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Xcel rates exceed national average as rate hike approaches

MINNEAPOLIS – A new analysis by state regulators shows Xcel Energy’s industrial electricity rates exceed the national average as the company looks to raise rates further.

The Minneapolis Star Tribune reports that the analysis found that home prices are around the national average, but industrial customers pay about 20% more.

State regulators want electricity rates for all Minnesotans, including industrial customers, to dial in at least 5% below the national average. The analysis comes as the utility seeks permission from regulators to increase housing prices by 1[ads1]7.5% and industrial prices by 14%.

The utility’s spokesperson says customers’ bills are low compared to national averages, reflecting Minnesotans’ efforts to conserve energy.

© 2022 Associated Press. All rights reserved. The material may not be redistributed.

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