Minnesota Power’s agreement with stakeholders on lower rate increase approved
October 25, 2024
The Minnesota Public Utilities Commission (MPCU) approved a settlement agreement on Minnesota Power’s 2024 electrical rate proposal on Thursday, October 24. This settlement will lower rates for all customers starting in early 2025.
“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,” explained Amy Rutledge, Director of Corporate Communications. “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.”
