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Xcel Energy's rate increase request cut down by more than $160 million

While Xcel did agree to the settlement proposal, Boulder was the lone opponent.

DENVER — Xcel Energy customers could be getting higher bills, but they're not quite as high as originally suggested.

A rate increase sought by Xcel has been cut by more than half, according to a recent settlement proposal, which says state regulators in Colorado will now consider a rate increase between $48 million and $97 million.

Those figures are down from the $312 million Xcel first requested for a rate increase slated to begin in September, though the company did agree to drop the increase to $258.4 million back in May.

The settlement comes after months of testimony and back-and-forth among stakeholders including Xcel, but also customers and other businesses, like Walmart and Kroger.

While Xcel did agree to the settlement proposal, Boulder was the lone opponent, saying the city wants Colorado regulators, known as the Public Utilities Commission, to consider if even this lower rate is appropriate.

"Though the application included items the city strongly supports, such as investment in wildfire mitigation, it also proposed a 10% increase in equity return for shareholders and rate increases that would further burden residents and businesses already struggling with rising utility costs," a press release said.

The final rate hike will depend on another case before the PUC regarding how Xcel can recover investments in its coal-fired plants, which are supposed to be shut down by 2030.

The state's energy office and consumer advocate are also onboard with the settlement proposal. 

The commission will have evidentiary hearings and public hearings on the proposed settlement during the week of July 10. The final decision will likely come in August.

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