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Utilities Commission Considers Xcel Energy Rate Hikes

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(credit: CBS)

(credit: CBS)

DENVER (AP) — The Colorado Public Utilities Commission is holding a hearing on a proposal by Xcel Energy to increase electric rates by $142 million.

The proposal the commission is hearing on Monday from Xcel Energy would increase monthly bills for most residential customers by about $4 a month. The average bill for commercial customers would go up about $5.30.

The commission says more than half of the proposed increase is due to the loss of the Black Hills Electric wholesale contract, which expired at the end of 2011. The company also blames increases in property taxes.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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