Allete, the parent company to Duluth’s Minnesota Power, reported a net income drop of $23 million from 2008 to 2009, according to its annual earnings report.
Allete’s net income was $61 million from operating revenue of $759 million in 2009, compared to net income of $82 million and operating revenue of $801 million in 2008.
“The financial picture for Allete in 2009 was negatively impacted by the economic downturn and by regulatory outcomes that were less than favorable to us,” Don Shippar, Allete’s chairman and CEO, said in a news release.
In December, Minnesota Power requested an interim rate increase of about $73 million, but the Minnesota Public Utilities Commission granted about two-thirds or $48.5 million.
With the rate increase, residential customers will see their electricity bills increase an average of $7 a month this year.