Wind-farm operator ALLETE, Inc. based in Minnesota reported second quarter earnings of 39 cents a share on net income of $20.1 million, a drop from the earnings a year ago.
Last year’s earnings were 66 cents a share on net income of $34.2 million.
ALLETE Clean Energy recorded second quarter 2020 net income of $4.0 million compared to $1.9 million in 2019. Net income in 2020 reflects additional production tax credits and earnings from the new Glen Ullin and South Peak wind energy facilities, partially offset by higher depreciation expense.
ALLETE recently acquired the 303 megawatt Caddo Wind project in western Oklahoma and will sell power to three Fortune 500 customers.The purchase brings 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.
ALLETE’s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power and the Company’s investment in the American Transmission Co., recorded net income of $11.1 million, compared to $30.3 million in the second quarter of 2019.
Corporate and Other businesses, which include BNI Energy and ALLETE Properties, recorded net income of $5.0 million in 2020 compared to net income of $2.0 million in 2019.
“Although results for the quarter reflect obvious negative economic impacts of the COVID-19 pandemic, on a year to date comparison, our financial results are similar to those in 2019, excluding the second quarter rate case resolution impact,” said ALLETE Senior Vice President and Chief Financial Officer Bob Adams.
Click here to view entire report.
Source: BusinessWire
