The Minnesota Public Utilities Commission (MPUC) issued a verbal decision on June 18, 2026, approving an estimated $211 million electric rate increase over two years for Xcel Energy's subsidiary, Northern States Power Company. The approved amount is lower than the company's updated request of $365 million. Following the decision, Xcel Energy reaffirmed its full-year 2026 earnings guidance.

Key Details

  • Approved Rate Increase: Approximately $211 million over two years, representing an average increase of 2.9% per year.
  • Return on Equity (ROE): Set at 9.60%, an increase from the current 9.25%, while maintaining the 52.5% equity ratio.
  • 2026 EPS Guidance: The company reaffirmed its ongoing earnings per share guidance of $4.04 to $4.16.
  • Next Steps: A final written order from the MPUC is expected by July 31, 2026.