Minnesota utility regulators Thursday granted a 4.7% rate increase to CenterPoint Energy, nearly $24 million less than what the utility had sought.
The $38.5 million hike covers all rate classes combined — residential, commercial and industrial. The residential rate increase alone will be 5.1%, adding $2.70 per month to the typical customer’s bill, the company said.
Houston-based CenterPoint is Minnesota’s largest gas utility with more than 870,000 customers.
In October 2019, the company asked the Minnesota Public Utilities Commission (PUC) for a $62 million, or 6.8%, rate increase across all customer classes. That proposal would have upped the average residential customer’s bill by 8.7%.
CenterPoint this fall agreed to a settlement with several parties — including the Minnesota Department of Commerce and the Office of the Attorney General — to cap the increase at $38.5 million.
The PUC unanimously approved the settlement.
In October 2019, the PUC — as is customary — agreed to implement an interim 5.8% increase on all CenterPoint customers, which went into effect Jan. 1, 2020. Since the final rate increase is lower than the interim hike, customers are due refunds.
CenterPoint said it will take several months to process the refunds.
Mike Hughlett • 612-673-7003