SPS files $175M rate case with New Mexico regulator; decision expected Q4 2026

XCEL ENERGY INC

Seeks $175M (16.7%) base rate revenue increase based on $3.9B retail rate base, 10.5% ROE, 56% equity ratio.
Rate request components: $204M retail revenue growth, $148M asset allocation changes (incl. wholesale load roll-off), $133M capital investment.
Additional drivers: $36M O&M expenses, $34M depreciation/amortization changes, $28M from requested ROE increase.
Future test year ends Nov 30, 2027; planned 100 MW wholesale load roll-off in 2026; NMPRC decision in Q4 2026.

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