Utilities to Save Millions Due to Federal Tax Cuts
MINNEAPOLIS (AP) -- Xcel Energy has notified regulators its revenue needs this year will be reduced by about $140 million due to federal tax cuts.
But, it remains to be seen how much of that savings will be passed to utility customers. In a filing with the Minnesota Public Utilities Commission, Xcel says customers will ``receive the full value of the tax reform benefits,'' without being specific.
Xcel is the state's largest electric utility company. Minnesota's largest gas utility, CenterPoint Energy, says it plans to return any savings to its customers. The Star Tribune reports the savings could be applied to the utility's current rate hike request of 6.4 percent.
Meanwhile, Minnesota Power, based in Duluth, says its $23 million in savings could be used to cover costs. It recently announced cost-cutting plans that are likely to include layoffs.