Xcel Energy Investor Presentation — October 2020

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OCTOBER 29, 2020THIRD 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 and2021 earnings per

share (EPS) guidance, long- term EPS and dividend growth rate objectives, future sales, future bad debt expense, future operating

performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue

requirements with respect torider filings, and expectations regarding regulatory proceedings, aswell asassumptions 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 to

update anyforward- looking information .Thefollowing factors, inaddition tothose discussed inXcel Energy’s Annual Report onForm

10-Kforthefiscal year ended Dec.31,2019 and subsequent securities filings, could cause actual results todiffer materially from

management expectations assuggested bysuch forward looking information :uncertainty around theimpacts and duration ofthe

COVID -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 and

third-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 to

obtain financing onfavorable terms ;availability orcost ofcapital ;ourcustomers’ andcounterparties’ ability topaytheir debts tous;

assumptions and costs relating tofunding ouremployee benefit plans and health care benefits ;oursubsidiaries’ ability tomake

dividend payments ;taxlaws;effects ofgeopolitical events, including warandacts ofterrorism ;cyber security threats anddata security

breaches ;seasonal weather patterns ;changes inenvironmental laws and regulations ;climate change and other weather ;natural