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Xcel Energy asks regulators to allow rate increase

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Xcel Energy has asked state regulators for authorization to increase its rates in 2018.

The energy company announced Friday that it had filed a request with the New Mexico Public Regulation Commission to increase its non-fuel base ate revenues by $42.5 million a year by the latter part of 2018.

That would mean an 11 percent overall increase for customers, the company indicated, although individual customer bills will be affected differently. The Xcel release stated that the typical residential customer using 1,000 kilowatt-hours a month would pay $9.11 more a month if the new rates are approved, an increase of about 8.5 percent.

The company said the increased revenue is needed to strengthen, build and expand electric infrastructure for its customers. It also said that it currently provides some of the lowest-cost electricity in the state and nation, with its residential rates 19 percent less than the state average and 27 percent lower than the national average.

Publicly traded on the New York Stock Exchange, Xcel Energy supplies electricity to homes and businesses in eight Western and Midwestern states. It has its headquarters in Minneapolis, Minnesota.

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