Xcel Energy Rate Hike for 2024

  • June 22, 2023
870 450 Tom Content

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.


  • $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.


  • 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


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.