The company said Southwestern Public Service Company (SPS), a wholly owned subsidiary of Xcel Energy, filed an electric rate case with the New Mexico Public Regulation Commission on November 20, 2025 seeking an increase in base rate revenue of $175 million (16.7%).

1. 01

   The company said Southwestern Public Service Company (SPS), a wholly owned subsidiary of Xcel Energy, filed an electric rate case with the New Mexico Public Regulation Commission on November 20, 2025 seeking an increase in base rate revenue of $175 million (16.7%).

2. 02

   Xcel Energy said the request is based on a future test year ending November 30, 2027, a return on equity (ROE) of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.

3. 03

   The company said the total request of $175 million includes $148 million from increased allocation of assets and costs to New Mexico retail, $133 million from capital investment and $36 million from O&M expenses, while retail revenue growth accounts for $(204) million.

4. 04

   Xcel Energy said the request reflects significant retail revenue growth, capital investment to support the clean energy transition and load growth, and the planned roll-off of 100 megawatts (MW) of wholesale load in 2026. It also said a NMPRC decision and implementation of final rates are anticipated in Q4 2026.

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