Ladies and gentlemen, thank you for standing by and welcome to the Xcel Energy First Quarter 2011 Earnings Conference Call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation the conference will be open for questions. (Operator Instructions) This conference is being recorded today, Thursday, April 28, 2011. I would now like to turn the call over to Paul Johnson, Managing Director of Investor Relations and Assistant Treasurer. Please go ahead.

Thank you, and welcome to Xcel Energy’s first quarter 2011 earnings release conference call. With me today are Ben Fowke, President and Chief Operating Officer; Dave Sparby, Vice President and Chief Financial Officer; Teresa Madden, Vice President and Controller; Scott Wilensky, Vice President, Regulatory and Resource Planning; George Tyson, Vice President and Treasurer and Dennis Koehl, Vice President and Chief Nuclear Officer. Today we plan to cover our first quarter results and accomplishments. In addition, we are reaffirming our annual earnings guidance of $1.65 to $1.75 per share. Please note that there are slides that accompany the conference call, which are available on our web page. I want to remind everyone that some of our comments may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and in our filings with the SEC. You’ll notice that today’s press release refers to both GAAP and ongoing earnings. First quarter 2011 ongoing earnings were $0.42 per share compared with $0.42 per share in 2010. First quarter 2011 GAAP earnings were also $0.42 per share compared with $0.36 per share in 2010. While there was no difference between GAAP and ongoing earnings in 2011, during the first quarter of 2010 ongoing earnings excluded the impact of adjustments related to the discontinued COLI program and adjustments associated with Medicare Part D subsidies. Management believes ongoing earnings provide a more meaningful comparison of earnings results and is representative of Xcel Energy’s fundamental core earnings power. As a result, we will only discuss ongoing earnings during this call. Please see our earnings release for a reconciliation of GAAP to ongoing earnings. With that, I’ll now turn the call over to Ben.

Thank you and good morning. As Paul mentioned, we reported first quarter ongoing earnings of $0.42 per share compared with $0.42 per share in 2010. I’m pleased to report that in addition to delivering a solid quarter financially, we continue to execute on our strategy. This morning I’ll focus my prepared comments on three items of current interest; our decision to terminate the Merricourt Wind project, our preliminary take on EPA’s proposed MACT rules and the depth of our safeguards at our nuclear operations. Earlier this month we terminated our argument with enXco for the development of the 150-megawatt Merricourt Wind Project in North Dakota. This was slated to be a $400 million project going into service in late 2011. We terminated the agreement because the project did not close by the contractual closing date and certain conditions required for closing were not satisfied. These conditions included a failure to resolve concerns about potential adverse consequences the project could have on two endangered species and a failure to obtain the Certificate of Site Compatibility. Given the uncertainty around the timing, cost and prospects for resolving these issues, we concluded it was in the best interest of our customers to terminate our agreement for this project based on our contractual rights. As a result of this decision, all of our investment in the project has been refunded. We are now forecasting 2011 capital expenditures of approximately $2 billion. We’ve also updated our Rider revenue guidance for 2011 to reflect the termination of this agreement. We remain interested in owning additional wind capacity and we are evaluating wind ownership opportunities in North Dakota. Turning to the recently proposed EPA rules, last month the EPA issued their proposed MACT rules addressing emission. Like many of our peers, we are in the process of…

Thanks, Ben. Now let's take a look at the details of our first quarter results beginning with a review of each of our subsidiaries. For the quarter, earnings at PSCo decreased by $0.03 per share due to the impact of lower seasonal rates as well as higher O&M expenses, property tax and depreciation expense. These expense increases were partially driven by capital investments made in 2010 including Comanche 3 and the natural gas plants we acquired in Colorado. At NSP Minnesota, earnings increased by $0.04 per share due to interim rate increases in Minnesota, North Dakota as well as moderate sales growth and colder weather. The positive items were partially offset by higher O&M expenses, property tax and depreciation expense. Earnings at NSP-Wisconsin and SPS were both flat for the quarter. Next, I’ll discuss the drivers that affected various lines of the income statement beginning with retail, electric margin. Our first quarter electric margin increased by $90 million driven by two primary items. Retail rate increases in Colorado, Texas and Wisconsin along with interim rate increases in Minnesota and North Dakota increased electric margin by $34 million. The impact of rate increases was partially offset by the impact of lower seasonal electric rates in Colorado. Electric margin also increased by $34 million due to recovery of the revenue requirements associated with PSCo’s acquisition of two natural gas facilities in late 2010. Please note that the increase in revenue requirements was partially offset by expenses such as higher O&M depreciation and property taxes. Increased rider, conservation and DSM revenue as well as increased sales and weather also contributed to the quarterly improvement in electric margin. Natural gas margins increased $13 million in the first quarter due primarily to increased conservation and DSM revenue, which is partially offset by expenses. In addition,…

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) And our first question is from the line of James Bellessa with D.A Davidson. Please go ahead. Michael Bates – D.A. Davidson & Co.: Good morning, guys. This is Michael Bates through Jim. I just wanted to follow-up on your comments, Dave, about your taxes other than income taxes. It’s higher because you brought on new capital projects. But is the $96.6 million level that we saw in the first quarter a good kind of run rate going forward, was there anything that you thought irregular about that?

Hi. Property tax rates may creep up throughout the year, I mean, what we have seen is primarily attributable of course to property additions, but all of the counties we serve of course are continuously evaluating their property tax rates. And it is possible that we could see some additional creep towards the end of the year. Michael Bates – D.A. Davidson & Co.: Great. Thanks guys.

Thank you.

(Operator Instructions) And I’m showing no further questions. Please continue with any closing remarks.

Yes. I want to thank everyone for attending the call this morning. If there is any follow-up questions, please direct them to our IR team. Thank you very much for attending.