July 27th, 2018

MEMORANDUM
TO: INTERESTED PARTIES
FR: DAVID FLAHERTY, COURTNEY SIEVERS, MAGELLAN STRATEGIES
RE: XCEL ENERGY CUSTOMER SURVEY

This memorandum is a summary of a telephone survey of 437n telephone survey of Xcel

Energy customers in the state of Colorado. The interviews were conducted from July 15th
to 17th, 2018. This survey has a margin of error of +/- 4.69% at the 95% confidence
interval.

Survey Findings
The focus of this survey was to measure the opinions and viewpoints of Xcel Energy
customers regarding Xcel’s plan to close its two power plants and replace them with
industrial wind, solar and natural gas generation.

The findings of the survey show that 85% of customers think Xcel Energy stock holders,
rather than Colorado ratepayers, should be assuming the $2.5 billion-dollar investment in
new electric generation. The survey also finds that 43% of Xcel Energy customers,
including 49% of senior citizens, are not willing to pay higher electricity rates so that
Xcel Energy can close its two power plants and replace them with new ones.

Another 27% of Xcel Energy customers are only willing to pay 5% more so that Xcel
Energy can implement their plan. The survey also finds that 74% of Xcel Energy
customers think the company is more concerned about its stockholders than their
customers. The following tables show responses to questions by customer sub-group.

“Between 2001 and 2016 Colorado electricity rates increased by 62%. Knowing this,
how much more are you willing to pay for Xcel Energy to close its two power plants and
replace them with industrial wind, solar and natural gas generation Are you willing to
pay…..?”
All 18- 35- 45- 55-
Voters Men Wom Unaf Dem Rep 34 44 54 64 65+
Not willing to
43% 43% 42% 42% 29% 64% 23% 31% 49% 41% 49%
pay any more
5% More 27% 26% 28% 23% 36% 19% 41% 23% 21% 22% 29%
10% More 16% 18% 13% 19% 17% 11% 31% 19% 17% 15% 11%
15% More 4% 3% 5% 3% 8% 1% 0% 4% 9% 6% 3%
More than 15% 4% 6% 3% 6% 4% 1% 3% 8% 4% 7% 3%
Unsure/DK 6% 4% 8% 7% 6% 4% 2% 15% 0% 8% 5%
Colorado Xcel Energy Customer Survey Summary
Field Dates: July 15th to 17th, 2018, 437n, MoE +/- 4.69%
2

“As you may know, Xcel Energy is a private, for profit monopoly utility whose executives
are compensated in part by how well their stock performs. For example, Xcel Energy’s
CEO’s total compensation in 2016 was $18.5 million dollars, of which $15 million dollars
came from restricted stock awards that vested during the year”. Knowing this, do you
think Xcel Energy’s corporate leadership is more concerned about its customers or its
stock holders?
All 18- 35- 45- 55-
Voters Men Wom Unaf Dem Rep 34 44 54 64 65+
Concerned
about stock 74% 74% 73% 74% 73% 78% 85% 69% 75% 75% 72%
holders
Concerned
about 7% 7% 6% 5% 7% 9% 5% 4% 4% 5% 9%
customers
Unsure/DK 19% 19% 21% 21% 20% 13% 10% 17% 21% 20% 19%

“As I mentioned before, Xcel Energy is a private, for profit monopoly utility whose stock
holders benefit financially from building new power plants. Knowing this, do you think
Xcel Energy’s stock holders should assume some of the financial risk for the $2.5 billion
investment in new electric generation or should Xcel Energy’s customers pay all of the
cost?”
All 18- 35- 45- 55-
Voters Men Wom Unaf Dem Rep 34 44 54 64 65+
Stockholders
should assume 85% 81% 89% 87% 88% 81% 92% 73% 83% 92% 84%
more cost
Customers
should pay all 3% 4% 1% 3% 1% 7% 3% 0% 2% 2% 4%
of the cost
Unsure/DK 12% 15% 10% 10% 11% 12% 5% 17% 15% 6% 12%

Magellan Strategies | 1685 Boxelder St. Suite 300 | Louisville, CO 80027

www.MagellanStrategies.com | (303) 861-8585