Xcel Energy Proposes Rate Increase
DENVER (CBS4)- Xcel Energy wants to increase its electric rates and is seeking public input.
The Colorado Public Utilities Commission, a division of the Department of Regulatory Agencies, will take public comment on Thursday on the proposal.
Xcel Energy wants to raise its electric rates by about $137.7 million annually. The energy company also said rates are historically low right now.
"We're in a period, historically, nationwide we're in relatively low periods for natural gas prices. It's actually a perfect time in a lot of ways for utilities to reinvest in the structure that provides service to our customers," said Xcel Energy spokesman Mark Stutz.
The public hearing is set to begin at 5 p.m. and continue no later than 7 p.m. Thursday in Hearing Room A at the PUC located at 1560 Broadway, Suite 250, Denver.
Xcel's proposal would increase monthly bills for residential customers using an average of 632 kilowatt hours per month, by about $4.21 a month or 5.22 percent.
Xcel said the reason for the requested rate change include increased property tax expenses, depreciation expenses, plant investment and investment in projects under construction.
"You need to continually invest in infrastructure to provide reliable electricity to customers because the worse position for us is to not meet the needs of our customers," said Stutz.
The company wants to recover the costs associated with about $2 billion of new capital investment including projects to implement its emissions reduction plan approved pursuant to the Clean Air-Clean Jobs Act.
For the past three years Xcel Energy customers have been paying an increased rate which calculates to $1.68/month for 2012, $1.29/month in 2013 and .73/month so far this year.
Customers who wish to submit written comments about the rate proposal may send them to the PUC at 1560 Broadway, Suite 250, Denver, CO, 80202. Comments should be addressed to Docket No. 14AL-0660E. Customers may also submit email comments to dora_puc_complaints@state.co.us.
