Xcel Energy New Mexico rate case: 16.73% requested in New Mexico

1. Nov 2025Filed with the commission as docket 25-00079-UT

Southwestern Public Service, Xcel Energy's New Mexico utility, filed a rate case with the New Mexico Public Regulation Commission on November 20, 2025 (Case No. 25-00079-UT) asking for $175.4 million more a year, a 16.73% increase in total revenue (24.25% in base-rate revenue), based on a future test year ending November 30, 2027 and a 10.5% return on equity. Xcel lists capital investment and a larger share of system costs shifting to New Mexico retail customers as wholesale load rolls off as the main drivers. SPS lowered the request to $168 million in March 2026, and on June 22, 2026 it filed a non-unanimous stipulation with the New Mexico Department of Justice, large customers and others for a $90 million increase (7.7% total) and a 9.5% return on equity, parts of which commission staff opposes. A hearing on the stipulation was held in July 2026; Xcel expects a commission decision in the fourth quarter of 2026 and new rates in December 2026.