Xcel Energy proposes to lower Colorado customers’ electric bills to pass along the benefits of federal tax reform, officially known as the Tax Cuts & Jobs Act. The TCJA reduces corporate tax rates significantly, and Xcel Energy seeks to pass these savings to customers with lower rates, the recovery of costs that will reduce future rates, and greater stability of rates in the coming years.
We have asked regulators to allow us to return about $42.4 million to electric ratepayers. If approved, customers can expect to see lower monthly electric bills starting June 1, 2018. The decrease (a $67.5 million annualized reduction) will remain in effect into 2019, until new pricing plans are implemented as part of our next regulatory rate review. In addition, we have asked regulators to allow Xcel Energy to recover prepaid pension expenses of $59.2 million in 2018 and $33.7 million in 2019, an action that will prevent future rate increases.
The total benefit of the settlement to Xcel Energy’s electric customers is $101.2 million per year in 2018 and 2019. We’re happy to pass these tax savings benefits along to our customers. It’s another way we’re working every day to keep bills low.
Where does your power come from? Learn more about the diverse sources of electricity that make up Colorado's energy mix and compare the average cost of generation for each resource - including fossil fuels, wind, solar, hydro and other sources. Get a better understanding of how your bill breaks out price components for power delivery and power supply.
Learn more in our Customer Notice: Colorado's Affordable Clean Energy Future
In October, you received a message from us regarding a proposal we made to our state regulators to modify our electric pricing plans. Our customers are very important to us, so we wanted to take a moment to clarify some of the details of that proposal.
Learn more in our Customer Notice: Additional Information - 2018-2021 Electric Regulatory Rate Review
Safety is a core value for Xcel Energy—and we have a responsibility to ensure our 1.4 million Colorado customers have safe, reliable natural gas service today and into the future. That's why we systematically inspect, repair and replace as necessary, portions of more than 24,000 miles of pipeline that deliver natural gas to your home or business. The Pipeline System Integrity Adjustment rider or (PSIA) enables us to collect funds to pay the costs of important work to modernize and upgrade our natural gas pipeline system, maintain our longstanding record of safety, and comply with governmental requirements.
Learn more in our Customer Notice: Pipeline System Integrity Adjustment
With construction complete, Xcel Energy's Clean Air-Clean Jobs projects have essentially wrapped up and are producing benefits for customers across the state. These projects were necessary to comply with a state air quality plan approved under the Clean Air-Clean Jobs Act by the Colorado General Assembly, the Colorado Public Utilities Commission (CPUC), the Colorado Department of Public Health and the Environment and the U.S. Environmental Protection Agency. The plan allowed the company to make cost-effective investments and upgrades to modernize our system, while delivering cleaner air and changing the way we produce energy. The Colorado Clean Air-Clean Jobs Act Rider has enabled us to complete projects that retired older, less efficient coal units and replaced them with natural gas and renewables. We also added modern emission controls to existing power plants. We recently asked the CPUC for approval to adjust this rider to recover the remaining costs of the projects. If approved, the new rider would go into effect Jan. 1, 2018.
Learn more in our Customer Notice: Colorado Clean Air-Clean Jobs Act Rider (Nov/Dec 2017).
Transmission is an area of our business that continues to expand as we plan to maintain electric reliability, meet future load growth and seek ways to connect more renewable energy resources. Think of transmission lines as an interstate highway system for electricity. They are a vital link used to deliver electricity over long distances to our customers. In Colorado, our electric grid consists of more than 21,100 conductor miles of transmission lines, creating a robust network that efficiently delivers energy to you and can provide alternative power paths in emergencies. Reliable electric service depends on a strong transmission system. We recently asked the Colorado Public Utilities Commission to revise our Transmission Cost Adjustment Rider to cover investments made that are not otherwise included in electricity base rates.
Learn more in our Customer Notice: Transmission Cost Adjustment Rider (Nov/Dec 2017).
At Xcel Energy, it’s our job to provide safe, reliable, energy at an affordable price. In October 2017, Xcel Energy submitted a four-year electric regulatory rate review plan to the Colorado Public Utilities Commission for consideration. The plan proposes setting new electricity prices for the years 2018 through 2021 and supports investments in advanced grid initiatives, infrastructure, power plant improvements we’ve made, and productivity-boosting technology.
To learn more about these proposed changes and their potential impact on your bill, please review our Customer Notice. More details about the case are also available at www.xcelenergy.com/CoRateCase.
The proposal is subject to approval by the Colorado Public Utilities Commission. Anyone who desires to submit a written protest, comments, or objections to the proposal shall file it with the Colorado Public Utilities Commission, 1560 Broadway, Suite 250, Denver, Colorado, 80202, or email it to firstname.lastname@example.org, up to and including the day of a scheduled hearing.
Learn more in our Customer Notice: 2018-2021 Colorado Electric Regulatory Rate Review (October 2017) (PDF)
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