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• Minnesota Municipal Power Agency (MMPA) has shared the following with us regarding <br />Xcel Energy's rate case: <br />The Minnesota Public Utilities Commission (PUC) decided Xcel's rate case on Thursday <br />afternoon. It appears that final rates for 2023 will be somewhat lower than 2023 interim <br />rates. <br />This is expected to result in rate refunds for Xcel customers. Final rates and the amount of <br />refund will be known after Xcel decides whether to seek reconsideration of the PUC <br />decision and Xcel has calculated final rates. We estimate this could take between one and <br />three months. <br />MMPA's wholesale rate is expected to remain lower than Xcel's A15 rate. However, in late <br />summer or early autumn Xcel is expected to refund part of the interim rate for 2022 and a <br />little over half of 2023. The refund will make Xcel's rate appear to be competitive with <br />MMPA in the month of refund. <br />Attached are two articles regarding the outcome of the rate case, one from the Star Tribune <br />and one from Minnesota Public Radio. <br />ATTACHMENTS: <br />• Star Tribune — Xcel will reassess investments in Minnesota after regulators' rate hike <br />decision <br />• MPR — State regulators approve 9 percent electric rate increase for Xcel Energy <br />Page 2of2 <br />169 <br />