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Xcel Energy Updates 2013 Rate Case, Reduces Request

“While our prices are below the national average, we understand that any rate increase has an impact on our customers,” Poferl continued. “We urge our customers to take advantage of our extensive suite of energy efficiency programs to help manage and reduce their energy bills.”

More information can be found at www.xcelenergy.com. Copies of the rate case filing and all other documents filed in the case are available on the commission’s website at www.puc.state.mn.us.

Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company with regulated operations in eight Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis.

Xcel Energy Electricity Rate Case Fact Sheet

Updated Request

  • $220 million, an 8.2 percent increase in overall rates. If final rates are higher than interim rates, customers will receive refunds with interest.
  • A typical residential customer’s monthly bill would increase by approximately 10 percent ($8).
  • 10.6 percent rate of return on equity (same as original)

Timeline

  • Nov. 2, 2012: Original filing
  • Jan. 1, 2013: Interim rates take effect
  • March 4-22, 2013: Seven public hearings
  • April 18, 2013: Evidentiary hearings convene
  • September 2013: Minnesota Public Utilities Commission consideration and final action expected
  • First Quarter 2014: New rates take effect

Background

  • Extending the lives of the Prairie Island and Monticello nuclear plants and expanding output at Monticello were previously approved by the Minnesota commission and provide a low-cost, carbon-free resource for the future. Investments are required now in order to extending the lives of these plants for another 20 years.
  • Costs of the Monticello projects are similar to the experience of other nuclear plant owners. The nuclear industry has changed tremendously over the last few years. Even before the 2011 accident at Fukushima Daiichi in Japan, the Nuclear Regulatory Commission was increasing requirements for both life extension and capacity expansion projects.
  • Restoration of Sherco 3 is the largest such project Xcel Energy has ever performed, and there are no equivalent restoration projects industry-wide. During the repair process, damage that was not evident until repairs were under way was discovered, which has delayed start-up from the first quarter of 2013 to September 2013.

Copyright Business Wire 2010
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