Xcel Energy: Approved rate increase is 3.8 percent

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Xcel Energy told its investors Friday that Minnesota regulators have approved a rate increase of about 3.8 percent for the company, which would bring it $103 million.

The Minnesota Public Utilities Commission approved the increase on Thursday but did not immediately say what it would be.

Xcel Energy originally sought a 10.7 percent increase last November but revised the request downward several times. An administrative law judge last month recommended a 4.7 percent increase.

Xcel rate payers have been charged a 9 percent rate hike since January. They will receive refunds plus interest on future bills.