Xcel Energy reduces rate increase request in Minnesota

Xcel Energy rate increase Monticello nuclear power plant Sherburne County Generating Station Unit 3 Minnesota Public Utilities Commission Northern Power States Power

Xcel Energy (NYSE: XEL) has proposed a reduction in the electricity rate increase request that is currently under review before the Minnesota Public Utilities Commission, reducing the amount from $285 million to $220 million. The modified request would create an increase of around 8.2 percent, down from the originally requested 10.7 percent.

The company said the proposed reduction is caused by changed circumstances and noted some key reductions in its modified request. These include a $35 million reduction for Sherburne County Generating Station Unit 3 by lowering and deferring some 2012 and 2013 costs for later recovery, an $8 million reduction for Monticello Nuclear Generating Plant by deferring some 2013 costs for later recovery and a $9 million reduction by smoothing the impacts of the 2008 recession on pension expenses.

Judy Poferl, president and CEO of Northern States Power Co. – Minnesota, an Xcel Energy company, said the company offered the reduction proposal “in an effort to reach a constructive outcome in this case.”

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