What is the main purpose of this 8-K filing?

The main purpose of this Form 8-K filing is to report on the completion of the re-audit of Xcel Energy's 2001 and 2000 financial statements by its new independent auditors, Deloitte & Touche LLP. It also details several disclosure and presentation changes made in these re-issued financial statements.

Did the re-audit result in any changes to Xcel Energy's reported net income or earnings per share?

No, the filing explicitly states that the earnings, cash flows, and balance sheets in the re-audited financial statements are unchanged from amounts previously reported. The disclosure and presentation changes did not affect net income or earnings per share for Xcel Energy or NRG.

What are the 'going concern' disclosures related to NRG?

The 'going concern' disclosures for NRG relate to increased uncertainty about NRG's ability to meet its financial obligations through the end of 2002. This is due to credit rating downgrades and resulting collateral posting requirements experienced by NRG in 2002. While these disclosures highlight potential risks, they do not include adjustments for the ultimate outcome of this uncertainty.

Why are two NRG projects classified as discontinued operations?

Two NRG projects have been classified as discontinued operations because management and the Board of Directors made decisions in June 2002 to sell these projects. As per accounting requirements, they are now presented as 'held for sale' in the re-issued financial statements.

XEL/XELLL 8-K SEC Disclosure

Summary

Xcel Energy Inc. (XEL) filed this Form 8-K on September 16, 2002, to report on the re-audit of its 2001 and 2000 financial statements by its new independent public accountants, Deloitte & Touche LLP (D&T). These statements were originally audited by Arthur Andersen LLP. While the core financial figures (earnings, cash flows, balance sheets) remain unchanged, the re-issued statements include several important disclosure and presentation updates. Key changes focus on increased "going concern" disclosures for NRG Energy Inc. (NRG) due to credit downgrades and liquidity issues, the reclassification of two NRG projects as discontinued operations pending sale, and the early adoption of new reporting requirements for energy trading results on a net basis. These updates, while not altering Xcel Energy's net income or EPS, provide investors with more current and detailed information regarding the company's financial condition and potential risks, particularly concerning its subsidiary NRG.

Key Highlights

1Xcel Energy's 2001 and 2000 financial statements have been re-audited by Deloitte & Touche LLP, replacing the original audit by Arthur Andersen LLP.
2The re-audited financial statements report unchanged net income, earnings per share, total assets, liabilities, and shareholders' equity compared to previously filed amounts.
3Enhanced "going concern" disclosures are included for NRG Energy Inc. (NRG) due to recent credit rating downgrades and resulting liquidity constraints.
4Two NRG projects have been classified as discontinued operations and are presented as held for sale, reflecting management and board decisions made in June 2002.
5Xcel Energy has early adopted new reporting requirements for energy trading results, presenting them on a net basis, which affects the presentation of total revenues.
6The re-issued financial statements incorporate updated disclosures of various subsequent events that occurred in 2002.
7PricewaterhouseCoopers LLP (PWC) remains the auditor for NRG Energy Inc., and their re-issued audit opinion is referenced.

XCEL ENERGY INC 8-K Report (Sep 16, 2002)

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