ST. PAUL, Minn. (AP) – Xcel Energy is seeking permission to raise Minnesota electricity rates by 4.6 percent next year and 5.6 percent the year after.
The increase would bring in about $291 million. The utility’s 1.2 million customers would face an average increase of a bit more than $10 a month.
State regulators have typically cut Xcel’s rate increase requests in half in recent years.
Xcel’s Minnesota CEO, Dave Sparby, said the company is investing in nuclear power plants, transmission and distribution lines and other projects including new wind farms. The company is eying additional rate hike requests from 2016 to 2018, but lower than those proposed this week.