While clean-energy operator ALLETE, Inc reported improved second quarter 2023 earnings of 90 cents a share on net income of $51.5 million, its subsidiary ALLETE Clean Energy saw a dip in earnings.
ALLETE Clean Energy operates the firms wind farms in Oklahoma and other states and had second quarter net income of $3.1 million compared to $5.8 million in 2022. Earnings in 2023 reflect lower wind resources across the nation negatively impacting the entire fleet, which was partially offset by the sale of the Red Barn project in April of this year, stated the company in announcing the second quarter earnings.
The parent company, ALLETE Inc. saw improved earnings compared to a yeaer ago when they totaled 67 cents a share on net income of $37.6 million.
“Wind resources were down across much of the nation and consequently, results at ALLETE Clean Energy were below our expectations for the quarter, partially offset by the profitable sale of the Red Barn project,” stated Bethany Owen, ALLETE Chair, President and Chief Executive Officer.
The Red Barn project involved 28 turbines in southwestern Wisconsin and was sold to WEC Energy Group utility Wisconsin Public Service Corp. and Madison Gas and electric Co. ALLETE Clean Energy acquired the wind project two years ago and developed it for sale.
In Oklahoma, ALLETE Clean Energy operates the Caddo wind farm consisting of 110 wind turbines and the Diamond Spring farm consisting of 112 wind turbines. Diamond Spring produces energy for Walmart, Starbucks and Smithfield Foods through power purchase agreements. Caddo produces energy for McDonald’s and OshKosh Corp. through power purchase agreements.
Source: Business Wire
