Report Minnesota Company. Actual FPT. December eff. and. engineering research study $58K. extended vacancies. wind farms.

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Posy Sherman
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1 Mnesota mpany Norrn States Power thouss 0M Transmissi Year Electric 26 so eff legislati matenance ctract services repair sessment Tax Sales 69kV les LIDAR mappg engeerg research study $58K an Field Operatis addressg previously delayed overhead le matenance work spectis Substati System Permance required power quality meters accessories $61K penalty sessment higher than prior corporate accrual CIP held capital work durg outage restricti creed matenance Substati cditi sessments extended vacancies Substati mmunicati Engeenng department resulted reportg requirements 754 Order CAPE work timg Staffg realignment Reduced csultg wd farms cusmer terest low MISO requested Generati Intercnecti studies Reducti CAPX2O2O related study lger required MISO have been higher than ect FERC Order 1000 implementati no nsultgl legal fees Approved related AcceIerans Changer Repairl Inspectis Tap Load Related Matenance Oil System Protecti mpliance Substati Matenance Or Sub-tal Electric 1525 G 52 G Or Sub-tal Or 45 Or Sub-tal Or Or Operatis Services mmercial Operatis filled open positi Labor decreed with Supply Cha Sherco plant at Kg employees dog work Energy Supply Supervisors actual workload Increed labor related Senior Vice President Operatis Senior Vice President Group President mmercial Operatis budgeted with Supplemental centive accrual facilitate Productivity throuqh Technoly itiative Transmati Office ctract labor Labor 247 Or TotaiOperatisservlces S

2 Mnesota mpany Norrn States Power thouss Nuclear Year Electric Outage Explanatis outage extensi ected RF026-Pl outage support extensi extensi adjustment day 20 FR026 outage R28 payments 133 pie Westghouse timg work partially fset SGR delays days 37 Extend 2013 outage YTD 2R28 MT MT Outage Subtal N-Outage Explanatis additial headcount retenti house Labor craft labor moved Stati Improvement primarily 418 backlog reductis higher related stati improvement plan timg YE ntract Services Materials-primarily Reguiary Sensitivity Review than anticipated Inspectis higher higher relocati than anticipated 1270 relocati expenses timg Employee expenses primarily BRWOG 2827 NRC EPRI EP lower 2013 fees lower than budgeted FY 2014 budgeted reacr NRC qtr 1st fee security KPI Devway requirements NRC duo Matenance rule changes 1303 outage budgeted an durati requirg repairs Wall project creed scope outage Diesel st movg preparati G4S recirculati seal materials purches implementati refund tax tax Sales sales MT MT Securit capital move from Security transiti B Fukushima floodg walk downs reclsed Or N-outage Subtal Or Sub-tal Electric Or G Sub-tal Or

3 w Mnnesota mpany Norrn States Power thouss Amortizati Year Nuclear Outage st Deferral Electnc Outage st Deferral budgeted no Prairie Isl Unit 2014 outage 1R29 with no related outage Decomber re wore $02M In 2013 budgeted deferrals Prairie Isl Unit 1R28 outage exceeded budget sts November2013 end outage would budget sumed The Unit 2013 outage 2R28 actual coats were significantly higher than budget mimal had ree Mticello 2013 outage RF026 were significantly higher than budget 9712 Outage st Deferral Subtal sts st Amortizati Outage excess budget 3213 extensi amortizati period Unit 2012 outage 2R outaqe fishq 2013 outage were Unit Amortizati 449 an no less than budqet 768 June 2013 amortizati entry beg recorded result fell below budget Amortizati expense Amortizati Outage st Amortizati Subtal 3004 Or Sub-tal Electric Or

4 w e Mnesota mpany Norrn States Power thouss Shared Services nsolidated Year rporate Services Cusmer Care postage rates lower actual volumes bill expense primarily processg Lower postage resource plan hle call volume bed call centers Staffg adjustment meter readers credit come programs low labor allocati split some unfilled positis Cellnet impact Lower labor outbound calls call hlgs cover overflow outage qualifyg ctracrs Meter Readg vacancies allowed Overtime nversi pnmary vehicles work related purches Reduced fleet rates Meter Readg Accelerated safety Debt terim rate refund write fs/reserve change net Debt change Bad Bad debt expense bad Cusmer deposit reclsified revenues than budgeted YTD Incree Human Resources budgeted 1012 Nuclear support that Increed workce strategy developg employee development market analysis Additial csultg or busess are Employee Networkg group expenses paid Benefit organizati Workce Adm compensati survey transferred employees recruit Incree rporate Executive Board Talent Advisor Leadership Academy trag creed expenses Busess Services Safety lower than budgeted tax 1800 Larimer property actual lcapital split budget 1061 OT Nicollet facilities 414 Maple Grove at Labor higher than budget Additial security required flight operatis cree day matenance sociated with Aviati fuel Distnbuti G safety csultants transferred from underrun safety mati than anticipated PTO YE Safety Less dem mmunicatis Nicollet 414 at floor 6th Marketg Renovatis Solar Advertisg Campaign Wild Lockout Br Spsorships Reducti Br image advertisg focus br image focus nservati reducti advertisg redesign web Additial csultg Cusmer Preference Center respsive outreach projects various educati outside services spendg Additial csultg Fromotis Reable Operatis Cusmer Program Advertisg DsM

5 Mnesota mpany Norrn States Power thouss Shared Services nsefldated Year rporate Secretary Reorg Marketg Palmer Roy headcount transfer from Transfer Incree GAO Planng reorg Resource Planng positis transferred from Risk Management Strategy Planng Strategy reorganizati rporate Services related Transfers Busess Systems down head count n1 applicatis IT enhances many it capital projects Nuclear labor lower Prairie Isl outage Various nuclear plant improvements ntprmnca iricress AIX Snftwarr Mtnnce pipl gmwih wdnwe iipgrm Yammcr licarise projects support busess requirements system enhancements Applicati development Incremental itiatives Nuclear cyber security program sessment 1822 Architecture Growth busess requirements Vulnerability Penetrati Security cyber security program maturity sessment Hirg Program Mgrs Insourcg Project Mgrs Delay ClO out Labor transferred project rporate Planng ESS Energy Supply Next Generati Transfer Transfer ERCM Project sts Shared Assets budgeted Penalties Be Ce Assumptis 1482 ntract Savgs ntract Amendments CIP IBM IBM 177 Billg IBM Circuits Change Growth Primarily Network Transmati Network Strategy Enterprise Change Management OfficeIESS csultg hosted solutis capital projects crees Primanly project sts PU Or

6 EPT Mnesota mpany Norrn States Power thouss Devati Fancial Operatis Year PTO Planng busess area Strategy reorganizati rporate Services related Dec timg rporate Services open positis labor cludg Op shifts transfers Transfers mpany ntract labor staff augmentati loss hisry valuatis allocatis policy reals Property surance bed surance 2098 liability policy policy distributi policy real less than expected year loss hisry allocatis reals less than expected cludg General liability Excess surance updated up Officers surance policy real less than expected Direcrs Nuclear property surance Nuclear liability surance Industry Credit Ratg Plan ICRP reserve premium refund true Nuclear Electric Insurance Limited NEIL recently announced expected distributi advance determati fees refunds 3493 ND rate ce expense writefs cludg rate ce expense write-fs or compensati separati payments Regulary fees Regulary fees Litigati item Or Revenue Group Less Mated ices/communicati than anticipated organizatis re Labor headcount adjustments community spsorships Datis Mneapolis city nsultg/advertisg related Operatis Services SIP Supplemental Incentive Plan Organizatial transfer Or 939 General unsel Mticello Prudency Review 1040 or Litigati Envirmental Regulary Employee related Legal Matters related Timg Pipele ANR Drivers NSPM Rogers mpetitive Resource Acquisiti Labor shifts between operatg companies ntract labor higher than anticipated nsultg Or Tota General unsel 8O%4 External Affairs 402 Xcel Foundati reserve Fundg public 2013 XceI Foundati charitable ctributis pre-funded 164 affairs eft exped political OFederallobbng/nsultg related Chief Executive Officer $ Chairmans Fund reductis Or chief Executive fflcr 10

7 w Actua Mnesota mpany Norrn States Power December2013 thouss rporate Or Year meter/transmer purches meter purches change change Credit variance Credit variance Set Set NP First First 13 credit card employee accrual BMO Net Transmissi Interchange Expense variance iiii PermanentTaxdifference mpany Credits NSPM CapX 2020 Use AC Or Benefits accelerated ctnhijtn timng sets fset sumptis expected return discount rate decree Higher maly pensi expected salary scale sumpti decree Lower nqualified pensi electric 8367 mmissi normalizati accountg changes approved two qualified pensi expense Decree updated calculatis Higher 401k match updated calculatis employer retirement ctributi NMC Higher settlement expense recorded 88 FAS March recorded up Prior year nuclear employer retirement ctributi true Lower retirement related csultg retirement benefits uni related Reimbursement from lower claims active healthcare maly BNR accrual 1630 Adjustment sumed favorable 2012 set returns from what demographic updates fset discount rate unfavorable claims experience decree Higher maly lq term disability 2 FAS lower surance unfavorable demographic expenence fset expense resultg from discount rate decree 2 FAS higher Higher workers compensati company actual annual which cluded premium adjustments receivg premiums updated accrual rates 7935 Higher annual centive 2012 plan 2615 payment Annual centive true-up recorded 365 restricted sck units lower rankgs 1607 Lower permance share plan maly prior year true payment 2010 cycle Spot Award Reversal Higher permance recogniti Years ntributi Unrecoverable recogniti Labor load budget/ect process timg splits Or up PSP On ch retenti or

Actua. FPT Budget Attachment. Report Minnesota Company. Northern States Power December end. year. coverage. from end year. for.

Actua. FPT Budget Attachment. Report Minnesota Company. Northern States Power December end. year. coverage. from end year. for. FPT Budget Attachment Actua OM Report Mnesota mpany Norrn States Power December 2014 thouss OM Fancial Operations 54 859 663 141 608 end Management itiative reductions General unsel electric rates consultg