Allete's earnings fall in second quarter

  • Article by: DEE DEPASS , Star Tribune
  • Updated: August 2, 2012 - 8:50 AM

Allete Inc. reported that second quarter earnings fell 16 percent to $14.4 million or 39 cents a share.

Officials credited the decline to the absence of a tax benefit that had been enjoyed last year. They also noted higher costs associated with power purchase agreements.

Operating revenues for the quarter were $216.4 million, down from $219.9 million for the same period a year ago.

Allete has divisions such as Minnesota Power, Superior Water, Light & Power and an ownership stake in American Transmission Co. Electric sales to Minnesota Power's retail and municipal customers rose 1.9 percent in the quarter.

Dee DePass • 612-673-7725

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