Investor Presentaiton
ALLETE updated 5-year projection
as of October 2020
While ALLETE's long-term growth objectives remain unchanged, our October 2020
5-year projection indicates achieving these objectives are expected to be challenging
ALLETE's October long-term consolidated average
annual earnings per share growth rate, using 2019
as a base year, is ~4%
Regulated Operations growth projection of
approximately 3 percent
• ALLETE Clean Energy and Corporate and Other
businesses growth projection of approximately 30
percent
COVID-19 pandemic and related disruptions
Minnesota Power customer idle and other customers at reduced
demand levels
Wind energy competition and forward curve prices pressuring
ALLETE Clean Energy returns
ALLETE stock price impacting project EPS accretion
We believe the renewable energy industry is entering a new phase of growth and we are confident that ALLETE's family of
businesses will serve as a strong platform for future growth
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