November 1, 2021
DULUTH – Minnesota Power on Monday proposed to state regulators an electricity rate increase of 17.58%, or $108 million.
The Duluth-based utility’s typical residential customers would see an increase of about $15 a month, and small business customers an increase of $55 a month. The company requested an interim rate increase of 14.2% for all customers, which would take effect in January and would remain until the Minnesota Public Utilities Commission (PUC), which must approve any increase, makes a decision.
The utility told the PUC in a letter that a rate increase that reflects its current revenue and costs was crucial in supporting a “financially healthy utility.”
The request is tied to the company’s clean energy transition, said Frank Frederickson, vice president of customer experience for Minnesota Power.
“We’re proud of the progress we’ve made,” he said, “and we’ve done that while maintaining the reliability and integrity of the system.”
But current rates don’t reflect those investments, the company says.
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