Table of Contents
General News
Black Hills Corporation
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Otter Tail Corporation
Xcel Energy
MDU Resources Group, Inc.
NorthWestern Corporation
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FARGO, N.D., July 1, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) has completed its transition to a holding company structure effective July 1, 2009. As a part of the transition, newly formed Otter Tail Corporation will function as a holding company with two principal subsidiaries, Otter Tail Power Company and Varistar Corporation. Otter Tail Power Company will own and operate the regulated utility business of the corporation. Varistar Corporation will own and operate the nonelectric businesses. The nonelectric businesses are in manufacturing, health services, food ingredient processing, plastics, construction and transportation.
As a part of the transition, and by operation of law, each outstanding common share of Otter Tail Corporation stock automatically converted into one common share of the new holding company stock, and each outstanding share of Otter Tail Corporation cumulative preferred stock converted into one cumulative preferred share of the new holding company.
"We have completed this transition in order to create a legal structure that better reflects how we have been operating our company," said Otter Tail Corporation Chief Executive Officer John Erickson. "We expect this transition will be well received by the regulatory community, which previously approved the holding company structure. We also expect our new legal structure will provide for better execution of debt transactions at Otter Tail Power Company."
About the Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing, and infrastructure businesses, which include plastics, construction, and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
Sioux Falls, S.D. June 30, 2009 NorthWestern Corporation d/b/a NorthWestern Energy (NYSE:NWE) today announced that it has amended and restated its corporate revolving credit facility to increase the amount to $250 million from the current $200 million and to extend the maturity date to June 30, 2012 from the existing November 1, 2009.
"This amendment provides NorthWestern with the liquidity necessary to support its growth plan," said Brian Bird, Chief Financial Officer and Treasurer. "The fact that we obtained a three-year extension and increased the availability of the existing facility in this difficult banking environment demonstrates the company's strong financial profile."
The banks in the facility include Banc of America Securities LLC (Lead Arranger), JPMorgan Chase Bank, N.A. (Syndication Agent), Union Bank N.A. (Co-Documentation Agent) and U.S. Bank National Association (Co-Documentation Agent), Deutsche Bank, UBS Loan Finance, Bank of Nova Scotia, KeyBank Nat'l Assoc., and Credit Suisse.
PIERRE, S.D. The South Dakota Public Utilities Commission is requesting input on its Small Renewable Energy Initiative, a five-part approach to encourage common sense development of distributed generation.
The initiative includes components related to taxes, pricing for distributed generators, interconnection and siting. The taxing and pricing components involve proposed legislation; the interconnection element reviews new rules; and the siting portion includes a model ordinance developed for local governments. The PUC will collect public comments on each of the components online at www.PUC.SD.gov/smallwind through Aug. 31, 2009.
The five components of the Small Renewable Energy Initiative are:
- Reducing Up-Front Taxes. This proposed legislation would allow any project of 10 megawatts or less to receive a 100 percent refund of the contractor's excise tax. This would provide an incentive of around $500 for a small residential turbine and around $200,000 for a community-based project with two large turbines.
- Reducing Ongoing Taxes. This proposed legislation would provide a property tax incentive to any project less than 5 MW to exempt the first $50,000 of assessed value or 70 percent of the assessed value, whichever is greater, from property tax.
- Ensuring a Fair Price. This proposed legislation would ensure small generators (up to 100 kW) would be paid no less than the costs the utility pays to purchase or generate electricity. Utilities would be required to file those rates annually with the commission, and the rates of the public utilities would have to be approved by the PUC.
- Streamlining Interconnection. The PUC recently developed streamlined and uniform interconnection standards required to be used by public utilities within the state. This component of the initiative calls on the commission to monitor (and when appropriate, improve) those streamlined procedures.
- Promoting Smart Siting. The commission will work to promote the adoption of wind siting ordinances by local governments. The PUC created a model ordinance currently being used by some jurisdictions.
"The PUC's Small Renewable Energy Initiative is a targeted effort to strengthen the renewable energy arena for small generators," said Dusty Johnson, the commission's chairman. "I know there are hundreds of South Dakotans that are very interested in renewable energy. We want those folks to review these concepts and share feedback. We want them at the drawing table, so to speak," he said.
"We have set up a user-friendly comment method," explained PUC Vice Chairman Steve Kolbeck. "From now through August, people have the opportunity to review the proposed legislation online at the PUC's Web site and submit their thoughts and suggestions by way of an electronic form."
The comment forms can be accessed at www.PUC.SD.gov/smallwind. Comments may also be mailed to the PUC at 500 E. Capitol Ave., Pierre, SD 57501.
"It is important that anyone with an interest in small renewable energy become engaged in this process," encouraged PUC Commissioner Gary Hanson. "I hope we hear from developers of all sizes who will give thoughtful consideration to this initiative and offer constructive comments."
PIERRE, S.D. The South Dakota Public Utilities Commission approved an 11.7 percent rate increase for Otter Tail Power Co. this week. The company serves about 11,700 customers in northeastern South Dakota. Its last rate increase affecting South Dakota customers occurred in 1987.
Otter Tail Power Co. requested permission to raise its rates by 15.3 percent, generating approximately $3.9 million in additional annual revenue. PUC staff and company representatives spent several months negotiating the rate case, arriving at a settlement that allowed an 11.7 percent increase to retail electricity customers, amounting in an approximate $3 million in additional company revenue annually. The commission approved the settlement agreement at its regular meeting on June 23, 2009. The settlement contains a number of conditions as a result of the negotiations.
"Two numbers stand out in this proceeding: 21 years and $1 million. First, it has been 21 years since Otter Tail last asked for an increase in rates, which shows how hard they worked to keep costs down," said PUC Chairman Dusty Johnson. "Second, over the last six months PUC staff has managed to reduce the requested increase by $1 million, which shows how hard they worked to keep costs down," he concluded.
"Much of the negotiations focused on the company's rate classifications," PUC Vice Chairman Steve Kolbeck said. "All rate classes now have a seasonal component. This gives consumers the option to make smart usage decisions which will directly affect their bottom line. They can follow and adjust their energy use by season and see the results of those actions in their electric bills."
"Otter Tail customers will receive a major benefit in sharing the proceeds of wholesale energy sales made by the company," said PUC Commissioner Gary Hanson. "This settlement provides that ratepayers will receive 85 percent of asset-based wholesale margins and 25 percent of non-asset wholesale margins. This case was a challenge given major changes the company has experienced as well as changes in the economy during the two decades since Otter Tail last filed for rate approval," he said.
One factor driving Otter Tail Power Company's rate case was a significant increase in the amount of wind power in its system. Costs associated with those capital investments made up 60 percent of the approved increase. Ratepayers will benefit on an ongoing basis because of wind powers low fuel and operating costs, however.
Otter Tail Power Co. pledged to make personal contact with industrial customers that will experience the largest rate impact, more than $500 a year, as the company rolls out its new rates on July 1. That group totals 20 customers.
No individuals or organizations filed to intervene in this case. Since filing with the commission, Otter Tail Power Co. reported 15 individuals submitted comments to the company about the rate case. One consumer submitted comments to the PUC about the rate case.
The PUC was represented by five staff utility analysts, one staff attorney and three consultants who handled the rate case analysis and negotiations before bringing the issue to commissioners for approval.
FARGO, N.D., June 24, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) expects to complete its transition to a holding company on July 1, 2009. As previously announced, Otter Tail Corporation has been preparing for a transition to a holding company structure that will result in Otter Tail Power Company becoming a separate legal entity and a wholly owned subsidiary of Otter Tail Corporation.
With the expected completion of the transition, the newly formed Otter Tail Corporation will function as a holding company with two principal subsidiaries. In addition to Otter Tail Power Company, which will continue to own and operate the regulated utility business, a second subsidiary, Varistar Corporation, will continue to own and operate the nonelectric businesses. At the effective time of the transition, each outstanding Otter Tail Corporation common share will be automatically converted into one common share of the new holding company, and each outstanding Otter Tail Corporation cumulative preferred share will be automatically converted into one cumulative preferred share of the new holding company having the same terms.
About the Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing, and infrastructure businesses, which include plastics, construction, and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
The Otter Tail Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4958
BUTTE, Mont. June 23, 2009 NorthWestern Corporation d/b/a NorthWestern Energy (NYSE:NWE) plans to conduct "Open Seasons" as planned for two major transmission projects following the Federal Energy Regulatory Commission's (FERC) recent action on the company's petitions.
FERC affirmed its support of the company's efforts to build new transmission on congested pathways. FERC encouraged the company to develop the Mountain States Transmission Intertie (MSTI Project) on a cost of service basis by requesting appropriate tariff waivers to provide for the flexibility to efficiently and effectively facilitate the project development. FERC also agreed with the company's proposed pricing for the Collector Project and the general approach for the Collector open season process.
"The FERC Orders are complex and required time to fully sort through all of the details," said Dave Gates, Vice President Wholesale Operations. "However, after careful review, we regard the Orders as providing necessary guidance from FERC and supporting the development of both projects. Accordingly, we will continue to develop the projects without delay or interruption."
In requesting market-based rates for MSTI, NorthWestern Energy followed the approach that FERC has approved for similar projects in the region, including the Montana-Alberta Tie Line and TransCanada's proposed Chinook project. NorthWestern Energy believed that this approach would provide it with flexibility to meet market conditions and would best insulate its native load customers from the costs and risks of the project. Although FERC denied the company's request, it provided strong encouragement for continuing with the project using a more traditional approach.
To quote the Order, " We also recognize the Petitioners' desire to insulate native load customers from the costs and risks associated with an export-only project
we believe that NWE has ample opportunity to accomplish its objectives and construct a project comparable to the MSTI proposal on a cost-of-service basis by requesting appropriate tariff waivers." In support of the MSTI Project, FERC further noted "
we acknowledge the need for innovative proposals to develop new transmission projects, especially in regions rich in potential to deliver renewable energy to load centers."
As to the Collector, FERC approved NorthWestern's proposal to directly assign the cost of the project to the generators. This has the effect of insulating native load customers from the cost of the project. While FERC deferred ruling on NorthWestern's request for waivers, FERC specifically found the proposed open season process to be a reasonable means of accommodating a large number of interconnection requests in the queue.
The open seasons for the MSTI and Collector projects will be conducted on a transparent basis in order to ensure fairness and non-discriminatory access. The results of the open seasons will be used to size the projects according to customer demand. The open season process will also ensure that the projects have sufficient contracts with creditworthy shippers to support financing.
With more than 5,000 megawatts of proposed new electric generation much of it wind energy - that has sought access to the transmission system in Montana, the company has proposed two major projects MSTI and the Collector Project - to facilitate development of these projects.
The Collector Project consists of up to five new transmission lines in Montana that would connect new generation, primarily wind farms, to the existing NorthWestern Energy transmission system and to the proposed Mountain States Transmission Intertie (MSTI). Most of the new proposed wind generation that would be served by the collector system would be located in north central, central, south central and eastern Montana.
MSTI is a proposed 500kV transmission line that would run near Townsend, Montana to near Midpoint, Idaho. The project is currently undergoing environmental review with a draft Environmental Impact Statement due in late-2009.
PIERRE, S.D. The South Dakota Public Utilities Commission has developed a list of frequently asked questions to help Alltel customers in the state better understand some of the issues related to the pending sale of Alltel assets to AT&T. The information is posted on the commission's Web site at www.PUC.SD.gov/Alltel-ATT. It addresses consumer concerns such as equipment, technology and coverage.
Verizon Wireless announced its plans to purchase Alltel in June 2008. Antitrust concerns by the Department of Justice resulted in Verizon Wireless agreeing to divest assets in markets in which Verizon Wireless and Alltel both operate, including South Dakota. In May 2009, AT&T announced it would acquire some Alltel assets from Verizon Wireless. The Alltel assets, which include spectrum, towers and subscribers, in South Dakota are among those in the pending divesture to AT&T. AT&T representatives have told the PUC the company expects to close the transaction in fourth quarter of 2009.
PIERRE, S.D. New rules by the South Dakota Public Utilities Commission that make it easier for small electricity generators such as wind turbines and solar panels to connect to the electric grid were approved by the legislative rules review committee today, June 9. The rules will be effective at the end of this month.
The new rules streamline the interconnection process for small generators by providing consistent engineering requirements as well as predictable and reasonable fees and timelines among the state's six investor-owned utilities. Previously, each utility allowed small generators to connect to its electric distribution system according to company-specific policies that varied from company to company. The statewide rules simplify the process and remove barriers to encourage energy development, particularly renewable energy.
"This wasn't an easy process," stated Dusty Johnson, the commission's chairman. "The end result is a set of procedures that is going to get small generators online sooner and more efficiently," Johnson said.
Small generator facilities that produce up to 10 megawatts of electricity will be able to use standard application forms and legal agreements. Expedited reviews for smaller projects are also part of the new rules.
The regulated utilities Black Hills Power, MidAmerican Energy Co., Montana-Dakota Utilities Co., NorthWestern Energy, Otter Tail Power Co. and Xcel Energy and the Environmental Law & Policy Center had a hand in crafting the rules. Representatives of these companies and PUC staff held negotiations beginning in 2007 that included workshops, reviews of other state's rules and comments from the distributed generation community. The PUC approved the rules during a May 28 hearing.
PUC Vice Chairman Steve Kolbeck noted the new standards support all types of renewable energy generation. "Certainly, this is a positive step for wind energy development," he said. "Energy producers using solar, anaerobic digestion or small combustion turbines will benefit as well. Engineers, operations managers, utility analysts and legal experts familiar with these resources made significant contributions to the development of these rules," he concluded.
"The rules strike a balance among the distributed generator, the utility and the company's ratepayers," remarked PUC Commissioner Gary Hanson. "There was a great deal of attention paid to drafting rules that are fair to all the players. That was no small task, taking into account that a 2-kilowatt project, for example, has different considerations than a 10-megawatt project does," Hanson said.
For additional information, view the PUC's docket at www.PUC.SD.gov, Commission Actions, Commission Dockets, Rulemaking Dockets, 2008 Rulemaking Dockets, RM08-002.
Sioux Falls, S.D. June 9, 2009 NorthWestern Energy (NYSE:NWE) today announced that Vice President and Chief Financial Officer, Brian Bird, has assumed the treasurer position vacated by Paul Evans, who is leaving the company to pursue other interests.
Evans will remain in a consultant's role through mid-August to facilitate the transition. "Paul joined the company during reorganization and has been instrumental in helping it to regain the solid financial foundation that we enjoy today," said Bird. "We wish Paul and his family all the best."
With Evan's departure, the company also made changes to the reporting structure with his former team reporting now reporting either to Bird or other appropriate functional leaders in the finance and legal departments.
About NorthWestern Energy
NorthWestern Energy provides electricity and natural gas in the Upper Midwest and Northwest, serving approximately 656,000 customers in Montana, South Dakota and Nebraska. More information on NorthWestern Energy is available on the Company's Web site at www.northwesternenergy.com.
Click to read news release in PDF format: News Release
Tuesday, June 9, 2009
6:30 p.m. CDT
Winner Playhouse, 733 Leahy Bowl
Winner, S.D.
The commissioners will discuss the opportunities and obstacles of wind energy development. Other topics to be highlighted include economies of large and small scale facilities, transmission realities and the future of responsible wind energy development. Representatives of Prelude LLC, Denali Energy of South Dakota and Prairie Winds will give updates on their projects in various stages of research or development in southcentral South Dakota. Other developers who wish to participate should contact the PUC at puc@state.sd.us or (605) 773-3201.
RAPID CITY, SD - May 28, 2009 - Black Hills Corp. (NYSE: BKH) today
announced the appointment of Perry Krush to the position of vice president,
supply chain. In addition, Jeff Berzina's role will be expanded to vice
president, corporate controller in order to encompass the accounting
responsibilities previously managed by Krush. Both appointments are
effective immediately.
"These changes help improve the efficiency of our operations by more closely
aligning our financial and supply chain management strategies," said Anthony
Cleberg, executive vice president and chief financial officer for Black
Hills Corp. "Perry brings a strong mix of financial management skills and a
broad knowledge of the company's utility and non-regulated business
operations. Jeff has strong accounting skills with significant
understanding of our financial reporting requirements. They are both well
suited for these roles and will continue to help us achieve our strategic
objectives and grow shareholder value."
Krush's new responsibilities include supply chain management, fleet
management, real estate and facilities, and the financial applications
systems and processes. He is a University of South Dakota graduate with 21
years experience with the company, and previously served as the company's
vice president, controller.
Berzina's expanded responsibilities now include all operational accounting
areas, budgeting and forecasting, and financial reporting and analysis. He
is a University of South Dakota graduate and a certified public accountant
with 8 years experience with the company, and previously served as the
company's vice president, finance.
RAPID CITY, SD - May 27, 2009 - Black Hills Corp. (NYSE: BKH) energy marketing subsidiary Enserco Energy today announced the close of an additional $60 million of credit capacity for its standalone committed credit facility. Through the addition of three new lenders to the facility, this raises the facility size to $300 million from the initial $240 million announced on May 8, 2009. BNP Paribas, Fortis Capital Corp. and Societe Generale are co-lead arranger banks, and Calyon, Rabobank and RZB Finance are the new participating banks.
"This is another positive financing milestone for Black Hills Corp, and we are pleased to have the interest and support from new bank lenders to expand Enserco's stand-alone credit facility," said David R. Emery, chairman, president and chief executive officer of Black Hills Corporation. "The Enserco team has a long track record of delivering results and managing risks, and the new committed facility will provide ample financial capacity to conduct their business during these challenging economic times."
ABOUT ENSERCO ENERGY INC.
Enserco Energy Inc., a division of Black Hills Corp. (NYSE: BKH), specializes in the optimization of energy assets in the Western and Mid- continent regions of the United States and Canada. More than forty energy professionals are responsible for transactions in wholesale natural gas marketing and producer services for natural gas and crude oil.
ABOUT BLACK HILLS CORPORATION
Black Hills Corp. - a diversified energy company with a tradition of exemplary service and a vision to be the energy partner of choice - is based in Rapid City, S.D., with corporate offices in Golden, Colo., and Omaha, Neb. The company serves 759,000 utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company's non-regulated businesses generate wholesale electricity, produce natural gas, oil and coal, and market energy. Black Hills employees partner to produce results that improve life with energy. More information is available at www.blackhillscorp.com.
FARGO, N.D., May 27, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) has hired Michael J. Olsen to be Vice President, Corporate Communications and Public Affairs. Olsen, a senior corporate communications consultant and president of Michael J. Olsen Communications since 2004, will begin his duties on June 8.
In this newly created position Olsen will be accountable for developing and implementing Otter Tail Corporation's comprehensive communication strategies and public affairs program, providing communications leadership and support for all Otter Tail businesses, and supporting the corporation's investor relations function, including producing its annual report. He will report to CEO and president John Erickson.
"Michael's vast experience as a communications professional will be important as Otter Tail Corporation advances its vision, mission, and business objectives with its internal and external stakeholders," said Erickson. "We're fortunate to have found an individual with a proven track record in managing key communications issues and outside resources. I'm glad to welcome him as an employee."
Olsen has more than 25 years of experience spanning the corporate, public, and nonprofit sectors including senior-level work with Microsoft Business Solutions, Fargo; Great Plains Software, Fargo; Himle Horner, Incorporated, Minneapolis; National Car Rental, Minneapolis; as Deputy Assistant Secretary of Transportation for Public Affairs, Washington, DC; as Press Secretary to Senator Mark Andrews (R-ND); Prairie Public Television, Fargo; and KXJB TV, Fargo. Olsen earned a Bachelor of Arts degree in speech and drama from North Dakota State University, Fargo.
"I'm fortunate to be joining a corporation with such a strong foundation and clear vision for the future," said Olsen. "Good communications is a two-way street and a key part of any successful business. I look forward to learning from the various teams at the corporation's operating companies and sharing my knowledge in return."
About The Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing, and infrastructure businesses, which include plastics, construction, and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
The Otter Tail Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4958
PIERRE, S.D. The South Dakota Public Utilities Commission will hold an informational meeting in Winner on Tuesday, June 9, 2009, to discuss wind energy development. The meeting will begin at 6:30 p.m. CDT at the Winner Playhouse.
Presenters include PUC Commissioners Dusty Johnson, Steve Kolbeck and Gary Hanson. They will discuss the opportunities and obstacles of wind energy development and will be available to answer questions. Representatives of Prelude LLC, Denali Energy of South Dakota and Prairie Winds will give updates on their projects in various stages of research or development in southcentral South Dakota. Other developers wishing to participate are encouraged to contact the PUC.
Landowners, public officials and others interested in wind energy development are encouraged to attend the forum. The meeting is free and open to the public. The Winner Playhouse is located at 733 E. Leahy Bowl Dr.
Contact the South Dakota PUC at (605) 773-3201 or wind@state.sd.us for more information about the meeting.
Luverne Wind Farm to be Near Lake Ashtabula in North Dakota
FERGUS FALLS, Minn., May 22, 2009 (GLOBE NEWSWIRE) -- Otter Tail Power Company, a division of Otter Tail Corporation (Nasdaq:OTTR), announced today that it will build a wind farm near Lake Ashtabula in North Dakota. Construction will commence in late May on the 49.5-megawatt wind farm and related infrastructure. The company anticipates that the project will be operational late in 2009. The wind farm will be north of the existing 200-megawatt Ashtabula Wind Energy Center, which was constructed in 2008.
Otter Tail Power Company's facility is expected to be part of a larger project -- Luverne Wind Farm -- comprising 169.5 megawatts built by NextEra Energy Resources LLC, an affiliate of FPL Group. NextEra Energy Resources will serve as construction manager and initial operator of the wind farm located in Steele and Griggs counties. Otter Tail Power Company will construct a 13-mile 230-kilovolt generation outlet needed to transmit the electricity to the Pillsbury Substation.
Otter Tail Power Company purchased its site from M-Power, LLC, in 2008. M-Power, based in Finley, North Dakota, is a locally owned wind resource development company that offers landowners and local investors an opportunity to participate in renewable energy projects.
Otter Tail Power Company president Chuck MacFarlane said the criteria behind the decision to develop additional wind energy in North Dakota included the wind resource itself, transmission capacity, tax incentives, and collaboration. "Our wind energy projects must be cost-effective for our customers, which means that we must be able to complete a project in a time frame that allows us to use tax incentives," said MacFarlane. "We particularly appreciate the work of willing business partners, landowners, and other community stakeholders, as well as the many local and state government offices and agencies that helped bring this project together. It's a well-suited addition to our balanced and least-cost energy resource plan."
Otter Tail Power Company expects to invest approximately $110 million in this project, which includes the cost of wind generation turbines and equipment, the site, and required transmission facilities. The company will apply for a 30 percent treasury grant available through the American Recovery and Reinvestment Act of 2009.
With this project Otter Tail Power Company will have wind energy generation resources totaling approximately 180 megawatts, enough to power more than 52,000 homes. "Relative to its size, Otter Tail Power Company has one of the highest ownership levels of wind generation among utilities nationwide," said Otter Tail Corporation executive vice president and chief operating officer Lauris Molbert.
Otter Tail Power Company, a division of Otter Tail Corporation, is headquartered in Fergus Falls, Minnesota. The company provides electricity and energy services to nearly a quarter million people in Minnesota, North Dakota, and South Dakota. To learn more about the company, visit www.otpco.com.
Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing, and infrastructure businesses that include plastics, construction, and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
Sioux Falls, S.D./Butte, Mont. May 19, 2009 The Montana Public Service Commission (MPSC) has formally approved the Company's construction of the Mill Creek Generating Station (MCGS) near Anaconda, Montana.
"We appreciate the commission's thoughtful and thorough deliberation. This is our first new electric generating resource in Montana, and is a key step towards our vision of being a fully integrated, regulated utility. It will enable us to integrate additional wind and other resources on the system," said Bob Rowe, NorthWestern Energy's President and CEO.
The 150 megawatt Mill Creek Generating Station is intended to provide regulating resources to balance the company's energy supply and transmission system in Montana to maintain reliability and enable additional wind power to be integrated onto the network to meet its current renewable energy portfolio needs. The facility is designed to enable increasing or decreasing energy production within seconds to follow load fluctuations on the system.
"This plant will help us achieve many of the objectives that are important to us and to our customers including energy supply and transmission stability and reliability as we integrate renewable energy on to our system. We also intend to work with local residents throughout the construction process to ensure that we continue to be a good neighbor," Rowe added.
Among other actions, the commissioners determined the $81 million cost of the turbines was prudent, approved the plant's return on equity at 10.25 percent and debt at 6.5 percent with a 50/50 capital structure and accepted the plant's carbon offset plan as filed. The plant is estimated to cost approximately $201 million; the remainder of the costs will be submitted to the MPSC for review and approval once the plant is complete.
The company is in the process of obtaining bids and contracts from vendors and will commence construction this fall. The plant is scheduled to go into operation by December 31, 2010.
About NorthWestern Energy
NorthWestern Energy provides electricity and natural gas in the Upper Midwest and Northwest, serving approximately 656,000 customers in Montana, South Dakota and Nebraska. More information on NorthWestern Energy is available on the Company's Web site at www.northwesternenergy.com.
BISMARCK, N.D. - May 14, 2009 - The MDU Resources Group (NYSE: MDU) board of directors today declared quarterly dividends on the company's common and preferred stock.
The dividend for common stock is 15.5 cents per share, unchanged from the previous quarter. Dividends for preferred stock are:
- $1.12-1/2 per share on 4.50 percent Series Preferred
- $1.17-1/2 per share on 4.70 percent Series Preferred
- $1.27-1/2 per share on 5.10 percent Series Preferred
The dividends are payable July 1, 2009 to stockholders of record June 11, 2009.
MDU Resources Group, Inc., a Fortune 500 company and a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, operating in three core lines of business: energy, utility resources and construction materials. MDU Resources includes natural gas and oil production, natural gas pipelines and energy services, electric and natural gas utilities, construction services, and construction materials and contracting. For more information about MDU Resources, see the company's Web site at www.mdu.com.
WEST DES MOINES, Iowa, May 12, 2009 - Black Hills Energy has received a 2009
ENERGY STAR Leadership in Housing Award from the United States Environmental
Protection Agency.
This award recognizes the contribution Black Hills Energy has made to
energy-efficient construction by verifying and incenting the construction of
201 ENERGY STAR qualified homes last year throughout its Iowa service
territory. According to ENERGY STAR, these homes will save Black Hills
Energy customers approximately $89,800 on utility bills each year.
"Black Hills Energy is honored to receive this ENERGY STAR award from the
U.S. Environmental Protection Agency," said Linn Evans, president and chief
operating officer - utilities. "We are committed to helping customers be
more energy efficient so they can increase the comfort of their home and
office, and advance the efficient use of energy."
To earn the ENERGY STAR qualification, a home must meet strict guidelines
for energy efficiency set by the EPA. These homes are at least 15 percent
more efficient than homes built to the 2004 International Residential Code
guidelines, and include additional energy-saving features that typically
make them 20 percent to 30 percent more efficient than standard homes.
ENERGY STAR qualified homes offer homebuyers all the features they want in a
new home, plus energy-saving features like effective insulation systems,
high performance windows, tight construction and ducts, efficient products,
properly-sized and installed efficient heating and cooling equipment, and
third-party verification of energy performance.
"Most homebuyers focus on what's outside the walls," said Sam Rashkin,
national director for the Environmental Protection Agency's ENERGY STAR
Homes Program, "but they also need to look behind the walls for the
energy-efficient features found in ENERGY STAR qualified homes that help
ensure comfort, quiet, improved indoor air quality and low utility bills for
years to come."
About Black Hills Energy
Black Hills Energy serves 149,500 natural gas customers in 130 Iowa
communities. Black Hills Energy is part of Black Hills Corp. (NYSE: BKH) - a
diversified energy company with a tradition of exemplary service and a
vision to be the energy partner of choice - based in Rapid City, S.D. The
company has other main offices in Golden, Colo., and Omaha, Neb. Black Hills
Corp.'s regulated utilities serve 759,000 electric and natural gas utility
customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and
Wyoming. The company's non-regulated businesses generate wholesale
electricity, produce natural gas, oil and coal, and market energy. Black
Hills employees partner to produce results that improve life with energy.
More information is available at www.blackhillscorp.com.
About ENERGY STAR
ENERGY STAR was introduced by the U.S. Environmental Protection Agency in
1992 as a voluntary market-based partnership to reduce greenhouse gas
emissions through increased energy efficiency. Today, ENERGY STAR offers
businesses and consumers energy-efficient solutions to save energy, money
and help protect the environment for future generations. More than 12,000
organizations are ENERGY STAR partners committed to improving the energy
efficiency of products, homes, buildings and businesses. For more
information about ENERGY STAR, visit www.energystar.gov or call toll-free
1-888-STAR-YES (1-888-782-7937).
RAPID CITY, SD - May 8, 2009 - Black Hills Corp. (NYSE: BKH) energy
marketing subsidiary Enserco Energy today announced the completion of a $240
million committed stand-alone credit facility to replace its previously
uncommitted $300 million credit facility, which was due to expire May 8th.
BNP Paribas, Fortis Capital Corp. and Societe Generale are co-lead arranger
banks and The Bank of Tokyo Mitsubishi UFJ and U.S. Bank are participating
banks. All of the banks are participants to the expiring facility. Later
this month, the company expects to close an additional $60 million of
funding with new facility lenders, raising the total committed facility to
$300 million.
"Despite the challenging capital markets and a struggling economy, we are
pleased to have solid interest and support from both existing and new bank
lenders in moving to a committed facility for our energy marketing business.
Enserco has a great track record of managing risk and credit and we believe
a committed credit facility provides an additional level of certainty that
aligns with our conservative approach to managing this business," said David
R. Emery, chairman, president and CEO of Black Hills Corporation.
RAPID CITY, SD - May 11, 2009 - Black Hills Corp. (NYSE: BKH) today
announced it has priced a public debt offering of $250 million aggregate
principal amount of senior unsecured notes due 2014. The notes were priced
at par and will carry an interest rate of 9 percent. Black Hills expects the
issuance and delivery to occur on May 14, 2009, subject to customary closing
conditions.
Black Hills Corp. plans to use the proceeds to pay down a portion of the
$353 million of borrowings on the bridge acquisition facility established to
fund the July 14, 2008 purchase of five natural gas and electric utility
properties from Aquila, Inc. The company originally drew $383 million on the
facility to complete the acquisition, financing the balance of the purchase
with cash proceeds from the divestiture of seven independent power
production facilities. To provide additional flexibility to complete its
long-term replacement financing, on Dec. 18, 2008 the company extended the
bridge acquisition facility from a Feb. 5, 2009 maturity date to a Dec. 29,
2009 maturity date. Last month, the company used proceeds of $30.2 million
from the sale of a 25 percent ownership interest in its Wygen III power
plant to pay down a portion of the bridge acquisition facility.
"We are pleased with the market response to our debt offering, which
allowed us to achieve a more favorable rate than was available in either the
fourth quarter of 2008 or the first quarter of 2009," said David R. Emery,
chairman, president and chief executive officer of Black Hills Corp. "By
reducing the remaining acquisition facility debt to approximately $105
million, we have ample flexibility to refinance the remainder during 2009.
Our current cash and revolver availability now exceeds $450 million."
The senior notes were offered by Black Hills Corp. pursuant to a shelf
registration statement filed on May 6, 2008 with the U.S Securities and
Exchange Commission. Credit Suisse and Royal Bank of Scotland served as
joint book-running managers for the offering and BMO Nesbitt Burns, Scotia
Capital (USA), and Wedbush Morgan Securities served as senior co-managers.
U.S. Bancorp Investments, Wells Fargo Securities, and The Williams Capital
Group served as co-managers.
Copies of the prospectus supplement relating to the offering may be obtained
from the offices of Credit Suisse by writing to the Credit Suisse Securities
(USA) LLC Prospectus Department, Eleven Madison Avenue, Level 1B, New York,
NY 10010 or by calling 1-800-221-1037. An electronic copy of the prospectus
supplement is available on the website of the Securities and Exchange
Commission at www.sec.gov.
This news release by Black Hills Corp. shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
FERGUS FALLS, Minn., May 4, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the quarter ended March 31, 2009.
Highlights
- The corporation generated operating cash flow of $21.9 million for
the first quarter of 2009, a $14.5 million increase over the first
quarter of 2008.
- Consolidated first quarter 2009 revenues were $277.2 million
compared with $300.2 million for the first quarter of 2008.
- Consolidated net income was $4.4 million compared with $8.2 million
for the first quarter of 2008.
- Diluted earnings per share totaled $0.12 compared with $0.27 for
the same period last year.
- The corporation remains financially strong, committed to long-term
strategies.
- An agreement has been entered into with Cascade Investment, L.L.C.
to facilitate increasing its ownership in the corporation.
Announcements
- On May 1, 2009 the Board of Directors declared a quarterly common
stock dividend of 29.75 cents per share payable June 10, 2009 to
shareholders of record on May 15, 2009.
- The Board also declared quarterly dividends on the corporation's
four series of preferred stock, payable June 1, 2009 to
shareholders of record on May 15, 2009.
- The corporation is revising its 2009 diluted earnings per share
guidance to be in the range of $0.80 to $1.20 from its previously
announced range of $1.10 to $1.50.
Click link to a PDF to review complete report: First Quarter Report.
Sioux Falls, S.D. May 4, 2009 The Montana Public Service Commission (MPSC) voted four to one today in favor of NorthWestern Energy's application for approval to construct the Mill Creek Generating Station (MCGS) near Anaconda, Montana. A final order on the request is expected by May 22.
After considerable discussion on the proposed construction costs of the plant, the MPSC commissioners also voted unanimously that the $81 million for the turbines were prudent. The commission will determine the prudency of the other MCGS costs at a later time. Among other actions, the commissioners approved the plant's return on equity at 10.25 percent and debt at 6.5 percent with a 50/50 capital structure and accepted the plant's carbon offset plan as filed.
BISMARCK, N.D. - April 30, 2009 - MDU Resources Group, Inc. (NYSE:MDU) today reported first quarter financial results and reaffirmed earnings guidance. The company will host a webcast at 1 p.m. EDT on May 1 to discuss earnings results and guidance. The event can be accessed at www.mdu.com. A webcast replay and audio replay will be available. The dial in number for audio replay is (800) 642 1687 or for international callers, (706) 645 9291, conference ID 92032561.
"Our diversification strategy continues to be effective with strong operating cash flows reported in the first quarter," said Terry D. Hildestad, President and Chief Executive Officer. "We have continued our focus on closely managing costs to enhance results and have aligned our capital spending with cash generated by operations. We are optimistic about our ability to meet our guidance targets and have reaffirmed our earnings per share guidance range for the year."
Click link to view complete news release in PDF format: MDUResourcesReportsFirstQuarter2009ResultsandReaffirms2009EarningsGuidance.pdf
RAPID CITY, SD - April 30, 2009 - Black Hills Corp. (NYSE: BKH) today announced first quarter 2009 financial results. Net income for the three months ended Mar. 31, 2009 increased 57% to $26.4 million, or $0.68 per share compared to net income of $16.8 million or $0.44 per share for the same period in 2008. Income from continuing operations for the first quarter
2009 was $25.6 million, or $0.66 per share, compared to income from continuing operations for the first quarter 2008 of $11.8 million, or $0.31 per share.
Included in the results are the earnings from the utilities acquired from Aquila on July 14, 2008 and impacts from the following notable items:
- $16.9 million, or $0.44 per share, gain from the sale of a 23.5% interest in the Wygen I generation facility that occurred on Jan. 22, 2009;
- $9.6 million, or $0.25 per share net non-cash gain, resulting from an unrealized mark-to-market gain for certain interest rate swaps entered into in 2007;
- Non-cash ceiling test impairment of oil and gas assets totaling $27.8 million, or $0.72 per share, driven by lower natural gas prices at the end of the quarter; and
- Lower effective tax rate for the quarter related to a $3.8 million or $0.10 per share benefit associated with an improvement of a previously recorded tax position.
"With the transformational year of 2008 behind us, we are pleased to begin
2009 with improved financial and operating results for the first quarter.
We are benefiting from a stronger regulated portfolio of assets that provides more stable cash flows and earnings as a result of the 2008 acquisition of additional utility properties. We continue to achieve strategic milestones critical to our business and growth initiatives including the approval of transmission and natural gas rate cases and the approval to construct rate base generation assets. Our Energy Marketing business performed better than during the same quarter in 2008 despite choosing to limit usage of their uncommitted stand-alone credit facility in an effort to preserve liquidity. We are in the process of obtaining a committed stand-alone credit facility to provide for the needs of Enserco and are encouraged by the expanded interest of banks as we near the completion of this process," said David R. Emery, chairman, president and chief executive officer of Black Hills Corp.
In addition, on March 31, 2009 the Colorado Public Utilities Commission issued an order pertaining to the Electric Resource Plan for the company's Black Hills Energy - Colorado Electric utility providing the opportunity to construct and operate two LMS-100 natural gas turbines to serve a portion of the customer requirements when the utility's current power purchase agreement expires on December 31, 2011. On March 25, 2009 Black Hills Energy - Colorado Electric issued a 2009 Non-intermittent Resource Solicitation to request bids that will determine how the remaining customer requirements will be supplied. The company's non-regulated power generation subsidiary may submit a bid to supply all or a portion of those resource requirements.
Compared to the first quarter of 2008, income from continuing operations in the first quarter of 2009 reflects the following:
Utilities
$17.3 million in gas utility earnings
$0.9 million decrease in electric utility earnings
Non-regulated Energy
$18.0 million increase in power generation earnings $1.0 million increase in energy marketing earnings
$0.8 million decrease in coal mining earnings
$28.3 million decrease in oil and gas earnings
Corporate
$7.5 million increase in corporate earnings
"Although we're pleased with the first quarter 2009 performance of our business units, continued low natural gas prices will negatively impact our oil and gas segment. They may also affect margins from Energy Marketing and off-system sales of electricity. The improving credit markets will allow us to secure our expected long-term financing needs over the remainder of the year while attaining satisfactory results for both shareholders and customers.
"Our well-defined growth projects and capital investment plans remain a priority. Our Wygen III construction project continues to remain on budget and on schedule to be in service by June 2010; and we are excited to commence construction of gas-fired power generation facilities to serve our Colorado Electric customers. Despite the challenging economic times, our businesses will continue to create long-term value for shareholders. Our company is well positioned with a focused strategy, talented and dedicated employees, access to capital markets, and the opportunity to capture the benefits of operating efficiencies as our integration projects are completed," concluded Emery.
DIVIDENDS
Common shareholders will receive $0.355 per share. Dividends will be payable Jun. 1, 2009, to all shareholders of record at the close of business on May 18, 2009.
CONFERENCE CALL AND WEBCAST
The company will host a live conference call and webcast at 11 a.m. ET on Friday, May 1 to discuss financial and operating performance. To listen to the live broadcast, call 1-800-230-1085. To access the live webcast and download a copy of the investor presentation, go to the Black Hills web site at www.blackhillscorp.com and click "Webcast" in the "Investor Relations"
section. The presentation will be posted on the web site prior to the webcast. Listeners should allow at least five minutes for registering and accessing the presentation. For those unable to listen to the live broadcast, a replay will be available by telephone through May 8, 2009, at
1-800-475-6701 in the United States and at 1-320-365-3844 for international callers. Callers need to enter the access code 996033# when prompted.
CONSOLIDATED FINANCIAL RESULTS (Click This Link To Open PDF Document: BKH_09Q1_EARNINGS.pdf)
PIERRE, S.D. Experts from across the nation will soon gather in Sioux Falls to share advice, perspective and ideas about the future of energy at a conference hosted by the South Dakota Public Utilities Commission. The conference, "Crisis or Renaissance, The State of America's Energy" will be held May 11-13 at the Sioux Falls Convention Center. Complete event details are online at www.puc.sd.gov/energyconf.
More than 20 presenters will address a variety of energy issues such as wind, transmission, coal and natural gas. Commissioner Marc Spitzer of the Federal Energy Regulatory Commission and Jim Sims, CEO of the Western Business Roundtable, are slated to give keynote presentations at the Tuesday and Wednesday luncheons, respectively.
"The amount of experience and institutional knowledge these presenters have is impressive and the session topics are integral to the nation's energy discussion and debate," said PUC Commissioner Gary Hanson, the conference organizer. Speakers representing the Solar Electric Power Association, Nuclear Energy Institute, American Coalition for Ethanol, National Biodiesel Board and the American Petroleum Institute are on the conference agenda. Additionally, presentations will be given on how energy efficiency, hydroelectric power, geothermal technologies, hydrogen production and other practices and resources fit into our country's current and future energy mix, he said.
The PUC is expecting attendees from throughout South Dakota as well as from neighboring states. Hanson said registrants to-date represent people from all walks of life who have an interest in learning more about all of the renewable energy resources as well as the future of traditional energy supplies.
The state's energy providers are helping to sponsor the conference, said Hanson. "We are really pleased with the tremendous support from the energy industry," he commented. Conference sponsors include NorthWestern Energy, Xcel Energy, Black Hills Power, Missouri River Energy Services, Otter Tail Power Co., Montana-Dakota Utilities Co., Heartland Consumers Power District, Basin Electric and South Dakota's Electric Cooperatives, MidAmerican Energy Co., and National Wind.
The conference begins with an evening welcome reception on May 11 and includes sessions and luncheons May 12 and 13. Register at www.puc.sd.gov/energyconf or call the PUC at (605) 773-3201 for information.
RAPID CITY, SD - April 28, 2009 - Today the board of directors of Black
Hills Corp.(NYSE: BKH) declared a quarterly dividend on the common stock.
Common shareholders of record at the close of business on May 18, 2009, will
receive 35.5 cents per share, payable on Jun. 1, 2009.
In addition, the company will issue a news release regarding 2009 first
quarter results on Thursday, Apr. 30, 2009, and host a live conference call
and webcast at 11 a.m. ET on Friday, May 1 to discuss financial and
operating performance. To listen to the live broadcast, call 1-800-230-1085.
To access the live webcast and download a copy of the investor presentation,
go to the Black Hills web site at www.blackhillscorp.com and click "Webcast"
in the "Investor Relations" section. The presentation will be posted on the
web site prior to the webcast. Listeners should allow at least five minutes
for registering and accessing the presentation. For those unable to listen
to the live broadcast, a replay will be available by telephone through May
8, 2009, at 1-800-475-6701 in the United States and at 1-320-365-3844 for
international callers. Callers need to enter the access code 996033# when
prompted.
ABOUT BLACK HILLS CORP.
Black Hills Corp. - a diversified energy company with a tradition of
exemplary service and a vision to be the energy partner of choice - is based
in Rapid City, S.D., with corporate offices in Golden, Colo., and Omaha,
Neb. The company serves 759,000 utility customers in Colorado, Iowa, Kansas,
Montana, Nebraska, South Dakota and Wyoming. The company's non-regulated
businesses generate wholesale electricity, produce natural gas, oil and
coal, and market energy. We partner to produce results that improve life
with energy. More information is available at www.blackhillscorp.com.
BISMARCK, N.D. - April 24, 2009 - MDU Resources Group, Inc. (NYSE:MDU) has been named to the prestigious Fortune 500 list, which highlights the largest companies in America.
"We are honored to be part of the Fortune 500. Our corporation's continuing growth is the result of our successful business strategy and the dedication of our hard-working employees," said Terry D. Hildestad, president and chief executive officer of MDU Resources. "With our diversified, balanced group of regulated and nonregulated companies providing stable cash flow, we look forward to continuing growth.
"Our success also is a tribute to the strong business climate created by North Dakota's leaders and the Bismarck community," he said. "This is an outstanding place to live and work."
MDU Resources is the only Fortune 500 company headquartered in the four-state region of North Dakota, South Dakota, Montana and Wyoming. The corporation is ranked No. 473 on the 2009 Fortune 500 list, which will appear in Fortune magazine's May 4 issue.
MDU Resources got its start as a small utility company with operations in western North Dakota and eastern Montana. The company moved to North Dakota from Minnesota in 1968. At the time of the move, it was still primarily a utility business, with revenues of $48 million and about 1,500 employees. Since then, MDU Resources has grown into a diverse company that operates in 44 states, with 2008 revenues of $5 billion and about 10,000 employees. The company operates in three core lines of business: energy, utility resources and construction materials.
The company's businesses include:
- The natural gas and electric utility business, which has grown to more than 940,000 customers in an eight-state region stretching from Minnesota to the Pacific Coast. It includes Montana-Dakota Utilities Co., Great Plains Natural Gas Co., Cascade Natural Gas Corporation and Intermountain Gas Company.
- Natural gas and oil production, natural gas pipelines and energy services. These businesses include WBI Holdings, Inc., Fidelity Exploration & Production Company, Williston Basin Interstate Pipeline Co. and Bitter Creek Pipelines, LLC.
- Knife River Corporation, which is one of the 10 largest aggregate producers in the United States. The company also produces asphalt, cement, ready-mix concrete and prestress/precast concrete and provides extensive construction services, including aggregate placement, asphalt paving, concrete construction, airport work and marine construction.
- MDU Construction Services Group, Inc., which is one of a handful of U.S. companies that can handle complex inside electrical and mechanical construction. Its work ranges from casino projects in Las Vegas to renovating Arrowhead football stadium in Kansas City to installing a power distribution system for the Cleveland Heart Clinic. The company also provides fire suppression services, electric transmission and distribution lines, traffic signalization and industrial turn-around services.
MDU Resources Group, Inc., a Fortune 500 company and a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, operating in three core lines of business: energy, utility resources and construction materials. MDU Resources includes natural gas and oil production, natural gas pipelines and energy services, electric and natural gas utilities, construction services, and construction materials and contracting. For more information about MDU Resources, see the company's Web site at www.mdu.com.
The information in this release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. For a discussion of factors that could cause actual results to differ, refer to Item 1A - Risk Factors in MDU Resources' most recent Form 10-K and Form 10-Q.
Reports diluted EPS of $.63/share
Reaffirms guidance for 2009 of $1.85 - $2.00 per fully diluted share
Declares dividend of 33.5 cents per share
Announces the results of the annual shareholder meeting
Click to view: Annual Meeting Results
PIERRE, S.D. The South Dakota Public Utilities Commission today approved a permit for the state's largest wind farm to be built in Brookings and Deuel counties. Iberdrola Renewables received the go-ahead to construct and operate the Buffalo Ridge II wind farm, which will be capable of producing up to 306 megawatts of electricity.
The number of turbines erected will range from 127 to 204, depending upon the type the company selects. The project also includes a substation in Oak Lake Township and a 13-mile 115-kilovolt transmission line. Iberdrola intends to deliver power to customers served by the Midwest Independent System Operator.
All three commissioners, Dusty Johnson, Steve Kolbeck and Gary Hanson, voted to approve the project during the PUC's regular commission meeting April 21 in Pierre. Iberdrola submitted the application to the PUC in October 2008. The process leading up to the commission's decision included a public input hearing in January and a formal hearing last week. Both hearings were held in Brookings.
"Buffalo Ridge II will double the amount of wind energy currently produced in South Dakota," said Dusty Johnson, PUC chairman. "That is significant growth of an industry that produces renewable energy, brings construction and support jobs to our communities, and adds to the counties' tax base."
Iberdrola estimates the entire capital cost of the project at more than $620 million and expects to begin construction this year and operation in December 2010.
"This major project accelerates development of South Dakota's wind resource," remarked Steve Kolbeck, commission vice chairman. "South Dakota's wind is starting to materialize. This is a huge step forward for our environment and our state."
Commissioner Gary Hanson concurred with his colleagues' comments. "This is responsible energy development," he said. "South Dakota's elected officials and wind developers have overcome significant obstacles and handicaps in order to bring this project to fruition."
Buffalo Ridge II will be the sixth major wind energy project in South Dakota. Other projects in operation and their respective power capacities include the South Dakota Wind Energy Center in Hyde County with 40.5 megawatts; MinnDakota Wind Farm in Brookings County, 54 megawatts; Tatanka Wind Farm in McPherson County, 88.5 megawatts; Wessington Springs Wind Project in Jerauld County, 51 megawatts; and Buffalo Ridge I in Brookings County with 50.4 megawatts.
Buffalo Ridge II is Iberdrola Renewables' third wind energy project in South Dakota. The company also operates the MinnDakota and Buffalo Ridge I projects in Brookings County.
To review the PUC's docket in this case, visit the Web site at www.puc.sd.gov. Select "Commission Actions" at the top of the page, then "Commission Dockets," "Electric Dockets," "2008 Electric Dockets" and "EL08-031."
Painting by award-winning artist and Otter Tail Power Company employee Jeffrey Hoff
FERGUS FALLS, MINNESOTA - As part of the celebration of Otter Tail Power Company's 100-year anniversary of power generation, the utility's parent Otter Tail Corporation today unveiled a painting by award-winning wildlife artist and Otter Tail Power Company employee Jeffrey Hoff. The painting depicts two otters on the Otter Tail River in vivid color and captures the curious nature and intelligence of the animal.
"Jeff has been with Otter Tail Power Company for 14 years and was the obvious choice for this project," said Otter Tail Corporation CEO John Erickson. "We wanted to capture the spirit of the utility's 100 years of serving customers, and Jeff's beautiful painting of the symbol of the company does that in a special way."
Hoff grew up in Devils Lake, North Dakota, and is a customer service manager for Otter Tail Power Company in Jamestown, North Dakota.
Other than a single art class in college, Hoff has no formal training and cites his love of wildlife and nature as his inspiration. Coaxed by a friend in 1997 to enter his first duck stamp competition, Hoff submitted a painting of a pair of hooded mergansers in the Nevada state duck stamp competition and placed fifth out of 67 entries. He won the Nevada duck stamp competition in 2002, among other honors, and most recently placed first in the Ohio wetlands habitat stamp contest.
"The 100th anniversary is a milestone for our company, so I was honored and excited to have the chance to use my artistic abilities to create something unique for this celebration," said Hoff.
The unveiling of Hoff's painting took place at Otter Tail Corporation's Annual Meeting of Shareholders in Fergus Falls, Minnesota, and is in honor of the utility's centennial celebration that includes pay-it-forward projects demonstrating social, economic, and environmental stewardship in each of the three states it serves. Information about these projects and other centennial events is available at www.otpco100.com. Hoff's painting is available at www.fargostuff.com.
Otter Tail Power Company was named after the Otter Tail River, which provided its first source of power. The company first delivered electricity in 1909 from Dayton Hollow Dam near Fergus Falls, Minnesota.
Shareholders Reelect Directors
FERGUS FALLS, Minn., April 20, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation hosted 404 shareholders and guests at its annual meeting of common shareholders on Monday, April 20, in Fergus Falls, Minnesota. Represented by proxy or present in person at the meeting were nearly 85 percent of the corporation's total shares outstanding. Shareholders reelected Karen M. Bohn, Edward J. McIntyre, and Joyce Nelson Schuette to serve three-year terms on Otter Tail Corporation's board of directors.
Bohn has served on the board since 2003. She is president of Galeo Group, LLC, a management consulting firm in Edina, Minnesota. McIntyre, of White Salmon, Washington, is a retired Xcel Energy vice president and chief financial officer. He has served on the board since 2006. Schuette, also a board member since 2006, is a retired managing director and investment banker with Piper Jaffray & Co. She resides at Walker, Minnesota.
In his address to shareholders, President and CEO John Erickson said that 2008 had been a challenging year given the impact of the broad downturn in the economy on Otter Tail operating companies. He also noted some bright spots in 2008 and outlined Otter Tail Corporation's significant involvement in wind energy through five of its operating companies. And despite recent industry challenges, Erickson expressed optimism in the long-term outlook for wind energy.
PIERRE, S.D. The South Dakota Public Utilities Commission will host a comprehensive conference in May that examines all aspects of energy production and development. Titled "Crisis or Renaissance, The State of America's Energy," the conference will be held May 11-13 at the Sioux Falls Convention Center. Conference activities include a welcome reception May 11 and general sessions and luncheons May 12-13. Complete information is available online at www.puc.sd.gov/energyconf.
Commissioner Marc Spitzer of the Federal Energy Regulatory Commission will offer a keynote presentation at a luncheon on Tuesday, May 12. FERC is an independent agency that regulates the interstate transmission of natural gas, oil and electricity. FERC also regulates natural gas and hydropower projects.
Other industry experts will give presentations about traditional as well as renewable energy resources including coal, wind, solar, nuclear, natural gas, hydro, geothermal, biodiesel, hydrogen, anaerobic digestion and ethanol. Sessions about transmission, siting energy facilities, the Midwest Renewable Energy Tracking System and energy efficiency are part of the agenda as well. Global outlooks for energy development, environmental issues and climate change will also be addressed.
South Dakota's Lieutenant Governor Dennis Daugaard will offer welcoming remarks Tuesday morning. Members of the state's congressional delegation have been invited to deliver comments via prerecorded video.
The multi-day conference is affordably-priced at less than $100 per attendee with a special rate for students. The fee includes the reception and two luncheons. Preregistration is due to the PUC by May 4. For more information, visit the conference Web site at www.puc.sd.gov/energyconf or call the PUC at (605) 773-3201.
PIERRE, S.D. Federal carbon cap and trade legislation is expected to increase South Dakotans' electric bills by an average of 48 percent, according to a report released by the South Dakota Public Utilities Commission.
The report, requested by PUC Commissioners Dusty Johnson, Steve Kolbeck and Gary Hanson, used information from national experts and area utilities to calculate the impact on ratepayers. The report also laid out a number of "carbon regulation principles" the commissioners said should be part of any federal cap and trade program. The principles included calls for low-cost or free carbon credits to be initially allocated to utilities, the widespread use of carbon offsets, and structuring the program to allow sufficient time for the development of new technologies necessary to comply with aggressive carbon reduction goals.
"Carbon regulation done poorly would seriously harm South Dakota businesses and families," PUC Chairman Dusty Johnson said. "Families are having a hard enough time paying their bills without adding on another 40 or 50 percent. If a cap and trade program is going to pass Congress, we want to make sure it's structured to minimize the negative impact to our state."
The PUC report includes information filed by the state's investor-owned utilities and wholesale power providers and estimates that applying the "carbon regulation principles" would significantly ease the economic harm to consumers.
"We're not arguing against reducing CO2 emissions. Instead, we're asking how we best do that without causing unnecessary harm to any one region or state," PUC Vice Chairman Steve Kolbeck stated. "We need fair and balanced regulation of carbon emissions, and not regulations that cause greater harm to one region of the country over another."
The primary source for electrical generation in the U.S. is coal, at 48.5 percent. Coal, which emits more carbon dioxide than natural gas or renewable generation, provides 74 percent of the electricity generated in the West North Central Census Region which includes South Dakota, North Dakota, Nebraska, Iowa, Minnesota, Kansas and Missouri. South Dakota's generation is led by hydro at 47.6 percent, followed closely by coal at 46.5 percent. However, much of the hydro power generated is sent to other states by the Western Area Power Administration as part of the federal government's agreement in developing the Missouri River dams.
"Our region relies more heavily on coal than any other part of the U.S., so carbon reduction legislation would have a disproportionately high impact on us," PUC Commissioner Gary Hanson said. "We are moving forward with developing green power in this state, and we hope the policy out of Washington will be structured to allow us as a state time to continue that progress before imposing significant carbon costs."
The report notes in recent years the utilities serving South Dakota have made progress integrating wind power into their portfolios, and are soon expected to meet the state's goal of having 10 percent of the electricity sold in the state come from renewable sources. Additionally, utilities have implemented new energy efficiency programs and have worked to maintain or expand low-carbon generation resources like nuclear and natural gas power plants.
Visit the South Dakota Public Utilities Commission Web site at www.puc.sd.gov to read the full report and listen to an audio archive of a Carbon Cap and Trade forum hosted by the PUC on March 27.
FIRST QUARTER 2009 FINANCIAL RESULTS CONFERENCE CALL
A conference call to discuss financial results for the first quarter 2009 will be held:
Thursday, April 23, 2009
11:00 a.m. (Eastern time)
10:00 a.m. (Central time)
8:00 a.m. (Pacific time)
Dial 877-260-8897
NorthWestern Corporation
First Quarter 2009 Financial Results
Host: Dan Rausch
If you are unable to participate in the conference call as scheduled above, a replay will be available beginning at 1:00 p.m. ET on April 23 through May 22, 2009. To access the replay, dial 800-475-6701, access code 996081.
The call also will be simultaneously broadcast on our Web site at www.northwesternenergy.com, and a replay will be available for 30 days following the conference call.
Increase in Customer Charge will be first since 1993
FOUNTAIN, Colo., April 1, 2009 - Black Hills Energy has received a decision
from the Colorado Public Utilities Commission allowing the company to
increase rates for the typical residential customer bill by 2.04 percent, or
$1.76 per month. Black Hills Energy requested an increase in response to
growing costs of operation and system investments required to maintain safe,
reliable service and support growth. The changes will be implemented April
1, 2009.
Service rates for Black Hills Energy's Colorado natural gas customers have
not changed since 1993. Since then, the company has invested $66 million in
the integrity and growth of its Colorado natural gas system. The number of
customers has risen from 28,281 in 1991, to nearly 68,000 today. Due
primarily to increased customer base, total volume of natural gas provided
to residential customers has more than doubled, and commercial delivery has
risen 50 percent.
"These major investments are necessary to continue providing our customers
with safe, reliable natural gas service," said Ivan Vancas, vice president
of operations for Black Hills Energy's Colorado and Kansas natural gas
operations. "We manage our business to run efficiently and effectively, but
costs continue to rise for system maintenance, improvements and expansion of
service."
Under the agreement, the bill for a typical residential customer using 181
therms of gas during peak usage periods (usually the winter) will actually
decrease slightly, from $159 to $158 a month. The average monthly increase
will be $1.76. For commercial customers using 251 therms during peak usage,
the bill will decrease from $222 to $220. The increase for a typical
commercial customer will average $2.83 per month.
The rate revisions apply to all customer classes in proportion to the cost
of service. The rates considered in this case were the customer charge and
transportation fee, which account for approximately 15 percent of a
residential bill and encompass the delivery of gas from the supplier to
customers, customer service, system integrity and service extension to new
customers. The remaining 85 percent of the bill covers the gas cost portion,
which is recovered without markup and was not part of this filing.
The settlement includes three primary changes to the bill. First, usage now
is measured on a per therm basis instead of per ccf (hundred cubic feet).
Most utilities bill on a per therm basis and Black Hills Energy will now
follow that convention.
Second, the transportation fee for residential and small-commercial
customers has been reduced, from $0.17203/ccf to $0.14109/therm. Third, the
customer charge for residential customers moves from $5.50 per month to $10;
for commercial customers, it goes from $8.50 per month to $15.
"You pay a flat rate for cable or satellite TV regardless how much you
watch," Vancas said. "Our billing changes reflect the fact that, like your
cable company or phone bill, many of our costs are fixed and are not related
to the amount of commodity used. While some of our costs are impacted by the
amount of gas flowing through the lines, many aren't. Maintaining system
integrity, managing accounts and customer service generate costs that don't
waver with usage."
ABOUT BLACK HILLS CORPORATION
Black Hills Corp., a diversified energy company with a tradition of
exemplary service and a vision to be the energy partner of choice, is based
in Rapid City, S.D., with corporate offices in Golden, Colo., and Omaha,
Neb. The company serves 750,000 utility customers in Colorado, Iowa, Kansas,
Montana, Nebraska, South Dakota and Wyoming. The company's non-regulated
businesses generate wholesale electricity, produce natural gas, oil and
coal, and market energy. We partner to produce results that improve life
with energy. More information is available at www.blackhillscorp.com
PIERRE, S.D. The South Dakota Public Utilities Commission has scheduled public input hearings in Winner, Philip and Buffalo in April to hear comments regarding the siting permit application for the South Dakota portion of a crude oil pipeline known as the Keystone XL Project proposed by TransCanada Keystone Pipeline LP.
Hearings will be held:
Monday, April 27
Noon (CDT)
Winner Community Playhouse
733 E Leahy Bowl Dr
Winner, S.D.
7 p.m. (MDT)
Philip High School Fine Arts Building
330 Scottie Ave.
Philip, S.D.
Tuesday, April 28
6 p.m. (MDT)
Memorial Recreation Center
204 Hodge St.
Buffalo, S.D.
The proposed pipeline route in South Dakota has an estimated length of 313 miles that will cross portions of Harding, Butte, Perkins, Meade, Pennington, Haakon, Jones, Lyman and Tripp counties. The project also includes seven pump stations to be located in Harding, Meade, Haakon, Jones and Tripp counties. Harding and Tripp counties are each scheduled to receive two pump stations.
The project will transport crude oil starting in Hardisty, Alberta, Canada and ending in Port Arthur and East Houston areas of Texas.
Visit the PUC Web site, www.puc.sd.gov, for more information on the Keystone XL application. Select "Commission Actions," then "Commission Dockets" and "2009 Hydrocarbon Pipeline." Click on the docket titled HP09-001 to access the documents.
CHEYENNE, Wyo., April 1, 2009 - Black Hills Corp. (NYSE: BKH) announced
today that its utility subsidiary Cheyenne Light, Fuel & Power Company has
entered into an agreement to purchase an additional 30 megawatts of wind
energy from Duke Energy through a 20-year purchase power agreement.
"We are pleased to continue our partnership with Duke Energy in developing
wind resources," said David R. Emery, Chairman, President and CEO of Black
Hills Corp. "Black Hills Corp. is committed to exploring cost-effective
renewable energy opportunities."
Cheyenne Light will purchase 30 MW of the electricity generated at Duke
Energy's Silver Sage wind site, where construction is set to begin this
spring and slated for full commercial operation in late 2009. Silver Sage
will be adjacent to Duke Energy's Happy Jack wind farm located west of
Cheyenne, Wyo. Under a separate 20-year purchase power agreement, Cheyenne
Light and Black Hills Power, also a Black Hills utility subsidiary,
currently purchase all of the output from the 30 MW Happy Jack wind farm
that began commercial operation in September 2008. The two Black Hills
utilities expect to enter into a similar sharing agreement for the output
from the Silver Sage wind farm.
"This agreement adds more renewable energy into our utility generation
portfolio," said Linn Evans, President and COO of Utilities for Black Hills
Corp. "Through the Silver Sage and Happy Jack wind power purchase agreements
we have secured renewable energy for our customers for the next two
decades."
The Silver Sage project will consist of 20 Suzlon wind turbines, each
capable of generating 2.1 MW of electricity. In a separate 20-year purchase
power agreement, Colorado-based Platte River Power Authority will purchase
12 MW of electricity generated by the Silver Sage project.
Black Hills Energy Issues 2009 Colorado Electric Non-Intermittent Resource Solicitation
Pre-Bid Meeting to be Held Wednesday, April 1, 2009 in Pueblo, Colorado to
Provide an Overview of the Resource Need and the RFP Process
PUEBLO, Colo., March 25, 2009 - Black Hills Corp. (NYSE: BKH) utility
subsidiary Black Hills Energy today issued its 2009 Colorado Electric
Non-Intermittent Resource Solicitation requesting bids to supply 175 to 200
MW of capacity required to serve its 92,000 customers in 21 southeastern
Colorado communities.
The Colorado Public Utilities Commission's (PUC) February 24, 2009 decision,
in response to Black Hills Energy's Electric Resource Plan filed on August
5, 2008, allows Black Hills Energy to build two LMS 100 natural gas-fired
combustion turbines and waives the Colorado PUC's competitive bidding rules
for those two combustion turbines.
The solicitation process will determine how the balance of the customer
requirements identified in the Electric Resource Plan will be served when
the utility's existing purchased power agreement with Xcel Energy (Public
Service Company of Colorado) expires on December 31, 2011. In addition to
Black Hills Energy's right to construct the two combustion turbines, the
Commission also granted Black Hills Corp., through its IPP subsidiary, the
opportunity to submit a bid to serve all or a portion of the remaining
capacity deficit.
"We're pleased Colorado Electric received approval to build two combustion
turbines and that we are now able to move to the next stage of the resource
planning process that will determine how the remaining customer requirements
will be served. We will evaluate the business opportunities that the
Colorado Public Utilities Commission's competitive bidding process
provides," said David R. Emery, Chairman, President and CEO of Black Hills
Corporation.
The Request for Proposal, Model Purchase Power Agreement, Bid Forms and
other materials are available online at the Black Hills Corporation and
Black Hills Energy Web sites, or by directly visiting
www.blackhillscorp.com/BHErfp.htm.
The solicitation seeks proposals from
non-intermittent dispatchable resources with the ability to operate at or
above a 95 percent capacity factor.
To provide additional information and answer questions on the solicitation,
Black Hills Energy will host a pre-bid meeting on Wednesday, April 1, 2009
in Pueblo, Colo. at the Pueblo Convention Center from 2:00 p.m. to 5:00 p.m.
MT. For those unable to attend in-person, a Webcast will be held. More
details on the event and registration instructions are available online for
all interested bidders by visiting www.blackhillscorp.com/BHErfp.htm.
Participants are encouraged to pre-register for this event.
Sioux Falls, S.D. March 23, 2009 NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) today announced it priced the sale of $250,000,000 aggregate principal amount of 6.34% First Mortgage Bonds (the "Bonds") due April 1, 2019.
The entire net proceeds from this offering will be used to (i) repay the outstanding balance of the Colstrip Lease Holdings, LLC (an indirect, wholly-owned subsidiary of the Company) in the principal amount of $100,000,000 plus accrued interest through the date of repayment, (ii) repay the outstanding balance on the Company's revolver, (iii) pay a portion of the costs of the proposed Mill Creek generation project (if approved) and/or (iv) fund future capital expenditures.
Pending the use of proceeds as described above, the Company may invest the net proceeds from the offering in short-term marketable securities.
The Bonds will pay interest semiannually in arrears at a rate of 6.340% per year. Interest is payable on April 1 and October 1 of each year, beginning on October 1, 2009.
The Bonds are expected to be rated by Standard & Poor's Rating Services, Moody's, and Fitch Ratings as A-, Baa1, and BBB+, respectively. All three ratings are investment grade for the Bonds.
For more information on NorthWestern Energy, please visit our Website at www.northwesternenergy.com.
2009 Annual Meeting of Stockholders
SIOUX FALLS, S.D. March 19, 2009 NorthWestern Corporation d/b/a NorthWestern Energy (NYSE:NWE) today announced that Dorothy M. Bradley will stand for election to the Board of Directors at the Company's 2009 Annual Meeting of Stockholders to be held on April 22, 2009, in Butte, Mont. Bradley resides in Clyde Park, Mont., and will fill the vacancy on the Board left by Montana resident Jon Fossel, who chose not to stand for re-election at this year's annual meeting.
According to NorthWestern President and CEO Bob Rowe, "Dorothy's strong background in public policy and her lifelong commitment to Montana and its people will strengthen NorthWestern's ability to serve Montana, and indeed all of our stakeholders."
"My selection to serve on the Board of NorthWestern Energy is an immense honor, opportunity, and responsibility," said Bradley. "At no other time have energy and utility issues been so critical for Montana and the nation. NorthWestern is working in new ways to reach out to its Montana stakeholders, to hear from them, and to be a respected part of the Montana family. I look forward to joining this worthy effort alongside CEO Bob Rowe, a long-respected Montana leader, as well as a group of exceptional Board members."
"I thank Jon Fossel for his service on the Board over the past four-plus years," said Rowe. "Jon provided great wisdom and experience as a Board member and helped NorthWestern through difficult times to become the sound company it is today. I will continue to look to him for good counsel."
As a citizen legislator and community leader, Bradley has spent most of her life working for the people of Montana. She was elected as the only woman in the Montana House of Representatives in 1971 at the age of 23 and has proven herself to be an independent leader who is not afraid to address hard problems. Throughout her career in public service and 16 years in the House, Bradley has tackled complex and controversial issues including tax reform, natural resources policy, telecommunications modernization, science-and-technology-based economic development, and health care, and gained recognition for her consensus-building approach. During her later sessions, she chaired the Appropriations Subcommittee on Human Services, beginning its enduring tradition of an equal partisan membership.
Bradley left the state legislature in 1992 to run for Montana's governorship. After winning the Democratic primary, she lost the November election by a small margin. Bradley continued her service to the people of Montana, spending half a year teaching in a small, rural school in Ashland, next to the Northern Cheyenne Indian Reservation. In the summer of 1993, Bradley was appointed to the newly formed Montana Health Care Authority, and was elected by the members to serve as Chair. Also in 1993, Bradley was hired by Montana State University to become Director of the University System Water Center, a post she held for seven years. The mission of the Center is to promote research, education, and outreach on Montana water issues. Beginning the effort with an office of two and growing to eight, the Center developed a number of distinguished programs under her directorship, including whirling disease research, a national wild fish partnership, and a drinking water education program.
From 2000 to 2007, Bradley was the District Court Administrator for the 18th Judicial District and staff for the County's Criminal Justice Coordinating Council (CJCC). The CJCC is composed of 10 key officials in Gallatin County's criminal justice system along with 12 advisors, whose mandate is to serve as the central criminal justice planning body and make recommendations to public policy boards regarding deficiencies and needed changes. Changes brought about through the leadership of the CJCC include a Re-Entry Facility and a new department of Court Services with pretrial, post trial and treatment programs.
Bradley grew up in Bozeman, Mont., received a B.A. in Anthropology from Colorado College in 1969 (Phi Beta Kappa and Distinction in Anthropology), and acquired a law degree from American University in 1983. She has been recognized with an Honorary Doctorate from Colorado College, Business Woman of the Year from the Bozeman Chamber and MSU Alumni Association, and Woman of Achievement from the Montana Business and Professional Women.
Company Updates 2009 Capital Expenditure Budget
BISMARCK, N.D. - March 16, 2009 - MDU Resources Group, Inc. (NYSE:MDU) is holding its annual investor analyst seminar March 19 in New York City. In conjunction with this event, president and chief executive officer Terry D. Hildestad will ring The New York Stock Exchange Closing Bellฎ as a part of MDU Resources' celebration of 85 years of incorporation March 19 at 4:00 p.m. EDT. The company incorporated March 14, 1924.
"We're very proud of our 85-year history of serving our customers with outstanding products and services," Hildestad said. "We're honored to be ringing The Closing Bellฎ to mark this significant occasion."
The company also updated its 2009 capital expenditure budget at its natural gas and oil production business. MDU Resources now expects 2009 capital expenditures at its natural gas and oil production business to be approximately $170 million. This is down from its earlier projection of $300 million.
"Consistent with our proactive strategy of protecting our strong balance sheet, we have elected to reduce our capital spending as a result of low natural gas and oil prices," Hildestad said. "We continue to have the resources to invest in organic growth opportunities within our existing business platform. We will fund projects that provide long-term growth and development. Our capital expenditures are expected to be funded entirely by cash generated from operations."
"We will remain flexible on our drilling program as we maneuver this low commodity price environment," Hildestad said. "Based on our projected capital expenditure budget for 2009, we expect a decrease in our year-over-year combined natural gas and oil production of approximately 7 percent to 10 percent. Hildestad added, "Continued low commodity prices may also result in our natural gas and oil operations realizing a noncash ceiling test charge in the first quarter. However, a noncash ceiling test charge does not affect the long-term value of our assets or our ability to generate cash flow. In spite of the expected short term impacts of lower prices, we believe there is substantial long-term value in our 810 billion cubic feet equivalents of proved natural gas and oil reserves. As prices recover, our natural gas and oil business will continue to deliver strong value to our shareholders."
"We have successfully grown our energy, utility resources and construction materials businesses based on disciplined financial management," Hildestad said. "Our long-term strategy remains unchanged."
The company will webcast its annual investor analyst seminar March 19. Hildestad and executive vice president, treasurer and chief financial officer Vernon A. Raile will be joined by the operating companies' senior management to discuss operational strategy and financials. The webcast will begin at 8:30 a.m. EDT and conclude at approximately 12:00 p.m. EDT March 19 with access available at www.mdu.com.
NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) today announced that Moody's Investors Service ("Moody's") has upgraded NorthWestern's ratings.
Senior Secured Rating
From: Baa2
To: Baa1
Senior Unsecured Rating
From: Baa3
To: Baa2
Outlook
From: Positive
To: Positive
Moody's cited several reasons for the upgrade including the Company's 2008 financial performance, and the positive benefits of supportive rate case decisions in all three jurisdictions that addressed various operating cost pressures and utility infrastructure additions. Moody's also acknowledged the fact that NorthWestern has essentially completed its goal of exiting all non-regulated business activities, following regulatory approval by the Montana Public Service Commission (MPSC) to place the company's 30% ownership interest in the 740 megawatt coal-fired generation plant (Colstrip Unit 4) into utility rate base at a value of approximately $407 million.
NorthWestern is rated investment grade on all senior secured and unsecured debt with Moody's, Standard and Poor's Rating Group, and Fitch Investors Service.
"Achieving and maintaining strong credit ratings has been our goal because it is in the interest of our customers, investors and employees. It has also been a key objective of our regulators since the company emerged from bankruptcy, because they recognize the long-term benefits to customers," said President and CEO Bob Rowe. "It is especially important in a time of market turbulence and instability, and will help us manage our investment commitments even better, and produce benefits to our customers through lower borrowing costs."
RAPID CITY, SD-March 2, 2009-Black Hills Corp. (NYSE: BKH) utility
subsidiary Black Hills Power announced that the South Dakota Public
Utilities Commission approved its proposed Energy Cost Adjustment rate
increase. The new rate, effective March 1, 2009, will impact the electric
utility's South Dakota customers.
The impact to the average residential customer is an increase of about $1.68
per month or about $20.00 a year. According to the cost-sharing formula
approved by the SDPUC, Black Hills Power absorbs the first $2 million in
increased costs and both South Dakota customers and Black Hills Power share
in absorbing costs above that amount. The increase helps the company recoup
a portion of the $6.4 million increase in operating costs incurred during
the period Jan. 1, 2008 through December 31, 2008.
"The ECA is necessary to help offset the increasing costs required to
deliver safe, reliable electric service to our customers," said Chuck
Loomis, Vice President of Operations for Black Hills Power. "Power providers
are exposed to volatile fuel and purchased power prices and mining expenses,
in addition to the cost of operating transmission systems required to serve
the growing energy needs of our customers."
PUEBLO, Colo., Feb. 25, 2009 - Black Hills Corp. (NYSE: BKH) utility
subsidiary Black Hills/Colorado Electric Utility Company, LP, d/b/a Black
Hills Energy, today announced the Colorado Public Utilities Commission's
(PUC) initial decision to allow Black Hills to build two utility-owned and
operated generation facilities.
This ruling is in response to Black Hills' Electric Resource Plan proposal,
filed August 2008, to continue providing electrical service to its 92,000
customers in 21 southeastern Colorado communities by replacing a purchased
power agreement the company currently holds with Xcel Energy (Public Service
Company of Colorado) which expires December 31, 2011.
"Our goal is to continue providing customers safe, reliable electricity with
the security of supply and the cost benefits of long-term and depreciating
assets," said Gary Stone, Vice President of Operations of Black Hills
Energy's Colorado Electric utility.
The decision waives the Colorado PUC's competitive bidding rules and allows
Black Hills Energy to build two of the five proposed power generation
facilities, specifically two General Electric natural gas-fired LMS-100
combustion turbines. This decision and order is subject to requests by any
party to the proceeding for reconsideration by the Commission which must be
filed by March 16, 2009. In addition to Black Hills Energy's right to
construct the two turbines, Black Hills Corp., through its IPP subsidiary,
will have the opportunity to submit bids to serve all or a portion of the
remaining capacity deficiency.
"We are committed to cost-effectively serving the needs of our customers
while ensuring that adequate power is available when the purchased power
agreement ends on December 31, 2011," said David Emery, Chairman, President
and CEO of Black Hills Corporation. "With the Commission's ruling we can
now move forward with plans to build the first two turbines, as well as
evaluate other business opportunities that the Commission's competitive
bidding process provides."
ABOUT BLACK HILLS ENERGY
Black Hills Energy, a subsidiary of Black Hills Corp., serves approximately
92,000 electric customers in 21 southeastern Colorado communities. Black
Hills Corp., based in Rapid City, S.D. (NYSE: BKH), is a diversified energy
company with a tradition of exemplary service and a vision to be the energy
partner of choice. The company serves 750,000 utility customers in Colorado,
Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The non-regulated
business unit generates electricity, produces natural gas, oil and coal, and
markets energy. We partner to produce results that improve life with energy.
Learn more at www.blackhillscorp.com.
ABOUT BLACK HILLS CORPORATION
Black Hills Corp. - a diversified energy company with a tradition of
exemplary service and a vision to be the energy partner of choice - is based
in Rapid City, S.D., with corporate offices in Golden, Colo., and Omaha,
Neb. The company serves 750,000 utility customers in Colorado, Iowa, Kansas,
Montana, Nebraska, South Dakota and Wyoming. The company's non-regulated
businesses generate wholesale electricity, produce natural gas, oil and
coal, and market energy. We partner to produce results that improve life
with energy. More information is available at www.blackhillscorp.com.
PIERRE, S.D. As interest and activity in wind energy grows in South Dakota, so should the amount of care landowners place in considering easement agreements offered by wind energy developers, suggests the state's Public Utilities Commission.
"South Dakotans are generally protective of their assets and we just encourage landowners to keep that protection top-of-mind when they may be considering an easement for a wind energy facility on their property," suggests PUC Chairman Dusty Johnson.
Landowners asked to sign an easement with a wind energy developer should understand that monetary compensation is standard. "If a developer asks a landowner to sign an easement but does not offer any form of upfront payment for the easement that should send up a red flag," stated PUC Vice Chairman Steve Kolbeck.
Landowners should seek professional advice from their personal attorney and accountant before they sign an easement. They can also conduct their own general research by reading the "South Dakota Landowner's Wind Power Development Handbook," accessible from the PUC Web site, www.puc.sd.gov. The publication has been produced by the South Dakota Energy Infrastructure Authority, the PUC, and the South Dakota Attorney General's Office. The trade association Windustry is a helpful resource, as well. Information about easements can be found on their Web site, www.Windustry.org, under the tab labeled "Your Wind Project."
"It's also a good idea for landowners to learn all they can about the wind energy developer they are dealing with," said PUC Commissioner Gary Hanson. The Business Services section on the Secretary of State's Web site at www.SDSOS.gov, is a helpful tool for researching companies doing business in the state.
Click the link to view a pdf document of the NorthWestern Corporation 2008 Year End Results. Click HERE.
BISMARCK, N.D. - Feb. 12, 2009 - The MDU Resources Group (NYSE: MDU) board of directors today declared quarterly dividends on the company's common stock and preferred stock.
The dividend for common stock is 15.5 cents per share, unchanged from the previous quarter. Dividends for preferred stock are:
- $1.12-1/2 per share on 4.50 percent Series Preferred
- $1.17-1/2 per share on 4.70 percent Series Preferred
- $1.27-1/2 per share on 5.10 percent Series Preferred
The dividends are payable April 1, 2009 to stockholders of record March 12, 2009.
RAPID CITY, SD-February 11, 2009-Black Hills Corp. (NYSE: BKH) utility
subsidiary Black Hills Power announced today that the Federal Energy
Regulatory Commission has approved a formulaic approach for setting
transmission rates. This change will result in an increase to Black Hills
Power's transmission revenue requirement from $5.6 million to $9.4 million,
effective Jan. 1, 2009. Under the formula approved by FERC, transmission
rates will be set utilizing a return on equity of 10.8 percent and a capital
structure consisting of 57 percent equity and 43 percent debt.
"The Federal Energy Regulatory Commission decision is notable in that it
approves a formula-based rate process. This allows us to utilize an annual
true-up calculation | 
