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Xcel Energy Inc. (NASDAQ:XEL) announced Friday that its wholly owned subsidiary, Northern States Power Company-Wisconsin, received a verbal decision from the Public Service Commission of Wisconsin regarding its request for multi-year electric and natural gas rate increases.
According to the company’s statement, the commission’s decision is expected to result in a total electric utility rate increase of approximately $126 million over two years—$68 million in 2026 and an additional $58 million in 2027. The natural gas utility rates are set to increase by about $22 million, with $18 million in 2026 and an incremental $4 million in 2027. These figures are based on an approved return on equity of 9.8% and an equity ratio of 52.5%.
The original rate request, filed in March 2025, sought higher increases: $151 million for electric and $24 million for natural gas over the same period, based on a 10.0% return on equity and a 53.5% equity ratio.
The company reported that the commission’s verbal decision incorporated adjustments related to capital investments, rate of return, operating and maintenance expenses, and a nuclear decommissioning accrual update. The reduction in the nuclear decommissioning accrual was previously authorized by the Minnesota Public Utilities Commission and is described as earnings neutral for Northern States Power Company-Wisconsin.
A final written order from the Wisconsin commission is expected in December 2025, with the new rates scheduled to take effect in January 2026.
This information is based on a press release statement included in Xcel Energy’s recent filing with the Securities and Exchange Commission.
In other recent news, Xcel Energy Inc. reported its third-quarter 2025 earnings, revealing a slight miss in earnings per share (EPS) compared to forecasts. The company posted an EPS of $1.24, which was below the expected $1.32. However, Xcel Energy’s revenue slightly exceeded expectations, reaching $3.92 billion compared to a forecast of $3.89 billion. This revenue performance has contributed to investor optimism. Additionally, analysts from various firms have been reviewing the company’s results and forward-looking guidance. Despite the EPS miss, the revenue figures and guidance seem to have positively influenced investor sentiment. These developments reflect the latest updates concerning Xcel Energy’s financial performance.
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