Xcel Energy may move headquarters if Minneapolis forms municipal utility

Xcel Energy (NYSE: XEL) will likely move its headquarters from Minneapolis, Minn. if the city chooses to form a municipal electric utility, according to a report from the Minneapolis Star Tribune.

Xcel CEO Ben Fowke told the Star Tribune editorial board Thursday there is “not a utility in the nation that has their headquarters in a city that has municipalized.” Fowke also said he can’t understand why city officials are considering replacing Xcel with a municipal utility without having discussions with the company first, according to the report.

The Star Tribune stated the issue of the city taking over the distribution of electric service will receive a public hearing before City Council on Aug. 1 and will likely go to voters in November. Xcel’s 20-year franchise agreement with Minneapolis is set to expire at the end of 2014.

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