Xcel Energy Investor Presentation — January 2022

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JANUARY 27, 20222021 YEAR END EARNINGS REPORT PRESENTATIONExcept forthehistorical statements contained inthispresentation, thematters discussed herein areforward -looking statements that are

subject tocertain risks, uncertainties andassumptions .Such forward -looking statements, including the2022 EPS guidance, long-term EPS

anddividend growth rate objectives, future sales, future expenses, future taxrates, future operating performance, estimated base capital

expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect torider filings,

expected rateincreases tocustomers, expectations andintentions regarding regulatory proceedings, andexpected impact onourresults of

operations, financial condition andcash flows ofresettlement calculations andcredit losses relating tocertain energy transactions, aswellas

assumptions and other 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-K

forthefiscal year ended Dec.31,2020 andsubsequent filings with theSecurities andExchange Commission, could cause actual results to

differ materially from management expectations assuggested bysuch forward- looking information: uncertainty around theimpacts and

duration oftheCOVID -19pandemic ;operational safety, including ournuclear generation facilities ;successful long- term operational planning;

commodity risks associated withenergy markets andproduction; rising energy prices andfuelcosts; qualified employee workforce andthird-

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

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

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

favorable terms ;availability orcost ofcapital ;ourcustomers’ and counterparties’ ability topaytheir debts tous;assumptions and costs

relating tofunding ouremployee benefit plans andhealth care benefits ;oursubsidiaries’ ability tomake dividend payments ;taxlaws;effects

ofgeopolitical events, including warandacts ofterrorism ;cyber security threats anddata security breaches ;seasonal weather patterns ;