Contact: Xcel Energy,
July 22, 2005
XCEL ENERGY ANNOUNCES AGREEMENT TO SELL SEREN INNOVATIONS' MINNESOTA ASSETS
TO CHARTER COMMUNICATIONS
The Minnesota operations offer broadband communications services including cable TV, high-speed Internet and telephone to approximately 20,000 customers in St. Cloud and surrounding communities. Financial terms of the agreement were not disclosed. The transaction is subject to regulatory approvals and is expected to be completed in the fourth quarter of 2005.
Earlier this year, Xcel Energy announced the sale of Seren Innovations' California assets to WaveDivision Holdings LLC. The sale of Seren's Minnesota assets will conclude Xcel Energy's exit from the telecommunications business. The sale of Seren's Minnesota and California assets is expected to result in a small gain, and will be reported in discontinued operations.
Charter Communications Inc., a broadband communications company, provides a full range of advanced broadband services to the home, including cable television on an advanced digital video programming platform via Charter Digital and Charter High-Speed Internet service. Charter also provides business-to-business video, data and Internet protocol (IP) solutions through Charter Business. Advertising sales and production services are sold under the Charter Media brand. More information about Charter can be found at www.charter.com.
Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 10 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.3 million electricity customers and 1.8 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
This news release may contain statements, which constitute "forward-looking statements" within the meaning of the Securities Litigation Reform act of 1995 (Reform Act). All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the effects of regulation, changes in capital requirements and funding, resolution of pending litigation, acquisitions, and competition.