March 11, 2026 - In summary, Xcel’s imprudence resulted in customers paying more for power than they otherwise would have paid such that a refund of power costs is appropriate. Xcel owes Minnesota ratepayers $40.6 million for the cost of its imprudence. Based upon the record, the Judge recommends that: 1. The Commission adopt the Findings of Fact, Conclusions of Law, and Recommendations as set forth herein. 2. The Commission order Xcel to refund $40.6 million plus interest at the prime rate, compounded monthly until the refund is fully paid. 3. The Commission bar Xcel from recovering from ratepayers the costs of this contested-case litigation. 4. The Commission order Xcel to make a compliance filing listing all costs that Xcel incurred in litigating this contested case, including internal employee labor and overhead. 5. The Commission require Xcel, in any future rate case or cost-recovery proceeding that relies on actual cost data, to show that the internal and external costs for this contested case have been adjusted out of the test year(s) or otherwise removed.