Minnesota Power Secures Long-Term Energy Contract With Stora Enso Paper
December 19, 2005
DULUTH, Minn.Minnesota Power, a division of Duluth-based ALLETE, Inc. (NYSE: ALE), announced today it has reached a long-term agreement with Stora Enso's Duluth Paper Mill and Duluth Recycled Pulp Mill, subsidiaries of Helsinki-based Stora Enso (NYSE: SEO), to provide all of their purchased electric service needs through August 2013. The agreement is subject to regulatory approval by the Minnesota Public Utilities Commission. Stora Enso is Minnesota Power's sixth largest customer and represents approximately three percent of Minnesota Power's average annual revenue, with average monthly energy use of approximately 56 megawatts. The Stora Enso facilities in Duluth produce recycled pulp and manufacture paper used for catalogues, magazines and newspaper advertising supplements.
"We are pleased to have a new contract with Minnesota Power's sixth largest customer," said Don Shippar, ALLETE President and CEO. "A new power agreement delivers a measure of budget certainty to both parties."
Stora Enso is an integrated paper, packaging and forest products company producing publication and fine papers, packaging boards and wood products, areas in which the company is a global market leader. Its main markets are Europe, North America and Asia.
Minnesota Power provides electricity in a 26,000 square mile electric service territory located in northeastern Minnesota. Minnesota Power supplies electric service to 136,000 retail customers, 16 municipalities and some of the largest industrial customers in the United States.
More information regarding Stora Enso is available at www.storaenso.com and Minnesota Power at www.mnpower.com.
ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE provides energy services in the upper Midwest and has significant real estate holdings in Florida. More information about the company is available on ALLETE's Web site at www.allete.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.
Investor Contact:
Tim Thorp
218-723-3953
tthorp@allete.com