A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS

JUNE 2017

As required by law, Minnesota’s 90th legislative session adjourned at midnight on Monday, May 22nd. However, without their work complete, the Governor called the Legislature back for a special session to finish several of the state agency funding bills – including Taxes, Transportation and Health and Human Services. Legislation on all of the state funding must be passed and signed by the Governor before the start of the State’s new fiscal year on July 1st. As of this writing, there continues to be disagreement between the legislature and the Governor on funding levels for these bills and the Legislature is still in Special Session. Stay tuned.

Since it was the first year of the biennium, the legislature began with a clean slate – new faces; new leadership and no legislation from the previous year. The overriding purpose of the session was to pass a balanced State Budget that Governor Dayton would sign.

The legislature will return for the next regular session on February 20, 2018.

MUI MEMBERS ADVOCATE AT THE MUI DAY THE CAPITOL On April 5th nearly 300 MUI Members stormed the “Capitol Complex” with our blinking lights and bright orange postcards to talk with the people that represent them in St. Paul. Below are two issues MUI successfully advocated for with legislators at MUI Day at the Capitol – they were included in the final Omnibus Jobs/Energy Bill that passed the legislature on May 22nd. It is still waiting for the Governor’s signature as of this writing.

MODIFY THE 1.5% SOLAR ENERGY STANDARD (SES) This legislation would still require Xcel Energy to meet the 10% “small” solar mandate of 20 kilowatts or less. However, it would give flexibility to MN Power and Otter Tail Power by increasing the 10% “small” solar mandate to 40 kilowatts or less and allowing individual subscriptions to a community solar garden program to be counted in the 10% “small solar” mandate.

2017 Legislative Session Adjourns and Goes Into Special Session

Updates from Minnesota’s Energy Investor Owned Utilities

VOL. 27 NO. 2

Summarized in the following pages are updates from these companies 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

Legislative Reception 2

Shareholder Letters

ALLETE 3

CenterPoint Energy 4

MDU Resources 5

Otter Tail Corp. 6

WEC Energy Group 7

Xcel Energy 8

Did You Know? 12

Accolades 14

Upcoming MUI 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 27,000 members.

2017 Legislative Session cont. on page 13

In your INTERESTJUNE 20172

Over 270 MUI members stormed the State Capitol Complex with our flashing buttons. As part of the event, the Chairman of the House Job Growth and Energy Affordability Committee Pat Garofalo spoke to over 100 members in “The Vault” of the State Capitol about MUI energy issues. In addition to meeting with legislators, many MUI members were able to Tour the newly renovated State Capitol building. G

Day at the Capitol in Review

MUI members storm the State Capitol

• Albert Lea: David Behrends• Alexandria: Shirley Syverson • Baxter: Al Sanford • Bloomington: Ed and Larie Ann Schmidt• Brooklyn Center: Al and Joanne Bodin• Duluth: Wayne Anderson • Eden Prairie: Sylvia Jenness

• Fergus Falls: Ron Burt • Little Falls: Cheryl and Chuck Stanek • Mankato: Roger and Carolyn Lovik• Rochester: Ellie and Don Mathees• Vadnais Heights: John and Mary DeVoe • At the Hotel Metro: Gloria Johnson

Thank you We appreciate the MUI Bus Leaders and volunteers that help make the Day at the Capitol a success!

MUI President Annette Henkel gives pointers to members (literally). Annette Henkel and Representative Garafolo at the final meeting.

Full house at the Legislative Reception

Even with legislators in many committee meetings and the Senate “in session”, over 45 MUI Supporting members and utility representatives mingled with nearly 20 legislators at the MUI March 15th Legislative Reception. The event was held at the newly renovated Capitol Ridge Best Western Hotel near the State Capitol. G

Legislative Reception is well attendedOpportunity for discussion

Members and Legislators stop by MUI Legislative Reception

VOL. 27 NO. 2 3

Dear shareholders,

As ALLETE continues to answer the nation’s call to transform the energy and water landscape, we also are building sustainable value as we unlock synergies crafted by our innovative, talented people.

Perhaps the most visible example of synergy in ALLETE’s regulated utility sector is Minnesota Power’s Great Northern renewable energy

initiative that will create a “battery” spanning hundreds of miles that allows Minnesota Power to optimize and balance North Dakota wind power and Canadian hydropower from Manitoba Hydro—all of it carbon-free. Minnesota Power received a Presidential Permit in November 2016 to begin the final step in that initiative, the Great Northern Transmission Line that will connect with Manitoba Hydro’s system at the international border.

Another example of cooperation was completed in November 2016 when Minnesota Power’s 10-megawatt solar power plant began operating at the Minnesota National Guard’s Camp Ripley near Little Falls, Minnesota. The power plant is designed to send energy to Minnesota Power customers at most times, helping the Company meet Minnesota’s Solar Energy Standard, while also providing a backup power source for the military base during outages.

Both projects are key components of Minnesota Power’s EnergyForward strategy to reach a generation mix of two-thirds renewable energy and renewable-enabling natural gas and one-third environmentally compliant coal. Our regulated utilities, Minnesota Power and Superior Water, Light and Power, generate the consistent earnings needed to build sustainable growth for ALLETE’s future. Both companies have rate requests before public regulators to align their rates of return with industry norms.

Investment opportunities — and the growth they stimulate — also abound with our energy infrastructure and related services businesses. There continues to be a clear societal desire for cleaner forms of energy and a need for water conservation and re-use, which also are instrumental in improving energy efficiency. That’s where our complementary businesses, ALLETE Clean Energy, U.S. Water Services, and BNI Energy, are positioned for sustainable growth at the nexus of water and energy.

ALLETE Clean Energy built on its relationship with Montana-Dakota Utilities (MDU) late in 2016 by announcing it will expand the Thunder Spirit wind farm in North Dakota, with an option for MDU to buy the expansion as it did with the first phase of Thunder Spirit. U.S. Water Services expanded into the strategic Southwestern U.S. water market in 2016 with the purchase of Water and Energy Systems Technology (WEST) Inc., based in southern California. In energy-rich North Dakota, we’re exploring carbon solutions as BNI Energy is partnering with Minnesota Power, Basin Electric Cooperative and the Energy Environmental Research Center based in Grand Forks to develop a transformational carbon solution, the Allam Cycle. The promising technology could yield an electric generator powered by lignite with nearly no emissions of carbon dioxide.

As we enter 2017, we also have good news from Minnesota Power’s largest customers. The trade headwinds that caused a downturn in the domestic steel market appear to have subsided, with U.S. Steel’s Keetac mine and processing plant, idled for nearly two years, restarting production in March. ERP Iron Ore, formerly Magnetation Inc., also plans to restart after its assets were sold in bankruptcy court to an owner who said he intends to operate its facilities, which recover iron ore concentrate from waste dumps at closed iron ore mines.

Also on Minnesota’s Iron Range, PolyMet continues its march toward opening a copper-nickel and precious metals mine. Since its Environmental Impact Statement was approved by the Minnesota Department of Natural Resources in March 2016, PolyMet has gained access to the ore body through a land transfer with the U.S. Forest Service and applied for all the necessary permits to open the mine near Hoyt Lakes. If the permits are approved, Minnesota Power will gain a major new customer that will create hundreds of jobs and strengthen the economy in Minnesota Power’s service area.

This good news I share with you wouldn’t be possible without ALLETE’s outstanding employees. People, culture, and leadership are the foundation of ALLETE’s innovation and ability to manage and lead change in a rapidly transforming industry, all while remaining committed to customer service and core values. A heartwarming example of that commitment to core values came in May 2016, when a grassroots employee effort led to Minnesota Power being named a Yellow Ribbon Company by the Minnesota Department of Military

Letter to Shareholders – ALLETE

Alan R. Hodnik Chairman, President and CEO

Letter – ALLETE cont. on page 9

In your INTERESTJUNE 20174

Dear Fellow Stakeholder,

We had a strong year in 2016, marked by a dividend increase, growth in earnings, and acquisitions. Our results were driven by a number of factors, including solid customer growth in both our electric and natural gas utilities with more than 90,000 additional meters.

Total shareholder return for the company in 2016 was 40.88 percent, outperforming the S&P 500 Utilities Index of 16.29 percent and the S&P 500 Index of 11.96 percent.

In early 2017, we raised our dividend for the 12th consecutive year when our board declared a regular quarterly cash dividend of 26.75 cents per share. This represents a 4 percent increase from the previous quarterly dividend and, when annualized, equates to $1.07 per share.

CenterPoint Energy reported 2016 net income of $432 million, or $1.00 per diluted share. Our annual adjusted earnings, using the same basis as our guidance, were $501 million, or $1.16 per diluted share(1). The majority of earnings, $380 million, were from utility operations, while $121 million were related to our investments in Enable Midstream, a publicly traded master limited partnership that owns, operates, and develops strategically located natural gas and crude oil infrastructure assets.

We continue to look for additional opportunities to grow earnings. CenterPoint Energy Services (CES), our unregulated energy services business, completed the purchase of Continuum Retail Energy Services last year and closed on the Atmos Energy Marketing transaction in January 2017. These acquisitions provide CES with the kind of scale, geographic reach, and expanded capabilities that will enable it to grow. Accessing more markets and efficiently increasing our customer base, our retail energy business now operates in 33 states and serves approximately 100,000 customers.

THE STRENGTH OF OUR UTILITIES CenterPoint Energy’s long-term success is driven by the disciplined execution of our strategy to Operate, Serve and Grow. By addressing the needs of our growing service

territories through capital investment, we are increasing our rate base, which helps drive our financial performance.

The electric transmission and distribution segment had an excellent year. Earnings growth was driven primarily through rate relief from investments needed to serve our increasing customer base, customer growth, and higher equity return.

Building the infrastructure to serve the energy needs of today and tomorrow remains a priority. Scheduled to be in service by summer 2018, the Brazos Valley Connection is a 60-mile, 345-kilovolt electric transmission line in Texas.

Our continuing investment in intelligent grid technology increases reliability, reduces average restoration time, saves consumers money, and drives innovation. In 2016, we improved electric reliability 34 percent on intelligent grid circuits. Through the intelligent grid, customers have avoided nearly 200 million outage minutes since 2011. Smart meters save consumers more than $20 million per year in eliminated fees through service automation.

The natural gas distribution segment also had a strong year. Earnings growth was driven by rate relief and customer growth.

Last year, we filed with municipal and state regulatory authorities to change natural gas distribution rates for Houston-area customers. Our objective in this filing is for customers throughout Houston and surrounding areas to pay a uniform rate for the cost of service and the cost of gas. We also implemented new rates in Arkansas and Minnesota. The purpose of these rate proceedings is to allow us to earn a reasonable return for the hundreds of million dollars spent each year in our service territories to accommodate growth and make our system safe and reliable.

CONTINUED FUTURE GROWTHWe remain dedicated to delivering long-term value to our shareholders by growing earnings and providing competitive dividend.

In 2017, we expect increased earnings from continued utility customer growth, rate relief, our competitive retail business, and our investment in Enable Midstream. We also expect lower interest expense. We expect these items collectively to result in solid growth year over year.

Together, our electric and natural gas utilities are expected to invest $1.5 billion in capital in 2017. Our electric

Letter to Shareholders – CenterPoint Energy

Letter – CenterPoint Energy cont. on page 9

Scott M. Prochazka President and CEO

Milton Carroll Executive Chairman of the Board

VOL. 27 NO. 2 5

In 2016, we made great strides as we transitioned to a more streamlined company with two lines of business: construction materials and services and regulated energy delivery. We reduced MDU Resources Group’s exposure to commodity price volatility by successfully selling our remaining oil and natural gas exploration and production assets, our interests in a diesel refinery in North Dakota and our interests in a natural gas processing plant in North Dakota. Our financial results for 2016 reflect that these changes have provided strong momentum, and we are excited about the opportunities that exist for our continuing operations.

2016 earnings from continuing operations increased 32 percent to $232.4 million, or $1.19 per share, compared to 2015 earnings

from continuing operations of $175.7 million, or 90 cents per share. Including discontinued operations, primarily the exploration and production and refining businesses that we sold, MDU Resources reported 2016 earnings of $63.7 million, or 33 cents per share, compared to a loss of $623.1 million, or $3.20 per share, in 2015.

Our company provided shareholders with a 62 percent total return in 2016, and in November we increased our dividend for the 26th consecutive year. Fewer than 100 of the more than 2,400 other U.S.-listed, dividend- paying companies have increased their dividend as many consecutive years as MDU Resources.

Standard & Poor’s in the fourth quarter of 2016 improved our company’s credit rating outlook from negative to stable, a reflection of our reduced exposure to commodity price risk. MDU Resources now has a BBB+ credit rating with stable outlook from both S&P and Fitch Ratings.

CONSTRUCTION MATERIALS HAS RECORD YEAR Our construction materials business, Knife River Corporation, finished 2016 with record results for the second consecutive year. Although revenues were down slightly, earnings were up 15 percent to $102.7 million with an increase in aggregate and asphalt volumes and

margins. All of Knife River’s regions continue to perform well. We saw higher construction demand and margins in all but the North Central region, where we have seen a slowdown in North Dakota.

We believe the $305 billion, five-year Fixing America’s Surface Transportation (FAST) Act, which was passed in late 2015, will provide opportunities. We expect to see more substantial impacts this year and going forward as projects are released for bids.

Knife River has more than a 30-year supply of aggregates with its 1 billion tons of reserves. We finished 2016 with record year-end backlog of $538 million, which is 10 percent higher than the 2015 record year-end backlog.

CONSTRUCTION SERVICES BUILDING MOMENTUM Earnings from our construction services business in 2016 were up 43 percent, to $33.9 million, on just 16 percent revenue growth. The increase was mainly from higher construction workloads and margins in the Western Region.

MDU Construction Services Group closed on the sale in the fourth quarter of one of the largest community solar projects in the U.S., on which it provided turnkey engineering, procurement and construction. Also in the fourth quarter, MDU Construction Services Group successfully completed a 135-mile, 345-kilovolt transmission line project. The project was the largest transmission construction project ever completed by MDU Construction Services Group.

Our construction services business is the 13th largest specialty contractor in the U.S., as ranked on Engineering News-Record’s 2016 Top 600 Specialty Contractors list. Backlog was down slightly to $475 million at the end of 2016, but this business is well-positioned to respond to bidding opportunities we anticipate will escalate in 2017.

UTILITY CONTINUES FOCUS ON RATE RECOVERY Our electric and natural gas utility businesses also had higher earnings in 2016, up 16 percent to $69.3 million. The increase was mainly related to cost recovery through regulatory relief. Natural gas retail sales volumes were up 4 percent for the year as well, a result of customer growth and colder weather in certain areas.

The utility continues to seek regulatory recovery for investments associated with upgrading and expanding

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 20176

Otter Tail Corporation continued its long-term commitment to stable, predictable performance in 2016. Our streamlined operation as a two-platform company delivered shareholder value through our high-performing, low-cost electric utility and disciplined manufacturing companies.

The foundation that underlies our ongoing success at Otter Tail Corporation is the essential

leadership of our employees. With more than 2,000 employees across six states, our people make our success.

The corporation’s net income and diluted earnings per share from continuing operations were $62.0 million and $1.60, respectively, compared with $58.6 million and $1.56 for 2015, despite significant financial challenges at the utility associated with weather. Return on equity was 9.8 percent.

Our stock performed well in 2016 compared with major utility and broad market indexes. Total return was 57.9 percent, and our year-end dividend yield is 3.1 percent. We have paid dividends on common stock for 78 years, or 313 consecutive quarters. Our annual indicated dividend rate per share for 2017 is $1.28.

Otter Tail Power Company continued to execute its growth plan in 2016. The utility expects to invest $862 million from 2017 to 2021 in rate-base expansion, including regional transmission projects, renewable energy, and natural gas-fired generation, producing an expected compounded annual growth rate in rate base of 7.5 percent between 2015 and 2021. Most projects are eligible for cost recovery during construction.

Regional transmission projects are key components of our rate-base expansion. Otter Tail Power Company is a 50 percent owner in two 345-kilovolt transmission lines. Neighboring utilities are co-owners. Both lines are designated multi-value projects within the Midcontinent Independent System Operator, Inc. (MISO) footprint, bringing improved reliability, increased system capacity, and support for public policy goals related to integrating renewable energy. The costs of these projects will be allocated across all customers in MISO’s 12-state Upper Midwest footprint. The 70-mile line that runs south from the Big Stone South Substation to Brookings County,

South Dakota, is on budget and expected to be energized in late 2017. The 163-mile line that runs northwest from the Big Stone South Substation to Ellendale, North Dakota, began construction in 2016. It is on budget and expected to be completed in 2019. Otter Tail Power Company is managing the Big Stone South-Ellendale project. Our expected investment for both projects totals $229 million.

The utility’s resource plan, filed with Minnesota in June, identifies the most cost-effective combination of resources for meeting customers’ needs for reliable service over the next 15 years.

Otter Tail Power Company plans to retire its baseload coal-fired Hoot Lake Plant in 2021. The utility will add additional wind energy and natural gas-fired generation to replace energy and capacity from the plant. We already have announced the purchase of a 150-megawatt wind farm to be built in southeastern North Dakota in 2019. At an estimated cost of approximately $250 million, it will be the largest capital project in company history. With this addition, the amount of wind energy that supplies customers’ electricity needs will jump from 19 percent to approximately 28 percent. Few utilities in the nation have a higher percentage of renewable wind energy.

The construction of a planned 250-megawatt simple-cycle natural gas-fired plant will replace both Hoot Lake Plant capacity and expiring long-term purchased power agreements.

The utility’s resource plan also includes adding 30 megawatts of solar resources by 2020 to comply with Minnesota’s Solar Energy Standard. A resource plan ruling is expected in 2017.

The company filed a rate case with the Minnesota Public Utilities Commission in February requesting a 9.8 percent rate increase, or approximately $19.3 million annually. The proposed increase reflects the company’s investments in new environmental technologies and a stronger transmission system that delivers electricity to its customers. The commission granted an interim rate increase of 9.56 percent in April and is expected to issue its final order in spring 2017, which may result in a reduced rate increase. Even with a potential rate increase, it offers some of the lowest rates in the nation.

Underlying the company’s operational excellence is the value the utility places on customer satisfaction and workplace safety. The company is a top performer in

Charles MacFarlanePresident and CEO

Letter to Shareholders – Otter Tail Corporation

Letter – Otter Tail Corporation cont. on page 10

VOL. 27 NO. 2 7

Letter – WEC Energy Group cont. on page 11

Dear Fellow Shareholder,

This year’s annual report theme — “focused on the fundamentals” — underscores the core principles of our business: safety, efficiency, reliability and financial discipline. We believe that following these principles will make for an enduring franchise.

These principles guide us as we deliver essential services to our

customers: electric power, natural gas and, in downtown Milwaukee, steam. One of things I am most pleased about is our continued progress to achieving zero harm to our employees — what we call “Target Zero.” In 2016, WEC Energy Group demonstrated significant improvement in its safety performance.

Our employees work tirelessly to achieve optimal operational results with a customer focus. We Energies, our Milwaukee-based utility, was recognized again for its reliability and customer service in 2016. For the sixth year in a row, We Energies received the ReliabilityOne™ Award for Outstanding Reliability Performance in the Midwest. We Energies also was honored with the Outstanding Customer Reliability Experience Award.

Our utilities continue to improve the critical infrastructure required to provide service to our customers. These investments will renew and modernize our delivery networks, reduce operating costs, and improve reliability and energy efficiency. Some of the most notable initiatives are as follows.

NEW NATURAL GAS STORAGEIn January, we signed an agreement to acquire Bluewater Natural Gas Holding LLC, an underground natural gas storage facility in Michigan that will provide approximately one-third of the storage needs for our natural gas distribution companies in Wisconsin. The total acquisition price is $230 million.

We expect that the risks and returns associated with the investment will be consistent with those that we see in our regulated businesses. In addition, we believe this storage will result in significant savings to our customers over time.

We filed a request with the Public Service Commission of Wisconsin in February for a declaratory ruling, and expect a decision by fall 2017.

IMPROVING RELIABILITY IN NORTHERN WISCONSINWisconsin Public Service is in the process of converting

more than 1,000 miles of overhead electric power lines to underground and adding automation equipment on 400 miles of lines to increase reliability for customers. The $220 million project began in 2014 and was scheduled for completion in 2018; however, the project has brought such benefits to customers that we are proposing to expand it to include an additional 900-plus miles. This approximately $200 million extension is scheduled to be completed in 2021.

MODERNIZING CHICAGO'S NATURAL GAS SYSTEMPeoples Gas is currently in the early stages of a long-term program to replace approximately 2,000 miles of aging pipelines in Chicago. This will ensure the safe and efficient delivery of natural gas to more than 800,000 customers. In the next three years, we’re planning on replacing 250 miles with an investment of approximately $280 million to $300 million annually. The project is more than 20 percent complete.

NEW RENEWARBLE GENERATIONIn July 2016, the new powerhouse at the Twin Falls hydroelectric facility achieved commercial operation, replacing a powerhouse built in 1912. This project has resulted in large improvements in safety and efficiency. The new powerhouse generates 50 percent more clean, reliable and renewable power than the previous one.

A YEAR OF FINANCIAL ACHIEVEMENTWe are delivering on the promised benefits of the Integrys acquisition completed in June 2015. In fact, our efforts to date have resulted in a nearly 6 percent reduction in operations and maintenance expenses compared to our original target of a reduction of 3 to 5 percent. I believe that, as we continue to streamline and consolidate our systems across the enterprise, we will deliver even more benefits.

Since efficiency and financial discipline go hand-in-hand, we were able to achieve our primary financial goal of earning the allowed return on equity at each of our utilities, while also achieving record earnings per share — growing by more than 8 percent in 2016 over our 2015 stand-alone adjusted earnings per share.

At its January 2017 meeting, our board of directors raised the quarterly dividend on the common stock to 52 cents per share — an increase of 2.5 cents, or 5.1 percent over the previous quarterly dividend level. This represents a compound annual growth rate of 6.6 percent from the 2015 fourth-

Letter to Shareholders – WEC Energy Group

Allen L. Leverett President and CEO

In your INTERESTJUNE 20178

Dear Fellow Shareholders:

Xcel Energy delivered excellent results in 2016 — financially, strategically and operationally. Our performance continues the long tradition of delivering value for our shareholders and positions us for continued success in 2017 and beyond. 

I am proud to work for this company and with such dedicated and talented employees. The phrase

“Always Delivering” is one that rings true throughout Xcel Energy, encapsulating the important role we play powering millions of business and residential customers every day.

One measure of our success is financial performance, and we delivered again in 2016, continuing to provide strong shareholder value. Xcel Energy delivered 2016 GAAP and ongoing earnings of $2.21 per share, compared with GAAP earnings of $1.94 per share, and ongoing earnings of $2.09 per share, in 2015, which marks the 12th consecutive year we have met or exceeded our ongoing earnings guidance. 

Xcel Energy also increased your dividend 6.3 percent in 2016, marking the 13th consecutive year of dividend growth. We maintained our dividend growth guidance in the 5 to 7 percent range, reflecting the ongoing confidence we have in our ability to deliver for you. 

Total shareholder return is another way we measure performance; we posted a 17.1 percent return in 2016. Our three-year total shareholder return is 62 percent, which compares favorably to the overall utility sector. With another successful year behind us and strong momentum in place, we initiated 2017 earnings guidance of $2.25 to $2.35 per share. 

DELIVERING LONG-TERM GROWTHDuring 2016, we continued to execute our “steel for fuel” growth strategy, which locks in long-term fuel savings for our customers by building and owning wind farms at a time when tax credits make this a significant value. The approach takes advantage of the wind-rich resources that are available in our service territory and provides billions of dollars in fuel savings, which offset the capital costs to build the new wind generation.

Steel for fuel offers impressive economic and environmental benefits that appeal to our customers and shareholders and strengthens our position as a low-cost energy provider. It is a prudent way to reduce our carbon footprint and transform

our energy supply mix from fossil fuels without raising prices for customers, while simultaneously providing growth opportunities for the company.

We made tremendous strides in 2016. Just 15 months after construction began, our Courtenay Wind Farm in North Dakota became fully operational. In Colorado, we gained approval for the Rush Creek Wind Project, a 600 megawatt wind farm that will break ground this year and will go into service in 2018. 

Xcel Energy entered into a supplier agreement with Vestas, one of the largest wind turbine manufacturers in the world. The partnership ensures we have access to the “steel” needed to fulfill our wind commitments and provides additional tax credits for our customers. We also announced plans to add 1,550 megawatts of wind in the Upper Midwest and propose to own approximately two-thirds of that capacity. In addition, we are pursuing the potential to add more than 1,000 megawatts of wind power in Texas and New Mexico.

Over the next five years we are pursuing several capital investment projects — including a significant amount of large-scale renewables — that would grow our rate base by 5.5 percent.

ENGAGING STAKEHOLDERSWe took our stakeholder engagement efforts to new levels in 2016, resulting in ground-breaking agreements in Colorado and Minnesota. The company is poised to implement one of the state’s first multi-year electric rate plans in Minnesota and is testing updated pricing designs in Colorado. Through an industry-leading resource plan approved in Minnesota, Xcel Energy will more than double its wind and solar resources while retiring two coal-fueled units, which would result in a 63 percent carbon-free energy mix to the region by 2030. 

Xcel Energy will launch a new customer option, Renewable*Connect, in Minnesota and Colorado to provide up to 100 percent renewable energy that is certified. And finally, a wide-reaching agreement was secured with 22 stakeholder groups in Colorado that will expand the company’s rooftop and community solar offerings.

OPERATIONAL EXCELLENCE AND INDUSTRY LEADERSHIPFundamental to our business is providing reliable service for our customers. We continue to deliver on that promise, meeting our energy reliability goals and delivering industry-leading storm response when customers need us the most.

Letter to Shareholders – Xcel Energy

Ben Fowke Chairman, President and CEO

Letter – Xcel Energy cont. on page 13

business anticipates capital spending of $922 million to support sustained customer growth. Our natural gas distribution business plans to invest $534 million of capital to accommodate ongoing growth and pipeline replacement needs.

OUR DEDICATED EMPLOYEES At the heart of CenterPoint Energy are our employees, who demonstrate our values of safety, integrity, accountability, initiative and respect.

Safety of our employees, delivery systems and the public is our priority. CenterPoint Energy was placed in the top quartile for Edison Electric Institute and American Gas Association safety rankings in 2016. However, we also had several serious safety incidents that reinforced our commitment to working safely and continuing to improve our safety programs and performance. Our overall approach to safety performance is focused on behavior-based safety programs and a commitment to sustaining a strong safety culture.

Additionally, we’re proud to have been recognized for our customer service. In 2016, we were named the top Texas Electric Transmission and Distribution Service Provider (TDSP) in customer satisfaction by Cogent Energy Reports in the Texas TDSP Trusted Brand and Customer Engagement Study.

We also received several environmental awards in 2016, including the Climate Leadership Award and ENERGY STAR Partners of the Year award, both from the U.S. Environmental Protection Agency.

Our energy-efficiency efforts span across commercial, residential, and low-income programs for both electric and natural gas consumers. In 2016, approximately 170,000 megawatt hours of energy were saved. Rebates from our conservation improvements led to customers saving nearly $18 million – the equivalent of the annual energy usage of about 27,000 homes.

Last year, we conducted an employee survey, which reflected high levels of pride, commitment, and employee engagement. Studies have demonstrated that an engaged workforce can have a significant effect on financial and operational results as well as higher customer satisfaction.

Our successes and awards reflect the commitment and talent of our dedicated workforce.

OUR ENERGY FOR YOUYour investment in CenterPoint Energy supports our company, our employees, our communities and, ultimately, energy for you. Thank you for your confidence in our company, leadership, and vision to lead the nation in delivering energy, service, and value.

Sincerely,Milton Carroll Executive Chairman of the Board

Scott M. Prochazka President and CEO

CenterPoint EnergyWebsite: www.centerpointenergy.comNYSE: CNP

Letter – CenterPoint Energy cont. from page 4

VOL. 27 NO. 2 9

Affairs for its commitment to hiring, supporting, and retaining veterans, active-duty military members, and their families. It’s a sure sign that the next generation of leaders at ALLETE will continue to embody the strong values that guide us on our sustainable journey.

Another sign of a sustainable business is its financial performance and ability to deliver shareholder value. For the seventh straight year, ALLETE’s Board of Directors voted to increase your dividend in 2017. ALLETE has paid uninterrupted dividends since 1948, and remains committed to returning value to shareholders. Total shareholder return over the past three years was 44.3 percent. In addition, ALLETE’s stock hit a new all-time closing high of $67.33 on March 3, 2017, a sign of investor confidence in the Company’s ability to deliver value.

Already this year we’re hard at work on a number of fronts to support another year of financial growth and operational success as ALLETE continues to execute its strategy, while also assuring the comfort, security and quality of life for our valued customers. Thank you for your interest and investment in ALLETE on behalf of each of its nearly 2,000 employees.

Sincerely,Alan R. HodnikChairman, President and Chief Executive Officer

Letter – ALLETE cont. from page 3

ALLETEWebsite: www.allete.comNYSE: ALE

Letter – Otter Tail Corporation cont. from page 6

the American Customer Satisfaction Index study, with residential customers consistently scoring us as one of the highest ranked investor-owned utilities in the nation. We had a record year in energy-efficiency programs in 2016, saving customers 58 million kilowatt-hours—equal to the annual energy use of 5,000 homes. And we ended the year with a strong safety record, finishing with the company’s lowest OSHA recordable incident rate ever.

Economic pressures in the agriculture, oil and gas, and recreational vehicle equipment end markets and a general

weakness in United States manufacturing due to a stronger dollar and lower capital spending impacted BTD Manufacturing, our custom metal fabricator, again this year. Nevertheless, BTD nearly doubled earnings year over year, although we still are working to regain the earnings levels it achieved prior to 2015.

The company completed its facilities expansion in Detroit Lakes and Lakeville, Minnesota, which added in-house painting and complex assembly capabilities and reduced logistics costs. The Illinois facility experienced increased

In your INTERESTJUNE 201710

facilities. We have grown our rate base at a record 12 percent, compounded annually, over the past five years, and we expect our rate base to continue to grow by approximately 4 percent annually.

In 2016, our utility customer base grew 1.6 percent to approximately 1.07 million. We expect our customer base to continue to grow at a rate of 1 to 2 percent annually. Our electric utility will issue its Integrated Resource Plan this year. Also, we announced an agreement to buy power from an expansion of the Thunder Spirit Wind farm in southwestern North Dakota, which is expected to be on line in late 2018. The additional wind generation will increase our renewable portfolio to approximately 27 percent of generation capacity.

PIPELINE BUSINESS PURSUING GROWTH PROJECTS Earnings at our pipeline and midstream business were $23.4 million in 2016. This is slightly higher than 2015 when considering that this business recorded impairments associated with asset sales of $1.4 million, after tax, in 2016 and $10.6 million, after tax, in 2015. Customer utilization of our natural gas storage services was 59 percent higher in 2016.

We closed January 1, 2017, on the sale of our 50 percent non-operating ownership interest in the Pronghorn natural gas processing plant in North Dakota. This further reduces risks associated with oil and natural gas commodity prices, and the company received proceeds of approximately $100 million.

We are focused on pipeline system growth. In 2016, we completed two expansion projects in northwestern North Dakota. We have another project in the Bakken region that will be completed in the second quarter this year. We also

secured the commitments necessary in 2016 to proceed with our Valley Expansion project. This 38-mile pipeline will connect our existing system in eastern North Dakota with another pipeline in far western Minnesota. We expect to start construction in early 2018 and complete the project late that year.

OUR EMPLOYEES ARE THE DIFFERENCE Our employees work hard to provide results. We thank them for their commitment to operating safely and maintaining the integrity that is a vital part of our culture, while being good stewards in the communities where they live.

We are excited about our company’s future as we continue Building a Strong America.® We believe the new administration’s goals for our country will provide additional opportunities for our businesses.

We will maintain our conservative fiscal approach to managing your investment in MDU Resources, while providing the results you expect. We are proud of the fact that we have paid uninterrupted dividends to our shareholders for 79 years, and our commitment to paying dividends is reflected in our membership in the S&P High-Yield Dividend Aristocrats index.

Thank you for your continued support of MDU Resources.

Harry J. Pearce Chairman 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

Letter – Otter Tail Corporation cont. on page 11

VOL. 27 NO. 2 11

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

quarter level. Our annual dividend rate stands at $2.08 per share. The board affirmed our dividend policy that targets a dividend payout ratio of 65 to 70 percent of earnings.

CONTINUING PROGRESS Looking to the future, I recognize that we need to remain customer-focused and cost-conscious. I also believe that some form of carbon emission regulation is ultimately inevitable. As the regulation of carbon emissions takes shape, our plan is to work with our industry partners, environmental groups and the state of Wisconsin to reduce carbon dioxide emissions by approximately 40 percent below 2005 levels by 2030.

In 2016, about half of the electricity we delivered to our customers was derived from low- or no-carbon sources such as natural gas, nuclear fuel, wind farms and hydroelectric facilities. However, we want to continue to make progress in this area. I want any changes that we make to reduce costs, preserve fuel diversity and keep us on a path to reducing our carbon emissions.

One example of these changes is our proposal to invest approximately $275 million in a 180-MW natural-gas-fueled generation facility in the Upper Peninsula of

Michigan. We’re targeting commercial operation in 2019, at which time we expect to be in a position to retire our coal-fueled Presque Isle Power Plant. This would significantly reduce operations and maintenance expense as well as carbon dioxide emissions.

IN CONCLUSION Our employees remain the bedrock of our company. We value, support and develop our colleagues who are making a difference every day in a mission that matters. By keeping employees and customers at the heart of our business, and by working every day to help to grow and support the communities we serve, we believe that we can continue to achieve superior results.

Thank you for your investment in WEC Energy Group,

Allen L. LeverettPresident and Chief Executive Officer

WEC Energy GroupWebsite: www.wecenergygroup.comNYSE: WEC

Letter – WEC Energy Group cont. from page 7

sales associated with the renewable wind energy industry. Integration of the Georgia plant acquired in late 2015 is progressing. While soft end markets negatively impacted Georgia’s 2016 financial performance even more than other BTD locations, we remain committed to this Southeast expansion to better serve BTD’s customers, who are some of the top original equipment manufacturers in the nation.

T.O. Plastics, our thermoforming manufacturer, remains focused on its primary market, horticulture containers, which accounts for 63 percent of total sales. The company also continues to build on its life science business while pursuing other custom solutions opportunities. The company’s ongoing emphasis on workplace safety reached a milestone in 2016 with 324 days without a reportable OSHA incident.

Northern Pipe Products and Vinyltech, our PVC pipe manufacturers, faced challenges with a declining margin between sale prices and raw material prices. Strong year-

over-year pipe volume growth off set some of the margin compression and allowed the companies to meet their financial targets.

Otter Tail Corporation is poised for long-term success. We’ll continue to execute on our strategic initiatives as we move into 2017. Focused on growing our businesses, achieving operational excellence, and developing talent, we are creating the future we desire. We thank our employees for their dedication and accomplishments. They drive the corporation’s successes. And we thank you, our shareholders, for placing your trust and confidence in us.

Charles S. MacFarlanePresident and Chief Executive Officer

Letter – Otter Tail Corporation cont. from page 10

In your INTERESTJUNE 201712

Company Briefs

Did You Know?ALLETE

ALLETE common stock closed at $70.38 on Friday, April 21, 2017, which was the first time it has closed above the $70 mark.  But it didn’t stop there….on Monday, April 24th, it reached a daily high of $72.05, and on Wednesday, April 26th, it closed at $71.11.

The Key Gazette that provides daily stock news reported ALLETE stock has risen over 18% since September 14, 2016, and has outperformed by the S&P 500 by over 7% during that time.

CenterPoint EnergyIn 1870 the city of Minneapolis granted the newly formed Minneapolis Gas Light Co. a franchise to provide gas service with gas manufactured from coal or oil at a plant along the Mississippi River.

Also for over 80 years, CenterPoint has offered Home Service Plus (HSP) – providing heating and cooling solutions for Minnesota homeowners. They offer expert repair, along with service and maintenance plans, and professional sales for both gas and electric equipment.

MDU Resources GroupMDU Resources group has more than 8,600 employees and operates in 48 states. They have traded on the New York Stock Exchange since 1948 under the symbol MDU. Their dividends have increased for the past 25 consecutive years, and the company’s quarterly dividend payments have continued uninterrupted since 1937.

Xcel EnergyXcel Energy’s Prairie Island Nuclear is the largest source of carbon-free power in Minnesota and is the largest taxpayer in the Red Wing area. The plant’s operation generates over $550 million in economic activity each year and approximately 20% of the sites employees are military veterans.

Otter Tail Corp.BTD Manufacturing based in Detroit Lakes, MN has been a subsidiary of Otter Tail Corp. since 1995. BTD provides metal fabrication services for custom machine parts and metal components through metal stamping, tool and die, machining, tube bending, welding, and assembly and employs approximately 1,040 employees.

WEC Energy GroupIn 2014 Integrys Energy Group, Inc. and its operating companies were acquired and now do business as WEC Energy Group. Minnesota Energy Resources Corp. (MERC) continues to operate as a separate utility under the new parent company.

MERC’s service area stretches from Canada to the Iowa border, and from the Dakotas to Wisconsin. Of the 87 counties in Minnesota, Minnesota Energy Resources Corp. operates in 52 of them. They deliver natural gas to 232,000 customers in 184 communities across Minnesota. G

Annual Meeting Monday, October 9, 2017

SEMINARS • LUNCHEON • EXHIBITS • BINGO & PRIZES

JOIN US!

VOL. 27 NO. 2 13

Xcel Energy was recognized by the Edison Electric Institute for our emergency response and power restoration after a massive winter storm struck communities in Texas and New Mexico and interrupted service to tens of thousands of our customers in December of 2015.

Our public safety commitment is a responsibility we take seriously. Our work is especially visible as we upgrade natural gas infrastructure and make repairs to our power grid in the communities we serve. Perhaps less visible, but just as important, is our behind-the-scenes work as we employ multi-faceted efforts to protect the electrical grid from physical and cyber attacks.

Our employees and customers take pride in Xcel Energy’s long-standing wind energy leadership, and that continued in 2016 when we were named the nation’s No. 1 utility wind energy provider for the 12th consecutive year by the American Wind Energy Association.

ALWAYS DELIVERING It is what we do: 24 hours a day, seven days a week, 365 days a year.

We are proud to power the lives of millions of people and to give back to the communities we serve. Our record-setting United Way campaign raised more than $3 million and brought thousands of volunteer hours to nonprofits throughout our service territory. 

We are unwavering in our commitment to partner with stakeholders to build value — whether it is delivering renewable energy, expanding customer choices or making it easier than ever to do business with us. 

Once again, we appreciate the trust you place in Xcel Energy. We don’t take it for granted as we strive to deliver exceptional value for you today and tomorrow. With your partnership, our future is indeed very bright. 

Sincerely, 

Ben Fowke Chairman, President and Chief Executive Officer   

Letter – Xcel Energy cont. from page 8

Xcel EnergyWebsite: www.xcelenergy.comNYSE: XEL

PUC TO BROADEN CONSIDERATIONS IN LEAST-COST RESOURCE PLANNING Current law directs the Public Utilities Commission (PUC) to consider whether a utility company’s resource plan helps the utility achieve the state’s greenhouse gas goals, the Renewable Energy Standard (RES) or the Solar Energy Standard (SES).

Legislation that was passed now requires the PUC to also consider 1) the impacts on local and regional grid reliability; 2) utility and ratepayer impacts resulting from the intermittent nature of renewable energy facilities; and 3) utility and ratepayers impacts resulting from reduced exposure to fuel price volatility, changes in transmission costs, generation diversification and environmental compliance costs.

2018 POSSIBLE ENERGY ISSUESLegislation introduced in 2017 can still be debated in the 2018 Legislative Session in addition to bills that introduced in 2018. One of the bills that MUI will be advocating for passage in 2018 is reforming the Personal Property Tax.

Personal Property Taxes (House File 1985/Senate File 2193)What is Personal Property? Utility machinery, equipment,

transmission and distribution lines, pipelines, etc. are defined as personal property.

Who Pays Personal Property Tax? Only the utility industry must pay a tax on their personal property – other businesses were exempted from paying this tax in the 1970s. This personal property tax is in addition to the commercial/industrial property taxes utilities pay on their real property (land and buildings). Ultimately, all utility customers pay for both of these taxes through their electric and gas bills.

A number of legislators have expressed interest in changing the structure of this tax which could create a more equitable and easier administrative process. This proposed legislation is intended to simplify the valuation process on utility personal property which will make the tax more transparent.

While the bill was not heard in the House or Senate this year, the Department of Revenue has committed to work with the utility companies and others over the interim on this issue.

If you would like a complete list of the bills that are still “alive” for 2018 or have questions about other energy issues that passed this year, please contact Annette at the MUI offices. G

2017 Legislative Session cont. from page 1

In your INTERESTJUNE 201714

Accolades

Thank you to our MUI Supporting Members for their continued support and advocacy! Those listed below represent those who have renewed February 15, 2017–May 15, 2017. 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.

ARIZONA: Richard and Kathleen Tauer; CALIFORNIA: Mel Tindall, Richard and Shirley Olson; FLORIDA: Edward Dohrman; IOWA: William and Jacquelyn Ellingrod; INDIANA: Ted and Margaret Stahura; MINNESOTA: Al and Sandra Kretsinger, Albert and Myrna Lindeman, Ann Lewerer, Anne L. and William J. Sliney, Anthony Bauman, Anthony Roszak, Ardean and Esther Sleen, Arthur and Mazie Englund, Barbara and Jane Flowers, Barbara and Robert Higgins, Barbara Lindenberg, Bert Shear, Beverly Page, Bill and Diane Ellis, Bob and Shirley Larson, Bob Schmall, Carl and Janice Johnson, Carol and Don Trace, Charles and Fern Schneider, Chester Tollefson, Clair and Audrey Ewert, Clarence and Dolores Senst, Clarence and Doreen Corrigan, Clem Duffy, Dale Henry, Daryl Capistran, David W. and Karen D. Davis, Dean and Marilyn Turnberg, Dean and Mary Swenson, Dewey Bjork, Dick ( John) and Terry Omacht, Dick and Kay Tschida, Dolores Petterson, Don and Ann Cummings, Don and Geraldine Halley, Don and Judy Henderson, Donald and Carol Linser, Donald and Linda Lucachick, Dorothy Walton and Christina Furo, Douglas and Lois Hed, Dr. Albert Schroeder, Dr. James and Linda Schwanebeck, Dr. Jerry Artz, Duane and Charlotte Sorensen, Duane Mahlum, Dwight and Delores Karsjens, Edith and James Broten, Edward and Del Bernath, Edward Ruisi, Elaine Dacken, Elmer and Arlene Elsner, Eugene Carroll, Floyd and Sharon Mathiowetz, Frances Iverson, Frank and Joan Opay, Frank and Shirley Shusta, Frank Bruns, G. Lorraine Johnson, Gary and Jana Williams, Gaylen and Joan Melby, Gene and Diane Carmichael, George and Ev Gerogeorge, George Streich and Joyce Allen, Geraldine Jensen, Glen Chadderdon, Gregory Driscoll, Harlan and Sharon Huso, Harland and Pauline Knight, Harold Shore, Howard Brady, Ivy Chang, Jack and Karen Ruff, Jack and Susan Sartell, Jack Carter, James and Deborah Kneen, James and Joyce Haglund, James and Marianne Potratz, James and Shirley Marshall, James Giedt, Janet and William Zarbok, Janice and Gerald Tjepkes, Jeanette Birnstengel, Jerry and Jan Savage, Jerry and Shirleen

Gulden, Jim and Julie McNearney, Jim Berhow, Joan M. Groth, John and Marlene Chabot, John and Mona Aeshliman, John and Wilma Frantz, John L Shamp, John Thoemke, Joy Bragg, Juanita Carlisle, June Kreutzkampf, Karl Honigman, Kathleen Derr, Keith Dawson and Donna McBrian, Ken and Jeri Neeser, Kenneth and La-iad Miller, Kermit and Connie Christensen, Larry and Jane Eshleman, Leo and Lori Rogers, Leon F. and JoAnn J. Gunia, Leonard and Judith Miller, Lester and Flora Laun, Linda Stephenson and Bruce Montgomery, Lloyd Jr. and Cynthia Anez, Lloyd Simich, Lou and Mildred Branca, Lowell Benson, Lucille Kirkeby, Lyle and Elaine Salmela, M.M. Maresh, Marcia Chalgren, Margaret and Daniel Janzen, Marian Qualset, Marilyn Corrigan, Marjorie Kojola, Marjorie Wood, Marlene Johnson, Marloe and Sylvia Anderson, Marty and Lorraine Romano, Max and Sally Gilbert, Michael and Alice Grady, Michael Berg, Mona Geeting, Monica Lundquist, Myrna Kauth, Myrwood Bagne, Noel A Nauman, Norm and Sharon Ledeboer, Olga Carlson and Jim Vickery, Ollie and Marjorie Lesnick, Orma Tenti, Pamela Schilling and Dean Hodge, Pat and Renee Buttweiler, Patricia and Dennis Gerwing, Patrick J. and Carol A. Scully, Paul and Rosalie Roth, Philip and Patricia Gleason, Polly Marshall, Prof. Alexander and Ardell Nadesan, R. J. ''Dick'' and Paulette Nathe, Ralph Johnson, Randall and Mary Kay Nielsen, Raymond Lundquist, Richard and Jean Sanford, Richard and Mary Wirt, Richard and Peggy Dronen, Richard Koechlein, Richard Morgan, Robert and Harriet Henk, Robert and Karen Kolas, Robert and Lavelle Graham, Robert and Marcia Kolodge, Robert and Sharon Hance, Robert Holz, Roger and Donna Andersen, Ronald Erjavec, Russell Zuehlsdorff, Ruth Howe, Sharon and Arland Brusven, Stan and Natalie Adler, Sue Sally Anderson, Terry and Jacky Pickens, Thad Larek, Thomas and Karen Ulmen, Thomas Pacholl, Tom and Laurie Drake, Tom Hewett, Vic Mars III and Lisa Mars, Virgil and Marion Rasmussen, Virginia Hoyt, Virginia Toms, Wallace Jacobson, Warren and Edonna Baldwin, Warren and Lilly Olson, Wayne and Kathy Swanson, Willard Johnson, William and Carole Gebhardt, William and Loretta Giesen, William and Ruth Brune, William F Mueller, William F. and Nicole M. Mahoney, William M. and Cheryl McKenzie, Willis Erickson; NORTH DAKOTA: Donald and Sue Schmidt; NEW MEXICO: Pamela Hodge-Miller; OHIO: Chet Hejduk; PENNSYLVANIA: Fred McConnell, Grace Clarke Wright, Russell and Anna Mae Koons; TEXAS: John Gula; VIRGINIA: Charles and Judith Skarie, Jay Robinson; WASHINGTON: Tyler and Frankie Savage; WISCONSIN: John and Carol Arthur, Richard Rost, Rita and Terry Hogan. G

Accolades to recent MUI dues-paying members

WANT TO BE INCLUDED? JOIN TODAY! An application and our most recent member offer is featured on the back page.

Mark your calendar

VOL. 27 NO. 2 15

Upcoming MUI Meetings and EventsDATE LOCATION TIME

Monday, June 12 Little Falls 11:30 a.m.

Monday, June 12 Duluth/Proctor 5:30 p.m.

Tuesday, June 13 Iron Range 11:30 a.m.

Tuesday, June 13 Bemidji 5:30 p.m.

Thursday, June 15 St. Paul 5:30 p.m.

Monday, June 19 Fergus Falls 11:30 a.m.

Monday, June 19 Moorhead 5:30 p.m.

Tuesday, June 20 Woodbury 11:30 a.m.

Thursday, June 22 Hennepin Island Hydro Plant Tour*

Thursday, June 22 Bloomington 6:00 p.m.

Monday, June 26 Baxter 11:30 a.m.

Monday, June 26 North West Metro 5:30 p.m.

Tuesday, June 27 Prairie Island Nuclear Plant Tour*

Wednesday, June 28 Camp Ripley Solar Farm Tour*

Wednesday, June 28 Alexandria 5:30 p.m.

Thursday, June 29 North East Metro 11:30 a.m.

Thursday, June 29 St. Cloud 5:30 a.m.

Wednesday, July 19 Monticello Nuclear Plant Tour*

*Tour opportunities are exclusive to our Supporting Members. Reservations are required.

Local Member Meetings are open to General and Supporting Members. There is a $5 per person charge at registration for General Members. Supporting Members may attend and bring a guest FREE of charge. Reservations are required.

Call us to learn more about our Local Member Meetings!

1-888-850-5171 or 651-227-7902 or mui@mnutilityinvestors.org.

Supporting MemberBecome a Supporting Member (application on back page) and receive a FREE copy of the 2017 Report of Statistical Data on Energy Utilities compiled by Edward Jones as our “Thank You” for paying dues!

BONUS!

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 and Marketing Manager: Heidi Hickey

The Cass Gilbert Building 413 Wacouta Street, Suite 230 St. Paul, MN 55101

NAME

SPOUSE’S NAME (IF APPLICABLE)

ADDRESS

CITY STATE ZIP

PHONE EMAIL

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

"Plug in" to the latest Energy trends—become a Supporting Member!

Our Supporting Members are Informed, Involved, and Educated Investors

Supporting Member Bonus! Become a Supporting Member and receive a FREE copy of the 2017 Report of Statistical Data on Energy Utilities compiled by Edward Jones as our "Thank You" for paying dues! This report offers a comprehensive look at Utility Stocks performance from 2016 and is highly valued by our Supporting Members.

Membership Privileges• Free Admission to MUI Local

Member Meetings. Each meeting includes an educational component, a meal and games with prizes. A great combination of learning and fun! (Up to a $40 value per couple!)

• Opportunity to go on MUI Summer Energy tours—one-of-a-kind hands-on experiences, a great opportunity to literally see power at the source.

• Weekly Monday energy e-newsletter (optional)

• Exclusive Entry in all MUI sponsored drawings at our Annual Meeting

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

ALLETE

CenterPoint Energy

MDU Resources Group

Otter Tail Corp.

WEC Energy Group

Xcel Energy

Member DuesTwo people per household included per membership. (Select one)

Annual Membership ($20)

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

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Address: Minnesota Utility Investors 413 Wacouta Street, Suite 230 St. Paul, MN 55101

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