$650 million Xcel plan for Mankato power plant wins support from Minnesota PUC

Minnesota state regulators on Thursday approved a plan by Xcel Energy Inc. to buy a natural gas power plant in Mankato, currently owned by Southern Power, for $650 million.

The Star Tribune reports on the unanimous vote by the state Public Utilities Commission, which came after Minneapolis-based Xcel (NYSE: XEL) restructured the deal so that the company’s shareholders — not ratepayers — will bear the risk of the purchase. The PUC previously opposed Xcel’s plan, and the state’s attorney general…

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