The PUC better move quick and allow that rate increase;
DENVER, CO – Colorado provided 42 percent of Xcel Energy profits during the second quarter of 2011.
According to an earnings report posted Thursday, the rest came from seven other states where Xcel Energy operates. The other states include Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.
The company reported a 14 percent earnings increase to $159 million in the second quarter of 2011, compared with the same quarter last year.
While those of you who defended their rate increase in SD are eating crow – This post is to remind you once again as to why they DON’T need one. While Xcel, their execs and shareholders enjoyed a 14% increase over last year the rest of us have watched no increase in our paychecks. I like how Xcel was quick to point out they made 42% of that money in Colorado.
Newly appointed chief executive Ben Frowke also predicted that Boulder’s plan to replace Xcel with a municipal utility will fail on the fall ballot. Boulder is considering replacing Xcel with a city-owned utility to boost renewable energy and stabilize rates.
Oh, I am sure Mr. Frowke thinks (hopes) the ballot initiative will fail, he is banking on it. And I am sure Xcel will throw millions at an opposition campaign.
“It will get ugly if we decide to go ahead,” said Matt Appelbaum, a Boulder city councilor. “Xcel will fight, and they have deep pockets.”