This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Minnesota Power Outlines Its EnergyForward Resource Strategy

Stocks in this article: ALE

Minnesota Power, a division of ALLETE (NYSE:ALE), today outlined next steps in its resource strategy to meet the energy needs of its customers with a balanced energy mix that preserves reliability, protects affordability and further improves environmental performance.

“Minnesota Power’s Energy Forward resource strategy is our road map to a cleaner energy future,” said ALLETE Chairman, President and CEO Al Hodnik. “Our plan keeps pace with a dynamic energy landscape in a sensible and sustainable manner. Energy Forward builds upon renewable energy investments already completed. It further diversifies our generation mix, balancing coal, renewables and natural gas and builds upon significant emission reductions at our existing power plants, all while preserving the reliable and affordable power Minnesota Power’s customers expect.”

Components of Minnesota Power’s Energy Forward resource strategy:

  • Renewable energy investments
  • Sustained energy conservation programs
  • Construction of a major transmission line to facilitate delivery of carbon free hydropower
  • Investments to reduce emissions at existing facilities and improve efficiencies
  • Fleet transition of small coal units
  • Addition of natural gas resources

“The resource decisions we are announcing today are the result of changing energy policy, technology developments, economic factors and input from many stakeholder groups, and our own commitment toward a competitive, environmentally compliant, socially responsible regional power supply,” Hodnik said.

Significant renewable carbon free energy investments

Now that it’s completed three phases of the Bison Wind Project in North Dakota, Minnesota Power is delivering more than 400 megawatts of clean, renewable wind energy to customers. With the recent extension of the federal production tax credit on wind generation equipment, the company is analyzing adding more wind to its energy mix.

Minnesota Power will further leverage its renewable resources through a power purchase agreement with Manitoba Hydro for 250 megawatts of hydropower beginning in 2020. The company is proposing to deliver the carbon free energy on a new 500-kilovolt transmission line stretching from the Canadian border to northeastern Minnesota, expected to be completed by 2020.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs