MINNEAPOLIS (KFGO/KVRR) — Xcel Energy is refunding customers in Minnesota an average of $81, mostly funded by federal tax credits on the energy generated by the company’s nuclear fleet.
The credits were created under the Inflation Reduction Act.
The nuclear energy generation tax credits will make up $176 million, about 55%, of the company’s overall $318 million refund. Lower fuel costs make up 30% of the overall refund.
If it’s approved by the Minnesota Public Utilities Commission, the refund will be spread out in monthly bills through March 2026.
Xcel Energy has nuclear power plants in Monticello and Prairie Island.
Those plants produce nearly 25% of the electricity used by customers across the company’s five-state Upper Midwest system.
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