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Xcel Energy Subsidiary Northern States Power Co.-Minnesota Announces Debt Financing

Xcel Energy Inc. (NYSE: XEL) subsidiary Northern States Power Co.-Minnesota (NSP-Minnesota) today announced that it closed an offering of $300.0 million in aggregate principal amount of 2.15% first mortgage bonds due August 15, 2022 (the 2022 Bonds) and $500.0 million in aggregate principal amount of 3.40% first mortgage bonds due August 15, 2042 (the 2042 Bonds and, together with the 2022 Bonds, the Bonds). The 2022 Bonds and the 2042 Bonds are redeemable at any time subject to certain “make whole” provisions prior to February 15, 2022 and February 15, 2042, respectively. On or after these dates, the Bonds are callable at par.

NSP-Minnesota intends to add the net proceeds from the sale of the Bonds to its general corporate funds and apply a portion of such net proceeds to the repayment of outstanding short-term debt borrowings, including its utility money pool borrowings, and to fund the repayment or redemption of outstanding long-term debt, including the maturity of $450 million of 8.00% first mortgage bonds due August 28, 2012. The balance of net proceeds will be used for general corporate purposes, including the funding of our utility capital expenditure program. Until the net proceeds from the sale of the Bonds have been used, NSP-Minnesota may invest them temporarily in interest bearing obligations.

Barclays Capital Inc., J.P. Morgan Securities LLC, Keybanc Capital Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC, acted as joint book-running managers for the offering. BMO Capital Markets Corp. and BNY Mellon Capital Markets, LLC were co-managers for the offering.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying prospectus for the offering may be obtained on the Securities and Exchange Commission’s website at www.sec.gov. Alternatively, any underwriter or dealer participating in the offering will send you the prospectus if you request it by calling J.P. Morgan Securities LLC, collect at 1-212-834-4533, UBS Securities LLC, toll free at 877-827-6444, ext. 561 3884 or Wells Fargo Securities, LLC, toll free at 1-800-326-5897.

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views with respect to future events, based on what NSP-Minnesota believes are reasonable assumptions. No assurance can be given, however, that these events will occur. Such forward-looking statements are intended to be identified in this document by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should” and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of NSP-Minnesota and its subsidiaries to obtain financing on favorable terms; business conditions in the energy industry, including the risk of a slow down in the U.S. economy or delay in growth recovery; trade, fiscal, taxation and environmental policies in areas where NSP-Minnesota has a financial interest; customer business conditions; actions of credit rating agencies; competitive factors, including the extent and timing of the entry of additional competition in the markets served by NSP-Minnesota and its subsidiaries; unusual weather; effects of geopolitical events, including war and acts of terrorism; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rates or have an impact on asset operation or ownership or impose environmental compliance conditions; structures that affect the speed and degree to which competition enters the electric and natural gas markets; costs and other effects of legal and administrative proceedings, settlements, investigations and claims; actions by regulatory bodies impacting NSP-Minnesota’s nuclear operations, including those affecting costs, operations or the approval of requests pending before the Nuclear Regulatory Commission; financial or regulatory accounting policies imposed by regulatory bodies; availability or cost of capital; employee work force factors; and the other risk factors listed from time to time by NSP-Minnesota in reports filed with the Securities and Exchange Commission (SEC), including Risk Factors in Item 1A, the items described under “Factors Affecting Results of Operations” and Exhibit 99.01 of NSP-Minnesota’s Annual Report on Form 10-K for the year ended December 31, 2011 and on NSP-Minnesota’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012. NSP-Minnesota assumes no obligation to update any forward-looking information contained in this news release.

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