Minnesota Power reaches electric rate settlement with state agencies

Minnesota Power, a utility division of ALLETE Inc., has reached a settlement agreement on its 2024 electric rate proposal with the Minnesota Department of Commerce, Minnesota Attorney General’s Office and Large Power Intervenors. If approved by the Minnesota Public Utilities Commission, the agreement would set final rate increases of about 4.9% for residential and small business customers and about 4.4% for industrial and large commercial customers and would set Minnesota Power’s return on equity at 9.78% and allow cost recovery outside a rate case for certain environmental costs and capacity purchases, Minnesota Power said.