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Xcel Energy CEO Discusses Q2 2012 Results - Earnings Call Transcript

We have also asked the commission to consider our request to retire at the end of 2013 Arapahoe unit 4, a 109 megawatt coal-fired power plant. Previously we planned to switch this unit to natural gas. We have proposed replacing the retired unit with a PPA.

One final item, before I turn the call over to Teresa. As you know, in December 2011, NSP-Minnesota filed a request to defer incremental 2012 property taxes or alternatively that a property tax rider be approved. In June, the Minnesota Commission voted to deny our request for deferred accounting for incremental property taxes and also denied our request for property tax rider.

Despite our disappointment in their decision, we believe the regulatory compact in Minnesota remains constructive. We felt our circumstances merited deferred accounting treatment, however the Commission ultimately ruled that this request did not meet the strict requirements for a deferral. As a result, we will continue to expense the full $24 million of incremental property taxes in 2012 resulting in a drag of approximately $0.03 per share on our 2012 earnings.

Now we considered accelerating the filing of our 2013 Minnesota electric rate case so that we could implement interim rates in late 2012 to help offset the impact of increased property taxes, lower sales and added investments in Minnesota, however, based on our continued success, managing O&M expenses and with the help from warmer than normal weather in June and July, we decided to continue our plans which anticipate a Minnesota electric rate case filing in early November.

So with that, I will turn the call over to Teresa.

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