Xcel Energy Recommends Shareholders Reject Mini-Tender Offer from TRC Capital Corporation

Xcel Energy Inc. (XEL) reported that it has been notified of an
unsolicited "mini-tender offer" by TRC Capital Corporation to purchase
up to 2.5 million shares of its common stock, representing approximately
0.49% of Xcel Energy’s outstanding shares.

Xcel Energy recommends stockholders not tender their shares in response
to this unsolicited mini-tender offer. Mini-tender offers, such as this
one by TRC Capital, avoid many of the investor protections afforded to
larger tender offers, including the filing of disclosure and other
procedures mandated by U.S. securities laws. Xcel Energy is in no way
associated with TRC Capital Corporation, the mini-tender offer or the
offer documentation.

The offer price is below the current market price of Xcel Energy’s
common stock. Specifically, TRC Capital's offer price of $45.15 is 4.36%
below the closing price of Xcel Energy’s stock on September 28, 2018,
the last trading day prior to the date of the offer, and 7.4% less than
the closing price of $48.78 on October 8, 2018. The mini tender offer is
also subject to a number of conditions, including the securing of
financing.

Xcel Energy urges stockholders to obtain current market quotations for
their shares of common stock, to consult their financial advisor, and to
exercise caution with respect to TRC Capital's offer.

The SEC has issued “Tips for Investors” regarding mini-tender offers,
noting that some bidders, in making the offers at below-market prices,
are “hoping that they will catch investors off guard if the investors do
not compare the offer price to the current market price." The SEC's
advisory may be found on the SEC
website at https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html.
Xcel Energy encourages brokers and dealers, as well as other market
participants, to review the SEC’s letter regarding broker-dealer
mini-tender offer dissemination and disclosure available at https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.

Xcel Energy recommends that shareholders who have not responded to TRC
Capital’s offer take no action. Xcel Energy stockholders who have
already tendered their shares may withdraw their shares by providing the
written notice described in the TRC Capital offering documents prior to
the expiration of the offer currently scheduled for 12:01 a.m., New York
City Time on Tuesday, October 30, 2018.

Xcel Energy requests that a copy of this news release be included with
all distributions of materials relating to TRC Capital's mini-tender
offer related to Xcel Energy’s shares of common stock.

About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the
energy that powers millions of homes and businesses across eight Western
and Midwestern states. Headquartered in Minneapolis, the company is an
industry leader in responsibly reducing carbon emissions and producing
and delivering clean energy solutions from a variety of renewable
sources at competitive prices. For more information, visit xcelenergy.com
or follow us on Twitter
and Facebook.

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