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For Immediate Release:
October 24, 2024
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Minnesota Public Utilities Commission
Contact: Cori Rude-Young, 651-201-2241
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Minnesota Public Utilities Commission approves settlement for Minnesota Power rate case
St. Paul, Minn. – The Minnesota Public Utilities Commission (MPUC) approved a settlement regarding Minnesota Power's 2023 electric rate proposal, reducing the proposed increase by nearly $55 million dollars. Minnesota Power originally asked for a 12% increase for all customers, worth $89.1 million. The settlement is for a 4.9% rate increase for residential and small business customers and a 4.4% increase for industrial and large commercial customers, worth $34 million.
This smaller rate increase means Minnesota Power will issue refunds to its customers. The MPUC approved a temporary 8.6% increase that began in January. The difference between the interim rate and final rate will be refunded to customers, with interest, through bill credits. According to Minnesota Power, the credit is roughly $30-40 for the average residential customers.
The company’s settlement was with the Minnesota Department of Commerce, the state Attorney General’s office, and a coalition of large industrial customers.
About
The Minnesota Public Utilities Commission regulates three cornerstone service industries in Minnesota's economy: electricity, natural gas and telephone. The Commission’s mission is to create and maintain a regulatory environment that ensures safe, adequate, and efficient utility services at fair, reasonable rates consistent with State telecommunications and energy policies. It does so by providing independent, consistent, professional, and comprehensive oversight and regulation of utility service providers. Learn more at mn.gov/puc.
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