Xcel plans higher electric rates during peak evening hours, lower overnight costs
FEBRUARY 6, 2024
Xcel has asked state utility regulators to let it switch Minnesota electric customers to variable rates, which on summer weekdays would be seven times more expensive from 3-8 p.m. than between midnight and 6 a.m., and nearly twice as expensive as all other hours.
If approved, the plan would be a monumental change from the flat rates currently used by the Minneapolis-based power company. The potential shift, first reported by Energy News Network, is meant to ease pressure on the electric grid when demand is highest, help the utility better use wind power generated at night, and give customers more control over their power bill.
