Colorado’s regulators are set to approve only a third - or less - of Xcel Energy’s request to hike rates, which means its customers won’t face an additional $262 million in energy bills.

Instead, the Public Utilities Commission is considering allowing Xcel to add between $48 million and $97 million to people’s energy bills — thereby knocking off as much as $214 million from Xcel’s original $262 million request.

The commission will approve the new base rate tariff increase as part of a “nearly comprehensive settlement agreement” hammered out by parties to the November 2022 rate increase request from Xcel at an upcoming meeting.