Xcel Energy rates in Colorado, Minnesota, Wisconsin, New Mexico and Texas
Xcel Energy's utilities serve 3.2 million homes in 5 states, and in 2025 their residential customers paid from 12.86¢ per kWh at Xcel Energy (New Mexico) to 17.07¢ per kWh1 at Xcel Energy (Minnesota). The price order and the bill order run almost opposite: the Texas and New Mexico homes with the lowest prices per kWh paid the largest monthly bills, because they used far more electricity.
Price per kWh in each Xcel state
Xcel Energy is a holding company, and what EIA reports is its four operating companies: Northern States Power Company (Minnesota), Northern States Power Company (Wisconsin), Public Service Company of Colorado and Southwestern Public Service Company, which serves both New Mexico and the Texas Panhandle. Rates are set by the commission of each state an operating company serves, so each state gets its own page here and its own figure below.
Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.
Show the numbers
| Utility | average residential price (bundled customers) |
|---|---|
| Xcel Energy (NM) | 12.86¢ |
| Xcel Energy (TX) | 13.94¢ |
| Xcel Energy (WI) | 15.56¢ |
| Xcel Energy (CO) | 15.90¢ |
| Xcel Energy (MN) | 17.07¢ |
The figures are average revenue per kWh: what full-service residential customers paid in total, including fixed charges, fuel recovery and riders, divided by the kWh they used. Across all five, the 2025 average was 15.96¢ per kWh, against 17.78¢ per kWh for all US investor-owned utilities. Xcel Energy in Minnesota, the highest of the five, was 4.0% below the national average for investor-owned utilities, and Xcel Energy in New Mexico was 27.7% below the national average for investor-owned utilities1.
EIA's monthly survey gives a more recent view. Over the last 12 months (September 2025 to August 2026, with 2026 months preliminary), the averages were 17.22¢ per kWh in Minnesota, 16.86¢ per kWh in Wisconsin, 16.82¢ per kWh in Colorado, 14.01¢ per kWh in Texas and 12.27¢ per kWh2 in New Mexico.
Against the other utilities in the same state, the picture changes again. In 2025, Minnesota's Xcel average was 7.8% above the Minnesota average and ranked 6th highest among the 30 Minnesota utilities with 10,000 or more full-service residential customers. Xcel Energy in Wisconsin was 13.9% below the Wisconsin average, in a state where utilities with 10,000 or more such customers averaged up to 21.11¢ per kWh1 (MGE).
The cheapest kWh came with the biggest bills
Southwestern Public Service Company, the company behind the New Mexico and Texas pages, had the two lowest average prices in the group in 2025 and the two highest bills. Its New Mexico homes used 973 kWh a month on average and paid $125.11; its Texas homes used 937 kWh and paid $130.54. In Colorado, homes used 584 kWh and paid $92.911, the smallest Xcel bill despite a higher price per kWh than either.
Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.
Show the numbers
| Utility | average monthly residential use |
|---|---|
| Xcel Energy (CO) | 584 |
| Xcel Energy (MN) | 615 |
| Xcel Energy (WI) | 726 |
| Xcel Energy (TX) | 937 |
| Xcel Energy (NM) | 973 |
The gap is widest in summer. Over the last 12 months (September 2025 to August 2026), use on Xcel's Texas lines peaked in August 2026 at 1,526 kWh per home, for an average bill of $228.11, against 635 kWh and $86.58 in April 2026. Colorado's peak month, July 2026, averaged 923 kWh and $165.822. Even inside one company the two states differ: in 2025 the Texas average price was 13.94¢ against 12.86¢1 in New Mexico, because each state's commission sets the company's rates within its borders.
Wisconsin turned upward in 2026, New Mexico down
From 2024 to 2025, the annual average rose 7.3% in New Mexico, 5.6% in Colorado and 4.4% in Texas, barely moved in Minnesota (+0.5%) and fell 1.7%1 in Wisconsin.
The monthly data for 2026 reverse part of that. In August 20263 (preliminary), Wisconsin's residential average was 18.28¢ per kWh, +11.1% against August 2025, and New Mexico's was 13.02¢ per kWh, −11.5%. Colorado was +4.0%, Texas −4.7% and Minnesota −0.3%2. One month is a narrow reading; the 12-month averages above are the steadier comparison.
Source: EIA-861M monthly sales and revenue by utility; EIA, Electric Power Monthly / EIA-861M sales and revenue by state. Residential revenue divided by kWh in each month, as reported to EIA's monthly survey (EIA-861M; months since January 2026 preliminary).
Show the numbers
| Month | Xcel Energy (¢/kWh) | kWh per customer | Bill per customer |
|---|---|---|---|
| January 2025 | 15.04¢ | 906 | $136.33 |
| February 2025 | 15.18¢ | 762 | $115.70 |
| March 2025 | 15.39¢ | 704 | $108.32 |
| April 2025 | 15.55¢ | 620 | $96.46 |
| May 2025 | 15.88¢ | 582 | $92.33 |
| June 2025 | 16.65¢ | 699 | $116.30 |
| July 2025 | 16.13¢ | 883 | $142.35 |
| August 2025 | 16.45¢ | 763 | $125.59 |
| September 2025 | 14.47¢ | 627 | $90.73 |
| October 2025 | 15.53¢ | 632 | $98.11 |
| November 2025 | 15.50¢ | 643 | $99.64 |
| December 2025 | 14.94¢ | 887 | $132.51 |
| January 2026 | 16.85¢ | 922 | $155.36 |
| February 2026 | 17.24¢ | 727 | $125.32 |
| March 2026 | 17.18¢ | 710 | $122.00 |
| April 2026 | 17.69¢ | 598 | $105.78 |
| May 2026 | 17.86¢ | 577 | $102.99 |
| June 2026 | 18.41¢ | 689 | $126.80 |
| July 2026 | 17.97¢ | 960 | $172.50 |
| August 2026 | 18.28¢ | 810 | $147.99 |
EIA reports billed revenue as one total, so these data do not show whether base rates, fuel recovery or riders drove a change. Rate cases are decided by the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin, the Colorado Public Utilities Commission, the New Mexico Public Regulation Commission and the Public Utility Commission of Texas, each under the operating company's legal name.
Colorado: time-of-use on nearly every meter
The utilities also differ in how customers are billed. EIA counted 1,375,000 residential customers of Xcel Energy in Colorado on time-of-use pricing in 2025, 99.6% of those on its wires. In Minnesota the share was 1.6%, in Wisconsin 3.2%, and in New Mexico and Texas only 16 and 534 customers were enrolled. For a Colorado household, the average price above blends peak and off-peak hours; the same monthly kWh can cost more or less depending on when it is used. The time-of-use guide shows how.
Colorado also had the most rooftop solar of the four states where Xcel reported net metering to EIA: 87.8 net-metered residential installations per 1,000 customers in 2025, against 22.1 in New Mexico, 13.0 in Minnesota and 3.54 in Wisconsin.
Texas Panhandle: outside ERCOT and retail choice
Most of Texas is on the ERCOT grid, but EIA notes that ERCOT does not cover the whole state. Xcel Energy in Texas names SPP, the Southwest Power Pool, as its market in its 2025 EIA-861 filing, and EIA counts all 223,685 residential customers on its lines as full-service: they buy both power and delivery from Xcel. The 13.94¢ per kWh1 average is therefore a full bundled price, not a delivery charge, and it cannot be compared with the delivery-only figures of ERCOT's wires companies. The Texas retail choice guide shows where shopping applies.
Outage minutes
Counting major storms, the average Xcel customer in Texas was without power for 441 minutes in 2025, more than the Texas average of 225 minutes, and in Colorado for 360 minutes. Minnesota had the fewest, 226 minutes. Without major event days, the five sit much closer together, from 110 minutes in Wisconsin to 151 minutes5 in Texas, so most of the difference came from major event days. The table below lists every Xcel utility; each utility page adds its counties, smart-meter share and its comparison with the rest of its state.
| Xcel Energy | Wisconsin | 222,746 | 15.56¢ | −1.7% | $112.86 | 726 | 309 |
|---|---|---|---|---|---|---|---|
| Xcel Energy | Minnesota | 1,243,236 | 17.07¢ | +0.5% | $104.99 | 615 | 226 |
| Xcel Energy | Colorado | 1,379,910 | 15.90¢ | +5.6% | $92.91 | 584 | 360 |
| Xcel Energy | New Mexico | 101,203 | 12.86¢ | +7.3% | $125.11 | 973 | 235 |
| Xcel Energy | Texas | 223,685 | 13.94¢ | +4.4% | $130.54 | 937 | 441 |
Source: EIA-861 annual electric power industry report, 2025 final; EIA-861 annual electric power industry report, 2024 final; EIA-861 2025, reliability. Bundled residential customers (EIA-861 2025 and 2024 final). Delivery only applies where customers can buy supply elsewhere. Outage minutes: SAIDI with major event days, 2025.
Xcel Energy rates: common questions
How much does Xcel Energy charge per kWh?
It depends on the state. EIA's 2025 averages for residential customers were 17.07¢ per kWh in Minnesota, 15.90¢ per kWh in Colorado, 15.56¢ per kWh in Wisconsin, 13.94¢ per kWh in Texas and 12.86¢ per kWh1 in New Mexico. These are averages of everything billed divided by the kWh used, not tariff lines; the tariff's energy charge, fixed charge and riders are set separately in each state.
Did Xcel Energy rates go up in 2026?
In some states. In August 20263, the latest month EIA has published (preliminary), the residential average was +11.1% against the same month a year earlier in Wisconsin and +4.0% in Colorado, but −4.7% in Texas and −11.5%2 in New Mexico. Approved rate changes are listed by each state's utility commission.
Why is my Xcel bill higher in Texas than in Colorado?
Use, not price. In 2025 Xcel's Texas homes used 937 kWh a month on average and paid $130.54; Colorado homes used 584 kWh and paid $92.91, although Colorado's average price per kWh was higher (15.90¢ against 13.94¢1).
Xcel Energy's utility pages
Sources
- EIA-861 annual electric power industry report, 2025 final; table Sales_Ult_Cust_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861M monthly sales and revenue by utility; table sales_ult_cust_2025 and _2026; released October 23, 2026. www.eia.gov
- EIA, Electric Power Monthly / EIA-861M sales and revenue by state; table sales_revenue.xlsx (EPM Table 5.6.A); January 2001 to 2026-08; months since January 2026 preliminary; released October 23, 2026. www.eia.gov
- EIA-861 2025, advanced meters, dynamic pricing and net metering; table Advanced_Meters, Dynamic_Pricing, Net_Metering 2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 2025, reliability; table Reliability_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 annual electric power industry report, 2024 final; table Sales_Ult_Cust_2024; 2024, final (file updated December 3, 2025); released December 3, 2025. www.eia.gov
How every figure is built: methodology. Found an error? Write to [email protected]; corrections are listed on the updates page.