Xcel Energy secures lower rate hike approval as earnings climb

The Minnesota Public Utilities Commission approved a reduced rate increase for Xcel Energy, lowering the 2025 request to $82.9 million (2.3%) and the 2026 request to $127.3 million (3.4%). Xcel said the change translates to about $5.59 more per residential customer each month, roughly a 3% annual increase, and expects a one‑time credit refund to customers once the final order is issued.

In its second‑quarter 2026 earnings call, Xcel reported earnings of $0.93 per share, up from $0.75 a year earlier, and highlighted $3 billion invested in the quarter and more than $6 billion year‑to‑date in generation, transmission and distribution projects. The company reaffirmed its 2026 earnings guidance, noted progress on the Sherco Solar facility and the Colorado Power Pathway transmission line, and emphasized a growing pipeline of renewable and natural‑gas generation worth billions of dollars.