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Xcel Energy files for electric rate increase in Colorado

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Xcel Energy files for electric rate increase in Colorado

2014-06-18 00:00:00.0

DENVER – Xcel Energy filed with the Colorado Public Utilities Commission
(CPUC) today, a $137.7 million increase (approximately 4.9 percent overall) for 2015
to support investments being made to reduce emissions and to upgrade and
modernize our infrastructure – investments that will result in cleaner air and a better
environment for our Colorado customers.

“We are proposing a moderate price increase to support projects that replace
older coal-fired power plants with new, efficient natural gas-fired plants and
additionally add state-of-the-art emission controls to existing coal-fired plants to
dramatically reduce air emissions. These projects are necessary to comply with a state
air quality plan approved four years ago by the Colorado General Assembly and state
and federal regulatory agencies,” said David Eves, president and CEO of Public
Service Co. of Colorado, an Xcel Energy company. “These investments will result in
cleaner air, a better environment and a more resilient and reliable energy system with
the flexibility to integrate additional renewable energy (wind and solar energy)
resources, providing value to our customers for decades to come.”

If the filing is approved, typical residential bills would increase by 5.3 percent
or by $3.96 per month in 2015 based on an average usage of 632 kilowatt-hours.
Typical small-business customers’ bills would increase 5 percent or $6.35 per month
in 2015 based on an average use of 1123 kilowatt-hours.

Xcel Energy has requested that the new rates go into effect early next year; the
CPUC is expected to hold public hearings prior to implementation.
Among the notable (but not all) components of the overall increase:

Projects to reduce emissions: Nearly $1 billion of investment by 2016 will fund
the following projects:

• State-of-the-art emission controls in 2014 on the Pawnee plant near Brush,
Colo. and State-of-the-art emission controls in 2014 on the Pawnee plant near Brush,
Colo. and on the Hayden plant in Northwest Colo. in 2015 and 2016
• A new highly efficient natural gas-fired combined-cycle power plant at
Cherokee plant (north of downtown Denver)
• The Clean Air Clean Jobs plan (CACJ) will be fully complete by 2017 when
the Valmont coal-fired plant near Boulder Colo. is retired and the Cherokee
4 plant is fuel switched from coal to natural gas.

Property taxes:
• Xcel Energy is the largest property tax-payer in Colorado to our state and
local government entities. The company has experienced significant tax
increases from upgrades to the power system, much of which has not been
reflected in rates currently charged to customers.

Depreciation:
• Depreciation expenses are increasing, and are impacted by the early
retirement of nearly one-third of our older coal-fired plants

The company is also requesting approval of a rider that will become effective
on January 1, 2016 to reflect the remainder on the nearly $1 billion of CACJ
investments being completed by 2016. The average monthly bill increase in 2016
will be $1.06 (1.35%) for residential customers and $1.85 (1.4%) for commercial
customers.

Additional information can be found at the electric rate case filing with more rate case information, electric energy savings and safety tips.

Customers who anticipate or are having a difficult time paying their bill
should call Xcel Energy right away at 1-800-895-4999. The company can create a
payment plan to help customers catch up on the amounts owed plus provide
information about our company’s energy assistance programs as well as state and
non-profit organizations that offer energy assistance funds.
______________________________________________________
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company
with regulated operations in eight Western and Midwestern states. Xcel Energy
provides a comprehensive portfolio of energy-related products and services to 3.4
million electricity customers and 1.9 million natural gas customers through its
regulated operating companies. Company headquarters are located in Minneapolis.
More information is available at www.xcelenergy.com.

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