Xcel Energy working on electric rate hike request

AP News

3/6/2012 11:08:41 AM - AP News

Xcel Energy Inc. says it's in settlement talks with various parties over its request to increase Colorado electricity rates by $141.9 million, which the utility says would raise the average residential monthly electric bill by about 6 percent.

The Colorado Public Utilities Commission must approve the request.

In a regulatory filing Friday, Xcel said the Colorado Office of Consumer Counsel has recommended a $9.4 million rate increase, while staff for the Public Utilities Commission recommended a $7.3 million increase. They and others say Xcel should receive a lower return on equity than the company has requested.

Xcel has said its proposed rate hike will help it cover costs for items including increases in property taxes, pension expenses and maintenance expenses.