A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS

JUNE 2018

When the legislature adjourned on May 21, the official beginning of the Campaign Season started with candidates filing for office on May 22. They had until June 5 to file with the Secretary of State’s office.

Who will be on your ballot when you vote in November….but wait you need to vote in August as well.

KEY DATESAugust 14 – Minnesota Primary.

If there is one or more candidates of the same political party running for the same office, they will face each other in the Primary to decide who will be on the ballot in the General Election. In a Primary

election, voters can only vote for candidates in one political party.

November 6 – General Election.

Who will be on the ballot? The only elected offices NOT on Minnesota’s ballot is the MN State Senate (except for a Special Election for Senate District 13). You will vote for candidates for the following offices:

• Governor/Lt. Governor • TWO U.S. Senate seats• Minnesota State House• State Attorney General• State Auditor• U.S Congressional Districts

It will be an interesting campaign season. G

Legislature Adjourns; Campaign Season Begins

Updates from Minnesota’s Energy Investor Owned Utilities

VOL. 28 NO. 2

Summarized 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 this issueDay at the Capitol recap 2

Shareholder LettersALLETE 3CenterPoint Energy 4MDU Resources 5Otter Tail Corporation 6WEC Energy Group 7Xcel Energy 8

News Briefs 11

Accolades 14

New Supporting Members 14

Upcoming MUI Tours and Meetings 15

MUI Membership Form 16

Minnesota Utility Investors (MUI) is a statewide, grassroots nonprofit organization designed to inform, involve and engage investors of Minnesota energy utilities.

Founded in 1990, MUI is the largest energy investor organization in the U.S. with nearly 23,000 members.

In your INTERESTJUNE 20182

Nearly 200 members participated in MUI’s 17th Day at the Capitol on April 12th. As promised, it did not snow in St. Paul that day.

There were two tracks that MUI members could participate in the event: Advocacy and Educational. There were three issues MUI members promoted:

HF 3243/SF 2879 that allows all utilities to fully recover their pension contributions. The legislation was included in the Omnibus Supplemental Bill (SF 3656) that was vetoed by the Governor.

HF 4144/ SF 3707 (The Omnibus Supplemental Bill) included legislation that directed the Department of Revenue to prepare a report on the valuation of the operating property of public utilities (personal property). It was to include the number of state-assessed public utility valuations that have been appealed in the last 20 years, the basis for the appeals, and the extent to which the market value was increased or reduced, by agreement, settlement, or judgment. (The bill was vetoed by the Governor)

HF 3708/SF 2879 that allows Xcel Energy to recover their costs that have been PRE-APPROVED by the MN Public Utilities Commission (PUC) for their nuclear plants that are included in a PUC-approved Resource Plan. (The legislation was not brought up for final debate on the House floor.)

Day at the Capitol in Review

MUI members storm the State Capitol

BUS LEADERS• Alexandria: Shirley Syverson • Baxter: Al Sanford • Bloomington: Bonnie Byersdorfer• Brooklyn Center: Marilyn and Roger Harma• Duluth: Wayne Anderson • Eden Prairie: Marty Friede• Fergus Falls: Dave Pederson

• Lakeville: Ron and Pat Wiese • Little Falls: Cheryl Stanek • Mankato: Olga Carlson and Jim Vickery • Rochester: Don and Elverna Matthees

SPEAKERS• Xcel Energy: Grania McKiernan and

Pam Gorman Prochaska • CenterPoint Energy: Jennifer Stokes

Thank you We appreciate everyone that helps make the Day at the Capitol a success!

Members from across Minnesota making their plans for the day.

Education Track was a popular addition to Day at the Capitol

Thank you to our MUI Associate Members!

Lockridge, Grindal, Nauen P.L.L.P.

VOL. 28 NO. 2 3

Dear Fellow Shareholders:

ALLETE’s 2017 performance and outcomes clearly demonstrate that answering the call to transform the nation’s energy and water landscape not only serves to usher in a more sustainable future but also drives shareholder value.

ALLETE’s more than 2,000 talented and creative individuals, along with the ALLETE Board of

Directors, take great pride in promoting sustainability in all its forms — environmental, societal and financial — as each of our energy businesses executes transformational strategies across the United States and Canada. We acknowledge the challenges that climate change and the opportunity gap present societally, and we are taking action. We have reduced our carbon footprint, and have freely given our time, talent and treasure to ensure the vitality and health of the people and communities we serve.

ALLETE has also driven sustainable financial performance and shareholder value over the decades. ALLETE has paid uninterrupted dividends since 1948, and for the eighth straight year, ALLETE’s Board of Directors voted to increase your dividend in 2018, while also expressing confidence in the management team. The 2018 dividend increase was 10 cents, up from 6 cents in previous years. Total shareholder return over the past three years was 49.9 percent, and the Board recently approved increasing our projected average annual earnings growth rate from 5 percent to 5-7 percent. All are signs of confidence in ALLETE and how we remain committed to delivering value to shareholders.

Our taconite mining customers had a strong year in 2017, with production levels at or near capacity. Cleveland-Cliffs continues to invest in new technologies and diversified ore products that will expand markets and position it for continued success. Meanwhile PolyMet Mining gained momentum toward establishing Minnesota’s first copper-nickel mine with the state’s release in January of a draft permit to mine and draft air and water permits. A clean-energy economy requires precious metals and state-of-the-art mineral mining, and Minnesota leads the nation on both fronts.

Minnesota Power made great strides in 2017 on its EnergyForward strategy designed to balance its generation mix at two-thirds renewables and renewable-enabling natural gas and one-third environmentally compliant coal,. A cold 2018 winter has allowed the Great Northern Transmission

Line to take shape as seasonal construction began in northern Minnesota. When complete in 2020, the Great Northern will provide renewable baseload power to optimize North Dakota wind power, and more than 40 percent of Minnesota Power’s energy will come from renewable sources, surpassing the state standard of 25 percent by 2025.

ALLETE is proposing to build a renewable-enabling natural gas power plant in partnership with Dairyland Power Cooperative. The Nemadji Trail Energy Center initiative envisions 250 megawatts of flexible natural gas generation, combined with 250 megawatts of new wind and 10 megawatts of large-scale solar. The investment opportunity for ALLETE is $350 million, while Minnesota Power will receive low-cost power from natural gas and additional wind and solar energy.

Superior Water, Light and Power continues to innovate while evolving its customers’ energy experience. SWL&P is one of the first utilities in the nation to install advanced meter technology for three utilities – electricity, water, and natural gas – paving the way for customers to monitor their energy and water use on a real-time basis.

ALLETE’s utilities had new rates approved by state regulators in 2017. In Wisconsin, SWL&P’s rate decision allows for a 10.5 percent return on equity and a 55 percent equity ratio. Minnesota Power’s rate decision allows for a 9.25 percent return on equity and a 53.81 percent equity ratio. During the recent rate review, Minnesota Power achieved several important rate outcomes that benefit customers; however, it has filed for reconsideration of certain disallowed revenue, expenses and assets excluded from rate base. Minnesota Power fully intends to take all actions necessary to earn its allowed rate of return.

Ushering in a more sustainable energy future was at the heart of ALLETE’s creation of ALLETE Clean Energy in 2011 and its acquisition of U.S. Water Services in 2015. ALLETE has differentiated itself from other pure-play electric utilities by focusing on the opportunities at the nexus of energy and water. The unregulated businesses we have been developing are capturing these opportunities and providing significant additions to earnings that we anticipate will grow significantly.

Much of that growth can be attributed to the performance of ALLETE Clean Energy. Formed to take advantage of the call for more renewable energy, ALLETE Clean Energy wisely pivoted its growth strategy to leverage federal renewable energy production tax credits. Under this strategy, ALLETE Clean Energy has announced four large projects

Letter to Shareholders – ALLETE

Alan R. Hodnik Chairman, President and CEO

Letter – ALLETE cont. on page 9

In your INTERESTJUNE 20184

Dear Fellow Stakeholder,

Our vision to lead the nation in delivering energy, service and value drives our strategy and performance. At CenterPoint Energy, leadership through vision means that we are unwavering in our commitment to safely and reliably deliver electricity and natural gas to millions of people.

At the same time, we never rest when it comes to our future. As consumer expectations increase and technology evolves, we continue to invest in solutions to better serve and interact with our customers. These investments enable us to deliver energy more safely and reliably, build customer loyalty and grow our business.

PERFORMING WITH DISCIPLINE 2017 was another excellent year for

our company. We reported net income of $1.8 billion, or $4.13 per diluted share. Our annual adjusted earnings, using the same basis as our guidance, were $3.93 per diluted share, which includes a deferred tax re-measurement benefit in 2017 of $1.1 billion.

Excluding the tax benefit, 2017 net income on a guidance basis was $593 million, or $1.37 per diluted share, consisting of $0.99 from utility operations and $0.38 from our investment in Enable Midstream Partners. This reflects strong underlying performance across our businesses.

The Tax Cuts and Jobs Act of 2017 contains several changes that will impact CenterPoint Energy, including the reduction of the corporate income tax rate from 35 to 21 percent, which became effective Jan. 1, 2018. We anticipate that a significant portion of these tax savings will be returned to ratepayers with the approval of our regulators.

Our continued confidence in our ability to deliver sustainable earnings and cash flow led us to raise our dividend for the 13th consecutive year in 2018. In December 2017, our board of directors declared a regular quarterly cash dividend of 27.75 cents per share of common stock. This represented an approximately 4 percent increase from our previous quarterly dividend. If annualized, the dividend equates to $1.11 per share.

EXECUTING OUR STRATEGY Our strong record of financial performance and shareholder value creation is the result of continued focus on our strategy of Operate, Serve, Grow. Our strategy encompasses the company’s competitive advantages in technology, innovation, customer service and regulatory expertise. We focus on the following key imperatives to drive long-term, peer-leading earnings growth:

• Ensure the safe, reliable and environmentally responsible delivery of energy;

• Achieve top-quartile safety culture and performance;• Execute our rate recovery strategy;• Serve as our customers’ trusted energy solutions

provider;• Add value through emerging technology and

innovation; and• Build and develop a world-class workforce.

Our strategy also focuses on controlling expenses, maintaining liquidity, ensuring access to capital, optimizing our portfolio, and constructively growing dividends.

Our board of directors reviews our strategy annually. This process ensures that we meet the energy delivery infrastructure needs in our growing service territory and are prepared for changes occurring in our industry.

DELIVERING WITH EXCELLENCE Our business segments performed very well in 2017. The electric transmission and distribution business produced $535 million in operating income, excluding transition bond companies. We benefited from rate recovery and growth with the addition of nearly 41,000 new customers. In 2017, capital investments totaled $924 million to support customer growth, reliability and grid modernization.

Our natural gas distribution business also had a strong year. In 2017, we added more than 30,000 customers. Our operating income of $328 million was driven by growth and execution of our rate strategy. In 2017, we invested $523 million in our natural gas distribution business to support growth and improve the safety and reliability of our systems.

Our competitive natural gas sales and services business, CenterPoint Energy Services (CES), provides a wide range of competitive energy services to meet the needs of our more than 100,000 customers in 33 states. In 2017, CES produced operating income of $46 million, excluding a mark-to-

Letter to Shareholders – CenterPoint Energy

Letter – CenterPoint Energy cont. on page 12

Scott M. Prochazka President and CEO

Milton Carroll Executive Chairman of the Board

VOL. 28 NO. 2 5

We are very pleased with our 2017 operating results. We are optimistic about 2018, as well, with a high volume of work in the queue for our construction companies and growth opportunities well underway at our regulated energy companies. We are confident our company will continue to provide the long-term returns you expect from your investment.

Earnings in 2017 from continuing operations were $284.2 million, or $1.45 per share, compared to 2016 earnings from continuing operations of $232.4 million, or $1.19 per share. Including discontinued operations, MDU Resources reported 2017 earnings of $280.4 million, or $1.43 per share, compared to $63.7 million, or 33 cents per share, in 2016. The company recorded a benefit in the fourth quarter of $39.5 million,

or 20 cents per share, to 2017 earnings attributable to the federal Tax Cuts and Jobs Act, which was signed into law Dec. 22. Absent the benefit from tax reform, our earnings from continuing operations were up 6 cents per share or approximately 5 percent.

This year, we are celebrating our 70th year of being listed on the New York Stock Exchange. Only a handful of companies have been on the exchange as long as ours. We also are listed on Standard & Poor’s High-Yield Dividend Aristocrat index. In November, we increased our dividend for the 27th consecutive year, and we have paid dividends uninterrupted for 80 years. Fewer than 100 other U.S.-listed companies have increased their dividend as many consecutive years as MDU Resources.

UTILITY SEES GROWTH IN SALES, CUSTOMERS Our electric and natural gas utility business earned $81.6 million, compared to $69.3 million in 2016. The 2017 results include a $6.4 million charge related to an adjustment of net deferred tax assets resulting from tax reform. In 2017, we sold 2 percent more electricity and 13 percent more natural gas than we did in 2016, primarily because our customer base grew 2 percent and our service territories experienced colder weather. Cost recovery through regulatory relief also contributed to the earnings increase.

We recently announced that we will buy the Thunder Spirit Wind farm expansion in southwestern North Dakota. With the addition, our electric generation portfolio will be approximately 27 percent renewables.

We expect our utility customer base of nearly 1.1 million customers to keep growing 1 to 2 percent annually, and we continue our investments in upgrading and expanding our facilities across our system to safely and reliably meet demand.

Coinciding with investments in our facilities is a significant effort to recover costs through regulatory relief. We expect our rate base in the next five years to continue growing 6 percent annually on a compound basis.

PIPELINE BUSINESS CONTINUES ORGANIC GROWTH Our pipeline and midstream business earned $20.5 million in 2017, compared to $23.4 million in 2016. The 2017 results include a $200,000 charge related to an adjustment of net deferred tax assets resulting from tax reform. The decrease in earnings reflects the absence of results from the Pronghorn natural gas processing facility, after selling our interest in the assets at the start of 2017.

While our earnings may have been lower, our pipeline business performed very well. We transported a record volume of natural gas through our system in 2017, up nearly 10 percent over 2016. This was due, in part, to two growth projects that we completed in the second quarter. These projects increased pipeline capacity about 62 million cubic feet per day.

With our pipeline system situated in the heart of the Bakken region, which is producing record volumes of natural gas, we are focused on additional organic growth projects that will help move that gas to market.

CONSTRUCTION SERVICES REVENUES SET RECORD The construction services business had record revenues in 2017 of $1.37 billion and earned $53.3 million, compared to 2016’s earnings of $33.9 million. The 2017 results include a benefit of $4.3 million from an adjustment to net deferred tax liabilities resulting from tax reform.

We saw higher workloads and margins in 2017 in both inside specialty electrical contracting work and outside specialty electrical contracting work. Within our inside work, we saw particularly high demand in the high-tech, manufacturing and retail areas. In outside work, we saw a strong uptick in equipment sales and rentals and engaged in

Letter to Shareholders – MDU Resources Group

Letter – MDU Resources Group cont. on page 10

David L. GoodinPresident and CEO

Harry J. PearceChairman of the Board

In your INTERESTJUNE 20186

Otter Tail Corporation continues to deliver shareholder value through two platforms: electric and manufacturing. Both contributed to our excellent 2017 financial results. Both have promising futures.

We have built our capabilities through important investments—in rate base, systems, locations, and people. That is why we chose “Driven to Excellence” as the theme

for this year’s report. It highlights employee dedication to pursuing quality and exceeding customer expectations.

Our combined efforts resulted in consolidated net income and diluted earnings per share from continuing operations of $72.1 million and $1.81 respectively, compared with $62 million and $1.60 in 2016. Earnings per share for 2017 include a reduction of $0.05 related to the Tax Cuts and Jobs Act of 2017. Return on equity was 10.6 percent.

Our stock also performed well in 2017. Total return was 12.1 percent, and the dividend yield at year-end was 2.9 percent. Shareholder value has grown at a compounded annual rate of 16.7 percent over the past five years. We have paid dividends on common stock for 79 years, or 317 consecutive quarters. Our annual indicated dividend rate per share for 2018 is $1.34, an increase of 4.7 percent.

Collectively, employees and leadership remain focused on three strategic objectives: Grow our businesses, achieve operational and commercial excellence, and develop our talent. This ongoing emphasis creates energy that positions us for long-term success.

UTILITY PROVIDES STRENGTH AND GROWTHOtter Tail Power Company grew rate base by 5.4 percent in 2017 with major investments in regional transmission projects.

Our utility is a 50 percent owner with neighboring utilities in each of two 345-kilovolt transmission projects that will improve regional reliability and support renewable energy. Both lines are designated multi-value projects by the Midcontinent Independent System Operator, Inc. (MISO), allowing cost recovery from all customers in MISO’s Upper Midwest footprint.

The 70-mile line that extends from Brookings, South Dakota, to a new substation near Big Stone City, South Dakota, was completed on schedule in 2017. The 160-mile

line that will run northwest from the Big Stone Substation to Ellendale, North Dakota, is on schedule for completion in 2019. These two transmission projects have a combined Otter Tail investment of approximately $200 million.

We are pursuing $901 million in capital investments at the utility between 2018 and 2022 that are expected to produce compounded annual rate base growth of 9 percent between 2017 and 2022. They include the above-mentioned Big Stone South-Ellendale project and regulated investments in renewable and natural gas-fired generation.

In April 2017 the Minnesota Public Utilities Commission approved the utility’s resource plan that identifies the most cost-effective combination of resources for meeting customers’ needs for reliable service during the next 15 years. The plan includes adding wind, natural gas-fired, and solar generation.

As part of implementing our resource plan, our utility has entered into definitive agreements to purchase a 150-megawatt wind farm to be built in southeastern North Dakota near Merricourt in 2019. At an estimated cost of approximately $270 million, it will be the largest capital project in company history. With this addition, the amount of renewable energy that supplies customers’ electricity needs will be nearly 30 percent.

We also will construct a 250-megawatt simple-cycle natural gas-fired plant near Astoria, South Dakota. We expect the project to cost $165 million and to be in service in 2021.

The Merricourt and Astoria projects passed several milestones in 2017. Both received advance determination of prudence from the North Dakota Public Service Commission. Both projects are proceeding through MISO’s interconnection process.

Otter Tail Power Company continues to evaluate solar additions of up to 30 megawatts that will meet requirements in all three state jurisdictions.

The Minnesota Public Utilities Commission granted Otter Tail Power Company a revenue increase of 5.3 percent based on an authorized 9.41 percent return on equity, effective November 2017, concluding the rate case we filed in 2016.

Otter Tail Power Company filed a rate case with the North Dakota Public Service Commission in November 2017, requesting to increase non-fuel base rates by 8.7 percent, or approximately $13 million annually. The commission granted an interim rate increase of 8.64 percent effective January 2018. We expect a final order in the fall of 2018.

Charles MacFarlanePresident and CEO

Letter to Shareholders – Otter Tail Corporation

Letter – Otter Tail Corporation cont. on page 9

VOL. 28 NO. 2 7

Letter – WEC Energy Group cont. on page 10

To our stockholders,

I’m pleased to report that our company delivered another year of progress in 2017. On virtually every meaningful measure – from network reliability to customer satisfaction to community involvement – we continued to perform at a high level.

We achieved record financial results. Our largest utility, We Energies, was named the most reliable utility

in America and the best in the Midwest for the seventh year running. We made significant progress upgrading the natural gas infrastructure in Chicago. And after reviewing our environmental, social and governance practices, Corporate Responsibility Magazine named us one of the best corporate citizens in the nation.

In addition, our track record of reliability and competitive pricing was a factor in the decision by Foxconn Technology Group to invest $10 billion in a massive, high-tech manufacturing campus in Wisconsin. This is one of the largest economic development projects in American history. We expect Foxconn to employ 13,000 people as they create a brand new industry here in the United States.

Now, for a few details. Our adjusted earnings for 2017 totaled $3.14 a share – the highest earnings per share in company history. These reported earnings exclude a one-time, non-cash gain of 65 cents a share from the tax reform law that was signed last December. This one-time, non-cash gain reflects the application of the new tax law to the company’s non-utility assets and to the assets of the parent company.

Over time, the impact of tax reform will also benefit our utilities. And we are filing plans with regulators in each of the four states we serve to channel the impact of a lower tax rate into direct benefits for customers.

In addition, there were a number of other positive regulatory developments during the year. In August, the Wisconsin Public Service Commission unanimously approved our proposed rate settlement. Base rates for all of our Wisconsin utilities will remain flat for 2018 and 2019. In total, this will keep base rates frozen for four years and essentially gives our customers price certainty through 2019.

As part of the agreement, we also expanded and made permanent certain pricing options for our large electric customers. These options will continue to help many of

our customers grow their businesses, create jobs and reduce their energy costs.

In Illinois, we continue to make real progress on the Peoples Gas System Modernization Plan. On January 10 of this year – after an extensive review – the Illinois Commerce Commission issued an order that supports continuing the program at the scope, pace and investment level that we proposed. This program is critical to providing our Chicago customers with a natural gas delivery network that is modern, safe and reliable. For many years to come, we’ll be replacing outdated natural gas piping – some of which was installed more than a century ago – with state-of-the-art materials.

Turning to Michigan, we obtained final regulatory approval last October for the construction of approximately 180 megawatts of new, natural gas-fired generation in the Upper Peninsula. Site preparation began within days of the commission order. Our plan is to bring the new facilities into commercial service by mid-2019, and at that time or soon thereafter, we expect to retire our coal-fired power plant in Marquette, Michigan.

The project calls for a $266 million investment in reciprocating internal combustion engines. We call these RICE units. These units, which will be owned by one of our Michigan utilities, will provide an affordable, long-term power supply for customers in the Upper Peninsula, including the iron ore mine owned by Cleveland-Cliffs.

The RICE units are part of our new five-year capital investment plan. Totaling $11.8 billion, our updated capital plan is focused on reshaping our generation fleet for a clean, reliable future.

Our approach calls for greater reliance on natural gas and solar energy to meet customer demand for electricity. We plan to add another 50 megawatts of RICE generation in northern Wisconsin by 2021. We also have the option to invest up to $200 million in the Riverside power plant – a natural gas-fired facility being built by Alliant Energy.

And importantly, we plan to expand our portfolio of renewable generation. Over the past five years, utility-scale solar has increased in efficiency, and prices have dropped by approximately 70 percent. These factors make solar a cost-effective option for our customers – an option that also fits very well with our summer demand curve. We’re in active discussions with developers, and we plan to file for approvals with the Wisconsin commission this spring.

Letter to Shareholders – WEC Energy Group

Gale E. Klappa Chairman and Chief Executive Officer

In your INTERESTJUNE 20188

I am proud of the advancements we have made to lead the clean energy transition while we continue to deliver excellent reliability and tremendous value for our customers. Xcel Energy’s forward-looking strategy positions us well for short- and long-term success.

From a financial, operational and strategic perspective, 2017 was a strong year for Xcel Energy. In addition to delivering safe, clean, reliable energy to millions

of customers, we kept bills low, enhanced the customer experience and once again delivered significant shareholder value. Our one-year Total Shareholder Return of 22 percent in 2017 easily outpaced our peer group average of 9 percent.

For the 13th consecutive year, we met or exceeded our earnings guidance. We delivered 2017 GAAP earnings of $2.25 per share, compared to $2.21 per share in 2016, and ongoing earnings of $2.30 per share, compared to $2.21 per share in 2016.

Xcel Energy also increased your dividend 5.9 percent in 2017, marking the 14th consecutive year of dividend growth. We maintained our dividend growth guidance in the 5 to 7 percent range, a reflection of our confidence to deliver in 2018 and beyond.

LEADING THE ENERGY FUTURE We chose the theme “Leading the Energy Future” for this report because it encapsulates our track record of reducing carbon emissions as we successfully transition from fossil fuels to renewable energy and delivering more energy options for our customers — all while keeping bills at or below the rate of inflation.

In 2017, we announced the largest multi-state wind expansion in the country. Our proposal to add 12 wind farms across seven states is the latest example of how we continue to execute our Steel for Fuel growth strategy that delivers economic and environmental benefits.

Steel for Fuel is a strategy that has strong appeal with all of our stakeholders. Wind energy is a key factor in Xcel Energy’s 35 percent reduction in carbon emissions since 2005. Our goal is to reduce carbon emissions 60 percent by 2030 — and we have aspirations to do even more. We are engaging with stakeholders to make this aspiration a reality.

ENHANCING THE CUSTOMER EXPERIENCE In 2017, we not only set a record for power plant reliability across our eight-state territory, but also significantly improved how we communicate with customers during outages. We created a new storm center on our website and launched an award-winning mobile app that was downloaded more than 160,000 times, exceeding expectations.

FOUNDATIONAL WORK BEGAN ON OUR ADVANCED GRID Intelligence and Security initiative that will upgrade our infrastructure, improve security and reliability and leverage smart meters to provide customers more choices for managing their energy use. The rollout started in Colorado and will extend to Minnesota in subsequent years, pending regulatory approval.

One of the growing threats against the electric grid is the increased sophistication of cyber criminals across the globe. In October we launched a state-of-the-art Cyber Defense Center that monitors and protects our networks 24 hours a day, seven days a week.

ENGAGING STAKEHOLDERS Through strong stakeholder engagement, we saw greater alignment in regulatory proceedings in nearly all of our jurisdictions. In Minnesota, we received commission approval for a multi-year electric rate case and legislative approval to build a natural gas plant at our Sherco site that will provide needed generation to replace two coal units that are scheduled for early retirement.

While we prepare for our next resource plan, we also engaged the Minnesota commission in dialogue about the importance of operating our nuclear plants through their licensing periods in the early 2030s. As our only 24/7 carbon-free baseload energy source, nuclear energy plays a crucial role in system reliability and our ability to hit aspirational carbon-reduction targets.

In Colorado, we announced a groundbreaking Colorado Energy Plan that, if approved, will drive our carbon-reduction plans by adding significant amounts of wind, solar, natural gas and battery storage while accelerating the retirement of two coal units at our Comanche power plant in Pueblo

OPERATIONAL EXCELLENCE Offering new customer programs is just one way we are focused on enhancing our customers’ experience with us. In 2017, we completed a four-year project called “Productivity

Letter to Shareholders – Xcel Energy

Ben Fowke Chairman, President and CEO

Letter – Xcel Energy cont. on page 13

VOL. 28 NO. 2 9

that will be underway this year: the fee-based build-own-transfer of the Thunder Spirit II wind site expansion, which will be sold to Montana-Dakota Utilities; construction of a 106-megawatt wind farm to supply electricity to NSP-Xcel Energy under a power sales agreement; construction of an 80-megawatt wind farm in Montana to supply electricity to NorthWestern Energy under a power sales agreement; and a wind turbine refurbishment project at three existing wind sites in Minnesota and Iowa. ALLETE Clean Energy has about 1,300 megawatts of potential tax credit development still available, creating a robust project outlook.

Meanwhile, U.S. Water Services serves many Fortune 500 companies and continues to grow organically and through acquisitions. In 2017, U.S. Water Services added Tonka Water to its portfolio. Tonka supplies drinking water treatment systems and equipment to small and mid-sized cities but also manufactures equipment that can handle large-flow systems. Those capabilities broaden two markets

important to U.S. Water’s growth — municipal water treatment and large industrial customers.

ALLETE is a unique company – a company differentiated by its diversified growth strategy but more importantly by its people, culture and leadership. We know that we can and will fulfill our shared purpose of answering the call to transform the nation’s energy and water landscape while building value for ALLETE’s shareholders. On behalf of the ALLETE Board and our 2,000 employees, my deepest thanks for your interest and investment in ALLETE!

Sincerely, Alan R. Hodnik Chairman, President and Chief Executive Officer

Letter – ALLETE cont. from page 3

ALLETEWebsite: www.allete.comNYSE: ALE

Letter – Otter Tail Corporation cont. from page 6

Even with the Minnesota rate increase and a potential increase in North Dakota, Otter Tail Power Company’s rates remain among the lowest in the nation. Regulatory Research Associates recognized Otter Tail Power Company in May 2017 as one of the five lowest price providers among utility operating companies.

In 2017 the utility continued to earn high customer satisfaction scores and achieved its lowest number of OSHA recordable injuries. We are especially proud that the Edison Electric Institute presented Otter Tail Power Company with the association’s 2017 Emergency Recovery Award for outstanding restoration efforts related to a 2016 Christmas ice storm.

MANUFACTURING COMPANIES ARE FOCUSED ON CUSTOMERS, POISED FOR GROWTH BTD Manufacturing, Inc., contract metal fabricator and our largest manufacturing business, achieved year-over-year net earnings improvement in 2017. The company’s customer base in agriculture, energy, and recreational utility vehicles began to show economic recovery. Revenue growth coupled with continued operational improvement allowed BTD to deliver a 22 percent increase in operating income over 2016.

T.O. Plastics, our plastics thermoforming manufacturer, achieved 8 percent overall sales growth and a 14 percent increase in operating income compared with 2016. The company accomplished this through deeper penetration into its primary market, horticulture containers, and a renewed focus on the life sciences market.

Northern Pipe Products and Vinyltech, PVC pipe manufacturing companies in our plastics segment, continued their exceptional operational performance in 2017. Both maintained supply continuity and strong customer service throughout historic hurricanes and market aftereffects. These unpredictable events, in addition to improved market conditions, led to 7 percent pipe sales volume growth in 2017. The increased volume and better pricing environment drove an $11.5 million year-over-year operating income improvement, approximately half of which we do not expect to repeat in 2018.

WE ARE DRIVEN TO EXCELLENCE We are proud of the year we had in 2017 and are optimistic about our future. As we keep a close watch on financial and operational performance, we know success depends on people with a shared purpose. Thank you to our customers for working with us. Thank you to our employees for putting quality into every interaction. And, on behalf of our Board of Directors and more than 2,000 employees, thank you to our shareholders for placing your investment and confidence in us.

Charles S. MacFarlanePresident and Chief Executive Officer

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

In your INTERESTJUNE 201810

a variety of transmission projects.

Year-end backlog of $708 million for this business was up 49 percent compared to 2016. We are the 13th largest specialty contractor in the U.S., according to Engineering News Record’s 2017 Top 600 Specialty Contractors list. We are exploring acquisition opportunities in construction services to further grow our market share.

CONSTRUCTION MATERIALS HAS STRONG FINISH TO YEAR Earnings at our construction materials business were $123.4 million in 2017, compared to $102.7 million in 2016. The 2017 results include a benefit of $41.9 million from an adjustment to net deferred tax liabilities resulting from tax reform.

Our construction materials operations were impacted early in 2017 by above-average precipitation in nearly every market and natural disasters in some areas. A slowdown of construction work in energy-producing states, such as Alaska, North Dakota and Wyoming, also impacted our operations. Despite the slow start to the year, favorable weather in the fourth quarter allowed our construction materials operations to successfully complete a number of projects.

Our nearly 1 billion tons of aggregate reserves in growing markets means we are well-positioned to execute on additional opportunities provided by infrastructure spending initiatives. The construction materials business ended the year

with backlog of $486 million, our third best on record. We are evaluating acquisition opportunities this year for this business.

OPTIMISM HIGH GOING INTO 2018 We are excited as the mounting momentum we saw through 2017 continues into this year. We have strong prospects for growth at all our companies, with planned capital investment of $2.3 billion over the next five years, including $628 million this year. Acquisitions will be incremental to this investment. We have the financial flexibility to execute on these projects, with our strong balance sheet, good liquidity and a BBB+ credit rating with a stable outlook from our rating agencies.

Our employees are a vital component of our growth equation. Their drive and passion for Building a Strong America® helps us successfully provide our customers with the best possible products and services.

We look forward to continuing to provide you with the long-term value you expect from your ownership in MDU Resources, and we thank you for your continued support

Harry J. Pearce Chairman of the Board

David L. Goodin President and Chief Executive Officer

Letter – MDU Resources Group cont. from page 5

MDU Resources GroupWebsite: www.mdu.comNYSE: MDU

As we look to the future, the company has a solid financial base and a strong pipeline of investment opportunities. With confidence in our future prospects, the board of directors raised the quarterly dividend at its January meeting to 55.25 cents a share – an increase of 6.25 percent over the previous rate. This will mark the 15th consecutive year that our company will reward our shareholders with higher dividends.

We continue to target a dividend payout ratio of 65 to 70 percent of earnings. We’re in the middle of that range now, so I expect our dividend growth will continue to be in line with the growth in our earnings per share.

On a personal note, I know that all of you are interested in an update on Allen Leverett’s recovery from the stroke he suffered last October. Allen, of course, succeeded me as chief executive in 2016.

As of the date of this writing, I can report to you that Allen

is in good physical condition, and he continues to make progress in his recovery and rehabilitation work. Among other activities, Allen has been engaged in extensive speech therapy.

No specific time table has been established for his return to the company. So, as we announced a few months ago, I have agreed to serve as chief executive for as long as necessary.

Thank you for your confidence, your support and your investment in WEC Energy Group.

Sincerely,Gale E. Klappa Chairman and Chief Executive Officer

WEC Energy GroupWebsite: www.wecenergygroup.comNYSE: WEC

Letter – WEC Energy Group cont. from page 7

VOL. 28 NO. 2 11

News Briefs

Plant of the future? DOE seeks info on small, modular coal DIVE BRIEF

• The U.S. Department of Energy on Tuesday issued a request for information (RFI) on the development of small-scale modular coal-fired power plants, continuing the administration's search for ways to support the struggling fuel.

• DOE wants stakeholder input on "technical and market considerations" to assist in the development a small-scale, modular coal-based pilot-scale plant. The agency said it "envisioned" the plants to be highly efficient — at least 40%.

• The coal industry will need some kind of innovation to continue forward, as plants have been pressured by natural gas, renewables and environmental regulations. The nuclear industry is also developing smaller plants that can be built off-site in order to reduce costs and the time required to construct them.

DOE's request includes some lofty language, befitting the challenge ahead. The agency says it envisions "plants of the future" that will be lower in cost, "designed using advanced methods," small scale, highly efficient, and able to "load follow to meet the demands of an evolving electricity grid."

DOE also said the plants would be "highly efficient (greater than 40 percent efficiency)," but that threshold has already been topped at larger plants. Last year, Power Magazine reported the most efficient coal plant in the United States reached 42%, though the fleet averages a bit over 37%.For comparison, Japan's fleet was found to be the most efficient, at 41.6%.

Responses to the RFI are due June 8.

The nuclear industry has been considering a similar strategy, as construction costs of large plants rise and delays make them uncertain investments. The Nuclear Regulatory Commission recently completed the first phase in the design certification application process for a small modular reactor being designed by NuScale Power.

While DOE continues to support coal and nuclear, almost all of the new generation coming online this year is either renewable or gas-fired.

This year, the U.S. Energy Information Administration expects almost 32 GW of new capacity to come online —about 21 GW gas-fired capacity, 4 GW of solar PV and 5 GW of wind. Coal was not mentioned in the report.

SOURCE: UtilityDive, May 8, 2018 Robert Walton

Natural gas and renewables make up most of 2018 electric capacity additions EIA expects nearly 32 gigawatts (GW) of new electric generating capacity will come online in the United States in 2018, more than in any year over the past decade. Although renewables such as wind and solar accounted for 98% of the 2 GW added so far this year (based on data for January and February), EIA expects about 21 GW of natural gas-fired generators will come online in 2018. If these generators come online based on their reported timelines, 2018 will be the first year since 2013 in which renewables did not make up a majority of added capacity.

In 2017, renewables accounted for 55% of the 21 GW of U.S. capacity additions, the fourth consecutive year in

which renewables made up more than half. As of February 2018, renewables accounted for 22% of total currently operating U.S. electricity generating capacity. Generators’ planned online dates for the remainder of 2018 are based on data reported to EIA in the Preliminary Monthly Electric Generator Inventory.

The newly added generating capacity in January and February 2018 included 2,029 megawatts (MW) of renewables, 27 MW of fossil fueled generators, and 28 MW of other technologies, mostly consisting of energy

News Brief—2018 electricity capacity cont. on page 13

In your INTERESTJUNE 201812

Annual Meeting Monday, October 8, 2018Earle Brown Heritage Center

Mark your calendar!

JOIN US!

market gain of $79 million. With two recent acquisitions, we believe this business is poised for strong growth.

Equity earnings from the ownership of 54.1 percent of the common units representing limited partner interests in Enable Midstream Partners, a publicly traded master limited partnership that owns and operates natural gas and crude oil infrastructure assets, were $265 million.

PUTTING PEOPLE FIRST We strive to make a positive difference for our stakeholders by living our core values of safety, integrity, accountability, initiative and respect.

One of the most devastating storms in history, Hurricane Harvey, caused unprecedented flooding in our service territory in late August and early September 2017. Southeast Texas was inundated with 52 inches of rain – an amount that is typically seen over an entire year. In the face of incredibly difficult conditions, our electric and natural gas crews, with the support of contractors and mutual assistance personnel, used air boats, drones and amphibiousvehicles to reach our equipment.

We are extremely proud to be part of the national effort to restore power to Puerto Rico. We sent 140 employees, along with 60 bucket trucks, support vehicles and electric supplies, to Puerto Rico to help accelerate power restoration.

SERVING OUR CUSTOMERS AND COMMUNITIES Our residential customers ranked us highest in customer satisfaction among large natural gas utilities in the South region in an annual study by J.D. Power and Associates. Cogent Energy Reports, which surveys customers across the deregulated Texas electricity market on their transmission-distribution service providers, ranked CenterPoint Energy best-in-class in brand trust, product experience and operational satisfaction.

Our electric energy-efficiency programs saved more than 170,000 megawatt hours of electricity in 2017, benefiting

ratepayers across all customer classes. Rebates from our Conservation Improvement Program encourage natural gas customers in Arkansas, Minnesota, Mississippi and Oklahoma to choose energy-efficient equipment. In 2017, our customers saved more than 3.23 billion cubic feet of natural gas for an energy cost savings of nearly $26 million – the equivalent of the annual energy usage of more than 38,000 homes.

In 2017, our employees volunteered more than 146,000 hours, valued at approximately $3.5 million. As a company, we contributed $6.5 million to nonprofit organizations in our communities.

FOCUSING ON THE FUTURE Operationally and strategically, we believe CenterPoint Energy is well positioned to meet customers’ future energy delivery needs through a combination of traditional and innovative solutions. Over the next five years, we expect to make capital investments totaling approximately $8.3 billion.

Importantly, we will continue to invest in our people to attract, grow and retain a world-class workforce.

We are grateful to our employees and board of directors for their continued commitment to CenterPoint Energy. We would also like to thank our shareholders, customers and communities for their confidence in our company.

Sincerely,

Milton Carroll Executive Chairman of the Board

Scott M. Prochazka President and CEO

CenterPoint EnergyWebsite: www.centerpointenergy.comNYSE: CNP

Letter – CenterPoint Energy cont. from page 4

VOL. 28 NO. 2 13

through Technology” that successfully deployed new software and processes to leverage technology to improve operations and create efficiencies.

Getting better every day is a mantra embraced by our employees — and it’s paying off for customers. At a time when most monthly consumer bills are on the rise, our average residential electric bills across all territories have dropped 3 percent since 2013.

Keeping the public safe is about more than restoring power after storms. Our year-round campaigns to raise awareness about the need to call before you dig to determine the locations of natural gas lines and underground electric utilities have resulted in our best public safety year on record.

But when storms damage the grid, industry peers agree we are at our best. For the third year in a row, we received an Edison Electrical Institute Emergency Recovery Award for our efforts to restore power following Winter Storm Jupiter.

IT STARTS WITH EMPLOYEES The success of Xcel Energy is driven by 11,000 dedicated employees who come to work each and every day to build on the success of this organization. They are the reason that

Forbes magazine named us one of the World’s Top Regarded Companies and one of the World’s Best Employers.

Our employees understand the importance of giving back to the communities where they live and work through philanthropy and volunteerism — stocking food shelves, mentoring youth and delivering meals for homebound seniors.

As we look ahead, the employees of Xcel Energy are committed to lead the clean energy transition, enhance the customer experience and keep bills low. If we continue to execute on these three priorities, we will once again deliver short- and long-term value for our customers and shareholders. We appreciate the continued trust you place in us.

Sincerely, Ben Fowke Chairman, President and Chief Executive Officer

Letter – Xcel Energy cont. from page 8

News Brief—2018 electricity capacity cont. from page 11

Xcel EnergyWebsite: www.xcelenergy.comNASDAQ: XEL

storage batteries. In February 2018, for the first time in decades, all of the new generating capacity coming online within a month were non-fossil-fueled. Of the 475 MW of capacity that came online in February, 81% was wind, 16% was solar photovoltaic, and the remaining 3% was hydro and biomass.

NATURAL GAS About half of the 21 GW of natural gas-fired generation capacity EIA expects to come online by the end of 2018 are combined-cycle units to be added to the PJM Regional Transmission Organization, which spans parts of several Mid-Atlantic and Midwestern states. In the PJM region, Pennsylvania plans to add 5.2 GW; Maryland will add 1.9 GW, and Virginia will add 1.9 GW. Most of the new capacity is being added on the eastern side of the PJM region along the Transcontinental, the Dominion Transmission, and the Texas Eastern Transmission pipelines.

WIND Most of the 1,196 MW of new wind capacity that came

online in January and February 2018 was added in states that already have significant wind capacity such as Texas, Oklahoma, and Iowa. In Texas, two utility-scale batteries totaling 20 MW were colocated at wind facilities. EIA expects five gigawatts of capacity to come online by the end of 2018. Of those 5 GW, 2 GW are in Texas, the state with the most wind capacity currently.

SOLAR About 90% of Florida’s solar capacity has come online since 2016. In January 2018, Florida Power & Light (FPL) completed four solar photovoltaic projects totaling 300 MW. FPL plans for another four projects totaling 300 MW to have come online by March 2018. Upon completion, these eight projects will account for 54% of Florida’s utility-scale solar capacity. By the end of 2018, 4 GW of solar PV are expected to come online in the United States. More than half of the 2018 solar PV additions will be added in California, North Carolina, and Texas.

SOURCE: Energy Information Administration, Principal contributor: Ray Chen, May 7, 2018

In your INTERESTJUNE 201814

Accolades

Thank you to our MUI Supporting Members for their continued support! Those listed below represent members who have RENEWED their membership between February 3, 2018 – May 11, 2018. The list is organized by state and then alphabetized by FIRST name. Members that are italicized have renewed for three years – the rest for one year.

FLORIDA: David Gregorich; IOWA: William and Jacquelyn Ellingrod; MINNESOTA: Al and Joanne Bodin, Alan Shilepsky and Diane Fitzgerald, Albert and Myrna Lindeman, Alice and Don Michels, Alva Drusch, Arlene Fried, Arlene Zimmerman, Bernard and Marilyn Bastian, Bert Shear, Beverly Page, Bob Schmall, C. Richard and Patricia Tedford, Carl and Janice Johnson, Carl and Lee Lehmann, Carol Burgess, Carol Cloud, Charles and Cheryl Stanek, Clarence and Dolores Senst, Clarence and Gail Ek, Clifford and Mickey Wiklund, Curtis and Erika Soderbeck, Dale Yohnke, David W. and Karen D. Davis, DeLoris Ringstead, Dewey Bjork, Diane and Raymond (Mike) Peplinski, Don and Carol Heuton, Donald and Carol Linser, Donald and Diane Langlee, Dorothy Triplett, Douglas and Lois Hed, Dr. Albert Schroeder, Elaine Dacken, Elvira Buzicky, Eugene Carroll, Frances Juker, Frank and Shirley Shusta, Frank Bruns, Fritz and Shirley Laing, Garnet and Richard Muehlhausen, George and Ev Gerogeorge, George and Julianne Daleiden, George Streich and Joyce Allen, Gerald and Kathy Nordos, Harold Shore,

Hugh and June Jelley, Jack and Susan Sartell, Jack Carter, Jane Lounsberry, Jeanette Birnstengel, Jerome G and Carol Schmidt, Jerry and Jan Savage, Jerry Todd, Jim and Julie McNearney, Jim Berhow, John and Betty Seelhammer, Juanita Carlisle, Judith Witt and Michael Johnson, Keith and Judy Johnson, Kris Olson and Michael Pliml, Larry and Mary Fieldseth, Larry and Vickie Francisco, Laviere and Don Johnson, Leon F. and JoAnn J. Gunia, LeRoy Bergstrom, Marcia Chalgren, Margaret and Dan Janzen, Marian Qualset, Marjorie Kojola, Marjorie Wood, Marloe and Sylvia Anderson, Marty E. Friede, Michael Rogers, Milt Brustad, Mona Geeting, Monica Lundquist, Neil and Mary Dacey, Orma Tenti, Paul and Ardys Randall, Paul and Rosalie Roth, Prof. Alexander and Ardell Nadesan, Ralph and Joan Brose, Ray Hario, Raymond Lundquist, Richard and Jean Sanford, Richard Johnson and Vera Brunsell, Robert Kolas, Robert and Delores Thornton, Robert and Sharon Hance, Robert and Valdine Roehl, Roger and Donna Andersen, Roger and Dot Anderson, Sharon Brunn, Thomas and Karen Ulmen, Thomas Pacholl, Tom and Eleanor Thelen, Virgil and Melva Panitzke, Vivian Krech, Wallace Weber, Warren and Lilly Olson, Warren High and Vera Socha, William F Mueller; NORTH DAKOTA: John and Jackie Knudson; NEW JERSEY: Mariano and Bianca Furnari; PENNSYLVANIA: Fred McConnell, Russell and Anna Mae Koons; SOUTH CAROLINA: H. Richard and Marlene Edlund; WISCONSIN: Roland and Janeane Solberg. G

Accolades to recent MUI dues-paying members

Welcome NEW Supporting Members in 2018Al and Barbara Paulson, Saint PaulArthur Buschena, Fulda Betty and Bobby Wollin, Greenbush Betty M. Davis, Park Rapids Carol Burgess, Plymouth Chuck Haons, MoorehadCurtis and Andrea Roessler, Wells Darryl and Mary Lou Skallet, Pequot Lakes Dennis Van Sloun, Minnetonka Dick Gunderson, SartellDuane and Sharon Putikka, EskoErlana and James Biskey, DuluthFabian and Mary Blonigan, Golden ValleyFred and Carol Hewitt, Eagan Gerald and Elaine Peterson, Little Falls Gerald and Shirley Bastyr, Jordan Gregory and Roxanne Johnson, White Bear LakeHarold and Carolene Jacobson, RushfordHarold and Diane Osterman, Maplewood Hilmer and Gloria Erickson, Golden Valley Jacqueline Sinkfield Fleming, Saint Paul

James and Carole Wirz, Cold Spring Jeff Davis, Albertville Jim and Ellen Laird, HudsonKent and Janet Karnick, Richfield Larry and Cynthia Karels, Moorhead Laurie and Jim Arndt, Duluth Leona Karsh, Golden Valley Leonard Luoma, Hermantown Lois Neubert, North MankatoMary Amberg, Minnetonka Mary T Liljedahl, Maplewood Merilyn Cummings-Kirby and Don Kirby, Stillwater Myrna Skalsky and Jerome Marschke, Pine River Nancy Wettstein, Bloomington Neal Gale, Saint Paul Patricia Hillmeyer, Minneapolis Patrick Brady, Little Falls Paul and Dean Hendrickson, Frazee Priscilla LaMotte, South Saint PaulRamona McCullough, Hastings

Ray and Georgianne Sams, DuluthRay and Juleen Scegura, Holdingford Richard Typpo and Mary Price-Typpo, CloquetRichard Woolery, Eagan Robert and Marcia Tholen, WintonRobert Clough, Minneapolis Robert Kramm, Belle Plaine Roger and Marilyn Otte, Cannon FallsRussell Wachter, Woodbury Scott and Shirley McCallum, Rochester Stanley Bonnema, Hoyt LakesSteven and Carol Herbst, Arden Hills Ted and Mary Hovey, RosevilleTed Nowicki, Saint Paul Tom and Yvonne Sauer, MilacaTracy and Lindberg Ekola, Melrose Van and Andria Kalinoski, DentWeldon and Marilyn Hultgren, Golden ValleyWinton and Elaine Schultz, Minnetonka

Mark your calendar

VOL. 28 NO. 2 15

MUI Summer Local Member Meetings

MUI Summer Tours

DATE LOCATION CITY TIME

Wednesday, June 6 Prairie Bay Baxter 11:30 AM

Wednesday, June 6 Great River Arts Little Falls 3:00 PM

Thursday, June 7 Coyote Moon Grille St. Cloud 11:30 AM

Monday, June 11 Black Woods Event Ctr./AmericInn Proctor 11:30 AM

Monday, June 11 Valentini's Supper Club Chisholm 5:30 PM

Monday, June 18 Courtyard by Marriott Moorhead 9:00 AM

Monday, June 18 American Legion Fergus Falls 12:00 PM

Tuesday, June 19 Country Inn & Suites - Coon Rapids Coon Rapids 2:00 PM

Wednesday, June 20 Joseph's Grill St. Paul 9:00 AM

Wednesday, June 20 Country Inn & Suites St. Paul NE Vadnais Heights 2:00 PM

Thursday, June 21 Country Inn & Suites Rochester 3:00 PM

Monday, June 25 Courtyard by Marriott Mankato 11:00 AM

Monday, June 25 Holiday Inn Express & Suites Shakopee 3:00 PM

Wednesday, June 27 La Quinta Inn & Suites Woodbury 11:00 AM

Wednesday, June 27 Hilton Garden Inn Mpls.—Eagan Eagan 2:30 PM

Thursday, June 28 Hampton Inn Alexandria Alexandria 5:30 PM

DATE LOCATION

Thursday, June 21 Xcel Energy Prairie Island Nuclear Plant

Tuesday, June 26 Midwest Independent System Operator (MISO) Control Center

Thursday, June 28 Minnesota Power Camp Ripley Solar Farm

Tuesday, July 31 Xcel Energy Monticello Nuclear Plant

All Local Member meetings are complimentary for MUI Supporting Members but reservations are required. If you have a friend that is interested in attending, bring them as well — for free.

One of the benefits of being an MUI Supporting member is the opportunity to visit energy sites. On the “call-in” date of May 7th, with three phone lines and three people answering calls, two of the tours were full within 22 minutes. Within the next hour over 100 people had signed up or are on a “wait-list” for a tour.

In Your Interest is a publication of Minnesota Utility Investors, and is published four times each year in March, June, September and December.

Phone: 651-227-7902 Toll Free: 1-888-850-5171

Email: mui@mnutilityinvestors.org www.mnutilityinvestors.org

President: Annette P. Henkel Office Manager: Lana Leonard Membership & Marketing Manager: Heidi Hickey

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

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

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

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2018 Opportunities for Supporting MembersJoin now to take advantage of the following:• FREE Meeting attendance

to ALL of our meetings for your household (valued well above the cost of an annual membership!)

• Free Edward Jones Selected Utility Data chart updated annually

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

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Please Mail to: Minnesota Utility Investors413 Wacouta Street, Suite 230 St. Paul, MN 55101

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