Kelly named CFO at Xcel Energy; retains role at NRG Energy

MINNEAPOLIS, Aug. 22, 2002 — Xcel Energy recently announced that longtime industry executive Richard C. Kelly has been named the company’s chief financial officer, effective immediately.

Kelly also remains president and chief operating officer of Xcel Energy’s power-generation subsidiary NRG Energy.

Kelly replaces Edward J. (Jim) McIntyre, who has left to pursue other interests after 30 years at Xcel Energy and a predecessor company, Northern States Power Co. (NSP).

“Dick Kelly’s long experience as a CFO and his deep understanding of operations of Xcel Energy and NRG will be invaluable in our efforts to strengthen both companies,” said Wayne H. Brunetti, chairman, president and chief executive officer of Xcel Energy.

“I’m eager to take on the challenge of rebuilding the financial strength of Xcel Energy and all of its subsidiaries,” Kelly said. “Serving in dual roles at Xcel Energy and NRG will allow me to work toward maximizing the significant asset value in both companies.”

“We are grateful for Jim’s integrity and tireless efforts during his long career,” Brunetti said. “We appreciate his long years of service and the many contributions he has made to our success.”

McIntyre said, “I have had a very rewarding career with this company. The people are of the highest caliber, and it has been an honor and a pleasure to be associated with them for more than three decades. I wish them all the best in the future.” McIntyre has held a series of increasingly responsible positions since he joined NSP in 1973, including as president and chief executive officer of NSP-Wisconsin and vice president of NSP’s gas utility. He became CFO of Xcel Energy when it was created by the merger of NSP with Denver-based New Century Energies (NCE) in 2000.

Kelly became president of Enterprises for Xcel Energy in August 2000. He also is board chairman of its subsidiary Utility Engineering and recently became president and chief operating officer of NRG. He retains those positions. Prior to the formation of Xcel Energy, Kelly was chief financial officer at one of its predecessor companies, NCE. He held a variety of increasingly responsible finance positions at Public Service Company of Colorado before it merged with Southwestern Public Service Company to form NCE. He has a master of business administration degree and a bachelor of science degree in accounting from Regis University.

Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. Formed by the merger of Denver-based New Century Energies and Minneapolis-based Northern States Power Co., Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis.

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Source: Xcel Energy.


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