Thank you. And welcome to Xcel Energy's First Quarter 2007 Earnings Conference Call. I'm Paul Johnson, Managing Director of Investor Relations. With me today is Ben Fowke, Vice President, CFO of Xcel Energy's and several others who can help answer your questions. This morning we are going to discuss first quarter, reaffirm our annual guidance, update you on a regulatory progress and talk about our construction projects. I also want to point out that there are slides that accompany the conference call there are posted to our web page. Please let me remind that some of the comments we're about to make contain forward-looking information, significant factors that could cause results to differ are discussed in our earnings release and SEC filing. With that, I'll turn the call over to Ben.

Thanks, Paul. And welcome, everyone. This morning, we reported first quarter 2007 earnings of $120 million or $0.28 per share. This compares with $151 million or $0.36 per share for the first quarter 2006. Before I get into the details, I'd like to put our first quarter results in perspective. Last fall when we developed our 2007 budget, we anticipated an earnings decline in the first quarter due to timing of O&M expenses, fuel recovery recognition, and short-term wholesale margins. What we didn't anticipate this quarter were additional regulatory accruals for SPS and lower than expected weather adjusted sales. As a result, our first quarter results were about $0.03 below expectations. However, we remain confident that we will deliver earnings within our guidance range of $1.35 to $1.45. So with that, let me tell you how we're going to get there. First, the results for the first quarter 2006 reflect about $17 million of fuel recovery timing issues. This result in higher margins and earnings for the first quarter, but subsequently reversed out later in the year. While these fuel-timing issues had no impact on the annual results, it's historic to quarterly comparisons. Second, we expect our annual O&M expenses will remain consistent with our guidance. First quarter O&M expenses were 6% higher than last year. Driven largely by the timing of nuclear refuelling outages and employee benefit costs. This isn't a trend we expect to continue. For example, we expect that our nuclear costs for the last nine months for 2007 will be about $17 million less than the same period in 2006. Third, our weather adjusted electric retail sales grew about 1.4% for the quarter, which was lower than we expected. And while we've adjusted our annual sales growth guidance range downward to 1.4 to 2%, to reflect…

(Operator Instructions) Our first question comes from Charles Fishman of A.G. Edwards. Please go ahead.

Good morning.

Hey, Charles.

Hey, I just want to make sure I understand this. For SPS, you issued an 8k after the settlement in March. And it indicated you wouldn't have any more reserves to take. But I guess that was just for Texas. And the reserves you took in the first quarter were for FERC and New Mexico? Do I understand it correctly?

Yes. You've got it exactly right, Charles. That's exactly what happened.

Okay. Then just a second real quick question. You have the legislation for accelerated recovery in Colorado for transmission, but you don't have it for the renewables. And I would assume then you are working on legislation to get that, too?

Well we have a rider mechanism in Colorado subject to a 2% cap that encourages favorable recovery for us in Colorado, Charles. Which would be forward-looking quick recovery.

That's for transmission and renewables?

Yes.

Okay. Thank you.

(Operator Instructions) At this time, I am showing no additional questions in the queue. I'd like to turn the call back over to management for any closing remarks they may have.

Well I appreciate the one question we had today, and I appreciate everybody listening in to the call and I look forward to seeing many of you at the AGA conference in Orlando next week. I am meeting with many of you there. In the meantime, if you have any follow-up questions, Paul Johnson will be available to take your calls. Thank you, everyone.

Ladies and gentlemen, this does conclude the first quarter 2007 earnings conference call. You may now disconnect. And we thank you for using AT&A Teleconferencing.