The public will have a chance to weigh during a process that could take 10 to 18 months. However, Minnesota statutory requirements for public utilities mean such increase requests don’t get rubber-stamped. In 2024, Xcel would like to raise rates by 4.2 percent in order to raise $131.2 million.In 2023, Xcel wants to increase rates by 4.8 percent to net $150.2 million.To raise $396 million in 2022, Xcel wants to raise rates by 12.2 percent - effective Jan.Here’s how that increase would be structured: Specifically, Minneapolis-based Xcel is seeking to raise $677.3 million from its state customers over three years - an increase of 21.2 percent. “On average, the proposed final rate change … would increase the bill for a typical residential electric customer by $18.56 per month or $222.67 per year.” “The typical residential electric consumer uses 601 kWh per month or 7,212 kWh per year,” a summary of the filing explained.
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