South Dakotan’s will be paying more for their electricity after the Public Utilities Commission approved a settlement stipulation submitted by Excel Energy at a meeting in Pierre on May 8th. The settlement allows the company to increase overall electric rates by 25.6 million dollars, or about 9.5%. The approved rate is about 41% less than Xcel’s original request. The new rates will become effective on July first. Xcel’s last rate increase came in 2023.
Xcel implemented interim rates for South Dakota the first of January but with the new rates being lower than originally requested the company will be refunding the difference with interest later this summer. The average customer should see about a $43.00 refund.
Under the new agreement Xcel will not be able to request another increase until January 2029.
