Summary
Xcel Energy Inc. (XEL) reported via an 8-K filing on August 11, 2025, on the progress of its subsidiary, Northern States Power Company-Wisconsin (NSP-Wisconsin), regarding its rate increase request. NSP-Wisconsin initially filed for a combined two-year (2026-2027) electric and natural gas revenue increase of $175 million. However, the Public Service Commission of Wisconsin (PSCW) Staff has recommended a lower combined increase of $136 million, reflecting adjustments in capital investments, return on equity (ROE), and operating and maintenance (O&M) expenses. A key detail is that the PSCW Staff's recommendation is based on a slightly lower ROE of 9.7% compared to NSP-Wisconsin's requested 10.0%.
Key Highlights
- 1NSP-Wisconsin, a subsidiary of Xcel Energy, filed for a multi-year electric and natural gas rate increase totaling $175 million for 2026-2027.
- 2PSCW Staff recommended a lower combined rate increase of $136 million ($115 million electric, $21 million natural gas) over the same period.
- 3The PSCW Staff's recommendation is based on a 9.7% ROE, slightly lower than the 10.0% requested by NSP-Wisconsin.
- 4Adjustments in the PSCW Staff's recommendation include reductions in proposed capital investments and O&M expenses.
- 5The filing mentions that two MISO Long Range Transmission Plan (LRTP) projects are pending PSCW approval and may be subject to adjustments until approved.
- 6A procedural schedule is in place, with rebuttal testimony due August 28, 2025, and a hearing on September 16, 2025.
- 7A final PSCW decision on the rate request is anticipated in late fourth quarter 2025.