Minneapolis-based Xcel Energy is an electric and natural gas utility with regulated operations in eight Western and Midwestern states. XEL provides generation, distribution, and transmission services and has a generating capacity of about 20,600 megawatts. The company provides utility services to 3.7 million electricity customers and 2.1 million natural gas customers through its regulated utilities. About 25% of customers are in the Denver area and are served by subsidiary PSCo. Currently, over 90% of XEL's revenue is from electric sales. While the company has benefited from favorable regulatory decisions, we note that Colorado gas rates are largely tied to wholesale rates, which can limit overall earnings growth. In addition to providing power, XEL has pipeline infrastructure and natural gas storage/compression operations. The company's fuel mix is: coal