September 1, 2022 - The hearing record demonstrates that Minnesota Power will experience a revenue shortfall. Minnesota Power is entitled to recover this revenue shortfall through an adjustment of its retail electric rates. The capital structure, cost of debt, and return on equity reflected in the findings below are reasonable and should be used in determining an appropriate rate of return. Modifying Minnesota Power’s retail electric rates in the manner described in the findings and conclusions below, including those related to rate design, will result in just and reasonable rates that serve the public interest. The hearing record addresses and explains the proposed increases in expenses for production, transmission, customer service and information, sales, and administrative and general activities.