Texas customer of Xcel Energy can expect a rate increase in their next bill. Over the last 18 months, Xcel Energy has invested over $350 million in new power lines, stations and generators. Because of this, Xcel believes it needs more income to help continue with its expansion.
The agreement that has been proposed would raise the average power bill by $10.94, but that would bring an extra $52.7 million to the Xcel Energy coffers.
Xcel has asked that the first rate increase happen March first while the remainder of the increase would happen in June. This means that half of the rate increase would happen during the hottest part of the year.
Even though the rate increases are forthcoming, Xcel is still one of the cheapest energy solutions around. They consistently rank low in customer pricing while providing energy to millions in and around Texas. Perhaps their expansion can help more people get lower-cost energy.