Schedule I Condensed Financial Statements of Xcel Energy Inc.

12 Months Ended

Dec. 31, 2011

Schedule I - Condensed Financial Statements of Xcel Energy Inc. [Abstract]

Schedule I - Condensed Financial Statements of Xcel Energy Inc.

SCHEDULE I

XCEL ENERGY INC.

CONDENSED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

	Year Ended Dec. 31
	2011			2010			2009
Income
Equity earnings of subsidiaries	$	904,315		$	818,212		$	743,798
Total income		904,315			818,212			743,798
Expenses and other deductions
Operating expenses		14,513			11,849			9,116
Other income		(760	)		(681	)		(1,295	)
Interest charges and financing costs		104,297			112,510			101,118
Total expenses and other deductions		118,050			123,678			108,939
Income from continuing operations before income taxes		786,265			694,534			634,859
Income tax benefit		(55,109	)		(57,422	)		(50,665	)
Income from continuing operations		841,374			751,956			685,524
Income (loss) from discontinued operations, net of tax		(202	)		3,878			(4,637	)
Net income		841,172			755,834			680,887
Dividend requirements on preferred stock		3,534			4,241			4,241
Premium on redemption of preferred stock		3,260			-			-
Earnings available to common shareholders	$	834,378		$	751,593		$	676,646
Weighted average common shares outstanding:
Basic		485,039			462,052			456,433
Diluted		485,615			463,391			457,139
Earnings per average common share - basic:
Income from continuing operations	$	1.72		$	1.62		$	1.49
Income (loss) from discontinued operations		-			0.01			(0.01	)
Earnings per share	$	1.72		$	1.63		$	1.48
Earnings per average common share - diluted:
Income from continuing operations	$	1.72		$	1.61		$	1.49
Income (loss) from discontinued operations		-			0.01			(0.01	)
Earnings per share	$	1.72		$	1.62		$	1.48
Cash dividends declared per common share	$	1.03		$	1.00		$	0.97

XCEL ENERGY INC.

CONDENSED STATEMENTS OF CASH FLOWS

(amounts in thousands)

	Year Ended Dec. 31
	2011			2010			2009
Operating activities
Net cash provided by operating activities	$	595,732		$	537,840		$	627,013
Investing activities
Capital contributions to subsidiaries		(287,495	)		(523,369	)		(297,004	)
Net cash used in investing activities		(287,495	)		(523,369	)		(297,004	)
Financing activities
Proceeds from (repayment of) short-term borrowings, net		(21,000	)		(216,000	)		13,750
Proceeds from issuance of long-term debt		246,877			543,923			-
Repayment of long-term debt		-			(358,636	)		-
Proceeds from issuance of common stock		38,691			457,258			20,133
Redemption of preferred stock		(104,980	)		-			-
Dividends paid		(474,760	)		(432,110	)		(414,922	)
Net cash used in financing activities		(315,172	)		(5,565	)		(381,039	)
Net change in cash and cash equivalents		(6,935	)		8,906			(51,030	)
Cash and cash equivalents at beginning of period		9,654			748			51,778
Cash and cash equivalents at end of period	$	2,719		$	9,654		$	748

XCEL ENERGY INC.

CONDENSED BALANCE SHEETS

(amounts in thousands)

	Dec. 31
	2011		2010
Assets
Cash and cash equivalents	$	2,719	$	9,654
Accounts receivable from subsidiaries		271,895		266,323
Other current assets		28,399		35,276
Total current assets		303,013		311,253
Investment in subsidiaries		10,089,116		9,559,780
Other assets		154,353		134,157
Total other assets		10,243,469		9,693,937
Total assets	$	10,546,482	$	10,005,190
Liabilities and Equity
Dividends payable	$	126,487	$	122,847
Short-term debt		127,000		148,000
Other current liabilities		36,000		24,453
Total current liabilities		289,487		295,300
Other liabilities		31,616		29,192
Total other liabilities		31,616		29,192
Commitments and contingencies
Capitalization
Long-term debt		1,743,181		1,492,199
Preferred stockholders' equity		-		104,980
Common stockholders' equity		8,482,198		8,083,519
Total capitalization		10,225,379		9,680,698
Total liabilities and equity	$	10,546,482	$	10,005,190

NOTES TO CONDENSED FINANCIAL STATEMENTS

Incorporated by reference are Xcel Energy's consolidated statements of common stockholders' equity and OCI in Part II, Item 8.

Basis of Presentation - The condensed financial information of Xcel Energy Inc. is presented to comply with Rule 12-04 of Regulation S-X.  Xcel Energy Inc.'s investments in subsidiaries are presented under the equity method of accounting.  Under this method, the assets and liabilities of subsidiaries are not consolidated.  The investments in net assets of the subsidiaries are recorded in the balance sheets.  The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries.

Related Party Transactions - Xcel Energy Inc. presents its related party receivables net of payables.  Accounts receivable and payable with affiliates at Dec. 31 were:

	2011					2010
	Accounts		Accounts			Accounts		Accounts
(Thousands of Dollars)	Receivable		Payable			Receivable		Payable
NSP-Minnesota	$	58,321	$	-		$	81,447	$	-
NSP-Wisconsin		8,620		-			12,510		-
PSCo		83,263		-			66,828		(11,532	)
SPS		17,440		-			24,769		-
Xcel Energy Services Inc.		52,994		(1,690	)		35,311		(997	)
Xcel Energy Ventures Inc.		37,700		-			41,692		-
Other subsidiaries of Xcel Energy Inc.		20,574		(5,327	)		20,076		(3,784	)
	$	278,912	$	(7,017	)	$	282,633	$	(16,313	)

Dividends - Cash dividends paid to Xcel Energy Inc. by its subsidiaries were $626 million, $663 million, and $647 million for the years ended Dec. 31, 2011, 2010 and 2009, respectively.

See Xcel Energy's notes to the consolidated financial statements in Part II, Item 8 for other disclosures.