Xcel Energy (SPS) 2025 New Mexico electric rate case
Base rate case · New Mexico · Electric
Typical residential bill
Not stated for a specific usage level. Any figures the sources give are in the summary below.
- Filed
- November 20, 2025
- Decision expected
- 2026
- Requested effective
- December 2026
- Requested increase
- $168 million
- Approved increase
- Pending
- Docket
- 25-00079-UT
SPS filed in November 2025 for a $175.4 million New Mexico base-rate increase (16.7% of total revenue), later updated to $168 million, with a 10.5% return on equity. A June 2026 non-unanimous settlement backed by the state Department of Justice would allow $90 million and a 9.5% return; PRC staff opposes parts of it. SPS expects a decision in late 2026 and new rates in December 2026.
Utility's stated reasons
- Capital investment, including new solar and battery projects
- More costs shifted to NM retail as 100 MW of wholesale load ends
- Higher operating, depreciation and amortization costs
- Utility sought a 10.5% return on equity
Sources (4) · Verified against regulator or utility filings
- Form 10-Q for the quarter ended June 30, 2026Southwestern Public Service Company (SEC Form 10-Q) · Utility filing · Jul 30, 2026 · accessed Oct 5, 2026
- Form 10-K for the year ended December 31, 2025Southwestern Public Service Company (SEC Form 10-K) · Utility filing · Feb 25, 2026 · accessed Oct 5, 2026
- Notice to SPS Customers, Case No. 25-00079-UTNew Mexico Public Regulation Commission · Regulator docket · Dec 2025 · accessed Oct 5, 2026
- Legal NoticesNew Mexico Public Regulation Commission · Government data · accessed Oct 5, 2026
Last verified Oct 5, 2026