---
schema_version: "secwatch.filing_event.v1"
accession: "0000072903-25-000259"
form_type: "8-K"
ticker: "XEL"
cik: "0000072903"
company_name: "XCEL ENERGY INC"
filed_at: "2025-11-07T23:59:59+00:00"
generated_at: "2026-05-16T23:14:07.322619+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000072903-25-000259
- form_type: 8-K
- ticker: XEL
- cik: 0000072903
- company_name: XCEL ENERGY INC
- filed_at: 2025-11-07T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/72903/000007290325000259/0000072903-25-000259-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/72903/000007290325000259/xel-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000072903-25-000259
- JSON: https://secwatch.observer/filing/0000072903-25-000259.json
- Plain text: https://secwatch.observer/filing/0000072903-25-000259.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.