UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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) – February 8, 2008
(February 12, 2008)
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
Item
8.01 Other Events
On
February 8, 2008, the Federal Energy Regulatory Commission (FERC) approved
Minnesota Power’s request to increase electric rates for our wholesale
customers. Minnesota Power is an operating division of ALLETE, Inc. The increase
applies only to Minnesota Power’s 16 wholesale municipal customers and two
private utilities in Wisconsin, including Superior Water, Light & Power
(SWL&P), a wholly-owned subsidiary of ALLETE, Inc. Effective March 1, 2008,
the increase is expected to result in an annual revenue increase to Minnesota
Power of $7.5 million.
A
copy of
Minnesota Power’s February 12, 2008, press release announcing the rate increase
is being furnished with the Securities and Exchange Commission as Exhibit
99.
SECTION
9 – FINANCIAL STATEMENTS AND EXHIBITS
Item
9.01 Financial Statements and Exhibits
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(a)
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Financial
Statements of Business Acquired – Not applicable
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(b)
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Pro
Forma Financial Information – Not applicable
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(c)
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Shell
Company Transactions – Not applicable
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(d)
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Exhibits
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Exhibit
Number
99
-Minnesota Power News Release dated February 12, 2008, stating the FERC approved
Minnesota Power’s wholesale rate adjustment request.
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,
Inc. Form 8-K FERC Wholesale
Rate Case February 12,
2008
2
Safe
Harbor Statement
Under
the Private Securities Litigation Reform Act of 1995
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 in forward-looking statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995) made by or on behalf of ALLETE
in this Current Report on Form 8-K, in presentations, in response to questions
or otherwise. Any statements that express, or involve discussions as to
expectations, beliefs, plans, objectives, assumptions, or future events or
performance (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 similar expressions) are not statements of historical
facts and may be forward-looking.
Forward-looking
statements involve estimates, assumptions, risks and uncertainties, which are
beyond our control and may cause actual results or outcomes to differ materially
from those that may be projected. 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:
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·
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our
ability to successfully implement our strategic
objectives;
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·
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our
ability to manage expansion and integrate acquisitions;
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·
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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, and various local and county regulators, and city administrators,
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 rules and regulation;
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·
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the
potential impacts of climate change on our Regulated Utility
operations;
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·
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effects
of restructuring initiatives in the electric industry;
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·
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economic
and geographic factors, including political and economic
risks;
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·
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changes
in and compliance with laws and policies;
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·
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weather
conditions;
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·
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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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·
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wholesale
power market conditions;
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·
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population
growth rates and demographic patterns;
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·
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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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·
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unanticipated
project delays or changes in project costs;
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·
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availability
and management of construction materials and skilled
construction labor for capital projects;
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·
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unanticipated
changes in operating expenses, capital and land
development expenditures;
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·
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global
and domestic economic conditions;
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·
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our
ability to access capital markets and bank financing;
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·
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changes
in interest rates and the performance of the financial
markets;
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·
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our
ability to replace a mature workforce and retain qualified, skilled
and
experienced personnel; and
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·
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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 24 of our 2006
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,
Inc. Form 8-K FERC Wholesale
Rate Case February 12,
2008
3SIGNATURES
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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February
12, 2008
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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,
Inc. Form 8-K FERC Wholesale Rate Case February 12,
2008
4
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Exhibit
99
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For
Release:
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Feb.
12, 2008
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Contact:
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Eric
Olson
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218-723-3947
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eolson@allete.com
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Investor
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Tim
Thorp
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Contact:
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218-723-3953
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tthorp@allete.com
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FEDERAL
REGULATORS APPROVE MINNESOTA POWER WHOLESALE RATE
REQUEST
DULUTH,
Minn.—Minnesota Power, an ALLETE company (NYSE: ALE) announced today that the
Federal Energy Regulatory Commission approved an increase to the electric rates
of Minnesota Power’s wholesale customers. The rate increase applies only to
Minnesota Power’s 16 municipal customers and two private utilities in Wisconsin,
including Superior Water, Light & Power Company. Effective March 1, the
increase is expected to result in an annual revenue increase to Minnesota Power
of approximately $7.5 million.
Minnesota
Power said the increase will offset rising costs of providing service to
wholesale customers, including operating and maintenance expenses. In addition,
Minnesota Power indicated that the increase is needed for environmental
projects, wind generation and transmission asset additions. This is the first
wholesale rate adjustment that the company has asked for since
1995.
Wholesale
customers are the communities within the Minnesota Power service area who
distribute electric service to their residents, and two Wisconsin private
utilities. Retail customers of Minnesota Power who receive their bill directly
from the company are not included in this rate adjustment.
Minnesota
Power provides retail electric service within a 26,000-square-mile area in
northeastern Minnesota to 141,000 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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Minnesota
Power • 30 West Superior Street, Duluth, Minnesota 55802
www.mnpower.com
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