Colorado OKs 5 percent Xcel rate increase

COLORADO - Colorado regulators have approved an electricity rate increase that will raise Xcel Energy residential customers' bills by about $2.94 a month starting July 1.

The state Public Utilities Commission said electric bills for Xcel's small-business customers will rise by about $4.42 a month.

The total rate increase is $112.2 million, or about 5 percent. Xcel had asked for $159.3 million.

Minneapolis-based Xcel is Colorado's largest electric utility with 1.4 million customers.

Earlier, Xcel proposed a $180.2 million rate increase to start January 1, on top of the increase that was approved.

Xcel says that request would increase typical monthly residential customer's bill by $4.98 and the typical small-business customer's bill by $5.40.