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No. of Recommendations: 2

Even if Xcel misses a divdend or two, they are making real progress in fixing the deregulated mess. From what I read, they have made good progress on insulating the parent from NRG's credit problems and should they be able to hang on to the NRG assets [i.e. NRG doesn't go bankrupt] then XCEL should be able to easily pay a .75 cent dividend or more. I think that if they can survive the "glut" and maintain these assets, XCEL has a chance earn quite a bit more then it is now. That would do wonders for the share price as well as the ability to pay an increased dividend.

My advise is don't be too disappointed by the delayed dividend. If they miss one or two - which from what they are saying is not what they are planning - that is not all bad if it speeds their recovery.

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