Sioux Falls, South Dakota (July 10, 2018) – Xcel Energy will soon distribute approximately $10.9 million to all South Dakota customers as a result of the Federal Tax Cuts and Jobs Act. All Xcel Energy customers in the state will receive a one-time credit on their bills. The estimated refund for a residential customer will average approximately $55.73, but will vary based on each customer’s actual usage. Even before this refund, the average Xcel Energy customer’s bill in South Dakota is well below the national average—about 15 percent lower in 2017.
“We are pleased to deliver the tax reform benefits to our South Dakota customers that will directly benefit them and the economy as a whole,” said Chris Clark, president, Xcel Energy-South Dakota. “The savings from the tax cut will also enable us to continue investing in important projects for the future—projects that result in better levels of service for customers and provide the benefits of a modern electric system at a lower price.”
The South Dakota Public Utilities Commission staff and Xcel Energy filed a joint motion with the Commission on June 25 asking for approval to refund customers this money. The Commission approved this motion today.
As an additional part of the agreement, South Dakota customers will not see any increases in their base electric rates until at least Jan. 1, 2021, which is the earliest any future rate reviews could take effect.
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About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
