COMPANY DESCRIPTION Xcel Energy is a major U.S. electric and natural gas company, with annual revenues of $10.7 billion. Based in Minneapolis, Minn., Xcel Energy operates in eight states. The company provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers. FINANCIAL HIGHLIGHTS XCEL ENERGY EARNINGS PER SHARE Dollars per share (diluted) Some of the sections in this annual report, including the letter to shareholders on page 1, contain forward-looking statements. For a discussion of factors that could affect operating results, please see the management’s discussion and analysis listed in the table of contents of the Form 10-K. 2011  2010 Ongoing earnings per share  1.72  1.62 Total GAAP earnings per share  1.72  1.62 Dividends annualized  1.04  1.01 Stock price (close)  27.64  23.55 Assets (millions)  29,497  27,388 Book value per common share  17.44  16.76 2009 2010 2011  Ongoing earnings per share*  GAAP (generally accepted accounting principles) earnings per share * A reconciliation to GAAP earnings per share is located in Item 7 of the Form 10-K. 1.50 1.62 1.72 1.48 1.62 1.72 On the cover: Employees at Xcel Energy’s corporate headquarters in Minneapolis are energized  for the challenges ahead.