Xcel Requests Rate Hike 03 Nov 12

Xcel Energy is asking for a more than 10% increase in electric rates. The utility says it needs $285-million in extra revenue to pay for investments in nuclear power plants and a stronger grid. Xcel says the increase for a typical residential customer would be about 12%, or around $9 on a monthly bill. Small businesses would see a 10.6% increase, and large businesses would pay 9.5% more. The Minnesota Public Utilities Commission will review the request.