Xcel Energy Minnesota rate case: 5.7% approved in Minnesota

1. Nov 2024Filed with the commission as docket 24-320
2. Jun 2026Commission approved 5.7% (asked: 13.2%)

Xcel Energy (Northern States Power-Minnesota) filed on Nov. 1, 2024 for a two-year electric increase of $490.7 million, or 13.2% overall over 2025-2026 ($353.3 million or 9.6% for 2025, plus $137.5 million or 3.6% for 2026), citing transmission and distribution upgrades, cleaner generation, lower sales and a higher return for investors. Interim rates of $192 million (5.2%) have been on bills since Jan. 1, 2025, subject to refund. On June 18, 2026 the Minnesota Public Utilities Commission approved about $82.9 million (2.3%) for 2025 and $127.3 million (3.4%) for 2026, roughly $211 million over two years with a 9.6% return on equity; Xcel puts the average residential impact at about $5.59 a month. Because final rates are below the interim rates, customers are due a one-time refund with interest, and reconsideration petitions from the Attorney General and the Citizens Utility Board were pending in October 2026.