22 August 2002 – Minneapolis-based Xcel Energy, America’s fourth largest utility company serving both electricity and natural gas customers, today announced that preliminary results of a re-audit of its 2000 and 2001 financial statements confirm the company’s prior reporting of its financial results.

“We asked Deloitte & Touche to re-audit our 2000 and 2001 financials to remove any doubt about the results of our original audit, conducted by Arthur Andersen,” said Wayne H. Brunetti, Xcel Energy chairman, president and CEO.

Deloitte & Touche began its audit early in July and stated today that it is near completion. “Based on the preliminary results, we expect no adjustments or restatement of reported earnings or other financial information for 2001 and 2000,” said Dick Kelly, Xcel Energy chief financial officer. “Deloitte’s findings are consistent with Xcel Energy’s CEO and CFO certifications provided to the Securities and Exchange Commission (SEC) last week.”

Kelly said, “Although we were confident in our financial reporting and in the results of the original audits, we were concerned that Arthur Andersen would lose its ability to practice before the SEC and therefore to give consents to the inclusion of their reports covering financial statements in our SEC filings and financing documents.”

“Given our expected financings over the next several years and our understanding of the requirements imposed by underwriters and other participants in the capital markets, we felt it was absolutely essential that we be able to deliver the consents and certifications needed to effect our financings. With its conviction, Andersen lost its ability to provide the required documentation,” Kelly said.

Deloitte & Touche will present its findings to the Xcel Energy board of