FALSEXCEL ENERGY INC0000072903MNSOUTHWESTERN PUBLIC SERVICE COMPANY0000092521NM00000729032022-05-122022-05-120000072903xel:SOUTHWESTERNPUBLICSERVICECOMember2022-05-122022-05-12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 12, 2022
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| Commission File Number | | Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number | | IRS Employer Identification Number |
| 001-3034 | | XCEL ENERGY INC. | | 41-0448030 |
| | (a Minnesota corporation) | | |
| | 414 Nicollet Mall | | |
| | Minneapolis | Minnesota | 55401 | | |
| | (612) | 330-5500 | | |
| | | | | | | |
| 001-03789 | | SOUTHWESTERN PUBLIC SERVICE COMPANY | | 75-0575400 |
| | (a New Mexico corporation) | | |
| | 790 South Buchanan Street | | |
| | Amarillo | Texas | 79101 | | |
| | (303) | 571-7511
| | |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol | | Name of each exchange on which registered |
| Common Stock, $2.50 par value per share | | XEL | | Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £
Item 8.01. Other Events
In 2021, Southwestern Public Service Company (SPS), a New Mexico corporation, and a wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case with the Public Utilities Commission of Texas (PUCT) and its municipalities seeking an increase in base rates of approximately $140 million. The request was based on a return on equity (ROE) of 10.35%, an equity ratio of 54.60%, a rate base of approximately $3.3 billion and a historic test year based on the 12-months ended Dec. 31, 2020.
In January 2022, SPS and intervenors filed a blackbox settlement. Key terms include:
•Base rate increase of $89 million effective back to March 15, 2021.
•A 9.35% ROE and 7.01% weighted average cost of capital for allowance for funds used during construction purposes only.
•Depreciation lives for Tolk moved up to 2034 and Harrington coal assets moved up to 2024.
In February 2022, the administrative law judge issued an order approving interim rates effective March 1, 2022. On May 12, 2022, the PUCT unanimously approved the blackbox settlement without modification.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| May 13, 2022 | Xcel Energy Inc. (a Minnesota corporation) |
| Southwestern Public Service Company (a New Mexico corporation) |
| |
| /s/ BRIAN J. VAN ABEL |
| Brian J. Van Abel |
| Executive Vice President, Chief Financial Officer |