News about Xcel Energy

Xcel Energy, Minnesota's largest electric utility, proposes freezing its electricity rates for two years and postponing any rate increase requests until at least November 2028. In exchange, it wants regulators' permission to use federal tax credits from five planned battery storage projects sooner than expected. The company says the plan would still allow it to invest almost $4.5 billion in the state's electric system over the next two years. The proposal comes as customers complain about rising utility costs following a 5.8% increase over two years approved in June, which drew strong opposition. Attorney General Keith Ellison and consumer advocates asked regulators to reconsider, but the Public Utilities Commission declined and instead launched a statewide investigation into the affordability of electric and natural gas service.