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 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 →