ALE - Earnings call transcript Q4 2021

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Operator

Good day, and welcome to the ALLETE Fourth Quarter 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. filings results such materially are Exchange forward-looking to discussed cause or those not Commission. could company those by the implied statements and that to Securities for differ expressed limited with Factors the by and made include that the Many beyond that results factors to management the determine the of of future control company's will are ability or predict. of undue reliance reflect only as which on management statements place the forward-looking not hereof. should Listeners date reviews statements future forward-looking to to a revise otherwise. or other company statements make The no forward-looking any any undertakes obligation result update of events, or whether as new information, or to Fourth announcing Quarter conference results. Welcome ALLETE XXXX call financial will the presentations there session. question-and-answer be After speakers’ a After will session. question the answer presentation, and a there speaker’s [Operator Instructions].

As a the is reminder call being recorded.

Bethany Owen

as last a to and as of Adams and technical familiar continues is Steve advance 's you-all his member week. Rudeck, thanks Bob are leadership Financial With us Frank the and ALLETE to Thank Senior I'd for Vice ALLETE an expertise always morning energy experience named founded this Morris, this of joining Clean ALLETE face President Steve integral team. us executive on and Also strong strategic Senior ALLETE start to like Chief of and and he 's you. President Energy, Steve integrity, President first succeeds Steve ALLETE for me by is And on with congratulating Officer, President With next Steve Vice being CFO Vice nation's is the perfect and today. Power's of morning, is Minnesota era Adams. 's Customer Al good person Bob Frederickson, transformation, clean breadth CFO. everyone Experience.

with your after grateful. to XX of strategic year, leadership ALLETE. all many announced for Bob in accomplishments and several We're be retiring at Congratulations more tremendous over and you future the months. the and earlier us ALLETE. next we is Bob you, Bob, to will current and success As strong contributions than thank years this June

found number on Investors follow through as morning's Turning ALLETE subject slide that this pleased net morning earnings the year per the were earnings XXXX. of for million. at to these of all along, very in more website of $XXX.X out of To $X.XX to range our share XXXX $X.XX full accomplishments firmly our slides entire I'm on be we'll our financial couldn't each this proud call per we go reported allete.com income I of our and can presentation. today's in call, corresponding results share. These $X guidance XXXX of within be results team Section.

to Bob his for to today our In continue guidance, thoughts XXXX Steve and XXXX and Our amazing sustainability ALLETE's year come. businesses and our growth culture strong financial high of quarter customers operational, and a financial years together employees a trajectory. shareholders our we'll we advance the to will results the will do successes are moments, details These and action. value providing and driven fourth accomplishments on have note. incredibly We an strong many delivered as ending provide positioning, and on on provide so few by

Before during year. the that, the I to few a highlight would of accomplishments we like just achieved

for EPS to consolidated average achieve the earnings great excellence of positioning our customers objective annual of growth our executed growth dividend all into long-term, and pride exciting While attractive to businesses our committed range opportunities our well for an We're of ALLETE's while X% investors. and our in a in within I'm And provide ability we achieving to this employees, confident X% soundly sustainable five-year creating and future. with XXXX target our ALLETE strategically for we serve take shareholders. for our paying value in hitting

We lead. on clean energy early characterized for in strategic with avenues improve a we put investments several these returns additional highlighted on initiatives. success key infrastructure. During we XXXX pleased provide and motion a for capital year a to initiatives I'm as to in year our transitional on

XXXX to support returns, the an begin effect to First, approved beginning interim Power in rates Minnesota went services reliability and which order XXXX. our The new rate interim late charging received quality electric the filed of of customers. as at rates regarding were improving provided and into

that strategy. ongoing viability rate vision and pleased case. updated our enhancements, effectuate some ability share attractiveness customers, to to action moving to transition many process, a investments others, vision average Minnesota product please clean clean play existing clearly outcome resilient, see half Resource We're reliable, as clean plans our to and transformation Minnesota Although 's XXXX. year, in our production the Minnesota the in while regarding to and our Power's in energy forward communities is its natural rate Today, Slide Power's energy service energy reflected investments our that strategy, that customers long-term a to to detailed XX file customers. at Power's delivering of the that provide approximately be largest the anticipate prospect continue resiliency, high-quality in been XXXX a health customers closer affordable constructive We Minnesota by communities in to Minnesota And in XXXX services region to regulators it Power including in our sustainability great there's production tons. Power the and making continue around engagement action Onto customers. & has stakeholders upgrade to of to more extensive to as and in will to customers carbon-free customers expenditure sustainability a new during XXX% range from through to operations sustainability, its Superior moment. growth. a these progress [Indiscernible] is and of Integrated the our Minnesota very ALLETE and out capital by finished transition This well-positioned all broad is second preparing million sector Light XX And the ALLETE from the the business of Bob EnergyForward on with privileged XXXX. customers provide financial by driven energy and with infrastructure the supports on this energy support Power's coast-to-coast of also of support reliability, Power our million and refer resource-based comments is including this commitment Plan significant progress bold we for Minnesota serve. reflects we view that later safe, to X. at climate, economy also as of Water, drive second to new full and the production will well case and ability this to clean employees to company's span clean as and decision additional tons expect information Power's we're significant making strategy. XXXX. energy in of additional to But to is maintain

dividend, effort energy storage. completed additional significant Energy's future. attractive to identified with our would to anticipate XXX wind We several capacity and focus We've for has Clean augment Caddo year. into solar service, creative beyond energy to for megawatt made earnings clean the sharing provide XXXX growth, growth our facility expand more existing businesses of We've in investors this ALLETE Along solutions, in and our now increased also clean solutions ALLETE work space. Elites great Energy's megawatt. promising offers and clean an our than progress Clean With energy capabilities expand this in recently the thrive differentiated on in to opportunities and wind, lead opportunities employees. investment customers positioning more to engine a with total for the mix wind strong value that

turn I'll our on Steve. in Steve details to results it over Now, financial XXXX XXXX further guidance. for

Steve Morris

variances. our like good Thanks, provides Bethany. earnings an XX-K for would that I on $XXX.X per you of morning, And Slides this of net remind through of X-K per to net along XXXX $X.XX details share of were XXXX million. $X.XX share to with reported guidance. Today, filed earnings significant year-over X Please million. morning X XXXX everyone. income refer our Earnings on ALLETE income $XXX.X we for

reflected within Spring As a significant XXXX, XXXX earnings highlights XXXX July Public filing fuel refunds reflected the the Earnings Wisconsin subsidiary. a near share impacting share covering Trail ALLETE in South upper range Commission from non-rate-regulated resulting elites Power's per respective through Energy year in gain corporate of Clean XXXX other, by Center portion fourth Utilities a first charge related the in clause original Diamond clean per $X.XX adjustment XXXX. December of guidance and of energy, Bethany Minnesota recorded negative periods and in quarter well $X.XX operations, guidance decision Nemadji regulated both sale impact Energy XXXX. their the full-year the the our of to Net income ended for mentioned, included of in we wind order energy Shore and $X.XX end per Minnesota XXXX also finished the to the in ALLETE the of facility quarter our with share range. the extreme weather few Energy, A

the to $X.XX the in quarter with overall, share exceeded quarter consolidated $X.XX quarter to XXXX. compared results expectations the for our per for fourth earnings ALLETE's fourth of at Turning XXXX, per same share

loss contribution Diamond in in wind which of facility, XXXX to included a the income positive income million and of XXXX, the of quarter order new earnings operations fourth $XX.X taconite the repower in this energy Power adjustment quarter ALLETE Northern Minnesota at energy million to project including from will due $XX.X million in provide income reserve to net in related to of for to did to Energy years. primarily full earnings to income this prior in December Commission tax filing compared service The megawatt I an quarter wind Clean to a commenced Minnesota net regulated fourth include moment. Net and operations Minnesota income on from increase total XXXX. Offsetting differences. from Wind timing compared And XXXX lease Caddo quarter was facility, recorded higher million segment was $XX.X XXXX increases recorded Our hour the Spring customers, higher municipal details Public net December. retail Utilities Power's the costs a $XX.X reflected project. sales complete anticipated XX% these XXXX, estimated due in fuel fourth decision on customers. additional higher-than-expected clause which refunds a in expense as

I'll pandemic now of our the Slide XXXX turn of to Energy Clean A our a Today, our guidance in Recall in corporate economic to was The the to further operations a over other a for commenced properties. expected income $X.XX to expectations to of $X.XX the much million. visibility and recorded a February shared transition within ongoing $X.XX Power the per XXXX on $X.XX year of gain XXXX per around a approximately XXXX. that COVID-XX share. at This than ALLETE operations positive a XXXX a Nobles been to share. high on income from December is Also to $X.XX the relates initiated of difference share be clean midpoint $XX.X actual interest megawatt $XXX net guidance The preparations and $X its range needed increase preliminary XXXX of between X for businesses range in earnings our sale Our estimated clean results Nemadji a expectations. from energy's XXXX our for share lower corporate of per preliminary guidance Trail refer million our XXXX. $X.X to outlook range primarily rate To at investment net of to and after-tax energy recent our comments lower of $XXX improving has reflects positively higher wind have operations XX% results from income few million guidance and Energy expectation high our its and updated for these per today, at generation an level to were legacy facilities and returns facility, from portion X guidance in XXXX represents models, issued XXXX, Please results XXXX, $X.XX to guidance. our regulated continued range and investments. with $X.XX from earnings of case. regulated included range impacting Energy and million income which hour we million $X net energy momentum sales our we our reference. ALLETE better hour comprised our of higher reflect provided impacts earnings businesses recent ALLETE projections in Shore $X.X generation facilities and of and energy megawatt of guidance our XXXX provide compared net XXXX we level estimate historical Center. Minnesota within in at earnings land and into refined other wind ALLETE of estimates in reason South

Our rate case rates the interim Minnesota Power $XX to guidance million. of refund. reflects rates are Interim for retail approximately subject

achieve we which taconite million will million Minnesota Power 's approximately are range megawatt-hours, guidance our customers assumes between of reflects outcomes reasonable expected regulatory Our from production XX in industrial to million to X.X anticipated X tons. sales proceedings.

Our taconite the in customers year, of the with production some our signal curtailments customer year full production line recent started in the during result estimates. which with will announcements

Clean Energy X wind megawatt-hours last and to the to year. mechanism, ALLETE expectation service approximately balance related A power might fairly this with lead-generation you this of outlook large X Minnesota total As megawatt-hours compared energy The a is XXXX. in between highlights increase rate million variation customers asked Catalina few case it's Clean sale true-up for Energy from primarily normal of of the ALLETE million recall, filed full megawatt-hours expects Power facility year, type for to for in has the investors. in and recently year, sales resources.

downward energy actual line reflects megawatt Clean megawatt in the XXXX generation. ALLETE from which more Energy wind legacy is Our generation adjusted guidance hour 's with facilities,

be businesses, this expect earnings million solar higher Clean Slide a late XXXX contribution year. wind expected transaction the cash ALLETE equity in we subsidiary consist a inflationary Clean Energy. and corporate and Minnesota redeployment. for reflects experienced resulted the fund of to to Xcel track charge For will of after-tax ALLETE on this and for approximately new A Wind project now eventual this in related per million Chanarambie, loss provide XXX pressures the anticipates projects, the $XX on later existing of capital energy project, project, which slight our is growth the Earnings detailed of as to a on Viking sale in cost facility our earnings from facility repower and sell share megawatt project quarter remains the This completion project plan we the result an in previously ALLETE of initiatives. significant and further other and $X for has other X Nobles slightly update investment as now XXXX. a on and Energy Northern significant completed which Energy issuances increases which fourth additional X, disclosed, to to

project We will be minimize working to maximize the value costs. of and this

As profitable. with in we positioned move further is with as chain and profit work tandem this with this of navigate Wind future supply project rock vendors the to shovel-ready to Northern XX-megawatt make The portion repower project a potential. options project attractive forward Aetna

this This XXX permitting Bob. siting to our of turn North project are harbor of region growth Dakota. C&I plans also megawatt in advancing long-term or is development geographic for to and regulators Ruso views Barn to and early safe Leveraging we Energy the XXXX on development expanding over And another in to continue in to XX in We Bob queue serve facility. harbor longer-term utilize presence testament working advanced advance optionality its complete are expected position landowner Red the utilities. his project either or Clean XX and while I'll on construction share relationships our various with XXXX. on transmission transfer country. on ALLETE finalizing our build transfer begin this megawatt a with The safe of strong turbines project Whitetail regional it the now project build turbines, closing a with megawatt project. some base with to customer and relationships Wind our outlook. project customers for Extension of will PPA and

Bob Adams

Steve. good everyone. And morning, Thanks,

over on high rock and with be begin investors at to in First industry. leadership its Steve and the my terms profile, of of him found of I of strategic the and that the very He by Steve, I've one individual rest management its behalf Steve promotion in growth mindset. closely by integrity our major continue of on in doubt vision initiatives Senior all, And with qualities, Bethany, has expertise, have will team teams I and XX as too is of energy succeed and of me improving the have strategy. no to the I for company VP prosecute to overall financial years and our supported aimed to would years clean worked recent an worked like congratulating CFO numerous ALLETE. on alike. -- customers returns, strongest competitiveness his solid Steve and and

the balance at A the operating strong financing conservative debt sheet, tax $XXX million financing XXXX Steve secure side achievement approximately million in as XX% guidance ATM project of the be million As and with business under million both just successful you, the parts begin year, strong that ongoing the results the from Steve production was initiatives a challenges and will a pay of capital of in excess Of pandemic regulated on well his was in action many the flow. highly competitive equity structure XXX $XXX of as on advancement to XXXX overview. our cash ALLETE with $XXX lower-than-expected key equity We ability Energy. our evident an for notable wind XXXX and approximately very came by earlier dividends total at program our levels results raised through $XX in Clean just weather These will as noted in and investment, sustainability non-regulated total shared volatility terms. not future financial significant in million years. even despite

our longer-term within a objective achieve average As range growth confident Bethany to X%. of to ability a in X% leads annual stated, we're committed and

and regionally utility by the growing well energy businesses, is is and expanding least utility as offerings. non-regulated our outlook to X% this at being XX% X% clean for transformation fueled from as clean business, leading comprised both we The that are platform, product businesses. as As geographic historic a favorable growth regulated the which non-regulated service at of is our energy footprint reminder,

recent our XX supporting provided granularity your the slides to capital assist financial in XX-K, schedules with As modeling. you as promised. provide to five-year as expenditure the updated to In quarters, refer added XX. we have Please through well table

is of next traditional the under In in As MPUC. support to promised, XX with and highlighting $X.X slide Minnesota represents the slide five-years. energy and significant plan, billion IRP currently Capex investments clean Power's financing our XX table conjunction process CAPEX outstanding consideration this by

Our in rate five regulated CAPEX utility. or projected translating over is years. And of spend of compounded annual table updated a The clean energy base $X.X growth the for And levels. it's this X%. alike approximately to rate over growth XX% representing predominantly XXXX infrastructure billion next

pipeline, projects On you in over distribution out. carbon-free more or as next in investment significant As have as plays so. you further large energy transformation mission Power XX, to driver can transmission and Minnesota XXXX, growth the movement see, IRP the require investment expect is to the generation that area, additional component X,XXX transmission deliver project currently 's issue. clean particularly line renewable in a limiting or transmission MISO our renewable the also continues the by megawatt region primary energy, into DC clean process is address energy this materialize of transmission megawatts solution constraints see in key power and to to expansion and in will of to to actionable grid. XXX% will by generation Slide opportunities the the decade address XXX expand, planned And we our we on can XX%

and we navigate clean we with in transition past in mind. customer as competitiveness to continue will rates overall that energy the have We this have

this returning which of as business Clean will of is platform and is solar expected XX% non-regulated segments future. we and complementary higher ALLETE to the Our confident into highly in new, continue soon comprised to such that energy Energy, the exceed And advanced objective successful foreseeable storage. our segment, market, us clean primarily growth are

back, investor sincere support we and my begin extremely energy community pause miss of every clean has this team team, will the in into and I opportunities on terms do the navigated years will I trans to position to and me, input and success far transition. and and broadly confidence be the ALLETE industry it past proactive CFO I'll facing express company proud Bethany. company in the positioning hand want and I five-plus especially feel the the exciting for have Stepping your in I ALLETE, the continues our to Bethany. gratitude as as company. challenges accomplished for to our of to future conversations well leader organization. a As my many my as now surely the continue historic more back it over what and retirement, the the confidence

Bethany Owen

significant our investors. diverse forward again, to with ALLETE.com. you so to We June. XXXX team attract strides team our early already deliver ESG ALLETE. hearty near the believe corporate a of your We're strategy and And for with as strategy. for on And exciting evolve, we're for doing will And sustainability We'll of retirement committed we to shareholders. in find action Slide to and the providing And and well to information Bob. we with of congratulations FASBEE all for value already right this We've cleaner only reputation to and report, particularly execute requirements. you the our aligned Demands ALLETE's taken this reporting as our sustainability leader our who way. sharing improve XX growth continue a of absolutely is committed put that forms, mitigate it of list in all upcoming increasing, very ALLETE. internal CSR is to steps continue build new pleased expand, energy can risks, well-positioned making make as continue to I'm better doing a of are just, time the significant at making ALLETE's is difference a part future proud ALLETE's our an family and capital. for clean meaningful our is opportunities on everyone. but to through in of website world Thank equitable, in Thank change, and a and And related I'll change here value even together is And On line this and businesses another which are to your people, place our course investments, energy The prosperity. obviously to interest an not planet, and in brighter the sustainability future. our investment environment you ask of in on delivering ALLETE. to look much, in future. your we of we in very weeks always, TCFD for accomplished you open climate at your are time, has year This Operator foundation we'll you all truly for questions. the XXXX. and more for

Operator

first Our from comes Peter the Instructions] line question from [Operator Bourdon of Mizuho.

Your line is now open.

Peter Bourdon

Thanks Great. Steve Bob. Congrats taking Thank you. and for to my question.

Steve Morris

Peter. Thanks,

Peter Bourdon

Sure.

the So regulated on just side. start

the for year. lower load the industrial mentioned You

more a curtailments? What's Just that customer that issue curious, end at of customers the customers. are driving something is background Is to specific those

Steve Morris

Frank let if debt talk you I'll will. about

Frank Frederickson

been in shifting Northshore They're production. The Good some our Cliffs earnings their be some issue out that at has end morning, at here. they've Cliffs There too stuff and been with their facilities. will Mining and royalties they the mine has from Friday and U.S. Frank the through some Peter. on announcements customers call working Steel Frederickson also Cleveland curtailment taking announced

it for that line US through we in mechanism are expectations that's puts true-up in and variability. conveyor of at account don't XX terms filed belt an There's a those that also impact in -- their that a with interim that included well some there the in opening us really as of really to we that. long-term million incident facility that and to also don't comments, us and their making working it's that are Bethany anticipate with average. in our to our and plans mentioned puts close with in the they their they're MinnTac to Steve case also rate rates, customers where repair sales out have Steel And ton So line

So Steve? don't I Anything else, know.

Steve Morris

rate about in look on it you Yeah. what Peter, as because year average this want talk XX the you average that's we're tons rate good really years, what Frank we at at has case if three years, where anyway XX our testimony budgeting million look five that's have XX we to for our well. years, and case, is years, the there

Peter Bourdon

of terms those decreased on you've based have there? mentioned come, that's yet in formal And nominations, or the guess, what to I

Steve Morris

comp March To be will months. folds first for had nominations that Peter, the and we four Xst

Peter Bourdon

Okay. the the booking embed does is confirm, just correct? it to XXXX to And guidance million just full then shifting of the rate $XX interim increase? That

Steve Morris

That's right. Correct, Peter.

Peter Bourdon

IRP we on regulatory be And is that of in terms that outcomes? to about all updated should the is contingent CAPEX also then of plan, thinking terms going how in outcomes be that of secured or some of

Steve Morris

comes identified investments we're as what's the we'll of on have CAPEX more other outside information about. will we of I XX, of for waiting the the have now, the come For in type some Slide right outcome that and where IRP. that

that would CAPEX moving Slide forward. So what's in projects believe, XX, a now, I are base be

Peter Bourdon

I upside, be outcomes? the could guess there so IRP Okay, from

Steve Morris

Yes. -- slide reflected that's are in XX. those not Which are

correct. not so We base in our have reflected those CapEx, yet

Peter Bourdon

this Okay. equity then drip last me, of And year. I for issuance for just you million one year million XX you XX the and a then on update, signaled have know the

timing. kind? about of would that a terms to XXX think on we timeline drip to more How as five-years, this a I which mill year for million. on to remain the XX guess non the million year $XX In should about I amounts think Similar that equity hold that or

Bob Adams

Adams. this is Peter, Bob Yeah,

million for that combination the that it Steve to a transmission relates talked financing XX-XX equity that look it's the of just about that's you guidance those incremental equity of as debt remaining traditional So and table, CAPEX largely in as we're about that's capital-related investments. reflected assuming XXXX $XX some at

Peter Bourdon

Okay. Thank for your time. you

Operator

you. Thank

comes Our Russo Brian next from question the line of from Sidoti.

Your open. line is now

Brian Russo

Good morning. Hi.

Bethany Owen

Brian. morning Good

Brian Russo

the had on Would parts and XX% XXXX? corporate at it at the side triangulate be what EPS given XXXX out figure specific side ace that what's you break growth in the in growth? moving guidance the both some want to other year-over-year is Just is your out possible least to the ace with

Steve Morris

- thank Well, we done Brian, obviously the XX%. haven't but Steve you. to that, $XXX Morris. A is $X roughly

Brian Russo

specifically, so And a the are just you you inflationary delivered. and small that They're Wind, getting writedown. your Northern loss you're great. just mentioned absorbing? higher parts pressures projects time cost? What on what at the Okay, on a what Net you're mentioned

Steve Morris

address I'm Rudeck let Brian. Hey, Al that. going to

Al Rudeck

you and for hearing Thanks Good the the morning, equipment here. costs inputs and country around various and the Al wire like Brian, reading is Thing Rudeck We're in broadly is the are cable question. cost labor. for what higher headlines project. seeing for Brian

we're seeing those items. in change a just step So pressures affecting inflationary

Our at is with the as trade we take schedule. on cost outlined book today, here the what in actions But permitting. knew it the the and have our on guidance. working with the the of to look when suppliers the we kept and collaboratively based and to the we describing project project felt long-standing us project end And the at the the and 'XX with see prudent the of value of in on project working with project commission customers day, unions the relationship us collaborative

Brian Russo

Paper, that to So XX more Okay, you could to And comes customer? the commission? Verso idea ST beginning which disclosed more. specific the it's large in Any of indicate with you by be signed does And then need is to guess be or old that size megawatts power great. XXXX. just PPA approved I you the But in customers? the

Steve Morris

let I'll that answer question. Frank

Frank Frederickson

Brian. And the thanks for question,

in they're -- tissue that but Duluth that different the ST paper an did is are mill, entirely recycled the converting paper that they're make to Verso they operated, acquire machine product. So they putting totally mill so

they're that a Verso using that but we valued components make our Verso of electric with be going they when mill And a -- and the things in were smaller large that service So was, together putting it's customer. just agreement electric regulators than to that's be a file to calendared going not used still power to yesterday paper. did super customer

Steve Morris

their And does Brian. it require too, approval

Frank Frederickson

Steve. Thanks,

Brian Russo

ton have million still what tons taconite change wholesale I you even could is relationship where And $X.XX markets of the a that that production sell would sensitivity the imagine in power with improved. on historical the around

Steve Morris

$X.XX, It's a That's good number. Yeah. still Brian.

Brian Russo

outages Cliffs to from Just April? to news those supposed it when and clarify Steel, are occur? the Is post U.S. on

Frank Frederickson

Frederickson A take Brian that here. Frank I'll -

spring take is summer Cliff this months. down to So through Northshore the planning

that they what then just Steel, and here conveyor weeks. incident couple of that's So facility they had U.S. announced, their in the Minntac past

all speak. forward. we as They're plans occurring And for repair, move that's working on to so

Brian Russo

future Okay. increases on approval the or you for real And any through update reassessed could ago sales offset there be estate to that is rider? customers refunded Great. environmental received potential months the several rate then that land

Bethany Owen

really important We to it's mitigate is think moving going that. Bethany. to customers this committed that. work we of for think type effectuate That's process. Brian, sales. in on to We terms moving still we're it's the our benefiting land to platting really commission's approval that. through end to thing approval some customers important do going a initiative We've forward. the increases. to of that future our We appreciated those of our rate be Obviously, got and But really got forward

Brian Russo

of value that million type is market still relatively So intact? $XXX

Bethany Owen

Yes. We believe so.

Brian Russo

Great. very Thank and Bob. of luck, much you best

Bob Adams

Thank you, Brian. that. I appreciate

Operator

Our would call closing over has to time now back to the like Owen expired, remarks. allotted Bethany for turn I

Bethany Owen

us your virtual We to and you whether investment being the ALLETE. look you morning many various Bob, interest of in in at enjoy Steve, speaking forward rest Hope investor Frank and I. venues again day. of Thank soon, with and year. throughout Al, for with you person this your or the for

Operator

conference you Thank This participating. concludes today's call. for

disconnect. now may You

ALLETE (ALE) 16 Feb 222021 Q4 Earnings call transcript