92521--3/1/2010--SOUTHWESTERN_PUBLIC_SERVICE

related topics

{cost, contract, operation}

{operation, natural, condition}

{regulation, change, law}

{condition, economic, financial}

{capital, credit, financial}

{cost, regulation, environmental}

{gas, price, oil}

{stock, price, share}

{system, service, information}

Oversight of Risk and Related Processes Risks Associated with Our Business Our profitability depends in part on our ability to recover costs from our customers and there may be changes in circumstances or in the regulatory environment that impair our ability to recover costs from our customers. Any reductions in our credit ratings could increase our financing costs and the cost of maintaining certain contractual relationships. We are subject to interest rate risk. We are subject to capital market risk. We are subject to credit risks. We are subject to commodity risks and other risks associated with energy markets and energy production. We are subject to environmental laws and regulations, with which compliance could be difficult and costly. We are subject to physical and financial risks associated with climate change. We may be subject to legislative and regulatory responses to climate change, with which compliance could be difficult and costly. Economic conditions could negatively impact our business. Our utility operations are subject to long-term planning risks. Our operations could be impacted by war, acts of terrorism, threats of terrorism or disruptions in normal operating conditions due to localized or regional events. We are subject to business continuity risks associated with our ability to respond to unforeseen events. We are subject to information security risks. Rising energy prices could negatively impact our business. Our operating results may fluctuate on a seasonal and quarterly basis and can be adversely affected by milder weather. Increased risks of regulatory penalties could negatively impact our business. Increasing costs associated with our defined benefit retirement plans and other employee benefits may adversely affect our results of operations, financial position, or liquidity. Increasing costs associated with health care plans may adversely affect our results of operations, financial position or liquidity. We are a wholly owned subsidiary of Xcel Energy. Xcel Energy can exercise substantial control over our dividend policy and business and operations and may exercise that control in a manner that may be perceived to be adverse to our interests.

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92521--3/1/2010--SOUTHWESTERN_PUBLIC_SERVICE_CO