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XCEL ENERGY INC 8-K Report, Corporate Update (Jan 19, 2007)

Reports
Other Events
Filing Date
Filed January 19, 2007
Period End
January 12, 2007
Securities
XELXELLL
In the record · 2016–202610-K1110-Q328-K247

XEL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 247 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed January 19, 2007. Cited figures are marked; the original filing is the authoritative source.

This Form 8-K filing from Xcel Energy Inc. (XEL) on January 19, 2007, primarily concerns the ongoing Texas retail electric rate case initiated by its wholly owned subsidiary, Southwestern Public Service Company (SPS).

SPS initially sought an annual revenue increase of approximately $48 milliona, later revised upwards to about $63 million due to calculation corrections, though Texas procedures cap the potential increase at $48 million. The filing highlights the Public Utility Commission of Texas (PUCT) staff's recent recommendations. The staff proposed a base rate reduction of approximately $1 million, contrary to SPS's request, citing adjustments to depreciation expense, income taxes, and a lower return on equity.

Furthermore, the staff recommended an $8 millionb disallowance related to coal mitigation in the fuel reconciliation aspect of the case. Investors should note that SPS's rebuttal testimony is due shortly, with hearings scheduled for February 2007, and final rates are anticipated in the second quarter of 2007. No interim rate increase has been granted.

02—Key points

Key Highlights

  1. Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, filed a Texas retail electric rate case seeking an increase in annual revenues.
  2. The initial request for a revenue increase was approximately $48 million, later revised to about $63 million, though capped at $48 million by Texas regulations.
  3. The PUCT staff has recommended a base rate reduction of approximately $1 million, differing significantly from SPS's filing.
  4. Key staff adjustments include proposed reductions in depreciation expense, consolidated income taxes, and a lower return on equity.
  5. Regarding fuel reconciliation, the PUCT staff recommended an $8 million disallowance due to coal mitigation.
  6. SPS's rebuttal testimony is due January 25, 2007, with hearings in February 2007.
  7. Final rates are expected to be effective in the second quarter of 2007, with no interim rate increase granted.

03—Questions

Frequently Asked Questions

  1. What is the main event reported in this 8-K filing?

    The main event is the filing of testimony by the staff of the Public Utility Commission of Texas (PUCT) regarding the retail electric rate case initiated by Xcel Energy's subsidiary, Southwestern Public Service Company (SPS).

  2. What was SPS requesting in its rate case, and what did the PUCT staff recommend?

    SPS initially requested an annual revenue increase of approximately $48 million, later revised to about $63 million (though capped at $48 million). The PUCT staff, however, recommended a base rate reduction of about $1 million.

  3. What are the key reasons for the PUCT staff's recommended rate reduction and fuel disallowance?

    The PUCT staff's recommended base rate reduction is based on proposed adjustments to depreciation expense, consolidated income taxes, and a lower return on equity. The $8 million fuel disallowance is related to coal mitigation.

  4. When can investors expect a final decision on these rates?

    SPS's rebuttal testimony is due on January 25, 2007, followed by hearings in February 2007. Final rates are expected to be effective in the second quarter of 2007. No interim rate increase has been implemented.

04—Continue

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