ALE - Earnings call transcript Q3 2019

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Operator

Good day, and welcome to the ALLETE Third Quarter 2019 Financial Results Call. Today's call is being recorded.

Certain statements contained in this conference call that are not descriptions of historical facts are forward-looking statements, such as terms defined in the Private Securities Litigation Reform Act of 1995. Because such statements can include risk and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to those discussed and filings made by the company with the Securities and Exchange Commission. that ability the or of factors are future predict. the the beyond management of will company's determine results Many to control reflect Listeners forward-looking the undue place hereof. management's which date should as views reliance only not statements, on or events The statements any or forward-looking whether otherwise. or to of result other forward-looking as any update a company make new obligation undertakes statements, no revise to information, future

Officer, turn Alan remarks For Please and I the to conference introductions, like President over and opening Chief ahead. now Executive Hodnik. go ALLETE to would

Alan Hodnik

Good net And are Officer, Morris. third results we President, reported These Steve everyone. our and Senior thanks results are quarter morning, Vice today. for in Chief Financial With Officer, ALLETE's Vice line joining of me Bob for Today, Chief $XX.X share, Owen; income ALLETE's and the quarter. with million. us Adams; financial and Accounting a expectations XXXX President, $X.XX Bethany Controller per President

on as on new Importantly, the construction year we a up record large momentum enthusiasm. infrastructure, investments soon XXXX significant with dawns, of the on end and ALLETE have growth we tremendous ALLETE's and successfully heels envision With and the carbon we significant accelerate. as anticipate path for start decade in wrapping projects new of to of several approach and the are And a to the ALLETE transformative in is nation's positioned strategy XXXX free transform continues multi-dimensional capital well energy call very answer additional growth. to energy we landscape. the

to now ALLETE's ALLETE's initiatives turn over call I on execution, growth will For details positioning, further President, Bethany Owen. the and

Bethany Owen

of our and value customers this talented of our ALLETE, companies as a while ALLETE's as everyone. of delivering as our setting energy Sustainability the that very our energy advancing morning, well year start stakeholders. for sources. cleaner efficient construction foundation the record employees in is and Good have we been many communities and environment, consideration to with our level we day Al. busy caring the serve, strategy, support more Thanks,

Our businesses. we've significant energy thoughtfully -- and strategy across growth Power, clean advancing Minnesota our of our ALLETE's is been transformation forward driving all strategy. At

pleased are XX% renewable to provides energy and by is energy to customers its Power Minnesota track XX% report currently on We renewable that to provide XXXX.

result, customers. a in company utilities two all one is Minnesota the currently of renewable Power in of in At As lowest Minnesota, Midwest rates time, same the numbers the in the state. the residential number provided has of the to percentage of energy state and all the

all as energy with employees stakeholders, reliability to customers, regulators, policymakers and the meeting objectives. while engaging actively for society's balance cleaner and customers, are of alike ensure strike communities, all We right affordability our we to seek

increase rate and planned throughout stakeholders customers well of Utilities system Minnesota Minnesota to while look diverse transformation This power request details is affordable share clean We Utilities the As filed the quarter competitive Steve Commission energy details will with process retail rate Minnesota X, this a many Public our as important to customers. on rate. moment. of Power's Public in and the ensure ensure for keeping to filing electric on as our forward filing outcome. Commission, with the a our and November rates best Minnesota case all to its the resiliency the working on other more continued

HBI operates Shore pellets production producing in arc the upgrade furnaces capital is significant Enhanced their production, Ohio. also pellet are northeastern are for customers have that Related made investments already their making. can northeastern of and DR-grade Cleveland-Cliffs be be future utilized cleaner that demand, plant operations in mining Minnesota the expected Toledo, in components recently and electric of steel products sustainable in steelmaking. Power's new in North high to Minnesota to that plant Minnesota completed pellet in support enhanced key

construction operate the The metal is and increasingly in non-ferrous in of largest climate positioned in northeastern PolyMet solutions clean energy Minnesota, of XXXX, materials believe in and unmined for PolyMet mining to with most the to is are one energy plans world. needed to project the well reserves mineral and economy. energy clean metal including wind the electric operational PolyMet efficiency the the expected Related for storage promising address other mine future vehicles, Minnesota important to turbines, precious critical change, new targeting role plans in district battery to an XXXX. We ingredients products a services. be

addition you Nobles growth million the X Minnesota this of update to the project. on is strategy like underway on to ALLETE's to least company's energy Power's some megawatts well customers which is investment will Construction cost of XXX in significant I'd ALLETE's $XXX initiatives. XXXX. in renewable deliver A late project, wind planned beginning

natural backup Center XXX-megawatt of source provide quarter Final project permits and of to year. are The Trail Cooperative. effective will the be supplement The intermittent generation. million, energy reliability renewable a enabling $XXX energy Energy owned approvals This an cost jointly Power Nemadji generation. sources Dairyland nature as gas renewable expected enhanced next plant will during second of requires with

transmission in anticipate We significant distribution. opportunities and investment

million grid these information expansion of distribution Line. financial million the we DC a current is the recovery. delivery increased is capabilities, of the of Canada, delivery Power's Minnesota The with size, further through timing will completion electric and of regarding energy is $XXX from to Minnesota infrastructure. anticipate of anticipated include contributing this quarter investment more need free security resiliency HV With of CapEx XXXX. investment CapEx approximately improved and projections, to carbon Power physical projects Northern for planned and our hydro We transmission have Great measures. of increase in improvement Minnesota scope Already first XXX support our by cost sources, transformation the our XXXX. megawatts In enhanced $XXX phase identified line areas latest energy in and expect Transmission sharing in in of Power's in last growing is already system. of GNTL the cyber its there renewable total and overall construction and project modernization large-scale resiliency results more for generation to

In company's in support X% investments ownership addition, that as ALLETE to Transmission the the addresses Midwest. interest continues in upper Company American make needs it reliability

Turning Glen Center and Clean of are new company XXXX. of ALLETE XXX by ALLETE Energy adding to South wind million the to investment XXXX contributions Clean than the total a $XXX XXXX. about significant wind largest existing be ALLETE's ALLETE's more second is significantly energy are economy facilities making. megawatts generation, wind megawatts the Energy, we that With excited of in Energy clean of is XXX nearly Peak a with will generation, over contribute The earnings service expected to and near end in of Ullin end to

Energy the Diamond facility. behind XXX-megawatt wind XXXX Diamond is will serve in project Clean in operational Spring and Walmart, to to project Spring far be is contribute including begin ALLETE pipeline Fortune will Smithfield in XXXX. This earnings companies, and expected Foods. late XXX is Not Starbucks ALLETE's to

least launched a goal nation's to own be high expectations original quality has strict projects. XXXX business just ago, clean ALLETE at the to megawatts was XXXX. and while energy eight and one operate growing criteria our to outpaced is by approach ensure years and disciplined with of adhering a largest growth to Clean This Energy players

value on driven further generate and Energy's workforce. we and entering in will expect by and which believe new ALLETE shareholders years talented come. Clean can The growth exciting progress is a the phase for You scale, for to growing strategy coming company quarters, a of ALLETE

renewable add and our All diversity to cleaner for portfolio our reliable, of customers. this of leads and delivering our all goal in growth of energy affordable

and quarter additional guidance. the information to Steve? on XXXX go Now details and I'll provide ask financial Steven Bob through third earnings

Steven Morris

Thanks, you XX-Q good we you would more morning, to like refer to and quarter for it Bethany. everyone. And details results. this on to third our remind encourage morning that our filed I

Light offset of by in $X.X quarter the transmission the income operating year higher retail Please That the quarter expense. $XX.X which of third the customers. Power business additional of a company's quarter implemented kilowatt quarter to income in sales ALLETE's Water, this For which the from ALLETE equity million. municipal Transmission XXXX quarter income third and increase the earnings was earnings million. American for in due hour were details than maintenance Transmission that last of due our primarily recovery segments. reflected includes per a XXXX. of rider income Earnings margins and over revenue, or Power, Water the investments. Power net at income of were due Net few share associated net per the $XX.X over of revenue the million, Superior from These $XX.X increases increased $X.X reported partially costs year. and net the XXXX, XXXX, $X.XX lower And rates Minnesota and sold for investment per million to in note increased U.S. higher segment, $X.X year. Minnesota higher and Company to $X.XX were A operations Services, million American and and lower higher at primarily ALLETE's from regulated third in this quarter earnings of first an first XXXX Light same share, Power, in was of in results recorded Water, Superior Company, share,

lower to the resulting $X.X credits offset line Clean Energy additional decreased Clean revenue with to ALLETE tax relating production of non-cash XXXX, quarter in third the were due by from primarily sales results XXXX. expiration ALLETE Energy's million our in at Earnings expectations. for XXXX power of amortization agreements, partially decreased from generated

cash supported BI financial other, XX% approximately of position was The a million million primarily balances. of expenses on ratio cash includes of $XXX recorded XXXX. September attributable our strong debt earnings balance $X.X and to is sheet higher is that and balance properties, XX, by ALLETE's lower to as Corporate and XXXX. which capital earnings significant and a Energy from increase includes ALLETE

complete, they a At filing million $XX would the rate on and comments to seeking On beginning such revenue. with The November equity a the total Minnesota labor, Public of subject X, and are XXXX. would XX.XX% annual increase is increasing authorize to annual Minnesota maintenance, filing million X, operations contracts This interim we accepts retail Interim a request Commission, rate operating few seeks refund. filed system as depreciation. rates Power the ratio. late Utilities expiring property approximately on A increase sometime lower XXXX. of and equity this needed the an in as taxes time, implemented If January additional and final in rates $XX rate customer anticipate address request Commission retail expenses XX.XX% case return Power be Minnesota demand, approximately filing.

it Bob? additional Bob hand off now to for outlook. I'll financial our on comments

Robert Adams

And Dave. Thanks, morning, everyone. good

our with quarter. our to guidance and consistent As are provided in the original lower range what our guidance XXXX at expectations unchanged half full-year from year-to-date share, second Al per the of mentioned, our financial results remains we $X.XX $X.XX

As may program full-year reasons resources combined initiatives the of development a challenged occurred wind rather that impact for for the repurchase potential throughout stock adjusted recall, the XXXX mid-year, cash of than deploying and effect guidance. Diamond expenses growth you primary Spring were

I units am business our major and And forward. very business made excited efficiency all particularly pleased with growth progress going we how will have position I'm advancing this these efforts us year. the about initiatives across

fundamentals, As discipline I've of all capital: operations stated around safety, teams the of on are focused blocks the deployment and success. customer before, building satisfaction, important and our highly

earnings the keep our XXXX are major mid-February, end scheduled logistics. toward providing look consistent at year's into please in our for time we XXXX. that guidance as head issue which dividend to we we some drivers XXXX, As last with year and be same results mind there is know we Clearly, will

beginnings be with our fueled completed work refurbishment The Lake, Spring majority our Growth of Glen be change Condon XX-megawatt upward growth to completion for most in and segment expect facilities. wind [Indiscernible] First, by Benton XXXX year in the yet XX% Storm and end, groundwork XX another have will non-regulated XXX-megawatt significant wind that as XXXX that in will will XXXX. Lake the approximately come of the ALLETE significant megawatts we our project from Clean late year-end to another the of well our farm its activities PTC from of Ullin of activities, at both will from refurbishment by XXXX. completion qualified XXX-megawatt lay of step and as come Peak growth that South Diamond Energy. very completed farms,

more very project have opportunities pipeline which from confident we XXX there for be that utilize stated, to some also accretive are As megawatts XXX of projects remain strong. announcements will acquisitions. PTCs our megawatts existing our the of another we to quarters, representing in potential in And potential coming originate may

the Diamond game has Smithfield year. per Walmart, from one changer. upward with Foods projects Spring serving felt one depth market level two, in the consistently was Clean to Clean CNI project, of a revised market I'd record the three Energy's to Starbucks now track have said and Energy's recently scope, made our to adding and deal conservative. the project exceeding and team, by two entrance given our expanding objective this and we new of of evidenced year most true the recent quarter, two I ALLETE our as ALLETE Clean statement ALLETE into I customers significant Last With projects mind and geographic that guidance after years our discussions like in been and Energy end to management breadth this marquee per pipeline.

On effective completion and to the transmission our business, continue focus on cost GNTL regulated the will of line. timely be

to will Moreover, with wind the continue work to plant, are will facility power XXX-megawatt year key rate case, be on which late be XXXX critical in earlier. and gas We and our Steve Nobles MPUC, Minnesota a advance also 'XX, generation respectively. and expected stakeholders or 'XX interveners mentioned working which completed Mitch

new current we balance minimal to generates in Our sheet the based next over years ALLETE equity strong needs flow, expected projections. as issuance substantial up which years expected on remains cash is and free ramp now several only significantly coming complete Indeed, initiatives. are

our qualified XXXX be have robust. PTC I'm we including And found a bid process to we financing report projects, the tax pleased market Glen Peak, Spring. you that projects, for know, XXXX, completed equity tax Ullin utilizing and South Nobles, equity new Diamond are and we As to have for market the competitive our recently

continues the hardworking employees gain trends that customer And demand bottom-line who momentum. is differentiated are to particularly the and at our clean energy focused of ALLETE's and proud strategy of on I'm The this success. is growth core and working dedicated

Al?

Alan Hodnik

across more Well, and for we a talent elite are driven regulated strategic be Bob. expansion energy, with tremendous thank equipped strategic the within I the with the country operations, of of most organization, progress ALLETE. updates, and in creative clean close well to by with our pleased our solutions-driven industry. the or be Whether home not you Steve some to our Bethany, financial and our positioning could

resolves it continues while needs has to ALLETE importantly, More right delivering value long history ethos, its way and execute to as each. will with balance continue over a right effectively the stakeholders of to all

plan solutions attractive overall investment for and significant value and Our demand increasing an capital five-year and energy will meaningful shareholders. and grid of while excess $X affordability infrastructure deliver generating growing the clean maintaining reliability, meet billion for in to

to a set ahead is through accelerating resource you of new in grow, talent the ALLETE's here exciting deliver a future. the vision The in is fully Bethany ALLETE and heights. for A and I of that and look natural family stage will sharing or transform in that ability new cleaner ALLETE's more decade landscape taking with next within the an of forward is generation the the businesses differentiated confident team's to the to demand are positioned and energy in ALLETE windshield underpins further whether chapters across growth Minnesota are energy based XXXX. new quarter economy, a to up, to our strategy, next We than the through country. economy while first energy nation's execute generation stepping strategy clean

I will open questions. the time, up the operator your to At ask for this line

Operator

line comes with our of from instructions] And [Operator's Morgan. question Christopher Turner the JP first

now open. is line Your

Christopher Turner

I through rate going case. drivers update and for gave Minnesota in of contracts there. charge cuts as last on you qualitative of lot maybe helpful some since kind in overall, And O&M the ask. Steve, wondering think, everything. the you're to morning, at Thanks the case Kind the be rate Good well. you case of those might Northern Great of that the and expiring of Power how able for the Line have terms you some here, made guys. of flows a items And I'm color if quantify for kind a demand wondering

Steven Morris

question, bit Yes, get to questions little that thanks We Chris. now. prefer not at can answer probably into the the We'd later, for EEI. right a detailed potentially

Christopher Turner

give bit us for Okay. little growth? a your that might Can you Minnesota have at a of Power impact least sense and the interim XXXX rates on year-over-year

Steven Morris

Yes.

at February. do going in we're in So guidance time. it issue point to We'll for XXXX, that our

it growth. as you course this last still $X.X driver in is Of generally rate our our know, case isn't huge billion rate was case rate case. a to about Are

follow when for guidance our the year. issue to more we Chris, So in February,

Christopher Turner

lot than Okay. year your what No, next And how of moving for nothing to projects. there's comments there. you've enthusiastic a just view buying certainly the future success are And then this process. of versus them kind about appreciate on projects developing come wondering front. clearly renewables that parts you organically had I'm yourselves in less is early

be the know You mentioned your of about the purchases you've but that in think in advantages? competitive some about and those past, do How you how do that? some here, you might I done queue think

Robert Adams

tell versus that is that of of this pipeline Adams. Chris, sort acquisitions at we mix PTC you presently, Well are the are those I of balanced sort look our as pretty new projects now. Sure. would Bob

a as started focused effort So you of where PTCs, we at And business. may that's assets know, the bit looking how on existing have we have we been quite now. more

robust say I that. So on would of both ends

of we kinds that our terms of criteria, -- continue tell size, are projects that and is focus smaller the bit evaluating criteria spot. underwriting margins our been if in and those to megawatts XXX things. a returns our to I you megawatts, XXX we've in will, projects that you in meet continue We And on sweet can

So we market, believe we're a market, meet it in to focus in is good by a of we've the where deals size the set virtue by continue it. competitive virtue continue for of that but the to to that of underwriting we criteria position

Christopher Turner

had. comments in at of the assets and through harbored of you're equity safe kind talking focusing kind kind appetite about that more kind previously bit no move down tax and your to using tax so as any move slow a your of Okay, you as on little organic versus there's you least markets there of far,

Robert Adams

we for one a no, Yes, because we're the XX% position that interesting finding actually example, companies positioned. of few went, PTCs, question that's the an We're uniquely actually are there. large very took

of So have a of we that lot have Walmart other with a and spurred At CNI don't entrance has a have That the from lot the inbound standpoint projects Starbucks PTC, developer lot there. of market. CNI that interest so interest we're there's the and the time, same the from also interest inbound Oklahoma. market into getting from

characterizing sort to of I relates year stronger So of ago. say, even momentum, a of it the interest inbound nature than a sense was would today sort it in as significantly where it's

Christopher Turner

Thanks, Great hear. Bob. to Okay.

Robert Adams

right. Chris. All Thanks,

Operator

question is Sidoti. line with you. next open. And Brian the your Thank of from Russo And our comes line

Brian Russo

morning. Good

-- accelerated Just to two clarify the projects. of Springs one that imply XXXX? the does to expectations Is from announcements. previous Diamond comments project to you on may projects for have of some two three What kind

expect to Or which two should to Springs? So in includes still projects Diamond one three we ‘XX? two,

Robert Adams

late Springs Diamond -- course, XXXX. be going is to So, we of

XXXX, at Peak. as at look you at as look looking so you we're And South

are PTC, to still looking getting projects tight. Glen could Brian. -- I potential But on our team XXX% that, still Ullin So that window South working too. have We're It's contributors do there. going potentially on projects want at Peak, to the the we've we're major other got is you fit know and be that a and also there,

to XXXX what to looking Diamond up So, forward, Springs just as really about project we where is I look really level. two levels as going that beyond said in XXXX and we're ramp to three

Brian Russo

got it. Okay,

Ullin kind seems of -- South pipeline XXXX post it's intact, your Springs. Peak with So and Glen it development and Diamond is then like

XXXX? more post incremental So projects are the

Robert Adams

right. That's right. That's

Brian Russo

believe in Okay, that it's that and the issue upcoming Any thoughts noticed although we you in color idled customers, second the week I and anymore? from in that deals October. what the then -- MinTech an demand additional the is an nominations on of or beginning AK I might don't industrial on U.S. just expect queue

Alan Hodnik

Brian. This Al. Yes, is

work want their line planned had on number was taking of entire So with up for the segment for that continues into to sort the also have down so going operation, maintenance, is any looks three they're steel extend was at it. information of strong USDO there, do to of confuse XXXX. of to and our extend line operation pricing outage, lines the They down signaled or maintenance is importation off in the so one that what they've the fairly their and We What fall. a it three, outage be Demand don't continues. planned down. operation publicly Obviously, three, like in about don't impacted. line U.S. least took steel

You sector. that entire across probably saw the

continues demand for is strong but U.S. extension, the XXXX in on or range. production and be to United the area We be by in the a going demand So to States steel strong. think

Brian Russo

Right.

then cetera? any year just sales test changes or case? or you steel, the update XXXX adjustments forward the the forecasts to on rate you et customer those future Can your in capture adjustment year case, your And industrial demand given Power based when Okay. Minnesota test rate economy with

Steven Morris

Steve is Brian, this Morris.

that in. back to in, back where this XXXX year the we key they with and would So year, we demand first in test back we were than XX -- filed X, commission the what as December during at we less here came come nominations test and so to few ask adjust refer we get I'd have if without case that. the in months the to tests were rate we tech which put our filed XXXX

had similar. with would for would adjustment. less an filed be the than ask So commission we what we it we If

Brian Russo

cap is million, And that last table? good. very comment Okay, just Or in incremental? of then that to your CapEx available is included publicly the $XXX on

Steven Morris

incremental. is That

the would to million. we $XXX that million the -- addition taking would be be in So $XXX to

Brian Russo

into loss it know Okay, the in resource of the just low a quarter insight little Great. your fourth guidance. up a, fairly then kind the I even in And lower and a third got of it. reach ACE -- you imply big more results to then quarter, just it's at end year-to-date the quarter, the know pick but

you color give there achieve more you us confidence greater hoping can of that. and level Just that can

Steven Morris

So this is Steve Morris again, Brian.

So in loss did expected. in quarter less results have as that we yes, from our the they the a was penny what had than in Their a but third were forecast.

So very have, close to what going wind the lowest they we expected. from a to just It be is perspective. quarter that

Of refurbishment with Glen largest quarter quarters next course that'll and have. year of that Ullin pick The the up more they PTCs, Peak. one South is fourth

reflective it assumes quarter in of So near was would quarter. more than it look probably third lower a the we it of won't first year, wind what quarter. this be anywhere to I first the that is and the what had

be So from pickup that. probably we'd a

fourth quarter quarter would ALLETE Clean we significant Energy. in the from expect a So

Brian Russo

would to XX just you you and be then that megawatts of with capacity Okay. the be existing megawatts support And PolyMet lastly, it -- or that that portfolio Can assumption growth? XX the satisfy would your to need that demand. incremental might new

Alan Hodnik

what Al, satisfy can No, that currently we We this table. have in this Brian. with is

Brian Russo

Okay, very great. much. Thank you

Alan Hodnik

Brian. you, Thank

Operator

comes Murti Thank our line the And you. with Vedula of from Avon. next question the

open. now is line Your

Vedula Murti

of kind Minnesota the request? wondering versus rate I'm in the what the hourly current say would help of the at terms filing, you can Power consider trailing us hours Morning. earned you now, maybe Good -- XX on

Alan Hodnik

at roughly use would I X%. so Yes,

are rates X at X. interim So to

XX-XX, You can't at request rates nine. roughly you get interim expenses nine to get, that I'd some your so full use XXXX, that also at five. can't there's But are so

Vedula Murti

trailing were would what wild you September if adjudicated, going currently, that's XX, [indiscernible]. is forward XX but And we say the look -- at to the being cases

Alan Hodnik

our so for also X. 'XX to was guidance Yes, X roughly

Vedula Murti

stands? but I missed you and And Mousavi this, apologize that I where address did if

Alan Hodnik

I repeat that? Can catch didn't that. quite you

Vedula Murti

I but in addressed have can have Yes, did Mousavi load? Metallics industrial additional the you of or missed terms may it, you some re-address -- of you opportunity

Alan Hodnik

make number project. I Mousavi the that air about the range, wanted of you things on appreciate were so and understood clarity. a are I Vedula. that as metallics talking to Yes, and referenced There's I up sure

of still in at project the state metallics So the is Minnesota. of limbo bit a

a believe, that contract have our I through have city serves load, contract NashWauk but Nashville, We we so wholesale with XXXX a with of contract, the NashWauk.

to it we of would that that right resources in construction and the to clarity have supply of continuing watch of and load with now we're State when So the of course Minnesota, comes. any pattern operation terms its

Vedula Murti

And do you how eye have regards with to any keep it's to milestones for take an us progressing?

Alan Hodnik

the of of XXXX. Metallics Well, the milestone construction certain at to that and a And that Minnesota they moment December That was were in interested milestone at the has then operations. the out laid spot in with ownership is late Mousavi only would supposed State state where and Minnesota. spot, it. additional any be have spot, be a the then of look updates in have They the with extending it don't the back step leases take now another at sits where that the state state point would at juncture right would they and working with company. If weren't on they a if

Vedula Murti

PTCs, the you've And been kind -- discussing what on XXX% end a seeing little whatever, is but PTC you of window of do XXX% the the tight by utilize anticipate mean were perhaps the here. have interest on with or push that the announcement to able continued the would a would and I turbines? you regards -- project an based that that of getting some be that year you to

Alan Hodnik

working we're it, hard obviously. Well at

off what I more we that. case, know that with we utility returns takers, that we've But we're fit tell done some into enough that on can't are are would I conversations working the projects any get takers. not We there. detailed are, would advanced advanced so had you than have category. in that off this quite projects the

I really about So more anything it's possible, but say can't it.

Vedula Murti

you. Thank right. All

Alan Hodnik

Thank you, Vedula.

Operator

Mizuho. from line question with Fremont Thank you. comes of And [Operator next our the Instructions] Paul

is open. now Your line

Paul Fremont

Thanks.

annual years, growth If go next had quarter businesses basis? the five still exceeding growth objective. that back expect you I our to a infrastructure you that Is said going the X% call, think something on expected quarter substantial this and would are to average potentially second forward drive renewables over to X% you guys that

Alan Hodnik

Yes, Paul. the is still still That is that case.

As our we at we're expression XX of we our years X look look range, five that plans being yes. year seven our on to very forward, the in end and and and confident obviously hard the over next higher five is

Paul Fremont

rate And depend on potentially Okay. the the Minnesota of in the obviously and outcome some does that Power? in filing

Alan Hodnik

Yes, of dependent that. would on that some be

we've there. Although, reasonable that's what in so we hard a at be, will taken expect factored a been look outcome

Paul Fremont

And at Okay. going is come on XXXX? industrial online then does the customers the the come later -- Or respect is all it with at a that's to that end Diamond to of of date? piece Spring, serving

Alan Hodnik

It Paul. later in all comes XXXX,

Paul Fremont

Great.

think that's my of in all terms I Thank you. questions.

Alan Hodnik

Paul. you, Thank

Operator

Thank And like now Owen, I turn to President, Bethany remarks. ALLETE's further today's concludes the back for to any question-and-answer you. session. call would this

Bethany Owen

us Bob, Steve Thank a with this and your you morning financial and EEI you for of at ALLETE. to look I your conference time in forward days. seeing for many interest in few

Operator

conference you Ladies concludes and gentlemen, participating. call. Thank for this today's

may You now disconnect.

ALLETE (ALE) 7 Nov 192019 Q3 Earnings call transcript