Xcel Energy Code of Conduct

Dear Xcel Energy employee: Conducting all of our business in an honest and ethical manner is one of our corporate values. Like all of our corporate values, it is the right thing to do and the foundation of our success. As a result of behaving in such a manner for many years, Xcel Energy enjoys a reputation of being an outstanding and innovative energy provider. Just as we are responsible by nature and strive for a cleaner environment, we are committed to responsible business conduct. This Code of Conduct provides you with the knowledge you need to make sound business decisions that meet our ethical and legal standards. Please read it and refer to it for guidance. Additional guidance is provided through other corporate policies. In summary, we expect you to: Do what’s right: Report what seems wrong If you believe someone is violating the law, the Code of Conduct or any other corporate policy, or is doing anything that could damage our company’s reputation, you need to promptly report it. We encourage you to ask questions and report concerns to your leader. Numerous other reporting options are also available, as noted in this brochure. We investigate every issue that is reported and take appropriate action as needed. Any retaliation against an employee who, in good faith, reports a violation or suspected violation of the law, Code or other policy is strictly prohibited. Xcel Energy has an excellent reputation. Let’s continue to work together responsibly to keep it that way for our customers, shareholders, communities and ourselves. Sincerely, Richard C. Kelly Chairman, President and CEO

Download our Code of Conduct (1.75 MB PDF)