Xcel seeks 6.5 percent increase in electrical rates

DENVER — Xcel Energy Inc. (NYSE: XEL) has asked the Colorado Public Utilities Commission to permit it to increase rates by about 6.5 percent in order to strengthen its electric grid and protect it against risks such as wildfires.

“We’re excited to deliver even better service and value to our customers through continued investment in the electric grid,” Alice Jackson, president of Xcel Energy—Colorado, said in a written statement. “It builds on our track record of leading the transition to cleaner energy and will position us to serve Colorado’s vibrant and growing economy.”

Xcel wants to make investments in “next-generation technology,” the company said, in order to meet risks and increase capacity. The company said the increased rates will help reduce outage restoration time, will help customers make real-time adjustments to electrical usage in order to save money and provide the infrastructure needed to serve more than 80,000 additional residential customers since the last rate review.

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Additional components of the proposal include:

• Accelerating wildfire safety, prevention and mitigation efforts and upgrading infrastructure to reduce the risk of damage due to wildfires.
• An initiative to help communities and businesses achieve their sustainability goals through better tracking of their use of renewable energy.

The proposal to the PUC would increase residential bills by 6.5 percent, or and average of $4.46 more per month. For small-business customers, the increase would be 6.7 percent, or an average of $6.79 a month. Xcel would receive a net $158 million increase in revenues.

The company projects that residential electrical bills will be remain below 2014 levels, it said in a statement.

The proposal is subject to approval by the PUC. If approved, changes are requested to go into effect Jan. 1, 2020.

Details about the filing can be found at www.xcelenergy.com  and at the PUC website, www.colorado.gov/dora/puc..