Minnesota Power in 2016 made significant progress building on its “EnergyForward” strategy, ALLETE (NYSE:ALE) Chairman, President and CEO Al Hodnik said during ALLETE’s 4Q16 earnings call on Feb. 15.
An example of that progress includes that late last year, Minnesota Power received a Presidential Permit from the U.S. Department of Energy, enabling the company to move forward with the Great Northern Transmission Line.
Hodnik added: “The 220-mile, 500-kV line will deliver hydroelectric-generated electricity from Manitoba to Minnesota Power. We have started preliminary work on construction of the transmission line, which is expected to be completed by 2020.”
Another example of that progress, he said, is “an all-time production record that was set at the 500-MW Bison Wind Energy Facility in North Dakota.”
Additionally, Minnesota Power’s hydro operations closed the year at near-record production levels since inception in 1906, he said.
He said, “EnergyForward balances stewardship, reliability, and affordability, while assuring fuel diversity within Minnesota Power’s generation portfolio.”
In the future, Hodnik said, Minnesota Power’s generation mix is expected to be comprised of a combination of about two-thirds renewable and renewable-enabling natural gas, and one-third environmentally compliant coal power.
ALLETE on Feb. 15 reported 2016 earnings of $3.14 per share on net income of $155.3m, and operating revenue of $1.34bn. Results from 2015 were $2.92 per share on net income of $141.1m, and operating revenue of $1.49bn. Operating revenue in 2015 included $197.7m for ALLETE Clean Energy’s construction of a wind energy facility that was sold to Montana-Dakota Utilities in 2015, the company said.