Xcel Energy compromises with State Regulators over storm costs

Photo by: Xcel Energy
Photo by: Xcel Energy

(St. Paul, MN) -- Xcel Energy is withdrawing a highly contested request for a 122-million dollar rate increase after reaching a compromise with state regulators.

The increase was intended to recoup costs after massive storm damage.

The Minnesota Public Utilities Commission has unanimously accepted an alternative plan from the Minneapolis-based company.

The complicated plan involves changes in accounting for certain costs and revenues.