The mechanism is intended to better align the interests of the Company with the state’s goal of extending transportation electrification to Low- to Moderate-Income ("LMI") customers and underserved communities.
Metric
Number of charging ports installed
Target
The targets vary by customer program:
Residential: 15
Multi-Family Housing (Assigned Parking): 2
Multi-Family Housing (Shared Parking): 2
Fleet/Workplace (Level 2): 5
Community Charging Hubs (Level 2): 10
Fleet/Workplace (DCFC): 1
Community Charging Hubs (DCFC): 3
Incentive Type
Upside
Incentive Structure
Fixed amount
Incentive Description
Xcel must first meet its minimum targets in each customer program, after which it earns a fixed reward for each port installed and EV rebate issued.
The rewards are as follows:
Residential: $200/port
Multi-Family Housing (Assigned Parking): $700/port
Multi-Family Housing (Shared Parking): $1,050/port
Fleet/Workplace (Level 2): $300/port
Community Charging Hubs (Level 2): $300/port
Fleet/Workplace (DCFC): $5,300/port
Community Charging Hubs (DCFC): $5,300/port
There are program incentive caps for each program and an aggregate program cap of $1.5M.
While the performance period for the Equity PIM concluded at the end of 2023, Xcel proposed to continue this PIM in its Application for Approval of its 2024-2026 Transportation Electrification Plan (Docket No. No. 23A-0242E). The Commission decided in favor of the settlement agreement to not implement the PIM in the next plan period.
Xcel exceeded its program target in both years, installing more than the targeted number of ports and rebates for each category of customer/program. The incentive amount for 2023 performance was reported in aggregate, without differentiating between the incentive earned for ports and rebates performance, so the incentive amount is shown as divided in half.