North Dakota PSC approves Xcel tax reform settlement
BISMARCK -- North Dakota utility regulators unanimously approved an agreement with Xcel Energy requiring it to refund its electric customers in the state almost $9.8 million due to federal tax cuts Wednesday, Feb. 6.
The agreement was first unveiled in October before the all-Republican Public Service Commission gave its blessing Wednesday. It includes a two-year moratorium preventing the company from imposing new base rates until 2021.
Minneapolis-based Xcel Energy previously estimated residential customers would see an average one-time refund of $46.
The settlement was a response to the federal tax cuts backed by President Donald Trump that passed in 2017.