Xcel Energy Rate Case Highlights
In April 2023, Xcel Energy (Northern States Power Co.) filed a general rate case to raise rates in 2024.
In PSC case 4220-UR-126, Xcel is seeking:
Electric rate increase:
- 2024: $40.3 million, or 4.8%
- Residential: 7.8%
- Small Business: 8.0%
Natural gas increase:
- 2024: $9 million, 5.3%
- Residential: 6.6%
- Small Business: 2.9%
Focus on profits
- Xcel has asked the PSC to hike its return on equity, or profit rate, to 10.25%, which would be far and away the highest in Wisconsin and out of line with the national average.
- Xcel’s Minnesota counterpart has a profit rate of 9.25%.
Profits too high
- Xcel’s Wisconsin utility reported 2022 profit of $125 million.
- Customers across the country are overpaying by billions from profit rates that have remained far too high for far too long.
INVESTMENT AND INFLATION
- $38.6 million increase associated with new capital investments, a majority of which is driven by advanced metering and grid modernization investments.
- $14.7 million increase due to increase in costs, particularly customer service, administrative, and general expenses.
Other proposals
- EV Charging: Xcel is proposing to install 2 public EV fast-charging hubs along interstate highways in western/northern Wisconsin, at a cost of $1.24 million. ($360k in 2024)
- Affordability: In a separate case, Xcel is seeking approval of a new customer assistance program that would provide discounts to low-income customers based on their income.
Timeline
- Ongoing: PSC Audit, Analysis
- Aug/Sept: CUB experts, PSC staff weigh in
- Sept. 11: Public Hearing – via Zoom
- Nov/Dec: PSC Decision
Find out more
- See the filings in the case at the PSC here.
- Create a “ERF-EZ Subscription” to see when new information is filed. (4220-UR-126)
Have your say
- Attend the virtual public hearing at 1 p.m. or 6 p.m. on Monday, Sept. 11. Join by Zoom at https://us02web.zoom.us/my/pschearings. Or join Zoom by telephone: +1 312 626 6799, using Meeting ID: 809 513 2930
- Submit a written comment to the PSC here. The deadline for submitting comments is Sept. 29.
