The severe winter weather that hit Oklahoma in February ended up affecting financial operations of wind-farm operator ALLETE Clean Energy.
The Duluth, Minnesota-based company with wind farm operations near Ardmore and Anadarko reported first quarter 2021 earnings of 99 cents per share on net income of $51.8 million. Last year’s results were $1.28 per share on net income of $66.3 million.
In announcing the first quarter 2021 results, ALLETE stated that its net income was $7.4 million, down from the $11.7 million in 2020.
Net income in 2021 included an approximately $5 million or 10 cents a share after-tax negative impact at ALLETE Clean Energy’s Diamond Spring wind energy facility near Ardmore related to an extreme winter storm event in the southern United States in February 2021 and the timing of income taxes. These decreases were partially offset by earnings from the South Peak wind energy facility which commenced operations in April 2020.
“While financial results were lower than our expectations for the quarter, reflecting timing and extreme weather impacts primarily in the southern region of ALLETE Clean Energy’s operations, we remain confident in our earnings guidance of $3.00 – $3.30 per share,” said ALLETE President and Chief Executive Officer Bethany Owen.
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