The head of a conservative think tank, Jon Caldara, says Colorado’s system of regulating utilities is broken and he wants to fix it by making the companies share some of their profits with customers.
that would require investor-owned utilities to use their annual profits to return to ratepayers at least 5% of the company’s sales in the state.
Xcel Energy spokeswoman Michelle Aguayo said the company is assessing the proposed initiative. “There are still a lot of steps that have to take place before we weigh in on the measure,” she said in an email. show that Xcel Energy, based in Minneapolis, made $660 million in profits in Colorado in 2021, up from $588 million in 2020 and $578 million in 2019.Aguayo said Colorado’s customer base is larger than in other states the company serves and is growing. She said it’s important for the company to continue to invest in the region to keep up with the rapid growth.
“Colorado had a grand bargain that the state would give energy companies a monopoly and risk-free profit,” Caldara said. “In exchange, the PUC would oversee them and make sure they’re giving us the least expense power there is.”University of Denver law professor KK DuVivier said she understands people questioning why Xcel Energy makes so much money in Colorado. “That’s a good question.
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