(KNSI) — A rate increase is coming for Xcel Energy’s natural gas customers, but it wasn’t as much as the company wanted.
The Minnesota Public Utilities Commission approved an 8.17% rate hike, instead of the 9.6% the utility had asked for. The proposal for the bump in 2023 said the move is to “reflect the current cost of providing natural gas service to our customers,” meaning upgrades for infrastructure, safety, and transmission.
It will drive Xcel’s revenue up by over $50 million. The 8.17% is averaged out among all natural gas customers, so the monthly total is $4.20.
Ratepayers already saw an increase last month of 5.2% in their electricity bills due to the upfront costs for projects like clean energy production and lengthening the useful life of nuclear plants, which company officials say will eventually flow back to consumers since they create power without constant purchases of coal and other fuels.
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