MUI Day at the Capitol Thursday, April 2 Select the schedule that fits you best! Register now! See page 2 for details. A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS The Legislative session started on Tuesday, February 11th at full-steam. Since it is the second year of the biennium, all of the bills introduced in 2019 that did not pass can be brought up again for debate this year—in addition to any new bills introduced. There are two new House members because of a death and resignation of two legislators. They did not change the balance of the House—continues to be 75 Democrats and 59 Republicans. The Senate balance continues to be 32 Democrats and 35 Republicans. The Energy Committee Chairs are the same from last year: Rep. Jean Wagenius (DFL-Minneapolis) and Sen. David Osmek (R-Mound). It is an election year, with both the MN House and Senate up for re-election. This will likely have some impact on the bills that move through the legislative process and get passed to the Governor’s desk. Legislative Deadlines House and Senate Leadership set Committee deadlines but realized they were too aggressive and pushed the first two deadlines back a week. These deadlines are established to move bills through the legislative process in a timely matter. The deadlines are: March 20: First Committee Deadline (all bills have to pass through all POLICY committees in at least one body) March 27: Second Committee Deadline (all bills have to pass through all POLICY committees in BOTH bodies) April 3: Third Committee Deadline—all bills must pass through all Finance Committees. NOTE: The deadlines do not apply to the House Capital Investment Division; the House Taxes, Ways and Means, or Rules and Legislative Administration committees; nor the Senate Capital Investment, Finance, Taxes or Rules and Administration committees April 4–April 13: Legislature Recesses for Easter/Passover Break May 18: The Legislature must complete its work. Proposed Legislation of MUI Interest There are a number of bills that MUI is watching at the Legislature, below are two of them moving through the Committee process: HF 1405/SF 1456: Clean Energy First. This bill is being promoted as a bipartisan bill that supports clean energy. It continues to be amended as it moves through the Committee process in the Senate. As of right now it has not been scheduled for a hearing in the House. The bill defines nuclear energy as carbon-free and allows utilities to own their own replacement generation. Again, as always, the devil is in the details as these bills move forward. HF 3254/SF 3013: Natural Gas Innovation Act. This bill will allow a natural gas utility to submit an “alternative resource plan” to the Minnesota Public Utilities Commission (PUC). Such plans could include renewable natural gas — gas created from landfills, sewage and livestock manure — as well as new technologies like carbon capture and hydrogen gas production. The bill has passed the Senate Energy Committee but has not been scheduled in the House Energy Committee. G 2020 Legislative Session Starts with a Flurry of Activity In your Interest In this issue Day at the Capitol Info 2 Calendar of Annual Meetings 3 News Briefs 3, 5–7 Day at the Capitol Preview Meetings 8 Summer Tour Schedule 8 Did You Know? 9–10 Accolades 11 Supporting Member Benefits 12 MARCH 2020 VOL. 30 NO. 1
Transcript
MUI Day at the
CapitolThursday,
April 2Select the schedule that fits you best!
Register now!
See page 2 for details.
A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS
The Legislative session started on Tuesday, February 11th at full-steam. Since it is the second year of the biennium, all of the bills introduced in 2019 that did not pass can be brought up again for debate this year—in addition to any new bills introduced.
There are two new House members because of a death and resignation of two legislators. They did not change the balance of the House—continues to be 75 Democrats and 59 Republicans. The Senate balance continues to be 32 Democrats and 35 Republicans. The Energy Committee Chairs are the same from last year: Rep. Jean Wagenius (DFL-Minneapolis) and Sen. David Osmek (R-Mound).
It is an election year, with both the MN House and Senate up for re-election. This will likely have some impact on the bills that move through the legislative process and get passed to the Governor’s desk.
Legislative Deadlines House and Senate Leadership set Committee deadlines but realized they were too aggressive and pushed the first two deadlines back a week. These deadlines are established to move bills through the legislative process in a timely matter. The deadlines are:
March 20: First Committee Deadline (all bills have to pass through all POLICY committees in at least one body)
March 27: Second Committee Deadline (all bills have to pass through all POLICY committees in BOTH bodies)
April 3: Third Committee Deadline—all bills must pass through all Finance Committees.
NOTE: The deadlines do not apply to the
House Capital Investment Division; the House Taxes, Ways and Means, or Rules and Legislative Administration committees; nor the Senate Capital Investment, Finance, Taxes or Rules and Administration committees
April 4–April 13: Legislature Recesses for Easter/Passover Break
May 18: The Legislature must complete its work.
Proposed Legislation of MUI Interest There are a number of bills that MUI is watching at the Legislature, below are two of them moving through the Committee process:
HF 1405/SF 1456: Clean Energy First. This bill is being promoted as a bipartisan bill that supports clean energy. It continues to be amended as it moves through the Committee process in the Senate. As of right now it has not been scheduled for a hearing in the House. The bill defines nuclear energy as carbon-free and allows utilities to own their own replacement generation. Again, as always, the devil is in the details as these bills move forward.
HF 3254/SF 3013: Natural Gas Innovation Act. This bill will allow a natural gas utility to submit an “alternative resource plan” to the Minnesota Public Utilities Commission (PUC). Such plans could include renewable natural gas — gas created from landfills, sewage and livestock manure — as well as new technologies like carbon capture and hydrogen gas production. The bill has passed the Senate Energy Committee but has not been scheduled in the House Energy Committee. G
2020 Legislative Session Starts with a Flurry of Activity
In yourInterestIn this issueDay at the Capitol Info 2
Calendar of Annual Meetings 3
News Briefs 3, 5–7
Day at the Capitol Preview Meetings 8
Summer Tour Schedule 8
Did You Know? 9–10
Accolades 11
Supporting Member Benefits 12
MARCH 2020
VOL. 30 NO. 1
In your INTERESTMARCH 20202
Thursday, April 2, 2020 • 9:45 a.m. – 2:45 p.m.
Register online at www.mnutilityinvestors.org, or call 651-227-7902 or 1-888-850-5171.
REGISTRATION DEADLINE: is Wednesday, March 25th.
Make a difference!
Choose your track! Select the afternoon schedule that suits you best.
SCHEDULE MORNING SCHEDULE
9:45 a.m. Registration Opens
10:30 a.m. Program Begins
11:00 a.m. Lunch
11:45 a.m. Shuttle to State Capitol Complex
EDUCATIONAL TRACK
Designed for members to learn about issues and the Legislature.
12:15–2:30 p.m. Educational Track Schedule
ADVOCACY TRACK
Traditional track for members to meet with Legislators.
Includes: Meet with your Legislators 1/2 hour Capitol Tour (if time allows) Meet with Legislative Leadership (tentative)
Chooseyour
track!
LOCATION Mendakota Country Club 2075 Mendakota Drive Mendota Heights, MN
REGISTRATION FEE FREE for Supporting Members! $20 per attendee for General Members General members must pay prior to the event with credit card or check.
TRANSPORTATION MOTOR COACH transportation to the event is available from the following locations:
JOIN US!
Alexandria Baxter Bloomington Brooklyn Center Cloquet Duluth Eden Prairie Fergus Falls Lakeville
Little Falls Mankato Moose Lake North Branch Rochester St. Cloud EAST St. Cloud WEST Vadnais Heights
Lunch is included Thank you bag for attendees Shuttle to and from Capitol Door prizes!
DATE CORPORATION LOCATION
April 20 Otter Tail Corporation Fergus Falls, MN
April 24 CenterPoint Energy Houston, TX
May 6 WEC Energy Group New York Stock Exchange
May 12 ALLETE Duluth, MN
May 12 MDU Resources Group Bismarck, ND
October 12 MN Utility Investors Brooklyn Center, MN
News Briefs
Mark Your Calendar
Anti-solar Cells: A Photovoltaic Cell that Works at NightA conventional photovoltaic or solar cell absorbs photons of light from the sun and generates an electrical current. A thermoradiative cell generates electrical current as it radiates infrared light (heat) toward the extreme cold of deep space. UC Davis engineers propose that such cells could generate a significant amount of energy and help balance the power grid over the day-night cycle.
What if solar cells worked at night? That’s no joke, according to Jeremy Munday, professor in the Department of Electrical and Computer Engineering at UC Davis. In fact, a specially designed photovoltaic cell could generate up to 50 watts of power per square meter under ideal conditions at night, about a quarter of what a conventional solar panel can generate in daytime, according to a concept paper by Munday and graduate student Tristan Deppe. The article was published in, and featured on the cover of, the January 2020 issue of ACS Photonics.
Munday, who recently joined UC Davis from the University of Maryland, is developing prototypes of these nighttime solar cells that can generate small amounts of power. The researchers hope to improve the power output and efficiency of the devices.
Munday said that the process is similar to the way a normal solar cell works, but in reverse. An object that is hot compared to its surroundings will radiate heat as infrared light. A conventional solar cell is cool compared to the sun, so it absorbs light.
Space is really, really cold, so if you have a warm object and point it at the sky, it will radiate heat toward it. People
have been using this phenomenon for nighttime cooling for hundreds of years. In the last five years, Munday said, there has been a lot of interest in devices that can do this during the daytime (by filtering out sunlight or pointing away from the sun).
Generating Power by Radiating HeatThere’s another kind of device called a thermoradiative cell that generates power by radiating heat to its surroundings. Researchers have explored using them to capture waste heat from engines.
“We were thinking, what if we took one of these devices and put it in a warm area and pointed it at the sky,” Munday said.
This thermoradiative cell pointed at the night sky would emit infrared light because it is warmer than outer space.
“A regular solar cell generates power by absorbing sunlight, which causes a voltage to appear across the device and for current to flow. In these new devices, light is instead emitted and the current and voltage go in the opposite direction, but you still generate power,” Munday said. “You have to use different materials, but the physics is the same.”
The device would work during the day as well, if you took steps to either block direct sunlight or pointed it away from the sun. Because this new type of solar cell could potentially operate around the clock, it is an intriguing option to balance the power grid over the day-night cycle.
SOURCE: TechXplore; Andy Fell, UC Davis; January 30, 2020 G
VOL. 30 NO. 1 3
Calendar of Annual Meetings
In your INTERESTMARCH 20204
MUI Supporting Membership offers you...
To become a Supporting Member simply complete the application on the back of this newsletter and return with payment or join with a
credit card by calling MUI at 1-888-850-5171 or 651-227-7902.
• FREE Meeting Attendance to ALL of our meetings for your household (value is well above the cost of an annual membership!)
• Free Edward Jones Selected Utility Data Chart updated annually*• Opportunities to go on Exclusive MUI Member Energy Plant Tours**• Quarterly Print Newsletter delivered to your home• Print invitations for all MUI events and opportunities
Maybe it's time to give MUI Supporting Membership a closer look!
*You will receive a digital copy of this chart upon joining — why miss out?**For a chance to participate in the MUI Summer Energy Tours you will need to join by Friday April 17th!
To have access to these convenient resources and opportunities your household can join MUI as a Supporting Member for just $20 annually or $50 for 3 years.
VOL. 30 NO. 1 5
News Briefs
How Well Do Solar Panels Work In The Snow?Even with Minnesota’s snowy, dark winters, the state ranks 11th when it comes to solar installations, according to Wood Mackenzie’s Solar Market insight report.
“The system will produce almost every day, regardless of what conditions are,” says Eric Pasi, Chief Development Officer at IPS Solar.
On the day WCCO visited Amy Martin’s home in Eden Prairie, it was 19 degrees and sunny with some clouds. Snow-covered part of her roof, all of her neighbor’s roof, but none of her solar panels. That day, her panels were producing about 60% of what they could bring in on typical June day.
“If we have a really heavy snow, they will be covered,” Martin says. “But then they clear right off.”
She says a light dusting of snow that sticks to the grass won’t stick to the panels.
“Winter is the least performing season on the year,” says Pasi. “We’re producing in January only about half the energy we’d see in June.”
What’s working against producing solar power in Minnesota: Shorter days, lower sun angle and snow.
According to Dan Thiede with the UMN Extension’s Regional Sustainable Development Partnerships, panels can produce a little power with a light coating of snow because some light is able to come through. But, when the snow is thick and heavy, the panels cannot produce. Once the snow is removed, they will produce again.
Generally, that thick and heavy snow will melt within a few days. Pasi likens solar panels to a car’s windshield — they aren’t heated but once the radiant heat catches a corner, the rest of the snow comes down pretty quickly.
As for what’s working for solar power in Minnesota: cooler temperatures. Unlike in the south, Minnesota’s cooler temperatures keep the panels from overheating. Thiede also points out the snow on the ground can reflect light back to some of the commercial panels that can produce energy on the top and bottom.
“It still doesn’t make up for the shorter day, but it’s an added benefit for the performance in winter,” says Pasi.
The Twin Cities is equivalent to Houston or Tallahassee when it comes to available sunlight. That’s less than Phoenix or Denver, but more than Germany, one of the world’s solar leaders.
Martin says there are only two months each year where her solar panels don’t make enough energy to power their entire home. In the summer, though, they make more than they need.
According to Thiede, the average payback time on residential solar panels right now is 8 years.
For people interested in knowing if solar power is right for them, the University of Minnesota has mapped out the entire state for solar suitability, complete with power and cost estimates.
SOURCE: WCCO CBS Minnesota; Heather Brown; January 13, 2020 G
In your INTERESTMARCH 20206
News Briefs
Rolls-Royce factory plan puts nuclear reactors on mini scaleRolls-Royce plans on building mini nuclear reactors, which could be in operation by 2029. They are less the size of traditional nuclear reactors and they do not take as many years to build. How mini is that? Roger Harrabin and Katie Prescott reporting in the BBC: “They are about 1.5 acres in size—sitting in a 10-acre space. That is a 16th of the size of a major power station such as Hinkley Point.”
The company has stated that this is a low-cost alternative for a global market. “With a modular design that’s built in a factory, it can improve certainty of delivery, reduce complexity, optimize safety.”
Currently, they said, “nuclear power stations are large scale sites that typically cover an area of over 400,000m2. This is because traditionally once a company has gone through the time and expense of securing an appropriate site, it was more cost effective to build as much capacity on that site as possible. Construction of these sites can take years to complete and their complexity can lead to significant delays and escalating costs.”
Why are they building them, you might ask? These would serve as nuclear reactors to generate power in the UK, said designboom. They would be delivered “in chunks,” said Forbes, via trucks. So, we’re looking at plans for nuclear power stations, factory-built, in the UK, that are built and delivered in parts.
“At every point in the development of our UK SMR solution, we have sought to take a modular approach to drive down the cost of electricity to as low as practically possible,” Rolls-Royce said on its SMR topic.
Actually, reported the BBC, “Rolls-Royce is leading a consortium to build small modular reactors (SMRs) and install them in former nuclear sites in Cumbria or in Wales. Ultimately, the company thinks it will build between 10 and 15 of the stations in the UK.”
The news attracted a clinical neurologist at Yale University School of Medicine, Dr. Steven Novella, who wrote about
it in NeuroLogicaBlog. He confessed his mood in the opener. “What do you call it when you are both excited and pessimistic about something at the same time?”
“Actually,” he wrote, “small nuclear reactors are not new. We have been using them on nuclear submarines and other vessels for years. What is new is commercial SMRs for grid power.”
Why the mixed feelings of being excited, yet pessimistic? After making an argument for what benefits nuclear brings to the energy future, he commented: “...it is technically possible to achieve zero carbon without nuclear, it’s just
practically not feasible. Now we are getting to the point where I am pessimistic...we have two main political
parties, one largely ignored the science on global warming, and the other largely ignores the
science on nuclear energy.”
“I have to hope that politicians say what they think they need to say, but then consult experts and do the right thing behind the scenes. Or—private companies take matters into their own hands. If Rolls-Royce, for example, successfully develops a cost-effective SMR that works, it will likely be used. Build it and they will come.”
A recent assessment of where nuclear power as an energy source stands was made in the BBC report.
It pointed out that (1) there were those who think the UK should quit nuclear power altogether (2) those who say the country should focus on cheaper renewable energy instead and (3) environmentalists, divided over nuclear power, “with some maintaining it is dangerous and expensive, while others say that to achieve net zero emissions by 2050 all technologies are needed.”
The BBC quoted Paul Stein, Rolls-Royce CTO. “The trick is to have prefabricated parts where we use advanced digital welding methods and robotic assembly and then parts are shipped to site and bolted together.”
SOURCE: Nancy Cohen , Tech Xplore; January 26, 2020 G
VOL. 30 NO. 1 7
News Briefs
Iowa State researchers seek solution for icy wind turbine bladesIt’s a problem that makes rooftop ice dams seem minuscule by comparison: how to prevent ice buildup on massive wind turbine blades. Researchers at Iowa State University are trying to develop a cost-effective antidote with the help of a $303,000 state economic development grant.
The stakes are real for the wind energy industry in Iowa and other cold weather states. Energy production can fall by as much as 50% when blades are icy, and operators sometimes turn turbines off during icy weather to prevent damage to the machines, according to Hui Hu, a professor of aerospace engineering at Iowa State who is leading the research effort there.
“Given our substantial wind resources … this has the potential to increase production, but to do it in an efficient and sustainable way,” said Brian Selinger, who directs the energy office for the Iowa Economic Development Authority.
Ice buildup can cause trouble in a couple of ways. Small irregularities in the blade’s surface are enough to seriously impair its aerodynamic performance. Turbine blades behave very much like airplane wings.
Hu watched it happen in his icing wind tunnel, a machine that can move air as fast as 220 miles per hour and chill it down to minus 13 degrees Fahrenheit while hurling supercold water droplets at anything inside. He also has a set of imaging systems that record in minute detail the deposition of water and ice on the blade cross sections. It clearly illustrates whether the ice is on the leading edge of the blade or farther back; how quickly it is building up; whether it is the finer ice known as rime or the thicker, bumpier ice known as glace; and the impact of heating the leading edge or of coating the blade surface with an ice-repelling compound.
Ice can also cause problems because it doesn’t necessarily adhere uniformly on the three blades. Hu said the random buildup of ice can lead to an imbalance that can damage the gear system if the turbine continues spinning.
Solutions are available, but all have their drawbacks. U.S. wind farms generally turn to a helicopter or drone to spray a de-icing compound on their turbines, similar to what’s done to airplanes before takeoff. But like sunscreen, it requires frequent reapplication.
Technologies exist that can be built into the turbine. Although they are used in Canada, Denmark and Sweden, Hu said the U.S. wind industry has found them to be cost-prohibitive. Charles Godreau, who researches wind turbine performance in cold weather for Nergica, an applied-research center in Québec, Canada, said the blades can incorporate a material that conducts electricity that can prevent icing by warming the blade. He said the cost for the power amounts to roughly 5% of the energy a turbine
might typically produce.
Blowing warm air into the empty interior of a turbine blade also can work, according to Godreau. Engineers also have tried to devise coatings that would repel ice. Oil works, Hu said, but it doesn’t stay on the blade’s surface long enough to be feasible.
Other formulas also work, at least for a time, but Godreau said the coatings tend not to be durable
enough due to the speed at which turbine blades spin. The tip, which has to cover a lot of ground, often is moving at 200 miles per hour, he said, which subjects a coating to a lot of abuse from air and precipitation.
Hu’s team is trying to formulate new ice-repelling coatings. Some textured materials work initially, Hu said, but soon wear off. His team is taking some cues from nature, like the spikey surfaces of lotus leaves and penguin feathers. They also are intrigued by an oily compound on the surface of the leaves of the carnivorous pitcher plant, he said.
But in regions with less frequent ice conditions — like the Midwest — coatings and blade-warming systems don’t make economic sense just yet. Professor Hu hopes his research may change that.
SOURCE: ENERGY NEWS NETWORK: Karen Uhlenhuth; October 30, 2019 G
Mark Your Calendar
MUI Day at the Capitol Preview Meetings ScheduleMUI Day at the Capitol Preview Meetings are FREE for Supporting Members and their guests and $10 per person for General Members. This is your chance to learn about the legislative process, issues impacting your utility investment and ask questions about MUI Day at the Capitol. Choose the meeting time and location that works best for you. If you are
unable to participate in the MUI Day at the Capitol, we still encourage you to attend one of these meetings. Registration is required. Please contact the MUI office at 651-227-7902 or 1-888-850-5171 or online at www.mnutilityinvestors.org for details and to register for a meeting. Meetings are subject to change or cancellation. G
DATE TIME LOCATION
Wednesday, March 4 11:30 am Rochester area
Thursday, March 5 11:30 am NorthWest Metro
Monday, March 9 11:30 am Duluth area
Tuesday, March 10 11:30 am St. Cloud area
Wednesday, March 11 11:30 am Bloomington area
Thursday, March 12 11:30 am NorthEast Metro
DATE TIME LOCATION
Monday, March 16 11:30 am St. Paul area
Tuesday, March 17 11:30 am Mankato area
Wednesday, March 18 11:30 am Fergus Falls area
Wednesday, March 18 5:00 pm Alexandria area
Thursday, March 19 11:30 am Baxter area
In your INTERESTMARCH 20208
New Selection Process This YearOne of the many benefits of being an MUI Supporting member is the opportunity to see first-hand the variety of ways Minnesotans get their power and the chance to talk to the employees that make it all happen.
MUI is in the process of organizing the 2020 Summer Tours. Information about these tours, and possibly more, will be sent to MUI Supporting Members in late March
New This YearWe will send the tour information to Supportig members and you are asked to RETURN it to MUI with your top three choices by April 30th. On May 1st we will randomly pull the returned sheets and fill the tours with their choices. We will contact you if you were randomly selected for a tour. This will eliminate the bottleneck of phone calls and make it fair for everyone that is interested in participating on a tour. G
MUI Summer Tours (available to MUI Supporting Members only)
MONTH TOUR
June Xcel Energy Prairie Island Plant Tour (near Red Wing, MN)
June Xcel Energy Monticello Nuclear Plan Tour
June Midwest Independent System Operator (MISO) Control Center (Eagan, MN)
June Minnesota Power Camp Ripley Solar Farm Tour (near Little Falls, MN)
June Xcel Energy Scandia Solar Garden
Annual Meeting Monday, October 12, 2020 • Earle Brown Heritage Center
VOL. 30 NO. 1 9
Did You Know cont. on page 10
Interesting Tidbits
Did You Know?Recent
Utility Company News
Owen Named CEO of ALLETE; Hodnik Announces Plans to Retire May 2021ALLETE’s Board of Directors recently announced that Bethany Owen, current President of ALLETE, has been elected CEO of ALLETE. Owen succeeds Al Hodnik. To support an orderly transition, Hodnik will serve as Executive Chairman of the ALLETE Board of Directors and will be involved actively with Owen, the Board and executive leadership until his retirement from the company and the Board in May 2021, at which time, at age 62, Hodnik will have dedicated 40 years of service to the company.
CenterPoint Energy Pushes For More Homegrown GasIn a CenterPoint Energy garage several high tech “noses” are ready to hit the streets. “It’s analyzing that air sample so if it picks up that methane signature we’re looking for, it can tell us exactly where it was,” explains the utility’s leak detection foreperson, Lon Rosebrock.
One way to stop greenhouse gasses is to track down pipeline leaks. In the last nine years, the company’s Picarro vehicles have helped cut by 25% the amount of natural gas rising into the atmosphere. CenterPoint now hopes to take environmental stewardship a step further, with the proposed Natural Gas Innovation Act about to be introduced by the state legislature.
“We want to look toward new innovative technologies,” says Ross Corson, CenterPoint spokesperson. He’s speaking about a plan that would capture bio gas emitted by dairy herds, municipal landfills, even wastewater treatment plants. The escaping and wasted methane gas are then purified and blended with natural gas pipelines leading to our homes.
“The methane emitted naturally from those sources, capturing that and converting it into renewable natural gas that is interchangeable with conventional natural gas,” explained Corson. The plan could also help spur investment in other pilot projects, such as stripping hydrogen gas from the state’s abundant freshwater. That’s done through an electrolysis process.
“Instead of getting natural gas from Texas and Oklahoma, it’s actually made in Minnesota — homegrown natural gas,” added Corson.
MDU Resources Reports Increased Earnings in 2019, Initiates Guidance for 2020MDU Resources Group, Inc. (NYSE: MDU) recently reported earnings increased 23% in 2019 to $335.5 million, or $1.69 per share, compared to 2018 earnings of $272.3 million, or $1.39 per share. In the fourth quarter of 2019, the company's earnings were $95.1 million, or 47 cents per share, compared to $78.8 million, or 40 cents per share, in 2018.
“We saw outstanding performance from all our business lines in 2019,” said David L. Goodin, president and CEO of MDU Resources. “We had record results in a number of areas, particularly in the volume of work and earnings experienced at both our construction services and construction materials companies. We closed out the year with a record backlog of construction work for the second year in a row.
“Our pipeline and midstream business transported a record amount of natural gas for the third consecutive year, and its ongoing growth projects will further expand its ability to transport gas out of the Bakken region. Our utility companies also had strong results, and continue to work with regulators to earn recovery on system investments that allow us to provide reliable, safe service to our growing customer base.
“With our record backlog of construction work at the start of this year and strong organic growth projects underway at our regulated businesses as we continue building a strong America, we are initiating our earnings per share guidance in the range of $1.65 to $1.85 for 2020.”
ALE
CNP
MDU
In your INTERESTMARCH 202010
WEC Energy Group Posts Strong 2019 ResultsWEC Energy Group recently reported net income of $1.13 billion, or $3.58 per share, for 2019. This compares to earnings of $1.06 billion, or $3.34 per share, for 2018.
For the fourth quarter of 2019, WEC Energy Group recorded net income of $243.9 million, or 77 cents per share. This compares to earnings of $205.0 million, or 65 cents per share, for the fourth quarter of 2018.
“From network reliability to customer satisfaction to earnings and dividend growth, the company continues to perform at a high level," said Gale Klappa, executive chairman. “And we're poised for progress in 2020 as we work to deliver a clean energy future that is safe, reliable and affordable.”
During the fourth quarter of 2019, two WEC Energy Group utilities—We Energies and Wisconsin Public Service—were honored for superior reliability of their electric delivery networks. This is the ninth consecutive year that We Energies has been named best in the Midwest and the first time Wisconsin Public Service has been recognized.
Otter Tail Corporation Increases Quarterly DividendOtter Tail Corporation (NASDAQ: OTTR) announced today the Board of Directors increased the company’s quarterly common stock dividend to $0.35 per share. The increase brings the annual indicated dividend rate to $1.40 per share, a $.06 increase over the 2018 rate. The dividend is payable on March 9, 2019 to shareholders of record on February 15, 2019. This 4.5 percent increase demonstrates our strong commitment to our shareholders and shows the confidence the board of directors has in our ability to deliver sustainable earnings and cash flows. We expect future dividend increases to be in line with earnings growth while maintaining a targeted payout ratio in the range of 60 to 70 percent. This represents the 80th year (321st consecutive quarter) dividends have been paid on common stock.
Xcel Energy develops carbon-free strategy with Prairie Island nuclear plant as a key factorWhen an energy company with over 5 million customers in eight states pledges to go carbon free, that action will have significant impact on society, on the economy and on the environment.
“We have a goal to reduce carbon emissions 80% by 2030 and a vision to provide customers with 100% carbon free energy by 2050,” said Pamela Prochaska, director of nuclear policy and strategy for Xcel Energy. “Nuclear power plays a key role in helping us reach this goal and vision by providing reliable, affordable, carbon free energy for our customers.”
For a company with 3.5 million electric customers and 2 million natural gas customers, reaching those goals will be a challenge, but Xcel said it is moving in that direction already.
“Our nuclear plants provide about 30% of the electricity for our customers in the Upper Midwest,” Prochaska said, “and about half of the carbon-free electricity.”
There are many factors that will help determine whether Xcel Energy can reach these goals, Prochaska said, including new technologies that might make the transformation easier.
“We don’t know exactly how we are going to get to 100% carbon free,” she said, “because there may be other technologies or technology advancements that we don’t know about yet, but we will continue to monitor that and see where technology can take us. ”
One key to those goals will be continued use of nuclear power through the Prairie Island nuclear plant above U.S. Lock & Dam No. 3 near Red Wing. The 520-acre site has two nuclear reactors, with one beginning operation in 1973 and the second in 1974. They were authorized initially under 40-year licenses which were renewed in 2011.
“We worked with the Nuclear Regulatory Commission which is our federal regulator and the state of Minnesota,” Prochaska said. “We received license renewals for 20 additional years, so our units were extended to 2033 and 2034.”
“Safely operating our nuclear power plants and protecting the health and safety of the public is number one,” Prochaska said. “Having grown up in Red Wing and then raising my family here, I take that mission personally.”
SOURCE: Steve Gardiner; February 13th 2020; RiverTowns.net G
Did You Know cont. from page 9
OTTR
XELWEC
VOL. 30 NO. 1 11
Accolades
Thank you to our MUI Supporting Members for their continued support! Those listed below represent
members who have RENEWED their membership or JOINED between November 8, 2019–February 14, 2020. The list is organized by state and then alphabetized by FIRST name. Members that are italicized have renewed for three year – the rest for one year.
RENEWING MUI SUPPORTING MEMBERS ALABAMA: Raymond and Shirley Theobald; ARIZONA: Dave and Mary Robinson, Paul Wing, Richard Peterson; CALIFORNIA: Scott Mickle; IOWA: James and Patricia Henkel; FLORIDA: Susan Inez Gill-Manning; MICHIGAN: John Narkun, Richard Josten; MINNESOTA: Al and Barbara Paulson, Al and Joyce Anderson, Allen and Estella Vis, Allen and Ruth Castle, Barb and Jerry Reinhardt, Barbara Chopp, Bertha Maki, Betty Anderson, Betty Schisel, Beverly and Michael Brucciani, Bill and Judith Ashbeck, Bob and Eloise Layman, Bonnie Denzel, Brian McManimon, Carol Burgess, Carol Sturgeleski, Caroline and Charles Soyring, Charles and Sandi Eidem, Charles Brandt, Charles Burton, Cheryl Ellefson, Clyde and Judy Anderson, Constance Ahrens, Curt and Marie Mecklenburg, Dale Fredrickson, Darleen Kvas, Darrell Iverson, Daryl and Marlys Johnson, Dave and Sue Manisto, Dayle Darst-Olsen, Dennis and Diane Larson, Dennis Van Sloun, Dick Eischens, Donald Verbick, Doris E. Johnson, Ed and Helen Maier, Edward and Sue Erickson, Edward Nemeth, Elaine Bryan, Eldon Person, Esther Bohnenstingel, Esther Vollbrecht, Ethel Woestehoff, Frank and Nancy Strohmayer, Fred and Kate Festler, Freeland and Lorraine Pletcher, Gary and Diane Dahl, Gary and Kathi Wilcox, Gene and Deb Danneman, George and Gloria Johnson, George Koerner, Gerald A Veillet, Gerald and Joan Reisem, Geraldine Richter, Gladys Walcker, Glen
and Patricia Chadderdon, Hank Lederer, Helen and Kenneth Schaufler, Herbert and Lucille Fogelberg, Howard Evers, Ione Waller, James and Diane Klaseus, James and Karen Naslund, James and Vivian Ayres, Jeanette Bischoff, Jerome and Bernie Dolinsky, John Adams, John and Marlene Kjera, John and Mary Dacey, John and Roberta Olson, John Schluter, Joyce M Drechsel, Karen and Ken Landro, Kathy Mulligan-Widell and Dan Widell, Kathy Nelson, Ken and Pat Olson, Kenneth and Beverly Koski, Kenneth Jarvis, Larry and JoAnne Olson, Laurie and Jim Arndt, LaVonne Danzl, Lawrence and Beatrice Westerberg, Len Zuehl, Lois Neubert, Margaret M. Brown, Marie Meyer, Marilyn and Roger Harma, Marilyn Froelich and Jim Beckstrom, Marlys and Steven Balfany, Mary V. Zehrer, Merlin and Alfrieda Dornbush, Michael Borkan, Michael Rogers, Myron Johnson, Nancy Wettstein, Pat and Barbara Sodergren, Patricia and Richard Loehlein, Patti Schmitt, Priscilla Pince, Richard and Delores Widholm, Robert F Larson, Rod and Nancy Smith, Rolland and Colleen Eck, Ron and Mary Sholl, Ronald and Arlene Wingert, Ronald and Lois Tow, Ronald and Rosalie Miller, Ronald J and Susan R Henke, Ronald Steinberg, Roy and Joann Luukkonen, Sandra Chase, Serelda and Kevin Borst, Sheila Stolpe, Shelly Moorman and Kevin Sweeney, Stephen and Kathleen Sabel, Stephen Johnson, Steve Norgaard, Sylvia Jenness, Sylvia Koski, Terre McCue, Tom and Yvonne Sauer, Tom Brandl, Vernon and Marian Krein, Victor and Joyce Hengel, Wallace and Mary Moe; SOUTH CAROLINA: Loretta and Bernard Russ, Sherman H. and Gisela Otto; TEXAS: Allan and Carolyn Gerlach; VIRGINIA: Walter and Andrea Baumann; WISCONSIN: Charles Clarke, Clement and Addie Bott, Jim and Ellen Laird, Roland Wold.
NEW MUI SUPPORTING MEMBERS SARTELL, MN: Deanne Marshall; MADELIA, MN: Roy and Chris McCab; PINE RIVER, MN: William and Carol Johnson.
Accolades to Recent MUI Supporting Members
Thank You to Our MUI Associate Members:• Dorsey & Whitney• Lignite Energy Council• Tri-State Drilling, Inc.• Moorhead Machinery & Boiler Co.• Messerli & Kramer• Lockridge, Grindal, Nauen
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In Your Interest is a publication of Minnesota Utility Investors, and is published four times each year in March, June, September and December.
