Xcel Energy's newest proposed rate hike comes as a shock to some Colorado customers

Xcel Energy is asking the Colorado Public Utilities Commission to approve a more than $312 million revenue increase to help cover improvements to the power grid. If approved, the cost will translate to the customer's electricity bills starting in September of 2023.  

The proposed rate hike was a shock to retired healthcare worker, Barbara Drennan. 

"Is there no feeling for limited income people? I mean you can't keep raising and raising and raising," Drennan said.                 

The proposal would cost the average residential customer $7.33 more a month (8.2%), and the average small business $10.16 more (7.77%). 

"As we bring on more electric vehicles, as more customers move to Colorado and the Denver metro area, that requires us to make sure that the grid is able to handle that new load," said Robert Kenney, President of Xcel Energy Colorado. He says the money will be used to strengthen the power grid, repair and replace infrastructure, and create new programs. 

"As well as protecting against cyberattacks, wildfires, extreme weather, those sorts of things," Kenney said. 

It's not the first time in the last two years rates have gone up, the average residential electric customer saw an 8.61% increase in March of last year, a 6.44% increase in April of this year, and a 2.9% increase in their natural gas bill just last month. 

"It's kind of like Xcel uses us as their piggy bank. They want something, they get a rate increase. I don't think that's right," Drennan said.        

Drennan requires a 24/7 oxygen machine that uses electricity. Despite her efforts to conserve, she says her bill has been about $180 in the last two months. 

"I feel trapped. There's no alternative, you either take this or you freeze to death," Drennan said. Now, she wants to want the public utilities commission to stop approving the rate increases.

"When are they gonna say no to Xcel? Do they not care about us?" Drennan asked.           

Kenney said he knows the rate increases can be hard on customers, and Xcel offers payment plans and bill assistance for those who need it. He also said Xcel has been shifting towards renewable energy sources, which will save customers money in the long run.