MINNEAPOLIS (KFGO/KVRR) — Xcel Energy is starting to send over $130 million to its upper midwest customers from federal tax credits on the energy generated by the company’s nuclear fleet.
That brings the total savings to over $330 million over the first two years of the credits.
The company has two nuclear plants in Minnesota near Monticello and Red Wing.
An Xcel spokesperson says they deliver more than one-quarter of the electricity that their upper midwest customers use to power their homes and businesses.
The average refund will be $2.46 per month in Minnesota over a nine-month period starting April 1. $2.05 per month in North Dakota over a 12-month period starting April 1. And $2.26 per month in South Dakota over a 10-month period likely to start May 1.
“Our Monticello and Prairie Island nuclear plants are critical to our region’s energy security. Together, they deliver more than one-quarter of the electricity that our Upper Midwest customers use to power their homes and businesses,” said Bria Shea, president of Xcel Energy—Minnesota, North Dakota and South Dakota. “We advocated for these tax credits on nuclear energy generation in federal law. They represent yet another way our carbon-free, always-available nuclear fleet delivers for our customers and states.”
The federal tax credit for nuclear energy generation was created under a 2022 federal law and continued under a 2025 law.
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