The only thing we know for sure is the next regular Legislative Session will begin January 30, 2022. Constitutionally the Legislature had to adjourn on Monday, May 17th even though their work of passing a State Budget was not done. Less than 30 bills made it to the Governor’s desk before the Legislature adjourned. Being in the middle of a pandemic certainly complicated an already difficult budgeting process with a divided legislature.

The Governor and Legislative Leadership did reach a “global agreement” on how much each of the State Agencies should be funded as the Legislature adjourned. However, determining the funding levels of the state programs and any policy provisions is being left to the Conference Committees (which are now called Working Groups).

The Governor is expected to call the Legislature back into Session in mid-June when the Working Groups should have agreed upon the details of the State Budget and policy. The State fiscal year begins July 1st so agreement needs to be reached by then.

Energy IssuesMany of the energy bills MUI has been

tracking are still waiting to be decided in the Omnibus Commerce and Energy Bill:

• Allowing natural gas utilities to file an Innovative Natural Gas Plan with the PUC (MUI Supports)

• Removing the nuclear energy moratorium but requiring a utility to develop a plan for storage (MUI Supports)

• Repealing the sunset to allow a natural gas utility to recover utility infrastructure costs (MUI Supports)

• Increasing the Renewable Energy Standard to 55% by 2035 (MUI Opposes)

• Mandating electric utilities to be 100% carbon-free by 2040 (MUI Opposes)

• Limiting utilities from owning their replacement generation (MUI Opposes)

• Not allowing all hydro power to be considered renewable energy (MUI Opposes)

• Expanding the Community Solar Garden Mandate (MUI Opposes)

Stay Tuned. G

Stay Tuned...

2021 Legislature Adjourns without a State Budget

VOL. 31 NO. 2

In this issueNote from MUI President 2Meeting updates 2Shareholder Letters

ALLETE 3CenterPoint Energy 4MDU Resources 5Otter Tail Corp 6WEC Energy Group 7Xcel Energy 8

News Briefs 9, 13–15Accolades 15Membership 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.

A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS

In yourInterestJUNE 2021

Updates from Minnesota’s Energy Investor Owned UtilitiesSummarized 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 your INTERESTJUNE 20212

As we are hopefully moving out of this pandemic, MUI continues to organize ZOOM meetings for members to participate by computer or phone.

Day at the CapitolWhile very different this year, we had over 110 MUI members on their computer or phone participating in our Day at the Capitol—many with their flashing MUI buttons. Chairman of the Senate Energy Policy and Finance Committee, Senator Dave Senjem, talked with members about energy issues currently at the Capitol and how it is to operate in this virtual environment. After his presentation, MUI Members peppered him with questions about nuclear energy, conservation, natural gas, etc. which he graciously answered.

Advocacy DaySince many of the bills were still in limbo at the time of our Day at the Capitol, MUI scheduled an Advocacy Day (April 15th). This event was new this year and provided a virtual opportunity to update members about the status of energy bills that were moving through the legislative process.

MUI provided information and talking points to members about these pending pieces of legislation and encouraged them to send to their elected officials.

WEC Energy GroupContinuing with our efforts to keep MUI members informed about their utility investments, we held a Zoom meeting with WEC Energy Group in April. Scott Lauber, Senior EVP and Chief Operating Officer, and Beth Straka, SVP Corporate Communications and Investor Relations, updated members about WEC Energy Group as well as answered questions.

Also at many of these MUI meetings, we like to have fun. Below is a list of Bingo and Door Prize winners from these meetings.

MUI Continues to Zoom

Bingo and Door Prize Winners Bill and Barbara Harrison, BurnsvilleJo Alice Boatright, MinneapolisKofi Tamba Momoh, Saint PaulPaul Hendrickson, FrazeeRay Peplinski, Inver Grove HeightsDarlene Thorud, Bloomington

Harold Dison, RochesterJoye Schutte, White Bear LakeJune Kreutzkampf, DuluthLarry Kaiser, Maple GroveLinda Ferguson, RochesterRon and Mary Sholl, ShoreviewPriscilla LaMotte, South Saint Paul

MUI Annual Meeting: In-person and Virtual OptionsWe have scheduled our Annual Meeting for Monday, October 4, 2021 at the Earle Brown Heritage Center in Brooklyn Center. We are planning to have the meeting in-person as well as offer the opportunity for members to view the seminars and presentations at home.

We are excited to announce Bethany Owen will be our Luncheon Key-note speaker at the meeting. She was recently elected Chair of ALLETE and currently serves as their CEO. She is the first female to serve in that role at ALLETE.

I miss you! I certainly have enjoyed seeing faces and hearing voices at our Zoom meetings this past year, but it is not the same as seeing people in person. We are hopeful that time will come soon.

We will be sending a survey to members asking about your interest/comfort level in meeting in person, ride in provided transportation, etc. Please take a minute to complete and return it to our office.

Unfortunately, we are unclear if we will be able to schedule any energy tours this summer or

fall. We and the utilities need to err on the side of caution and safety for our members and their employees.

As we start emerging from this pandemic, MUI continues to work to find ways to keep members engaged, interested and informed about energy issues and the stocks you have invested in. If you have any suggestions, please feel free to contact me.

Annette

Annette Henkel, MUI President

Note from MUI President

VOL. 31 NO. 2 3

Dear shareholders,

The past year has brought unprecedented uncertainty, challenges, change, opportunities, and incredible accomplishments. I am proud of our employees who ensured that ALLETE not only is weathering the COVID-19 pandemic, but by many important measures, we are thriving. Great credit and appreciation are due to our employees, our customers, and you, our investors.

ALLETE’s employees have demonstrated tremendous resilience, ingenuity, and dedication in the face of all that has transpired over the past year. The safety of our employees, their families, our customers, and the communities in which we live and serve has always been one of ALLETE’s core values. During these times, safety has been a priority as our companies continue to deliver essential energy services that are more critical than ever.

Part of ALLETE’s strategy, which we believe contributed to our successes in 2020 and will keep our company well-positioned as we emerge from the pandemic, is to put sustainability into action. We believe we’re well-positioned to continue to deliver value to our customers, our communities, and our investors, while providing opportunities for our employees as—together—we build a clean-energy future.

ALLETE Clean Energy continued its strong growth and efforts to help diversify and decarbonize the nation’s energy supply, adding two new clean-energy projects and growing its total wind portfolio to more than 1,000 megawatts. Construction has begun on its next project, the Caddo wind site in Oklahoma, which has renewable energy sales agreements with three Fortune 500 companies. Building on ALLETE Clean Energy’s reputation and its strong track record of success, we believe it is the optimal time to expand its focus beyond wind – to additional opportunities within the clean-energy space, likely to include solar and energy storage solutions.

In 2020, Minnesota Power became the first Minnesota utility to provide 50% renewable energy to customers. This major milestone in Minnesota Power’s EnergyForward strategy was quickly followed by the announcement of a bold vision to deliver 100% carbon-free energy by 2050.

Sustainability in action also describes our efforts to increase diversity, equity, and inclusion at ALLETE. With the election of a new director to the ALLETE board of directors in July 2020, a majority of our board members are women. We are also taking concrete actions to increase diversity in our workforce, to support minority-owned and -operated businesses through our investment and purchasing decisions, and to respond more consciously to community needs with our community-giving and grant programs. Through company efforts and generous contributions from ALLETE employees, ALLETE is a leading donor to local United Way organizations, helping to supply food and provide financial support to people in need.

As planned, Executive Chairman and former CEO Al Hodnik retired at the end of May. Al is leaving an indelible mark on ALLETE. He was instrumental in positioning us for our current successes and in helping to lay a strong foundation for ALLETE’s bright and sustainable future. Please join me in thanking Al for his 40 years of service to ALLETE and in wishing him and his family all the best in retirement.

ALLETE remains committed to growing your investment and to answering the call to transform the nation’s energy landscape through sustainability in action. Thank you for your investment in ALLETE.

Bethany M. OwenChair, President and CEO

Letter to Shareholders — ALLETE

Bethany Owen Chair, President and CEO

ALLETEWebsite: www.allete.comNYSE: ALE

Be Well! Stay Safe! Hope to see you in the Fall.

From the MUI Staff

In your INTERESTJUNE 20214

From CenterPoint Energy 2020 Annual Report

To Our Shareholders

In 2020, we took decisive and disciplined actions to position CenterPoint Energy for an outstanding future.

At the core of our actions is an exciting new long-term growth strategy. Our strategy prioritizes

investments in our regulated utility businesses to maintain focus on the safety, service and resiliency of our systems. It also supports a transition to a cleaner energy future that will drive industry-leading growth. We believe our strategy will enable us to unleash our potential and maximize value for our stakeholders.

One of the key elements of our strategy is a 2021-2025 capital investment plan of more than $16 billion, a $3 billion increase over our prior five-year capital plan. This plan focuses on safety, optimizes service to customers, emphasizes cleaner energy generation and delivery, and supports the timely recovery of our investments. The plan also accelerates our growth and we owe it to our customers and shareholders to spend this capital prudently. And we will. At the same time, our goal is to make the right investments and exceed the expectations of our regulators.

Our capital investment plan is expected to deliver compound annual rate base growth of approximately 10% over the next five years, a rate near or at the top of the utility industry. This will drive future earnings growth and help position us to deliver on our increased long-term annual utility guidance basis earnings per share growth target of 6-8%. We will also seek to minimize our exposure to the volatility of the midstream industry without sacrificing our targeted utility earnings growth.

As we execute our new capital plan, continued focus on improving our balance sheet will be critical for our ability to afford the level of investment we plan to make. Also critical will be our commitment to deliver 1-2% reductions in certain operations and maintenance expenses each year. Additionally, our decision to pursue a sale of our natural gas operations in Arkansas and Oklahoma was primarily driven by our goal to efficiently fund our capital spend opportunities without going to the market to execute large issuances of stock.

With more than 2.7 million metered customers in the greater Houston area and in southwestern Indiana, as well as 1,300 megawatts (MWs) of electric generation capacity in Indiana, our Electric business has many important opportunities ahead. We will continue to focus on safety and reliability, and we also plan to substantially increase our support for the large number of renewable energy projects being built in our Houston service territory. Over the next two years alone, we plan to integrate a large battery project and nearly 4,500 MWs of solar energy into our electric grid.

We are taking key steps in Indiana to replace certain coal generation plants with significant renewable power generation, while remaining focused on excellent reliability performance through a balanced and flexible energy portfolio. We are excited about the opportunity to be a leader in Indiana and reduce the carbon emissions from our coal plants by 80% across our Indiana Electric footprint by 2025.

In our Natural Gas business, as our 4.6 million customers in our service territory continue to choose natural gas as their preferred source of energy, we will increase our capital investment in safety, reliability and growth. We will also continue to further refine our carbon reduction goals through hydrogen injection, renewable natural gas supplies and system modernization to minimize our own methane emissions. The conversion of our customer meter infrastructure will enable automatic and remote shut-off capabilities under certain conditions. While we have had remote reading capabilities for many years, these new features are designed to enhance the safety and delivery of our product.

Our Natural Gas capital plan will primarily support our pipe replacement programs in all our states. Continuing to replace our pipeline infrastructure with more modern materials will reduce emissions and increase the safety and reliability of our system. We have led the replacement of cast iron in our industry and expect to complete all replacements in Indiana and Ohio by 2024, leaving us with no known cast iron in our eight-state footprint. We are also launching a multi-decade pipe replacement program for more than 20,000 miles of distribution main across our service territory.

Customer expectations for reliable and resilient service will continue to be catalysts for our investments. While we are an industry leader in customer satisfaction and helping our customers save energy, we will look to continuously improve in these areas. We have developed self-service processes for account setup, bill payment and proactive outage

CenterPoint Energy

Letter — CenterPoint Energy cont. on page 11

David J. LesarPresident and CEO

VOL. 31 NO. 2 5

2020 needs no explanation in terms of the challenges it presented to our country, our company, our customers and our employees. Despite the pandemic, economic disruptions, social unrest and political turmoil, we are extremely proud of how readily our employees adapted and how well they performed. In fact, MDU Resources Group recorded its second-best earnings in the

company’s 97-year history. Earnings in 2020 were $390.2 million, or $1.95 per share, which was a 16% increase over 2019 earnings of $335.5 million, or $1.69 per share.

We also are proud that in 2020 we increased our dividend for the 30th consecutive year and have paid dividends uninterrupted for 83 years. Our track record is highlighted by our listing on the S&P High-Yield Dividend Aristocrats index.

We expect 2021 to be another strong year for MDU Resources. We started the year with record combined construction backlog, many investment opportunities for our utilities and preparations underway to begin construction on our largest-ever natural gas pipeline expansion project.

Construction materials shatters earnings recordKnife River Corporation had record earnings of $147.3 million in 2020, a 22% increase compared to $120.4 million in 2019, with higher margins and stronger pricing on most product lines.

In 2020, Knife River acquired the assets of an operation in Wyoming and the assets of a pre-stressed concrete business in Washington. We continue to seek acquisition opportunities.

As part of our emphasis on sustainability-related matters, Knife River has expanded its research efforts into environmentally friendlier construction materials. It recently invested in Blue Planet Systems Corp. to pursue a commercial method of creating synthetic limestone that would be produced using sequestered carbon dioxide. Also, in certain markets, Knife River offers customers concrete that incorporates injected carbon dioxide. The carbon dioxide mineralizes and becomes permanently embedded in the concrete.

Knife River expects another strong year in 2021. Our backlog of construction materials work at December 31 was $673 million, on par with year-end 2019’s $693 million backlog.

Construction services hits third year of record resultsMDU Construction Services Group, Inc. continues to grow at a rapid pace, with record performance for the third consecutive year. In 2020, revenues were a record $2.10 billion compared to $1.85 billion in 2019; earnings were a record $109.7 million, compared to $93.0 million in 2019; and the backlog of work at December 31 was a record $1.27 billion, compared to $1.14 billion at year-end 2019.

In 2020, work increased for our outside construction employees, particularly utility-related projects, as they repaired damage across the country caused by natural disasters. Our inside construction employees also stayed busy, with strong demand from high-tech, industrial and hospitality customers.

MDU Construction Services Group acquired PerLectric, Inc., a leading electrical construction company in Fairfax, Virginia, in 2020. We continue to seek acquisition opportunities that strategically grow market share and geographic reach.

Utility business experiences record yearOur electric and natural gas utility businesses earned a record $99.6 million in 2020, compared to $94.3 million in 2019. The increase was the result of implemented rate increases and lower operating costs. Our rate base the past five years grew at a compounded annual rate of 7.5%. We expect to invest approximately $1.6 billion over the next five years, including about $350 million in 2021, in infrastructure improvements and growth projects. We will continue to seek cost recovery on these additional investments.

While our utility business saw overall customer growth of 1.8% in 2020, electric sales volumes decreased approximately 3.3% and natural gas sales volumes declined approximately 7.4%. We attribute these declines to milder winter weather as well as the impact of the pandemic.

Our electric utility continues on track to retire its three wholly owned coal-fired electric generating units, having a combined generation capacity of 144 megawatts. With these plant retirements, the carbon dioxide emission intensity of our electric generation fleet will be reduced by

MDU Resources Group

Letter — MDU Resources Group cont. on page 10

David L. GoodinPresident and CEO

In your INTERESTJUNE 20216

People and PerserveranceFor Otter Tail Corporation, 2020 was a year of unprecedented challenge and unique opportunity. Our core values of integrity, safety, people, performance, and community helped guide our decisions and ensure our success.

In March, as our country began to grapple with the effects of COVID-19, our

operating companies, along with our corporate team, partnered to persevere through the pandemic. Our business continuity and pandemic plans put the health and safety of our employees, customers, and communities at the forefront as we implemented measures to limit negative financial impacts while providing outstanding service to our customers.

Through our combined efforts, we achieved consolidated net income and diluted earnings per share of $95.9 million and $2.34 respectively, compared with $86.8 million and $2.17 in 2019; earnings per share increased 7.8 percent year over year. Return on equity was 11.6 percent.

The dividend yield at year-end was 3.5 percent. Total shareholder return has grown at a compounded annual rate of 13.4 percent over the past five years. We have paid dividends on common stock for 82 years, or 329 consecutive quarters. Our annual indicated dividend per share for 2021 is $1.56, a 5.4 percent increase over our 2020 dividend rate.

Utility Delivers Results through ResilienceOtter Tail Power Company grew average rate base by 18 percent in 2020, primarily through capital investments in energy generation and regional transmission projects, and increased earnings by 13.1 percent.

The utility executed on a record capital spending year, completing two significant projects that mark major milestones in the future of our generation resources. The Merricourt Wind Energy Center is a 150-megawatt (MW) wind generation facility in southeast North Dakota. Astoria Station is a 245-MW simple-cycle natural gas combustion turbine in east central South Dakota. Both prepare us for our Hoot Lake coal-fired power plant’s 2021 retirement.

Merricourt Wind Energy Center concluded construction and began commercial operation in the fourth quarter of 2020. The facility generates enough energy to power more than 65,000 homes annually. At a cost of $260 million, this

is the largest capital project in company history.

We have completed construction of Astoria Station and are in the final stages of testing as we expect to begin commercial operation in March 2021. This $152.5 million investment complements our wind generation by providing a reliable backstop when the wind is not blowing, and it has flexible operating options and low emissions. The plant’s combustion turbine, which is capable of being online within ten minutes, makes it an important generation asset when responding to increasingly variable electric system demands.

In September Otter Tail Power Company announced plans to build Hoot Lake Solar, a $60 million, 49-MW solar farm, on company-owned and newly purchased land around Hoot Lake Plant in Fergus Falls, Minnesota. The project will include approximately 150,000 solar panels and generate enough energy to power approximately 10,000 homes each year. The utility has a unique opportunity to wisely re-use the existing Hoot Lake Plant transmission rights, substation, and land after retiring this facility, making this the right energy resource at the right time and location.

Our diverse mix of energy resources helps us maintain affordable, reliable service. In 2022 we project more than 30 percent of our energy will come from renewables, and carbon emissions from generation resources we own will be at least 40 percent lower than 2005 levels—all while keeping residential rates among the lowest in the nation.

Otter Tail Power Company completed more than $50 million in upgrades to our transmission system to support significant regional wind generation additions. We will earn a return on these upgrades over the next 20 years in FERC-approved agreements with new generation owners. We placed three major interconnection substations in service during 2020.

We are enhancing transmission infrastructure by investing approximately $35 million to improve reliability and increase capacity for customers in the southern portion of our service area. Phase one of this two-phase project is complete, and we expect phase two to be in service in 2021.

We completed $331.7 million in rate base projects in 2020. The utility’s delivery system improvements, renewable resource additions, increased transmission capacity for renewable energy, and modernized customer experience will drive its expected spend from 2021 through 2025. These investments will allow us to deliver on our commitment to a cleaner energy future while maintaining rates well below the national average and producing an expected compounded

Charles MacFarlanePresident and CEO

Letter to Shareholders — Otter Tail Corporation

Letter — Otter Tail Corporation cont. on page 10

VOL. 31 NO. 2 7

To our stockholders,

For all of us, it was a year like none other. A year of challenges that tested our ability to adapt. Through it all, we focused on the fundamentals of our business. And we’re pleased to report that we turned resilience into results for our stockholders, our customers and our communities.

Our commitment to efficiency and financial discipline—and an encouraging rebound in energy demand during the second half of 2020—resulted in the highest net income from operations and the highest earnings per share in company history.

As we strived to maintain safe, reliable and responsive service, our customer satisfaction scores rose to the highest levels ever.

In the early days of the pandemic, we also accelerated our support for the communities we serve. In total, our companies and foundations donated more than $20 million to health care organizations and human service agencies across our service area, including more than $2 million in direct COVID-19 relief efforts.

We also made significant progress on diversity and inclusion. In 2020, we spent a record $303 million with minority-, women-, service disabled- and veteran-owned businesses. And, through our board refreshment efforts, 46 percent of our board members are women or minorities.

During the year, we achieved a number of other important milestones:• We invested nearly $2.2 billion in our core business to

maintain reliability and improve customer service.• Our Wisconsin Public Service subsidiary began

commercial operation of Wisconsin’s first large-scale solar farm. The Two Creeks Solar Park is capable of providing enough electricity to power more than 33,000 homes.

• We Energies, our largest utility, was named the most reliable in the Midwest for the 10th year in a row.

• The Peoples Gas System Modernization Program—which is critical for reliability, safety and reduction of methane emissions in Chicago—is approximately one-third complete.

In addition, we set new, aggressive carbon reduction goals as we continue to improve our environmental footprint. In fact, we’re tracking ahead of schedule.

Preliminary data for 2020 show that we reduced carbon dioxide emissions by 50 percent below 2005 levels. And we have a well-defined plan to achieve a 55 percent reduction by the end of 2025.

Over the longer term, we expect to reduce carbon emissions by 70 percent by 2030. Then, as we look out to the year 2050, the target for our generation fleet is net-zero carbon.

Our new five-year capital plan lays out a road map for achieving these goals. We call it our ESG Progress Plan. The largest five-year plan in our history, it calls for investment in efficiency, sustainability and growth. And it drives an average annual increase in our asset base of 7 percent — with no need for additional equity.

Highlights of the plan include 1,800 megawatts of wind, solar and battery storage that would be added to our regulated asset base in Wisconsin. We also expect to retire 1,800 megawatts of less efficient, fossil-fueled generating units.

Taken together, the retirements and new investments will better balance the company’s supply with demand, while maintaining reliable, affordable energy for customers.

And we’ve allocated $2.2 billion to our infrastructure segment where we see a robust pipeline of high-quality renewable projects outside of our traditional footprint — projects that have long-term contracts with strong, creditworthy customers.

All in all, our plan positions us to deliver among the best risk-adjusted returns the industry has to offer. Importantly, we expect the percentage of our revenue and asset base that is tied to coal will be less than 10 percent at the end of 2025.

Finally, on the environmental front, we’re more than halfway toward meeting our goal to reduce the rate of methane emissions from our natural gas distribution lines by 30 percent per mile by 2030.

Investors who have followed the company for many years know that we have an exceptional track record of earnings and dividend growth. As we mentioned earlier in this letter, we believe our strategy for continued growth is clear and compelling.

Letter to Shareholders — WEC Energy Group

Gale E. Klappa Executive Chairman

J. Kevin FletcherPresident and Chief Executive Officer

Letter — WEC Energy Group cont. on page 12

In your INTERESTJUNE 20218

Dear Fellow Shareholders:

2020 was a year like no other, and I am proud to say the Xcel Energy team rose to the challenge. In the face of a global pandemic, a severe economic downturn and widespread civil unrest, we delivered on our financial and operational objectives while simultaneously mitigating the impacts of COVID-19 and supporting our communities like never before.

We continue to lead the clean energy transition and make excellent progress toward our visionto provide 100% carbon-free electricity for our customers by 2050. At the end of 2020, 47% of the energy we produced came from carbon-free sources. That number will continue to climb as we execute our plans to retire coal plants, build large-scale renewable projects preserve our high-performing nuclear fleet and maintain natural gas as a bridge and backup fuel.

We’ve reduced carbon emissions 51% since 2005—halfway to our 2050 goal and ahead of schedule—and we are creating concrete pathways to reach our 80% reduction goal by 2030. I’m encouraged by the opportunity to take our increasingly green product and reduce carbon from the transportation sector. Last year, we announced a bold vision to power 1.5 million electric vehicles in our service areas by the end of 2030 and launched a comprehensive strategy to lower greenhouse gas emissions from our natural gas business.

For me, 2020 will always be remembered as the year that our employees delivered for our customers and communities in extraordinary times. We never take for granted the trust you place in us to power the homes and businesses of our customers all day, every day.

We chose “Essential” as the theme for this report because of the essential role we play in our communities and in our society. Electricity and natural gas are essential services provided by our essential workers who take great pride in their ability to deliver for their neighbors. We also play a vital role in driving economic development and giving back through the Xcel Energy Foundation. Last year, we earmarked $20 million in short- and long-term corporate giving, including support for COVID-19 recovery and racial justice.

Strong Financial PerformanceFor the 16th consecutive year, we met or exceeded our earnings guidance. We delivered 2020 earnings of $2.79 per share, within our original earnings guidance range of $2.73-$2.83 per share, compared to $2.64 per share in 2019.

Although electric sales declined approximately 3% due to the economic downturn, we successfully implemented continuous improvement initiatives and other cost control measures that reduced our O&M expenses by nearly 1%. Xcel Energy also increased your dividend by 6.2%, or 10 cents annually in 2020. We maintained our earnings and dividend growth objectives of 5% to 7% annually, reflecting our confidence in our long-term financial plan.

As a result of our continued strong performance, our one-year total shareholder return exceeded 7.8% in 2020, which was the second highest in our peer group. We also compare favorably to our peer group and the S&P 500 for three-, five- and 10-year performance results.

Steel for Fuel ExecutionOur Steel for Fuel growth strategy — building wind farms that deliver both economic and environmental benefits for our customers and stakeholders—continues to drive organic growth for the company. In the last year, we added nearly 1,500 megawatts of company-owned wind to our system, including large self-build projects in Colorado, Minnesota and New Mexico. In 2021, we will complete the four remaining projects in our nation-leading multi-state wind expansion that began in 2017. With completion of those projects, the total wind on our system will grow to approximately 11,000 megawatts, including nearly 4,500 megawatts of owned wind capacity.

Operational ExcellenceDelivering natural gas and electricity took on even greater prominence during the pandemic, and our workforce delivered while adjusting to enhanced safety precautions. We met or exceeded goals on all 2020 corporate scorecard metrics, including customer satisfaction, wind deployment, employee safety, public safety and electric system reliability.

Operational highlights include our J.D. Power customer satisfaction score improving by 40 points to our highest rating ever. The Institute of Nuclear Power Operations rated our nuclear fleet as the best in the nation—we achieved a 96% capacity factor and successfully executed a refueling at Prairie Island. And we began the pivotal

Letter to Shareholders — Xcel Energy

Ben Fowke CEO & Chairman

Letter — Xcel Energy cont. on page 12

VOL. 31 NO. 2 9

News Brief — Environment

More electric vehicles could soon be for sale on Minnesota car lots after an administrative law judge ruled Friday that the Walz administration can set new emissions standards without the OK of lawmakers.

The ruling by Judge Jessica Palmer-Denig clears the way for state regulators to adopt the new "clean car" rules that would require manufacturers to deliver more electric vehicles and hybrids to the state. It does not, however, resolve a standoff with Republican lawmakers that could still upend the administration's plans.

Republican lawmakers have opposed the new standards since Gov. Tim Walz first announced plans in 2019 to have the Minnesota Pollution Control Agency (MPCA) adopt them. Nearly two dozen Republican state senators and auto dealers from around the state argued to Palmer-Denig that new emissions standards should come from the Legislature, not the MPCA.

But the agency has clear authority to adopt rules that address air pollution, Palmer-Denig wrote. It's unclear exactly when the rules will go into effect.

Sen. Bill Ingebrigtsen, R-Alexandria, said this week that his caucus will shut down the state's environmental arm, including state parks, by not passing an environmental budget this year unless Walz and the MPCA back down on the new rules.

The ruling Friday does not change that stance, Ingebrigtsen said during a brief committee meeting."Frankly, I don't think anybody questions if it was legal for the governor to move forward," he said. "But that does not alter the power of the Legislature to adopt a position on them." Ingebrigtsen said he is asking Walz to agree to ban the MPCA from adopting new emissions standards for the next two years.

The ruling puts Minnesota in a better position to join more than a dozen other states that have enacted similar standards, said Darin Broton, an MPCA spokesman. "Minnesota's clean car standards are a common-sense way we can support innovation and clean technology jobs while fostering a better climate and giving consumers more choice."

The standards aim to help drive down heat-trapping greenhouse gas emissions from transportation by requiring automakers to increase deliveries of electric vehicles for sale to Minnesota. Walz directed the MPCA to develop the rule as part of his emphasis on addressing climate change and the need to cut global warming gases. Minnesota would be the first Midwestern state to adopt the standards, which were written by the state of California. The federal Clean Air Act allows states to either follow the federal standards for vehicle emissions or California's stricter rules. States cannot write their own.

Environmental groups and electric vehicle advocates praised the ruling Friday, saying it will help Minnesota catch up to goals to cut greenhouse gases. "From clean air

and water to healthier communities to more consumer choice, clean car standards will benefit

everyone as Minnesota moves toward a clean energy future," said Michael Noble, executive director of Fresh Energy, an organization that promotes

carbon-neutral energy.

The ruling affirmed the authority and the process Walz's administration took to enact the rules, said state Rep. Rick Hansen, DFL-South

St. Paul. "What the governor has done is sound," he said.

The new emission standards won't go into effect until at least January 2024, following a federally required two-year waiting period. Friday's ruling was not surprising, said Scott Lambert, president of the Minnesota Auto Dealers Association, which unsuccessfully sued the MPCA to block the standards. But with tens of thousands of comments submitted during the process, and fears the car dealers will be stuck with unpopular cars, the Legislature should have had a say in the decision, he said. To get more electric vehicles on the road, lawmakers need to build more charging stations or help buyers financially, Lambert said.

"Instead, they have chosen to abdicate decisions about Minnesota's vehicle offerings to California and are instituting a policy that leaves Minnesota dealers bearing the financial risk," he said.

SOURCE: Star Tribune; Greg Stanley & Jennifer Bjorhus, May 7, 2021

Minnesota 'Clean Cars' Rules May Move Forward, Administrative Law Judge Says

cleancars

In your INTEREST10 JUNE 2021

approximately 38% since 2005, bringing us closer to our target of 45% reduction by 2030.

We continue to examine opportunities to expand the use of renewable natural gas in our fuel supplies to customers. We produce RNG from the Billings Regional Landfill utilizing a facility we built in 2010 in an agreement with the city of Billings, Montana. Through the end of 2020, we produced 1.36 million dekatherms of RNG from the landfill. In Idaho, we are supporting development of dairy digester projects by providing pipeline services to transport and sell RNG.

Pipeline business launching largest expansion projectWBI Energy also had a strong year with earnings of $37.0 million in 2020, compared to $29.6 million in 2019. WBI Energy grew earnings through higher transportation revenues, increased gas storage demand, gains on the sales of natural gas gathering assets and savings on operating costs.

WBI Energy experienced higher customer demand for natural gas storage services in 2020, with injected volumes increasing approximately 85%.

During the year, WBI Energy divested two natural gas gathering systems in Montana, resulting in a financial gain of approximately $3.1 million. With the sale of these assets, we have essentially exited the natural gas gathering business.

Upon receipt of final regulatory approvals, construction is slated to kick off on WBI Energy’s North Bakken Expansion project in western North Dakota. This expansion, which is the largest pipeline capital investment project in our company’s history, will add 250 million cubic feet of

natural gas transportation capacity per day.

Integrity remains key to serving communitiesGiven all the challenges across our country in 2020, we realize maintaining our key tenet of doing business “with integrity” is more important than ever. We applaud our employees for striving to do what is right. Throughout our company’s long history, there have been numerous examples of employees going above and beyond to serve our customers and communities. That was never truer than this past year.

With a pandemic raging, our operations remained focused on providing the products and services that are essential to daily life—electricity, natural gas, construction materials and services—while trying to protect our employees, contractors and customers. We are proud that we continued to grow employment, topping out at nearly 16,000 employees.

Our results in 2020 underscore that our business model—with a balanced mix of regulated energy and construction operations providing essential products and services—works well. We continue to focus on growing these businesses, with capital investments of more than $3 billion planned over the next five years. Since 2015, earnings per share before discontinued operations have grown at a compounded annual rate of 17%.

Thank you for continuing to invest in MDU Resources as we continue Building a Strong America.®

Letter — MDU Resources Group cont. from page 5

MDU Resources Groupwww.mdu.comNYSE: MDU

annual rate base growth of approximately 5 percent over the 2020 to 2025 timeframe.

In November we filed a request with the Minnesota Public Utilities Commission to increase general rates in Minnesota, our first request since 2016. Investments in cleaner energy generation and smarter technologies primarily are driving this request, along with the rising costs of providing electric service. In December the commission approved our request to begin recovering $6.9 million, a 3.2 percent increase, on an interim basis beginning in January 2021 as it considers our overall request to increase revenue $14.5 million, or 6.77 percent. We anticipate a decision in late 2021 or early 2022. Even with this increase, Otter Tail Power Company will continue to have some of the lowest rates in the country.

Otter Tail Power Company and other Coyote Station co-owners are working to prepare for potential outcomes of the Regional Haze Rule, which requires state and federal agencies to work together to establish guidelines that reduce sulfur dioxide and nitrogen oxide in the air. Our resource plan, which we expect to file in September 2021, will identify the most cost-effective combinations of resources for reliably meeting customers’ needs during the next 15 years while complying with state and federal requirements.

As the industry becomes more technologically advanced, we have established a ten-year plan to strategically enhance our existing distribution and transmission facilities and to integrate modern solutions and technologies including moving to Advanced Metering Infrastructure, employing

Letter — Otter Tail Corporation cont. from page 6

Letter — Otter Tail Corporation cont. on page 11

cloud-based technology solutions, and evaluating advanced distribution options to improve customer experience.

Throughout our pandemic response, we delivered on our role as an essential service provider. We closely managed and monitored workforce availability, ensuring reliable electric service when it was needed most. Early in 2020, we suspended disconnects for late payments and waived late-payment fees for residential and small business customers negatively affected by the pandemic.

Manufacturing Platform Adapts to Meet ChallengesOur manufacturing platform remains focused on meeting customer needs, driving operational efficiencies, and making key investments to grow with our customers.

Northern Pipe Products and Vinyltech, the PVC pipe manufacturing companies that comprise our plastics segment, delivered excellent results in 2020. As a result of their flexibility and reliable on-time delivery, Northern Pipe Products and Vinyltech operated well during a period of escalating pipe prices and strong demand in the second half of 2020. Both facilities had excellent operational execution and achieved several new performance records.

BTD, our contract metal fabricator and largest manufacturing business, saw year-over-year revenues decline by 15 percent due to reductions in end-market demand caused by the pandemic and a decline in steel prices that we passed on to

customers. As a result of volume declines, operating income fell by 9 percent. BTD adapted with difficult but necessary cost and workforce reductions, which enabled 0.5 percent of operating margin growth in a challenging year. After wide-spread customer shutdowns in the second quarter, orders improved during the second half of 2020 with some end-markets exceeding pre-pandemic volume levels. The company navigated through unprecedented fluctuations in customer demand while maintaining excellent quality and on-time delivery and reporting another outstanding year of safety performance.

T.O. Plastics, our plastics thermoforming manufacturer, is well positioned to meet demand in horticulture and emerging life science and medical device packaging markets. The company is focused on improving labor productivity and has installed new capital equipment, increasing production capacity to serve those markets.

United for Our FutureOtter Tail Corporation is well positioned for the future. Thank you to our customers and shareholders for placing your confidence in us.

Charles S. MacFarlanePresident and Chief Executive Officer

11VOL. 31 NO. 2

Letter — CenterPoint Energy cont. from page 4

notification, enabling nearly 75% of customer transactions to be resolved through our digital channels.

2020 was a year unlike any other. Through it all, be it the COVID-19 pandemic, the pursuit of racial and social equity, or a record-breaking hurricane season, the issues became more than priorities for our company. They were also opportunities for us to lead with principle, purpose and passion.

Our dedicated employees, especially those in the field, made the safety of our customers and communities their top priority as we continued to take critical steps during COVID-19 to serve our customers. We stood together as one in our renewed commitment to diversity and inclusion. We believe delivering electricity and natural gas to millions of customers across our communities takes the dedication of everyone in a diverse and inclusive environment where we respect, understand and appreciate one another, as well as those we serve.

In February 2021, unprecedented winter weather significantly impacted our eight-state service territory and many of our customers. We are proud of our employees who went above and beyond to manage the impacts of this winter storm, and are pleased with our system’s performance during this event. These are just some examples of the ways our talented workforce exemplifies our values of Safety, Integrity, Accountability, Initiative and Respect.

In closing, we believe that we have a clear path for becoming a premium-valued utility. We are confident that we will continue to grow our utilities and maximize the advantages of this growth for our customers, shareholders and communities. Thank you for your support, and we look forward to delivering with focus in the year ahead and beyond.

CenterPoint Energywww.centerpointenergy.comNYSE: CNP

Letter — Otter Tail Corporation cont. from page 10

Otter Tail Corporationwww.ottertail.comNASDAQ: OTTR

WEC Energy Groupwww.wecenergygroup.comNYSE: WEC

Letter — WEC Energy Group cont. from page 7

evolution of our safety approach that focuses on eliminating serious injuries and fatalities.

Regulatory ProgressThe Minnesota Public Utilities Commission continues to review our resource plan that will determine the future energy mix in the Upper Midwest, and we expect a decision in 2021.

We recently filed a Colorado Clean Energy Plan that includes adding 5,500 MW of wind, solar and energy storage. If approved along with a supplemental filing to expand the transmission network in the state, we expect to generate approximately 80% of our energy from renewable sources in Colorado by 2030, reducing carbon emissions by approximately 85% from 2005 levels while maintaining system reliability and customer affordability.

Best in the BusinessResiliency and flexibility are characteristics that we seek in our generation assets, but this year those terms accurately describe our employees that I believe are the best in the business. It’s an honor and a privilege to lead this team that is so committed to serving our customers and living our

values. It shouldn’t come as a surprise that our employees continue to receive recognition for their efforts and our workplace culture. For the eighth consecutive year, we were selected for Fortune Magazine’s “World’s Most Admired” companies list. Ethisphere named us among the “2021 World’s Most Ethical Companies.”

As we look at 2021, we know that there are challenges ahead. We’ve already seen the impact of a historic cold snap, and although the rollout of vaccines provides renewed optimism that we can put COVID-19 in the rearview mirror, the pandemic is not over. But our performance in 2020 is a reason for optimism. Regardless of whatever new challenges arise, you can count on the Xcel Energy team to deliver for you.

Sincerely,

Ben Fowke Chairman and Chief Executive Officer

Xcel Energywww.xcelenergy.comNASDAQ: XEL

Letter — Xcel Energy cont. from page 8

In your INTERESTJUNE 202112

To that end:

• At its January 2021 meeting, our board of directors increased the dividend by 7.1 percent over the previous rate. The new annual dividend is $2.71 per share.

• This marks the 18th consecutive year that our company will reward shareholders with higher dividends.

• We continue to target a payout ratio of 65 to 70 percent of earnings. We expect our dividend growth will continue to be in line with the growth in our earnings per share.

On behalf of our entire management team, thank you for your confidence, your support and your investment in WEC Energy Group.

Sincerely,

Gale E. Klappa Executive Chairman

March 3, 2021

J. Kevin Fletcher President and Chief Executive Officer

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VOL. 31 NO. 2 13

News Brief — Nuclear Fuel

For recycling, spent nuclear fuel is fed into a chemical processing system that separates actinide elements that can be recycled as mixed-oxide fuel to produce more electrical power. At PNNL, this research is done in the Radiochemical Processing Laboratory, a Hazard Category II non-reactor nuclear research facility.

Imagine filling up your gas tank with 10 gallons of gas, driving just far enough to burn a half gallon and discarding the rest. Then, repeat. That is essentially the practice that the U.S. nuclear industry is following.

Spent nuclear fuel from power plants still has 95% of its potential to produce electricity. Current plans are to dispose of the spent nuclear fuel in a geologic repository. So, why is it not recycled? It turns out that separating usable versus unusable parts of spent nuclear fuel is complicated.

“Spent nuclear fuel contains roughly half of the periodic table. So, from a chemistry standpoint, there’s a lot going on,” said Gregg Lumetta, PNNL chemist and laboratory fellow. “And to reduce proliferation risk, it is best if pure plutonium is not produced at any point in the separation process.”

Researchers from Pacific Northwest National Laboratory (PNNL) developed an innovative capability to rapidly separate, monitor, and tightly control specific uranium and plutonium ratios in real-time—an important achievement in efficiently controlling the resulting product and safeguarding nuclear material.

A spent nuclear fuel recycling twoferWith the rising demand for carbon-free power, nuclear is an option in the green-energy mix, particularly with advanced reactors on the horizon. Yet, there are still some big challenges to overcome: what happens to spent nuclear fuel that currently goes unused, and how do we power advanced reactors?

“Perhaps, these challenges have the same solution—recycling spent nuclear fuel to make new fuel,” said Amanda Lines, a PNNL chemist. “In a world of increased energy demand challenged by growing carbon footprints, how can we better use spent nuclear fuel?”

New advanced reactors could be designed to run off recycled fuel. But recycling spent nuclear fuel means separating the energy-generating plutonium from everything else in the mix while not separating it in pure form, which is viewed as a proliferation risk. Also, the final

product must be a precise ratio of uranium to plutonium to produce new fuel that can be

reused in nuclear reactors.

Deconstructed salad dressingSeparating spent nuclear fuel is like trying to deconstruct vinaigrette salad dressing with the goal of moving ingredients from vinegar to oil.

The chemical slurry is fed into a centrifuge processing system,

which looks like a giant pillbox with each compartment containing a

rotor for mixing. The solution flows from one end of the system to the other, mixing,

centrifuging, adding, or subtracting different chemical components along the way. Throughout the process, real-time monitoring provides critical insights into what adjustments need to be made to maintain specific chemical compositions.

“Real-time monitoring was pivotal to determining exact chemical elemental ratios. We really focused on the uranium-plutonium percentages and knew exactly what they were at any given point,” said Lines.

Real-time monitoring also improves efficiency, reduces costs, and takes an established process into a more modern and futuristic realm.

Recycling Gives New Purpose to Spent Nuclear Fuel

News Brief — Nuclear Fuel cont. on page 14

In your INTERESTJUNE 202114

News Brief — MN PUC

Tuma Reappointed to the MN Public Utilities Commission

“Ultimately, it empowers researchers and operators by providing nearly instantaneous information to help control and understand chemical processes,” said Lines.

PNNL’s real-time monitoring capabilities have exponentially evolved over the past 25 years, intersecting with a long history of fuel recycling and separations research.

From industrial to microscaleSeparations researchers often rely on manmade, simulated spent nuclear fuel to mimic the chemical processes because actual spent nuclear fuel is expensive to acquire and study. However, simulated spent nuclear fuel is also costly, particularly at the large, industrial scales necessary to study bulk recycling and separations processes.

To address that challenge, PNNL has developed complementary approaches that can be done at a much smaller, and much less costly, scale. Using microfluidics, or lab-on-a-chip, technology coupled with real-time monitoring, researchers can track chemical processes on something the size of a microscope slide.

“We can run the same types of separations studies and track the exact composition of uranium fuel components and fission products throughout the recycling processes, similar to what is done at a lab or industrial scale,” said Lines.

The researchers are also able to use actual spent nuclear fuel because the scale is so much smaller. “This technology is cost efficient and enables incredible opportunities to develop and advance recycling approaches,” said Lines.

50+ years of spent nuclear fuel recycling and separationsFrom reducing the amount of radiation in high-level radioactive waste to developing a separation process to remove hazardous elements in spent fuel, PNNL has a long history solving some of the nation’s toughest spent nuclear fuel challenges.

“We’ve been advancing fuel-cycle operations for decades,” Lumetta said. “This most recent work is a platform for us to expand upon as we continue to pursue chemical separations for advanced fuel-cycle options.”

SOURCE: PNNL; May 14, 2021; Kelsey Adkisson

News Brief — Nuclear Fuel cont. from page 13

Governor Tim Walz and Lieutenant Governor Peggy Flanagan announced the appointment of John Tuma to the Minnesota Public Utilities Commission (PUC). Tuma will receive his second consecutive appointment to the PUC and will serve a term effective March 29, 2021 and expiring on January 4, 2027.

“The Minnesota Public Utilities Commission plays the essential role of ensuring that utilities like electricity, heat, and phone lines—services that Minnesotans rely on every single day—are reliable,” said Governor Walz. “I am grateful to Commissioner Tuma for continuing his service to Minnesota.”

“I am deeply honored by the Governor and Lieutenant Governor’s confidence in allowing me to continue to serve the people of Minnesota” said PUC Commissioner Tuma. “I’m ready to roll up my sleeves to do the hard work necessary as we transform the energy industry to provide customers with clean, cost-effective and reliable service 24/7. It is a privilege to work alongside and support the dedicated fellow Minnesotans that are committed to providing these critical services from the line worker who answers the call on a bone chilling Minnesota morning

to the planners making sure that service is always there keeping our families safe and warm.”

About Commissioner John TumaCommissioner Tuma served as a Republican legislator in the Minnesota House of Representatives from 1995 to 2002, representing parts of Rice, LeSueur, Scott, and Dakota counties. During his time in the House, he served as Chair of the Crime Prevention Committee.

Commissioner Tuma earned his B.A., Summa Cum Laude, from Mankato State University, and his J.D. from the University of Minnesota Law School. He has practiced law in Northfield where he presently resides with his wife Wendy. They have two adult children Cal and Molly.

About the Minnesota Public Utilities CommissionThe Minnesota Public Utilities Commission regulates the electricity, natural gas, and telephone services industries in Minnesota—ensuring safe, reliable, and effective utility services. The Commission is a five-member body with legislative and quasi-judicial functions. G

VOL. 31 NO. 2 15

Accolades

Thank you to our MUI Supporting Members for their continued support! Those listed below represent members who have RENEWED their membership between February 12, 2021–May 13, 2021. The list is organized by state and then alphabetized by FIRST name. Members that are italicized have renewed for three year—the rest for one year.

Renewing Supporting MembersFLORIDA: Lorena Jacobson; MICHIGAN: Richard Josten; MINNESOTA: Al and Barbara Paulson, Carl Wild, Carol Burgess, Carol Cloud, Cheryl L Holt, David and Joan Stevens, Deloris Fligge, Dianna Butler, Dolores Merrill, Don and Carol Heuton, Doris E. Johnson, Edward Ruisi, Frank and Shirley Shusta, G. Lorraine Johnson, Geraldine

Richter, Graham and Iloise Groth, Jerome and Bernie Dolinsky, John and Sandra Stephanie, Kristine Kohman, Len Zuehl, M. Dee Schmalz, Mark Bring, Mary Amberg, Mary V. Zehrer, Pat and Barbara Sodergren, Paul and Dean Hendrickson, Priscilla Pince, Richard A and Carol A Olson, Roger and Eleta Blesi, Rolland and Colleen Eck, Russell Wachter, Sandra Chase, Stephen and Carol Ryan, Terrance J. Peltzer and Margie Cash, Todd Rapp, Van and Andria Kalinoski; VIRGINIA: Walter and Andrea Baumann; WASHINGTON: Mary S. Zehrer.

NEW Supporting MembersLucina and James Versteeg, Fergus Falls, MNRoland Elliot, Trenton, NJ

Accolades to Recent MUI Dues-paying Members

News Brief — Innovation

Researchers from the Utah Power Electronics Lab at Utah State partnered with Dream Team, a Maryland-based security research firm, to develop solar energy storage systems using “retired” batteries from electric vehicles. The technology could dramatically reduce the cost of solar energy storage, making the adoption of solar energy more accessible and economically viable for widespread use.

“The target here is to reduce the cost of solar energy storage systems by 50 percent,” said Hongjie Wang, assistant professor of electrical and computer engineering. “The cost of electrical vehicle retired batteries is much lower, and we can use them to directly fuel energy storage systems with the active life-balancing technologies that we developed.”

Supported by the U.S. Department of Energy and the National Renewable Energy Laboratory, the American-Made Solar Prize is a $3 million prize competition designed to transform the best ideas around solar into technology solutions that are ready for market. This year, 121 teams and more than 600 people participated in the three-stage competition, and ten finalists will compete in the final stage September 2021.

Affordable energy storage isn’t the only benefit of this technology; it can also extend the life of EV batteries and keep them out of landfills. As EV batteries age, their mileage capacity decreases, and people opt to replace them after a few

years. These batteries may no longer be best for fueling a car, but they still hold up to 85 percent of their original storage capacity.

“There’s still a lot of capacity there, but it’s not preferred for the EV application,” said Wang. “We can use that remaining capacity for other applications. With solar energy, you don’t have a mileage problem—you just need to provide enough energy storage.”

This technology is the result of work by multiple USU researchers in addition to

Wang: Regan Zane, professor of electrical and computer engineering, and electrical engineering doctoral students Marium Rasheed and Mohamed Kamel. It is also one of many recent technological developments to come out of labs within the ASPIRE, the NSF-funded engineering research center aiming to eliminate charging and infrastructure barriers to widespread transportation electrification.

SOURCE: Solar Builder Magazine; April 28, 2021; Chris Crowell

Researchers Developing Energy Storage System that Uses Retired EV Batteries

solar energy storage system

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