Equity PIM – EV Rebates metric

Design

  • Id
    1.2
  • State
    CO
  • Utility
    Xcel
  • Applicability
    Electric
  • Emergent Topic
    TE; EQ
  • Description
    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 EV rebates issued
  • Target
    54 EV rebates
  • 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. Upon meeting its minimum targets, Xcel can earn $500 for each EV rebate it issues.
  • Start Date
    2022
  • End Date
    2023
  • Source: Original Docket
  • Source: PUC Order
  • Status
    Inactive (Performance Period Concluded)
  • PIM History Narrative
    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.

Performance

  • Docket(s) for Performance Reporting
  • Performance Category
    Consistently achieved
  • Performance Description
    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.
Performance Years
Created with Highcharts 12.2.0Performance Targets vs Actual PerformancePerformanceMin TargetMid TargetMax Target02004006008001,0001,20020222023

Rebates issued

Created with Highcharts 12.2.0Performance Incentives EarnedIncentive$0$40,000$80,000$120,000$160,00020222023