Investor Presentaiton

Utility Load Trends: Flattening of Demand in IOU Territories Black Hills Load and Resources Summary 600 MW 500 400 ‡ 300 200 100 Peak Demand Plus 15% 2040 2038 Existing Resources 2030 2028 2026 2024 2022 2020 2018 2016 Figure 2.2-2 Native Load Energy Sales Forecasts 2036 2034 2032 Energy (GWH) Annual Energy 30000 20000 10000 Growth 2017-2037 301 GWH per Year 1.6% per Year 0 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 YEAR 2017 Forecast LCL90 2018 Forecast Actual UCL90 GWh 40,000 Energy Sales Forecast Scenario Comparison 36,000 32,000 17 28,000 Base 24,000 Low High 20,000 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Xcel Energy CO COLORADO Tri-State

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