Xcel Energy considers another rate increase as some Colorado regulators question methodology

Xcel Energy is considering another energy rate increase for customers but some Colorado regulators are calling the company's methodology into question. 

Xcel uses something called "share of wallet" to argue its rates are affordable, claiming that Colorado residents spend less than 1% of their household income on electricity. 

The Public Utilities Commission said using the median income could create a false sense of affordability because Colorado's median income is much higher than in other states. 

According to the U.S. Census Bureau, the median income in Colorado is just over $95,000, compared to the national average of nearly $81,000. 

Xcel Energy released this statement to CBS Colorado, "There is no single or universally accepted metric to assess affordability. However, under every major metric used to gauge utility affordability, Coloradans pay among the lowest rates and bills in the nation."