MINNEAPOLIS — Xcel Energy customers can expect their monthly power bill to go up in the new year.
In December, the Minnesota Public Utilities Commission approved a $192 million interim rate which went into effect on Wednesday. Xcel Energy says the interim increase of 5.2% will add about $5.39 to an average residential customer’s monthly bill.
The Minnesota Public Utilities Commission is in the process of reviewing Xcel Energy’s petition to increase rates for its customers. During the review, utility companies are entitled to recover a portion of the proposed costs through interim rates, per state law.
Under Xcel Energy’s two-year $490.7 proposal, the bill for an average residential customer’s monthly electric bill would go up 9.6% in 2025 and another 3.6% in 2026.
A spokesperson for Xcel Energy says if the final rates approved by the Minnesota Public Utilities Commission are lower than the interim rates, customers will be refunded in the form of a one-time credit with interest.