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Xcel files for rate increase

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Xcel Energy is requesting an increase in its residential rates in New Mexico.

The energy company filed the rate review with the state Public Regulation Commission Monday. According to the company, the increase, if approved, would increase the typical residential bill of 1,000 kilowatt-hours by about 7.5%, or $7.83 a month, compared to previous rates.

But, its announcement said, consumers will experience on average only about a 3.6% increase over 2017 bills because fuel costs have fallen in recent years and are expected to continue to decrease as more wind energy is developed. The 3.6% increase is in line with inflation during the past two years, according to the company.

If approved by the commission during the next six to nine months, the increase would take effect mid-2020 and would increase annual revenues for the company to help pay for its $1.6 billion investments in power generation, power lines and substations that serve the eastern and southeastern part of the state.

The company serves eight western and Midwestern states and has its headquarters in Minneapolis.

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