Summary
Xcel Energy Inc.'s wholly-owned subsidiary, Southwestern Public Service Company (SPS), has received final approval from the Public Utilities Commission of Texas (PUCT) for an electric rate increase. The approved settlement, which was unanimously adopted without modification, allows for an $89 million base rate increase effective retroactively to March 15, 2021. This settlement concludes a rate case initiated in 2021, where SPS initially sought a higher increase of approximately $140 million.
Key Highlights
- 1Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, received final PUCT approval for an $89 million base rate increase.
- 2The rate increase is effective retroactively to March 15, 2021.
- 3The approved settlement was unanimously adopted by the PUCT without modification.
- 4The settlement includes a 9.35% Return on Equity (ROE).
- 5Depreciation lives for Tolk assets were extended to 2034, and for Harrington coal assets to 2024.
- 6Interim rates were approved by the administrative law judge effective March 1, 2022.