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UPDATE: Xcel Energy Reduces Minnesota Rate Hike Request

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Xcel Energy

ST. PAUL (AP) — Xcel Energy has reduced its proposed Minnesota electric rate increase.

The Minneapolis-based utility said Monday it lowered its proposed rate increase to 8.2 percent. Xcel proposed a rate hike of 10.7 percent in November.

Xcel Energy cites changed circumstances since its original request. The revised proposals reduce the utility’s requested rate increase to about $220 million, down from $285 million.

Minnesota officials had urged state regulators to slash Xcel Energy’s original request, citing “rate shock” among customers. The state Commerce Department recommended a smaller rate hike of about 3 percent to 4 percent.

Judy Poferl, president and CEO of Northern States Power Co.-Minnesota, an Xcel Energy company, says the revised request allows the utility to make upgrades while reducing the size of the requested increase for customers.

Story from Friday on Public Utilities Meeting in St. Cloud

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