ST. PAUL, Minn. - Xcel Energy is asking Minnesota regulators for a 10.7 percent increase in electric rates.
The Minneapolis-based utility says it needs $285 million in extra revenue to pay for investments in nuclear power plants and a stronger grid.
Xcel says the increase for a typical residential customer would be about 12 percent or $9 on a monthly bill. Small businesses would see a 10.6 percent increase, and large businesses would pay 9.5 percent more.
The Minnesota Public Utilities Commission will review the request. Xcel Energy officials said that the company has asked for an interim rate increase starting on Jan. 1.
In a statement, Judy Poferl, president and CEO of Xcel's Minnesota region, says the company has been investing more than $1 billion a year to meet customers' expectations for safe, reliable and clean electricity.
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