On December 30, 2024, the North Dakota Public Service Commission (PSC) approved a $13.1 million net increase to Otter Tail Power Company’s electric service rates. This decision represents an average net increase of 6.18 percent for customers.
The PSC set Otter Tail Power’s return on equity at 10.10 percent, which is an increase from the 9.77 percent return approved in the previous rate review. The company's interim rates closely matched the final approved rates, minimizing significant bill impacts for customers upon implementation.
Otter Tail Power had filed its original rate review request on November 2, 2023, and implemented interim rates beginning January 1, 2024. The company plans to implement the final approved rates approximately 120 days after the PSC's final order becomes effective, likely in the first quarter of 2025.
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