DENVER — The Colorado Public Utilities Commission (CPUC) is taking public comment Tuesday as it reviews a proposed Xcel Energy electric rate increase.
Xcel said it’s trying to recover more than $4 billion in electric system upgrades made since its last rate case in 2022 when base rates were set.
"Our bills remain one of the lowest in the country at approximately 1% of wallet and continues to ensure our Colorado customers pay well below the national average for electric rates in the country," an Xcel spokesperson told Denver7.
If approved by the CPUC, customers could see their bills go up by about $6 a month.
“I hope this does not pass because we are already struggling,” Denver resident Jaime Cowam said.
Xcel Energy originally requested a $356 million electric rate increase. A proposed settlement negotiated with several parties would reduce that request to around $225 million, a 37% reduction. If approved, Xcel estimates the average residential customer would pay about $6.13 more per month.
The agreement comes with other aspects.
"It also includes bill credits, stronger support for income-qualified households and added accountability tied to system performance, with penalties returned to customers if power plants do not perform as expected," an Xcel spokesperson said.
The proposed increase is not final. The CPUC can approve, modify or reject the settlement before making a final decision.
Xcel said the $4 billion in funding has gone toward investments already completed across the state, including upgrades to power lines, substations, transformers and other electric infrastructure meant to improve reliability and support the growing population.
For some customers though, even a small increase could put additional strain on already tight budgets.
“My first thought is I’m going to have to turn the air off and be extremely hot. With everything else that is going up, it’s harder to maintain higher energy bills. I have to compromise am I going to be able to take care of groceries and other things or pay these high energy costs,” Cowam said.
Jaimie Cowam lives in Denver and said her monthly electric bill is around $100.
“With as hot as it has been already, I don’t see it cooling down to where I can just leave windows and things open so now were going to be paying way more,” Cowam added.
If you'd like to weigh in, the next public comment hearing is Tuesday from 4:30 p.m. to 6:30 p.m. It is a virtual meeting and can be found here.
According to the CPUC website, the commission expects to make a decision as early as July. If a rate increase is approved, you could start seeing it on your bills as early as August of this year.
For energy assistance, click here. For income qualified programs, click here.
