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Xcel Energy Files Form 8-K: Rate Increase Requests for Wisconsin Electric and Natural Gas Rates

Strategic Insights

— 2 min read

Xcel Energy Inc. has submitted a FORM 8-K (Current Report) to the U.S. Securities and Exchange Commission, detailing a rate increase request for its Wisconsin electric and natural gas utilities. The filing outlines the proposed rate changes, which are subject to approval by the Public Service Commission of Wisconsin (PSCW). According to the report, Northern States Power Company-Wisconsin (NSP-Wisconsin), a wholly-owned subsidiary of Xcel Energy, has requested a multi-year rate increase to cover revenue losses due to declining sales and rising operating costs.

The proposed rate increase would result in a total electric revenue increase of $94 million (11.8%) in 2026 and $57 million (7.1%) in 2027, for a total of $151 million over the two-year period. The electric rate increase is based on an electric rate base of $2.9 billion in 2026 and $3.2 billion in 2027. For the natural gas utility, NSP-Wisconsin requested a total natural gas revenue increase of $20 million (12.7%) in 2026 and $4 million (1.5%) in 2027, for a total of $24 million (14.2%) over the two-year period. The natural gas rate increase is based on a natural gas rate base of $0.3 billion in 2026 and $0.4 billion in 2027.

Key Takeaways:

  • Xcel Energy's Wisconsin electric utility has requested a total rate increase of $151 million over two years to cover revenue losses and rising operating costs.
  • The proposed electric rate increase would result in an 11.8% increase in revenue in 2026 and a 7.1% increase in revenue in 2027.
  • The electronic rate base is expected to be $2.9 billion in 2026 and $3.2 billion in 2027.
  • The proposed natural gas rate increase would result in a 12.7% increase in revenue in 2026 and a 1.5% increase in revenue in 2027.
  • The natural gas rate base is expected to be $0.3 billion in 2026 and $0.4 billion in 2027.
  • The Public Service Commission of Wisconsin (PSCW) will review the proposed rate changes and make a decision by the end of the fourth quarter in 2025.
  • NSP-Wisconsin's submission includes information on the costs of the two MISO Long Range Transmission Plan (LRTP) projects, including Grid Forward and Western Wisconsin Transmission Connection.
  • The Minnesota Public Utilities Commission authorized a reduction to the annual nuclear decommissioning accrual, which will reduce the NSP-Wisconsin rate request and is earnings neutral.

Statistics:

  • Proposed total electric revenue increase: $151 million (11.8% in 2026, 7.1% in 2027)
  • Proposed total natural gas revenue increase: $24 million (14.2% over two years)
  • Electric rate base (2026): $2.9 billion, (2027): $3.2 billion
  • Natural gas rate base (2026): $0.3 billion, (2027): $0.4 billion
  • NSP-Wisconsin's filed two-year rate request: $151 million (electric) and $24 million (natural gas)

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT
  • Public Service Commission of Wisconsin (PSCW)
  • Northern States Power Company-Wisconsin (NSP-Wisconsin)
  • Xcel Energy Inc.

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