Investor Presentaiton

Energy Efficiency Savings Xcel Energy's energy savings account for approximately 1.6% of electric sales under newly approved targets. Previously energy savings investments accounted for 1.3% of electric sales. GWh 450 400 350 300 250 200 150 100 50 0 Residential Total = 1310 GWh | Business Total = 2012 GWh ● Black Hills energy savings 120,000,000 account for approximately 100,000,000 1.23% of electric sales under newly 80,000,000 approved targets. Previously energy savings investments accounted for 1% of electric sales. 60,000,000 40,000,000 20,000,000 CO COLORADO 0 2001 2002 2003 7 2004 7 2005 2006 2007 2008 2009 T 2010 2011 2012 T 2013 2014 2015 2016 Figure 3-1 2009-2015 Energy Efficiency Savings (kWh) 115,806,878 4,553,767 ...... 17,295,547 18,561,256 31,740,049 2009/2010 2010/2011 2011/2012 2012/2013 17,829,736 25,826,523 2014 2015 5-Year Total

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