Colorado approves $114 million Xcel rate hike |

Colorado approves $114 million Xcel rate hike

DENVER (AP) – Colorado’s Public Utilities Commission has approved a $114 million rate increase for Xcel Energy over the next 3 years.

The Denver Post reported Thursday ( that residential customers will pay an average of $3.70 more per month on their electricity bills by 2014.

Xcel originally wanted a $142 million increase for 2012.

Under Thursday’s agreement, Xcel agreed not to charge customers construction costs for new gas-fired power plants. Those costs are expected to total $69 million and will be incorporated into ratepayer bills at the end of the agreement.

Minneapolis-based Xcel reported Thursday that its net income fell 10 percent, to $183.9 million, in the first quarter because the warm winter reduced demand for electricity and natural gas for heating.

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