Summary
Xcel Energy Inc. (XEL) has reported that its wholly-owned subsidiary, Southwestern Public Service Company (SPS), filed a request for a general electric rate increase with the New Mexico Public Regulation Commission on July 30, 2007. This filing represents the first such request by SPS in New Mexico since 1998 and seeks an overall increase in annual revenues of approximately $17.3 million, which equates to a 6.6% rise. The rate filing is based on a 2006 calendar year base period, adjusted for known and measurable changes. SPS is requesting a rate of return on equity of 11.0 percent, with an electric net rate base of approximately $307.3 million allocated to the New Mexico retail jurisdiction and an equity ratio of 51.2 percent. Investors should note that a decision on this rate increase request is anticipated in the second quarter of 2008.
Key Highlights
- 1Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, filed for a New Mexico retail electric general rate increase on July 30, 2007.
- 2This is the first general rate case filed by SPS in New Mexico since 1998.
- 3The filing requests an annual revenue increase of approximately $17.3 million, or a 6.6% increase.
- 4The requested rate of return on equity is 11.0 percent.
- 5The electric net rate base for New Mexico retail jurisdiction is approximately $307.3 million.
- 6A decision on the rate increase request is expected in the second quarter of 2008.