New state law underpins Xcel’s $4.9B grid plan: Bills projected to rise

By Scott Weiser | Denver Gazette

$8.71 per month estimated cost for residential ratepayers

Colorado’s largest utility company is proposing a $4.9 billion plan to modernize the power grid, accommodating vehicle and building electrification, as well as distributed electric generation and storage.

The goal, Xcel Energy added, includes enhancing reliability, resiliency, and safety benefits, as required by a recently adopted state law.

The five-year plan is expected to cost Colorado residential ratepayers approximately $8.71 more per month, while business customers will pay about $10.24 more per month by 2029.

The grid modernization plan includes adding 3.1 gigawatts of new capacity to the distribution system, which the company said would be enough to serve nearly 500,000 homes, along with 100 new or replaced distribution substation transformers, 36 substations and more than 300 new feeder lines by 2029.

“The projects in this plan reimagine a grid that can proactively meet the rapidly evolving electrification expectations and needs of our customers and communities — today and in the future — in a safe, reliable, affordable and equitable manner,” Robert Kenney, president of Xcel Energy-Colorado, said in the release.

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