Xcel Energy Colorado unit files $356M electric rate case with CPUC

Rhea-AI Filing Summary

Xcel Energy’s Colorado utility, Public Service Company of Colorado, has filed for a significant electric rate increase with state regulators. The company is asking the Colorado Public Utilities Commission to approve an additional $356 million in annual revenue, a 9.9% increase, or $526 million when including rider roll-ins. The request is built on a 9.8% return on equity, a 55% equity ratio, and a 2025 test year with a projected rate base of $13 billion.

The proposal is driven mainly by $294 million of distribution system investment, higher liability insurance of $65 million, additional operating costs of $51 million, and $49 million from changes in cost of capital, partly offset by $(120) million related to coal retirements. A decision and implementation of final rates are anticipated in the third quarter of 2026, and outcomes will depend on the regulatory process and identified risk factors.

Insights

Regulated utilities analyst

Large Colorado rate case could reshape PSCo earnings after 2026.

Public Service Company of Colorado, Xcel Energy’s subsidiary, is seeking an annual electric revenue increase of $356 million, or 9.9%, rising to $526 million inclusive of rider roll-ins. The request is anchored on a 9.8% allowed return on equity, a 55% equity ratio, and a projected $13 billion 2025 rate base, which together frame the potential future earnings from Colorado operations.

The filing shows cost drivers such as $294 million for distribution system investment, higher liability insurance of $65 million, additional operating costs of $51 million, and $49 million from changes in cost of capital, partly offset by $(120) million tied to coal retirements. It also notes a request for rider recovery of any costs associated with extending operations at Comanche Unit 2, linking regulatory outcomes to generation transition and reliability decisions.

A Colorado commission decision and implementation of final rates are anticipated in the third quarter of 2026, so financial effects would follow that timing. The company highlights numerous uncertainties, including cost recovery, regulatory changes, wildfire and environmental liabilities, and broader economic conditions, meaning eventual authorized revenue and returns could differ from the initial proposal.

FALSEXCEL ENERGY INC0000072903MNPUBLIC SERVICE CO OF COLORADO0000081018CO00000729032025-11-212025-11-210000072903xel:PublicServiceCompanyOfColoradoMember2025-11-212025-11-210000072903us-gaap:CommonStockMember2025-11-212025-11-210000072903xel:A6.25JuniorSubordinatedNotesDue2085Member2025-11-212025-11-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 21, 2025

Commission File Number						Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number															IRS Employer Identification Number
001-3034						XCEL ENERGY INC.															41-0448030
						(a Minnesota corporation)
						414 Nicollet Mall
						Minneapolis			Minnesota						55401
						(612)						330-5500
001-3280						PUBLIC SERVICE COMPANY OF COLORADO															84-0296600
						(a Colorado corporation)
						1800 Larimer Street Suite 1100
						Denver			Colorado						80202
						(303)						571-7511

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $2.50 par value per share

XEL

Nasdaq Stock Market LLC

6.25% Junior Subordinated Notes due 2085

XELLL

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Item 8.01. Other Events

On Nov. 21, 2025, Public Service Company of Colorado (PSCo), a Colorado corporation and wholly owned subsidiary of Xcel Energy Inc. filed an electric rate case with the Colorado Public Utilities Commission (CPUC) seeking an increase in revenue of $356 million or 9.9% ($526 million inclusive of rider roll-ins). The request is based on a 9.8% return on equity, an equity ratio of 55% and a 2025 test year with a projected rate base of $13 billion.

PSCo’s base rate request (millions of dollars):
Distribution system investment						$	294
Liability insurance						65
Operating costs						51
Changes in cost of capital						49
Coal retirements (a)						(120)
Other						17
Rate request, net of rider roll-ins						$	356

(a)The case includes request for rider recovery of any costs associated with extending operations at Comanche Unit 2.

A CPUC decision and implementation of final rates is anticipated in the third quarter of 2026.

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to expected rate increases to customers and expectations regarding the regulatory proceedings and the effective date of the rates, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in PSCo’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of PSCo to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

November 24, 2025			Xcel Energy Inc. (a Minnesota corporation)
			Public Service Company of Colorado (a Colorado corporation)
			/s/ BRIAN J. VAN ABEL
			Brian J. Van Abel
			Executive Vice President, Chief Financial Officer

FAQ

What rate increase is Public Service Company of Colorado, a subsidiary of Xcel Energy (XEL), requesting?

Public Service Company of Colorado is seeking an electric revenue increase of $356 million, or 9.9%, rising to $526 million when rider roll-ins are included.

What assumptions underpin Xcel Energy’s Colorado rate case for PSCo?

The request is based on a projected 2025 test year, a $13 billion rate base, a 9.8% return on equity, and a 55% equity ratio.

What are the main cost drivers in PSCo’s $356 million base rate request?

Key drivers include $294 million for distribution system investment, $65 million of liability insurance, $51 million of operating costs, and $49 million from changes in cost of capital, partially offset by $(120) million related to coal retirements.

How does the PSCo rate case address Comanche Unit 2?

The case includes a request for rider recovery of any costs associated with extending operations at Comanche Unit 2, subject to regulatory approval.

When could Xcel Energy’s Colorado rate changes from this case take effect?

A Colorado Public Utilities Commission decision and implementation of final rates are anticipated in the third quarter of 2026, according to the disclosure.

What risks could affect the outcome of Xcel Energy’s PSCo rate request?

The company cites risks including regulatory changes, cost recovery challenges, economic conditions, environmental and wildfire liabilities, cybersecurity threats, and climate and weather-related events.