A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS

JUNE 2019

The 2019 Legislative Session officially adjourned Monday, May 20 but Governor Walz called them back for a Special Session to finish their work on Friday, May 24th. Early on May 25th the legislature passed all of the State Budget bills that fund all of the State agencies and programs for two years.

The Legislature will reconvene on February 11, 2020. All of the bills that were introduced in 2019 but did not move forward can be debated in 2020, in addition to any new bills introduced. There were 2,921 House bills introduced this year and 2,925 bills were introduced in the Senate.

FEW ENERGY BILLS MOVE FORWARDNot many energy initiatives were successful moving forward this Session. Both the

House and Senate Energy Chairs expressed their frustration with the lack of compromise on both sides. Senate Chairman Dave Osmek (R-Mound) called "This energy section is an abomination, an absolute failure." House Chairwoman Jean Wagenius (DFL-Minneapolis) also lamented that there is “Nothing significant, nothing that moves us forward on clean energy."

What was successful was the passage of study by the Department of Commerce to learn more about Energy Storage and allowing utilities to recover their costs on any Energy Storage Pilot Project.

Both Chairs will be leading their respective Energy Committees again in 2020. G

Legislature Completes its Work in “Overtime”

Updates from Minnesota’s Energy Investor Owned Utilities

VOL. 29 NO. 2

Summarized in the following pages are company updates from their recent Annual Reports. Because of space limitations, some of the “Letters to Shareholders” have been modified. To see a complete update, please refer to the companies’ website listed at the end of each article.

In this issueDay at the Capitol Recap 2

Shareholder LettersALLETE 3CenterPoint Energy 4MDU Resources 5Otter Tail Corporation 6WEC Energy Group 7Xcel Energy 8

News Briefs 12

Accolades 14

New Supporting Members 14

Upcoming MUI Tours and Meetings 15

MUI Membership Form 16

Minnesota Utility Investors (MUI) is a statewide, grassroots nonprofit organization designed to inform, involve and engage investors of Minnesota energy utilities.

Founded in 1990, MUI is the largest energy investor organization in the U.S. with nearly 23,000 members.

In your INTERESTJUNE 20192

Many members shook their head in disbelief as we faced yet another serious snowstorm bearing down on MUI’s Day at the Capitol! Despite the weather on April 10th, nearly 150 MUI Members headed up to the State Capitol to learn about energy issues and speak with their Legislators about shareholder concerns.

Again this year there were two tracks that MUI members could participate in the event: Advocacy and Educational.

In addition to meetings with Legislators, many MUI members were also able to tour the State Capitol and had the chance to learn about Electric Vehicles as well as get an update about the legislative session and how to talk to legislators from Rep. Pat Garofalo.

Thank you MUI members for your Advocacy!

Day at the Capitol in Review

Undaunted—MUI Members Braved the Weather to Make an Impact at the Capitol!

BUS LEADERS• Alexandria, St. Cloud West, Brooklyn Center:

Shirley Syverson • Baxter: Al Sanford • Cloquet, Duluth, Moose Lake, North Branch:

Wayne Anderson • Eden Prairie: Marty Friede• Fergus Falls: Dave Pederson

• Little Falls, St. Cloud East: Chuck and Cheryl Stanek • Mankato: Olga Carlson and Jim Vickery • Bloomington, Rochester: Don and Ellie Matthees• Vadnais Heights: Mary and Ron Shol

SPEAKERS• Plugin Connect: Jukka Kukkonen • Representative Pat Garofalo

Thank you for helping make Day at the Capitol a success!

Snow started while we were at the Capitol—and it wouldn't stop!

Buses queued up to take members to the Capitol

Members making a plan for Legislator meetings

Members enjoying the Mendakota luncheon prior to busing to the Capitol

VOL. 29 NO. 2 3

For ALLETE, 2019 will be a year of strategic positioning, significant renewable construction, and further clean-energy investment setting the stage for considerable growth as a new decade soon dawns. We are growing ALLETE consistent with long-held values and while answering the call to transform the nation’s energy landscape.

Strategic positioning of ALLETE’s 2019 business mix commenced with the sale of U.S. Water Services to Kurita, a water management company based in Tokyo, Japan, announced in early February. We view this sale as a win-win-win insofar as U.S. Water is even better-positioned to fulfill its potential under Kurita, ALLETE Clean Energy growth will not be capped, and ALLETE will maintain its strong investment-grade credit rating. ALLETE will reinvest proceeds from the sale back into additional renewable initiatives.

Speaking of capital redeployment, ALLETE Clean Energy continues to be a growth engine for ALLETE and has a busy year of renewable construction and wind development planned for 2019. By the end of the year, ALLETE Clean Energy will own and operate about 725 megawatts of wind capacity in Pennsylvania, Iowa, Minnesota, North Dakota, Montana and Oregon. This year’s projects include:

• Construction of the 106-megawatt Glen Ullin Energy Center in North Dakota, which will sell electricity to Xcel Energy under a 20-year power purchase agreement.

• Construction of the 80-megawatt South Peak wind farm in Montana, which will sell electricity to NorthWestern Energy under a 15-year power purchase agreement.

• Refurbishment of turbines at its Lake Benton wind site in Minnesota, Storm Lake I and II in Iowa, and the Condon wind site in Oregon. These refurbishments will generate federal production tax credits at each site, help extend or attract power sales agreements, improve turbine performance and availability, and extend facility operating lives.

With most states furthering renewable mandates and goals, and federal tax policy fueling growth, ALLETE Clean Energy is positioned to reach for 1,000 megawatts of wind capacity.

Meanwhile Minnesota Power continues to advance its transformative EnergyForward strategy. Where as recently

as 2005 Minnesota Power was a 95 percent coal-based utility, by 2025 45 percent of its energy will come from renewable sources. In 2019, Minnesota Power plans to complete or commence initiatives such as:

• ALLETE subsidiary South Shore Energy partnering with Tenaska on building the 250-megawatt Nobles 2 wind farm in southwestern Minnesota. Beyond bolstering Minnesota Power’s renewable energy portfolio under a 20-year power purchase agreement, ALLETE investors will see earnings growth from a 49 percent ownership capital investment structure.

• The expected completion of the Minnesota Power section of the 500kV Great Northern Transmission Line renewable superhighway by the end of the year. Manitoba Hydro anticipates final regulatory approval of its section of the line in 2019. This truly North American, 250-megawatt carbon-free energy solution is scheduled to connect at the Canadian border in late 2020.

• Last but not least, moving the renewable-enabling Nemadji Trail Energy Center through the Wisconsin regulatory process, with decisions expected in early 2020. This initiative was approved by the Minnesota Public Utilities Commission as commissioners recognized its future role in enabling additional renewables, while ensuring system reliability on days when intermittent wind and solar are not available to customers. Minnesota Power and Dairyland Cooperative are 50-50 partners on the 525- to 550-megawatt combined-cycle natural gas power facility.

A strong economy and trade policy have boosted the steel industry outlook, triggering investments in Minnesota iron ore facilities and enhanced domestic steel making capability. The Minnesota Department of Natural Resources has issued the all-important permit to mine for the first-in-Minnesota non-ferrous mine. A clean-energy economy requires a state-of-the-art source of strategic minerals, and Minnesota is poised to be a leader in both clean energy and clean mineral mining.

With guidance from the board of directors and strong execution from all employees, ALLETE is well-positioned to grow further while bringing about a more sustainable energy future. Signs that we are on the right path are found in ALLETE’s 2018 financial performance. Despite various headwinds, the talented ALLETE team achieved plan, and your board of directors raised the 2019 dividend by 11 cents per share, or about 5 percent, over 2018. This is

Letter to Shareholders – ALLETE

Alan R. Hodnik Chairman and CEO

Undaunted—MUI Members Braved the Weather to Make an Impact at the Capitol!

Letter – ALLETE cont. on page 9

In your INTERESTJUNE 20194

Dear Fellow Stakeholder,

At CenterPoint Energy, we take our commitments to our stakeholders seriously. From delivering safe and reliable energy to our customers, to delivering value to our shareholders, millions count on us every day.

For more than 150 years, we have worked hard to fulfill our commitments, including the disciplined execution of our Operate, Serve, Grow strategy. Our board of directors is engaged regularly to assess progress against our strategy, consider relevant changes in our markets, assess key business risks, and approve expenditure levels believed to be necessary to achieve our operational and financial objectives.

We accept the daily responsibility to safely, efficiently and effectively operate our now nearly $30 billion

of assets. We make progress each day to better serve our customers, investors and communities. And we are committed to achieving a timely and appropriate return as we grow our investments and product offerings. To that end, we have expanded our company through organic growth and several strategic acquisitions.

We have many heritage companies that, through various transactions and transitions, have helped build CenterPoint Energy into the company it is today. Our company is comprised of nearly 14,000 employees with diverse backgrounds, experiences and perspectives. Over the years, we have seamlessly integrated these organizations and employees into one company — CenterPoint Energy — with a unified set of values, vision, strategy and culture.Through it all, we have been passionate about being Always There for our stakeholders. And CenterPoint Energy has built a reputation for innovation, reliability and commitment to the communities where we live and work.

We began 2019 with the successful completion of our merger with Vectren Corporation, an energy delivery company serving utility customers in Indiana and Ohio. The transaction, which closed on Feb. 1, 2019, is a significant milestone in our journey to lead the nation in delivering energy, service and value.

OUR RESULTSOur earnings last year were driven in part by customer growth, execution of our regulatory strategy, growth in our competitive natural gas sales and services business, and continued value in our midstream investments. For 2018, we reported:

• Income available to common shareholders of $333 million or $0.74 per diluted share;

• Annual adjusted earnings, using the same basis as our guidance and excluding impacts associated with the merger with Vectren, of $1.60 per diluted share;

• An increase in our dividends for the 14th consecutive year; the increase represented an approximately 4 percent increase from our previous quarterly dividend; if annualized, the dividend would equate to $1.15 per share.

OUR BUSINESSES IN 2018In 2018, our electric transmission and distribution business produced $568 million in operating income, excluding securitization bonds, and invested $952 million in infrastructure to address the needs of the communities we serve.

We completed the Brazos Valley Connection, a 60-mile, 345-kV electric transmission line that runs from Harris County to Grimes County in Texas, to meet the growing demand in the greater Houston area. Completed ahead of schedule and under budget, this new line was energized in March 2018. Early completion of the project represents CenterPoint Energy’s continued leadership in safe and efficient project execution.

Our electric service territory continues to experience growth across all customer classes. With more than 2.4 million metered customers, our 5,000-square-mile service territory serving the greater Houston area gained more than 41,000 customers last year.

In 2018, our electric crews were called upon to support restoration efforts in parts of the country affected by major storms. In an unprecedented effort, crews and trucks were transported to Puerto Rico to help restore power after the island was devastated in 2017 by Hurricane Maria. The 12-week effort was part of a larger mission involving multiple utilities.

Our crews also participated in mutual assistance efforts in the Carolinas after Hurricane Florence hit in September 2018. We answered the call again a month later when

Letter to Shareholders – CenterPoint Energy

Letter – CenterPoint Energy cont. on page 10

Scott M. Prochazka President and CEO

Milton Carroll Executive Chairman of the Board

VOL. 29 NO. 2 5

Our operations performed very well in 2018. We are pleased with our strong results, which continue to reflect the advantage of our two-pillar strategy of growing our regulated energy delivery businesses through organic projects while growing our construction materials and services market share through strong customer relationships and acquisitions.

Earnings in 2018 from continuing operations were $269.4 million, or $1.38 per share, compared to 2017 earnings from continuing operations of $284.2 million, or $1.45 per share. Including discontinued operations, MDU Resources reported 2018 earnings of $272.3 million, or $1.39 per share, compared to $280.4 million, or $1.43 cents per share, in 2017. The company recorded a benefit in 2017 of $39.5 million, or 20 cents per share, attributable to

the federal Tax Cuts and Jobs Act. Absent the benefit from tax reform, our earnings from continuing operations were up 13 cents per share year over year, or approximately 10%.

Our employees remain dedicated to Building a Strong America,® providing essential products and services to the American people. We provide the natural gas and electricity that power business, industry and our daily lives. We connect homes, factories, offices and stores with the pipes and wires that bring them to life. We build the transportation network of roads, highways and airports that keeps our economy moving. The heart of our American economy is infrastructure, and infrastructure is our business.

We expect to invest $579 million in capital projects this year, with $2.6 billion in planned investments over the next five years. We are confident our company will continue to provide the long-term returns you expect.

CONSTRUCTION SERVICES BREAKS RECORDS The construction services business had outstanding results in 2018, with record revenues, earnings and backlog. Earnings were $64.3 million, which is 21% higher than earnings of $53.3 million in 2017. This is even more impressive when you consider that 2017 results included a $4.3 million benefit from tax reform. We had record year-end backlog of $939 million, up 33% compared to $708 million in 2017.

We saw higher workloads and margins in 2018 in our outside specialty electrical contracting work, particularly power line and substation projects and recovery work for utilities impacted by weather events and natural disasters. We also continued in 2018 to see strong demand for sales and rentals of the utility construction equipment we manufacture. We have a high volume of inside specialty electrical and mechanical contracting work in our backlog, particularly for customers in the high-tech, manufacturing and hospitality industries.

CONSTRUCTION MATERIALS HAS RECORD BACKLOG Our construction materials business earned $92.6 million in 2018, compared to $123.4 million in 2017. Earnings in 2017 included a $41.9 million benefit from federal tax reform. Like our construction services business, our construction materials business ended the year with record backlog of $706 million, a 45% increase from the same time in 2017.

We acquired four construction materials operations in 2018. In April, we acquired Teevin & Fischer Quarry LLC, a leading aggregate producer serving customers in the area of Clatsop County, Oregon. In June, we acquired Tri-City Paving Inc., a general contractor and aggregate, asphalt and ready-mix concrete supplier headquartered in Little Falls, Minnesota. In July, we added Molalla Redi-Mix and Rock Products Inc., a ready-mix concrete producer in Molalla, Oregon, near Portland. In October, we acquired Sweetman Const. Co., a premier provider of aggregates, asphalt and ready-mix concrete in the Sioux Falls, South Dakota, market. We expect to continue our acquisition strategy this year.

PIPELINE TRANSPORTS RECORD VOLUME Our pipeline and midstream business earned $28.5 million in 2018, compared to $20.5 million in 2017. Results in 2018 included a $4.2 million tax benefit related to a final accounting order by the Federal Energy Regulatory Commission, and results in 2017 included a $200,000 decrease related to federal tax reform.

Our pipeline business in 2018 transported a record volume of natural gas for the second year in a row, approximately 12% more than in 2017. We will begin construction this spring on two expansion projects. The Demicks Lake project will add approximately 175 million cubic feet per day of capacity. Line Section 22 is an expansion project adding approximately 22.5 million cubic feet per day of capacity. We expect both projects to be complete late this year. We also recently announced the North Bakken Expansion

Letter to Shareholders – MDU Resources Group

Letter – MDU Resources Group cont. on page 10

David L. GoodinPresident and CEO

Harry J. PearceChairman of the Board

In your INTERESTJUNE 20196

Otter Tail Corporation targets growth while maintaining operational and commercial excellence through our two focused platforms: electric and manufacturing. We deliver long-term value to shareholders as we organically grow our electric rate base and manufacturing platform and develop our systems, locations, and people.

Our electric platform continues to grow through capital investments in transmission and generation projects. Our manufacturing plat- form remains focused on the growth required to meet customer needs and operate efficient businesses. This year’s report theme, Intentional, refers to purposeful selection, planning, and execution of the right initiatives at the right time to facilitate measured growth for each of our platforms.

Through our combined efforts, we achieved consolidated net income and diluted earnings per share of $82.3 million and $2.06, respectively, compared with $72.4 million and $1.82 in 2017. Return on equity was 11.5 percent.

Our stock performed well. For the three years ended in 2018, Otter Tail Corporation provided the top total shareholder return in the Edison Electric Institute Index of investor-owned electric utilities. The dividend yield at year-end was 2.7 percent.Total shareholder return has grown at a compounded annual rate of 15.3 percent over the past five years. We have paid dividends on com- mon stock for 80 years, or 321 consecutive quarters. Our annual indicated dividend per share for 2019 is $1.40, a 4.5 percent increase over our 2018 dividend rate.

UTILITY PROVIDES GROWTH AND STABILITYOtter Tail Power Company grew rate base by 4.5 percent in 2018, primarily with capital investment in regional transmission projects.

Our utility is a 50 percent owner in a recently energized 163-mile 345-kv line that runs northwest from the Big Stone Substation near Big Stone City, South Dakota, to the Ellendale Substation near Ellendale, North Dakota. This is a Midcontinent Independent System Operator (MISO)-designated multi-value project, allowing cost recovery from all customers in MISO’s upper-Midwest footprint. Our investment is approximately $115 million. The line improves regional transmission reliability and allows for

the interconnection of significant renewable and other generation resources.

In preparation for our Hoot Lake coal-fired power plant’s 2021 retirement, we will construct wind and natural gas generation resources. By 2022 we anticipate approximately 30 percent of our energy will come from renewables. And carbon dioxide emissions from generation resources we own will be approximately 33 percent lower than 2005 levels, even as we forecast generating 23 percent more megawatt-hours annually.

Our agreement to purchase the proposed 150-megawatt Merricourt wind project to be built in southeastern North Dakota is progressing. We expect the wind farm to be online in 2020. At an estimated cost of approximately $270 million, this will be the largest capital project in company history.

In July the South Dakota Public Utilities Commission approved our site permit for Astoria Station, a 250-megawatt simple-cycle natural gas-fired plant near Astoria, South Dakota. Our utility will construct, own, and operate the facility. We expect the project to cost approximately $165 million and to be in service in 2021 with three to five full-time employees. Astoria Station pre-construction activity will begin this summer. Full construction will begin in 2020.

Otter Tail Power Company continues to evaluate cost-effective solar additions that will meet requirements in all three states we serve. In November 2018 the Minnesota Public Utilities Commission unanimously voted to approve our request to extend the deadline from

2019 to 2020 for our next resource plan. This plan identifies the most cost-effective combinations of resources for reliably meeting customers’ needs during the next 15 years. Delaying our filing one year will allow us to consider the outcomes of two key environmental regulations that may impact our modeling, the Regional Haze Rule and the proposed Affordable Clean Energy Rule.

We are pursuing $973 million in capital investments at the utility between 2019 and 2023, producing a compounded annual rate base growth of approximately 8 percent between 2018 and 2023.

The North Dakota Public Service Commission granted Otter Tail Power Company a revenue increase of 3.1 percent based on an authorized 9.77 percent return

Charles MacFarlanePresident and CEO

Letter to Shareholders – Otter Tail Corporation

Letter – Otter Tail Corporation cont. on page 9

VOL. 29 NO. 2 7

Letter – WEC Energy Group cont. on page 13

2018. A year of progress. A year of solid execution. A year of thoughtful change as we continue to build on our record of reliability, customer satisfaction, financial discipline and environmental stewardship.

Buoyed by a strong economy, we reported record net income from operations of $1.06 billion and earnings per share of $3.34 — exceeding our guidance for the year. Our credit ratings remain among the strongest in the industry. Our stock hit 11 new trading highs during the year. And our total shareholder return surpassed the performance of all the major market indexes.

We understand and appreciate the importance of predictable dividends and dividend growth. In January, our board of directors voted to raise the dividend again — for the 16th

consecutive year — by 6.8 percent to an annual rate of $2.36 per share. Our goal is to pay out 65 to 70 percent of our earnings in dividends. We stand in the middle of that range today. So you can expect dividend growth to mirror the growth of our earnings going forward.

We have always believed that financial success can only be sustained — year after year and decade after decade — by excelling at the fundamentals of our business. We’re pleased to report good news on that front as well.

For the eighth consecutive year, our largest subsidiary, We Energies, was named the most reliable utility in the Midwest. The award is presented each year by an independent consulting firm that analyzes the frequency and duration of customer outages. As you may know, we have made significant investments over the past decade to strengthen the reliability of our networks. We have rebuilt hundreds of miles of electric distribution lines and replaced thousands of poles and transformers. These investments are modernizing our delivery systems, reducing operating costs and improving energy efficiency.

From Chicago to the Upper Peninsula of Michigan, we have key infrastructure projects underway to meet customer needs for a safe, reliable supply of electricity and natural gas. We also exceeded our customer satisfaction goals for 2018, and we achieved the best results in the nation in

a J.D. Power study that surveyed electric utilities’ largest business customers.

Of course, our day-to-day work to keep the lights on and energy flowing could not be done without the support of literally hundreds of qualified suppliers. Our supplier base today is more diverse than ever before. And we’re pleased to report that our spending with women-, veteran- and minority-owned businesses set a new company record in 2018 — surpassing $263 million.

As we look forward, it’s clear that improvements in technology are changing the way we think about our business — presenting us with a wider array of options to produce and deliver energy. For example, the cost of utility-scale solar has dropped by approximately 70 percent in the past five years alone. With lower costs and greater efficiency, large-scale solar farms can now be a viable addition to our portfolio of energy-producing assets.

In Wisconsin, we hope to receive regulatory approval soon for the purchase of two solar farms in the state. Our Wisconsin Public Service subsidiary would own 100 megawatts at each site with an investment of $260 million. Madison Gas and Electric would own 50 megawatts at each site. The solar installations would be among the largest in the Midwest.

We’re also building new natural gas-fueled power plants in the Upper Peninsula of Michigan — plants that are modular and use reciprocating internal combustion engines to produce energy. We’re on time and on budget for completion in the second quarter of this year. This creative approach will provide a cost-effective, long-term power supply for the region and allow us to retire our older coal-fueled power plant at Presque Isle. The bottom line: Our environmental performance will improve significantly, and we’re projecting approximately $33 million of savings annually in operation and maintenance costs.

As we continue to reshape our generating fleet, we expect to achieve our goal of reducing carbon dioxide emissions by 40 percent — well ahead of our 2030 target. And as we updated our long-range plan, we announced a new, aggressive goal — to reduce carbon emissions by 80 percent below 2005 levels by the year 2050.

We also made great strides in the past year on another segment of our business … the infrastructure segment. We agreed to acquire majority interests in three new wind

Letter to Shareholders – WEC Energy Group

Gale E. Klappa Executive Officer

J. Kevin Fletcher President and Chief Executive Officer

In your INTERESTJUNE 20198

Dear Fellow Shareholders:

2018 was a year of significant accomplishments for our company. While we achieved outstanding financial performance, marked major milestones in our steel for fuel strategy, and partnered with other utilities to restore power in Puerto Rico following Hurricane Maria, it was our announcement that we see a path to achieve 100 percent

carbon-free energy by 2050 that took the spotlight.

Xcel Energy became the first major U.S. electric company to announce a carbon-free vision – to serve customers with zero-carbon electricity by 2050. But our vision to deliver 100 percent carbon-free energy by 2050 is more than just words. I like to think that we are not just talking about the future, we’re building it today.

OUTSTANDING FINANCIAL PERFORMANCEFor the 14th consecutive year, we met or exceeded our earnings guidance. We delivered 2018 GAAP and ongoing earnings of $2.47 per share, at the top end of our original earnings guidance range, compared to GAAP earnings of $2.25 per share and ongoing earnings of $2.30 per share in 2017.

Xcel Energy also increased your dividend 5.6 percent in 2018, extending our streak of dividend growth to 15 consecutive years. We maintained our dividend objective of 5 to 7 percent annual growth, which reflects our confidence in our long-term financial plan.

As a result of our continued strong performance, our total shareholder return has outpaced our peer group. Our three-year total shareholder return was 51.1 percent compared to 34.6 percent for our peer groups, and our five-year was 109.5 percent compared to 65.9 percent for our peer groups. In addition, our stock price (ticker: XEL) closed at an all-time high of $53.68 in December, and has subsequently set several new all-time highs in early 2019.

BUILDING THE FUTURE TODAYWe continue to make strong progress in executing our Steel for Fuel growth strategy and are well-positioned to lead the clean energy transition and deliver strong shareholder value for years to come. Our steel for fuel wind strategy is visible on the eastern plains of Colorado, where the largest wind farm we’ve ever built – the 600-megawatt Rush Creek

Wind Farm – began producing enough carbon-free energy to power 325,000 homes.

We are in the midst of one of the largest multi-state wind expansions in the country. With the completion of Rush Creek in Colorado, we have 11 remaining wind farms under development. This year we secured regulatory approval for all 11, eight of which we will own. But, we aren’t stopping there. We need to make progress every day to meet our vision of providing carbon-free electricity for customers by 2050 and reducing carbon emissions 80 percent system wide by 2030 (compared to 2005 levels). At the end of 2018, we had reduced carbon emissions by 38 percent.

ENHANCING THE CUSTOMER EXPERIENCELeading the clean energy transition positions us to better serve our customers as we develop new programs to help them achieve their sustainability goals. Last year our all-renewable program in Minnesota and Colorado completely sold out. Renewable*Connect gives customers the opportunity to purchase up to 100 percent of certified renewable energy to power their homes and businesses.

A growing percentage of customers want to reduce their carbon footprint in their homes or businesses, but in the vehicles they drive as well. Electric vehicles are a growing consumer choice and we are taking a three-pronged approach to help our customers seamlessly make the transition, focusing on home charging, public charging and fleet conversion.

REGULATORY ADVANCEMENTSEffective stakeholder engagement is an important part of generating favorable regulatory outcomes, and we had several regulatory wins in 2018, starting with approvals of our wind projects in Texas and New Mexico.

Colorado regulators approved our long-term pricing agreement with EVRAZ, a large steel mill and the second largest employer in Pueblo. This agreement was crucial for EVRAZ to continue its operation in Pueblo and allow for expansion into the future.

One of the largest regulatory issues across our service territory in 2018 was working with our policy makers and stakeholders to determine the best way to distribute tax reform benefits to our customers without negatively impacting our credit metrics. Solutions varied by jurisdiction, but in all, we are in the process of returning more than $300 million of tax benefits to our customers.

Letter to Shareholders – Xcel Energy

Ben Fowke Chairman, President and CEO

Letter – Xcel Energy cont. on page 13

VOL. 29 NO. 2 9

the ninth straight year the board has raised the dividend, and ALLETE has paid uninterrupted dividends since 1948. Total shareholder return over the past three years was 65.1 percent, placing ALLETE eighth out 42 within the Edison Electric Institute ranking of industry peers.

ALLETE will be 113 years young this spring and has sustained itself by virtue of its great talent and agility to take advantage of opportunities presented by periods of great change. Fundamental to this sustained execution is a strong internal talent development process and pipeline. It is from this very wellspring that Bethany Owen was selected and elected president of ALLETE by the board of directors.

Bethany has been with the company for more than 16 years, and she will partner with me, the senior team and the board to oversee further formation and execution of the company’s growth strategy, as well as oversight of its operating divisions. She served as ALLETE senior vice president and chief legal and administrative officer since 2016 with overall responsibility for the company’s legal, information and operations technology, cyber security and human resources departments, while working closely with ALLETE’s board on governance matters. That recent

experience complemented significant operating experience she gained through leading and working directly with ALLETE’s subsidiary businesses. Bethany is a proven leader and her values-based leadership, strategic planning skills, and diverse operational and human relations experience make her a unique fit as she and her team write the next chapters of ALLETE’s history.

The contours of a new and exciting decade are emerging. Within ALLETE, we remain committed to our shared purpose of answering the call to transform the nation’s energy landscape while growing the company. On behalf of all ALLETE employees and our board of directors, we are excited about what lies ahead! Thank you all for your interest and investment in ALLETE.

Sincerely,

Alan R. Hodnik Chairman and Chief Executive Officer

Letter – ALLETE cont. from page 3

ALLETEWebsite: www.allete.comNYSE: ALE

Letter – Otter Tail Corporation cont. from page 6

on equity. This increase, effective February 2019, concludes the rate case we filed in 2017.

We filed a rate case with the South Dakota Public Utilities Commission in April 2018, requesting to increase non-fuel rates by 10.1 percent or $3.3 million annually, as the first step in a two-step request. The second step in the request is an additional 1.7 percent increase in 2020 to recover costs for the Merricourt wind project.

In February 2019 our new Customer Information System, which is our biggest system upgrade in a generation, went live. This new system is the foundation for evolving tools that help our employees more effectively perform their jobs and communicate with our customers.

The utility, along with other investor-owned electric utilities, published reports highlighting our shared commitments to sustainability. The Edison Electric Institute, which represents all United States investor-owned electric companies, launched the first industry-focused environmental, social, governance, and sustainability reporting framework. Every day we work to ensure we can continue to supply our customers with reliable, affordable, and increasingly clean energy.

The utility continued to earn high customer satisfaction scores and achieved strong safety performance in 2018. Thanks to dedicated employees and leadership, Otter Tail Power Company continues to deliver shareholder value while safely and effectively providing customers with an essential service and maintaining rates 25 percent lower than the national average.

MANUFACTURING COMPANIES’ CUSTOMER FOCUS CREATES OPPORTUNITYBTD, our contract metal fabricator and largest manufacturing business, increased sales by 19 percent and earnings by 13 percent in 2018. The Georgia location, which has been focused on operational improvements, was profitable in the last half of 2018.

The company achieved this while reporting its lowest OSHA rate and highest on-time delivery in its history.

Our investment in BTD’s Minnesota facilities has provided additional capabilities and capacity to meet customer needs, demonstrated through record-level paint hours in the Lakeville plant. BTD’s expansion to the Southeast also has created new opportunities, and the company has begun work to improve efficiency by updating the Georgia production

Letter – Otter Tail Corporation cont. on page 12

In your INTERESTJUNE 201910

Project in northwestern North Dakota, designed to provide 200 million cubic feet per day of capacity. Pending regulatory and environmental approvals, we anticipate constructing this project in 2021.

We have a rate case pending before the FERC, which our pipeline business filed on October 31. Proposed rates will take effect May 1, 2019, subject to refund and the outcome of a hearing in the case.

UTILITY CUSTOMER BASE CONTINUES TO GROW Our electric and natural gas utility business earned $84.7 million, compared to $81.6 million in 2017. The 2017 results include a decrease of $6.4 million from federal tax reform. Our utility operations filed rate adjustments in every jurisdiction to return to customers the benefits of lower federal income taxes. We have implemented rates that provide $25 million in annual reductions to our customers.

Our utility customer base continued to grow in 2018, up approximately 1.8%. We expect to see our 1.1 million customer base continue to increase at a rate of 1% to 2% each year.

We finalized in the fourth quarter our purchase of an expansion of the Thunder Spirit Wind farm in southwest North Dakota for $84 million. Our electric generation portfolio is now approximately 27% renewables.

We announced February 19, 2019, that we plan to construct a new simple-cycle electric generation facility and retire our smaller coal-fired electric generation facilities. We anticipate closing our Lewis & Clark Station at Sidney, Montana, with a capacity of 44 MW, around the end of 2020, and our Heskett 1 and 2 plants at Mandan, North Dakota, with

combined capacity of 100 MW, around the end of 2021. Upon regulatory approval, we expect to build an 88-MW natural gas-fired peaking unit in Mandan.

SUSTAINABILITY A STRONG FOCUS While we have been publishing a sustainability report since 2008, our Board of Directors is sharpening its focus on sustainability-related efforts. We are adapting our environmental, social and governance reporting to follow the standards outlined by the federal Sustainability Accounting Standards Board or other industry organizations. We expect it will take some time to fully incorporate this effort across our businesses, but we are committed to providing additional ESG information to our shareholders.

The board remains committed to paying a competitive dividend to shareholders and will continue to focus on providing you with the long-term returns you expect from MDU Resources.

We, with all MDU Resources’ hardworking employees, look forward to continuing to provide the essential energy and construction products and services that are Building a Strong America.® Thank you for your continued investment in our company.

Harry J. PearceChair of the Board

David L. Goodin President and Chief Executive Officer

Letter – MDU Resources Group cont. from page 5

MDU Resources GroupWebsite: www.mdu.comNYSE: MDU

Hurricane Michael devastated parts of Florida. The Edison Electric Institute (EEI) presented us with an Emergency Assistance Award for our outstanding power restoration efforts following Hurricane Michael. It was the 12th EEI response award we have received.

Our natural gas distribution business, which served approximately 3.5 million residential, commercial and industrial customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas, produced $266 million

in operating income last year. In 2018, we added more than 36,000 customers.

We invested $638 million in our natural gas distribution business last year to support growth and improve the reliability of our systems.

Across our businesses, we listened to our customers and strived to meet their evolving expectations through new products and services. In 2018, our natural gas

Letter – CenterPoint Energy cont. from page 4

Letter – CenterPoint Energy cont. on page 11

VOL. 29 NO. 2 11

distribution business filed a proposal with the Minnesota Public Utilities Commission to introduce a renewable natural gas green tariff pilot program to our Minnesota customers. Once approved, we will be one of the first natural gas providers in the country to offer renewable natural gas to customers.

Six years ago, we completed the deployment of more than 2 million smart meters throughout our greater Houston service territory, making CenterPoint Energy one of the first large American utilities to complete its advanced metering system. Smart meters have enabled us to automate millions of service orders and monthly meter readings, significantly reducing field visits and the related vehicle carbon emissions. We look forward to bringing these benefits to our customers in Indiana and Ohio.

Our natural gas utility business now sells and delivers natural gas to 4.5 million homes and businesses in eight states, including legacy Vectren customers in Indiana and Ohio. We are one of the largest natural gas distribution utilities based on miles of main and number of customers in the United States.

Our focus on safety and reliability will also include the use of new technologies. CenterPoint Energy remains a leader in the implementation of the state-of-the-art Picarro leak survey technology. With 16 surveyor units currently being used in six states, the technology helps us more accurately identify a potential leak location, enhancing customer and community safety, as well as reducing methane emissions.

Our competitive energy businesses’ presence now spans nearly 40 states and includes: natural gas marketing and energy-related services; energy efficiency, sustainability and infrastructure modernization solutions; and construction and repair services for pipeline systems, primarily natural gas. Specifically, legacy Vectren’s competitive energy businesses — Energy Systems Group, Miller Pipeline and Minnesota Limited — are now part of CenterPoint Energy.

These companies are highly respected in their industries, with proven track records of profitability and customer service. Together, these competitive energy businesses will offer expanded services to the benefit of our customers.

OUR STAKEHOLDERSOur merger with Vectren advances our vision and aligns with our strategy. As a combined company, we expect to benefit from greater scale and business and geographic diversity. We also expect to benefit from enhanced

operating efficiencies and a larger percentage of utility earnings to our total earnings.

Over the next five years, we expect to make capital investments totaling approximately $13 billion. We plan to invest our capital to support safety, growth, reliability, grid hardening and infrastructure modernization, as well as to meet regulatory requirements. Across our operations, the safety of our employees, contractors, systems and the public will continue to be our highest priority. The safety-related initiatives we have supported over the years through Safety Forward, our companywide approach to safety performance, are producing important results. Our efforts include training, technology, peer exchanges and enhanced contractor engagement. Last year, we held our first-ever contractor safety summit for leaders at the companies we do business with across our service territory.

In 2018, our employees volunteered more than 130,000 hours in our communities, valued at approximately $3 million. We are proud of the fact that nearly six out of every 10 CenterPoint Energy employees volunteered their time last year. We were named to The Civic 50 in 2018 as one of the most community-minded companies in the United States.

We remain committed to good stewardship of the environment, with a continued focus on reducing greenhouse gas emissions from our operations, including our participation as a founding partner in EPA’s Natural Gas Methane Challenge Program.

Finally, our employees will always be the driving force behind our performance. From the evolution of customer expectations, to the pace of innovative technologies, this is a time of extraordinary opportunity for our company. That is why we invest our energy and resources in our workforce. Our ongoing commitment to our employees is critical to our future success. Thank you to our shareholders, customers and communities for your trust and confidence in CenterPoint Energy. Today and always, we will continue to work hard to honor our commitments.

Scott M. Prochazka President and CEO

Milton Carroll Executive Chairman of the Board

Letter – CenterPoint Energy cont. from page 10

CenterPoint EnergyWebsite: www.centerpointenergy.comNYSE: CNP

In your INTERESTJUNE 201912

Letter – Otter Tail Corporation cont. from page 9

plant layout. BTD gained share in the power sport and utility vehicle markets and benefited from a strong energy market in 2018.

Northern Pipe Products and Vinyltech, the PVC pipe manufacturing companies that comprise our plastics segment, had an exception- al year of strong operational performance and positively contributed to earnings while remaining highly competitive. Both companies improved financial performance with favorable market conditions supporting strong sales prices.

T.O. Plastics, our plastics thermoforming manufacturer, celebrated its 70th anniversary in 2018 and achieved 6 percent overall sales growth and a 29 percent increase in earnings compared with 2017. The company’s horticulture segment continues to grow through key account relationships and new product launches. T.O. Plastics installed new equipment and enhanced cleanroom capabilities and capacity to serve its life science business segment.

OUR INTENT IS CONTINUED SUCCESSOtter Tail Corporation’s intentional growth strategy focuses on capital investment, continued improvement in operations, and talent development. We know our success depends on our understanding of the environments in which we operate, how we define our role within them, and how we deliver value.

We are pleased with our 2018 achievements and intend to continue delivering excellent results. Thank you to our customers for choosing to work with us, our employees for accomplishing so much, and you, our shareholders, for investing in our success.

Charles S. MacFarlanePresident and Chief Executive Officer

Otter Tail Corp.Website: www.ottertail.comNASDAQ: OTTR

Energy Information Administration (EIA) expects that U.S. wind capacity additions in 2019 will total 12.7 gigawatts (GW), exceeding annual capacity additions for the previous six years but falling short of the record 13.3 GW of wind capacity added in 2012. Expected capacity additions discussed in this article are based on projects reported to EIA through surveys and reported in EIA’s Preliminary Monthly Electric Generator Inventory.

Changes in annual capacity additions for wind in the United States are often explained by changes to tax

incentives. The U.S. production tax credit (PTC), which provides operators with a tax credit per kilowatthour of renewable electricity generation for the first 10 years a facility is in operation, was initially set to expire for all eligible technologies at the end of 2012 but was later retroactively renewed. The high level of annual capacity additions in 2012 was driven by developers scheduling project completion in time to qualify for the PTC. Similarly, the increase in annual capacity additions for wind scheduled for 2019 is largely being driven by the legislated phaseout of the PTC extension for wind.

When renewed in 2013, the PTC provided a maximum tax credit for wind generation of 2.3 cents per kilowatthour (kWh) for the first 10 years of production. Under the PTC phaseout, the amount of the tax credit decreases by 20 percentage points per year from 2017 through 2019. Facilities that begin construction after December 31, 2019, will not be able to claim the PTC.

SOURCE: US Energy Information Administration (May 2019)

News Brief

Tax credit phaseout encourages more wind power plants to be added by end of year

VOL. 29 NO. 2 13

OPERATIONAL EXCELLENCEAt the heart of Xcel Energy’s culture is the commitment to getting better every day. We’ve engaged our employees to find innovative ways to reduce costs and gain efficiencies, and they have delivered. By implementing continuous improvement suggestions from our employees, we saved $59 million of O&M expenses in 2018.

Our always improving mindset is also at work when it comes to safety, of our employees and the public. In 2018, we built a state-of-the-art natural gas training facility in Minnesota to better train employees and the first responders who we work with in our communities. I am pleased that we had our best public safety performance ever, as measured by gas emergency response, and achieved first quartile when it comes to employee safety.

LIVING OUR VALUESWe refreshed our corporate values in 2018 to bring a sharp focus and intention to how we want all of our 11,000 employees to approach their work each and every day. These new values – Connected, Committed, Safe and Trustworthy – were crafted and refined with employees engaged along the way.

One of the things I am most proud of is our collective commitment to the communities where we serve. In the last year we gave back in a big way, donating more than $11 million and 90,000 volunteer hours to community organizations.

As we continue to build the future, we have Destination 2050 squarely in our sights. But as you can see, it is about more than just reducing our carbon footprint and delivering 100% carbon free energy to our customers and communities by 2050.

Thank you to our customers, shareholders, employees and stakeholders for helping make 2018 an outstanding year for Xcel Energy.

Sincerely,

Ben FowkeChairman, President and Chief Executive Officer

Letter – Xcel Energy cont. from page 8

Xcel EnergyWebsite: www.xcelenergy.comNASDAQ: XEL

Letter – WEC ENERGY GROUP cont. from page 7

WEC Energy GroupWebsite: www.wecenergygroup.comNYSE: WEC

farms: Upstream Wind Energy Center in Nebraska, Bishop Hill III Wind Energy Center in Illinois, and the Coyote Ridge Wind Farm in South Dakota. These renewable energy assets have long-term agreements to serve corporate and industry customers. For example, Coyote Ridge will provide carbon-free energy under contract to a subsidiary of Google.

Our investment in these infrastructure projects will total $587 million. We expect the returns on these investments to be higher than the returns we’re earning in our traditional regulated business.

Finally, as you may know, the rigor we apply to succession planning took on even greater importance during 2018. Following a period of medical leave, Allen Leverett resigned from active duty with the company. Allen was named chief executive in 2016. He remains on our board of directors, and we’re pleased that he will continue to bring his insight to our deliberations.

In light of Allen’s decision, the board approved the creation of the Office of the Chair staffed by four industry veterans

— Rick Kuester, Scott Lauber and the two of us. We’ve known each other and worked together for many year— so teamwork will come naturally as we write the next chapter of growth for this enduring franchise. And we’ll continue to focus on developing the next generation of senior leadership.

As always, we appreciate your trust, your support and your investment in WEC Energy Group.

Sincerely,

Gale E. KlappaExecutive Chairman

J. Kevin FletcherPresident and Chief Executive Officer

Tax credit phaseout encourages more wind power plants to be added by end of year

In your INTERESTJUNE 201914

Accolades

Thank you to our MUI Supporting Members for their continued support! Those listed below represent members who have RENEWED their membership between November 9, 2018 – May 17, 2019. The list is organized by state and then alphabetized by FIRST name. Members that are italicized have renewed for three years – the rest for one year.

FLORIDA: David Gregorich; IOWA: William and Jacquelyn Ellingrod; MINNESOTA: Alfred Krug, Barbara Lindenberg, Bart and Barbara Jordano, Bernard and Marilyn Bastian, Bob and Suzie Stokes, Bob Schmall, Bud Benson, Carl and Janice Johnson, Christina Furo, Clayton and Donna Oehler, Curtis and Andrea Roessler, Daryl Capistran, Dave and Myra Jansen, David and Barbara Pederson, David W. and Karen D. Davis, Delores E. Johnson, Dewey Bjork, Diane and Raymond (Mike) Peplinski, Dick and Darlene Gunderson, Dick and Kay Tschida, Dolores Petterson, Don and Elverna Matthees, Donald Leslie, Donald O. and Donna Peterson, Doreen Corrigan, Dr. James and Linda Schwanebeck, Ed and Kathy Hara, Ed and Lila Linner, Edward Ruisi, Elaine Dacken, Elmer and Arlene Elsner, Elvira Buzicky, Eugene and Joye Schutte, Fritz and Shirley Laing, G. Lorraine Johnson, George and Ev Gerogeorge, George Streich and Joyce Allen, Gerry and Marian Gehling, Gilbert and Barbara Hagen, Harold and Carolene Jacobson, Harold and Shirley Huver, Harold Shore, Henry and Herty Jandewerth, Irving Koponen, J Buford Johnson, J.P. Schurhammer, Jack and Susan Sartell, James

Leland, James Marshall, Jeannette Birnstengel, Jerry and Jan Savage, Jim and Elizabeth Swanson, Jim and Julie McNearney, Jim Berhow, Joanne and Glen Alstad, Joe and Carol Morgan, John Moore, Jon and Fay Sampson, Jon and Martha Heisel, Joy Bragg, Juanita Carlisle, Kenneth and La-iad Miller, Leona Karsh, Les Sommers, Lloyd Jr. and Cynthia Anez, Lucille Kirkeby, Marcia Chalgren, Margaret and Dan Janzen, Marloe and Sylvia Anderson, Marvin Carlson, Michael Vennewitz, Mona Geeting, Monica Lundquist, Myrna Skalsky and Jerome Marschke, Nancy Hales, Nick Paris, Noel A Nauman, Norma and Roland Harms, Ollie and Marjorie Lesnick, Pat and Renee Buttweiler, Paul and Julie Weber, Paul and Rosalie Roth, Penny Kranz, Prof. Alexander and Ardell Nadesan, Ray Hario, Raymond and Carol Six, Raymond Lundquist, Richard and Darlene Thorud, Richard and Jean Sanford, Richard and Joan Newmark, Richard and Kerwin Donat, Richard and Mary Lou Schnepf, Robert and Joycelle Vogel, Robert and Marcia Kolodge, Robert and Sharon Hance, Robert Kolas, Roger and Donna Andersen, Ronald Walther, Ronald Wiese, Stanley Bonnema, Stephen and Barbara Slaggie, Stephen A us, Susan Hobbs and Roger Meland, Therese Vaughn, Thomas and Louise Murphy, Thomas Zweber, Todd and LuAnn Coyle, Tom Winter, W. Duane and Carol Rose, Warren and Lilly Olson, Wayne Halley; PENNSYLVANIA: Russell and Anna Mae Koons; VIRGINIA: Randall Miller; WISCONSIN: Nancy Kind, Robert and Mary Ann Fox, Terry and Rita Hogan G

Accolades to recent MUI dues-paying members

Welcome NEW Supporting MembersBernadeen Brutlag, PlymouthLois Stavish, Little Falls

Robert Sampson, RobbinsdaleRichard Mohnsen, New Richmond, WI

Annual Meeting Monday, October 14, 2019Earle Brown Heritage Center

Mark your calendar!

JOIN US!

Mark your calendar

VOL. 29 NO. 2 15

MUI Summer Local Member Meetings

MUI Summer Tours

DATE LOCATION CITY TIME

Thursday, May 30, 2019 Holiday Inn Bloomington I-35 Bloomington 11:30 AM

Wednesday, June 5, 2019 National Sport Center North Metro 11:30 AM

Thursday, June 6, 2019 Country Inn & Suites Rochester 5:00 PM

Tuesday, June 11, 2019 American Legion Fergus Falls 11:30 AM

Tuesday, June 11, 2019 Hampton Inn Alexandria Alexandria 5:30 PM

Wednesday, June 12, 2019 Joseph's Grill St. Paul 11:30 AM

Monday, June 17, 2019 Courtyard by Marriott Mankato 11:30 AM

Tuesday, June 18, 2019 La Quinta Inn & Suites Woodbury 11:30 AM

Thursday, June 20, 2019 Radisson Hotel Duluth Harborview Duluth 11:30 AM

Tuesday, July 2, 2019 Coyote Moon Grille St. Cloud 11:30 AM

Tuesday, July 30, 2019 Prairie Bay Baxter 11:30 AM

DATE LOCATION

Thursday, June 6 Xcel Energy Prairie Island Nuclear Plant

Wednesday, June 19 Midwest Independent System Operator (MISO) Control Center

Wednesday, June 26 Minnesota Power Camp Ripley Solar Farm

Thursday, July 18 CenterPoint Energy Liquified Natural Gas (LNG) Facility

Thursday, August 1 Xcel Energy Monticello Nuclear Plant

All Local Member meetings are complimentary for MUI Supporting Members. If you have a friend that is interested in attending, bring them as well – for free. Call the MUI Office or Register Online at www.mnutilityinvestors.org.

One of the benefits of being an MUI Supporting member is the opportunity to visit energy sites throughout the State – something most people cannot access. On the “call-in” date of April 29th, with three phone lines ringing and three people answering calls - within 15 minutes three of the tours were full. Within the next hour over 100 people had signed up or are on a “wait-list” for a tour.

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In Your Interest is a publication of Minnesota Utility Investors, and is published four times each year in March, June, September and December.

Phone: 651-227-7902 Toll Free: 1-888-850-5171

Email: mui@mnutilityinvestors.org www.mnutilityinvestors.org

President: Annette P. Henkel Office Manager: Lana Leonard Membership & Marketing Manager: Heidi Hickey

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How to Join Complete this form and return with a check (make payable to MUI) or call us to pay with a credit card at 651-227-7902 or 1-888-850-5171.

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TO JOIN simply complete this form and return with payment. Or call MUI at 1-888-850-5171 or 651-227-7902.

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Our Supporting Members are Informed, Involved, and Engaged Investors.

2019 Opportunities for Supporting MembersJoin now to take advantage of the following:• FREE Meeting attendance

to ALL of our meetings for your household (valued well above the cost of an annual membership!)

• Free Edward Jones Selected Utility Data chart updated annually

• Opportunities to go on EXCLUSIVE MUI Member Energy Plant Tours

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Membership QualificationI have investments in the one or more of these Minnesota Investor-Owned Energy Utilities: (Check all that apply)

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Otter Tail Corporation

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*3-year Membership GiftThose that select 3-year Membership earn a free gift. (Select one)

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Please Mail to: Minnesota Utility Investors413 Wacouta Street, Suite 230 St. Paul, MN 55101

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