**Exhibit 99.01**

 

**Public Service Company of Colorado CautionaryFactors**

 

The PrivateSecurities Litigation Reform Act provides a “safe harbor” for forward-lookingstatements to encourage such disclosures without the threat of litigation,providing those statements are identified as forward-looking and areaccompanied by meaningful, cautionary statements identifying important factorsthat could cause the actual results to differ materially from those projectedin the statement. Forward-looking statements are made in written documents andoral presentations of PSCo. These statements are based on management’s beliefsas well as assumptions and information currently available to management. Whenused in PSCo’s documents or oral presentations, the words “anticipate,” “estimate,”“expect,” “projected,” objective,” “outlook,” “forecast,” “possible,” “potential”and similar expressions are intended to identify forward-looking statements. Inaddition to any assumptions and other factors referred to specifically inconnection with such forward-looking statements, factors that could cause PSCo’sactual results to differ materially from those contemplated in anyforward-looking statements include, among others, the following:

 

·          Economic conditions, including their impacton inflation rates, monetary fluctuations and their impact on capitalexpenditures;

·          Therisk of a significant slowdown in growth or decline in the U.S. economy, therisk of delay in growth recovery in the U.S. economy or the risk of increasedcost for insurance premiums, security and other items as a consequence of pastor future terrorist attacks;

·          Trade, monetary, fiscal, taxation andenvironmental policies of governments, agencies and similar organizations ingeographic areas where PSCo has a financial interest;

·          Customer business conditions, includingdemand for their products or services and supply of labor and materials used increating their products and services;

·          Financial or regulatory accounting principlesor policies imposed by the Financial Accounting Standards Board, the Securitiesand Exchange Commission, the Federal Energy Regulatory Commission and similarentities with regulatory oversight;

·          Availability or cost of capital such aschanges in: interest rates; market perceptions of the utility industry, PSCo,Xcel Energy or any of its other subsidiaries; or security ratings;

·          Factors affecting utility operations such asunusual weather conditions; catastrophic weather-related damage; unscheduledgeneration outages, maintenance or repairs; unanticipated changes to fossilfuel or natural gas supply costs or availability due to higher demand,shortages, transportation problems or other developments; environmentalincidents; or electric transmission or gas pipeline constraints;

·          Employee workforce factors, including loss orretirement of key executives, collective bargaining agreements with unionemployees, or work stoppages;

·          Increased competition in the utilityindustry;

·          State and federal legislative and regulatoryinitiatives that affect cost and investment recovery, have an impact on ratestructures and affect the speed and degree to which competition enters theelectric and natural gas markets; industry restructuring initiatives;transmission system operation and/or administration initiatives; recovery ofinvestments made under traditional regulation; nature of competitors enteringthe industry; retail wheeling; a new pricing structure; and former customersentering the generation market;

·          Rate-setting policies or procedures ofregulatory entities, including environmental externalities, which are valuesestablished by regulators assigning environmental costs to each method ofelectricity generation when evaluating generation resource options;

·          Social attitudes regarding the utility and powerindustries;

·          Risks associated with the California powermarket;

·          Cost and other effects of legal andadministrative proceedings, settlements, investigations and claims;

·          Technological developments that result incompetitive disadvantages and create the potential for impairment of existingassets;

·          Significant slowdown in growth or decline inthe U.S. economy, delay in growth or recovery of the U.S. economy or increasedcost for insurance premiums, security and other items;

·          Risks associated with implementation of newtechnologies; and

·          Other business or investment considerationsthat may be disclosed in PSCo’s SEC filings or in other publicly disseminatedwritten documents.

 

PSCoundertakes no obligation to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise.The foregoing review of factors should not be construed as exhaustive.

 

----