Xcel Requests Minnesota Electric Rate Hike
ST. PAUL (AP) — Xcel Energy is asking Minnesota regulators for a 10.7 percent increase in electric rates.
The Minneapolis-based utility says it needs $285 million in extra revenue to pay for investments in nuclear power plants and a stronger grid.
Xcel says the increase for a typical residential customer would be about 12 percent or $9 on a monthly bill. Small businesses would see a 10.6 percent increase, and large businesses would pay 9.5 percent more.
The Minnesota Public Utilities Commission will review the request. Xcel asked for an interim rate increase Jan. 1.
In a statement, Judy Poferl, president and CEO of Xcel's Minnesota region, says the company has been investing more than $1 billion a year to meet customers' expectations for safe, reliable and clean electricity.
Copyright 2012 The Associated Press.