iFALSEiXCEL ENERGY INCi0000072903iMNiPUBLIC
SERVICE CO OF COLORADOi0000081018iCO00000729032020-10-292020-10-290000072903xel:PublicServiceCompanyOfColoradoMember2020-10-292020-10-29
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM i8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) iOctober
29, 2020
Commission File Number
Exact Name of Registrant as Specified in its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
i☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
iCommon
Stock, $2.50 par value
iXEL
iNasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company i☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.£
Item
8.01. Other Events
Advanced Grid Rider
In July 2020, PSCo filed a request with the Colorado Public Utilities Commission (CPUC) seeking to establish an Advanced Grid Rider to recover incremental costs associated with the Advanced Grid Intelligence and Security (AGIS) initiative, to be effective no later than May 2021 and continue through 2025. In September 2020, the Office of Consumer Counsel (OCC) filed a motion for summary judgment, as the settlement agreement in the 2016 AGIS Certificate of Public Convenience and Necessity (CPCN) allowed cost deferral and recovery in a base rate case for approved amounts, which precludes rider recovery of costs previously deferred under the settlement.
On Oct. 29, 2020, the Administrative Law Judge (ALJ) granted the OCC’s
motion for summary judgment, denied the Advanced Grid Rider and closed the proceeding. This ruling is considered procedural and does not negate the merits of the AGIS initiative.
Under the CPCN settlement agreement, certain amounts were previously approved for regulatory deferral. Forecasted annual revenue requirements, including the impact of PSCo's planned regulatory deferrals, are as follows:
(Millions
of Dollars)
2021
2022
2023
2024
2025
Cost deferral and recovery - CPCN Settlement Agreement
$
41
$
57
$
73
$
77
$
91
Non-cost
deferral and recovery
12
12
10
12
8
Total forecasted annual revenue requirement
$
53
$
69
$
83
$
89
$
99
In
response to the ALJ's decision, PSCo is currently evaluating its options, including: a request for reconsideration, an electric rate case and/or delay spend on non-cost deferral and recovery amounts.
This matter is not expected to have a material impact on 2021 results. Xcel Energy reaffirms its 2021 guidance of $2.90 to $3.00 per share.
Certain information discussed in this Current Report on Form 8-K is forward-looking information that involves risks, uncertainties and assumptions. Such forward-looking statements, including the expected
impact of the ALJ's decision on 2021 results and the 2021 earnings per share guidance, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate,"“believe,”“could,”“estimate,”“expect,”"intend,""may,""objective,""outlook,""plan,""project,""possible,"“potential,”"should,""will,""would," and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy's and PSCo's Annual Report on Form 10-K for the year ended Dec. 31, 2019, and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ
materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating
to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
