Xcel Energy CEO: Expect even higher electricity bills - Bring Me The News

Xcel Energy CEO: Expect even higher electricity bills


An aging infrastructure combined with slower revenue growth could lead to much higher utility rates. That's what Benjamin Fowke, chairman, president and CEO of Xcel Energy Inc., told those attending a 2013 Industry Outlook event in Minneapolis on Tuesday, the Business Journal reports. He believes rates could see their biggest jump in decades.

"We have seen a real decline in energy sales," Fowke said. "It used to be fairly predictable that as a utility you could take [gross domestic product] times 70 percent and that was your electric sales growth. That's not the fact anymore."

Xcel, the state’s largest electric utility based in Minneapolis, began charging its Minnesota customers a 9 percent interim rate hike on Jan. 1 — increasing electric bills about $8 per month. Xcel is seeking an even larger rate increase of 10.7 percent.

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