Xcel Energy Investor Presentation — October 2019

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Third Quarter 2019 Earnings Report Presentation

October 24, 2019 Safe Harbor

2 Except for the historical statements contained in this presentation, the matters discussed herein are forward-

looking statements that are subject to certain risks, uncertainties and assumptions . Such forward- looking

statements, including our 2019 and 2020 earnings per share (EPS) guidance, long-term EPS and dividend

growth rates, as well as assumptions and other statements are intended to be identified in this document by

the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,”

“project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions . Actual results may vary

materially . Forward- looking statements speak only as of the date they are made, and we expressly disclaim

any obligation to update any forward- looking information. The following factors, in addition to those discussed

in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018 and subsequent

securities filings, could cause actual results to differ materially from management expectations as suggested by

such forward- looking information: changes in environmental laws and regulations ; climate change and other

weather, natural disasters and resource depletion, including compliance with any accompanying legislative and

regulatory changes ; ability of subsidiaries to recover costs from customers ; reductions in our credit ratings and

the cost of maintaining certain contractual relationships ; general economic conditions, including inflation rates,

monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its

subsidiaries to obtain financing on favorable terms ; availability or cost of capital ; our customers’ and

counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit

plans and health care benefits ; our subsidiaries’ ability to make dividend payments ; tax laws; operational

safety, including our nuclear generation facilities ; successful long- term operational planning; commodity risks

associated with energy markets and production; rising energy prices ; costs of potential regulatory penalties ;

effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security

breaches ; fuel costs; and employee workforce and third party contractor factors . Our Investment Merits