Regulators Approve Xcel Electric Rate Hike

MINNEAPOLIS (AP) - Electric bills for Xcel Energy residential customers will be increasing.

State regulators approved the seventh electric rate hike for Minnesota's largest power company since 2006. Rates will increase slightly more than 1 percent. That's on top of a 4.6 percent interim rate hike that took effect last year.

Customers are also due a refund because the interim rates exceeded the amount approved by regulators. The average residential refund will be $17.