Minnesota Power's Agreement With Stakeholders on Lower Rate Increase Approved by Minnesota Public Utilities Commission [Yahoo! Finance]
Allete, Inc. (ALE)
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Source: Yahoo! Finance
Minnesota Power's 2024 electric rate proposal that will lower rates for all customers in early 2025. Minnesota Power reached the agreement with the Minnesota Department of Commerce, Minnesota Attorney General's Office and Large Power Intervenors in April after making its initial rate request in November 2023.. The MPUC approved a final rate increase of about 4.9% over 2023 rates for residential and small business customers, or about $5 per month for the average residential customer, and about 4.4% over 2023 rates for industrial and large commercial customers. The final rate is lower than the interim rate increase of 8.6% that went into effect in January of this year, which means residential customers will see a small decrease in their monthly bills. The difference between the interim rate and final rate will be refunded to all customers, with interest, through a one-time bill credit after the final rates are in place in early 2025. Today's approval also set Minnesota Power's ret
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