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News Releases
12/08/2003
Xcel Energy Board Declares Delayed Dividend
MINNEAPOLIS - Xcel Energy (NYSE:XEL) today announced that its board of directors has declared payment of the delayed October common stock dividend.
"The company had adequate cash on hand to pay the dividend in October but was prevented from doing so because of a provision in the Public Utility Holding Company Act," said Wayne Brunetti, Xcel Energy's chairman and chief executive officer. "That provision requires a company to have retained earnings at least equal to the dividend payment or receive a waiver of that requirement from the Securities and Exchange Commission (SEC)."
Brunetti said that earnings from utility operations and the impact of NRG Energy's emergence from bankruptcy have boosted Xcel Energy's retained earnings.
"We know dividends are important to our shareholders," Brunetti said. "This action by our board enables shareholders to receive their full 75-cents-per-share common dividend this calendar year. Following this dividend declaration, we expect to return to our normal dividend declaration and payment pattern."
A dividend of 18.75-cents-per-share of common stock will be paid on December 31, 2003 to shareholders of record on December 15.
Xcel Energy is a major U.S. electricity and natural gas company with operations in 11 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
This information is not given in connection with any sale, offer for sale or offer to buy any security.
CONTACT: Xcel Energy, Minneapolis
Shareholder Services:
Dianne Perry, 612-215-4534
Tara DeGeest, 612-215-5391
or
Investor Relations:
Dick Kolkmann, 612-215-4559
Paul Johnson, 612-215-4535
or
Xcel Energy Media Representatives, 612-215-5300
www.xcelenergy.com
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