Skip to main content

Xcel defends executive pay as it seeks rate hike

  • Author:
  • Updated:
    Original:

Officials at Xcel Energy Inc. are defending the amount of money the Minneapolis-based utility spends on employee compensation.

"We have to compete in the marketplace for good quality employees, so we think it's important that our compensation packages really be pegged to the market average," Regional Vice President Laura McCarten told Minnesota Public Radio. "We understand it's very important for us to control our costs, and to date our costs are below the national average, so I think we've done a pretty good job."

Xcel is requesting a 10.7 percent rate hike that would amount to about $285 million. The Public Utilities Commission granted a 9 percent interim rate increase in December.

The Minnesota Department of Commerce says Xcel should slash $22 million in bonuses for company executives and expensive flights on corporate jets.

The PUC is hosting a series of public hearings, which began Monday. A final decision is expected sometime in September.

Next Up

walz flanagan lorie shaull flickr

Gov. proposes 'Walz Checks' for most Minnesotans

The governor wants to use $700 million of the state's surplus to fund the payments.

Hutch crash booking photo

Walz, Flanagan call on Hennepin Co. sheriff to resign

"I would say that it is time for him to resign," the Lt. Gov. said.

line 3 enbridge portage lake hubbard county mn tony webster flickr

Months after missing deadline, Enbridge says Line 3 aquifer breach is fixed

The company told Bring Me The News it "successfully stopped the flow of groundwater" at the site.

canada bodies found

Baby, teenager among 4 found dead along MN, Canada border

Authorities believe all four froze to death.

unsplash roller rink skates CROP

Former roller rink, tennis courts will become new sports hub

The Wooddale Fun Zone has been closed since spring of 2020.

hibachi daruma

Popular hibachi food truck opens second Twin Cities restaurant

The much-anticipated Daruma opens for takeout Thursday evening.

20211128_Vikings_49ers_REG12_0144 (1)

What changes are coming to the Vikings' offensive line?

Once again, Minnesota has work to do to figure out its interior spots

Kris Ehresmann

One of Minnesota's key COVID-19 leaders is retiring

Kris Ehresmann has given more than 30 years of her life to public health in Minnesota.

summit beach park orono

Plan to develop Orono park on hold after Daytons object

The Dayton family donated the land to the city for the park in the 1970s.

covid nurse doctor hospital wikimedia commons

Child from Twin Cities, school staff member die from COVID

Both deaths were reported by the Minnesota Department of Health Thursday.

snow

3 clippers will deliver snow to Minnesota through Tuesday

Clippers move through Friday night, Saturday night and again Monday.

Related