PUC approved reduced rate increase for Xcel Energy - KSFY News - Sioux Falls, SD News, Weather, Sports

PUC approved reduced rate increase for Xcel Energy

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The South Dakota Public Utilities Commission approved a reduced rate increase for Xcel Energy.

Xcel Energy sought an increase of 9.28 percent, or $14.6 million in additional annual revenue. The Public Utilities Commission approved the reduced rate increase of 5.12 percent on Tuesday trimming $6.5 million in additional revenue from Xcel Energy's initial request.

"Rate increase requests are among the most difficult processes the PUC deals with," said Chairman Chris Nelson. "The final rate represents a significant reduction from the original request and reflects the diligence of the PUC staff to hold the rate increase to the lowest level possible for consumers while allowing Xcel adequate return to meet its needs."

Xcel Energy implemented an interim rate increase of 8.09 percent this January. Xcel Energy will submit to the Public Utilities Commission a plan to refund customers the difference between the interim rate and the final approved rate.

The interim rate and corresponding refund period is from January 2012 through July 2012. The new rate takes effect August 1.

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