U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-9C-3

QUARTERLY REPORT PURSUANT TO RULE 58 OF
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935

For the quarterly period ended December 31, 2003

Xcel Energy Inc.
(Name of Registered Holding Company)

800 Nicollet Mall, Minneapolis, Minnesota 55402
(Address of Principal Executives Offices)

Inquiries concerning this Form U-9C-3
may be directed to either:

Teresa S. Madden
Vice President and Controller
Xcel Energy Inc.
414 Nicollet Mall
Minneapolis, MN 55401
(612) 330-6177

or

Michael C. Connelly
Deputy General Counsel
Xcel Energy Inc.
800 Nicollet Mall
Minneapolis, MN 55402
(612) 215-4580

XCEL ENERGY INC.
FORM U-9C-3
For the Quarter Ended December 31, 2003

Table of Contents

Item 1. — ORGANIZATION CHART

Omitted for the fourth quarter pursuant to instructions for Item 1.

Item 2. — ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS

ISSUANCES AND RENEWALS OF SECURITIES (in thousands of dollars):

CAPITAL CONTRIBUTIONS (in thousands of dollars):

1

Item 3. — ASSOCIATED TRANSACTIONS

Part I. — Transactions performed by reporting companies on behalf of associate companies (in thousands of dollars).

The above are cumulative amounts for the period January 1, 2003 through December 31, 2003.

2

Part II. — Transactions performed by associate companies on behalf of reporting companies (in thousands of dollars).

The above are cumulative amounts for the period January 1, 2003 through December 31, 2003.

3

Item 4. — SUMMARY OF AGGREGATE INVESTMENT

Investments in gas-related companies:

NONE

Notes:

1.  The calculation excludes the investment of $6,330,000 in Ultra Power Technologies which was dissolved June 13, 2003 and the investment of $163,000 in Johnstown Cogeneration which was dissolved Dec. 5, 2003. The investments in these entities were written off at the time of dissolution.

2.  On Dec. 5, 2003, Xcel Energy divested its ownership interest in NRG Energy, Inc. As a result of that divestiture, Xcel Energy’s investment in NRG Energy, Inc. has been excluded from the above calculation.

3.  On Jan. 17, 2003, Viking Gas Transmission Company was sold. As a result, Xcel Energy’s investment in Viking Gas has been excluded from the above calculation.

4

Item 5. — OTHER INVESTMENTS (in thousands)

Item 6. — FINANCIAL STATEMENTS AND EXHIBITS

A. Financial Statements:

Omitted for the fourth quarter pursuant to instructions for Item 6.

B. Exhibits:

None

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SIGNATURE

     The undersigned registered holding company has duly caused this quarterly report to be signed on its behalf by the undersigned officer thereunto duly authorized pursuant to the requirements of the Public Utility Holding Company Act of 1935.

With the above signature, I also certify that the corresponding report on Form U-9C-3 for the fourth quarter of 2003 was filed with Xcel Energy Inc.’s interested state commissions whose names and addresses are listed below.

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