Wind-farm operator ALLETE, Inc., the Minnesota-based company with major operations in Oklahoma reported first quarter 2022 earnings of $66.3 million or $1.24 per share, a gain from the nearly $52 million and 99 cents a share a year ago.
ALLETE operates the 303 MW Caddo Wind farm in southwestern Oklahoma and the 303-MW Diamond Spring Wind facility in southern Oklahoma. Both supply power to Fortune 500 companies.
Net income in 2022 includes transaction costs of $1.4 million after-tax, or 3 cents per share, related to the acquisition of New Energy. Net income in 2021 included an approximately $5 million, or 10 cents per share, negative impact related to ALLETE Clean Energy’s Diamond Spring wind energy facility due to an extreme winter storm event in the southern United States in February 2021.
“Our financial results for the quarter were solid, reflecting much-needed rate recovery and strong operational performance from ALLETE’s companies,” said ALLETE Chair, President and Chief Executive Officer Bethany Owen.
ALLETE Clean Energy recorded first quarter 2022 net income of $16.5 million compared to $7.4 million in 2021. Net income in 2022 reflects higher wind resources compared to 2021. Net income in 2021 included an approximately $5 million after-tax negative impact at ALLETE Clean Energy’s Diamond Spring wind energy facility in Oklahoma related to an extreme winter storm event in the southern United States in February 2021.
Corporate and other businesses, which include BNI Energy, ALLETE Properties and its investment in the Nobles 2 wind energy facility in Minnesota, recorded a net loss of $1.7 million compared to a net loss of $600 thousand in 2021.