Xcel seeks rate hikes, bidders on power-generation projects

DENVER — Xcel Energy Inc. (NYSE: XEL) this week applied to the Colorado Public Utilities Commission for a $312 million electricity rate increase that it hopes to use to offset the cost of building more capacity to generate cleaner power. 

At the same time the utility is seeking rate hikes — which would represent about an 8% increase for residential and commercial users, and could show up on bills by next fall if approved — Xcel is seeking responses to requests for proposals from builders of solar, energy storage, wind and natural gas-fired generation projects. 

“This is a major step for Colorado’s clean energy future,” Robert Kenney, president of Xcel’s Colorado operations, said in a prepared statement. “The size and scope of the request reflects our continued leadership of the nation’s clean energy transition while providing reliable, safe and affordable energy to our customers. This bidding process will determine the clean energy generation and technologies that will supply Colorado’s electrical grid for years to come.” 

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The utility’s requests for proposal “seek to acquire sufficient energy resources to meet Xcel Energy’s forecasted electric needs from 2023 through 2028,” the company said. Those bids are due back from developers by March. 

“A future separate solicitation will acquire resources needed from 2029 through 2031,” Xcel said.