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MPUC approves Otter Tail interim rate request

Submitted
Crookston Times

    The Minnesota Public Utilities Commission (MPUC) unanimously approved Otter Tail Power Company’s request to implement interim rates on January 1, 2021, as part of the company’s current Minnesota rate review. In November, recognizing the economic impact to customers of the ongoing pandemic and with input from MPUC staff, Otter Tail Power Company proposed reducing its interim rate request by approximately half to $6.9 million, or 3.2 percent.

    The company cited extending depreciation on its wind farms and deferring depreciation costs for its retiring 1950s-era coal-fired Hoot Lake Plant as part of the reduced interim rate request.

    “We appreciate the Commission’s input on our initial request and their decision to approve our updated interim rate request as filed,” said Otter Tail Power Company President Tim Rogelstad. “With this decision, we’re able to recover on our prudent investments in necessary infrastructure and technology to provide our customers with electric service that’s increasingly clean, safe, and reliable while maintaining rates among the lowest in the nation.”

    Otter Tail Power Company filed its original request for a rate review on November 2 to support investments in cleaner energy and smarter technologies and to adjust for rising costs.

    The MPUC will hold a public hearing related to this filing and will post the hearing schedule on its website. Otter Tail Power Company also will post the hearing schedule and provides additional details about its rate review request at otpco.com/MNRateReview.

Risk Factors and Forward-Looking Statements that Could Affect Future Results

    The information in this release includes certain forward-looking information, including approval of regulatory rates, expectations on commercial operations and expectations on costs to customers, made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “would,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believes” or similar expressions are intended to identify forward-looking statements within the meaning of the Act.

    We believe our expectations are based on reasonable assumptions which entail various risks and uncertainties that could cause actual results to differ materially from those expectations, Actual results may differ materially from those contemplated by the forward-looking statements due to, among other factors, the risks and uncertainties set forth in Item 1A, Risk Factors, in Otter Tail Corporation’s 2019 report on Form 10-K and in its other SEC filings.

    Otter Tail Power Company, a subsidiary of Otter Tail Corporation (Nasdaq Global Select Market: OTTR), is headquartered in Fergus Falls, Minnesota. With a balanced commitment to environmental, economic, and community stewardship, the company provides electricity and energy services to approximately 230,000 people in Minnesota, North Dakota, and South Dakota.

    To learn more about Otter Tail Power Company visit otpco.com. To learn more about Otter Tail Corporation visit ottertail.com.