SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported) – November 2, 2009
ALLETE,
Inc.
(Exact
name of registrant as specified in its charter)
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Minnesota
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1-3548
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41-0418150
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(State
or other jurisdiction of
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(Commission
File Number)
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(IRS
Employer
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incorporation
or organization)
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Identification
No.)
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30
West Superior Street
Duluth,
Minnesota 55802-2093
(Address
of principal executive offices, including zip code)
(218)
279-5000
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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SECTION
8 – OTHER EVENTS
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Item
8.01
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Other
Events
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On
November 2, 2009, ALLETE, Inc. (ALLETE) issued a press release announcing that
Minnesota Power, an operating division of ALLETE, Inc., submitted a filing with
the Minnesota Public Utilities Commission, seeking to increase retail electric
rates. The press release is attached to this Current Report on Form 8-K
and furnished as Exhibit 99.
SECTION
9 – FINANCIAL STATEMENTS AND EXHIBITS
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Number
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99
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ALLETE
News Release dated November 2, 2009, announcing Minnesota Power’s 2010
Retail Rate Increase Request with the Minnesota Public Utilities
Commission. (This exhibit
has been furnished and shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of
1933, except as shall be expressly set forth by specific reference in such
filing.)
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Readers
are cautioned that forward-looking statements should be read in conjunction with
ALLETE’s disclosures under the heading: “SAFE HARBOR STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995” located on page 2 of this Form
8-K.
1
ALLETE Form 8-K dated November 2, 2009
Safe
Harbor Statement
Under
the Private Securities Litigation Reform Act of 1995
Statements
in this report that are not statements of historical facts may be considered
“forward-looking” and, accordingly, involve risks and uncertainties that could
cause actual results to differ materially from those discussed. Although such
forward-looking statements have been made in good faith and are based on
reasonable assumptions, there is no assurance that the expected results will be
achieved. Any statements that express, or involve discussions as to, future
expectations, risks, beliefs, plans, objectives, assumptions, events,
uncertainties, financial performance or growth strategies (often, but not
always, through the use of words or phrases such as “anticipates,” “believes,”
“estimates,” “expects,” “intends,” “plans,” “projects,” “will likely result,”
“will continue,“ “could,” “may,” “potential,” “target,” “outlook” or words of
similar meaning) are not statements of historical facts and may be
forward-looking.
In
connection with the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, we are hereby filing cautionary statements identifying
important factors that could cause our actual results to differ materially from
those projected, or expectations suggested, in forward-looking statements made
by or on behalf of ALLETE in this Current Report on Form 8-K, in presentations,
on our website, in response to questions or otherwise. These statements are
qualified in their entirety by reference to, and are accompanied by, the
following important factors, in addition to any assumptions and other factors
referred to specifically in connection with such forward-looking
statements:
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·
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our
ability to successfully implement our strategic
objectives;
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our
ability to manage expansion and integrate acquisitions;
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prevailing
governmental policies, regulatory actions, and legislation including those
of the United States Congress, state legislatures, the FERC, the MPUC, the
PSCW, the NDPSC, and various local and county regulators, and city
administrators, about allowed rates of return, financings, industry and
rate structure, acquisition and disposal of assets and facilities, real
estate development, operation and construction of plant facilities,
recovery of purchased power, capital investments and other expenses,
present or prospective wholesale and retail competition (including but not
limited to transmission costs), zoning and permitting of land held for
resale and environmental matters;
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·
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the
potential impacts of climate change and future regulation to restrict the
emissions of GHG on our Regulated Operations;
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·
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effects
of restructuring initiatives in the electric industry;
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economic
and geographic factors, including political and economic
risks;
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changes
in and compliance with laws and regulations;
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weather
conditions;
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natural
disasters and pandemic diseases;
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·
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war
and acts of terrorism;
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wholesale
power market conditions;
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population
growth rates and demographic patterns;
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effects
of competition, including competition for retail and wholesale
customers;
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·
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changes
in the real estate market;
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·
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pricing
and transportation of commodities;
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·
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changes
in tax rates or policies or in rates of inflation;
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project
delays or changes in project costs;
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availability
and management of construction
materials and skilled construction labor for capital
projects;
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changes
in operating expenses, capital and land
development expenditures;
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global
and domestic economic conditions affecting us or our
customers;
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our
ability to access capital markets and bank financing;
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changes
in interest rates and the performance of the financial
markets;
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our
ability to replace a mature workforce and retain qualified, skilled and
experienced personnel; and
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the
outcome of legal and administrative proceedings (whether civil or
criminal) and settlements that affect the business and profitability of
ALLETE.
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Additional
disclosures regarding factors that could cause our results and performance to
differ from results or performance anticipated by this report are discussed in
Item 1A under the heading “Risk Factors” beginning on page 20 of our 2008
Form 10-K. Any forward-looking statement speaks only as of the date on
which such statement is made, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date on
which that statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible for
management to predict all of these factors, nor can it assess the impact of each
of these factors on the businesses of ALLETE or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statement. Readers are urged to carefully
review and consider the various disclosures made by us in this Form 8-K and in
our other reports filed with the SEC that attempt to advise interested parties
of the factors that may affect our business.
2
ALLETE Form 8-K dated November 2, 2009
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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ALLETE,
Inc.
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November
2, 2009
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/s/
Steven Q. DeVinck
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Steven
Q. DeVinck
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Controller
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ALLETE Form 8-K dated November 2, 2009
NEWS
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Exhibit
99
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For
Release:
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November
2, 2009
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Contact:
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Amy
Rutledge
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Communications
Manager
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218-723-7400
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218-348-2961
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arutledge@mnpower.com
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Minnesota
Power requests rate increase to support
infrastructure
and environmental improvements
Duluth,
Minn.—To support a stronger electric system and a healthier environment for its
customers in Northeastern Minnesota, today Minnesota Power asked for an $81
million net increase in electric retail rates. New rates approved by the
Minnesota Public Utilities Commission are expected to go into effect in 2011.
The company has requested that interim rates be implemented in early
2010.
Minnesota
Power, an ALLETE (NYSE:ALE) company announced earlier this fall its intent to
file for additional revenues to recover the costs of significant investments to
ensure current and future system reliability, enhance environmental performance
and bring new renewable energy to Northeastern Minnesota.
If the
request is approved, Minnesota Power estimates that an average residential
customer, using 755 kilowatt-hours, would see an increase of $13 on their
monthly bill. The new rate request also includes shifting $14 million
in line items currently reflected on customers’ bills into base rates. That
shift would result in no net increase or decrease on customers
bills.
“We’ve
worked hard to keep our customers’ costs low by negotiating competitive fuel
contracts, company-wide discretionary spending reductions, and pay freezes,”
said ALLETE Chairman and CEO Don Shippar. “At the same time, our
customers and policymakers expect us to deliver reliable power and increase our
generation from renewable energy sources. The ongoing investment in our system
reflects our commitment to maintaining a robust, reliable system and providing
cleaner energy that results in long-term benefits for our customers and the
region.”
The new
rates help to pay for a series of upgrades at the company’s Boswell Energy
Center’s four generating units in Cohasset that directly benefit Minnesota’s
environment. A three year project at the facility’s second largest unit is
scheduled to be completed this month and is expected to reduce emissions by 80
to 90 percent.
The
acquisition of a large DC transmission line between North Dakota and Minnesota
is also part of the request. That acquisition is currently pending state and
federal regulatory approval. The 465 mile existing line will ultimately be used
to deliver wind energy to customers in Minnesota, including from the company’s
Bison 1 energy center. Site development for the 75 megawatt project is currently
underway near New Salem, North Dakota.
“While we
continue to build our wind, water and biomass resources, we also know that our
customers want and need the competitively priced power that is produced at our
existing generating units. Our upgrades will result in cleaner, more efficient,
state-of-the-art operations at these facilities,” said Shippar.
Overall,
due to lower fuel costs, customers’ bills have remained relatively flat and
their electric rates have remained competitive in the region even with last
year’s interim rate increase. Final rates for the company’s May 2008
request will go into effect with this month’s bills.
Through
its Power of One
program, Minnesota Power offers customers a number of rebates, tools and
programs to help conserve energy and save on their monthly bill. Go to
www.mnpower.com for more details.
For more
information regarding Minnesota Power’s rate request go to
www.straightenergyanswers.com. The public will have the chance to provide input
regarding the rate request at upcoming public hearings. Those dates will be set
by the administrative law judge that will be assigned to Minnesota Power’s rate
case proceeding.
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.
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This
exhibit has been furnished and shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, except
as shall be expressly set forth by specific reference in such
filing.