Consumer groups opposed to Xcel Energy’s electric-rate hike plan to protest in front of the utility’s annual meeting today in Denver.
“We’ve got a ton of complaints, and we’ll be sharing them in a big way,” said Michael Huttner of ProgressNowAction.org, one of the consumer groups.
The annual meeting is scheduled for 10 a.m. at the Denver Performing Arts Complex.
Xcel spokesman Mark Stutz said the meeting is expected to last until 11:30 a.m. and will include a presentation by Xcel chairman and chief executive Richard Kelly.
Stutz defended Xcel’s proposed $210 million electric-rate hike, which will increase an average residential customer’s bill by $6.52 per month, or 11.6 percent, according to Xcel’s filing with the Public Utilities Commission.
“We have legitimate reasons for filing it, and it will be decided in the regulatory process,” he said.
The meeting will include a vote on a shareholder proposal to separate the roles of chairman and CEO and appoint an independent board director as chairman.
Similar proposals were offered last year at 14 large publicly traded companies, but only one company, Textron Inc., got a majority of shareholders to back it, said Nell Minow, editor of the Corporate Library, a corporate watchdog group.
“It’s an important way to raise the issue that the board can be more effective,” Minow said.
Xcel’s board recommends shareholders vote against the proposal because a majority of its board members are independent directors and a combined chairman/CEO allows for “unified leadership and direction,” according to the company.
Staff writer Steve McMillan can be reached at 303-820-1695 or smcmillan@denverpost.com.
