This Day On The Street
Continue to site
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

Minnesota Power Outlines Its EnergyForward Resource Strategy

“Our plan builds on the tremendous progress we’ve made to achieve a more balanced and sustainable energy mix in a cost competitive manner,” Hodnik said. “Our North Dakota wind operations have more than tripled the amount of renewable energy on our system in a short time, moving our power supply from 5 percent renewable energy in 2005, to 20 percent this year.”

As part of its Energy Forward plan, Minnesota Power will upgrade the largest hydroelectric system in the state, by increasing efficiencies at its Thomson and Fond du Lac hydroelectric stations. At the same time, the company will continue its leading-edge Power of One© conservation program which has exceeded state conservation goals by providing customers with tools to lower their energy usage.

Reducing emissions and improving efficiencies through technology investments

Minnesota Power plans to invest approximately $350 million in additional environmental upgrades at its largest electric generator, Boswell Energy Center Unit 4, to comply with the EPA Mercury Air Toxics Standard (MATS) and the Minnesota Mercury Emission Reduction Act, resulting in at least a 90 percent reduction in mercury emissions. These upgrades, combined with other emission reduction investments made since 2006, will result in system-wide emission reductions of more than 85 percent by 2016. Boswell 4 in 2010 made major nitrogen oxide emission reductions and increased its operating efficiency with new turbine rotor investments.

Fleet transition

Over the last year, the company explored alternatives for its small coal units including retrofitting, refueling and retirement against the backdrop of environmental regulations and historically low natural gas prices. Careful consideration of power supply options led to the decision to refuel or remove from service one-third of its coal energy conversion units. These plans include:
  • Investing $15 million to convert the company’s 110-megawatt (MW) Laskin Energy Center in Hoyt Lakes to a natural gas peaking facility in 2015, thereby transforming Laskin into the company’s first all-natural gas fueled facility.
  • Retire one of three coal-fired units at Minnesota Power’s 225-MW Taconite Harbor facility in Schroeder while maintaining Units 1 and 2, which both comply with current and pending environmental regulations.

“We believe re-fueling Laskin and retiring one generating unit at our Taconite Harbor facility are the most cost effective solutions for our small coal units to comply with state and federal regulations,” said Minnesota Power Vice President of Strategy and Planning Al Rudeck.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs