Exhibit 99.02

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 June 30, 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 Statement of Operations is 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 June 30, 2003 Quarterly Report on Form 10-Q. The unaudited pro-forma Statement of Operations information for the year-to-date period ended June 30, 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 Statements Of Operations
(Thousands of Dollars, Except Per Share Data)
For the Six Months ended June 30, 2002

						Pro-Forma Adjustments for NRG
											Pro-Forma
				As Reported		Apply Equity			Adjust		Adjusted
				6/30/2002 (a)		Accounting (b)			Eliminations (c)		6/30/2002 (e)
Operating Revenues:
	Electric utility			$	2,560,555						$	2,560,555
	Natural gas utility				799,546							799,546
	Electric and natural gas trading margin				2,345							2,345
	Nonregulated and other				1,189,877		(1,023,280	)				166,597
	Equity earnings from unconsolidated NRG affiliates				42,198		(42,198	)				—
		Total operating revenues			4,594,521		(1,065,478	)		—		3,529,043
Operating Expenses:
	Electric fuel and purchased power – utility				1,032,519							1,032,519
	Cost of natural gas sold and transported — utility				501,232							501,232
	Cost of sales — nonregulated and other				590,959		(478,855	)				112,104
	Other operating and maintenance expenses — utility				735,474							735,474
	Other operating and maintenance expenses — nonregulated				372,214		(319,150	)				53,064
	Depreciation and amortization				508,317		(120,324	)				387,993
	Taxes (other than income taxes)				167,605							167,605
	Special charges				74,649		(60,533	)				14,116
		Total operating expenses			3,982,969		(978,862	)		—		3,004,107
Operating income					611,552		(86,616	)		—		524,936
Equity in losses of NRG (d)					—		(67,815	)				(67,815	)
Minority interest in NRG losses					13,580							13,580
Interest and other income, net of nonoperating expenses					33,999		(10,281	)				23,718
Interest charges and financing costs:
	Interest charges — net of amounts capitalized				389,578		(230,772	)				158,806
	Distributions on redeemable preferred securities of subsidiary trusts				19,172							19,172
		Total interest charges and financing costs			408,750		(230,772	)		—		177,978
Income from continuing operations before income taxes					250,381		66,060			—		316,441
Income taxes					70,835		54,800					125,635
Income from continuing operations					179,546		11,260			—		190,806
Income from discontinued operations — net of tax					11,260		(11,260	)				—
Net income					190,806		—			—		190,806
Dividend requirements on preferred stock					2,120							2,120
Earnings available for common shareholders				$	188,686	$	—		$	—	$	188,686
Earnings per share – diluted:
	Income from continuing operations			$	0.49	$	0.03		$	—	$	0.52
	Income from discontinued operations				0.03		(0.03	)		—		—
			Total earnings per share	$	0.52	$	—		$	—	$	0.52

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 six months ended June 30, 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; and (2) equity accounting adjustments to reflect NRG’s results of operations as a single income/expense item (Equity in Losses of NRG). 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 the Statement of Operations to be presented as a component of Equity in Losses of NRG.
(c)	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 are no longer presented as Discontinued Operations. This reclassification has increased Income from Continuing Operations for the amounts previously reported as Discontinued Operations.
(d)	The pro-forma adjustments to the Statement of Operations referred to in (b) above have adjusted Xcel Energy’s pro-forma Equity Earnings from Unconsolidated NRG Affiliates 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.
(e)	Divestiture is not assumed in pro-forma adjustments.