Xcel Energy's New Mexico rate case faces pushback: intervenors propose $28M-$113M vs. $168M request

Filed May 5, 2026 · Period ending May 1, 2026 · ~1 min read

Key Changes

• high

  Eight parties intervened in SPS's New Mexico rate case, with major intervenors proposing revenue increases of only $28M-$113M versus the company's $168M request—a potential 33-83% reduction that could materially impact earnings.

  Item 8.01 verify on EDGAR →
• high

  Intervenors recommend ROE between 8.10%-9.75% versus SPS's 10.5% request, with the most aggressive proposal at 8.10% ROE and 43% equity ratio—well below the company's 10.5% ROE and 56% equity targets.

  Item 8.01 verify on EDGAR →
• medium

  NMPRC Staff proposes $57M reduction based on jurisdictional allocators, challenging how SPS divides costs between New Mexico and other states—the single largest adjustment in Staff's testimony.

  Item 8.01 verify on EDGAR →