Investor Presentaiton
m
minnesota power
Minnesota Power regulatory highlights
General rate case filing anticipated
November 2021
Minnesota Power's 2019 rate case was settled with the Minnesota Public
Utilities Commission in second quarter 2020
• Reduced the interim rate percentage from 5.8% to 4.1%, effective May 1
• Removed current power marketing margin credit in base rates
• Reflects actual power marketing margins in the fuel adjustment clause, effective May 1
• Refunded approximately $12M of interim rates collected through April, to customers
.
Delayed any future rate proposal until at least March 1, 2021
Very Constructive outcome:
• Resulted in reasonable rate case outcome, during COVID-19 pandemic environment
• Outcome addressed risk mitigation efforts to move power market margins set in rates
to FAC
• Demonstrates supportive regulatory compact in Minnesota
Constructive regulatory framework
Deferred Accounting / Lost Revenue Tracker Petition
filed November 2020
Minnesota Public Utilities Commission (MPUC)
Term Ends
Name
Party
Began
Serving
Katie Sieben
(Chair)
D
Jan. 2017
Jan. 2023
Joe Sullivan
D
Apr. 6, 2020
Jan. 2026
Valerie Means
D
Apr. 22, 2019
Jan. 6, 2025
Matt Schuerger
|
Feb. 1, 2016
Jan. 3, 2022
•MPUC approved deferral accounting for incremental related COVID-19 costs and lost
John Tuma
R
Feb. 2, 2015
Jan. 4, 2021
revenues
•Forward test year
• Interim rates
• Current cost recovery riders
• Fuel adjustment clause
• Conservation Improvement Program (CIP)
Rate base: $2.7B
Authorized ROE: 9.25%
Equity Ratio: 53.81%
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