This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Xcel Energy Requests Rate Increase To Support Investment In Carbon-Free Energy, Enhance Service Reliability For Customers

Seeking to balance the costs of improving the environment and enhancing long-term service reliability with customer bill impacts, Xcel Energy (NYSE:XEL) today asked the Minnesota Public Utilities Commission to authorize increases in base electricity rates over a two-year period.

“Our customers expect safe, reliable and clean energy at an affordable price, and this request supports the investments needed to deliver on those expectations,” said Dave Sparby, president and CEO of Northern States Power Co.-Minnesota, an Xcel Energy company. “Our proposal provides more manageable and predictable bills while allowing us to provide high-quality service and customer value.”

The company proposes prices for a two-year period, during which investments in carbon-free energy sources, a diverse supply mix and service reliability improvements are at their peak. Average customer rates would increase by 4.6 percent effective Jan. 3, 2014, when interim rates would take effect. A typical residential customer’s monthly bill would increase by about $4. Average customer rates would increase an additional 5.6 percent during 2015.

These rates are based on the company’s increased cost of providing service of $193 million in 2014 and $98 million in 2015. “Our objective is to moderate our request and keep the annual rate increase between 4 and 6 percent as we complete major improvements to our electric system,” Sparby said. “Post-2016, we believe our costs will be at or below the rate of inflation, and customers will have the benefit of a healthy, diverse system for well into the future.”

Approximately 45 percent of the increase is for investments that allow continued operation and increased output at Xcel Energy’s nuclear plants for an additional 20 years, and new wind resources. “Our portfolio of nuclear plants and new wind power will allow us to avoid carbon emissions by more than 200 million tons over their lives,” Sparby said. “These investments help keep customer costs low and are essential to achieving state energy policy goals calling for a 30 percent reduction in carbon emissions by 2025.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs