---
schema_version: "secwatch.filing_event.v1"
accession: "0000072903-25-000261"
form_type: "8-K"
ticker: "XEL"
cik: "0000072903"
company_name: "XCEL ENERGY INC"
filed_at: "2025-11-21T23:59:59+00:00"
generated_at: "2026-05-16T17:46:35.093647+00:00"
event_type: "regulatory"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000072903-25-000261
- form_type: 8-K
- ticker: XEL
- cik: 0000072903
- company_name: XCEL ENERGY INC
- filed_at: 2025-11-21T23:59:59+00:00
- event_type: regulatory
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/72903/000007290325000261/0000072903-25-000261-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/72903/000007290325000261/xel-20251120.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000072903-25-000261
- JSON: https://secwatch.observer/filing/0000072903-25-000261.json
- Plain text: https://secwatch.observer/filing/0000072903-25-000261.txt

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