(KNSI) – The average Xcel Energy customer will likely see an $81 refund over the next year.
The utility says it is sending back $318 million to home and business owners thanks to federal tax credits it receives for its nuclear plants. This would be the first time the company has issued a refund tied to the credits. Also factoring into the decision was the Fuel Clause Adjustment process. Lastly, Xcel owes Minnesota ratepayers $48 million due to a 2011 outage at the Sherburne County Generating Station.
About 25% of the electricity used by Xcel’s five-state Upper Midwest region is produced at either the Monticello Nuclear Generating Plant, or Prairie Island Nuclear Generating Plant near Red Wing. Monticello’s operating license was recently extended. Xcel intends to seek the same for Prairie Island soon.
The refunds will be paid out every month until March 2026, assuming the Minnesota Public Utilities Commission okays the plan.
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