Dive Summary:

• Repairs to the extend the life of Xcel’s 43-year-old Monticello Nuclear Power Plant by 20 years are finally finished. But the costs have surged $267 million, or 83 %, over Xcel’s 2008 budget of $320 million. The final cost of repairs is even greater but the Xcel has not released the amount.
• The plant’s ballooning expenses are a major driver behind Xcel’s recent rate hike request one administrative judge wants to see cut in half. Meanwhile, the state Commerce Department contends that Xcel hasn’t justified the cost overruns. Xcel has listed many of the over-budget costs as “trade secrets.”
• The Minneapolis, Minn.-based Xcel Energy plans to restart the plant--Minnesota’s oldest nuclear plant--later this week. A four-month shutdown which started in the spring allowed the utility to replace aging pumps and other equipment, thereby refurbishing the plant and boosting electric output by 12%.

From the article:
“Kleit, the Penn State economist, said ratepayers often take the hit for cost overruns in states such as Minnesota where utilities are subject to traditional rate regulation. He said investors would suffer the loss in states with deregulated power markets, a road Minnesota hasn’t taken.”