April 23, 2020
Jimmy Lovrien
If approved by regulators, Minnesota Power’s Jan. 1, 2020, rate increase will decrease from 5.8% to 4.1%, and the difference will be refunded to customers.
Minnesota Power is aiming to lower its proposed rate hike and refund the difference to customers amid the COVID-19 pandemic.
The Duluth-based energy company last year sought to increase residential rates by 15% and business rates by 10%. In December, the Minnesota Public Utilities Commission approved a temporary 5.8% increase across all customers that went in effect Jan. 1 as it weighed the company’s full rate increase amount.
On Thursday, Minnesota Power proposed to regulators lowering that 5.8% increase to a 4.1% increase. If that is approved by regulators, it would then refund the difference from the last few months later this summer. The company said it will also not seek another rate hike until at least March 2021.
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