History
Northern States Power Company (NSP) was a publicly traded utility, paying a cash dividend to shareholders every year since 1910.
It was originally called the Consumers Power Company — one of several divisions within H. M. Byllesby's vast public utility empire — but changed its name to NSP in 1916 (possibly to avoid confusion with an identically named company in Michigan).
While the bulk of NSP's territory grew across central and southern Minnesota (starting from the Twin Cities), it acquired territory in North Dakota (centering around Fargo, Grand Forks, and Minot) and grew southwest into South Dakota (centering around Sioux Falls). Its territory extended east into Wisconsin as well, but due to state regulations requiring local ownership of all utilities, these operations were under a separate subsidiary: Northern States Power-Wisconsin. This latter subsidiary extended east into northern neighboring Upper Peninsula of Michigan, bounded between Lake Michigan and Lake Superior around 1995.
By 1986, the company had grown to be included among the S&P 500 list of 500 of the largest companies in the United States. By that time it had accumulated nearly $1.2 billion in long-term debt. NSP served the agriculturally-based region of its headquarters state of Minnesota, and also the neighboring states of North Dakota and South Dakota to the west. These territories were served through its subsidiary, NSP-Minnesota.
On May 28, 1996 NSP voted to split its stock two-for-one. It paid an annual 6.5% dividend yield.
By the end of 1995, NSP had reduced its debt to US$1.5 billion.
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