Cost and reliability drive Otter Tail Power Company’s 15-year resource plan - Seite 2

Meeting customers’ needs; complying with laws and regulations

“Our updated preferred plan ensures we have the resources necessary to continue providing reliable, low-cost electricity to meet our customers’ needs,” said Rogelstad. “The plan preserves flexibility to respond to risks in a changing planning environment; complies with the requirements of applicable statutes and 5 rules, including the Minnesota Clean Energy Law; utilizes Inflation Reduction Act incentives to lower renewable energy generation costs; and accounts for differing energy policies in each of the three states we serve while preserving the customer benefits of system-wide planning and networked assets for a small utility.”

Next steps

The Minnesota Public Utilities Commission (MPUC) procedural schedule allows intervenors four months to analyze the company’s updated plan and provide feedback to the MPUC. The company then has two months to respond to intervenors’ comments. Otter Tail Power anticipates an MPUC hearing toward the end of 2023. The North Dakota Public Service Commission (ND PSC) has hired a consultant to review the modeling and determine whether the company’s preferred plan is reasonable. Otter Tail Power anticipates receiving ND PSC comments on the consultant’s report by this fall. The South Dakota Public Utilities Commission (SD PUC) doesn’t have formal IRP requirements or proceedings, but the company has filed its IRP with the SD PUC because it is a vital stakeholder.

“As we’ve done since starting our resource planning process, we’ll continue to monitor the changing landscape,” said Rogelstad.

This news release is on our website at otpco.com/newsroom.

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 133,000 customers 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230331005348/en/

The Otter Tail Stock at the time of publication of the news with a fall of -0,12 % to 71,93EUR on Nasdaq stock exchange (31. März 2023, 21:44 Uhr).