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Xcel Energy is running a $4 million “Yes on 2K” campaign. Denver residents will vote on the company’s franchise agreement on Tuesday, Nov. 3.
According to CPR News, the campaign aims to persuade voters in the Denver area to support three ballot questions. The franchise agreement covers Denver, Broomfield and Glendale. The company says it is paying for the campaign from its own funds. CPR notes, however, that the cost could ultimately be covered by the city and energy customers.
According to CPR, Xcel is expected to recoup the campaign money through the franchise fee paid by customers. That would continue for 20 years. A spokesperson for Safe and Reliable Energy Denver, a committee funded by Xcel, says the franchise fee is a separate matter. The Yes on 2K spokesperson also said in a separate article that Xcel does not keep any part of the fee and that it is audited. Most of the money spent on the Denver campaign has gone to the firm Advocacy Ventures.
Denver’s current agreement expires on Dec. 31, 2026. The new one would take effect on Jan. 1, 2027, and run for 20 years, until 2047. The City Council negotiated its terms with Xcel last year. According to city estimates, franchise fees in 2027 would total about $34.3 million. Xcel would also cover the cost of relocating infrastructure for city projects, estimated at $150 million a year. In addition, there would be $10 million a year for placing power lines underground.
CPR writes that rejecting the agreement and letting it expire at the end of 2026 could mean a period of regulatory uncertainty. According to 9NEWS, Question 2K does not concern rates, which are set by the Public Utilities Commission (PUC). Xcel will remain Denver’s energy provider regardless of the outcome of the vote. The Denver Gazette reports that without an agreement, the city would have to pay Xcel itself for relocating lines on its own projects. According to Colorado Politics, the 3% franchise fee on bills would still apply, even if the agreement is rejected.
Source: CPR News
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