Allete, the parent company of Minnesota Power, registered a higher third-quarter net income compared to the second quarter, but profits are still substantially lower than 2008 levels.
The Duluth-based corporation reported $16 million in net income last quarter, an increase from $9.3 million in the second quarter, but is 36 percent beneath the $24.7 million earned in the third quarter of 2008.
Allete said total kilowatt-hour sales declined about 10 percent from 2008 levels due to the recession that has impacted all retail electric customers, said a news release on its third-quarter performance. The company said lower retail sales were offset by other power suppliers, but lower electric rates compared to last year resulted in reduced revenue.
“The first eight months of the year have been difficult for our taconite customers,” Don Shippar, Allete chairman and CEO, said in prepared statement. “However, we are encouraged that they have begun to increase their production.”