We completed a rate review in North Dakota
On December 30 the North Dakota Public Service Commission (PSC) approved a $13.1 million net increase to our electric service rates.
While overall costs of living have increased since our last North Dakota rate review, filed in 2017, this average net increase of 6.18% keeps our electric service rates among the lowest in the nation. “We’re committed to providing reliable, cost-effective electricity for our customers,” said President Tim Rogelstad. “And because interim rates closely match final approved rates, customers won’t see a significant bill impact when we implement final rates.”
We filed our original request for a rate review, often referred to as a rate case, on November 2, 2023. In the initial filing, we increased rates for North Dakota customers on an interim, or temporary, basis beginning January 1, 2024. We'll propose to implement approved rates approximately 120 days after the PSC final order becomes effective, likely in the first quarter of 2025.
The PSC set our return on equity at 10.10%, which is an increase from the 9.77% return approved in the last rate review. If we earn an annual return on equity above 10.20%, we'll return 70% of those additional earnings to customers. “We appreciate the Commissioners’ recognition of the increased costs associated with safely and reliably serving our customers,” said Rogelstad. “Our employees continue to focus on operational excellence, working to keep costs as low as possible. We’ll also continue providing options to help customers manage their energy use.”
Programs help customers save energy and money
We encourage customers to proactively save energy and money by:
- Unplugging any electronics that aren’t in use, such as gaming consoles, TVs, and home office equipment.
- Making low-cost and no-cost changes to reduce energy consumption, such as switching to LED lightbulbs.
- Participating in programs that make use of lower off-peak rates, such as thermal storage and water heating programs.
Customers can find options to reduce their electricity costs and information on payment assistance at otpco.com or by calling us at 800-257-4044.