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Minnesotans are struggling with utility costs while executives are paid millions

April 21, 2025
Brandon Crawford
Minneapolis skyscrapers from the ground level

Over the course of 2024, regulated utilities disconnected over 91,000 Minnesota households from electricity and natural gas services. This staggering figure underscores the challenges with utility affordability faced by customers around the state. 

Utility executives, in contrast, were paid millions. Many of the costs associated with compensating these executives are borne by the same customers struggling to keep their lights on and their homes comfortable. CUB has sought to limit ratepayer contributions to these exorbitant compensation amounts in several recent rate cases.   

Under Securities and Exchange Commission (SEC) rules, publicly traded companies must disclose how chief executive officer (CEO) compensation compares to median employee income. This information provides necessary transparency and allows consumers to be more informed about the businesses they spend money with, including the utilities from which they receive electricity and natural gas services.  

The compensation amounts below represent payments to the CEOs of parent corporations, whose subsidiaries include Minnesota’s regulated gas and electric utilities, as well as unregulated businesses. For each utility, CEO pay is compared to the median income of company employees, as well as median household income. Although state income data has not been updated for 2024, the median household in Minnesota earned just over $85,000 in 2023.  

  • Northern States Power Company (Xcel Energy): Northern States Power Company is a subsidiary of Xcel Energy. Xcel’s CEO was compensated $12.9 million in 2024, or 99 times more than the company’s median employee with a salary of $130,406, and 152 times more than the median Minnesota household. 
  • Minnesota Energy Resources (WEC Energy Group): Minnesota Energy Resources Corporation, or MERC, is a subsidiary of WEC Energy Group. The CEO of WEC Energy Group was compensated $10.9 million in 2024, or 81 times more than the company’s median employee with a salary of $134,997, and 129 times more than the median Minnesota household. 
  • CenterPoint Energy: CenterPoint Energy Minnesota Gas is an operating division of CenterPoint Energy Resources Corporation, a wholly owned subsidiary of CenterPoint Energy, Inc. The CEO of CenterPoint Energy, Inc. was compensated $9.6 million in 2024, or 79 times more than the company’s median employee with a salary of $121,266, and 113 times more than the median Minnesota household.  
  • Otter Tail Power Company: Otter Tail Power Company is a subsidiary of the Otter Tail Corporation. Otter Tail’s CEO was compensated $6.4 million in 2024, or 81 times more than the company’s median employee with a salary of $78,729, and 75 times more than the median Minnesota household. 
  • Great Plains Natural Gas (MDU Resources Group): Great Plains Natural Gas is a part of the Montana-Dakota Utilities Company, a subsidiary of MDU Resources Group. The CEO of MDU Resources Group was compensated $5.6 million in 2024, or 52 times more than the company’s median employee with a salary of $107,705, and 66 times more than the median Minnesota household.  
  • Minnesota Power (ALLETE): Minnesota Power is an operating division of ALLETE, Inc. The CEO of ALLETE was compensated $3.7 million in 2024, or 27 times more than the company’s median employee with a salary of $138,809, and 44 times more than the median Minnesota household.