Xcel Energy seeks to freeze Minnesota electric rates until 2028

Xcel Energy has requested that the Minnesota Public Utilities Commission allow the company to postpone its next electric rate increase until at least November 2028. The proposal aims to provide customers with greater stability and predictability regarding their monthly utility costs.

The utility plans to utilize federal tax credits associated with upcoming battery storage projects to offset costs while continuing infrastructure investments. Despite the proposed rate freeze, Xcel Energy expects to invest approximately $5.4 billion into Minnesota’s electric system over the next two years. This includes $1.4 billion for the distribution system—covering underground cables, poles, and substation equipment—and $1.1 billion dedicated to clean energy generation.