While a public rate review is underway for Xcel Energy’s electric and natural gas operations, last week the Minnesota Public Utilities Commission decided to approve reduced interim rate increases of 6.4 percent and 3.9 percent for residential electric and natural gas customers, respectively.
In both cases, it marked a reduction from what Xcel had actually sought: 9.4 percent for residential electric customers and 4.9 percent for its natural gas customers. The result will be an interim rate increase of $79.85 million for Xcel’s electric residential customers and $24.9 million for natural gas.
“The Commission saw that the circumstances in Minnesota and the world today necessitated that we reduce the proposed residential rate increases,” Commissioner Matthew Schuerger said. “I hope that as this process moves along, people share their input with the Commission. As we saw today, public input helps us understand how these proposals will impact ratepayers, and it can make a difference in the outcome.”
Because of the Commission’s decision, bills for Xcel’s electric residential customers should increase about $5.54 per month. On the natural gas side, coupling the decision with extension of recovery of heavy February gas costs guaranteed a reduced monthly increase for the typical residential ratepayer of $0.60. In both cases, these interim rates will kick off in January 2022 and will remain in force until final rates are approved by the Commission.
Before the Commission is a proposal to increase overall electric rates at Xcel by $677 million over three years. That would result in an approximately $12-$21 per month increase for the typical residential customer, thanks to a 24.3 percent increase in their bills. On the natural gas side, Xcel’s pursuit of a 6.6 percent increase, or about $35.6 million, would lead to monthly bill increases of about $5.12.
A final decision from the Commission is expected in the summer and spring of 2023, for electric and natural gas, respectively.
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