NEWS: Xcel Energy wants to pause rate increases for Minnesotans until 2028.

Brrr: Xcel Energy has proposed freezing its Minnesota electric base rates for two years, pending approval from the Minnesota PUC. How? Xcel would draw on federal tax credits from planned energy storage projects, along with “cost recovery tools already approved by regulators.” 

Upgrades won't have to wait: Xcel said it could still invest some $4.5B into MN’s electric system over the next two years, including $1.1B for clean energy and battery storage, and $1.4B for distribution equipment.

The timing: This announcement arrives weeks after the company pledged that data centers won’t raise its rates (amid growing customer concerns over bill increases and complaints around faulty billing).

The trend: Other utilities, including National Grid, have recently proposed similar pauses. Last year, the Georgia PSC approved Georgia Power’s plan to freeze base rates through 2028, and the utility intends to ask regulators to freeze them again in the future, a representative told us.