DENVER, Colo. — Xcel Energy customers across Colorado could face significant spikes in electricity bills as the state’s largest utility company pushes forward with an unprecedented $22.3 billion investment plan.
Billions in New Investments
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Planned Spending: $22.3 billion in Colorado by 2032
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Customer Base: 1.6 million
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Rate Base Growth:
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2021: $8 billion
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2029: $36 billion
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2032: $44.6 billion
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This investment will exceed the company’s spending in any of the seven other states where it operates.
Why Your Bills Could Skyrocket
Xcel Energy plans to expand power generation, transmission infrastructure, and support energy-hungry data centers. Because the company earns profits based on capital investments, the more they build, the higher their approved returns.
Colorado Public Utilities Commission (PUC) Chairman Eric Blank voiced concerns earlier this month:
“I can’t get comfortable approving anything like the level of resource need and investment the company is seeking. That just seems like an enormous increase.”
How It Impacts Consumers
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Potential Rate Hike: Bills could double or even triple over the next few years.
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Reason: Xcel recovers costs through customer rates, meaning the expansion is passed directly onto consumers.
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Drivers Behind Costs:
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Building new power plants
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Expanding transmission networks
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Supporting large-scale data centers
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This battle over how much Xcel can spend — and how much customers will ultimately pay — is likely to intensify as the PUC reviews the company’s ambitious plans.
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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