Summary
Xcel Energy Inc.'s subsidiary, Northern States Power Company (NSP-Minnesota), filed a request with the North Dakota Public Service Commission (NDPSC) on December 18, 2012, seeking an overall increase in annual retail electric revenues of approximately $16.9 million, representing a 9.25% increase. This request is based on a 2013 forecast test year and aims to cover increased operational costs and investments. The primary drivers cited for the rate increase include significant investments and costs associated with operating and extending the life of nuclear plants, expanding power output at the Monticello plant, and refreshing and upgrading the electric grid and other power plants. NSP-Minnesota also proposed to implement interim electric rates of approximately $14.7 million, effective February 16, 2013, subject to refund, pending the NDPSC's final decision expected in the fourth quarter of 2013. This filing is a standard regulatory process to ensure the utility can recover its costs and maintain service reliability.
Key Highlights
- 1NSP-Minnesota, a subsidiary of Xcel Energy, filed for a 9.25% increase in annual retail electric revenues, totaling approximately $16.9 million.
- 2The rate increase request is based on a 2013 forecast test year.
- 3Key cost drivers include investments in nuclear plant operations and life extension, Monticello plant power output expansion, and electric grid upgrades.
- 4NSP-Minnesota requested an interim rate increase of $14.7 million, effective February 16, 2013, subject to refund.
- 5A final decision from the North Dakota Public Service Commission (NDPSC) is anticipated in the fourth quarter of 2013.
- 6The filing details a requested return on equity of 10.6% and an electric rate base of approximately $377.6 million.