Kevin Kelly Terry Pickens - xcelenergy.com...Laura McCarten is Regional Vice President of Northern States Power, Minnesota, which encompasses the company’s service areas in North

Kevin Kelly is Manager of Market Fundamentals for Anadarko Petroleum Corporation. Anadarko is one of the largest independent oil and natural gas exploration and production companies in the world and a leading domestic producer. Mr. Kelly has management responsibility for assessing and forecasting natural gas, crude oil and NGL price fundamentals. This analysis is used to inform and guide exploration & production capital allocations, transport and storage strategy, and hedging decisions. He has been employed in the natural gas industry for 15 years with experience in marketing, corporate strategy, portfolio analysis, acquisition and divestitures, commercial negotiations and international business development. Mr. Kelly holds a B.S. and M.B.A. from Oklahoma State University.

Laura McCarten is Regional Vice President of Northern States Power, Minnesota, which encompasses the company’s service areas in North Dakota, South Dakota and Minnesota. Laura is responsible for state government, community and media relations, and stakeholder outreach in all 3 states, and the regulatory interface in North Dakota and South Dakota. Laura graduated from the University of Wisconsin, Madison, with a nuclear engineering degree and began working at Northern States Power in 1979. In the energy business for more than 30 years, Laura has extensive experience in utility operations, customer and community relations, and energy policy issues. NSP-MN is an operating company of Xcel Energy, an electric and gas utility with service territory in eight Western and Midwestern states, serving 3.3 million electricity customers and 1.8 million natural gas customers.

Terry Pickens is currently the Director of Nuclear Regulatory Policy for Xcel Energy at its headquarters in Minneapolis, Minnesota. He is responsible for interfacing with government and non-government organizations that enact, implement or influence policies that impact Xcel Energy’s nuclear power plants. He holds a Bachelor of Science degree in Mechanical Engineering Technology from Southern Illinois University in Carbondale, Illinois and has completed the Energy Services Executive Program at the University of Michigan, School of Business. He began his career in the nuclear industry in 1976 as a project engineer working on Commonwealth Edison’s (now Exelon) Dresden and Quad Cities Nuclear Power Plants. He came to Northern States Power in 1983 where he worked as a licensing engineer on the Monticello and Prairie Island Nuclear Power Plants. Since 1983 he has served on multiple industry committees. He chaired the Boiling Water Reactor Owners’ Group from June 1986 to June 1987. From 1988 until 1993 he managed the Monticello Lead Plant License Renewal Pilot Project sponsored by the Electric Power Research Institute and the United States Department of Energy. He is currently a member of the Nuclear Energy Institute’s Integrated Used Nuclear Fuel Working Group. He was with Nuclear Management Company (NMC) from 2000 until 2006 where he managed NMC’s Government and Regulatory Affairs efforts. He returned to his current position with Xcel Energy in February 2007.

xcelenergy.com | © 2013 Xcel Energy Inc. | Xcel Energy is a registered trademark of Xcel Energy Inc. | Northern States Power Company-Minnesota, an Xcel Energy Company. | 13-09-502

Chris Clark is Regional Vice President of Regulatory Affairs, Minnesota. He is responsible for Xcel Energy’s regulatory filings with the utility commissions in Minnesota, North Dakota and South Dakota, including rate, resource acquisition and service quality filings. Chris joined Xcel Energy in 1999 as a senior attorney. He was later appointed Managing Attorney, Northern States Power Company-Minnesota, an Xcel Energy company, with responsibility for the company’s state public utility law and power purchase agreement issues for operations in Minnesota, North Dakota, South Dakota and Wisconsin. He represented Xcel Energy in regulatory proceedings before the Minnesota Public Utilities Commission and handled most issues related to renewable energy and long term power purchase projects and supported retail product and programs, including conservation improvement programs. He has more than 20 years of experience in energy and regulation. Prior to joining Xcel Energy, he worked as an in-house attorney for Alliant Energy appearing for that company before public utility commissions in Iowa, Minnesota, Illinois and Wisconsin. He received his B.A. in 1988 from the University of Iowa and earned his law degree from Drake University in 1991.

Chris Conrad is the Director of Account Management for Northern States Power, Minnesota. Chris is responsible for managing a team of Account Management and Business Development Staff that work with the largest customers in Xcel Energy’s Northern States Power –Minnesota jurisdiction. The team works with customers on rates, reliability, energy efficiency, and project management needs. Chris holds an undergraduate degree in Marketing from the University of Minnesota and a Masters degree in Management from Concordia University. Chris has over 25 years experience in Account Management serving commercial and industrial accounts in Minnesota.

Nuclear Energy UpdateNuclear Energy Update

Terry Pickens, Director of Nuclear Regulatory PolicyXcel Energy

Xcel Energy Upper Midwest Fuel Mix

12 months ending December 2012

Coal - 35.1%

Nuclear – 29.0%

Natural Gas – 13.6%

Hydro – 7.0%

Renewables – 15.3%

We serve 1.6 million electricity customers in five states

Hydro -

14.6%

Wind & Solar –

24.9%

Nuclear –

60.5%

Benefits of Nuclear Power

2012 Sources of Non-Carbon Emitting Electricity Generation

Emissions Avoided by Using Nuclear Power

Sulfur Dioxide (Short Tons)

Nitrogen Oxides (Short Tons)

Carbon Dioxide (Metric Tons)

Nationally 996,611 466,559 569,740,000

Minnesota 26,176 13,354 11,670,000

Source: Nuclear Energy Institute - Emissions avoided by nuclear power are calculated by using regional fossil fuel emissions rates from the Environmental Protection Agency and plant generation data from the Energy Information Administration

2012 Statistics

Effective Utilization of Existing Nuclear Power Plants

►Life Extension►40-year initial license►20-year license renewals►Monticello license renewal approved until 2030►Prairie Island license renewal approved until

2033/2034

►Power Uprates►71 MWe uprate planned at Monticello in 2013

Economics and Environmental Benefits of Life Extension and Power Uprate

Monticello Life Extension (2005)►$775 million NPVRR savings to customers►69 million tons of carbon emissions avoided

Prairie Island Life Extension (2008)►$1.1 billion NPVRR savings to customers►87 million tons of carbon emissions avoided

71 MWe Power Uprate of Monticello►$169 million NPVRR savings to customers►6 million tons of carbon emissions avoided

Life Extension and Power Uprate

►Over $600 million invested in Monticello to ensure safe and reliable operation for 20 more years

►Prairie Island Steam Generators►Unit 1 replaced in 2004►Unit 2 being replaced in Fall 2013 ($280 million)►Additional life cycle management projects in future

Monticello Steam Dryer

Monticello Condensate Pump

Monticello Generator Stator

Monticello Main Transformer

Prairie Island Steam Generators

Thank You!

Regulatory InitiativesRegulatory Initiatives

Chris ClarkChris ClarkRates and Regulatory AffairsRates and Regulatory Affairs

September 13, 2013September 13, 2013

OverviewOverviewResource Dockets of InterestResource Dockets of Interest

—— WindWind—— SolarSolar—— Coal Coal —— GasGas—— NuclearNuclear—— ConservationConservation

Rates and PricingRates and Pricing

WindWindProduction Tax Incentive ExtensionProduction Tax Incentive ExtensionMarket OpportunitiesMarket OpportunitiesJanuary Request for ProposalJanuary Request for ProposalEconomic PricesEconomic Prices750 MW Low Cost Wind750 MW Low Cost Wind

SolarSolar1.5% Mandate1.5% MandateCommunity GardensCommunity GardensIncentive ProgramsIncentive ProgramsValue of Solar Value of Solar

CoalCoalShercoSherco 1 & 2 1 & 2 BaseloadBaseload Resource StudyResource Study20232023October 1 CommentsOctober 1 CommentsFebruary Resource PlanFebruary Resource Plan

GasGasCompetitive Request for Proposal for 2017 Competitive Request for Proposal for 2017 –– 20192019

Small power plantSmall power plant

RatesRatesMajor capital investments Major capital investments for reliability and safetyfor reliability and safety

—— Nuclear life extension Nuclear life extension and complianceand compliance

—— TransmissionTransmission

Consistently investing $1 Consistently investing $1 billion per yearbillion per year

EnvironmentalEnvironmental5%5%DistributionDistribution

13%13%

GenerationGeneration30%30%

2012 2012 ––

20162016

Total: $5.9 BillionTotal: $5.9 Billion

TransmissionTransmission

28%28%

OtherOther7%7%

Natural GasNatural Gas4%4%

Nuclear FuelNuclear Fuel13%13%

PricingPricingCost BasedCost Based

Value (To System) BasedValue (To System) Based

CompetitiveCompetitive

MN Rate Case Outcomes MN Rate Case Outcomes Residential Class Subsidy ($ in Thousands)Residential Class Subsidy ($ in Thousands)

$46,781

$26,583

$13,187 $11,824

$0

$10,000

$20,000

$30,000

$40,000

$50,000

TY2006 (Ordered) TY2009 (Proposed) TY2011 (Ordered) TY2013 (Ordered)

($ in

Tho

usan

ds)

Test Year 2013 MN Rate Case OrderTest Year 2013 MN Rate Case Order Customer Class Subsidy or OverpaymentCustomer Class Subsidy or Overpayment

$11,824

($90)

($10,163)

($1,575)

($15,000)

($10,000)

($5,000)

$0

$5,000

$10,000

$15,000

Residential Commercial Non Demand C&I Demand Billed Lighting

$ in

Tho

usan

ds

Subsidy

Over Payment

NSPNSP--MN Compared to National Average MN Compared to National Average Cents per KWhCents per KWh

4

5

6

7

8

9

10

11

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ind Avg - National Ind Avg - NSP MN

Com Avg - National Com Avg - NSP MN

Last Rate Case SuccessesLast Rate Case SuccessesRate Mitigation Rate Mitigation –– Depreciation RatesDepreciation Rates

Movement To CostMovement To Cost

Business Retention And Incentive RatesBusiness Retention And Incentive Rates

Next Rate CaseNext Rate CaseMultiyear Plan ApproachMultiyear Plan Approach

Rate PredictabilityRate Predictability

14 15 16 17 18

Rate MitigationRate Mitigation

Thank you!Thank you!

Laura McCartenLaura McCartenVP State Affairs, NSPVP State Affairs, NSP--Minnesota Minnesota

Executive Energy Forum Executive Energy Forum September 13, 2013 September 13, 2013

Addressing Regional Challenges:A Business Perspective

.

Northern States Power Company

Minnesota

Northern States Power Company

Minnesota

Public Service Company of

Colorado

Public Service Company of

Colorado

Southwestern Public Service

Company

Southwestern Public Service

Company

Northern States Power

Company Wisconsin

Northern States Power

Company Wisconsin

No. 1 wind providerNo. 1 wind providerNo. 3 in green pricing No. 3 in green pricing No. 5 in solar capacityNo. 5 in solar capacityLeader in conservationLeader in conservationLeader in emission Leader in emission reductions reductions

Xcel Energy Inc.Xcel Energy Inc.

Gas Customers 1.9 MGas Customers 1.9 MElectric Customers 3.4 MElectric Customers 3.4 M

Electricity Electricity remains a great remains a great valuevalueCustomer risk is Customer risk is reduced reduced Well poised for Well poised for the futurethe future

Retail Electric Rates All Customer Classes

-

2.00

4.00

6.00

8.00

10.00

12.00

2001 2012

¢/kWh

US NSP-M

Cost of Environmental LeadershipCost of Environmental Leadership

What Customers WantWhat Customers Want

Clean energyClean energyAffordable energyAffordable energyReliable energyReliable energy

—— Infrastructure investmentsInfrastructure investments

ChoicesChoices—— Distributed generationDistributed generation—— Renewable optionsRenewable options—— Increased informationIncreased information—— Increased local controlIncreased local control

Environmental RegulationEnvironmental Regulation Our Perspective Our Perspective

Working toward:Working toward:Reasonable rulesReasonable rulesAchievable targets Achievable targets No stackNo stack--byby--stackstackState authorityState authorityCredit for early action Credit for early action

Emission ReductionsEmission Reductions

60

65

70

75

80

85

90

95

2005

CO2 Emissions (CO2 Emissions (Million Tons)Million Tons)

2020

~30% Reduction 2005-2020 0

25,000

50,000

75,000

100,000

125,000

150,000

2005 2012

Sulfur Dioxide Emissions (lbs/Sulfur Dioxide Emissions (lbs/MWhMWh))Nitrogen Oxide Emissions (lbs/Nitrogen Oxide Emissions (lbs/MWhMWh))

55%50%

0

500

1,000

1,500

2,000

Mercury Emissions (lbs/Mercury Emissions (lbs/MWhMWh))

46%

Upper Midwest Wind EnergyUpper Midwest Wind Energy

TodayToday’’s Portfolios Portfolio>>1,500 Mw Purchased1,500 Mw Purchased

300 Mw Owned300 Mw Owned13% Wind13% Wind

Proposed AdditionsProposed Additions400 Mw Purchased400 Mw Purchased350 Mw Owned 350 Mw Owned

~ 30% Renewable by 2020~ 30% Renewable by 2020

Value of Wind EnergyValue of Wind Energy

Competitively priced (with Production Tax Credit)Competitively priced (with Production Tax Credit)Integration practical at high levels, for a price Integration practical at high levels, for a price

Strategies:Strategies:-- Wind forecasting Wind forecasting -- System flexibilitySystem flexibility-- Policy (Consumer Policy (Consumer

Renewable Credit) Renewable Credit)

Solar Energy OptionsSolar Energy Options

UtilityUtility CustomerCustomerOwnedOwned

Xcel EnergyXcel Energy CommunityCommunity Solar ArraySolar Array

ResidentialResidential SolarSolar

ThirdThird--partypartyCommunityCommunityOwnedOwned

Minnesota Solar Mandate: 1.5% by 2020 Minnesota Solar Mandate: 1.5% by 2020

7 8 9 10 5 612

51

4235

17 2025

29

0

10

20

30

40

50

60

70

2014 2015 2016 2017 2018 2019 2020

Total SolarRooftop Solar

MWMW Illustrative ExampleIllustrative Example

270 MW by 2020270 MW by 2020

When It Matters MostWhen It Matters Most

System ReadinessSystem ReadinessVegetation managementVegetation managementTwoTwo--way metersway metersOutage communication planOutage communication plan

Storm ReadinessStorm ReadinessProactive cultureProactive cultureDrillDrillOther resourcesOther resources

Creating a Flexible System for the FutureCreating a Flexible System for the Future

System refreshSystem refresh—— BreakBreak--away conductorsaway conductors—— Upsize poles and cablesUpsize poles and cables—— More twoMore two--way communicationway communication—— Increase redundancyIncrease redundancy

Operational initiativesOperational initiatives—— Enhance customer outreachEnhance customer outreach—— Vegetation managementVegetation management—— Drills and readinessDrills and readiness

National focusNational focus—— EPRI grid resiliencyEPRI grid resiliency

0.0 0.5 1.0 1.5 2.0

Natural Gas & Other

Wind *

Generation

Distribution

Transmission

Nuclear

The Challenge AheadThe Challenge Ahead

Dollars in BillionsDollars in Billions

NSPM Capital Expenditures:NSPM Capital Expenditures:Total $6.0 Billion Between 2013 and 2017 Total $6.0 Billion Between 2013 and 2017

* The capital cost for wind is based on an estimated installatio* The capital cost for wind is based on an estimated installation cost/kW not actual purchase pricen cost/kW not actual purchase price

ReliabilityReliability

ChoicesChoicesAffordabilityAffordability

SafetySafety Conservation Conservation ProgramsPrograms

Easy BillingEasy Billing NewNew TechnologiesTechnologies

CommunicationCommunication

Green EnergyGreen Energy

Customer ExpectationsCustomer Expectations

ReliabilityReliability

ChoicesChoicesAffordabilityAffordability

SafetySafety Conservation Conservation ProgramsPrograms

Easy BillingEasy Billing NewNew TechnologiesTechnologies

CommunicationCommunication

Green EnergyGreen Energy

Customer ExpectationsCustomer Expectations

ForwardForward--Looking Looking CompactCompact

Elements of CompactElements of Compact

Supportive FrameworkSupportive Framework

Performance MetricsPerformance Metrics

LongLong--term Visionterm Vision

Customer OptionsCustomer Options

FlexibleFlexible

NimbleNimble

LongLong--term supply mixterm supply mixEnvironmental objectivesEnvironmental objectivesGrid for the futureGrid for the future

Timely recoveryTimely recoveryMultiMulti--year approachyear approachAppropriate incentivesAppropriate incentives

S

ReliabilityReliabilityBillingBillingFleet performanceFleet performance

Renewable optionsRenewable optionsEnergy efficiencyEnergy efficiencySmart technologiesSmart technologies

The Path ForwardThe Path Forward

ReasonableReasonableRatesRates

Sound Sound InvestmentsInvestments

HighHigh--qualityqualityServiceService

Policy MakersPolicy Makers andand

StakeholdersStakeholders

CustomersCustomers Xcel EnergyXcel Energy

www.anadarko.com | NYSE: APC ANADARKO PETROLEUM CORPORATION

1

Xcel Energy: Executive Energy Forum

September 2013

Anadarko Petroleum Corporation

www.anadarko.com | NYSE: APC

2

Cautionary LanguageRegarding Forward-Looking Statements and Other MattersThis presentation contains forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions.No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko’s ability to meet financial and operating guidance; to achieve its production targets, successfully manage its capital expenditures, including entering into carried‐interest agreements, and complete, test and procure the wells and prospects identified in this presentation; to successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park; and to achieve its production and budget expectations on its mega projects. See “Risk Factors” in the company’s 2012 Annual Report on Form 10‐K, Quarterly Reports on Form 10‐Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward‐looking statements.

Please also see our website at www.anadarko.com under “Investor Relations” for reconciliations of the differences between any non‐GAAP measure used in this presentation and the most directly comparable GAAP financial measures.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. Anadarko uses certain terms in this news release, such as “resources,” “net resources,”“net discovered resources,” “net risked resources,” “resource opportunity,” “estimated ultimate recovery,” “resource potential,”“resource estimate,” “incremental recoverable resources,” “recoverable natural gas,” “net resource estimate,” “recoverable resource,” “net resource estimate,” “discovered resources,” and similar terms that the SEC’s guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko’s Form 10‐K for the year ended Dec. 31, 2012, File No. 001‐08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1‐800‐SEC‐0330.




One of the World’s Largest Independent Oil and Natural Gas Exploration and Production Companies

2.56 Billion BOE of Proved Reserves at Year‐End 2012

5,300+ Employees Worldwide

Total Assets of More Than $52 Billion at Year‐End 2012

Included in the S&P 100 Index

Ranked #3 in National Top Workplaces

3



4

Our Mission and Values

Anadarko’s mission is to provide a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare.

Integrity and Trust

Servant Leadership

People and Passion

Commercial Focus

Open Communication



5



U.S. Energy Mix – Hydrocarbon Based Society

6

Source: AEO 2013



U.S. Reliance on Imports

7

Oil & Petroleum Products

Source: EIA AEO 2013

Commercial

Residential

Industrial

Power

Canada

LNG

MM

b/d



Major U.S. Basins and Shale Plays

8



9



10

U.S. Natural Gas Prices (Henry Hub)



20+ Bcf/d of demand growth potential by 2020Power growth driven by 50 to 60 MW of coal retirements (4 to 6 Bcf/d)Wildcards: LNG exports and NGVs

U.S. Natural Gas: Meaningful Demand Growth Potential

11

Up to 23 Bcf/d U.S. Demand Growth 2013-2020

Analyst Range

Source: ICF and APC Marketing Fundamentals



U.S. LNG Exports

Twenty LNG export proposals: ~25 Bcf/d1 Project ApprovedRegulatory Approval Process and Timing UncertainExpectations coalescing around 6 Bcf/d by 2020

12



CurrentEstimates

Estimates:10 Years Ago

U.S. Gas Resource Estimates Transform Outlook

Source: NPC 2011 Study – Prudent Development



Shales Drive U.S. L‐T Supply

Source: EIA Annual Energy Outlook 2013



15



Hydraulic Fracturing Facts

Utilized in oil and natural gas since 1947

Up to 95% of wells drilled today are hydraulically fractured

Multiple steel casings and cement layers protect groundwater

Thousands of feet of impervious rock separate oil & gas formations where hydraulic fracturing is applied and aquifers

16

The fissures are held open by the sand particles, allowing hydrocarbons to flow up the well bore



Fracturing: Hydrology Information

Primarily Water and Sand

17

Mix of Water, Sand, Additives

Fracturing fluid ingredients are disclosed on www.FracFocus.org

Additives Include:Gel (milk shake thickener)Biocide (bleach)Friction reducer (polymer used in make‐up, nail and skin products)



Hydraulic Fracturing Is Safe

18



U.S. Onshore Oil & Gas Regulation

There is a comprehensive set of state, local and federal regulations in place governing all aspects of exploration and production

Well designLocationSpacingOperationWater management and disposalWildlife impactsSurface disturbanceThe Clean Water Act The Clean Air ActThe Safe Drinking Water ActThe National Environmental Policy ActThe Occupational Safety and Health ActThe Emergency Planning and CommunityRight To Know ActSurface disturbance

19



Closing Remarks

America needs natural gas and oil

America has abundant and affordable supplies

For the U.S. to realize the benefits of substantial resource abundance, development must be done prudently.

Essential for public trust and confidenceRequired for continued and expanded accessFundamental for long term industry success

20

Documents

Kevin Kelly Terry Pickens - xcelenergy.com...Laura McCarten is Regional Vice President of Northern States Power, Minnesota, which encompasses the company’s service areas in North