Hunton Andrews Kurth LLP acted as counsel to the agents, the forward sellers and the forward purchasers, with respect to the initially priced forward component, in connection with the establishment of Xcel Energy Inc.’s (“Xcel”) at-the-market (“ATM”) program to sell shares of Xcel’s common stock having an aggregate gross sales price of up to $4 billion from time to time through either the agents or the forward sellers, who will, at Xcel’s request, borrow shares of Xcel’s common stock from third parties. This was the Xcel’s inaugural establishment of the ATM program with forward components.

Xcel Energy is a public utility holding company with four utility subsidiaries: (i) Northern States Power Company, a Minnesota corporation, which provides electric utility service to approximately 1.6 million customers in Minnesota, North Dakota and South Dakota and natural gas utility service to approximately 0.6 million customers in Minnesota and North Dakota; (ii) Northern States Power Company, a Wisconsin corporation, which provides electric utility service to approximately 0.3 million customers and natural gas utility service to approximately 0.1 million customers in Wisconsin and Michigan; (iii) Public Service Company of Colorado, a Colorado corporation, which provides electric utility service to approximately 1.6 million customers and natural gas utility service to approximately 1.5 million customers in Colorado; and (iv) Southwestern Public Service Company, a New Mexico corporation, which provides electric utility service to approximately 0.4 million customers in Texas and New Mexico.

The Hunton team included Peter K. O'Brien, Brendan P. Harney, Reuben H. Pearlman and Jingyi "Alice" Yao. Joseph B. Buonanno and Christian Pugaczewski provided advice on the forward component. Robert McNamara and William Freeman provided tax advice.