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Xcel Energy Inc (NYSE:XEL)

2013 Annual Shareholder Meeting

May 22, 2013 12:00 pm ET

Executives

Benjamin G. S. Fowke - Chairman, Chief Executive Officer and President

Cathy J. Hart - Vice President of Business Services Group - Xcel Energy Services Inc.

Analysts

Bill Kaiser

Benjamin G. S. Fowke

Good morning, and welcome to the 2013 Xcel Energy Shareholders Annual Meeting. I'm Ben Fowke and I'd like to start by saying it's really great to be here. We made a commitment several years ago to host annual meetings in our key communities across our service territory and we're really delighted to be here today in Eau Claire. Our history with the city goes all the way back to 1872 and the Chippewa River improvement and log driving company. And there have been a few mergers and a few name changes since then, but we've always felt privileged to serve this are with its growing economy, its strong work ethic and its really friendly people. So thank you for welcoming us here so warmly. Onstage with me are Cathy Hart, Vice President and Corporate Secretary; Teresa Madden, Senior Vice President and Chief Financial Officer; and Scott Wilensky, Senior Vice President and General Counsel. We appreciate your interest in Xcel Energy and your attendance today. We'd also like to welcome those of you listening to our webcast. The webcast will be available on our website for future reference. Under Xcel Energy's bylaws, subjects for consideration at this meeting are limited to those set forth in the notice you received. We will not entertain any new items with the addition to the agenda. Cathy Hart will conduct the formal portion of the meeting this morning. There are 4 items in our business agenda which were listed in the proxy statement. The polls are now open for voting on these matters. You don't need to vote in person by ballot unless you wish to change your vote. Following the business portion of the meeting, we'll show a video that I think illustrates our most important commitment and then I'll make some brief remarks. After that, you'll have an opportunity to ask some questions and for everybody's benefit, we ask that you hold your questions until the Q&A that will follow my remarks. Our meeting will adjourned no later than 12 noon. Before proceeding to the business meeting, I'd like to introduce the Xcel Energy Board of Directors. Would each director please stand until all have been introduced and please hold your applause until I've named the last director. Richard K. Davis, Chairman President and CEO of U.S. Bancorp in Minneapolis, Minnesota. Richard serves as independent lead director. Gail Koziara Boudreaux, CEO of United Healthcare and Executive Vice President of UnitedHealthcare Group in Manatokan Minnesota. Fredric or Fritz W. Corrigan, Retired President and CEO of the Mosaic Company in Plymouth, Minnesota. Albert F. Moreno, retired Senior Vice President and General Counsel of Levi Strauss Company in San Francisco California. Richard T. O'Brien, President and CEO of Board Longyear Limited in Salt Lake City, Utah. Now Richard wasn't able to be with us this morning. Christopher J. Policinski, President and CEO O'Lakes, Inc. in Arden Hills Minnesota. Patricia Sampson, CEO, President and owner of the Sampson Group in Minneapolis, Minnesota. James Joe Sheppard former Senior Vice President and Chief Nuclear Officer of Southern California Edison. David A. Westerland, retired Executive Vice President and Corporate Secretary of Ball Corporation in Broomfield, Colorado. Kim Williams, retired partner of Wellington Management Company in Boston, Massachusetts. And Timothy D. Wolfe, President of Wolfe Interest Inc. in Boulder, Colorado. I'd also like to introduce some special guests who are with us this morning. Ray Larson and Larry [ph] both retired NSP-Wisconsin board members are here. Ray and Larry, will you please stand? We also have several City and state officials in the audience and I'd ask them to stand and remain standing and as I introduce them. Bob McCoy is President and CEO of the Eau Claire Area Chamber of Commerce. Kerry Kincaid is a Eau Claire City Council President. Representing the Warren Petryk from those Wisconsin House of Representatives this year. So please acknowledge them with your applause. I'm also happy to see several business and community leaders in the audience and of course, we have a number of retirees with us this morning. I'm not able to introduce you individually, but I'd like to thank you for joining us. Thank you for your years of dedicated service and thank you for the involvement in the community. So why don’t all of us give you a big round of applause? And finally, from Deloitte & Touche, the independent accountants, engaged to audit the 2013 financial statements of Xcel Energy were Tom Kilkenny, Audit Engagement Partner and Patrick Larson, Audit Partner. We applaud for our auditors too. We'll now proceed with our formal business and I'll turn the meeting over to our Secretary, Cathy Hart.

Cathy J. Hart

Thank you, Ben, and good morning. Before we proceed with the voting, there a few procedural matters I need to discuss. The distribution of Notice of Meeting, proxy statements and the 2012 annual report was completed on April 10, 2013 to each shareholder of record on March 26, 2013. As of March 26, 2013 there were 494,282,518 shares of common stock outstanding. Each share of stock has 1 vote. As of 8:00 this morning, 412,290,412 votes were present by proxy, representing 83.41% of the total voting power. Therefore, the holders of the majority of the voting power of the company stock are present by proxy. A quorum is present in person and by proxy, so we will proceed with the business of the meeting. If you have already voted by proxy, your votes will be cast as you have instructed in the proxy. There is no need for you to vote by ballot today unless you want to change your vote from the way you instructed in the proxy. If you've not voted by proxy or would like to change your vote, please raise your hand at this time and the Inspectors of Election will give you a ballot. This ballot can be used to vote on any or all matters that will be decided at this meeting. Your ballots will be collected after all votes on all matters have been cast. Susan Rader from Wells Fargo will be our vote tabulator. Susan, would you please stand and raise your hand so the shareholders can identify you? From the back there. I want to explain the voting procedures. There are 4 proposals to be voted upon today. Details of these proposals were provided in your proxy statement. Proposal number one is the election of directors. 12 directors will be elected to the board with their 1-year term expiring in 2013. The following individuals are the nominees to be elected to the board to serve until the 2014 annual meeting and until their successors have been elected or appointed. Gail Koziara Boudreaux, Fredric W. Corrigan Richard K. Davis, Benjamin G.S. Fowke III, Albert F. Moreno, Richard T. O'Brien, Christopher J Policinski, Patricia Samson, James Joseph Sheppard, David A. Westerlund, Kim Williams and Timothy V. Wolf.

Proposal number 2 seeks approval for the ratification of the appointment of Deloitte & Touche LLP as Xcel Energy Inc.'s independent registered public accounting firm for 2013. Deloitte & Touche LLP was originally selected as principal independent accountant for Xcel Energy effective March 27, 2002. Proposal number 3 seeks approval on an advisory basis of our executive compensation. We will now consider proposal number 4, which is the shareholder proposal that 6 approval of the separation of the role of the Chairman and Chief Executive Officer. Is Mr. Armstrong or his legal representative present? If so, will you please stand and move to the microphone? Your proposal, along with a company's response, was fully disclosed in the company's proxy material. However, you make take up to three minutes for any additional discussion about this resolution. I recognize you, number 2.

Unknown Shareholder

Thank you. Good morning. I'm Ken Pearson, proxy representative for Mr. Gerald Armstrong who had the introduce the proposal of the separation of the role of the Chairman and CEO. In support of the proposal, I wish to make the following comments. The proponent believes that the Board of Directors will provide greater oversight of management with an independent Chairman. Ben Fowke, Chairman of the Board, CEO and President of Xcel Energy Inc. seems to be only accountable to himself for his duties as Chief Executive Officer and President. Xcel has faced that the failed SmartGridCity which could cause the shareholders millions. It is described as a poorly planned, poorly managed and a failed experiment of the Denver Post November 4, 2012. With nearly $1 billion investment in the Camacho power plant, it was reported to be operational only 52.7% of the time during 2011 and was off-line during most of the summer months. This proposal is represented by the proponent in last year's meeting of KeyCorp where it received the majority vote of shareholders and had been recommended by government consultants. Norges Bank Investment Management has stated a support of a similar proposal. The roles of the Chairman of the Board and CEO is a fundamentally different and should not be held by the same person. There should be a clear division of responsibilities between these positions to ensure a balance of power and authority on the board. Approximately 43% of S&P 1,500 companies have separate CEO and Chairman positions. The board should be led by an independent Chairman. Such a structure will put the board in a better position to make independent evaluation and decisions, higher management, decide a remuneration policy that encourages performance, provide strategic direction and support management in taking a long-term view in development of business strategy. An independently led board is better able to oversee and give guidance to Corporation executives. Help prevent conflicts or the perception of conflicts; and effectively strengthen the system of checks and balances with corporate structure and thus, protect shareholder value. If you agree, please vote for this proposal. Thank you very much.

Cathy J. Hart

Thank you, Mr. Pearson. I would like to now announce that the polls are closed. We have preliminary results showing that all management proposals were approved and all of the director nominees were elected. The shareholder proposal on the separation of the role of the Chairman and Chief Executive Officer was not approved. Official results, which include any votes cast at this meeting will be disclosed in a Form 8-K filing and posted on the Xcel Energy website. This concludes the business portion of the meeting. And I'd like to wrap up by reminding you that we may be making some forward-looking statements during this meeting. You should refer to our SEC filings for the risk factors related to our business. Now, I like to invite you to watch our video and learn a little bit more about Xcel Energy. Our Chairman will be back after that.

[presentation]

Unknown Executive

I'll start by sharing some good news. I'm pleased announce that the Board of Directors yesterday increased your annual dividend by $0.04 effective with the July dividend. That's a 3.7% increase. And based on yesterday's closing stock price, it equals a dividend yield of 3.7%. Our goal is to increase that dividend each year in the range of 2% to 4% and we've been able to meet that objective. Increasing the dividend is just one way we keep our promise to shareholders. Last year, we are in $1.82 compared with $1.72 per share in 2011, making 2012 the eighth consecutive year we've met or exceeded our earnings guidance. I'm proud that what we've accomplished this last year despite some strong headwinds early in the year, demonstrating that we have the plans and the team to manage this business to strong financial and operational results. Now, 2012 is behind us and we're off to a great start in 2013. The first quarter results of $0.48 per share exceeded expectations. In addition, our stock performance has been outstanding with our share price reaching a high of $31.79 on April 30. And although the market has fallen off a bit, our stock is still at $30.27 which equals a 13% increase since the beginning of the year. Consistent, strong performance combined with a clear, well executed strategies is why Xcel Energy stock has performed so well over the last 5 years. Key to that performance is our history of achieving constructive, regulatory outcomes. That said, we do have our challenges ahead of us as we bring several significant rate cases to a close later this year. I'm a big believer that strong financial performance requires strong operating performance and we're on solid ground here too. Last year, we produced top quartile operating results and customer reliability, which helped drive high customer satisfaction scores. We have solid plans for improving our performance and our productivity across our business and aligned our plans to achieve these goals. We're also committed to improve our environmental performance, building in our past success. We're a national leader in helping our customers save energy and the most green kilowatt hour is the one you don't produce. Energy efficiencies a key component of our efforts to give our customers bills low, which is particularly important in this competitive environment. And we are proud yet again to be the number 1 utility wind provider, having almost 5,000 megawatts of wind capacity on our system. We are considering adding additional in TARP portfolio this year at very competitive prices. We continue to pursue means for reducing emissions from our power plants when that make sense and where that makes sense. But example of that is our Colorado Clean Air-Clean Jobs Act or program which is well underway. Now, each of these initiatives have helped us improve our environmental performance, a caps on which is that we've reduced carbon emissions by 18% since 2005 and we're on our way to reduce carbon by 27% by 2020. Our strategies have positioned us not only be an environmental leader, but also be in excellent competitive position as future regulations are implemented. I'm very pleased to report that we achieved this level lot of operational and environmental performance while keeping our prices at or below the national average. These results demonstrates that our proactive yet pragmatic approach is working and truly balances the interest of all stakeholders. Looking ahead, we see the continued need for sizable investments to keep our systems strong, performing well and in compliance with a host of increasing requirements. Now, these investments are needed despite the continued slow growth we see in major portions of our service territory, but the need for constructive regulatory outcomes is all that much more important. If we made it a priority to reach out to our customers and our stakeholder regarding our plans for keeping our systems strong, which helps improve understanding in those rate cases. And that type of collaboration will help us prepare for the future. New technologies, increasing regulatory requirements and changing customer needs put those challenges and opportunities for us. As we navigate through these issues, here doesn't always have what I call the 4 cornerstones of our service. We'll keep our service high-quality and reliable for our customers on relying our product in more ways than ever before. We'll keep our price affordable since we provide energy to fuel the economies of our service territory and our customers count on us to keep their bills manageable. And we'll be there when our customers need us most. The only took opening a newspaper this past year to see the impacts how storms can have in the critical need to restore power quickly. And we know we can't do it alone. Instead, we need partnerships with our customers, stakeholders and the communities we serve. Our successes is really mutually tied. So we work hard to make those communities successful, vibrant places to live and work just like right here in Eau Clair. These cornerstones really bring it all together and like I said at the offset, when we do them well, the financial performance follows. I can't really think of a better of way of closing than with this video that really captures our commitment to service.

[presentation]

Benjamin G. S. Fowke

29 men and women from every service center in Wisconsin and they join 200 other employees and contractors in this mutual aid effort. Just yesterday, we sent 78 crew members from our SPS operating company Texas and New Mexico aid in the restoration effort that followed the tornado that devastated Oklahoma. We extend our sincerest sympathy to the victims of that terrible event and to their family members. The recognition of our response to Hurricane Sandy and another storm last summer, the Edison Electric Institute gave us its emergency assistance award which we really appreciate. Of course, we have outstanding employees across the company, including the Xcel Energy leadership team. Let me introduce them to you and please hold your applause until everybody's been introduced. In addition to Cathy Hart, Teresa Madden and Scott Wilensky, we have Kent Larson, Senior Vice President of Operations; Marvin McDaniel's, Senior Vice President and Chief Administrative Officer; and O'Connor Senior Vice President Chief Nuclear Officer; Roy Palmer, Senior Vice President, Public Policy and External Affairs; Jeff Savage, Vice President and Controller; Dave Sparby, Vice President, Revenue Group; and George Tyson, Vice President and Treasurer. We'd also like to introduce leaders of our 4 operating companies. There's David Eves, President and CEO of Public Service Company of Colorado; Riley Hill, President and CEO Southwestern Public Service Company; Judy Poferl, President and CEO of Northern States Power Minnesota and Wisconsin's very own Mark Stoering, President and CEO of Northern States Power Co. Wisconsin. You can applaud. I'd also like to mention that after 24 years in Energy business, Cathy Hart is going to retire at the end of this month. Cathy joined Public Service Company in Colorado in 1989 and held a variety of executive positions since then, but was recently, of course, as Vice President and Corporate Secretary. I know a lot of you probably don't know Cathy personally, but I can tell you, she always has your best interest in mind. She's a wonderful communicator, she has a genuine concern for shareholders and we benefited greatly from her expertise. She's also been an outstanding liaison with our Board of Directors and I can tell you from the heart, I'm going to miss her very much. Cathy, we want to thank you for your dedication to Xcel Energy and our shareholders and once again, let's give Cathy a round of applause. Hang in there, Cathy. All right, I now like to open it up -- the meeting for your questions. But before we do that, let me briefly review the procedure. Microphones are provided in the aisles. Please move to one so that everybody can hear your question. We'll take one question per shareholder at a time. Please limit your questions or comments to 3 minutes. And before we activate the microphones, let me ask that if you have any customer related questions, please see Michael Gersack, Vice President, Customer Care after the meeting; Darla Figoli, Vice President, Human Resources, can answer any employee questions you have after the meeting. And would Michael and Darla, would you stand again so everybody can. All right. Also, the individual CD at the shareholder table on the lobby can handle any additional shareholder services questions you may have after the meeting. Please wait to be recognized. Let us know your name and whether or not you're a shareholder before you begin. Let's get started. Let's get started if there's a question. Recognize the shareholder, microphone 2.

Unknown Shareholder

I'm Ken Pearson again, proxy representative, Gerald Armstrong and Gerald's question is the recent price per share of Xcel's common stock has been in the low '30s. $34.2 per share on May 17th and high as $31.79 per share in the past few weeks. The low price of the last year was $25.84 per share. Most of this price increase has been caused by the yield per share, the dividend rate, being so much higher than that paid by bank accounts or bonds. What portion of the price per share increase is attributable to increased earnings and what portion is attributed to buyers purchasing shares for the our yields of dividends?

Benjamin G. S. Fowke

It's a hard question to answer directly. Obviously, the dividend yield is an important part of our value equation. It's why we raised the dividend just today. And we have a payout ratio that's a little bit under 60%. So we can do more. But we're also trying to balance the growth and earnings and the capital investment programs we have as well. And it's important when you have a dividend, you can count on it to be sustainable, count on it to grow and you can count on a strong company funding the investment needs of its customers which also drive EPS. We kind of split that, and I would say it's roughly half value is in the EPS growth and about half is in that yield. And I think we've struck that right balance and we'll continue to look for the right balance going forward. Any other questions? Yes. Microphone 1.

Bill Kaiser

Good morning. I'm Bill Kaiser. I am the community President of the BMO Harris Bank at Chippewa Valley and I'm here for two reasons. First of all, as a stockholder, I want to thank you for bringing this to this meeting to the Chippewa Valley. It's not very often the to have an opportunity to have a company like this with an annual shareholder meeting here. I also want to thank you for all of what Xcel Energy does behind the scenes. I am the Board Chair of the United Way of the Greater Eau Claire -- Greater Chippewa Valley and I've been in this position for 35 years or with the position for 35 years and over that 35 years, there has always been 1 common denominator and that is Xcel Energy. Xcel Energy always has been have had a place on the board and that's very important to us. Years ago, my father told me that if I wanted to know the movers and the shakers in the community, I better get active in the community. I did get active and he was right. Movers and shakers were part of the United Way and I'm pleased to let you know that I met an awful lot of Xcel Energy executives. Besides the financial support that we get from the Xcel Energy, we also got a lot of manpower. As I said, we always have the executives in key positions, either on the board and on committee, assignments but I think what I really want to share with you is a call to action that the whole Xcel Energy team provides. In 2010, I was the campaign chair and I had the opportunity to go out to the Xcel Energy offices and be a judge for their chili-cookoff. It's fun to have people wanting you to vote for them. And it was a wonderful cause and what was exciting to me is they were having a good time doing it. They also, as a team, provide a lot of other manpower within the community and I thank you for it.

Benjamin G. S. Fowke

First of all, thanks for 35 years of support in your community. That's fantastic. We do have Riley Hill here from Texas. I got a feeling that chili bake-off would be a little bit more competitive, but you hit upon the points that are so critical. We're tied to the community. Our assets are embedded literally in the community and I've always been so impressed, not only that we give with our pocket books and things like United Way, but when you look at the employees, we do really good with our hearts to the community and I think we all been through from that. So thanks for these very nice comments. Appreciate it. Shareholder at the microphone 1.

Unknown Shareholder

Good morning. I don't have a question, but I do have a comment. My name is Bruce Parker. It's my good fortune to be President of Chippewa Valley Technical College. Our college, on behalf of our Board of Trustees, our faculty and staff and most importantly, our graduates who are many Xcel workers and our workers and our students who are the future workers, thank you for coming to Wisconsin and to the Chippewa Valley. Our college actually extends about 180-mile region from the suburbs of Minneapolis, St. Paul to the dairy land of Clark County. So it's a very diverse area. Eau Claire happens to be our geographic and our population center. We have over 60 programs that are designed to meet the needs of our local business and industry and our mission is directly involved with providing those innovative and applied educational needs of business and industry. Every one of our 60 programs has advisory groups that size our programs based upon job needs. They developed our curriculum based upon job competencies. And they actually designed our lab so that we mimic, duplicate real-life working arrangement. We're happy to say that Xcel Energy has been a very active participant in all those advisory committee. They helped design our electric power distribution program, our alignment program, which is one of our more popular programs. We currently have a 3-year waiting list. But we will size that program based upon your future need. And so we know as retirements increase in the next few years, your demand for line will increase and we'll be here to partner with you. That partnership arrangement is very, very important to us and it's not only on the educational front, but it's on the community aspect as Bill Kaiser mention. The Xcel people have been very supportive of our foundation, Paula Kimbllin, one of your officers has been on our foundation board for a number of years. They've donated to our capital projects. They've donated equipments to our programs so that when our alignment or climbing poles, they are Xcel poles and our transmitters needed to be replaced because of hazardous material, it is Xcel who stepped forward, replaced them, disposed of them, helped us through that project. And it's been Xcel that's helped our foundation with contributions to our capital program. Probably one of the biggest contribution was the nanoright, which is an incubation center on our west side of 37,000 square-foot incubation center. And through Xcel's support, we were able to build that center. We currently have 9 corporations that are startup corporations at the facility and created over 50 jobs. We look forward to partnering with you in the future. Our next project is an Energy Education Center. We know we have to great energy, transmit energy and efficiently use energy and that center will be focused on all of the electric program, the apprenticeship program, the SmartGrid techniques that are needed and we'll also be working on the efficient use. So when we talk about with techniques program, our residential construction program, transportation program, as well as their HVAC program, they'll all be designed with energy conservation measures and with the help of Xcel Energy. So thank you for being a corporate citizen and also thank you for your leadership staff here who worked with us on a day-to-day basis.

Benjamin G. S. Fowke

Again, thank you for those comments, but I also have to thank you because this is what we're talking about what a partnership. I mean, we are faced in the next 10 years with perhaps 50% of our workforce retiring across all areas, including the areas that you're training the next generation of workers for. And these are hard jobs, but these are good jobs and I don't think we could do it without partnerships like the one you just described. So back at you, thank you. We appreciate it. Any other questions? I recognize a shareholder at microphone 1.

Unknown Shareholder

Good morning. I'm a shareholder and I represent -- my name is Jack Kaiser and I represent kind of unique Real Estate development project here in Eau Claire known as Banbury Place. We're pretty good customer of Xcel energy, so I guess I'm here representing a lot of the customers and the experiences that I've had with Xcel over the years. Back in 1991, the Triple Valley experienced quite a shock in that we had a large employer named Uniroyal Goodrich Tire here in Eau Claire, and they announced that they were going to close their Eau Claire facility, putting approximately 1,300 people out of work. I'm sure when that day in January came, there was a few people at Northern States Power at the time were kind of worried about losing one of their best customers at the time. Shortly after that announcement, my father and my family, we like to take whole buildings and fix them up. And so we contacted the Uniroyal Goodrich Tire company regarding possibility of buying possibly 1 or 2 of their buildings. Unfortunately, that time they weren't interested in building 1 or 2 of the buildings, they wanted to sell the whole thing. And to make a real long story short, my family and I purchased this 1.9 million square-foot facility comprised of 20 buildings back in 1992 with the intent to convert it into this multi-use, multi-tenant facility. Fortunately, I'd like to say things have gone pretty good over the past 20 years. I'd be lying to you if I'd say that everyday, every year was good. But I want to say that we couldn't have done what we did without the help of Northern States Power Co. and Xcel Energy and their staff. When I was at Uniroyal Goodrich Tire plant, they burn coal for heat. They had a central substation that powered the entire facility. We knew we had to get out of the coal business, we knew we had to get out of that central electric service and through the help of Xcel Energy's -- their account rep, or the engineer, the design people, we got rid of coal. We burn natural gas now and heat the entire complex with low pressure, steam-fired by natural gas. We still obviously have electric in the building, but instead of 1 central substation, we have several smaller substations or transformers scattered out throughout the project. Right now, we're in the process of doing some additional upgrades. Through the partners of programs that Xcel Energy offers, we've done a lot of energy improvements through the rebates and the education that Xcel provides. I deal with a lot of other utilities, and I won't name those, but I want to say that Xcel is a great utility to work with, from our account executives down to the people that are out the call center. We changed a lot. We have tenants moving in and out all the time at Danbury. We have over 145 different businesses. We have other properties around town. I'm -- using the Call Center on a regular basis and every time I need to make a change, it's always in a professional way and done the way it's supposed to be. So I wish I could say that about the other utilities that serve our properties, but it doesn't quite work that way. But anyway, again, like Bill and Bruce said, I want to thank Xcel for coming to Eau Claire. I think it's super that you're here in the Chippewa Valley and I want to thank you for being our electric and gas utility in the Chippewa Valley because it's a pleasure working with you.

Benjamin G. S. Fowke

Pleasure is all ours. I think it's pretty amazing what you accomplished and I also would tell you that when you probably call that call center, it's pretty likely that you're talking to somebody located right here in Eau Claire. That's where we're headed next, the management team to go talk to employees at Sky Park where we have our largest call center. So glad to hear they've given you good service. I'll recognize the individual at microphone 2.

Unknown Shareholder

I feel compelled to say just a few things because so many of my peers and colleagues have spoken so highly of your company and of our city. So I'm just here to join in their voice in expressing my gratitude towards working with an excellent company and partnership with the public sector. I'm an elected official, so I represent the almost 70,000 citizens who live in the city of Eau Claire and employees, almost 500 employees who work for the city. But I particularly, at this point, want to mention how in our side city, the value that your company has brought to me as an elected official is in the faces of the people that I've come to know and worked with, particularly, I hope to not exclude anyone but to mention that Paula Kimbllin has been on many boards. This morning, we just came from a board meeting for the incubation center at 7:30 a.m. this morning. She's running the meeting and hitting the ground without important responsibility. And also, Mr. James Hankey is very closely connected to the work of the public sector. We bring a really great and personal partnership towards meeting the needs of the citizens in our community. So thank you for coming to Eau Claire and I hope she has treated you well. She's a good hostess.

Benjamin G. S. Fowke

Thanks.

Unknown Shareholder

Thank you, again.

Benjamin G. S. Fowke

I was happy to be here, let me just tell you that. You do a good job. It looks like there's no other questions. So let me just thank you again for being here. It's really great to get out and meet you our shareholders. I appreciate the fact, as we all do, that just took the time to be here. Before I let you go I want to draw your attention to the corporate responsibility report. I think each one of you had a copy of that on your chairs. We encourage you take a look at it, learn about our economic, environmental and social impacts that Xcel Energy is having. And for those of you listen and webcast, the report is available on our website. I wish all of you a safe trip home and look forward to seeing you again very soon. Thanks so much.

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