DENVER (AP) — Xcel Energy has reached a deal with regulators, consumer advocates and businesses for a $114 million increase in electricity rates over three years.

The Denver Post reports that Minneapolis-based Xcel originally sought $142 million for this year. Xcel in a statement issued Monday says the typical residential customer would see an increase of $1.68 per month this year starting in May. Electricity rates next year would increase $1.29, followed by 73 cents in 2014.

Over the three years, electricity rates will increase by about 5.53 percent.

The deal, which included negotiations with commission staff, the Office of Consumer Counsel, grocery chain Kroger Co., and AARP, must first be approved by the Public Utilities Commission.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments (7)
  1. Not Dave says:

    OH lets see…more electric cars to save money on energy costs only to see rates on electricity to go up. Wow, I bet nobody else seen this coming.

  2. jake koepp says:

    Great, so they all get a pay increase while the rest of us get pay decreases, laid-off, or small business taxes are raised??? Another great idea of Dayton??? And to Not Dave, yep just like that E-85, what a failure that was to us normal folks.

  3. Ryan R. says:

    Don’t forget former Gov Tim Pawlenty promoted and signed “25 percent by 2025” law which requires 25% hoax green energy from solar and wind power. Democrats ran both houses then to produce this law. Pawlenty is a RINO and was thrown out of the presidential race for his pathetic second term record on garbage like this. “25 percent by 2025” is one of main causes for your increase in electricity costs. Wind costs 2, 3 and 4 times more than coal plants and nuclear energy. Solar is a joke. It doesn’t produce enough to power a mercury toxic laced green energy light bulb.

    We also have Obama’s plan to shut down coal fired plants producing electricity without replacing them with any other electricity producing plants. He wants to tax them out of business.

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