Xcel Energy said it will reconsider significant investments in Minnesota after state regulators on Thursday approved a three-year rate increase that was much less than what the the state’s largest utility wanted. The utility filed a petition late Thursday asking the PUC to withdraw its $330 million Clean Transportation Portfolio proposal. The centerpiece of that plan would have Xcel building and owning 730 electric vehicle fast chargers in Minnesota, which would make the state home to the largest utility-owned charging system in the country.
By Mike Hughlett Minnesota Star Tribune, JUNE 1, 2023 — 6:12PM
The Minnesota Public Utility Commission (PUC) approved the $306 million — or 9% — increase, which also was less than the state Department of Commerce and an administrative law judge recommended. Xcel was most recently asking for $440 million over three years.
Xcel “is still getting an increase in rates, and they need that to provide reliable and efficient service,” PUC Chair Katie Sieben said in an interview after the vote. “I wasn’t convinced they needed as big an increase as they were proposing. The commission struck a good balance.”
In a statement, Xcel said it was “extremely disappointed with the commission’s decision, which will limit our ability to continue to lead the clean energy transition for our customers.”
Xcel said it will ask the PUC to reconsider its rate decision. The PUC usually rejects such reconsideration petitions, and petitioners then often take their beef to the Minnesota Court of Appeals.
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