Xcel Energy settles New Mexico rate case for $90M increase, 46% below original request

Filed June 23, 2026 · Period ending June 22, 2026 · ~1 min read

Key Changes

• high

  SPS reached non-unanimous settlement for $90M annual revenue increase vs. $168M requested, with 9.5% ROE (down from 10.5%) and 54.70% equity ratio (down from 56%); NMPRC Staff opposes certain terms.

  Item 8.01 verify on EDGAR →
• medium

  NMPRC decision expected Q4 2026 with December implementation; company reaffirms 2026 EPS guidance of $4.04–$4.16, indicating settlement terms already reflected in outlook.

  Item 8.01 verify on EDGAR →
• medium

  Settlement based on $3.9B retail rate base and future test year ending Nov 2027; represents 7.7% total increase or 2.4% annual average since last rate case.

  Item 8.01 verify on EDGAR →