as introduced - 94th Legislature (2025 - 2026) Posted on 02/10/2025 03:07pm
Engrossments | ||
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Introduction | Posted on 02/07/2025 |
A bill for an act
relating to energy; limiting rate recovery of executive pay for certain public utilities;
amending Minnesota Statutes 2024, section 216B.16, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2024, section 216B.16, is amended by adding a subdivision
to read:
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(a) The commission is
prohibited from allowing Minnesota ratepayers to pay for compensation to any of a public
utility's ten highest-paid officers or employees in an amount that exceeds the governor's
annual salary.
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(b) For purposes of this subdivision, the term "compensation" includes salary, incentive
program payments, or any other compensation regardless of the compensation's form.
Compensation does not include expense reimbursements or benefits offered to a public
utility's ten highest-paid officers or employees on terms comparable to the terms under
which the benefits are offered to the public utility's other employees.
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(c) Nothing in this subdivision limits the compensation paid to a public utility's ten
highest-paid officers or employees from sources other than Minnesota ratepayers, including
from sources made available to a public utility by the public utility's investors. The
commission must ensure that compensation from sources other than Minnesota ratepayers
does not disproportionately burden ratepayers in other states.
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(d) This subdivision applies to a public utility with at least 300,000 retail customers in
Minnesota.
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This section is effective the day following final enactment and
applies to rate filings submitted on or after that date.
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