XCEL ENERGY 2019 YEAR-END EARNINGS REPORT

Xcel Energy has reported 2019 GAAP and ongoing earnings of $1,372 million, or $2.64 per share, compared with
$1,261 million, or $2.47 per share in 2018. Earnings reflect higher electric margins primarily due to non-fuel riders and
regulatory rate outcomes, higher natural gas margins and expenses, increased depreciation and interest expenses.
“We delivered strong financial results again in 2019, with earnings at the upper end of our guidance range. Xcel
Energy continues to deliver consistent and solid performance, meeting or exceeding earnings guidance for the 15th
consecutive year,” said Ben Fowke, chairman, president and CEO of Xcel Energy.

“We are proud of our continued progress in leading the clean energy transition on our path to 80% carbon reductions
by 2030 and 100% carbon-free electricity by 2050, all while providing great value for our customers, communities,
and shareholders. We took important steps on that journey this past year, completing three major Steel for Fuel wind
projects, which contribute to the almost 4,700 megawatts of additional wind expected on our system by 2021. We
begin the new year well-positioned to deliver on our financial objectives in 2020 and beyond.”

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