SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 1, 1995
Northern States Power Company
(Exact name of registrant as specified in its charter)
Minnesota
(State or other jurisdiction of incorporation)
1-3034 41-0448030
(Commission File Number) (IRS Employer Identification No.)
414 Nicollet Mall, Mpls, MN 55401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 612-330-5500
(Former name of former address, if changed since last report)
Item 5. Other Events
Cenergy Acquisition
On September 1, 1995, a non-regulated subsidiary of Northern States Power
Company (the Company) merged with Kansas City-based Energy Masters Corporation
(EMC) which resulted in the purchase of an 80% ownership interest in EMC by
the Company. The Company subsequently assigned its interest in EMC to
Cenergy, Inc. (Cenergy), another wholly owned non-regulated subsidiary of the
Company. Cenergy has the option to acquire the remaining 20% of EMC in three
years.
EMC has offices in seven states nationwide and specializes in energy
efficiency improvement services for commercial, industrial and institutional
customers. For the year ended October 31, 1994, EMC, with more than 60
employees, had operating revenues of $5.9 million. EMC will continue to
operate as a separate legal entity, as a subsidiary of Cenergy.
1995 Earnings Outlook
At NSP's annual shareholders meeting today, James J. Howard, NSP Chairman,
President and Chief Executive Officer, will comment on Northern States Power
Company's (NSP) 1995 earnings outlook. He will tell the shareholders that
NSP's cost control efforts combined with a healthy economy and favorable
weather for the year to date are positioning NSP for strong financial
performance in 1995.
For the year, total earnings from ongoing operations (excluding non-recurring
items) are expected to be up about 5% over last year. This increase is in
line with NSP's objective for average long-term growth of 5% per year.
Earnings from ongoing operations for NSP's non-regulated businesses are
expected to be somewhat less than a year ago. NRG Energy, Inc. (NRG), a
wholly owned non-regulated subsidiary of NSP, will experience decreases in
income from its San Joaquin Valley, California projects due to the curtailment
of operations related to the sale of the projects' operating contracts to
Pacific Gas & Electric. In addition, because NRG has been very active in the
field of project development, development costs are up from last year. NRG
expenses development costs until project closure is imminent.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Northern States Power Company
(a Minnesota Corporation)
By (Edward J. McIntyre)
Edward J. McIntyre
Dated: September 13, 1995 Vice President & Chief Financial Officer
