A lower-risk, large regulated electric and natural gas utility. Geographically and economically diverse service territories that includes 3.5 million electric customers and 2 million natural gas customers in eight states. Regulation that is diverse and credit-supportive. A primarily residential and commercial customer base, which provides for a more stable cash flows. A low-cost and diversified generation portfolio. Use of the medial volatility table, reflecting the company's lower-risk regulated utility strategy and higher operating risk of regulated generation. Financial measures consistent with the "significant" financial risk profile category. High capital spending. Dependence on supportive cost recovery. Negative free operating cash flow that is expected to remain negative. The stable outlook on Xcel Energy Inc. and its subsidiaries reflects our expectations that
