Minnesota Electric Rate Proposal

At Xcel Energy, we work hard every day to provide the energy that our customers depend on. We’re proud to be one of the country’s largest electric utilities, serving nearly 1.5 million customers in Minnesota with affordable, reliable electricity.

On Nov. 1, 2024, Xcel Energy proposed new electric rates for Minnesota customers to begin in 2025 and 2026. Our rate proposal supports our commitment to provide reliable, safe, and clean electric service to our customers by funding investments in:

Enhanced reliability and resiliency of the system that serves customers.
Clean energy projects that lock in fuel savings for customers.
Our carbon-free nuclear plants that are key to meeting our clean energy goals.
Preparing the system for expected growth of electricity use.
Improvements for a better customer experience.

Read our customer notice about interim rates (PDF)
Find out more about our electric rate proposal (PDF)

We are committed to helping customers who may be struggling with their bills. If you’re having trouble keeping up with your bill, we’re here to help (external link).

Contact us (external link) and we will work with you to set up a payment plan and connect you with other resources that can help.

Proposed Rates

If new rates are approved as proposed:

Under our proposal, the average residential customer’s monthly electric bill would increase 6.2%, or $5.94, in 2025 with an additional increase of 5.4%, or $5.12, in 2026.
While the Commission considers our rate proposal, it approved interim rates that begin Jan. 1, 2025. The interim rate increase will add about 5.7%, or $5.41, to an average residential customer’s monthly bill. If final rates approved by the Commission are lower than interim rates,we would apply a refund in the form of a one-time credit with interest on customers’ bills.
However, actual bill increases will be lower as we pass hundreds of millions of dollars in savings on to customers in the next two years, as a result of lower costs for the fuel used to generate electricity and federal tax credits for our carbon-free nuclear energy generation.
We anticipate a Commission decision in summer 2026.