Thursday, October 31, 2013

MDU Reports Strong Earnings; Diesel Topping Plant Construction Progressing On Time

Data points highlighted by MDU regarding 3Q13 earnings, from the press release:
  • adjusted earnings per share of 49 cents compared to 38 cents last year, 29 percent increase
  • GAAP earnings per share of 44 cents compared to a loss of 16 cents last year
  • E&P earnings substantially higher; oil production grew 37 percent
  • construction business continues growth with combined 18 percent earnings increase and higher backlog
  • midstream asset drives earnings growth at pipeline and energy services
  • diesel topping plant construction progressing on time 
  • utility electric retail sales increased 5 percent
Hey, do you remember that wind farm that wasn't needed, that had no customer, ....

Earlier this week, in a press release, MDU announced:
 ... that [MDU] has signed a power purchase agreement with Thunder Spirit Wind LLC, a subsidiary of Wind Works Power Corp. 
The agreement is for approximately 105 megawatts of installed capacity of wind turbine generators to be located in southwest North Dakota near Hettinger. 
The generation will interconnect at Montana-Dakota’s substation near Hettinger. The project is expected to begin commercial operation in the fourth quarter of 2015.
Montana-Dakota issued a request for proposal earlier this year for electric capacity and energy. 
The Thunder Spirit Wind proposal will provide Montana-Dakota customers with stable pricing over the 25-year contract.

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