Xcel Energy electricity rates set to rise

Xcel Energy is raising electricity rates this month an average of $4 for households.

Why it matters: The cost of living will increase for 1.6 million Colorado customers, just as inflation remains stubbornly high in the state.

What to know: About a quarter of the rate hike will pay the utility's costs to decommission five coal-fired power plants, the Colorado Sun reports.

Between the lines: Colorado regulators approved the $96 million rate hike in 2022 — not the full $312 million increase requested — citing concerns about ever-increasing costs for consumers and an over-budget hydropower project.

Flashback: Xcel energy increased electricity bills an average $5.24 a month in April 2022.