Xcel withdraws 2023 rate hike request in compromise with state regulators

Xcel Energy on Tuesday dropped its highly contested request for a $122 million rate increase in 2023. In return, state regulators approved accounting changes that they believe would benefit the utility and its ratepayers.

Minnesota's largest electricity provider had asked the state for a 6% increase to the average residential customer's bill. Ratepayer advocates - including two state agencies - strongly opposed it, saying Minnesotans are already reeling from energy price inflation.

Seeing the fierce opposition, Minneapolis-based Xcel last week filed a complicated alternative plan with the PUC that allowed for a $68 million increase - or none. The plan centers on the changes in accounting for certain costs and revenue.

https://www.startribune.com/xcel-withdraws-2023-rate-hike-request-in-compromise-with-state-regulators/600233535/