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Colorado gas rate case: Xcel Energy (XEL) subsidiary PSCo sees steep cuts to $190M request

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

Rhea-AI Filing Summary

Public Service Company of Colorado, a subsidiary of Xcel Energy, outlines the status of its natural gas rate case filed with the Colorado Public Utilities Commission. The company requested a $190 million revenue increase, or 11.6%, based on a 10.75% return on equity, a 55% equity ratio and a projected $4.7 billion 2025 test-year rate base.

Testimony from CPUC Staff and the Colorado Office of the Utility Consumer Advocate proposes significant downward adjustments. CPUC Staff adjustments would reduce the requested increase to a $15 million decrease in revenue, or an $85 million increase when excluding largely earnings-neutral depreciation changes. UCA proposals would support an $86 million increase.

The filing lists proposed ROEs of 8.50% (CPUC Staff) and 9.20% (UCA) with equity ratios of 52.5% and 50.0%, respectively. Key dates include rebuttal testimony on July 2, 2026, a settlement deadline on July 8, 2026, hearings from July 23–31, 2026, and an anticipated CPUC decision with new rates implemented in the fourth quarter of 2026.

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Insights

Regulators propose much smaller gas rate increase than PSCo requested.

Public Service Company of Colorado asked for a $190 million (11.6%) natural gas revenue increase based on a $4.7 billion 2025 test-year rate base and 10.75% return on equity. This 8-K summarizes intervenor testimony in that ongoing proceeding.

CPUC Staff and the Colorado Office of the Utility Consumer Advocate both recommend large reductions. Staff adjustments total $205 million, implying a $15 million revenue decrease, or an $85 million increase excluding largely earnings-neutral depreciation. UCA’s adjustments imply an $86 million increase. Both also propose lower ROEs of 8.50% and 9.20%, with slightly lower equity ratios.

The schedule shows rebuttal testimony due by July 2, 2026, a settlement deadline on July 8, 2026, hearings in late July, and a CPUC decision with new rates anticipated in Q4 2026. Outcomes will depend on rebuttal, potential settlement, and the final CPUC order; this filing simply frames the range between PSCo’s request and current intervenor positions.

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 $190 million (11.6%) PSCo natural gas rate case request to CPUC, 2025 test year
Projected rate base $4.7 billion 2025 test-year rate base supporting PSCo’s request
Requested ROE 10.75% Return on equity in PSCo’s original filing
CPUC Staff total adjustments $205 million Net adjustments to PSCo revenue request including depreciation
UCA total adjustments $104 million Net adjustments recommended by Colorado UCA
Proposed Staff revenue change ex-depreciation $85 million increase Revenue change excluding largely earnings-neutral depreciation
Staff proposed ROE 8.50% CPUC Staff recommended return on equity
UCA proposed ROE 9.20% UCA recommended return on equity
return on equity financial
"The request is based on a 10.75% return on equity (ROE), an equity ratio of 55%..."
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
"The request is based on a 10.75% return on equity (ROE), an equity ratio of 55%..."
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.
rate base financial
"...and a 2025 test year with a projected rate base of $4.7 billion."
Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.
test year financial
"The request is based on a 10.75% return on equity (ROE)... and a 2025 test year..."
A test year is a specific 12-month period regulators or companies use as the baseline to evaluate financial performance, set prices, or approve budgets. Think of it like a photo of one year used to judge how much money a business needs or earns; it matters to investors because decisions based on that snapshot can change approved revenues, tariffs or allowed profits and may not reflect longer-term trends.
forward-looking statements regulatory
"Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements..."
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.
Colorado Public Utilities Commission regulatory
"In December 2025, Public Service Company of Colorado (PSCo)... filed a natural gas rate case with the Colorado Public Utilities Commission (CPUC)..."
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FALSEXCEL ENERGY INC0000072903MNPUBLIC SERVICE CO OF COLORADO0000081018CO00000729032026-06-052026-06-050000072903xel:PublicServiceCompanyOfColoradoMember2026-06-052026-06-050000072903us-gaap:CommonStockMember2026-06-052026-06-050000072903xel:A6.25JuniorSubordinatedNotesDue2085Member2026-06-052026-06-05




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 5, 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
001-3280PUBLIC SERVICE COMPANY OF COLORADO84-0296600
(a Colorado corporation)
3500 Blake Street
DenverColorado80205
(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 December 2025, Public Service Company of Colorado (PSCo), a wholly owned subsidiary of Xcel Energy Inc. (Xcel Energy), filed a natural gas rate case with the Colorado Public Utilities Commission (CPUC) seeking an increase in revenue of $190 million (11.6%). The request is based on a 10.75% return on equity (ROE), an equity ratio of 55% and a 2025 test year with a projected rate base of $4.7 billion.
In June 2026, 10 intervenors filed testimony, with CPUC Staff and the Colorado Office of the Utility Consumer Advocate (UCA) filing comprehensive testimony. The following modifications were proposed:
(Millions of Dollars)CPUC Staff UCA
PSCo rate request$190 $190 
Recommended adjustments:
Depreciation expense (a)
(100)— 
Capital structure and cost of capital(81)(65)
Test year and rate base methodology(38)(30)
O&M adjustments12 (9)
Other, net2 — 
Total adjustments (205)(104)
Proposed revenue change$(15)$86 
Depreciation expense (a)
100 — 
Proposed revenue change excluding depreciation expense$85 $86 
ROE8.50 %9.20 %
Equity ratio52.5 %50.0 %
Rate Base Convention13 month13 month
(a)Adjustments are largely earnings neutral.
The remaining procedural schedule is as follows:
•Rebuttal testimony: July 2, 2026
•Settlement deadline: July 8, 2026
•Hearing: July 23-31, 2026
A CPUC decision and implementation of final rates is anticipated in the fourth 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 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, 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 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.

June 9, 2026
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


Source: View Original Filing on SEC EDGAR

FAQ

What gas rate increase is Public Service Company of Colorado (XEL) requesting?

Public Service Company of Colorado is requesting a $190 million increase in annual natural gas revenue, equal to an 11.6% change. The request is based on a 10.75% return on equity, a 55% equity ratio and a projected $4.7 billion 2025 test-year rate base.

How do CPUC Staff recommendations compare to PSCo’s gas rate request for XEL?

CPUC Staff recommend total adjustments of $205 million, which would turn PSCo’s requested increase into a $15 million revenue decrease. Excluding largely earnings-neutral depreciation adjustments of $100 million, Staff proposals would support an $85 million revenue increase with an 8.50% ROE and 52.5% equity ratio.

What is the Colorado UCA position on PSCo’s requested gas rate increase?

The Colorado Office of the Utility Consumer Advocate recommends net adjustments of $104 million to PSCo’s filing. Its position would support a $86 million revenue increase, with a proposed 9.20% return on equity, a 50.0% equity ratio and a 13‑month rate base convention.

What are the key dates and expected timing of the XEL Colorado gas rate decision?

Rebuttal testimony is scheduled for July 2, 2026, with a settlement deadline on July 8, 2026. Hearings are set for July 23–31, 2026. A Colorado Public Utilities Commission decision and implementation of final rates are anticipated in the fourth quarter of 2026.

How does depreciation affect the proposed revenue changes in PSCo’s case?

CPUC Staff propose a $100 million depreciation adjustment, which the filing states is largely earnings neutral. Including all Staff adjustments yields a $15 million revenue decrease, but excluding depreciation, the proposed change becomes an $85 million increase in annual revenue.

Filing Exhibits & Attachments

4 documents

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