Xcel Energy customers in Colorado are facing a potential 9% rate hike as the company is asking for a $356 million rate increase from utility regulators.
If approved, it would mean a $10 a month jump in average utility bills.
The utility filed the rate request last week with the Colorado Public Utilities Commission, contending it needed to raise additional revenue to recover investments in infrastructure, operating costs and lost revenue sources, reported the Colorado Sun.
“These investments are aligned with state policy, with our customers, needs and wants and with our own desires to reduce climate change,” said Robert Kenney, the CEO of Xcel Energy’s Colorado subsidiary.
The last rate hike for Xcel Energy was three years ago in Colorado.
This one was not well received at the Colorado Office of the Utility Consumer Advocate.
“We’re seeing no easing from the pressures in the economy, and yet the company continues to act in a manner that none of these outside forces seem to play into the equation,” said Joseph Pereira, deputy director.
“Bringing these rate cases largely has to do with the returns and dividends it is looking to meet at the corporate level.”
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