News Releases

 
News Releases
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Oct 7, 1999
MP Telecom, a wholly owned subsidiary of Minnesota Power, Inc. (NYSE: MPL), is expanding its network through construction of a 208-mile fiber optics route into southern Minnesota. The new fiber will link Winona, Rochester, Austin, Albert Lea, Owatonna, Faribault and Minneapolis. The project is part of MP Telecom's plan to tie its fiber optic networ...
Jun 23, 1999
Minnesota Power has announced that its electric business plans to build a natural gas-fired power plant near the city of Superior in Wisconsin's Douglas County. The power generating station, scheduled for completion in 2002, will help meet growing peak demand for electric power. The combustion turbine power station will be capable of producing a...
May 5, 1999
Minnesota Power, Inc. has announced that a real estate subsidiary will acquire from a subsidiary of Avatar Holdings, Inc. a portfolio of residential, commercial and recreational properties in Cape Coral, Florida. Adjacent to Fort Myers, the Cape Coral assets involve approximately 2,500 acres of commercially and residentially zoned land, includin...
Apr 21, 1999
Minnesota Power, Inc. has reported a 13 percent increase in first quarter 1999 net income compared to the same quarter last year. Net income was $20.9 million on quarterly revenue of $257.5 million versus $18.5 million net income and $246.6 million in revenue the year earlier. Earnings per share of Minnesota Power common stock were 30 cents duri...
Mar 18, 1999
Minnesota Power, Inc. subsidiary Rainy River Energy Corp. has entered into a 15-year agreement to purchase approximately 275 megawatts (MW) of electric power from a 1,100 MW generating station to be built by a subsidiary of LS Power, LLC, near Chicago, Ill. A natural gas-fired, combined-cycle power generation facility will be located in Kendall ...
Mar 1, 1999
Feb. 26, 1998) Minnesota Power, Inc. announced today that it will take a $1.7 million charge against first quarter 1999 earnings as a result of a $44 million reserve established for likely extraordinary insurance claims at Capital Re (NYSE: KRE), a financial guaranty reinsurance and specialty insurance company in which Minnesota Power holds a 21 pe...
Feb 16, 1999
Minnesota Power has received final regulatory approvals to split its common stock on a two-for-one basis. The Federal Energy Regulatory Commission has approved the stock split, which was announced January 18, 1999. The stock split will be effective on March 2, 1999, for shareholders of record on February 16, 1999. Shareholders will receive one a...
Jan 18, 1999
(Jan. 18, 1999) Minnesota Power, Inc. (NYSE: MPL), the diversified Duluth-based services company, today released its 1998 financial results while at the same time announcing an increase in the dividend on the company’s common stock and a two-for-one stock split. "Our 1998 net income increased by 14 percent over last year. This increase reflects ...
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