Boulder's failed Xcel municipalization (2011-2020)
Boulder voters approved creating a city-owned electric utility to replace Xcel in November 2011, with 70% support. The city spent years and tens of millions of dollars on feasibility studies, but projected costs climbed and the effort bogged down in legal and financial hurdles.
Boulder never launched its own utility, and Xcel remained the city's electric provider.
In November 2020, Boulder voters reversed course and repealed the municipalization mandate, keeping Xcel. The episode became a cautionary tale for Colorado cities contemplating a break from the utility.
Denver's leverage in franchise talks comes partly from the implicit threat of municipalization. Boulder's outcome signals that path is rarely realistic, so a rejection in Denver would most likely mean renegotiation, not a city takeover.