Xcel Energy Rate Hike Request Challenged:
A MN state agency is taking on Xcel Energy over a proposed rate increase–knocking it down by $107 million, or more than half the planned increase of $198 million. “Xcel overestimated costs and underestimated revenue in 2011,” concluded the MN Dept. of Commerce. Xcel Energy is a public utility–CEO Richard Kelly earned $11 million last year, mostly from vested stock.
Note: Xcel is the lead utility in the CapX2020 ultra high voltage power line project (from the Dakotas, through Minnesota to La Crosse, WI) and would connect to the Badger Coulee Line (American Transmission Company) in La Crosse and travel to Madison, WI. Rate increases to electricity rate payers are used to pay for the massive 345Kv lines (15 story high towers) which have been contested in the MN court of appeals and continue to be challenged by citizens groups such as CETF and NoCapx2020.info. The utilities will profit and the users will pay.
Star Tribune April 6, 2011 Full Article here: