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 (http://bit.ly/Is3teM) 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.