New Minnesota Electric Rates

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 made a two-year proposal to the Minnesota Public Utilities Commission for electric rates to take effect in 2025 and 2026. Final approval on rates was given by the Commission on July 31, 2026. Our approved 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.

Find out more about our approved 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.

Approved Rates

Under our approved proposal, the average residential customer’s monthly electric bill would increase 2.85%, or $2.78, in 2025 and 2026.
While the Commission considered our rate proposal, it approved interim rates that began Jan. 1, 2025. Because final rates approved by the Commission are lower than interim rates, we will apply a refund in the form of a one-time credit with interest on customers’ bills.
Actual bill increases are mitigated by hundreds of millions of dollars in savings passed-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.