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) – June 24, 2011 (June 20, 2011)
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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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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
Item 8.01 Other Events
On June 22, 2011, Minnesota Power, a division of ALLETE, Inc., issued a press release announcing its plan to build the Bison 3 wind development project. A copy of the press release is filed as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.
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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Minnesota Power’s press release dated June 22, 2011.
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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 3 of this Form 8-K.
ALLETE Form 8-K dated June 24, 2011
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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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our ability to successfully implement our strategic objectives;
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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, the EPA and other various state, 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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our ability to manage expansion and integrate acquisitions;
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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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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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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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changes in the real estate market;
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pricing and transportation of commodities;
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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 and capital 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 22 of our 2010 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.
ALLETE Form 8-K dated June 24, 2011
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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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June 24, 2011
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/s/ Deborah A. Amberg
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Deborah A. Amberg
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Senior Vice President, General Counsel and Secretary
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ALLETE Form 8-K dated June 24, 2011
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| Exhibit 99 | ||
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For Release:
Contact:
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June 22, 2011
Amy Rutledge
Communications Manager
218-723-7400
arutledge@mnpower.com
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| NEWS |
Minnesota Power accelerates timing of new wind project in North Dakota
Duluth, Minn.—Minnesota Power, an ALLETE company, has accelerated its plans to build a third wind energy project in North Dakota, citing a competitive turbine market, federal production tax credits and regulatory support as factors for moving up its timeline.
The Company submitted a plan to the Minnesota Public Utilities Commission this week to build a 105 Megawatt, $157 million, wind farm in Oliver and Morton Counties in central North Dakota. The 35 turbine Bison 3 project will be constructed in the same proximity as the Company’s Bison 1 and 2 wind projects. Coupled with the Company’s scheduled biomass and current wind projects, Bison 3 will move the Company further toward its goal of achieving the State of Minnesota’s mandate of 25 percent renewable energy by 2025.
In approving Minnesota Power’s long-term resource plan, the Minnesota Public Utilities Commission in May ordered the Company that it strongly consider adding more wind to its renewable portfolio, before the expiration of federal production tax credits on December 31, 2012.
The Company is currently building two other wind developments in North Dakota, where wind resources are considered among the best in the country. The 82MW Bison 1 is halfway complete with the second phase expected to be online at the end of 2011. Bison 2, a 105MW wind development, will be constructed concurrently with Bison 3; both projects are scheduled to be in service in 2012. Bison 2 and 3 will begin construction upon receipt of necessary permits and approvals. The Bison 3 project will use state of the art direct-drive 3.0MW Siemens turbines like those being used for the second phase of Bison 1 and all of Bison 2.
“The timing is optimal for expanding our wind initiative in North Dakota,” said Al Hodnik, ALLETE Chairman, President and CEO. “Building Bison 2 and 3 concurrently will result in construction cost savings, and allow us to leverage existing transmission. We’re delivering on our growth strategy while meeting a changing landscape that requires a cleaner, more sustainable energy supply.”
The energy from all three projects will be delivered to Minnesota Power customers via a direct current large transmission line (the D.C. line) which stretches 465 miles from the Square Butte Substation in Center, N.D. to the company’s Arrowhead Substation near Duluth. The addition of Bison 3 will move the company within five percent of achieving the state’s 25 by 2025 mandate in the year 2020.
“As we explained with its purchase in 2009, the DC transmission line is a critical element in our overall strategy to diversify our energy portfolio and cost effectively achieve the state’s renewable energy policy,” Hodnik said.
The project will have little to no immediate impact on base electric rates. Over time, the addition of wind energy is expected to lower costs to customers by offsetting power purchases in the wholesale market. Minnesota Power will seek current cost recovery eligibility for Bison 3, which, if approved, will occur under the Company’s Renewable Resources Rider.
ALLETE is an energy company and its principal operating division 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.