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Investor Presentaiton

EnergyForward projects fuel significant earnings growth and optionality Generation Transmission / Distribution 44 minnesota power EnergyForward #000000 Nobles 2 • 250 MW wind energy facility ALLETE partnership agreement with Tenaska to purchase 49% equity interest, pursuant to a 20-year PPA with Minnesota Power ⚫ALLETE's portion of project ~$170M of which $60 - $70M will be an equity investment •MPUC approved the project Dec. 20, 2018 • Anticipate completion in late 2020, full year earnings impact in 2021 Nemadji Trail Energy Center • 525 MW to 550 MW combined- cycle natural gas-fired generating facility • • Jointly owned with Dairyland Power Cooperative ~$350M investment by subsidiary of ALLETE MPUC approved project Oct. 29, 2018; MN Court of Appeals remanded back to MPUC Dec. 2019; March 2020, MP filed petition with MN Supreme Court - heard case October 2020 • WI PSC approved Jan. 2020, subject to obtaining other • necessary permits • Anticipate completion in 2025 Great Northern Transmission Line Line energized connecting Manitoba-Minnesota Transmission Project to Great Northern Transmission Line June 1, 2020 • 220-mile 500-kV transmission line between Manitoba and Minnesota • 250 MW long-term PPA with Manitoba Hydro • $307M Minnesota Power investment • • DC Line Up to 350 MW upgrade Increasing renewable capacity and optionality potential • Strategically positioned to transport additional renewable energy • Up to ~$425M investment Could provide link to new market opportunities Renewable Superhighways Ongoing investments in smart meters, NERC operations and reliability standards, and security and grid infrastructure • Distribution System Resiliency Integrated Distribution Plan (IDP) approved by MPUC February 2020 More than $150M increase in asset upgrades and grid resiliency through 2029 • Additional details regarding Distributed Energy Resources (DER) spending to be filed February 2021 with Integrated Resource Plan 11 ALLETE
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