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Xcel Electric Rates to Rise 5.5 Percent Over 3 Years

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Xcel Energy

DENVER (AP) — Xcel Energy has reached a deal with regulators, consumer advocates and businesses for a $114 million increase in electricity rates over three years.

Minneapolis-based Xcel originally sought $142 million for this year. Xcel in a statement issued Monday says the typical residential customer would see an increase of $1.68 per month this year starting in May. Electricity rates next year would increase $1.29, followed by 73 cents in 2014.

Over the three years, electricity rates will increase by about 5.53 percent.

The deal, which included negotiations with commission staff, the Office of Consumer Counsel, grocery chain Kroger Co., and AARP, must first be approved by the Public Utilities Commission.

Copyright 2012 The Associated Press.

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