Xcel Energy Issuing Refunds from Federal Tax Credits

(Learfield News/St. Paul, MN) — Xcel Energy plans to refund Minnesota customers an average of 81 dollars, funded mainly by federal tax credits from the Inflation Reduction Act.

Nuclear energy credits will contribute $176 million, about 55% of the total $318 million refund. Lower fuel costs will account for around 30% of the refund.

If approved by the Minnesota Public Utilities Commission, the refunds will be applied to monthly bills until March 2026.

Xcel operates nuclear plants in Monticello and Prairie Island, producing nearly 25% of the electricity for its Upper Midwest customers.