An Xcel Energy refund plan, if approved by regulators, will deliver $318 million back to Minnesota customers, the utility announced Monday. The proposed refund would mark the first time customers see savings from the federal tax credits on energy generated by Xcel's nuclear fleet.

An energy company is proposing to give back millions to customers in refunds in March. Xcel Energy has announced it plans to refund $318 million dollars to customers

Xcel Energy is giving its customers in Minnesota an average refund of $81. Most of the refund is coming from federal tax credits on the energy generated by the company’s nuclear fleet. The credits were created under the Inflation Reduction Act.

Xcel Energy on Monday proposed refunding Minnesota customers $318 million as the first use of a federal nuclear energy tax credit passed in 2022.