DENVER - Xcel Energy has filed for a $137.7 million electric rate increase that's expected to raise the average residential bill by about $5 a month by 2017.
The Denver Post reports most of the 4.9 percent rate increase would allow Xcel to recover the costs of closing some coal-fired power plants and to convert other coal plants to natural gas.
David Eves, CEO of Xcel subsidiary Public Service Co. of Colorado, says no one wants rates to go up, but "these investments clearly will help Colorado comply with new greenhouse gas requirements."
Part of the proposed increase would go toward installing power-plant emission controls, the cost of rising property taxes for Xcel, and higher depreciation expenses from the early retirement of older coal-fired plants.
The Colorado Public Utilities Commission must approve the proposal.