PIERRE, S.D. (AP) – State regulators have approved an agreement to refund roughly $10.9 million to the thousands of Xcel Energy customers in South Dakota as a result of last year’s federal tax cuts.
The South Dakota Public Utilities Commission voted Tuesday for the settlement, which also bars increases in base electric rates for the company’s South Dakota customers until at least 2021.
Commission Chairwoman Kristie Fiegen says the tax cuts mean rate stability and a refund for consumers.
Minneapolis-based Xcel Energy has more than 93,000 customers in South Dakota. Xcel Energy-South Dakota president Chris Clark says the company is pleased to deliver benefits from the tax overhaul to its South Dakota customers.
A Public Utilities Commission spokeswoman says it’s anticipated that additional such proceedings will be held for other utilities that serve South Dakota.