ALLETE, Inc., one of the wind farm operators in Oklahoma and based in Minnesota had some of the wind taken out of its sails as it reported a drop in 2024 earnings of $3.10 per share on net income of $179.3 million. The drop was attributed to its western Oklahoma wind farm operation.
It also recorded operating revenue of $1.5 billion. But the 2024 earnings compared to $4.30 per share and $247.1 million in net income in 2023 and $1.9 billion in operating revenue. But company leadership still considered the 2024 results an improvement.
“Overall results for 2024 were slightly above expectations excluding transaction expenses and interim rate refund reserves resulting from the Minnesota Power rate case settlement,” said ALLETE Senior Vice President and Chief Financial Officer Steve Morris.
“While earnings were lower at ALLETE Clean Energy, primarily due to a longer than expected forced outage near its Caddo wind energy, earnings from the American Transmission Company and New Energy Equity slightly exceeded expectations.”
ALLETE Clean Energy recorded 2024 net income of $17.8 million compared to $71.7 million in 2023. Net income in 2024 reflected impacts from a forced network outage near its Caddo wind energy facility as well as a transformer outage at its Diamond Springs wind energy facility during the first half of the year.
These decreases were partially offset by a $3.5 million after-tax gain on the sale of the Whitetail wind project and lower operating and maintenance expenses. Net income in 2023 included a $44.3 million, after-tax gain recognized for the favorable arbitration award, as well as the gain on sale of the Red Barn project and higher interest income related to interest awarded as part of the arbitration ruling.