The company said the Public Utility Commission of Texas (PUCT) unanimously approved the settlement of Southwestern Public Service Company's (SPS) electric rate case without modification on April 11, 2024.

8-KOther EventsFiled Apr 11, 2024Period of report Apr 11, 2024Summary published (UTC) Oct 28, 2026

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The company said the Public Utility Commission of Texas (PUCT) unanimously approved the settlement of Southwestern Public Service Company's (SPS) electric rate case without modification on April 11, 2024.
The company said SPS filed for a base rate revenue increase of $158 million (14%) with the PUCT in 2023. The request was based on a ROE of 10.65%, an equity ratio of 54.6% and a retail rate base of $3.6 billion.
The company said the black box settlement filed on December 2023 included a base rate increase of $65 million effective back to July 13, 2023, a ROE of 9.55%, an equity ratio of 54.51% and a WACC of 7.11%.
The company said the settlement reflects the retirement of the Tolk Generation Station in rates, moving the date from 2034 to 2028, and establishes a rate rider of approximately $18 million to be recovered over 3 years for deferred expenses. It said interim rates based on the settlement went into effect on February 1, 2024.

Summary

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Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

PUCT unanimously approves settlement without modification

The company said the Public Utility Commission of Texas (PUCT) unanimously approved the settlement of Southwestern Public Service Company's (SPS) electric rate case without modification on April 11, 2024.

Source · Based on the filing body and exhibits

SPS initial filing: $158 million (14%) increase

The company said SPS filed for a base rate revenue increase of $158 million (14%) with the PUCT in 2023. The request was based on a ROE of 10.65%, an equity ratio of 54.6% and a retail rate base of $3.6 billion.

Source · Based on the filing body and exhibits

Settlement: $65 million increase, ROE of 9.55%

The company said the black box settlement filed on December 2023 included a base rate increase of $65 million effective back to July 13, 2023, a ROE of 9.55%, an equity ratio of 54.51% and a WACC of 7.11%.

Source · Based on the filing body and exhibits

Tolk retirement reflected in 2028, rate rider of about $18 million

The company said the settlement reflects the retirement of the Tolk Generation Station in rates, moving the date from 2034 to 2028, and establishes a rate rider of approximately $18 million to be recovered over 3 years for deferred expenses. It said interim rates based on the settlement went into effect on February 1, 2024.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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