{"id":289586,"date":"2024-12-31T08:20:32","date_gmt":"2024-12-31T14:20:32","guid":{"rendered":"http:\/\/csinewsnow.com\/?p=289586"},"modified":"2024-12-31T08:20:32","modified_gmt":"2024-12-31T14:20:32","slug":"otter-tail-completes-rate-review-in-north-dakota","status":"publish","type":"post","link":"http:\/\/csinewsnow.com\/?p=289586","title":{"rendered":"Otter Tail Completes Rate Review In North Dakota"},"content":{"rendered":"\n

Fergus Falls – <\/strong>On December 30 the North Dakota Public Service Commission (PSC) approved a $13.1 million net increase to Otter Tail Power Company\u2019s electric service rates.<\/p>\n\n\n\n

While overall costs of living have increased since the company\u2019s last North Dakota rate review, filed in 2017, this average net increase of 6.18 percent keeps the company\u2019s electric service rates among the lowest in the nation. \u201cWe\u2019re committed to providing reliable, cost-effective electricity for our customers,\u201d said Otter Tail Power President Tim Rogelstad. \u201cAnd because interim rates closely match final approved rates, customers won\u2019t see a significant bill impact when we implement final rates.\u201d<\/p>\n\n\n\n

Otter Tail Power filed its original request for a rate review, often referred to as a rate case, on November 2, 2023. In the initial filing, the company increased rates for North Dakota customers on an interim, or temporary, basis beginning January 1, 2024. Otter Tail Power will propose to implement approved rates approximately 120 days after the PSC final order becomes effective, likely in the first quarter of 2025.<\/p>\n\n\n\n

The PSC set Otter Tail Power\u2019s return on equity at 10.10 percent, which is an increase from the 9.77 percent return approved in the last rate review. If Otter Tail Power earns an annual return on equity above 10.20 percent, the company will return 70 percent of those additional earnings to customers. \u201cWe appreciate the Commissioners\u2019 recognition of the increased costs associated with safely and reliably serving our customers,\u201d said Rogelstad. \u201cOur employees continue to focus on operational excellence, working to keep costs as low as possible. We\u2019ll also continue providing options to help customers manage their energy use.\u201d<\/p>\n\n\n\n

Programs help customers save energy and money<\/strong><\/p>\n\n\n\n

Otter Tail Power encourages customers to proactively save energy and money by:<\/p>\n\n\n\n