Wind farm operator to release 2Q earnings report

 

ALLETE, Inc., the Minnesota based energy firm with a major wind-farm operation near Ardmore, Oklahoma plans to release its financial results for the second quarter before the open of markets on August 5.

Afterward, ALLETE President and CEO Bethany M. Owen will be joined by other executives of the company in presenting an overview of results. They will discuss other factors affecting the performance during a 9 a.m. Central Time conference call.

The company’s approximately 300-megawatt Diamond Spring wind project in Oklahoma broke ground late last year and will sell wind power to Walmart, Starbucks and Smithfield Foods. It is ALLETE Clean Energy’s first project to sell wind power to corporate customers, and will come online in late 2020 as the company’s largest wind site.

In late March of this year, ALLETE Clean Energy expanded its holdings of wind energy projects in Oklahoma by buying the 303 megawatt Caddo Wind farm in the western part of the state.

The Minnesota-based company made the purchase from Apex Clean Energy and plans to sell power to three Fortune 500 customers to be announced at a later date. The Caddo Wind project is located in Caddo County.

First quarter earnings were below those of a year earlier. They were $1.28 per share on net income of $66.3 million compared to $1.37 a share on net income of $70.5 million in the first quarter of 2019.

At the time of the release of the earnings, Owen cautioned investors about results for the remainder of 2020.

“Although results from the first quarter of the year were in-line with our expectations, these results may not be indicative of the remainder of the year, as we cannot predict at this time the extent and duration of the effects of COVID-19 on our results of operations for the rest of 2020.”

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