Minnesota regulators OK single-digit rate hikes for customers at Xcel, which wants electricity rates to go up by 21.2%

ST. PAUL, Minn. (AP) — Minnesota regulators have signed off on higher electric and natural gas prices for Xcel Energy residential customers.

The state Public Service Commission issued a news release Thursday saying the utility had asked to increase electric rates by 9.4% and natural gas rates by 4.9%.

The commission said it has approved an interim electric rate increase of 6.4% and an interim natural gas rate increase of 3.9%.

All told, the interim increases will translate to $5.54 more a month for average electric customers and 60 cents more a month for average gas customers.

Xcel wants to raise electric rates by 21.2% and natural gas rates by 6.6%.

The commission expects to make final decisions on those requests in 2023 — a year before Xcel’s naming rights deal for the Minnesota Wild’s arena expire. In 1999, Xcel paid $75 million for a 25-year deal to call it the Xcel Energy Center.

State law authorizes public utilities to recover interim rates while the panel evaluates a full rate request.