



<PAGE>

                                                                  Exhibit  25.03
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                         SECURITIES AND EXCHANGE COMMISSION
                                          
                              Washington, D.C.  20549

                           -----------------------------

                                      FORM T-1
                                          
                              STATEMENT OF ELIGIBILITY
                    UNDER THE TRUST INDENTURE ACT OF 1939 OF A 
                      CORPORATION DESIGNATED TO ACT AS TRUSTEE

                           -----------------------------

___  CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO
                                 SECTION 305(b) (2)
                                          
                    NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
                (Exact name of trustee as specified in its charter)
                                          
A U.S. NATIONAL BANKING ASSOCIATION                       41-1592157
(Jurisdiction of incorporation or                         (I.R.S. Employer
organization if not a U.S. national                       Identification No.)
bank)

SIXTH STREET AND MARQUETTE AVENUE
Minneapolis, Minnesota                                    55479
(Address of principal executive offices)                  (Zip code)

                         Stanley S. Stroup, General Counsel
                    NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
                         Sixth Street and Marquette Avenue
                           Minneapolis, Minnesota  55479
                                   (612) 667-1234
                                (Agent for Service)

                           -----------------------------

                           NORTHERN STATES POWER COMPANY
                (Exact name of obligor as specified in its charter)
                                          
MINNESOTA                                                 41-0448030
(State or other jurisdiction of                           (I.R.S.Employer
incorporation or organization)                            Identification No.)

414 NICOLLET MALL
MINNEAPOLIS, MN                                           55401
(Address of principal executive offices)                  (Zip code)

                           -----------------------------

                                  DEBT SECURITIES
                        (Title of the indenture securities)

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<PAGE>

Item 1.   GENERAL INFORMATION.  Furnish the following information as to the
trustee:

          (a)  Name and address of each examining or supervising authority
               to which it is subject.
          
               Comptroller of the Currency
               Treasury Department
               Washington, D.C.
          
               Federal Deposit Insurance Corporation
               Washington, D.C.
          
               The Board of Governors of the Federal Reserve System
               Washington, D.C.
          
          (b)  Whether it is authorized to exercise corporate trust powers.
          
               The trustee is authorized to exercise corporate trust
               powers.
          
Item 2.   AFFILIATIONS WITH OBLIGOR.  If the obligor is an affiliate of the
                                      trustee, describe each such affiliation.

          None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is
not in default as provided under Item 13.

Item 15.  FOREIGN TRUSTEE.    Not applicable.

Item 16.  LIST OF EXHIBITS.   List below all exhibits filed as a part of this
                              Statement of Eligibility. Norwest Bank 
                              incorporates by reference into this Form T-1
                              the exhibits attached hereto.

     Exhibit 1.     a.   A copy of the Articles of Association of the
                         trustee now in effect.*

     Exhibit 2.     a.   A copy of the certificate of authority of the
                         trustee to commence business issued June 28, 1872, by 
                         the Comptroller of the Currency to The Northwestern 
                         National Bank of Minneapolis.*
     
                    b.   A copy of the certificate of the Comptroller of the
                         Currency dated January 2, 1934, approving the 
                         consolidation of The Northwestern National Bank of 
                         Minneapolis and The Minnesota Loan and Trust Company 
                         of Minneapolis, with the surviving entity being titled 
                         Northwestern National Bank and Trust Company of 
                         Minneapolis.*
     
                    c.   A copy of the certificate of the Acting Comptroller of
                         the Currency dated January 12, 1943, as to change of
                         corporate title of Northwestern National Bank and Trust
                         Company of Minneapolis to Northwestern National Bank of
                         Minneapolis.*

<PAGE>

                    d.   A copy of the letter dated May 12, 1983 from the 
                         Regional Counsel, Comptroller of the Currency,
                         acknowledging receipt of notice of name change
                         effective May 1, 1983 from Northwestern National Bank
                         of Minneapolis to Norwest Bank Minneapolis, National
                         Association.*

                    e.   A copy of the letter dated January 4, 1988 from the
                         Administrator of National Banks for the Comptroller of
                         the Currency certifying approval of consolidation and
                         merger effective January 1, 1988 of Norwest Bank
                         Minneapolis, National Association with  various other
                         banks under the title of "Norwest Bank Minnesota,
                         National Association."*

     Exhibit 3.     A copy of the authorization of the trustee to exercise
                    corporate trust powers issued January 2, 1934, by the 
                    Federal Reserve Board.*
     
     Exhibit 4.     Copy of By-laws of the trustee as now in effect.*
     
     Exhibit 5.     Not applicable.
     
     Exhibit 6.     The consent of the trustee required by Section 321(b)
                    of the Act.
     
     Exhibit 7.     A copy of the latest report of condition of the trustee
                    published pursuant to law or the requirements of its
                    supervising or examining authority.**
     
     Exhibit 8.     Not applicable.
     
     Exhibit 9.     Not applicable.











     *    Incorporated by reference to exhibit number 25 filed with
          registration statement number 33-66026.

     **   Incorporated by reference to exhibit number 25 filed with registration
          statement number 333-62999.



<PAGE>

                                  SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, 
the trustee, Norwest Bank Minnesota, National Association, a national banking 
association organized and existing under the laws of the United States of 
America, has duly caused this statement of eligibility to be signed on its 
behalf by the undersigned, thereunto duly authorized, all in the City of 
Minneapolis and State of Minnesota on the 16th day of November 1998.





                           NORWEST BANK MINNESOTA,
                           NATIONAL ASSOCIATION

                           /s/
                           ----------------------------
                           Curtis D. Schwegman
                           Assistant Vice President


<PAGE>

                                   EXHIBIT 6





November 16, 1998



Securities and Exchange Commission
Washington, D.C.  20549

Gentlemen:

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as 
amended, the undersigned hereby consents that reports of examination of the 
undersigned made by Federal, State, Territorial, or District authorities 
authorized to make such examination may be furnished by such authorities to 
the Securities and Exchange Commission upon its request therefor.





                           Very truly yours,

                           NORWEST BANK MINNESOTA,
                           NATIONAL ASSOCIATION


                           /s/
                           ---------------------------
                           Curtis D. Schwegman
                           Assistant Vice President

