Dive Brief:
- Xcel Energy is seeking a $291 million rate increase over two years from Minnesota regulators to help pay for its latest round of capital spending, which includes money to upgrade its transmission and distribution system and install new technologies on its grid.
- The rate hike would allow upgrades at its nuclear plants so they can operate another 20 years as well as pay for new wind farms.
- It could take the Public Utilities Commission up to a year to rule on the increase, which is proposed to take effect in 2014.
Dive Insight:
Xcel places a premium on grid reliability. “We saw first hand the importance of a resilient electric grid during the devastating June 2013 storms that resulted in half of our Minnesota customers being without power,” said Dave Sparby, CEO of Xcel's Northern States Power Co. “Our investments and preparation allowed us to restore service far more quickly than utilities in other parts of the country have been able to do after similar events. Minimizing the number and duration of future power outages is one of our top priorities.”