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Xcel Energy proposes lower electric rate increase

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A proposed settlement has been reached between Xcel Energy and the North Dakota Public Service Commission on an electric rate case.

Back in November, Xcel proposed raising rates by $22.2 million, or 10.8 percent. In March, that was revised to $19.2 million, or 9.6 percent.

Under the agreement, the rates would go up by $7 million, or 3.4 percent. Along with that, Xcel will implement a $15 monthly residential fixed charge.

If this agreement is approved, Xcel customers will see a refund, because Xcel’s interim rates are higher than the agreement is proposing. That would be an average of $26 per residential customer, and would take effect between 30 and 60 days from the implementation of the final rates.

The PSC will hold a hearing on the rate case Thursday.