{"id":797296,"date":"2024-12-30T17:03:01","date_gmt":"2024-12-30T22:03:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/otter-tail-power-company-completes-rate-review-in-north-dakota\/"},"modified":"2024-12-30T17:03:01","modified_gmt":"2024-12-30T22:03:01","slug":"otter-tail-power-company-completes-rate-review-in-north-dakota","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/otter-tail-power-company-completes-rate-review-in-north-dakota\/","title":{"rendered":"Otter Tail Power Company Completes Rate Review in North Dakota"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Otter Tail Power Company Completes Rate Review in North Dakota<\/b><\/p>\n<p>FERGUS FALLS, Minn.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nOn December 30<sup>th<\/sup>, the North Dakota Public Service Commission (PSC) approved a $13.1 million net increase to Otter Tail Power Company\u2019s, a wholly-owned subsidiary of Otter Tail Corporation (Nasdaq: OTTR), electric service rates.<\/p>\n<p>\nWhile 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<p>\nOtter Tail Power filed its original request for a rate review on November 2, 2023. In the initial filing, the company increased rates for North Dakota customers on an interim 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<p>\nThe 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<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nExcept for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cfuture,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cprobable,\u201d \u201cprojected,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward-looking statements made herein, which may include statements regarding 2024 earnings and earnings per share, long-term earnings, earnings per share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supply constraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company\u2019s risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures; rate base levels and rate base growth; risks associated with energy markets; the availability and pricing of resource materials; inflationary cost pressures; attracting and maintaining a qualified and stable workforce; changing macroeconomic and industry conditions that impact the demand for our products, pricing and margin; long-term investment risk; seasonal weather patterns and extreme weather events; counterparty credit risk; future business volumes with key customers; reductions in our credit ratings; our ability to access capital markets on favorable terms; assumptions and costs relating to funding our employee benefit plans; our subsidiaries\u2019 ability to make dividend payments; cybersecurity threats or data breaches; the impact of government legislation and regulation including foreign trade policy and environmental; health and safety laws and regulations; changes in tax laws and regulations; the impact of climate change including compliance with legislative and regulatory changes to address climate change; expectations regarding regulatory proceedings, including state utility commission approval of resource plans, assigned service areas, the siting and construction of major facilities, capital structure, and allowed customer rates; actual and threatened claims or litigation; and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.<\/p>\n<p><b>About the Corporation<\/b><\/p>\n<p>\nOtter Tail Corporation, a member of the S&amp;P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ottertail.com&amp;esheet=54171599&amp;newsitemid=20241230426823&amp;lan=en-US&amp;anchor=www.ottertail.com&amp;index=1&amp;md5=094a7ffffa58b7535883f2537136c102\">www.ottertail.com<\/a>. Corporate offices are in Fergus Falls, Minnesota, and Fargo, North Dakota.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241230426823r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241230426823\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241230426823\/en\/<\/a><\/span><\/p>\n<p><b>Media Contact<\/b>: Stephanie Hoff, Director of Corporate Communications, (218) 739-8535<br \/>\n<br \/><b>Investor Contact<\/b>: Beth Eiken, Manager of Investor Relations, (701) 451-3571<\/p>\n<p><b>KEYWORDS:<\/b> North Dakota Minnesota United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Utilities Energy<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241230426823\/en\/1210155\/3\/OTCorp.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Otter Tail Power Company Completes Rate Review in North Dakota FERGUS FALLS, Minn.&#8211;(BUSINESS WIRE)&#8211; On December 30th, the North Dakota Public Service Commission (PSC) approved a $13.1 million net increase to Otter Tail Power Company\u2019s, a wholly-owned subsidiary of Otter Tail Corporation (Nasdaq: OTTR), electric service rates. 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/otter-tail-power-company-completes-rate-review-in-north-dakota\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Otter Tail Power Company Completes Rate Review in North Dakota&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-797296","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Otter Tail Power Company Completes Rate Review in North Dakota - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/otter-tail-power-company-completes-rate-review-in-north-dakota\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Otter Tail Power Company Completes Rate Review in North Dakota - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Otter Tail Power Company Completes Rate Review in North Dakota FERGUS FALLS, Minn.&#8211;(BUSINESS WIRE)&#8211; On December 30th, the North Dakota Public Service Commission (PSC) approved a $13.1 million net increase to Otter Tail Power Company\u2019s, a wholly-owned subsidiary of Otter Tail Corporation (Nasdaq: OTTR), electric service rates. 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 &hellip; Continue reading &quot;Otter Tail Power Company Completes Rate Review in North Dakota&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/otter-tail-power-company-completes-rate-review-in-north-dakota\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-30T22:03:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241230426823r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/otter-tail-power-company-completes-rate-review-in-north-dakota\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/otter-tail-power-company-completes-rate-review-in-north-dakota\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Otter Tail Power Company Completes Rate Review in North Dakota\",\"datePublished\":\"2024-12-30T22:03:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/otter-tail-power-company-completes-rate-review-in-north-dakota\\\/\"},\"wordCount\":850,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/otter-tail-power-company-completes-rate-review-in-north-dakota\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20241230426823r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/otter-tail-power-company-completes-rate-review-in-north-dakota\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/otter-tail-power-company-completes-rate-review-in-north-dakota\\\/\",\"name\":\"Otter Tail Power Company Completes Rate Review in North Dakota - 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