Xcel Energy Investor Presentation — July 2020

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JULY 30, 2020SECOND QUARTER 2020 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 the2020 earnings pershare (EPS)

guidance, long- term EPS anddividend growth rateobjectives, future sales, future baddebt expense, andfuture operating performance,

aswellasassumptions 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, and we

expressly disclaim anyobligation toupdate anyforward- looking information .The following factors, inaddition tothose discussed in

Xcel Energy’s Annual Report onForm 10-Kforthefiscal year ended Dec.31,2019 andsubsequent securities filings, could cause

actual results todiffer materially from management expectations assuggested bysuch forward looking information :uncertainty around

theimpacts andduration oftheCOVID -19pandemic ;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 andthird-party contractor factors ;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 andtheir impact oncapital expenditures andtheability ofXcel

Energy Inc.anditssubsidiaries toobtain financing onfavorable terms ;availability orcost ofcapital ;ourcustomers’ andcounterparties’

ability topaytheir debts tous;assumptions andcosts relating tofunding ouremployee benefit plans andhealth care benefits ;our

subsidiaries’ ability tomake dividend payments ;taxlaws;effects ofgeopolitical events, including warand acts ofterrorism ;cyber

security threats and data security breaches ;seasonal weather patterns ;changes inenvironmental laws and regulations ;climate

change and other weather ;natural disasters and resource depletion, including compliance with anyaccompanying legislative and

regulatory changes ;andcosts ofpotential regulatory penalties .

Vice President, Investor Relations

paul.a.johnson@xcelenergy.comSafe Harbor