taxes				33,555			28,024					61,579
Minority Interest — expense (income)				(5,468	)		(325	)				(5,793	)
Income from Continuing Operations(d)				93,929			9,575			—		103,504
Earnings per share — basic and diluted:
	Income from continuing operations(d)		$	0.26		$	0.03		$	—	$	0.29

See accompanying Notes to Pro Forma Financial Information.

XCEL ENERGY INC. AND SUBSIDIARIES
Pro Forma Consolidated Balance Sheet
(Thousands of Dollars, Except Per Share Data)

						Pro Forma Adjustments for NRG
												Pro Forma
			As Reported			Apply Equity			Adjust			Adjusted
			3/31/2003 (a)			Accounting (b)			Eliminations (c)			3/31/2003
ASSETS
Current Assets:
	Cash and cash equivalents		$	1,035,299		$	(333,092	)				$	702,207
	Restricted cash			295,181			(272,181	)					23,000
	Accounts receivable — net of allowance			1,249,706			(362,497	)		52,291			939,500
	Accrued unbilled revenues			322,316									322,316
	Materials and supplies inventories — at average cost			318,151			(235,260	)					82,891
	Fuel inventory — at average cost			166,782									166,782
	Natural gas inventories			66,588									66,588
	Recoverable purchased natural gas and electric energy costs			161,252									161,252
	Derivative instruments valuation — at market			59,324			(21,890	)					37,434
	Prepayments and other			373,534			(204,460	)					169,074
	Current assets held for sale (d)			17,178			(17,178	)					—
		Total Current Assets		4,065,311			(1,446,558	)		52,291			2,671,044
Property, Plant and Equipment, at cost:
	Electric utility plant			16,731,387									16,731,387
	Nonregulated property and other			8,456,847			(6,869,893	)					1,586,954
	Natural gas utility plant			2,432,808									2,432,808
	Construction work in progress			1,387,721			(420,682	)					967,039
		Total Property, Plant and Equipment		29,008,763			(7,290,575	)		—			21,718,188
	Less accumulated depreciation			(9,901,032	)		695,155						(9,205,877	)
	Nuclear fuel — net of accumulated amortization			85,567									85,567
		Net Property, Plant and Equipment		19,193,298			(6,595,420	)		—			12,597,878
Other Assets:
	Investments in unconsolidated affiliates (e)			1,036,647			(917,062	)					119,585
	Notes receivable, including amounts from affiliates			953,632			(951,611	)					2,021
	Nuclear decommissioning fund and other investments			699,145									699,145
	Regulatory assets			734,528									734,528
	Derivative instruments valuation — at market			82,120			(80,427	)					1,693
	Prepaid pension asset			491,793									491,793
	Goodwill, net			34,561			(26,834	)					7,727
	Intangible assets, net			66,656			(48,729	)					17,927
	Other			360,930			(173,220	)		(759	)		186,951
	Noncurrent assets held for sale (d)			53,257			(53,257	)					—
		Total Other Assets		4,513,269			(2,251,140	)		(759	)		2,261,370
		TOTAL ASSETS	$	27,771,878		$	(10,293,118	)	$	51,532		$	17,530,292
LIABILITIES AND EQUITY
Current Liabilities:
	Current portion of long-term debt		$	7,590,417		$	(6,994,578	)				$	595,839
	Short-term debt			1,437,721			(1,030,959	)					406,762
	Accounts payable			1,429,551			(614,828	)		51,532			866,255
	Taxes accrued			293,174			13,521						306,695
	Dividends payable			1,060									1,060
	Derivative instruments valuation — at market			46,455			(18,314	)					28,141
	Other			946,503			(557,045	)					389,458
	Current liabilities held for sale (d)			105,339			(105,339	)					—
	NRG losses in excess of investment (e)			—			691,129						691,129
		Total Current Liabilities		11,850,220			(8,616,413	)		51,532			3,285,339
Deferred Credits and Other Liabilities:
	Deferred income taxes			1,365,093			(126,021	)					1,239,072
	Deferred investment tax credits			166,438									166,438
	Regulatory liabilities			522,158									522,158
	Derivative instruments valuation — at market			121,431			(106,746	)					14,685
	Benefit obligations and other			734,834			(208,256	)					526,578
	Asset retirement obligations			880,307			(4,370	)					875,937
	Minimum pension liability			106,897									106,897
	Noncurrent liabilities held for sale (d)			18,381			(18,381	)					—
		Total Deferred Credits and Other Liabilities		3,915,539			(463,774	)		—			3,451,765
Minority interest in subsidiaries				35,615			(29,815	)					5,800
Commitments and contingencies
Capitalization:
	Long-term debt			6,606,704			(1,183,116	)					5,423,588
	Mandatorily redeemable preferred securities of subsidiary trusts			494,000									494,000
	Preferred stockholders’ equity			105,320									105,320
	Common stockholders’ equity (g)			4,764,480									4,764,480
	TOTAL LIABILITIES AND EQUITY		$	27,771,878		$	(10,293,118	)	$	51,532		$	17,530,292

See accompanying Notes to Pro Forma Financial Information.

NOTES TO PRO FORMA FINANCIAL INFORMATION

The following notes provide additional information for the adjustments made to historical financial statements in determining the accompanying pro forma financial information.

(a)	“As Reported” amounts for year ended Dec. 31, 2002 were derived from the audited consolidated financial statements included in Xcel Energy’s 2002 Annual Report on Form 10-K. The “As Reported” amounts for the quarter ended March 31, 2003 and 2002 were derived from the unaudited consolidated financial statements included in Xcel Energy’s Quarterly Report on Form 10-Q (provided herewith).
(b)	Pro forma adjustments to “As Reported” amounts reflect (1) the elimination of NRG’s revenues and expenses (as to the Statement of Operations) and assets and liabilities (as to the Balance Sheet) from Xcel Energy’s consolidated financial statements; and (2) equity accounting adjustments to reflect NRG’s results of operations as a single income/expense item (Equity in Losses of NRG) and to reflect Xcel Energy’s net investment in NRG as a single investment-related item (NRG Losses in Excess of Investment). In addition to NRG’s amounts, application of the equity method has also resulted in the reclassification of the minority interest of NRG’s stockholders other than Xcel Energy (prior to June 2002) on both the Statement of Operations and the Balance Sheet to be presented as a component of Equity in Losses of NRG and NRG Losses in Excess of Investment, respectively.
(c)	Pro forma adjustments to “As Reported” Balance Sheet amounts also reflect the reinstatement of Xcel Energy’s intercompany balances with NRG, which were previously eliminated under the consolidated method of reporting NRG.
(d)	Pro forma adjustments referred to in (b) above include the elimination of NRG’s projects and operations that have been sold in 2002 or 2003, or were considered held for sale in those periods. Under the equity method of accounting being presented here on a pro forma basis, the operating results of these NRG projects/operations, and the related assets and liabilities, are no longer presented as Discontinued Operations and Assets and Liabilities Held-for-Sale, respectively. This reclassification has increased Income from Continuing Operations for the amounts previously reported as Discontinued Operations.
(e)	The pro forma adjustments to the Balance Sheet referred to in (b) above have adjusted Xcel Energy’s net investment in NRG, which would normally be an asset, to a net credit balance, which is presented on a pro forma basis as a current liability. This presentation assumes that the net liability will be eliminated upon the effectiveness of NRG’s plan of reorganization, and the disbursement of agreed-upon settlement payments to NRG’s creditors, as discussed further in Notes 4 and 5 to the financial statements. This negative investment can be reconciled to NRG’s stockholders’ equity as follows (in millions):

		March 31, 2003
Stockholders’ Equity per NRG 10-K/10-Q		$	(753	)
Less: Xcel Energy Purchase Accounting Adjustments*			62
Less: Settlement Agreement Impacts**			—
Less: NRG’s Other Comprehensive Income***			—
	Negative Investment in NRG — Liability	$	691

*	These adjustments resulted from Xcel Energy’s purchase accounting for the acquisition of minority shares of NRG in June 2002, and are not reflected in NRG’s financial statements. Application of the equity method to Xcel Energy’s investment in NRG has resulted in the reclassification of this amount from nonregulated property, prepaid pension, and other noncurrent assets of an intermediate holding company of Xcel Energy to this NRG investment account, which reduces the negative balance.
**	Terms of the tentative settlement agreement may require a portion of certain guarantee payments made by Xcel Energy on behalf of NRG to be reclassified from intercompany receivables to a capital contribution, or equity investment amount. These reclassifications are considered immaterial for pro-forma adjustment purposes.
***	Other Comprehensive Income, a component of NRG’s stockholder’s equity, included unrealized loss amounts of $139 million related to foreign currency translation and derivative financial instrument valuation at March 31, 2003. These amounts will eventually be reclassified on Xcel Energy’s financial statements from stockholders’ equity to the net investment in NRG at the time of NRG’s divestiture (see (g) below). However, divestiture is not assumed in pro-forma adjustments.

(f)

The pro forma adjustments to the Statement of Operations referred to in (b) above have adjusted Xcel Energy’s pro forma Equity In Earnings of Affiliates (now including NRG) to a net debit balance due to losses incurred by NRG. For pro forma presentation purposes, we have not reported the equity in NRG losses as negative revenue, but instead have presented them as a nonoperating expense item.

(g)

No pro-forma adjustments are required to stockholders’ equity amounts in the Balance Sheet. NRG’s common stock and paid-in capital amounts are not reflected in Xcel Energy’s consolidated stockholder’s equity and therefore do not require adjustment. Also, Xcel Energy’s cumulative equity in NRG’s losses, even after the pro-forma change in accounting for NRG to the equity method, will still be reported as a component of Xcel Energy’s retained earnings and should not be adjusted. The Other Comprehensive Income balance in NRG’s stockholder’s equity reflects unrealized losses related to NRG’s foreign currency translation and derivative financial instruments. Under the equity method, these amounts will ultimately be reclassified from stockholders’ equity to a component of the investment in NRG, but not until divestiture actually occurs. Divestiture is not assumed in pro-forma adjustments.