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Minnesota Power Seeks Rate Increase

Minnesota Power has asked state regulators to increase its electric rates. Minnesota Power has asked state regulators to increase its electric rates. |  Photo: WDIO-TV/File

WDIO-TV
Updated: November 02, 2019 02:53 PM

Minnesota Power has asked state regulators to increase its electric rates for residential and small business customers. 

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A news relese says Minnesota Power has requested that the Minnesota Public Utilities Commission allow it to increase it's residential rates by 15% and it's business rates by 10%.

This comes as a result of a drop in revenue from expiring power sales, increasing expenses and an ongoing transition to more renewable sources of power, according to the release.

If approved, the average residential customer who now pays $78 per month would pay an additional $11.66 per month while the average small business would pay an additional $30.05 per month. This increase would boost the company's annual operating revenue from $65.9 million to $688 million.

Minnesota Power spokesperson Amy Rutledge says that the approval process could take 12-18 months.

In the meantime, the company has asked the Minnesota Public Utilities Commission to approve an interim rate increase of 7.7% for all customers on Jan. 1st.

Credits

WDIO-TV

Copyright 2019 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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