Business & Finance
Mon, February 14, 2011Sun, February 13, 2011Sat, February 12, 2011Fri, February 11, 2011Thu, February 10, 2011Wed, February 9, 2011Tue, February 8, 2011Mon, February 7, 2011Sun, February 6, 2011Sat, February 5, 2011Fri, February 4, 2011Thu, February 3, 2011Minnesota Powera?s Long-Term Electric Service Agreement with City of Nashwauk Supports Regional Economic Growth
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Published in Business and Finance on Tuesday, February 8th 2011 at 14:10 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
DULUTH, Minn.--([ BUSINESS WIRE ])--A new long-term electric service agreement between Minnesota Power, a division of ALLETE (NYSE: ALE) and the city of Nashwauk was approved by the Nashwauk Public Utilities Commission on February 7, 2011.
"These are exciting times in Northeastern Minnesota, with our existing industrial customers running strong, and a slate of large scale taconite and non-ferrous mining opportunities on the table"
Under the terms of the agreement, Minnesota Power will provide all of Nashwauka™s electric power supply on a wholesale basis. In turn, the city will receive the electricity it needs to serve its retail customers, including Essar Steel Minnesota. Nashwauk is the site of Essara™s planned taconite mining and pellet plant operations, scheduled for start-up in late 2012. Phase two of the project involves the construction of a direct-reduced iron and steelmaking mill.
aThe Nashwauk community has been a long-time municipal customer of ours, and we are pleased to see the continuation of our business relationship through this new agreement,a said Al Hodnik, ALLETE President & CEO.
aThese are exciting times in Northeastern Minnesota, with our existing industrial customers running strong, and a slate of large scale taconite and non-ferrous mining opportunities on the table,a added Hodnik. aThis contract with Nashwauk represents another vital step in the Essar Steel project becoming reality. Within ALLETEa™s family of businesses, Minnesota Power is the regiona™s premier power supplier. Our competitive rates and reliable service help fuel the regiona™s continued economic recovery and promote the long-term success of our industrial customers.a
Minnesota Powera™s agreement with Nashwauk, which is subject to federal regulatory approval, is similar to contracts the company has with other wholesale service providers.
Wholesale municipal customers of Minnesota Power distribute electric service to their local residents and businesses within their City.
Minnesota Power provides retail electric service within a 26,000-square-mile area in northeastern Minnesota to 144,000 customers and wholesale electric service to 16 municipalities. More information can be found at [ www.mnpower.com ].
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
