XCEL ENERGY INC 8-K

What Happened Xcel Energy’s Minnesota utility, Northern States Power Company‑Minnesota (NSP‑Minnesota), reached a non‑unanimous settlement on May 8, 2026 in its natural gas rate case. The original filing (Oct 2025, updated Apr 2026) sought a $62 million (8.2%) revenue increase; the settlement is based on a $38 million total revenue increase and a weighted average cost of capital (WACC) of 7.21%. NSP‑Minnesota had requested interim rates of $51 million effective Jan 1, 2026, which the Minnesota Public Utilities Commission (MPUC) already approved.

Key Details

• Original filing: sought $62 million (8.2%) increase; test year 2026; requested ROE 10.65%, equity ratio 52.5%, rate base ~$1.5 billion.
• Settlement reached May 8, 2026: total revenue increase of $38 million; WACC of 7.21% (up from previously authorized 7.16%).
• Procedural schedule: evidentiary hearing May 11–12, 2026; Administrative Law Judge report due Sept 1, 2026; MPUC decision expected Nov 2026.
• A detailed settlement agreement will be filed later in May 2026; interim rates of $51 million are already in effect.

Why It Matters The settlement narrows the scope of NSP‑Minnesota’s original request, meaning customers and Xcel’s utility revenues may see a smaller increase than initially sought. The final impact on Xcel Energy’s revenue and earnings will depend on the MPUC’s upcoming decisions and the finalized settlement terms; interim rates are already providing some revenue starting Jan 1, 2026. The company’s 8‑K also notes customary forward‑looking statements and identifies regulatory and economic risks that could affect outcomes, so investors should monitor the ALJ report and the MPUC ruling expected in November 2026.