Summary
This 8-K filing from Xcel Energy Inc. (formerly Northern States Power Company) reports a significant corporate event: the completion of its merger with New Century Energies, Inc. (NCE) on August 18, 2000. Following this merger, the combined entity was renamed Xcel Energy Inc., with Northern States Power Company being the surviving legal entity. A key consequence of this strategic transaction is the change in the company's principal independent accountants. PricewaterhouseCoopers LLP, which previously audited Northern States Power Company, will no longer serve as the primary auditor for the newly formed Xcel Energy Inc. They will, however, continue to serve certain non-utility subsidiaries. Arthur Andersen LLP has been engaged as the new principal independent accountants for Xcel Energy Inc., effective August 18, 2000. This change in auditors, while common after significant mergers, is an important disclosure for investors. It signifies the integration of two previously separate entities and the establishment of new financial oversight for the consolidated company. Investors should note that the former auditor, PricewaterhouseCoopers LLP, has confirmed no disagreements regarding accounting principles or financial disclosures in their prior audits of Northern States Power Company.
Key Highlights
- 1Xcel Energy Inc. was formed through the merger of Northern States Power Company (NSP) and New Century Energies, Inc. (NCE) on August 18, 2000, with NSP as the surviving entity.
- 2The company was renamed Xcel Energy Inc. following the completion of the merger.
- 3Xcel Energy Inc. has changed its principal independent accountants.
- 4PricewaterhouseCoopers LLP is no longer the principal independent accountant for Xcel Energy Inc., though they will continue to audit certain non-utility subsidiaries.
- 5Arthur Andersen LLP has been appointed as the new principal independent accountants for Xcel Energy Inc., effective August 18, 2000.
- 6The former auditor, PricewaterhouseCoopers LLP, had no disagreements with Xcel Energy's predecessor (NSP) on accounting matters.
- 7PricewaterhouseCoopers LLP's reports on NSP's financial statements for the two most recent fiscal years contained no adverse opinions or modifications.