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XCEL ENERGY INC 8-K Report, Corporate Update (May 28, 2009)

Reports
Other Events
Filing Date
Filed May 28, 2009
Period End
May 27, 2009
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 May 28, 2009. Cited figures are marked; the original filing is the authoritative source.

This Form 8-K filing by Xcel Energy Inc. (XEL) on May 28, 2009, primarily reports on the outcome of a rate case initiated by its subsidiary, Public Service Company of Colorado (PSCo), before the Colorado Public Utilities Commission (CPUC).

PSCo had initially requested an annual electric rate increase of $174.7 milliona. After various filings and negotiations with intervenors, a settlement agreement was reached and subsequently approved by the CPUC on May 27, 2009. The approved settlement provides for an overall increase in base rates of $112.2 million annually, which is lower than the initial request but higher than some of the recommendations from parties like the CPUC staff and the Office of Consumer Counsel.

New rates are expected to become effective on July 1, 2009. A key aspect of the settlement is the treatment of Construction Work in Progress (CWIP) for the Comanche Unit 3, which will be removed from rate base but allows PSCo to continue recording Allowance for Funds Used During Construction (AFDC) income on this balance until the unit is placed into service.

02—Key points

Key Highlights

  1. Xcel Energy's subsidiary, Public Service Company of Colorado (PSCo), received approval for a $112.2 million annual base rate increase from the Colorado Public Utilities Commission (CPUC).
  2. The new rates are effective July 1, 2009, providing an incremental revenue boost for PSCo.
  3. The approved increase is a result of a settlement agreement reached on April 22, 2009, with various parties including CPUC staff and consumer advocates.
  4. PSCo's initial request for a $174.7 million rate increase was significantly moderated through the settlement process.
  5. The settlement addresses the treatment of Construction Work in Progress (CWIP) for the Comanche Unit 3, removing it from rate base but allowing AFDC income accrual until the unit is operational.
  6. This outcome provides a degree of regulatory certainty for Xcel Energy regarding its Colorado operations.

03—Questions

Frequently Asked Questions

  1. What was the main purpose of this 8-K filing?

    The main purpose of this 8-K filing was to report on the outcome of a significant rate case for Xcel Energy's subsidiary, Public Service Company of Colorado (PSCo), which sought an increase in electric rates from the Colorado Public Utilities Commission (CPUC).

  2. How much of a rate increase did PSCo receive, and when will it take effect?

    PSCo received approval for an annual increase in base rates of $112.2 million. These new rates are expected to go into effect on July 1, 2009.

  3. Was the approved rate increase in line with PSCo's initial request?

    No, the approved rate increase of $112.2 million is lower than PSCo's initial request of $174.7 million filed in November 2008. The final amount was determined through a settlement agreement.

  4. What is the significance of the settlement regarding Comanche Unit 3's CWIP?

    The settlement addresses Construction Work in Progress (CWIP) for Comanche Unit 3. While this CWIP will be removed from the rate base used to calculate current rates, PSCo is permitted to continue recording Allowance for Funds Used During Construction (AFDC) income on this balance until the unit is placed into service, which helps to recover some of the carrying costs.

04—Continue

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