MINNEAPOLIS--(BUSINESS WIRE)--Jan. 21, 2005--Xcel Energy
(NYSE:XEL) announced today the completion of the sale of its Cheyenne
Light, Fuel & Power (CLF&P) electricity and natural gas operations to
Black Hills Corporation (NYSE:BKH). The Federal Energy Regulatory
Commission, the Securities and Exchange Commission and the Wyoming
Public Service Commission approved the sale.
Black Hills Corporation purchased all the common stock of CLF&P,
including the assumption of outstanding debt of approximately $25
million, for approximately $90 million, plus a working capital
adjustment to be finalized in the second quarter of 2005.
"Black Hills Corporation is a highly regarded utility system and
CLF&P will continue to offer customers high quality service with a
seamless transition of ownership," said Richard C. Kelly, Xcel Energy
president and chief operating officer.
CLF&P serves approximately 38,000 electricity customers and 31,000
natural gas customers in Cheyenne and will begin operating under the
new ownership immediately. The territory includes several surrounding
communities in southeastern Wyoming.
Xcel Energy is a major U.S. electricity and natural gas company,
with operations in 10 Western and Midwestern states. Xcel Energy
provides a comprehensive portfolio of energy-related products and
services to 3.3 million electricity customers and 1.8 million natural
gas customers through its regulated operating companies. In terms of
customers, it is the fourth-largest combination natural gas and
electricity company in the nation. Company headquarters are located in
Minneapolis. More information is available at www.xcelenergy.com.
This news release may contain statements, which constitute
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act of 1995 (Reform Act). All such forward-looking
statements are intended to be subject to the safe harbor protection
provided by the Reform Act. A number of important factors affecting
the business and financial results of the Company could cause actual
results to differ materially from those stated in the forward-looking
statements. These factors include, but are not limited to, the effects
of regulation, changes in capital requirements and funding, resolution
of pending litigation, acquisitions, and competition.
CONTACT: Xcel Energy, Minneapolis
Investor Relations:
Dick Kolkmann, 612-215-4559
or
Paul Johnson, 612-215-4535
or
Xcel Energy, Denver
Media Relations:
303-294-2300
or
Black Hills Corporation, Rapid City
Investor Relations:
Dale T. Jahr, 605-721-2326
SOURCE: Xcel Energy