Xcel Energy Granted a GIGANTIC Rate Hike in Colorado
Geezus. I wonder how much Xcel Energy paid under the table for this:
Xcel Energy has struck an agreement with regulators, consumer advocates and businesses that would raise electricity rates in Colorado $114 million over three years.
The utility had originally sought a $142 million increase for 2012.
The settlement, which must be approved by the Colorado Public Utilities Commission, would raise the typical residential bill, in three annual steps, by a total of $3.70 a month, or about 5.5 percent.
The original request would have raised the average monthly residential bill by $4, to $71, for 2012.
Xcel, the state’s largest utility, won the proposed rate hike in the face of stiff opposition from state regulators, businesses and consumers, and after failing to get an interim rate increase from the commission.
So Xcel got a rate increase of $114 million over three years. Here’s the kicker:
The utilities commission staff recommended that Xcel receive a $7.3 million hike. The state Office of Consumer Counsel, representing residential and small-business customers, suggested $9.4 million.
It isn’t clear whether the numbers immediately above are for one year or three, but it doesn’t matter. Xcel was cleared to hike rates $114 million over three years, hugely higher than the recommended amounts, even if they are multiplied by three.
How did this happen? How did Xcel get a hike so wildly and hugely above what was recommended?
There can be only one answer. Xcel owns some people. It’s called the corporatocracy.