Xcel Energy Proposes $318 Million Refund or around $81 Per Customer in Minnesota

MINNEAPOLIS, Minn. (KVRR) — Xcel Energy is giving its customers in Minnesota an average refund of $81.

Most of the refund is coming from federal tax credits on the energy generated by the company’s nuclear fleet.

The credits were created under the Inflation Reduction Act.

The nuclear energy generation tax credits will make up $176 million, about 55%, of the company’s overall $318 million refund.

Lower fuel costs make up 30% of the overall refund.

If it’s approved by Minnesota Public Utilities Commission, the refund will be spread out in monthly bills through March 2026.

Xcel Energy has nuclear power plants in Monticello and Prairie Island.

They produce nearly 25% of the electricity used by customers across the company’s five-state Upper Midwest system.