Xcel Energy Inc. (“Xcel Energy,” the “Company,” “we,” “us” or “our”) is offering to purchase for cash in three separate offers, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the outstanding debt securities of three series issued by Northern States Power Company, a Minnesota corporation and a wholly owned subsidiary of Xcel Energy (“NSPM”), listed in the table below at prices to be determined by reference to the applicable Reference Security (as defined below), plus, in each case, the applicable Accrued Coupon Payment (as defined below). We refer to the outstanding first mortgage bonds of the series listed in the table below collectively as the “Bonds” and to each of the listed series of outstanding debt securities as a “series” of Bonds. We refer to each offer to purchase a series of Bonds as an “Offer,” and collectively as the “Offers.” The conditions to the Offers include the Maximum Purchase Condition (as defined below).

Acceptance Priority Level(1)	Title of Security	CUSIP Numbers	Par Call Date(2)	Maturity Date	Issuer	Principal Amount Outstanding
1	3.600% First Mortgage Bonds, Series due May 15, 2046 (“2046 NSPM Bonds”)	665772 CP2	November 15, 2045	May 15, 2046	Northern States Power Company, a Minnesota corporation "NSPM"	$350,000,000(3)
2	4.000% First Mortgage Bonds, Series due August 15, 2045 (“2045 NSPM Bonds”)	665772 CN7	February 15, 2045	August 15, 2045	Northern States Power Company, a Minnesota corporation “NSPM”	$300,000,000
3	4.125% First Mortgage Bonds, Series due May 15, 2044 (“2044 NSPM Bonds”)	665772 CL1	November 15, 2043	May 15, 2044	Northern States Power Company, a Minnesota corporation “NSPM”	$300,000,000

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⁽¹⁾ Subject to the satisfaction or waiver of the conditions of the Offers described in this Offer to Purchase, if the Maximum Purchase Condition (as defined below) is not satisfied with respect to every series of Bonds, we will accept Bonds for purchase in the order of their respective Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level). It is possible that a series of Bonds with a particular Acceptance Priority Level will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase.

⁽²⁾ For each series of Bonds in respect of which a par call date is indicated, the calculation of the applicable Total Consideration will be performed taking into account such par call date. See Annex A to this Offer to Purchase for an overview of the calculation of the Total Consideration (including the par call detail).

⁽³⁾ Includes $5,433,000 principal amount of such Bonds currently held by Xcel Energy that are not subject to the Offer with respect to such series.