Minnesota Power Reaches Agreement on Lower Rate Increases for 2024

(KNSI) — Minnesota Power has reached a settlement agreement with the Minnesota Department of Commerce, Attorney General’s Office, and large industrial customers regarding its 2024 electric rate proposal. The agreement, if approved by the Minnesota Public Utilities Commission, will set lower rate increases than originally proposed.

Residential and small business customers will see a final rate increase of about 4.9% compared to the initial proposal. Industrial and large commercial customers will experience an increase of around 4.4%. Customers who paid the previously approved interim rate increase of 8.6% will receive a refund for the difference of around $5 per month for residential customers.

Company officials say the agreement balances customer needs with Minnesota Power’s ability to invest in clean energy initiatives outlined in their EnergyForward strategy. Minnesota Power can also continue grid modernization, invest in renewable energy sources, and create jobs to achieve clean energy goals. The lower rate increase provides some relief for customers.

The PUC will hold public hearings in May to review the settlement agreement. Final approval of the rate increases is expected later in 2024.

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