State regulators have trimmed Xcel Energy’s requested electric and natural gas interim rate increase, Public Utilities Commissioner Matthew Schuerger saying “circumstances in Minnesota and the world today” necessitated it:
Residential customers of Xcel, the state’s largest electricity provider, will see interim rates increase on average $5.54 per month instead of the roughly $8.50 the utility requested. For natural gas, the average monthly rate increase is expected to be only about 60 cents. The P-U-C lowered the monthly increase by extending the amount of time Xcel customers will pay for last winter’s spike in natural gas prices. The interim rate increases take effect January 1st. State regulators typically take about 18 months to consider whether a utility’s full rate increase will be granted. Analysts expect that next year Xcel will request another rate increase even as the current one is playing out.