ALLETE, Inc Reports Second Quarter Earnings of 53 Cents Per Share
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Consumers Energy to Quit Coal by 2025, Speeding Closure of Five Units
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Reaffirms 2021 earnings guidance range of $3.00 - $3.30 per share
ALLETE, Inc. (NYSE: ALE) today 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. The timing of income taxes and operating and maintenance expense in 2021 negatively impacted the quarter compared to internal expectations by approximately 15 cents per share, which are expected to reverse during the remainder of the year. In addition, net income in 2021 included an approximately $5 million dollars, 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.
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When the Swan Lake Fire tore through the Kenai back in 2019, it heavily damaged a 39-mile stretch of power line in the northern part of the peninsula known as the SSQ Line. The damage cut off the flow of electricity from the Bradley Lake Hydroelectric facility, near Homer. Which in turn impacted ratepayers with all six Railbelt utilities – including Golden Valley’s, whose board of directors OK’d a 20 percent rate increase a little over a year ago.
Smoke billows after firefighters set backfires in an area north of the Sterling Highway and power-transmission lines in September 2019 to burn vegetation and slow the growth of the Swan Lake Fire. The fire burned167,164 acres on the Kenai Peninsula.