Xcel Energy Investor Presentation — December 2022

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Wells Fargo Conference

Except forthehistorical statements contained inthispresentation, thematters discussed herein areforward -looking statements thataresubject tocertain risks, uncertainties

andassumptions. Such forward -looking statements, including those relating to2022 and 2023 EPS guidance, long-term EPS anddividend growth rate objectives, future

sales, future expenses, future taxrates, future operating performance, estimated base capital expenditures andfinancing plans, projected capital additions andforecasted

annual revenue requirements with respect torider filings, expected rateincreases tocustomers, expectations andintentions regarding regulatory proceedings, andexpected

impact onourresults ofoperations, financial condition and cash flows ofresettlement calculations and credit losses relating tocertain energy transactions, aswell as

assumptions andother statements areintended tobeidentified inthisdocument bythewords “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,”

“outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” andsimilar expressions. Actual results may vary materially .Forward- looking statements speak only

asofthedate they aremade, andweexpressly disclaim anyobligation toupdate anyforward -looking information. Thefollowing factors, inaddition tothose discussed inXcel

Energy’s Annual Report onForm 10-Kforthefiscal year ended Dec. 31,2021 andsubsequent filings with theSecurities andExchange Commission, could cause actual

results todiffer materially from management expectations assuggested bysuch forward -looking information :uncertainty around theimpacts andduration oftheCOVID -19

pandemic, including potential workforce impacts resulting from vaccination requirements, quarantine policies orgovernment restrictions, and sales volatility ;operational

safety, including ournuclear generation facilities andother utility operations; successful long- term operational planning; commodity risks associated with energy markets and

production; rising energy prices andfuelcosts; qualified employee workforce andthird-party contractor factors ;violations ofourCodes ofConduct ;ability torecover costs,

changes inregulation andsubsidiaries’ ability torecover costs from customers; reductions inourcredit ratings andthecost ofmaintaining certain contractual relationships;

general economic conditions, including inflation rates, monetary fluctuations, supply chain constraints andtheir impact oncapital expenditures and/or theability ofXcel Energy

Inc.anditssubsidiaries toobtain financing onfavorable terms ;availability orcost ofcapital ;ourcustomers’ andcounterparties’ ability topaytheir debts tous;assumptions