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Commenters cite Xcel Energy profits and CEO pay while opposing rate increases
Summary
Several speakers told the PUC that Xcel Energy's strong financial results—including testimony that the utility generated nearly $1 billion in net profit in Colorado in 2025 and that its CEO received a 24% raise—undercut its case for additional rate recovery.
Multiple commenters raised Xcel Energy's recent profits and executive compensation as reasons to deny or narrow the proposed rate increase.
"It seems the result come is that Xcel makes $900,000,000 a year in profit," Paul Conan said, arguing that high returns show the system favors utility profit. Julian Guevara told the commission the information before it showed Xcel generated nearly $1,000,000,000 in net profit in Colorado in 2025. Eric Elkins, a small-business owner, said the company's CEO received a 24% pay increase and cited that figure as further evidence the company does not need the requested rate recovery.
Speakers said the utility's capital spending on pipelines and distribution centers drives revenue growth and that customers ultimately pay for those investments through rate recovery. Commenters asked the PUC to scrutinize capital plans and use rate design or penalties to prevent perverse incentives that reward unnecessary infrastructure spending.
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