I oppose the amended rate hike for Minnesota Power. In regard to reducing the power rate for the taconite companies, this is a ploy by the taconite companies to reduce costs and increase profits. Reference the announcements by Cleveland Cliffs about record profits. The taconite companies operate at the market for steel, not at the cost for operating materials (electrical rates). Minnesota Power is basing their rate increase solely on the fact that the rates haven't been raised for many years. I was disappointed during the public hearings that Minnesota Power didn't present any justification for the rate increase. This Company should be allowed to provide the public with power for equitable rates. I understand the need for a reasonable rate of return and a reasonable dividend for their owners, but to raise the rate without justification is not reasonable. Please reference the following announcements by Allete, and Minnesota Power. January 22, 2016; Allete Raises Quarterly Common Stock Dividend to 52 cents a share, an increase of 3%. February 18, 2016; Allete Corp. reports increased 2015 earnings. May 3, 2016; Allete Corp. Reports higher first quarter 2016 earnings. August 3, 2016; Allete Corp. reports higher second quarter 2016 earnings. January 25, 2017; Allete Board of Directors raises quarterly common stock dividend, an increase of 3%. February 15, 2017 Allete Corp. reports earnings of $3.14 per share, up from $2.92 per share in 2016, up 10%. May 4, 2017 Allete Corp reports higher firsrt quarter 2017 results. "Hodnick said that the companies 3 year shareholder return through the end of 2016 was 44.4% . Based on these outstanding reports does anybody think a increase in electric rates is justified!! ? Please do not approve the rate increase and do not approve any transfer of cost from the taconite companies to residential rates. Glenn Peterson
Brook Johnson almost 7 years ago
I oppose the proposed rate hike. Residential customers should not have to subsidize taconite plants. They can pay their own electric costs.
Glenn Peterson almost 7 years ago
I oppose the amended rate hike for Minnesota Power. In regard to reducing the power rate for the taconite companies, this is a ploy by the taconite companies to reduce costs and increase profits. Reference the announcements by Cleveland Cliffs about record profits. The taconite companies operate at the market for steel, not at the cost for operating materials (electrical rates). Minnesota Power is basing their rate increase solely on the fact that the rates haven't been raised for many years. I was disappointed during the public hearings that Minnesota Power didn't present any justification for the rate increase. This Company should be allowed to provide the public with power for equitable rates. I understand the need for a reasonable rate of return and a reasonable dividend for their owners, but to raise the rate without justification is not reasonable. Please reference the following announcements by Allete, and Minnesota Power. January 22, 2016; Allete Raises Quarterly Common Stock Dividend to 52 cents a share, an increase of 3%. February 18, 2016; Allete Corp. reports increased 2015 earnings. May 3, 2016; Allete Corp. Reports higher first quarter 2016 earnings. August 3, 2016; Allete Corp. reports higher second quarter 2016 earnings. January 25, 2017; Allete Board of Directors raises quarterly common stock dividend, an increase of 3%. February 15, 2017 Allete Corp. reports earnings of $3.14 per share, up from $2.92 per share in 2016, up 10%. May 4, 2017 Allete Corp reports higher firsrt quarter 2017 results. "Hodnick said that the companies 3 year shareholder return through the end of 2016 was 44.4% . Based on these outstanding reports does anybody think a increase in electric rates is justified!! ? Please do not approve the rate increase and do not approve any transfer of cost from the taconite companies to residential rates. Glenn Peterson