Xcel Energy Gets OK for Smaller Electric Rate Hike
ST. PAUL (AP) — Minnesota regulators have approved an electric rate increase that’s less than half of what Xcel Energy originally sought.
On a 4-0 vote, the state Utilities Commission Thursday approved a 2.7% rate increase for Xcel Energy’s electricity customers in Minnesota.
Residential customers will get a refund because they had been paying higher interim rates. The refund amounts to about $30 for an average residential customer.
Xcel Energy says the average customer will see a $2 per month decrease beginning in May.
Regulators largely accepted an agreement reached last November between Minneapolis-based Xcel and business groups that intervened to oppose the larger increase.
The Minnesota Commerce Department did not oppose the settlement.
Xcel is allowed to increase its rates by $72.8 million over two years.
(Copyright 2011 by The Associated Press. All Rights Reserved.)