The company announced this week that they hope to lower rates and issue about $12 million dollars in refunds to its customers.

According to a press release, last November the company "requested a rate increase of approximately $66 million or a 10.59% overall increase to cover rising operating expenses, expiring contracts, and regulatory costs."

On Thursday the company submitted a proposal to regulators that would allow them to reduce the "increase of 5.8% to an average increase across customer classes of 4.1%, which is much lower than the increase of 10.59% proposed in the initial rate filing."

The company said if approved the new proposal would lower the bills of its customers and allow for refunds. Refunds, if approved, refunds would happen "later this summer."

Also, if the proposal is accepted Minnesota Power would delay any additional rate hikes until at least March of 2021.

“Every Minnesota resident and business is looking for ways to navigate the current economic challenges and so is Minnesota Power,” said ALLETE CEO Bethany Owen. “This proposal will lower all customers’ bills from what they are paying this month, and we hope the MPUC acts quickly on our request.”