Xcel prices exceed national average as rate increase looms

MINNEAPOLIS – A new analysis from state regulators shows that Xcel Energy’s industrial electricity prices exceed the national average as the company looks to increase rates further.

The Minneapolis Star Tribune reports that the analysis found residential prices are around the national average but industrial customers are paying about 20% more. State regulators want electricity rates for all Minnesotans, including industrial customers, to ring in at least 5% below the national average.

The analysis comes as the utility is seeking regulators’ permission to increase residential rates by 17.5% and industrial rates by 14%.

The utility’s spokesperson says customers’ bills are low relative to national averages, reflecting Minnesotans’ efforts to conserve energy.