Xcel interim 5.2% electric rate increase now in effect. They are asking for 9.6% in '25 and another 3.6% in '26

[nmmi]

That's a lot, that's 6.6%/year for 2 years if one just does the simple math way of (9.6 + 3.6)/2. More likely it compounds, but comes out to the same answer to 2 significant digits.
1.096 * 1.036 = 1.135456;   1.135456^(1/2) = 1.0656, which, is 6.56%/year

I don't know how long it's been since the last rate increase and the article doesn't say, sigh.

Xcel Energy customers see temporary rate increase, public comment period now open, WCCO, 1/1/25

In December, the Minnesota Public Utilities Commission approved a $192 million interim rate which went into effect on Wednesday. Xcel Energy says the interim increase of 5.2% will add about $5.39 to an average residential customer's monthly bill. ((Doing the math, that means the average residential bill is $104/month, and $1248/year, wow -nmmi))

The Minnesota Public Utilities Commission is in the process of reviewing Xcel Energy's petition to increase rates for its customers. During the review, utility companies are entitled to recover a portion of the proposed costs through interim rates, per state law.

Under Xcel Energy's two-year $490.7 (($490.7 million -nmmi)) proposal, the bill for an average residential customer's monthly electric bill would go up 9.6% in 2025 and another 3.6% in 2026.
(snip)

"Our electric proposal supports our ongoing commitment to provide reliable, safe, increasingly clean electric service while keeping costs low for our Minnesota customers," a spokesperson for Xcel Energy told WCCO. "The investments will support the economy of the future, meeting the increasing demand from businesses expanding in our region, electric vehicles, and the electrification of homes and businesses."

More: https://www.cbsnews.com/minnesota/news/xcel-energy-rate-increase-comment-period/

I posted this 4 days ago:

MN Utility customers are behind on their bills by about $100 M, about 2X as much as before the COVID pandemic
https://www.democraticunderground.com/105914240

[hlthe2b]

1. Xcel wanted a 9.5% increase in 2024 in CO, but Colorado Public Utilities Commission (PUC)

approved about half of that. I don't know what the future holds though. I think Xcel tries to make up their losses from states like Texas by jacking up prices in my state and yours. Maybe not, but I am suspicious. Abbott's policies in Texas have definitely cost Xcel...