RESOURCES

The Growth of Utility Profits for Colorado Electric Investor-Owned Utilities

Apr 3, 2026

Justin Brant

Senior Manager

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Dan Cassara

Consultant

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This analysis provides a short background on utility profits and examines Black Hills Energy and Xcel Energy’s earnings over the past decade.

Utility earnings in Colorado have increased dramatically over this period, driven primarily by growth in capital investment rather than changes in approved Return on Equity (ROE). These rising earnings are among the largest contributors to recent bill increases for Colorado customers.

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