MINNEAPOLIS — Xcel Energy Inc. is asking for a 9.8 percent electric rate hike in Minnesota that would be phased in over three years.
The Minneapolis-based utility filed the rate case Monday. By 2018, the proposal would result in $132 more in annual payments for the typical residential customer.
In its regulatory filing, Xcel Energy said capital investment in transmission, distribution and generation of electricity — along with increases in normal business costs — are behind the request.
Xcel Energy applied for an interim rate hike of 5.5 percent in January, followed by smaller increase in January 2017. Together, the two interim rate increases would total 7 percent.
The Star Tribune (http://strib.mn/1KVbcSa ) reports the three-year rate hike option was made possible by a 2015 change in state law that Xcel Energy supported.
Information from: Star Tribune, http://www.startribune.com