STOCK TITAN
  1. Home
  2. Sec-filings
  3. XEL
  4. [8-K] XCEL ENERGY INC Reports Material Event

Xcel Energy (XEL) reaches $90M New Mexico SPS rate stipulation and reaffirms 2026 EPS

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Xcel Energy, through its subsidiary Southwestern Public Service Company, has reached a comprehensive non-unanimous stipulation in its New Mexico electric rate case. SPS had requested a $168 million revenue increase based on a future test year ending Nov. 30, 2027, with a 10.5% return on equity, a 56% equity ratio and a $3.9 billion retail rate base.

The stipulation instead reflects a base rate revenue increase of $90 million, equal to a 7.7% total increase or about 2.4% per year since the last rate case, with a 9.5% return on equity and a 54.70% equity ratio. A hearing is scheduled for July 2026, with a commission decision expected in the fourth quarter of 2026 and new rates targeted for December 2026. Xcel Energy also reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16.

Positive

  • None.

Negative

  • None.

Insights

New Mexico stipulation trims SPS’s ask but preserves growth path and guidance.

The stipulation moves Southwestern Public Service from a requested $168 million revenue increase to $90 million, with a lower allowed return on equity of 9.5% versus the initial 10.5% proposal and a slightly lower equity ratio. This still represents a 7.7% total base rate increase.

Because New Mexico commission staff oppose some elements and the deal is non-unanimous, the outcome depends on the July 2026 hearing and the expected fourth-quarter decision. Xcel’s reaffirmed 2026 EPS guidance of $4.04–$4.16 signals that, based on information today, management views the regulatory trajectory as consistent with its current earnings outlook.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Requested revenue increase $168 million Original SPS New Mexico rate case request, updated March 2026
Stipulated base rate increase $90 million Comprehensive non-unanimous stipulation for SPS in New Mexico
Total rate increase 7.7% Stipulated SPS base rate increase vs last rate case
Average annual increase 2.4% Annual average since the last SPS New Mexico rate case
Requested ROE 10.5% Return on equity in SPS’s original New Mexico filing
Stipulated ROE 9.5% Return on equity in the SPS New Mexico stipulation
Retail rate base $3.9 billion Retail rate base used in SPS’s requested increase
2026 EPS guidance $4.04–$4.16 Xcel Energy ongoing earnings per share guidance for 2026
non-unanimous stipulation regulatory
"filed a comprehensive non-unanimous stipulation"
future test year financial
"based on a future test year period ending Nov. 30, 2027"
return on equity financial
"a return on equity (ROE) of 10.5%"
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
equity ratio financial
"an equity ratio of 56% and retail rate base"
Equity ratio measures how much of a company's assets are funded by owners rather than lenders, calculated as owners’ stake divided by total assets. It matters to investors because a higher equity ratio means the business relies less on debt and is generally safer in downturns; think of it like the portion of a house you own outright versus what’s still on the mortgage, which affects financial stability and risk.
ongoing earnings per share guidance financial
"reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16"
forward-looking statements regulatory
"forward-looking information that involves risks, uncertainties and assumptions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →
FALSEXCEL ENERGY INC0000072903MNSOUTHWESTERN PUBLIC SERVICE COMPANY0000092521NM00000729032026-06-222026-06-220000072903xel:SOUTHWESTERNPUBLICSERVICECOMember2026-06-222026-06-220000072903us-gaap:CommonStockMember2026-06-222026-06-220000072903us-gaap:JuniorSubordinatedDebtMember2026-06-222026-06-22



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) June 22, 2026
Commission File NumberExact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number
001-3034XCEL ENERGY INC.41-0448030
(a Minnesota corporation)
414 Nicollet Mall
MinneapolisMinnesota55401
(612)330-5500
001-03789SOUTHWESTERN PUBLIC SERVICE COMPANY75-0575400
(a New Mexico corporation)
790 South Buchanan Street
AmarilloTexas79101
(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 classTrading SymbolName of each exchange on which registered
Common Stock, $2.50 par value per shareXELNasdaq Stock Market LLC
6.25% Junior Subordinated Notes due 2085XELLLNasdaq 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
In November 2025, Southwestern Public Service Company (SPS), a New Mexico corporation and a wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case with the New Mexico Public Regulation Commission (NMPRC). As updated in March 2026, SPS requested a revenue increase of $168 million. The request was based on a future test year period ending Nov. 30, 2027, a return on equity (ROE) of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.
On June 22, 2026, SPS, New Mexico Department of Justice, New Mexico Large Customer Group and various other parties filed a comprehensive non-unanimous stipulation. NMPRC Staff opposes certain components of the stipulation.
Terms of the stipulation include:
•Base rate revenue increase of $90 million (7.7% total, or an annual average of 2.4% since the last rate case), based on the filed future test year.
•ROE of 9.5%.
•Equity ratio of 54.70%.
A hearing on the non-unanimous stipulation is scheduled for July 2026. An NMPRC decision is anticipated in the fourth quarter of 2026, with implementation of rates expected in December 2026.
Xcel Energy reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16.



Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 on-going EPS guidance, expected base rate and revenue changes, and our expectations and intentions regarding regulatory proceedings, 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 SPS’ Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 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; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors or third-parties; our ability to recover costs; risks associated with the growth in large load customers; 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 SPS 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.

June 23, 2026
Xcel Energy Inc. (a Minnesota corporation)
Southwestern Public Service Company (a New Mexico corporation)
/s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer


Source: View Original Filing on SEC EDGAR

FAQ

What rate increase did Xcel Energy’s SPS originally request in New Mexico?

Southwestern Public Service originally requested a $168 million revenue increase in its New Mexico electric rate case. The request used a future test year ending November 30, 2027, and assumed a 10.5% return on equity and 56% equity ratio on a $3.9 billion retail rate base.

What are the key terms of the New Mexico rate case stipulation for XEL?

The stipulation provides a $90 million base rate revenue increase, equal to a 7.7% total rise. It is based on the filed future test year and includes a 9.5% return on equity and a 54.70% equity ratio, both below the original SPS request but still raising revenues.

When could new SPS electric rates take effect under the New Mexico stipulation?

A hearing on the non-unanimous stipulation is scheduled for July 2026, with a commission decision expected in the fourth quarter of 2026. If approved, implementation of new rates is expected in December 2026, aligning revenue changes with the regulatory timeline described.

Does Xcel Energy reaffirm its 2026 EPS guidance in this 8-K?

Yes. Xcel Energy reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16. This indicates management currently believes its earnings outlook remains consistent despite the updated New Mexico rate case stipulation and related regulatory uncertainties described in the filing.

How does the stipulated SPS rate increase compare to the last rate case?

The stipulated $90 million base rate increase equals a 7.7% total rise, or an annual average of 2.4% since the last rate case. This framing shows how the agreed change spreads over the years, providing context for the size of the requested customer bill impact.

Who opposes parts of the New Mexico rate stipulation for SPS?

New Mexico Public Regulation Commission staff oppose certain components of the comprehensive non-unanimous stipulation. The stipulation itself was filed jointly by SPS, the New Mexico Department of Justice, the New Mexico Large Customer Group and various other parties, highlighting differing regulatory and stakeholder views.

Filing Exhibits & Attachments

4 documents

Other Documents