Xcel Energy customers could see rate hikes in 2022

Local News

The Xcel Energy building in downtown Denver.

DENVER (KDVR) — Xcel Energy customers could see higher bills in 2022.

The company submitted a proposal to raise rates to the Colorado Public Utilities Commission.

They say the increase will help fund “next-generation technology investments that expand and strengthen the reliability of the electric grid for customers, advance Colorado’s clean energy policies, and increase capacity to meet growing customer needs and expectations.”

Xcel said that since 2019 and through 2022, it will spend $4 billion on the investments.

How much will my bill increase?

Residential customers would see their bills increase by an average of $9.46 a month, or 12.83% compared to current bills, according to Xcel.

Small commercial customers would see an increase of about $14.46 a month, or 12.89% of current rates.

The rate hikes would increase Xcel’s revenue by about $343 million, according to the company.

If approved, customer rate changes would go into effect in September 2022.

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