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Xcel will reassess investments in Minnesota after regulators' rate hike de... https://www.startribune.com/minnesota-regulators-approve-9-percent-th... BUSINESS Xcel will reassess investments in Minnesota after regulators' rate hike decision Regulators approved a 9%, three-year rate increase, much less than Xcel had requested. The state's largest utility says it will ask for a reconsideration of the decision. By Mike Hughlett (https://www.startribune.com/mike-hughlett/6370445/) Star Tribune JUNE 1, 2023 — 6:12PM Xcel Energy said it will reconsider significant investments in Minnesota after state regulators on Thursday approved a three-year rate increase that was much less than what the the state's largest utility wanted. The Minnesota Public Utility Commission (PUC) approved the $306 million — or 9% — increase, which also was less than the state Department of Commerce and an administrative law judge recommended. Xcel was most recently asking for $440 million over three years. Xcel "is still getting an increase in rates, and they need that to provide reliable and efficient service," PUC Chair Katie Sieben said in an interview after the vote. "I wasn't convinced they needed as big an increase as they were proposing. The commission struck a good balance." In a statement, Xcel said it was "extremely disappointed with the commission's decision, which will limit our ability to continue to lead the clean energy transition for our customers." Xcel said it will ask the PUC to reconsider its rate decision. The PUC usually rejects such reconsideration petitions, and petitioners then often take their beef to the Minnesota Court of Appeals. Xcel said that in the wake of the PUC's decision, it will re-evaluate its planned investments in "a cleaner, more reliable system for our customers." JASON WACHTER. ASSOCIATED PRESS Xcel customers will see their bills increase, but not as much as the utility wanted. 170 1 of 3 6/2/2023, 12:04 PM