ALE - Earnings call transcript Q3 2020

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Operator

Good day and welcome to the ALLETE third quarter 2020 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 risks 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 in 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 over time, At like to call Bethany would the CEO. Owen, I this turn and President to

Bethany Owen

is share, today's quarter slide presentation. net $XX.X share range Power results of today. everyone With each To previous go results the slides at will ALLETE this million. our guidance morning Customer Officer, website Steve share are Adams share net income Last Power's morning's follow earnings and were and Vice thanks quarter of and income morning and call with Controller $X.XX in XXXX us reported out on of on President $X.XX year's joining number found President Good per Experience. morning, for Senior Investors me resolution. This of case per for excluding the of rate charge per along, on $X.XX as per we Frederickson, through President, support $X.XX These the us allete.com Morris. Corresponding we $X.XX section. Frank Also call related earnings Officer, ALLETE's Chief Minnesota Bob Chief Vice to this Financial to Minnesota can our be $XX.X for million. third Accounting Vice the

on near like the the Clean business share Energy and XXXX, financial would some thoughts our update with of on progress. our details the the Before to getting to quarter third environment along brief I results positioning of we a end horizon, on macro as the

a early have remain steadfast have been our wave conference who and helped values largely in very shared of would family customers and second celebrate serve our a continued vaccine. challenging all the full operations support commitment COVID-XX In be the in to have of unaffected and the spiked do. call, coworkers of we while safety This COVID the took as to of pandemic. operations. the you reliability promising to the I of both To-date, employees and of all contemplated grateful the health pandemic safety safety. ALLETE within amazing of everything slide a at our and and dramatically, my this we two. almost potential our of cases second actions with to quarter on have year health refer After a we news aspects we appears so businesses, please integrity our time, am all to regarding living as If this managing reality of our COVID-XX home positive now morning's risk We abroad. excellence our

pandemic the and this However, duration remain of unpredictable. depth

successfully So in ongoing all thus as we far. doing to order we to that are done continue mitigate we these organization have throughout will challenges, prioritize our

execute Energy We and will future. position Clean continue strategy measured we be thoughtful, to as balanced and for the ALLETE our

during the it reputation our intend continue is. erode this trusted COVID-related our like build of extensive We companies it time trying we at our trust build by and as our ALLETE of integrity, stakeholders. to in our and like and tell foundation strong long-standing either track will success disruption many stakeholders company the or to trust we acting of these record on while interests decisively times and will are be many balancing ongoing What forthright do to of

X% the a a at XX% growth term. objective earnings X% per to objective these over X%. annual share an growth This X% of objectives. achieving have we includes of and term Clean businesses of least to other to Energy know, and and long of corporate operations committed average at five-year you objective are We As growth long consolidated ALLETE growth regulated ALLETE

long XXXX company's is remain five-year objectives growth achieving term challenging. these objectives our indicate October unchanged, projections be the expected While to

Our projections an annual businesses X% of XXXX growth base consolidated of operations Clean of and approximately using other and with EPS ALLETE XX%. is as growth October rate XXXX term growth a ALLETE's projection long year regulated X% approximately corporate Energy approximately average projection a and

affected materially Corporation XX, our has of Keewatin industrial not to to this all, year, production and and in COVID-XX September expect its part, Steel mid-December negatively XXXX. these but Power's in to potentially Taconite its through have U.S. customers sales U.S. The remainder idled Our be of as so of we XXXX facility continue paper idled our earnings least late Corporation to remain affected the for the last resume Verso if that by when Minnesota earnings result, to were customers. Duluth, XXXX and week announced impacted pleased pandemic and Minnesota. been at We a expect XXXX. Keetac rest Steel mill would idled Verso we Earlier

other some of at been to have be levels addition, at expect or operating closed XXXX. these industrial In many we affected reduced during our commercial, of and smaller municipal or similarly least into were XXXX idled and customers temporarily customers

I our furthering is of we of a as dimensions support we all our have ALLETE's energy transformation progress customers and strategy. ahead the closely made our to to work strategy in like to its and and We the leading the great sustainability reporting moment foundation and sustainability in will in Sustainability region. together. cleaner all ESG challenges turn to of would continue navigate with for

sustainability for future the guidelines and team SASB sustainability all guidelines sustainability frameworks begin We journey with stakeholders. also our path and aligning with to best ALLETE's and identifying of for progress TCFD our reports developed great standards. company sharing recently a made have our our

expectations, the and for alignment our the mature first to guidelines as this in continue frameworks XXXX half future this expect and reporting We reporting in begin and evolve. of into

navigate leadership future economy meantime, continuing the Energy pandemic our we as stakeholders. our In the ongoing communicating ALLETE's our work confident role in closely and of Clean other the to all we in and are they employees, with and our continue to will our continue action customers We as transparent be as customers, with investors possible regarding regulators, our and and recession. also all engaging plans, economic our will in

I outlook. to Now on guidance Steve details and over results, it Steve? our Bob turn will XXXX for further and growth financial

Steve Morris

fuel impacting Please of Thanks share you and on the Bethany and and XX-Q by include we affect to per earnings this I and filed would four last estimated compared methodology $X.XX timing change a to by details. approximately good for to as based to such remind per timing slides which refer as on $X.XX varies operations, quarter. per encourage like everyone. rate. to clause three tax quarter in adjustment more morning items that regarding in that it XXXX refer per comparisons, other positively this year-over-year details implemented annual regulated for our differences items third you share. of reported and third million. morning per year XXXX affected third impact year's basis effective positive quarter $XX.X and net corporate year's share tax on and income results. share an negatively of per Today, the $XX.X quarter-to-quarter the were for $X.XX on $X.XX The results With of ALLETE earnings quarter-over-quarter results Results for affected of XXXX $X.XX quarter in recovery results net share of Last quarterly income million. of a share income expense third had

be to and our expect anticipate as earnings share paper the $X.XX ongoing year-to-date affected by year-to-date in Corporation's restart the the rest fourth year. have affected pandemic full be expect year negatively earnings per Minnesota for COVID-XX Overall, impacted approximately of we the estimate by be approximately remainder XXXX affected Keetac $X.XX and disruptions COVID-XX XXXX. to the in December and continue negatively XXXX to to mill idled been we per results to of negatively the results Our we and least Verso related our Duluth, by quarter at pandemic in that earnings share, facility

related million Verso's commercial, Earnings segment The from in earnings a sales to primarily $X.X anticipates revenue cash a in case our Net million higher sales. and and Power Ullin XXXX to by of at and of Water, for higher to track income and adjustment to by rate a recorded and XXXX in guidance, additional with on and commercial Verso income lower segment, details paper earnings for million the of was an company's from quarter customers the its Power wind ALLETE the on other due a proposed in XXXX and Power industrial segments. week production due tax mill Peak Keetac part the to business American due in Company the any authority in which and expenses facility as lower Keetac clause and as quarter and our general earnings Minnesota Corporate ALLETE in the and varies XXXX, XXXX. accounting the Utilities such of quarter-over-quarter estimated Energy Verso customer anticipation third investment million income lost tax in XXXX. remainder November regulated third Minnesota energy compared compared Keetac that offset paper Light to a our the outlook. in few and sales the and the of contract The COVID-XX which which pandemic A of net Minnesota of Power Transmission Power, Power of lower power and Glen mentioned. deferred residential and to due due Properties, lower to due resulting Clean to reflects at related to expense current XXXX, over the potentially primarily moment. effective net record revenues Power's last facility year. facilities. Bob? loss mill or in recent to submitted reflect lost XXXX sales defer mind response rate, as a other, guidance quarter-over-quarter test to other timing will regulated new Duluth, to Minnesota petition recoveries. Corporation's based to to in petition fuel recorded investments in in idling represents income fuel quarter associated benefited requesting operations and higher to expect mentioned $X.X XXXX in income case discuss wind with South municipal details the will review impacts revenue mill third impacts as Bob quarter BNI now industrial the $XX.X net $XX to income Commission tax filing implemented suppliers our of and last compared Public industrial annually, rate second facility the I ALLETE's $X.X $XX.X Bob large lower The sales kilowatt-hour We relating the compared which it paper also asset XXXX, quarter the of Timing in annual approximately Superior regulatory XXXX. partially tax lower of to as XXXX other filing higher pandemic, Minnesota to expense from $X our XXXX idling costs. Minnesota COVID-XX recording discuss Energy of Minnesota. sales million the previously to resources keep of case approximately million includes timing previously year. which operations differences on rates a net reflected net quarter-to-quarter credits, lower in of expiration next A this general million In recovery. rate on Minnesota Commission compared also and earnings these reflected reflected our from are the few proceeding year. Please kilowatt-hour for rate to and of the recorded turn as short-term timing. XXXX quarter quarter of increased to customers the includes revenue expectations details case to

Bob Adams

initiative, move both XXXX ALLETE to been planning, large we of Thanks financially. X Despite completed and of free as Spring The macro with Nobles completion is which project, XXXX. on equity megawatts year, of A and and commissioned. through, Power's instructors on energy update the with by Tax almost approximately multitude and XX I good over pleased What indeed, of the Diamond navigate executing end end repositioning, closing and supports X investment all Minnesota Nobles Steve $XXX an turbines am million by for track morning representing everyone. decisively journey, throughout now is the EnergyForward this of XXX year-end. the challenges, has wind these renewable generation. carbon projects operationally track a year of the to provide towards of for

an commitments operational approximately megawatts $XXX Clean last Spring. largest its the This subsidiary know, Despite will just start Diamond this while partnering has expected size week, to expect PTC customers to project XXX all the with earnings Tenaska facility wind project wind wind generation will project is to development free beginning located long-term is their also before corporate will are Spring agreement total XXXX. as This have Energy's a of we created you is turbines ALLETE carbon demand. this on in at other under from and the turbines to the Diamond Southwestern ALLETE would and safe wind facility, XXXX. Minnesota. economy, in an continue in for be investment date, meet farm wind generation located forward completed XXX challenges the wind was The construction sustainability be megawatts contribute ALLETE's a to Minnesota the to in exploring this scale of this optimize full in Caddo project, the to on year million of As growing Energy at with and similar to The megawatts located commissioned. and and will to we of with incremental advance focusing newest Clean of ways XXX XXX facility power commence sales Oklahoma. Power the harbor end ALLETE of ALLETE Energy COVID-XX project provide cost which continues the Clean Oklahoma, broader

successful a ALLETE PTC Energy U.S. increased premier a the turbines of through strategy you a wind qualified hard has growth As know, operator execution faster and as our earned result Clean as the than the developer expected non-regulated pace at much in originally our and of reputation

In ranks of capitalization. in largest one the now market percentage flowing you renewables many piece near its elevated relative as top fact, to ALLETE as of Related investors a of as the broadly of investment know, pressures capital the being growing is price curves directed into generation the wind projects experience competition to across from is lower Clean capital increased business the beginning country, into investment and our ALLETE of forward opportunities. return wind a amount Energy as total

profitability. renewable of ALLETE growth Energy solar, strong industry a and We to new evaluating tremendous wind continues projects with to that we further of societal as Clean and ALLETE which ALLETE such growth Clean serve In affected grid than and capital other Clean demands address to the industry portfolio, price have its safe opportunities its to addition, our growth current entering available ALLETE. potential harbor negatively stock otherwise new and financial by continue as the to is ALLETE solutions at renewable as currently result for in proceed. believe enhance explore turbines our service believe to satisfy on criteria change a projects production actively opportunities adjusted resiliency. existing that its being facility objectives expand project phase and developments are qualified or energy We Energy wind for Energy unable driven development optimize platform may are offerings better not storage future such potential lower and accretive to tax its renewable climate growth remaining credit returns energy risk additional will will seek currently by

and guidance including anticipate a On our the our you XXXX we lot the actions in beyond new received projects. We reflecting power businesses and year-to-date, eight deep pandemic Because COVID-XX with XXXX for earnings migration as growth quarter XXXX. the diversify generally performed large of are months, and the and will in out for like I on refer Please details changes space renewable share incentives COVID-XX an that our already there the early development to with and update energy in play outlook which wind energy related provide more would nominations our to We will extend to and this discussed. likely first, third policy, these sharing would evaluating first influence of to expected position. space. tax remains in opportunities, renewable moment. of in But on ALLETE's process guidance liquidity slide five. already as I implications in some investment in strategic a impacts our in finances dynamic

liquidity, balance a bolstered taken Our actions by finances year. sufficient well-positioned strong this financing sheet and with already remain decisive

September and available. significant liquidity had other of outstanding facilities we XX, credit with As cash, lending

renewable Diamond equity which million equity are investments use now we arrangements ALLETE guidance tax of receive project, the our to $XXX the end refer financing in our will Nobles Spring for approximately finalizing construction year. for you six would XXXX X before projects, tax Regarding financing and the retire in we update. currently slide I and Energy's to wind Clean regarding

expect rate earnings sales other idled, Corporation as maintenance of to guidance, Verso operating per operations per charge remain related XXXX share, Minnesota resolution, annual expense. customers, be continue lower by Keetac to lower demand to to tax. share as $X.XX guidance This to that case adjusted net reflects from of in non-GAAP and partially the excluding other well and ALLETE's $X.XX We Power's range $X.XX kilowatt-hour offset lower

any it and a restart Bethany? I is to to COVID-XX expected this are capital impact be evaluating is immaterial time. Bethany. Keetac be at now on standpoint, this by the hand From Bethany to back continue economic but time. impacted possible while and expect XXXX front immaterial this will mentioned, to will at expenditures a As to has any Corporation on this monitor U.S. indicated news, we actions trends great deferrals

Bethany Owen

to Power Thank delivering sustainability would we begin you, at and regarding of of no you intention customers stopping evolving Steve of a like there. I ALLETE XX% on Minnesota the as Clean have we energy. when transformation for to plan strategy additional remarkable Minnesota and achieve some energy Bob. part updated will insights Bob end this our Power's Energy year, continuing share milestone cleaner to renewable and

to to a plans be resiliency and and resource in include lower will we Minnesota additional and the We increasingly Minnesota cost to In competitive future is are of February. for committed integrated reliable, energy transmission submitted filing, energy. that carbon Power's Utilities Public scheduled Commission renewable sustainable and plan infrastructure opportunities. distribution

range long provide for this Throughout and the throughout as occur strategy engaged process, of We engagement initiatives of earnings we of year. is and We XXXX, Units employees we the anticipate likely the securitization will carbon, while the that throughout a will in also communities transition Boswell and customers this and scenarios related regarding from potential will regulators and Minnesota IRP the significantly EnergyForward customers, to plan. robust which over thoughtful as resource have to of others. X, a will rates the in This ESG XXXX many and keeping development this next term. plan, most environment benefiting step to broad the X stakeholders well Power's growth generating you communities on reduce other evolution update competitive the

build can reputation our our of support must as We ALLETE communities. the on role and a to of regional intend business and recovery our energy the we As believe and in leadership look trusted companies the partner customers a leader our economy. we play recovery future, to to at

all of for to forms line today. and is and you more been its your stakeholders than this your At it in time, for the stronger never important to investment ALLETE. has in to the our I or all ask your will sustainability open operator interest Our commitment Thank questions.

Operator

Instructions]. [Operator

comes from Chris question Williams. with first Siebert Our Ellinghaus

line now open. Your is

Chris Ellinghaus

Hi everybody. How are you?

Bethany Owen

Hi Chris.

Steve Morris

Chris. Hi

Chris Ellinghaus

changes Bob, does some really understand the can near-term profile? is growth But us affect the profile? you growth COVID that And you longer what term impacts. in describe that for I see

Bob Adams

several It's I things here. Chris. Thanks Yes. summarize which will

again are foremost, rates, base. we and as XXXX as we five-year that the as growth using recognize a First calculate

of terms growth. And COVID, our on have does and so clearly any dampening our XXXX, revenues does impact impact XXXX, in

over Now term that's we years, a look talk that our the having short it is as and five we but transparency an thing, impact. at about growth

CapEx, back regulated billion billion. That's to in our $X.X in of side we if $X.X billion now On at to worth about go CapEx. about had business, had what IR of billion $X.X the have in we CapEx, our you would $X.X deck terms

moved And out the years that XXX taking so XXX megawatts of what expansion then to were megawatts. We possibility a contemplating a DC couple to that we have megawatts. from done bit and there, of we we off line the backed as XXX

and evolve capacity the of know see it we megawatts still today, evaluation want level of how higher XXX plan. As the committing there potential for here in we that that keeping the is But before and the addition. to transmission MISO systems

price, less growth those price, five over terms are time that a as the our on we we PTC of projects So we projects. to have that side. amount in do with in these current year that overall, well When certain going and slightly particular, there of And do projects having the equity on. effect the in ones a issue, of is common is stock drag non-reg the larger stock period those accretive equity mind,

haven't up the we Now, fact the on XX% growth. that still wind to be we clear, with And pleased are we are at segment very either. looking about given

three just the our year, a guided be into space. other in to returning farms, will projects wind We before, that capital think look we we wind we might segments toward as as little be had heavy two reallocate that doing we a higher what at

Chris Ellinghaus

again? that comes that of and price a lower market sort there of your growth that might with part had if the be as assuming equity is is calculation significant rate, Is it that, Bob, obviously just status recovery, mean quo your growth been. price later lower So adjusted on that up the much will analysis than stock

Bob Adams

Yes. good That's point. a

know, you conservative As here. a are team we

price. here, if a that COVID remain short customers, look have an either at we so on impact on And hangover, continues in run COVID our will to our the as

in we go conservative we clearly we So and quarter would say, at to rates again guidance, XXXX, I relatively regard least wanes a economy with the announcement COVID going well. here impact and that our as the by the to look have vaccine, Pfizer be production that's are to to second country, extent re-looking these in with a think there. or extension going I as first into the and by at we are morning, as on this and the industrial growth us and market

So stock current we be about are optimistic our to but price. wanted forthcoming the challenges in

Chris Ellinghaus

stimulative perspective Okay. hope the some and you a the is provides some in election legislation. point? returns influence that any got big there if on Bob, that how renewables at demand there be ACE could that Wind surge infrastructure Have thoughts might

Bob Adams

renewables a is and going very attractive continue continue Yes. segment that definitely gain to Well, to believe as we steam. to be

classic you like within when capital we just from, of what model traditional allocation as step about business look, back ACE So to are I or doing another wind. the is wind we said say, a lot

As ways you wind see in at XXX% demand infrastructure renewables there's other are return. with know, we we renewables now. But to higher play for a that focused right

going wind segments as growth area some into the we are the from So go other of higher capital forward. allocate we to

Chris Ellinghaus

Okay. news got have Obviously, on some One we last thing. vaccine. good

how know he numbers these and what January, on you hitting horrible we infections. vaccine do, Have the nominations got come -- might have about any a news got and you rather the have thoughts that we with might on new any new aside? been records still We got April Have thoughts influence December the have if President. you

Bethany Owen

is Bethany. Thanks Hi your Chris. for This questions.

a turn around. to That positive and on We incoming wave by are the news President-elect heartened we of a assembling scientists there how out second kind is we regarding really with, the hope mentioned paired believe of progress. strong coming you morning even work vaccine, on is this coalition as this that news

of it little is industrial am turn collaborative kind large kind incoming Frank a a our talk all the with going the that see So to excited stimulus in I of Power's we package administration might prospects to demonstrating. about the what customers. Minnesota to with bit administration are Biden about terms we for of nature of Senate connection from in the that, and

Frank Frederickson

Thank you Chris. Bethany. Good morning

So in we decision think in mid-December. one with you ahead, this Bob positive in the recovery steel look is the north key that's industry are XX% operating rates the and and to overall of Keetac we as that signals one positive of And seeing restart our as seeing of Bethany morning are U.S. of sector those signals shared I up we Steel's facility economy.

there as look signals out low this on vaccine. of what have out in some morning been And at the other that's the is There infrastructure Steel just in amidst just election upward to has there fairly the going overall this the demand in we as eyes oil energy forward, lot the the will to I and sector. has As a sector pricing And pandemic. and we was signal up the resulting sector. strong think have and lot impacts demand in America. automotive demand further on purchases steel come steel the automotive of gas is package been across behavior pandemic, overall picked consumer help shifted even bolster we seen a

continue those are those we get think there. we I some Obviously, seeing. and So we waiting next to for our customers nominations when of signals from our year December will update are from on be guidance

Chris Ellinghaus

Okay. it. the Thank I details. you very much appreciate for

Bethany Owen

Chris. Thanks

Operator

Instructions]. [Operator

next comes Sidoti. Our from question Russo with Brian

Your now line open. is

Brian Russo

Good Hi. morning.

Bethany Owen

Brain. morning Good

Steve Morris

Hi Brian.

Brian Russo

Hi.

of operated XXXX. other have think, you target? think types that renewables? with by I the it and targeted generation at previously ACE, has owned Or strategy Is of still megawatts the X,XXX into shifted I diversification type

Bob Adams

is this Bob. Yes. Brian,

X,XXX. probably that's to still be with going Caddo at we are think fair I completed, being

going I we windshield, appreciate So if wind we you are to are the going exiting be saying right again. we to be wanted -- just But question our is to in will. X,XXX I are entirely. reemphasize,

as you to know, regard. in it relates margins yes. strict, to to be going are our criteria. And selective declining, We But with very returns that underwriting as and continue are just we

to it. still So a fair I way think look at that's

Brian Russo

net You annualized. get million Just a is associated better Verso is is Okay. that Great. it revenues from? for back What with that period to derived million time And deferral. where clarify trying for? feel $XX then a that filed But you for or forward-looking? said this Keetac and to look $XX

Steve Morris

Yes. Morris. Steve Brian, this is

million number the normal But which will, annual annual from get obviously $XX to load you margins, would that their net typical them. fuel. is on if just it's we So so revenue just based of is expect their full

Brian Russo

more Keetac? that XX/XX is weighted Keetac heavily Verso And there? and is Or

Steve Morris

pretty XX so. it or much I to call megawatts Yes. XX would there or even take, both, give

Brian Russo

Thank you much. very Okay. Great.

Steve Morris

Yes.

Bethany Owen

Thanks Brian.

Operator

you. question Kevin Fallon comes Thank And next with from our Citadel.

line open. now Your is

Kevin Fallon

Good what base XXXX morning. expecting Could off is just are the to you in you grow now? of that clarify

Steve Morris

Yes. Kevin. $X.XX,

Kevin Fallon

$X.XX, to should at the that what to then roughly be you are able and years the saying? beyond get to the the right you guys back that next X% grow are for Is So X%. to interpret couple up you hoping way X% to

Steve Morris

Yes.

is the So X% CAGR, a right.

So XXXX. it's to

and So in between you swings up will that down see period time.

rate five-year a X% objective as growth mentioned, to it's So term. our still think And X% to period long Bethany from I XXXX is XXXX.

Kevin Fallon

average this, within XXXX, number. X% an But through the Okay. is

the making? there and point are be you below. above could So Is that

Steve Morris

a It's CAGR, to XXXX. It's Yes. a five-year year-to-year. It right, CAGR. a XXXX from isn't

Kevin Fallon

the the but pushes success below the that pushes your a you, because X%? getting what with the that deferral, of care in be deferral And And of type might is you $XX it million X%? help is I got it thing rate XXXX, what above I get outlook or you is getting here, assume it. have you if the absence that obviously is for of big

Steve Morris

Yes.

We yet. haven't XXXX disclosed our earnings

key So that. X we be still December obviously on nominations to demand are working that. will

us did in X% that XXXX case in a you Interim more talk the test And XXXX say X, either about But So rates I year. XXXX. February. November way. you with will That's hear rate filing. hear wouldn't about January beginning

So we November, course, if our case XXXX. of in in file from rate relief

You can in at little that look as rate file essentially could accounting case March. a deferred filing over we

Kevin Fallon

annual equity been what guys a basis. don't And little more that's I but of bit you the know I a helpful. drag? of granular you causing have Okay. That's know if given issuing is this an don't annually granularity, if you just, that are on amount

Bob Adams

Kevin, this Bob.

we about million our per year. we program So issuing $XX DRIP have have been pretty and consistently

still the rate issuance. of run equity that's So

Kevin Fallon

sales. of terms there something beyond other for of the just have know I sources potential in opportunities? Is And some that of issuing it. the coal may potential along lines or don't the You equity? there business any there offer the Got if asset financing whatnot,

Bob Adams

look Clean I as I company at, the specific would on at at say, ALLETE before, Well, we But Energy. said portfolio continuing we optimizing everything. look are Nothing to level.

represent Some have of assets an course, they there, opportunity. might of the

frame. you first. the are are point, actually, we to certainly the extent that look But your are modest, or what look cap. relatively can underperforming we We the have our would relatively you, issuances about in equity our to that market so assets if that's that that will we And $XX So there with are program, there do time about deck. modest. either think at total going we that ways have see other in of some other or financing you associated the XXXX DRIP Caddo forward issuances not outside equity million It's see

Kevin Fallon

the like Or Caddo that should expect related ATMs? XXXX, equity block or to is internal be expected programs trade? we And in

Bob Adams

That's ATM. an Yes. an That's program. at-the-market internal

Kevin Fallon

the taconite just Got on Keetac, things update correct, it. would with for The with stand last the XXXX, other on fully thing news nominations, their coming Keetac? way you be incremental into And customers assuming nominated, keep the me.

Frank Frederickson

in here. fully will sector, Frank mining Hi our Kevin, Yes, be we Frederickson nominated.

is Bethany earlier, where are going certain As paper mentioned still not the be. to we Verso facility

Kevin Fallon

appreciate it. thank I clear. That That's was fair. part Listen, very much. you

Frank Frederickson

you. Thank

Bethany Owen

Kevin. Thanks

Operator

call am And questions remarks. Owen this time. Bethany in showing turn closing you. further to no would any Thank the at I I for to queue back like the

Bethany Owen

for We forward you Frank ALLETE. Bob, with meeting and us being look many and in to all morning we our investment best. interest thank of the tomorrow. this with your EEI for care you and and I Steve, you this and wish Take afternoon

Operator

conclude may gentlemen, you today's and conference. your This you disconnect. thank your program for on participation and Ladies does now

ALLETE (ALE) 9 Nov 202020 Q3 Earnings call transcript