Xcel Energy requests electricity rate increaseSIOUX FALLS (AP) — Xcel Energy is asking the South Dakota Public Utilities Commission to approve an 11.5 percent electricity rate increase.
SIOUX FALLS (AP) — Xcel Energy is asking the South Dakota Public Utilities Commission to approve an 11.5 percent electricity rate increase.
The company says the rate hike is needed to provide reliable and cost-effective service, support Sioux Falls' future growth and invest in its Monticello and Prairie Island nuclear plants.
The utility asked to recover the costs of investments through a rate increase of approximately 11.5 percent, or a total revenue increase of about $19.4 million.
Xcel says typical residential electricity customers would see their monthly bills go up by about $10.
Laura McCarten, regional vice president of Xcel's Northern States Power Co.-Minnesota, says the company invested about $8 million in 2011 directly in South Dakota on projects. It has also invested in nuclear and other power plants that serve the state.