Xcel Energy on track for 3% retail sales growth this year, executives say

Xcel Energy, which provides electric and gas service in Minnesota, Colorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and Texas, says electricity sales are on track to grow 3% this year, driven largely by data centers and manufacturing. To keep up, the company plans roughly $60 billion in spending through 2030, with a possible $10 billion more, on new power plants, transmission lines, and battery storage. Much of this build-out is meant to serve data centers, which Xcel expects will keep adding demand into the mid-2030s.

For homeowners in Xcel territory, the relevant detail is what's happening with rates. The company said it has reached settlements in six of its pending rate cases. In Colorado, that means a proposed $225 million increase in base electric rates, smaller than the $356 million Xcel originally requested. In New Mexico, the settlement calls for a $90 million increase, down from the $168 million first proposed. Colorado's utility commission is expected to rule on its case in the third quarter, with New Mexico's decision expected by the end of the year.

Xcel executives said they intend to keep long-term bill growth at or below inflation, and described their rate increases as among the lowest in the country. If you get power from Xcel, watching for the final rate decisions in your state can give you a clearer sense of how your monthly bill may change and whether it affects the payoff timeline for any efficiency upgrades you're weighing.