Xcel Energy proposes 2-year electric rate freeze

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Minnesota’s largest electric utility says it would postpone any requests to raise its base electricity rates until at least 2028 under the plan.

Xcel Energy is proposing to keep electricity rates flat for two years as Minnesotans’ complaints about rising utility costs mount.

The state’s largest electric utility says under the plan, filed with the state Public Utilities Commission last week, it would postpone any requests to raise its electricity rates until at least November 2028.

In exchange, Xcel wants permission from state regulators to use federal tax credits from planned battery storage projects sooner than expected.

Xcel expects to receive those credits from the federal Inflation Reduction Act for five battery projects near the retiring Sherco coal plant in Becker, at its...