While ALLETE, Inc. added to its wind power in Oklahoma in the first quarter of the year, the Duluth, Minnesota based company reported a drop in earnings in the first quarter of the year.
Earnings in the first quarter of this year were $1.28 a share on net income of $66.3 million compared to $1.37 a share on net income of $70.5 million last year at this time.
But its wind power subsidiary, ALLETE Clean Energy managed to do better as it recorded first quarter 2020 net income of $11.7 million compared to $5.8 million in 2019. Net income in 2020 included $2.3 million of additional production tax credits generated compared to 2019, higher revenue resulting from higher wind resources and availability, and earnings from the Glen Ullin wind energy facility which commenced operations in December 2019.
In March, ALLETE announced the purchase of the 303 megawatt Caddo Wind farm in western Oklahoma. The purchase was made from Apex Clean Energy and ALLETE will sell power to three Fortune 500 customers to be announced at a later date.
The purchase brought ALLETE’s installed wind capacity to more than 1,340 megawatts. One of the company’s newest wind farms is the Diamond Spring wind project east of Ardmore in southern Oklahoma where commercial and industrial power will be sold to Walmart, Starbucks and Smithfield Foods.
Source: Business Wire