Xcel Energy Investor Presentation — January 2021

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JANUARY 28, 20212020 YEAR END EARNINGS REPORT PRESENTATIONExcept forthehistorical statements contained inthispresentation, thematters discussed herein areforward -looking statements thatare

subject tocertain risks, uncertainties andassumptions .Such forward -looking statements, including the2021 EPS guidance, long- term

EPS anddividend growth rateobjectives, future sales, future baddebt expense, future operating performance, estimated base capital

expenditures andfinancing plans, projected capital additions andforecasted annual revenue requirements with respect torider filings,

andexpectations regarding regulatory proceedings, aswellasassumptions andother statements areintended tobeidentified inthis

document 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 .The

following factors, inaddition tothose discussed inXcel Energy’s Annual Report onForm 10-Kforthefiscal year ended Dec.31,2019

andsubsequent filings withtheSecurities andExchange Commission, could cause actual results todiffer materially from management

expectations assuggested bysuch forward -looking information :uncertainty around theimpacts and duration oftheCOVID -19

pandemic ;operational safety, including ournuclear generation facilities ;successful long- term operational planning ;commodity risks

associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party

contractor factors ;ability torecover costs, changes inregulation andsubsidiaries’ ability torecover costs from customers ;reductions in

ourcredit ratings andthecost ofmaintaining certain contractual relationships ;general economic conditions, including inflation rates,

monetary fluctuations andtheir impact oncapital expenditures andtheability ofXcel Energy Inc.anditssubsidiaries toobtain financing

onfavorable terms ;availability orcost ofcapital ;ourcustomers’ andcounterparties’ ability topaytheir debts tous;assumptions and

costs relating tofunding ouremployee benefit plans andhealth care benefits ;oursubsidiaries’ ability tomake dividend payments ;tax

laws;effects ofgeopolitical events, including warandacts ofterrorism ;cyber security threats anddata security breaches ;seasonal

weather patterns ;changes inenvironmental laws andregulations ;climate change andother weather ;natural disasters andresource