Xcel Energy announces agreement to sell CLF&P

MINNEAPOLIS, Jan. 16, 2004 — Xcel Energy announced a definitive agreement to sell its Cheyenne Light, Fuel & Power (CLF&P) electricity and natural gas operations to Black Hills Corp., pending regulatory approval by the Federal Energy Regulatory Commission and the Wyoming Public Service Commission.

Xcel Energy is expected to record a one-time gain of approximately 1 cent per share upon completion of the transaction. CLF&P contributed less than 1 cent per share to Xcel Energy’s annual earnings. No other financial information is being disclosed at this time.

“Cheyenne Light Fuel & Power has been an important part of our system for many years. This change in ownership will be largely transparent to the customer. Black Hills is a highly regarded utility and will continue to offer quality service to customers in the area,” said Richard C. Kelly, Xcel Energy president and chief operating officer.

CLF&P serves approximately 38,000 electricity customers and 30,000 natural gas customers in Cheyenne and several surrounding communities in southeastern Wyoming. CLF&P was acquired by Public Service Co. of Colorado, a predecessor of Xcel Energy, in October 1923.

Xcel Energy is a major U.S. electricity and natural gas company, with operations in 11 western and Midwestern states. 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. More information is available at www.xcelenergy.com.

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