The Colorado Public Utilities Commission (PUC) yesterday approved an Xcel Energy rate increase, raising monthly bills for residential customers by $5 and commercial customers by $7. The rate is about half what Xcel was originally asking for.
Xcel Energy said the increases will fund infrastructure improvements, including replacing thousands of poles and transformers. The rate hike goes into effect at the end of December.
The average residential bill for 601 kilowatt hours will rise to $109.92 a month from $104.91. Xcel Energy originally filed the rate request of $365 million increase, which utility advocates said would have been the largest in history, according to an article by the Colorado Sun. The company’s rates have risen 22.2% since September 2023, more than three times the rate of inflation, according to the Public Utilities Commission.
The settlement was opposed by the utility consumer advocate, the city of Boulder; AARP Colorado, representing people 50 and older; and Energy Outreach Colorado, which provides aid to low-income families.
