July 17, 2024

Rocky Daily News

Colorado Politics-Sports-Business-Weather

Xcel makes money building plants, passing cost on to consumers

1 min read

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In 2002, Xcel Energy had a near-death experience — or something close to it — as a failing subsidiary pulled its stock to a 21-year low, dipping to $5.66 a share on July 29 — a 78% dive in three months.

In the aftermath, the company, Colorado’s largest electricity and gas provider, charted a new path, or more accurately returned to an old one. It is a path that led to this past winter’s soaring bills and legislation at the statehouse.

The legislation, Senate Bill 291, aims to address some of the concerns around rising utility bills with short-term fixes, like putting a monthly cap on gas bills, and longer-term measures, including more transparency in utility rate requests and more scrutiny of new gas projects.

“Xcel posted $1.8 billion in profits last…

Mark Jaffe

2023-05-31 04:42:00

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