November 4, 2008

Xcel Energy Seeks Electricity Base Rate Increase

Xcel Energy has asked the Minnesota Public Utilities Commission to raise base electricity rates, citing the need to maintain a safe and reliable electricity system for its customers in the face of escalating costs for 2009.

Xcel Energy has invested $1.2 billion in its core electricity system since its last rate case in 2006. The investments were needed to maintain reliability and meet an increase in demand from new and existing customers. Xcel serves 1.2 million electricity customers in the State of Minnesota.

If approved, the request would result in an increase of $156 million, or 6.05%. A typical residential customer's monthly bill would increase by approximately 7.6%, while a typical small business customer's bill would increase by approximately 5.2% per month.