XCEL ENERGY INC — Director's Dealing 2004

Jun 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: XCEL ENERGY INC (XEL)
CIK: 0000072903
Period of Report: 2004-06-28

Reporting Person: STEPHENS W T (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-28	Phantom Stock Unit	$0	A	1096.32	Acquired		Common (1096.32)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	11628.19	Direct

Footnotes

F1: Security converts to common stock on a one-for-one basis.

F2: Shares of phantom stock are payable in shares of common stock following termination of reporting person's service. Partial share
s are payable in cash.