JUNE 2020 In your

A POSITIVE,Interest CREDIBLE AND INDEPENDENT VOICE FOR UTILITY INVESTORS In this issue Legislative Update 2 A message to members from Shareholder Letters ALLETE 3 MDU Resources 4 MUI President, Annette Henkel Otter Tail Corporation 4 Traditionally in our June newsletter the utility companies WEC Energy Group 5 provide their “Letter to Shareholders” highlighting their 6 previous year’s activities. Before we look back at 2019, I New PUC Commissioner 9 thought we needed to speak to the uncertain times we are now Accolades 11 living and a few ways your utility investments are working to to address employee, customer, community and company wellness. Virtual Member Meeting Schedule 11 While each utility will likely be impacted differently by COVID-19; there are some universal situations they are working

MUI Membership Form 12 to address. Virtual Annual Shareholder Meetings I missed seeing many of you at these meetings this year; but to to ensure shareholder safety and well-being, the companies went Annette Henkel, virtual this year. MUI President Working with their Customers All Minnesota investor owned utilities announced in late March that they would extend Minnesota’s Cold Weather Rule so there would be no disconnections of service to customers. Utilities are also waiving a variety of late fees and reconnections—working with their customers to develop payment plans and address each individual situation. Employee Health and Safety Utilities and their employees are considered “essential”. All utilities are working to maintain Minnesota Utility the wellbeing of their workforce which will enable them to provide reliable electric and natural Investors (MUI) is a statewide, grassroots gas service to their customers. They have implemented recommendations from the Centers for nonprofit organization Disease Control and Prevention and regional health organizations to slow the spread. designed to inform, Financial Impact involve and engage At this time it is difficult to fully identify the impact the COVID-19 pandemic will have investors of Minnesota on each of the companies. The impact will be felt differently by each utility however all of energy utilities. Minnesota’s investor owned utilities have jointly filed a petition with the MN Public Utilities Founded in 1990, MUI Commission in recognition that all utilities are contending with unanticipated costs. The joint is the largest energy petition is narrowly focused and only requests authorization for a utility to track pandemic- investor organization related costs while preserving the option to seek commission approval at a later date to recover in the U.S. with nearly these costs, if necessary. And most companies have taken aggressive cost-cutting measures to 23,000 members. help mitigate the negative financial impacts. Community Contributions All of the utilities have in some way given back to their communities either financial G VOL. 30 NO. 2 contributions or with supplies (food, equipment, etc.) during this pandemic. Legislative Update 2020 Legislative Session… To Be Continued The clock struck midnight on Sunday, May 17th and the STATUS: Passed the House Energy Committee. “Laid on MN House and Senate adjourned sine die. Well, kind of. the Table” in the Senate Finance Committee. The 2020 Regular Legislative Session is over, but there will be Special Session in June and maybe more than one. HF 3254/SF 3013: Natural Gas Innovation Act. This bill would allow a natural gas utility to submit an Usually in a Special Session, the Legislative Agenda to “alternative resource plan” to the Minnesota Public Utilities be debated is agreed upon before the Legislature meets. Commission (PUC). Such plans could include renewable With the State facing a $2+ billion deficit; the desire to natural gas—gas created from landfills, sewage and livestock pass a Capital Projects Bonding Bill; responding to issues/ manure—as well as new technologies like carbon capture demands because of COVID-19—the Legislature will have and hydrogen gas production. a lot on their plate. STATUS: Passed the Senate Energy and Finance Committees. Energy Legislation Was not heard in the House Energy Committee. Again this Regular Session very little energy legislation passed to the Governor’s desk for his signature. Two of the Campaign Season begins bills MUI was tracking are listed below. It will be a very different campaign season—there will be limited personal contact, fewer parades, Fairs or large events HF 1405/SF 1456: Clean Energy First. This bill was for people to gather. being promoted as a bipartisan bill that would encourage utilities to build/buy “clean” energy first. It moved through All candidates must file with the Secretary of State’s Office the Committee process in both the House and Senate but by June 2nd. If there is more than one person running for was never voted on the House or Senate Floors. the same political Office they must face each other in a Primary Election on August 11th. The General Election is The bill continued to be a moving target with the House November 3rd. and Senate versions very different from each other and changed at every stop. One of the differences included The ballot will be full this year. On the ballot will be how nuclear energy was considered—in the Senate it candidates for the MN House and MN Senate; was considered “carbon-free” but it was not in the Minnesota’s eight Congressional Seats; one US Senate G House version. race and of course the Presidential race.

Upcoming Special Sessions will be busy

2 JUNE 2020 In your INTEREST Letter to Shareholders — ALLETE

Dear Fellow Shareholders, interim rates and refund approximately $12 million in order to provide much-needed relief to all Minnesota Power During the COVID-19 pandemic, customers during this challenging time. the safety of our employees, our families, our customers, and To support our communities impacted by COVID-19, the our communities is our priority, ALLETE family of companies also has donated more than while we continue to deliver safe $120,000 to nonprofits across areas they serve. Nearly half and reliable essential energy and that amount went directly to food shelves and food banks. water services.We know that our We also have worked to ensure ALLETE’s financial health Bethany Owen customers and our communities are relying on us—now more than ever. so that we can continue to provide essential services and President and CEO execute our growth strategy over the longer term. ALLETE We moved thoughtfully—but had a strong year in 2019, with reported earnings of $3.59 swiftly—to engage ALLETE’s pandemic response and adopt per share on net income of $185.6 million, an increase from new policies and procedures, long before COVID-19 arrived $3.38 per share and $174.1 million in 2018. in our region. We made proactive decisions and preparations based on our values, and we responded as one ALLETE. Our strong performance in 2019, our proven track record For the first time, ALLETE conducted a virtual, online of credibility, and the proactive steps we’ve taken in Annual Meeting of Shareholders to protect employees, board recent weeks to ensure liquidity give us confidence that members, company leaders and shareholders. we are well-positioned. Our businesses are committed to sustainability in all of its forms, and we provide customers We also took steps to ensure ALLETE’s businesses would with cleaner energy solutions. As we look to the future, continue to provide safe and reliable essential energy we know that this differentiated strategy will continue to and water services for our customers and communities. provide opportunities for ALLETE’s growth. I’d like to thank our incredible employees who have displayed resilience, courage, expertise, and innovation— This global pandemic has changed so much in our world, and their steadfast dedication to our customers and our but it hasn’t changed ALLETE’s values or the fact communities—during these challenging times. With that we are proud and honored to serve our customers social-distancing and other protective procedures in place, with excellence. The entire ALLETE team is engaged our frontline employees are ensuring our services are and working hard—and will continue to do so as the reliable and our construction projects continue, all while COVID-19 situation evolves—while we position our keeping themselves, their co-workers, their families and company for the future. communities safe. On behalf of our employees and our board, thank you so We know this is a time of great economic uncertainty much for your interest and investment in ALLETE. for our customers and communities, and we quickly Bethany Owen put measures in place to help protect our utilities’ most President and CEO vulnerable customers. These protections include suspending ALLETE, Inc. disconnections and waiving late payment fees for residential and small business customers. ALLETE Minnesota Power also worked rapidly to file with the Website: www.allete.com Minnesota Public Utilities Commission a proposal to resolve its rate case, requesting to immediately reduce NYSE: ALE

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VOL. 30 NO. 2 3 MDU Resources Group

MDU Resources Group (NYSE: million of cash. The company has a capitalization ratio of MDU) closed 2019 with a 54% equity and strong investment-grade credit ratings. 23% increase in earnings, with outstanding performance from Providing those essential services has been vital through the both its construction operations beginning of 2020 as the country battles the COVID-19 and regulated energy delivery pandemic. But like every business across the country, MDU business. Earnings in 2019 were Resources adjusted how it operates to continue providing $335.5 million, or $1.69 per share, safe, reliable and essential products and services with compared to 2018 earnings of minimal interruptions or delays to operations. David L. Goodin $272.3 million, or $1.39 per share. The health and safety of our employees, customers and President and CEO During 2019, MDU Resources communities is paramount. We implemented work-from- provided a 28% total return on an home practices where possible, practice social distancing MDU stock investment and increased its dividend for the in our field work and construction projects and use proper 29th consecutive year. personal protective equipment.

The company’s efforts in Building a Strong America Our utility companies suspended late payment fees and is highlighted by providing essential services, such as service disconnections for customers facing financial electricity and natural gas to homes and businesses, while difficulties during the pandemic and have provided building the infrastructure to make that possible, and guidance to help customers access available funding constructing the roads and runways for our country’s assistance to help pay their utility bills. transportation system. MDU Resources, through its foundation, contributed Being a diversified, essential business has allowed MDU $500,000 in coronavirus relief to 204 organizations in Resources to maintain a strong liquidity position with Letter — MDU Resources Group cont. on page 7 $431.8 million of available borrowing capacity and $116.5

Letter to Shareholders — Otter Tail Corporation

Otter Tail Corporation delivers $2.06 in 2018; earnings per share increased 5.3 percent year value to shareholders as we grow over year. Return on equity was 11.6 percent. our electric and manufacturing platforms and develop our systems, The dividend yield at year-end was 2.7 percent. Total locations, and people. We will shareholder return has grown at a compounded annual accomplish this while achieving rate of 14.4 percent over the past five years. We have paid operational and commercial dividends on common stock for 81 years, or 325 consecutive excellence. quarters. Our annual indicated dividend per share for 2020 is $1.48, a 5.7 percent increase over our 2019 dividend rate. Our electric platform continues to Charles MacFarlane Otter Tail Power Company grew rate base by 6.1 percent President and CEO grow through capital investments in generation and transmission. in 2019, primarily through capital investment in generation Our manufacturing platform remains focused on the and regional transmission projects. growth required to meet customer needs and operate The utility celebrated its 110th anniversary and marked efficient businesses. This year’s report highlights our 2019 major milestones in the future of our generation resources achievements and our plans to accelerate toward reaching with two projects that began construction in 2019. The our strategic goals. Merricourt Wind Energy Center is a 150-megawatt (MW) Through our combined efforts, we achieved consolidated wind generation facility in southeast . Astoria net income and diluted earnings per share of $86.8 million Station is a 245-MW simple-cycle natural gas combustion and $2.17, respectively, compared with $82.3 million and Letter — Otter Tail Corporation cont. on page 7

4 JUNE 2020 In your INTEREST Letter to Shareholders — WEC Energy Group

• We reported record net income from operations of $1.13 billion and earnings per share of $3.58—exceeding our guidance for the year.

• Our stock price set 48 new record highs, rising to $98.19 on Sept. 4, 2019.

• Our total shareholder return was 37 percent—surpassing the performance of all the major utility indexes.

Gale E. Klappa J. Kevin Fletcher • Our balance sheet grew even stronger—supporting our Executive Chairman President and investment-grade credit ratings. Chief Executive Officer We moved forward with our generation reshaping strategy. A note about COVID-19 Our priority is to reduce greenhouse gas emissions while maintaining a system that can respond reliably and As we plan for the long-term success of our company, we consistently—in the face of severe weather events and remain focused on providing essential service and keeping other emergencies. our employees safe throughout this COVID-19 pandemic. Early on, we adopted measures to minimize health risk. We • We retired 40 percent of our coal generation since 2014. have instilled in our employees the importance of following the CDC guidelines. • In 2019, we met and exceeded our 2030 goal of reducing carbon emissions by 40 percent below 2005 levels. Given We have sharply curtailed work inside customers’ homes, our progress, we are re-evaluating our longer-term carbon and 80 percent of our operations employees are now reduction goals. working remotely or in the field. Our employees have adapted well to these changes by using technology, • We set a goal, by the year 2030, to reduce the rate of following health precautions and continuing to work methane emissions from our natural gas distribution lines efficiently. I remain confident in our capacity to keep the by 30 percent per mile from a 2011 baseline. We are more lights on and the gas flowing to our communities. than halfway toward meeting this goal. Our ongoing work to modernize Chicago’s natural gas delivery network is I’m grateful that we also have been able to contribute— key to achieving our goal. through our foundations—to organizations on the front lines, including local United Ways, hospitals, domestic • Between 2020 and 2024, we expect to spend nearly violence shelters, food pantries and youth programs. a billion dollars to increase the amount of renewable Through these donations and our matching gifts, we are generation on our system. providing more than $2 million to COVID-19 relief efforts. • Construction began on two of the largest solar It’s our way of thanking the people and organizations that installations in the Midwest. These utility-scale solar sustain our communities. facilities will play an important role in producing ANNUAL REPORT LETTER renewable energy for our customers for many years to come. The world is changing. Technology is improving. Customer expectations continue to rise. In the midst of it all, we • Our utility in the Upper Peninsula provided the energy believe that the key to enduring progress—the key to solution needed in northern Michigan. Two new natural sustainable growth of our business—is our focus on the gas-fueled plants began operating in March 2019, which fundamentals. Every decision we make is grounded in enabled us to retire our less-efficient, coal-fueled Presque reliability, customer satisfaction, financial discipline and Isle Power Plant. environmental stewardship. We strengthened the energy infrastructure our customers And we’re pleased to report that on virtually every depend on. meaningful measure, we delivered another year of solid Letter — WEC Energy Group cont. on page 9 results in 2019.

VOL. 30 NO. 2 5 Letter to Shareholders — Xcel Energy

Dear Fellow Shareholders: includes the early retirement of all coal in Minnesota by 2030, the addition of wind and solar and the use of natural As we prepared for our Annual gas for system reliability. Shareholders Meeting, I was looking forward to sharing our Our momentum to achieve 100% carbon-free electricity outstanding 2019 results with by 2050 remains strong. Last month, we completed our you. However, in the face of the Blazing Star 1 wind project, and six additional farms are global pandemic, our immediate under construction. These projects will result in significant focus has shifted. I’m so pleased customer savings, carbon reduction, jobs and other with how our employees and the economic benefits. We remain thoughtful and proactive Ben Fowke industry have responded, working in supporting our employees and communities as we CEO & Chairman to keep people safe, delivering transition out of coal, with no layoffs from our seven reliable service and supporting plant closures to date. those in need as we have done for over 100 years. We know how to weather storms and are well positioned to continue Earlier this year we joined ONE Future, a consortium delivering for our customers, communities and shareholders. of natural gas companies working to reduce methane emissions below 1% by 2025. We’ve expanded our electric 2019 Financial Performance vehicle program with filings in several states, working Looking back to 2019, it was an outstanding year that again closely with stakeholders to create nation-leading programs showcased our consistent record of operational and financial that will provide economic and environmental benefits for excellence and strong strategy execution. our customers for years to come.

For the 15th consecutive year, we met or exceeded our We know we can’t achieve our 100% carbon-free vision earnings guidance. We delivered 2019 earnings of $2.64 without new technologies that either don’t exist or aren’t per share, at the top end of our original guidance range, yet commercially viable today. Technology advancement compared to $2.47 per share in 2018. We increased your is critical for our industry and the nation as we transition dividend by 6.6%, or 10 cents annually in 2019, extending away from carbon. In my role as incoming chairman for the our dividend growth streak to 16 consecutive years. We Edison Electric Institute, our industry trade association, maintained our earnings and dividend objective of 5% to making significant progress on this issue will be a key part 7% annual growth, which reflects our confidence in our of my platform. long-term financial plan. Employees Lead The Way Our total shareholder return exceeded 32% in 2019. We I’m so proud to lead a team of over 11,000 dedicated have outpaced our peer group for the one-, three-, five- and employees who understand the importance of powering 10-year horizons. the lives of millions of customers and who exemplify our Leading The Clean Energy Transition values in how they work—safe, trustworthy, committed and connected. We are over halfway toward our interim goal to reduce carbon emissions by 80% by 2030, reaching 44% in 2019. In recognition of our results and the way we deliver them, We added over 700 megawatts of company-owned wind we were named among Fortune magazine’s World’s Most capacity for the benefit of our customers and shareholders, Admired companies, Corporate Responsibility Magazine’s delivering our Foxtail, Lake Benton and Hale projects 100 Best Corporate Citizens and Newsweek’s Most under budget. Responsible Companies. Recent honors include the S&P Global Award of Excellence and 2020 Climate Leadership Our industry-leading nuclear fleet provided nearly half Award. Ethisphere also named us one of the World’s Most of our carbon-free electricity, while reducing costs for the Ethical Companies®. fourth consecutive year. Both generating stations received the highest ratings available from regulators in 2019, COVID-19 positioning us favorably as we request a 10-year license We understand how critical our work is to the health and extension for our Monticello plant, an essential part of safety of our communities and local businesses and have our proposed plan to achieve 80% carbon reduction. The cont. on page 10 Minnesota commission is reviewing the proposal which also Letter — Xcel Energy

6 JUNE 2020 In your INTEREST Letter — MDU Resources Group cont. from page 4 its North Bakken Expansion project, which will add approximately 350 million cubic feet per day of natural 24 states. The contribution included $26,500 to eight gas pipeline capacity. Construction is expected to start in organizations in Minnesota. The funding benefited food early 2021, with the project in service in late 2021. banks, shelters, first responders, and health organizations. The utility group’s first-quarter earnings were down While the company put together an outstanding 2019 compared to the same period last year mainly because of and was anticipating another strong year in 2020, there is lower investment returns related to certain benefit plans, some uncertainty as to how the year will unfold. As part of as well as lower electric and natural gas volumes due to mild our first-quarter earnings announcement, we reduced our weather that was 7% to 21% warmer. earnings per share guidance for the year to $1.50-$1.70. While there are still unknowns for the remainder of 2020 However, our companies remain busy and continue to and beyond, MDU Resources Group will continue to perform well. Our construction services business had record provide safe, reliable and essential products and services, just revenues in the first quarter of $514.7 million, up 22% from as we have since 1924. 2019, and has a record backlog as of March 31 of $1.27 billion. Construction materials also had record revenues in the first quarter of $262.2 million, up 15% from 2019, and MDU Resources Group a strong backlog as of March 31 of $905 million. Website: www.mdu.com Our pipeline business had record transportation volumes NYSE: MDU in the first quarter and continues preparatory work on

Letter — Otter Tail Corporation cont. from page 4 We are enhancing transmission infrastructure by investing approximately $39 million to improve reliability and turbine in east central . Both will prepare us provide increased capacity for customers in the southern for our Hoot Lake coal-fired power plant’s 2021 retirement. portion of our service area. Phase one of this two-phase And both will provide immediate returns for amounts project is complete, and we expect phase two to be in service invested while under construction. in 2021.

Merricourt Wind Energy Center construction began in We are pursuing $897 million in capital investments at the August. The facility, which we expect to begin commercial utility between 2020 and 2024, driven by our coal-fired operation in late 2020, will generate enough energy to plant retirement, renewable resource additions, increased power more than 65,000 homes. At an estimated cost transmission capacity for renewable energy, and modernized of approximately $258 million, this is the largest capital customer experience. These investments will allow us to project in company history. deliver on our commitment to a cleaner energy future In May 2019 we began constructing Astoria Station. It will at lower-than-average rates and produce a compounded complement our wind generation by providing a reliable annual rate base growth of approximately 8 percent over the backstop when the wind is not blowing, and it will have 2019 to 2024 timeframe. flexible operating options and low emissions. We expect to In May 2019 the South Dakota Public Utilities invest approximately $158 million in Astoria Station and Commission approved a return on equity of 8.75 percent for the facility to be on line in late 2020 or early 2021. and a revenue increase of approximately $2.6 million, or By 2022 we project more than 30 percent of our energy will 7.7 percent, concluding our rate case filed in April 2018. come from renewables, and carbon dioxide emissions from In the ruling, the commission approved a phase-in rider. generation resources we own will be more than 30 percent In exchange, we agreed not to file a general rate increase in lower than 2005 levels—all while keeping residential rates South Dakota until at least April 2022. nearly 30 percent below the national average. In December 2019 the Minnesota Public Utilities Otter Tail Power Company completed a few small-scale Commission approved our request to extend the deadline solar projects in partnership with communities we serve. to file our next resource plan an additional year, until 2021. We continue to evaluate cost-effective solar additions that Letter — Otter Tail Corporation cont. on page 8 will meet requirements in our three-state jurisdiction.

VOL. 30 NO. 2 7 Letter — Otter Tail Corporation cont. from page 7 markets. The company has installed new equipment, increasing production capacity to serve those markets. This plan identifies the most cost-effective combinations of resources for reliably meeting customers’ needs during the Northern Pipe Products and Vinyltech, the PVC pipe next 15 years. Delaying our filing another year will allow us manufacturing companies that comprise our plastics to better incorporate outcomes of the Regional Haze Rule segment, performed well to overcome major weather issues into our modeling. that impacted sales volume during the first three quarters of 2019. Strong operational performance allowed the Otter Tail Power Company’s new sustainability website plastics segment to maximize margins despite a 3 percent went live. Transparency is important to our company and to drop in sales prices from 2018. Both companies continue our industry. to compete effectively by being flexible and responsive and ensuring on-time deliveries. We have established a ten-year plan for strategic upgrades to technologies that support enhanced energy transmission Each manufacturing company had solid safety performance, and delivery and an improved customer experience. coming in under 2019 targets and contributing to Otter Tail Corporation’s lowest OSHA recordable case rate on record. The utility achieved strong safety performance, reporting its lowest OSHA recordable case rate on record. Otter Tail Corporation is focused on prudent capital investment, continued operations improvement, and Our manufacturing platform continues to provide growth talent development. We know our success depends on our through new products and services, market expansion, and understanding of the environments in which we operate, how increased efficiencies. we define our role within them, and how we deliver value. BTD, our contract metal fabricator and largest manufacturing We are energized by our 2019 achievements and look business, celebrated 40 years of innovation and growth. The forward to 2020, accelerating into a new decade of success. company increased sales by 4 percent and net income by 13.9 Thank you to our customers for choosing to work with us, percent and substantially grew business with key accounts our employees for accomplishing so much, and you, our in 2019. The Georgia facility, where we added stamping shareholders, for investing in our success. capability to improve logistics and better serve customers in the Southeast, significantly improved profitability as sales Charles S. MacFarlane grew 19.7 percent in 2019. The company accomplished this President and Chief Executive Officer while delivering strong labor productivity and continuing to improve on already-strong safety performance, reporting its lowest OSHA recordable case rate on record. Otter Tail Corp. Website: www.ottertail.com T.O. Plastics, our plastics thermoforming manufacturer, is NASDAQ: OTTR well positioned to meet demand in emerging horticulture

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

8 JUNE 2020 In your INTEREST Letter — WEC Energy Group cont. from page 5 • In recent months, we agreed to acquire majority interests in two new wind farms: Thunderhead Wind Energy • We invested nearly $2.3 billion in our core business to Center in Nebraska and Blooming Grove Wind Farm maintain reliability and improve customer service. in Illinois. Our investment in these projects will total $770 million. • We Energies, our largest utility, was named the most reliable in the Midwest for the ninth year in a row, and • Our infrastructure segment will hold majority interests Public Service was recognized for the first in five wind farms capable of providing approximately time for its outstanding reliability performance as a 1,000 megawatts of carbon-free energy outside of our midsize utility. traditional service area. These investments will total nearly $1.4 billion. • We announced plans to build two liquefied natural gas facilities to address the need for more natural gas peaking • These enewabler energy assets have long-term agreements capacity in Wisconsin at the highest demand times on to serve investment-grade customers. We expect the the coldest days. If approved, construction is expected to return on these investments to be higher than our begin in summer 2021. We expect to invest $370 million. regulated business returns. Opportunities to invest in energy infrastructure outside of our regulated footprint continue to help our business Letter — WEC Energy Group cont. on page 10 grow sustainably.

News Brief Governor Appoints New PUC Commissioner Joseph Sullivan was appointed to Joe has also worked as the Regional Policy Manager the Minnesota Public Utilities for Wind on the Wires where he worked to advance Commission by Governor Tim policies for wind power and transmission access. Joe Walz, effective April 6, 2020 started his career by spending six and a half years and appointed to Vice-chair on representing a municipal power agency and Greater May 21, 2020. He was appointed Minnesota cities as a senior attorney at Flaherty & to a six-year term. Hood P.A. in St. Paul, Minnesota.

Sullivan previously served as Joe holds degrees from Marquette University and Deputy Commissioner for the University of Wisconsin Law School. Joseph Sullivan Division of Energy Resources at PUC Commissioner the Minnesota Department of The Minnesota Public Utilities Commission Commerce. In this role, Joe led (Commission) regulates three cornerstone service the Division and supervised the Minnesota State Energy industries in Minnesota’s economy, i.e., electricity, Office and the Energy Planning and Advocacy unit. natural gas and telephone. The Commission’s mission is to create and maintain a regulatory environment Prior to coming to the Minnesota that ensures safe, adequate and Department of Commerce, Joe was efficient utility services at fair, the Manager of Legislative and The Minnesota Public Utilities reasonable rates consistent with External Affairs for the Center Commission (Commission) State telecommunications and G for Energy and Environment regulates three cornerstone energy policies. where he worked with policy service industries in Minnesota’s makers, regulators, utilities, economy, i.e., electricity, natural energy advocates, and other key stakeholders to advance energy gas and telephone. efficiency and clean energy policy in Minnesota.

VOL. 30 NO. 2 9 Letter — Xcel Energy cont. from page 6 track through continued investment in our communities and capital expenditure programs, which create jobs and taken significant strides to help our customers and protect drive demand for equipment and supplies. our employees, while continuing to deliver reliable services. Xcel Energy has always shown a remarkable dedication We suspended disconnects for residential customers and to serving customers and communities during difficult are arranging payment plans with those who need help. times, and the challenges brought by this pandemic are no We are working closely with our regulators and state and exception. I’m proud of how our employees are adapting local leadership to identify constructive solutions to support and responding to keep each other safe, continuing to our communities and customers. In Minnesota, we are deliver reliable service for our customers, and supporting proposing to reduce our approved fuel forecast by $25 our communities. Even with the COVID-19 challenges million to give customers immediate relief. facing all of us and the global economy, we move forward with momentum, optimism and appreciation. We believe We also stepped up our charitable giving, committing we can help rejuvenate our local economies and work with more than ~$20 million to corporate giving, including our regulators and state leadership to help our communities COVID-19 relief. We provided over 300,000 masks and customers recover from the crisis—we look forward to healthcare workers. Our employees, supported by to being part of the solution. Thanks for your continued Foundation matches, donated $300,000 to local non-profits. partnership and the trust you place in us. We are keeping employees safe through work-from-home, Sincerely, CDC social distancing and enhanced cleaning practices, Ben Fowke, Chairman and Chief Executive Officer as well as by conducting temperature checks at critical facilities, segregating crews and staggering work times. We are prepared to sequester critical employees if necessary. Xcel Energy From a financial standpoint, we enhanced our liquidity Website: www.xcelenergy.com and developed contingency plans to mitigate COVID-19 NASDAQ: XEL impacts. We expect to help get the economy get back on

Letter — WEC Energy Group cont. from page 9 board is maintaining its diversity of knowledge, skills, experience, thought, gender, ethnicity and tenure. Our investment strategy and our focus on operating efficiency have supported predictable dividends and • Our companies and foundations are among the most active dividend growth. participants in the communities we serve—providing engagement and financial support to worthy organizations. • At its January meeting, our board of directors increased In 2019, charitable giving rose to nearly $20 million. the dividend by 7.2 percent over the previous rate. The new annualized dividend is $2.53 a share. On behalf of our entire management team, thank you for your confidence, your support and your investment in WEC • This marks the 17th consecutive year that our company Energy Group. will reward shareholders with higher dividends. Sincerely, • We continue to target a payout ratio of 65 to 70 percent of earnings. We expect our dividend growth will continue Gale E. Klappa J. Kevin Fletcher to be in line with the growth in our earnings per share. Executive Chairman President and Chief Executive Officer

Our goal is to build and sustain long-term value for our March 6, 2020 stockholders, customers and communities in a rapidly changing industry. WEC • We believe effective corporate governance is an essential driver of stockholder value and a key component to Energy Group sustainability. Through its succession planning, our Website: www.wecenergygroup.com NYSE: WEC

10 JUNE 2020 In your INTEREST Accolades Accolades to recent MUI dues-paying members Thank you to our MUI Supporting Members for their Peg Roesler, Eileen and James Hepp, Fred and Kathryn continued support! Those listed below represent members who Rusch, Gaylen and Joan Melby, Gene and Diane Carmichael, have RENEWED their membership between February 15, James Pedginski and Toni Lehman, Lee and Virginia Erhard, 2020–May 15, 2020. The list is organized by state and then Lloyd and Doris Frank, Lyle and Elaine Salmela, Margaret alphabetized by FIRST name. Members that are italicized have Ewert, Renee Cardarelle, Robert and Joycelle Vogel, renewed for three year—the rest for one year. Russell Zuehlsdorff, Steven Kishel, Terry and Jacky Pickens; WISCONSIN: Alison Dresang G Renewing Supporting Members MINNESOTA: Buck Buchanan, Dale Perkins, Dick and

Mark your calendar MUI Summer Virtual Member Meetings In this new world we are navigating, MUI has organized VIRTUAL Summer meetings for MUI Supporting Members. Below is a list of the scheduled meetings. Members MUST register with MUI to receive information on how to “Attend” the virtual meeting—either by computer or phone. These members are complimentary for all MUI Supporting Members. Attendance is limited.

DATE TIME SUBJECT Thursday, May 28 11:00 AM Legislative Recap Wednesday, June 3 1:00 PM Nuclear Energy Update Tuesday, June 9 1:00 PM Renewable Natural Gas Monday, June 15 11:00 AM Enbridge Pipeline Update

NOTE: All meetings will last approximately a half hour.

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VOL. 30 NO. 2 11 In Your Interest is a publication The Cass Gilbert Building PRSRT STD of Minnesota Utility Investors, 413 Wacouta Street, Suite 230 St. Paul, MN 55101 U.S. POSTAGE PAID and is published four times each year FERGUS FALLS, MN in March, June, September PERMIT NO. 210 and December.

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