Xcel Energy (NYSE: XEL) and the city of Minneapolis have reached an agreement that could make a proposed vote on replacing Xcel with a municipal utility unnecessary, according to a report from Minnesota Public Radio.
Xcel currently has exclusive rights to sell electricity in Minneapolis, with the city’s only other option being to create a municipal utility, according to the report. Environmental groups have been campaigning for the city to do so, stating that Minneapolis could reach more of its green energy goals. The city council scheduled a vote for Thursday on whether the question should be placed on the November ballot.
According to the report, Dave Sparby, the president of Xcel’s Minnesota subsidiary, said the utility is committed to working with Minneapolis to increase the use of renewable energy and energy efficiency programs.
Minneapolis Mayor R.T. Ryback stated that he welcomed the commitments and that the city “should not preempt the conversations that come next by putting a question about municipalization on the ballot three months from now,” MPR reported.
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