DENVER — Xcel is proposing a $45.7 million credit for its Colorado electricity customers, citing lower than expected cost increases and higher customer growth.

In a news release Wednesday, Minneapolis-based Xcel said it was proposing to Colorado’s utilities regulator that the credit be in effect for a year beginning Aug. 1. It says customers in Colorado would see a 1.5 percent reduction in bills, or about $1.17 a month for typical residential customers and $2.33 for typical small-business customers.

A three-year electric rate plan approved by regulators in 2012 had envisioned rate increases in 2012, 2013 and 2014, but also provided for refunds like the one announced Wednesday if warranted.

Xcel nonetheless says it expects to request rate increases for 2015 and beyond.