# Xcel Energy Proposes Freezing Minnesota Electric Rates Until at Least November 2028 > Xcel Energy proposed freezing Minnesota electric rates for two years, postponing increases until at least November 2028. - Published: 2026-10-18T12:39:21+00:00 - Section: Regulation & Approvals - Author: News Desk - URL: https://newsforagent.com/news/2026-10-18/xcel-energy-minnesota-rate-freeze-proposal - Source: [EIN Presswire](https://www.einnews.com/article/950525692/live) ## Key takeaways - Xcel Energy filed a plan with Minnesota's Public Utilities Commission to postpone electric rate increases until at least November 2028. - Xcel expects to invest almost $4.5 billion in Minnesota's electric system over the next two years. - The plan would let Xcel use federal Inflation Reduction Act tax credits from five battery projects near the retiring Sherco coal plant, at Blue Lake in Shakopee and in Nobles County. Xcel Energy proposed freezing electricity rates for two years, postponing rate increases until at least November 2028, the utility said in a filing with Minnesota's Public Utilities Commission last week. EIN Presswire [carried the announcement](https://www.einnews.com/article/950525692/live). ## Xcel's Minnesota Rate Freeze Filing Xcel Energy is Minnesota's largest electric utility. The company said the plan would let it continue to invest almost $4.5 billion in Minnesota's electric system over the next two years and help offset rising costs. In exchange, Xcel wants state regulators to let it use federal Inflation Reduction Act tax credits from planned battery storage projects sooner than expected. Xcel expects those credits from five battery projects near the retiring Sherco coal plant in Becker, at its Blue Lake facility in Shakopee and in Nobles County. "This request demonstrates Xcel Energy's commitment to keeping rates stable today while continuing to deliver safe, reliable electric service and make investments that power tomorrow," said Bria Shea, president of Xcel in Minnesota, North and South Dakota, in a news release. The proposal comes as state regulators examine the cost of electricity at a time when many Minnesotans are struggling to pay their utility bills. Xcel's most recent rate increase, which state regulators approved in June, was 5.8 percent over two years. That proposal generated thousands of comments opposed to the increase. Minnesota Attorney General Keith Ellison and consumer advocates asked the Public Utilities Commission to reconsider the decision, but it declined. Instead, it launched a statewide investigation to examine the affordability of electric and natural gas service provided by regulated utilities, including Xcel. ## Earlier Xcel Energy Regulatory and Community Events Minnesota's Public Utilities Commission ordered Xcel Energy on October 5, 2026, to explain a billing spike after complaints of missing solar credits and late fees, The Cool Down reported. The commission directed monthly error counts for the utility, which serves 1.5 million customers. On October 6, 2026, Xcel Energy, SEMCO and UPPCO announced the sale of Xcel's Michigan natural gas operations to SEMCO and electric operations to UPPCO, Stock Titan reported. The deal would serve 6,000 gas and 9,000 electric customers in Gogebic and Ontonagon counties, with service continuing without interruption. ## How Other Utilities' Rate Cases Compare Hawaii's Public Utilities Commission adopted a settlement on October 15, 2026, allowing Hawaii Water Service to increase annual revenue by about $1.94 million for its Kapalua water and wastewater systems, [TradingView](https://www.tradingview.com/news/globenewswire:a0e908c81094b:0-hawaii-public-utilities-commission-issues-general-rate-case-decision-for-hawaii-water-service-s-kapalua-water-and-wastewater-systems/) reported. The increase includes nearly $1.47 million for water and over $469,000 for wastewater, recognizing $5.86 million in capital improvements, with new rates taking effect this month. Virginia regulators approved Dominion Energy's fuel cost recovery and securitization on October 7, 2026, [Utility Dive](https://www.utilitydive.com/news/virginia-regulators-approve-dominions-fuel-cost-recovery-securitization/832387/) reported. The approval adds $2.691 billion in projected fuel costs and $65.8 million in underrecovered costs, spreading recovery over seven years and raising a typical residential bill by $7.97 for fuel and $2.26 for securitization. Edmonton city council is considering raising Epcor's franchise fee from 17.65% to 20%, effective January 1, 2027, the Edmonton Journal reported on October 5, 2026. The increase could add $31,500 per month to post-secondary institutions' utility bills and $10,400 to large commercial businesses, bringing in an additional $14.8 million annually. ## What Comes Next for Xcel's Proposal Xcel's filing asks the Public Utilities Commission to allow earlier use of the federal tax credits from the five battery projects. The commission is also conducting its statewide affordability investigation into regulated electric and natural gas service, including Xcel's. ## Companies in this story - Xcel Energy · website: https://www.xcelenergy.com --- News for Agent · https://newsforagent.com/llms.txt