Investor Presentaiton
EnergyForward projects fuel significant
earnings growth and optionality
Generation
Transmission / Distribution
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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
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