Summary
Xcel Energy Inc. filed a Form 8-K on December 19, 2008, reporting key events from December 18, 2008. The most significant event for investors is the rate increase request filed by its subsidiary, Southwestern Public Service Company (SPS), with the New Mexico Public Regulation Commission (NMPRC). SPS is seeking an overall annual revenue increase of approximately $24.6 million, representing a 5.1% rise, primarily to reflect updated costs and a requested rate of return on equity of 12.0%.
Key Highlights
- 1Ben Fowke appointed Executive Vice President and Chief Financial Officer, expanding his responsibilities to oversee all four of Xcel Energy's operating companies.
- 2Southwestern Public Service Company (SPS), a subsidiary, filed for a general electric rate increase with the New Mexico Public Regulation Commission (NMPRC).
- 3The requested rate increase amounts to approximately $24.6 million annually, a 5.1% increase in revenues for SPS in New Mexico.
- 4SPS is requesting an interim rate increase of approximately $7.6 million to begin on January 17, 2009, to recover costs associated with the new Hobbs Generating Station.
- 5The interim rate increase is intended to be in effect until a final decision is made by the NMPRC.
- 6A final decision on the overall rate request is anticipated in late 2009.
- 7The rate filing is based on a twelve-month period ending June 30, 2008, and includes a requested rate of return on equity of 12.0%.