MINNEAPOLIS (WCCO) — Minnesota regulators have approved a big rate hike for Xcel Energy, totaling nearly a quarter of a billion dollars over four years.
The Star Tribune reports the Public Utilities Commission approved the landmark $244 million deal Thursday, which will ultimately raise residential rates by more than 10.5 percent.
A lot of this increase has already been in place, due to an interim rate hike.
The Star Tribune says rates for commercial and industrial customers will rise nearly s7 percent over four years, a move the state’s attorney general had questioned.
This deal approved was reportedly a settlement between Xcel Energy and state agencies it would normally fight over hikes, including the Department of Commerce.