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

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.

Xcel Energy's customers in Minnesota could soon share in millions of dollars in refunds. Xcel officials are proposing returning $318 million to customers in the state. According to a news release, more than half of the refund ($176 million) comes from federal tax credits for nuclear energy generation,

(ABC 6 News) — On Monday, Xcel Energy proposed to deliver $318 million back to Minnesota customers on their bills. Most of the refund would come from federal tax credits on the energy bill generated by the company’s nuclear fleet.

The Public Utilities Commission and Xcel Energy have settled on an energy plan aimed at lowering monthly bills forns and protecting the environment.

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