PSCW approves $148M combined rate increase for Xcel's NSP-Wisconsin, below $175M request

XCEL ENERGY INC

Electric utility gets $126M over 2 years ($68M in 2026, $58M incremental in 2027); natural gas gets $22M ($18M in 2026, $4M incremental in 2027).
Approved ROE of 9.8% and equity ratio of 52.5% vs. requested 10.0% and 53.5%.
Reductions vs. request: capital investments -$8M, rate of return -$7M, O&M -$5M, nuclear decommissioning accrual -$6M.
Final written order expected December 2025; new rates effective January 2026.
NSP-Wisconsin is a wholly owned subsidiary of Xcel Energy Inc.

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