Advertisement

Utilities to Save Millions Due to Federal Tax Cuts

Minnesota utilities will save millions due to changes in federal tax law, but it's unknown if any of the savings will be passed on to customers. Minnesota utilities will save millions due to changes in federal tax law, but it's unknown if any of the savings will be passed on to customers. |  Photo: WDIO-TV

Created: March 06, 2018 10:11 AM

MINNEAPOLIS (AP) - Xcel Energy has notified regulators its revenue needs this year will be reduced by about $140 million due to federal tax cuts.

Advertisement – Content Continues Below

But, it remains to be seen how much of that savings will be passed to utility customers. In a filing with the Minnesota Public Utilities Commission, Xcel says customers will "receive the full value of the tax reform benefits," without being specific.

Xcel is the state's largest electric utility company. Minnesota's largest gas utility, CenterPoint Energy, says it plans to return any savings to its customers. The Star Tribune reports the savings could be applied to the utility's current rate hike request of 6.4 percent.

Meanwhile, Minnesota Power, based in Duluth, says its $23 million in savings could be used to cover costs. It recently announced cost-cutting plans that are likely to include layoffs.

___

Information from: Star Tribune

Copyright 2018 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Opponents, Supporters of Trump Administration Weigh in on President's Visit

Multiple Agencies in Duluth Preparing for President Trump's Visit

Loan Program Aimed at Revitalizing Cloquet's West End

27 New Foods at the Minnesota State Fair

LS&M Railroad Cleans Up Fall Storm Damage

City of Duluth Holding Drawing for Vacation Unit Permits

Advertisement