Xcel Energy Announces MPUC Verbal Rate Decision for NSP‑Minnesota

What Happened Xcel Energy (through subsidiary Northern States Power Company — Minnesota) reported a June 18, 2026 verbal decision from the Minnesota Public Utilities Commission (MPUC) in NSP‑Minnesota’s electric rate case. The MPUC’s verbal terms estimate an approximate $211 million rate increase over two years (about a 2.9% average annual increase), set a return on equity (ROE) of 9.60% (up from the company’s current 9.25%), and maintained a 52.5% equity ratio. A final written MPUC order is expected by July 31, 2026. Xcel reaffirmed its 2026 ongoing earnings-per-share guidance of $4.04 to $4.16.

Key Details

• Original filing (Nov 2024) requested ROE of 10.3%, 52.5% equity ratio and rate base of $13.2B for 2025 and $14.0B for 2026.
• MPUC approved interim rates of $192 million in Dec 2024, effective Jan 1, 2025.
• NSP‑Minnesota updated its rebuttal revenue request to $365 million in Oct 2025; MPUC’s verbal decision now estimates ~ $211 million increase over two years.
• Decision continues existing true-up mechanisms (including sales true-up) and authorizes new tracker mechanisms.

Why It Matters Regulatory rate decisions drive utility revenue and therefore can affect earnings and cash flow. The MPUC’s verbal decision raises the allowed ROE slightly and projects a meaningful multi-year revenue increase, while Xcel’s reaffirmation of 2026 EPS guidance indicates management expects this outcome to be consistent with current guidance. The decision remains subject to the final written order and other regulatory and operational risks described in the filing.