Xcel Energy is considering raising rates in Colorado again — not just for the short term, but with potential increases planned for years ahead.
The proposal is tied to replacing output from retiring coal-fired plants, meeting rising energy demand from industries like data centers and electric vehicles, and possibly expanding into new energy sources. But critics gathered in Denver on Thursday to denounce what they call a “monstrous plan.”
The group, made up of sustainability advocates from across the state, has formed the Clean Up Xcel Coalition to push back.
“Advocates from across the state are gathered together to demand that Xcel do more to get off of gas,” said coalition member Margaret Kran-Annexstein, urging the Colorado Public Utility Commission (PUC) to reject the proposal.
She criticized the request for $500 million in funding without clear details on where the money would go.
During a recent PUC meeting, regulators discussed an Xcel filing outlining potential rate increases. A CBS News Colorado analysis suggests residential utility bills could rise by 29% by 2035. While Xcel insists these figures are not actual rate projections, the coalition remains concerned.
“People, not profits first,” one protester said.
According to Xcel, the figures help illustrate general rate trends and the potential funding needs for projects like expanding gas plants and exploring nuclear power options.
“People don’t want those polluting technologies in their homes. They also don’t want them making their pocketbooks pay the price,” Kran-Annexstein said.
In a statement to CBS Colorado, an Xcel spokesperson said, “We continue to make significant progress towards our emission reduction goals approved by the state, which require us to retire our coal units by 2030. We’re working with the commission and key stakeholders to continue delivering customers safe, clean, reliable energy while keeping our customers’ bills as low as possible.”
The coalition expects the PUC to decide on the project later in August, unless the decision is delayed.
Katie is a senior who has been on staff for three years. Her favorite type of stories to write is reviews and features. Katie’s favorite ice cream flavor is strawberry.
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