A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS

In yourInterestIn this issueDay "Not" at the Capitol 2

Local Member Meetings 3

News Briefs 4

Day at the Capitol Preview Meeting Schedule 5

MUI Board Spotlight 5

MUI Annual Meeting Scrapbook 6-8

News Briefs 9–10

Membership Accolades 11

Membership Form 12

DECEMBER 2015

VOL. 25 NO. 4

The Ever-Changing Energy Industry

April 6, 2016It promises to be another great day of MUI members heading to the St. Paul to talk to legislators about energy issues that impact them as consumers and investors.

See page 2 for more details.

Day at the Capitol

Mark your calendar!

Energy Industry cont. on page 4

You can’t pick up a newspaper these days without seeing a headline, or two, that refers to the ever-changing

energy industry. All of these are challenges as well as opportunities for the energy industry – here in Minnesota and nationally.

Some of the “hot-button” issues are discussed below. MUI will keep you “up-to-date” as these issues and trends develop and how they impact your investments.

Clean Power Plan (CPP)For the first-time ever there are national standards that address carbon dioxide (CO2) emissions from existing power plants. The Environmental Protection Agency’s (EPA) Clean Power Plan (CPP) will have industry-changing impact. The over 1,500 page document is still being studied, reviewed and scrutinized by utilities, state agencies, etc. trying to determine its potential impact and how to implement it. The overall goal of the CPP is a 32% reduction in CO2 by 2030.

The CPP impacts each State and each utility very differently. In Minnesota, Xcel Energy and Minnesota Power will have the greatest impact because they have electric generation assets (coal and natural gas plants) within the State. Otter Tail Power announced their plans last year to retire their only Minnesota coal plant (Hoot Lake plant) in 2021.

Minnesota must submit our State Implementation Plan (SIP) (details of how the State is going to reduce CO2) to the

EPA by September 2016. However, most states, including Minnesota, are expected to ask for an extension on developing a Final SIP until 2018.

There may be legislation in the 2016 Minnesota Legislative Session to put some parameters around what the SIP could require. Currently there are numerous law suits filed against the CPP as well in support of the CPP.

Alternative Fuel VehiclesA potential growth opportunity for the electric and natural gas industries is the increase in Compressed Natural Gas (CNG) and plug-in electric (PEVs) vehicles. The technology continues to improve the safety, efficiency and distance achieved from these vehicles, but challenges with "filling up" continues to stymie their growth.

The energy industry is working to provide incentives to consumers to purchase the vehicles as well as incentives to Fueling Stations to offer more locations to “fill”. An increase in the development of the infrastructure for both of these types of vehicles will have a profound effect on their success and growth.

Distributed Generation (i.e. Solar & Wind) With an increasing interest and development in renewable energy – particularly solar and

Local Member Meetings to discuss the issues and the legislative process are scheduled for March. See pg 5.

Meeting notices will be sent in January 2016.

In your INTEREST2

Talk to your legislators • Meet your neighbors and other utility investors FREE lunch at the event • FREE Motor Coach ride • FREE flashing MUI button

Day at the Capitol

Albert Lea Alexandria Baxter Bloomington Brooklyn Center

Cloquet Duluth Eden Prairie Fergus Falls Hinckley

Lakeville Little Falls Mankato North Branch Owatonna

Rochester South St. Paul St. Cloud Vadnais Heights

FREE MOTOR COACH transportation is available from:

SCHEDULE10:15 a.m. Registration

10:45 a.m. Program and Speaker

11:30 a.m. Lunch

12:00–2:00 p.m. Continual shuttle service

12:15–2:00 p.m. Speakers at The Capitol Ridge Hotel

2:15 p.m. Door prizes and adjourn

DECEMBER 2015

Because of the significant construction (no running water) there will be no visits to the State Capitol again this year. We will meet at the Best Western Capitol Ridge Hotel (formerly the Kelly Inn) near the Capitol Complex for a legislative update, issue briefing and lunch. There will be a shuttle running between the Best Western Capitol Ridge, the State Office Building and the NEW Senate Office Building – from doorstep, to doorstep to doorstep. Appointments with all Representatives will be at the State Office Building and appointments with all Senators may be held in both buildings.

UNDERCONSTRUCTION

Wednesday, April 6, 2016 • 10:15 a.m. – 2:15 p.m.

VOL. 25 NO. 4 3

Nearly 400 members participated in MUI’s Fall Local Member meetings that were held across the state in September and October. Representatives from Minnesota’s electric investor owned utilities (Minnesota Power, Otter Tail Power and Xcel Energy) spoke at numerous member meetings about the Environmental Protection Agency’s Clean Power Plan (CPP) that was released in August. With its over 1500 pages, the details and impact of the CPP are still being deciphered but it will have a significant impact on the future of the electric industry in Minnesota and the companies we have invested in.

Also speaking at several meetings were representatives from Enbridge to update members about the many pipeline

projects they are pursuing in Minnesota. They addressed MUI members questions about the significant impact the Enbridge projects and upgrades will have on Minnesota’s utilities.

EnergyMinnesota, an education initiative of Minnesota’s investor-owned utilities, was presented as well. Representatives from Minnesota Energy Resources Corp. (MERC) also updated attendees about their new corporate company WEC Energy Group.

As always, after a good lunch or dinner, we played MUI Bingo to conclude the meetings. G

Fall Local Member Meetings

Local Member Meetings – A vital part of MUI's success

Iron Range Local Member meeting. Members in Alexandria braved the first snowstorm of the season.

NorthEast Metro Local Member meeting MUI members listening intently at Local Member meeting.

This is where we share photos and updates on all of our events! Search for Minnesota Utility Investors and “Like” us.

In your INTERESTDECEMBER 20154

wind – there brings challenges to ensuring reliability to “the Grid” to the electric industry. With the variability of the generation (wind doesn’t always blow, sun doesn’t always shine & clouds float by) the utilities must work to ensure that lights continue to stay on. Technology advances in energy storage and companies creatively using their resources (water reservoirs providing daily energy storage) help ensure reliable energy with never ending challenges and opportunities.

In addition to reliability, there is a question of paying “their fair share”. Generally customers with rooftop solar or other DG systems are credited for any electricity they sell via the electric power grid. Electric companies are required to buy this power typically at the full retail rate, which includes all of the fixed costs of the poles, wires, meters, advanced technologies, and other infrastructure that makes the grid safe, reliable, and able to accommodate solar panels or other DG systems. Through the credit they receive, net-metered customers effectively are avoiding paying these costs for the grid. As a result, these costs are shifted to those customers without rooftop solar or

other DG systems through higher utility bills. This is an ongoing struggle within the energy industry.

Cyber SecurityIn our fast-paced, ever-increasing technological world, the cyber and physical security of The Grid is crucial and is continually being updated and monitored. The electric power industry partners with federal agencies to improve sector-wide resilience for cyber threats. The industry also collaborates with federal intelligence and law enforcement agencies to strengthen its cybersecurity capabilities.

The Energy Policy Act of 2005 created an Electric Reliability Organization (ERO) to develop and enforce mandatory cybersecurity standards. Since 2008, the standards have been updated as the threat landscape continues to evolve. The Atomic Energy Act and Nuclear Regulatory Commission also have created mandatory standards for nuclear power plants.

Workforce IssuesAs with every industry, the turnover of staff will be significant in the next decade. Replacing that institutional and technological knowledge is a growing concern as well as opportunity for the energy industry. G

Energy industry cont. from cover

News Briefs

Energy hasn't been this hot since they invented fire Nothing in the energy business can compete with oil for volatility, geopolitical drama, or sheer utility. Its low price per barrel, currently under $50, won’t last forever. But it may last through the year ahead.

What will be changing at a historic pace in 2016? Everything else. Gas. Coal. Solar. Wind. Batteries. Cars. This is every energy source for itself, one clawing its way over another for markets, financing, subsidies, and friendly policies.

Coal is the biggest loser, broken and bleeding, as banks—Citigroup being only the latest—decline to lay out funds for new plants. New laws, such as President Obama’s Clean Power Plan, are locking in less polluting fuels, and the international climate movement is trying to zero out carbon emissions in the decades ahead. This year, the coal industry is expected to see its biggest drop in consumption ever.

Beyond coal’s pain, change is so monumental that it’s difficult to say who the winner will be. It’s easier to say what won’t be. Nuclear won’t. It’s kind of running in place, benefiting from its status as a low-carbon power source but suffering from its expense and most everyone’s reluctance to welcome new reactors in their backyards.

Natural gas is the coal killer, undercutting coal’s price as a power generation fuel. The abundance of American gas will keep the world market for liquefied natural gas supplied well through 2020. Low prices are great for destroying competitors, but they can leave investors hurting.

News Briefs cont. on page 9

VOL. 25 NO. 4 5

Mark Your Calendar

These meetings are being held to learn about energy issues being debated at the Capitol; answer questions about MUI’s April 6, 2016 Day at the Capitol and learn about Minnesota’s legislative process.

If you are unable to participate in MUI Day at the Capitol, you are still encouraged to attend one of these complimentary meetings. G

Day at the Capitol Preview Meetings

DATE TIME LOCATION

Monday, March 21 11:30 a.m. Owatonna

Monday, March 21 5:30 p.m. Rochester

Tuesday, March 22 11:30 a.m. Bloomington

Tuesday, March 22 5:30 p.m. NorthWest Metro

Wednesday, March 23 11:30 a.m. St. Cloud

Wednesday, March 23 5:30 p.m. Baxter

Thursday, March 24 11:30 a.m. Alexandria

DATE TIME LOCATION

Thursday, March 24 5:30 p.m. Fergus Falls

Tuesday, March 29 11:30 a.m. Duluth

Tuesday, March 29 5:30 p.m. St. Paul

Wednesday, March 30 11:30 a.m. Woodbury

Wednesday, March 30 5:30 p.m. NorthEast Metro

Thursday, March 31 12:00 p.m. Albert Lea

Thursday, March 31 5:30 p.m Mankato

The newest member of the MUI Board of Directors is Keith Fligge from Albert Lea, MN.

Fligge is the former president and founding partner of

ALMCO, Inc, an industrial deburring and metal finishing system manufacturer of Albert Lea. He serves on the MUI board with seven other member investors from throughout the state of Minnesota.

An MUI member since 1993, Fligge and his wife Deloris are five generation Freeborn County residents who currently reside in Albert Lea. Together they raised three children and remain active in their community. Fligge’s tenure at ALMCO spanned 47 ½ years working his way from a sales position up to becoming President and co-owner for the last 16 years. In 2004 the company was sold to Lou-Rich Innovance which continues to operate in Albert Lea. Fligge has also served as President of the Albert Lea Port Authority as a member of the Albert Lea Economic Development Agency and was on the board of Greater Jobs, Inc. G

MUI Board Spotlight

Meet the newest member of the MUI Board of Directors

Keith Fligge

“In Your Interest” can be emailed to youMUI is now offering members a complimentary email subscription of our quarterly magazine “In Your Interest.” If you would like to start receiving this publication in your “inbox” rather than your “mailbox,” please send an email to: mui@mnutilityinvestors.org. You will receive the magazine two weeks before everyone else.

Making a plan for the day Members had a chance to spin the Wheel of Energy.

CenterPoint Energy's Compressed Natural Gas (CNG) Truck. Xcel Energy's electric car

In your INTERESTDECEMBER 20156

MUI Annual Meeting

MUI’s 25th Annual Meeting drew more than 500 participants

Members arrive at the 25th Annual Meeting Registration

Thank you MUI members, participants and speakers for another successful MUI Annual Meeting

VOL. 25 NO. 4 7

Getting acquainted with new friends at the luncheon.

Tracy Bridge, CenterPoint Energy

Good conversation at the luncheon

Annette Henkel, MUI President

Happy winnersA Bingo winner! Cheryl Stanek, bus leader

Minnesota Trivia for MUI members Energy Battery/Storage panel seminar

Representative Pat Garofalo

Richard Meyer, Am. Gas Assn.; Natural Gas—Fueling the Future

Tim Rasmussen, MDU Resources; Is the Bakken still Rockin'

In your INTEREST8

MUI Annual Meeting

Todd Olson, Enbridge

MUI member questions being answered by Polymet representatives.

Jean Krause and Al Swintek, CenterPoint Energy

Loren Hanson, Otter Tail Corporation

Terry Pickens with Xcel Energy answer questions about nuclear energy.Xcel Energy Booth

DECEMBER 2015

Kari Neslon, Alliant Energy

Andy Smith, Edward Jones

VOL. 25 NO. 4 9

News Briefs

Renewables are no longer “alternative energy.” Solar power is competitive with fossil electricity in more and more places every year—watch China, India, and Chile in 2016. Global demand for the sun reached a new high this year, and solar is that rare thing that liberals and many free-market conservatives in the U.S. can agree to love. Wind power is cheaper than coal in Germany and the U.K., which may close all its coal plants by 2023.

Which brings us back to oil. Prices may stay low thanks to resilient U.S. output, renewed Iranian exports, and Saudi Arabia’s strategy to sell at whatever price it needs to maintain market share. And there’s a funny thing about oil that you might not have noticed. It doesn’t really compete with the other energy sources. It powers cars, ships, and planes. The others generate electricity.

So the true wild card for oil, beyond any 2016 price whips, is how fast cars start to run on electricity instead of gasoline. If electric vehicles unify transportation and generation, that would draw the lifeblood of civilization into the no-holds-barred energy slugfest.Source: Bloomberg Business; Eric Roston; November 11, 2015

Help Wanted: Must like heights and high voltage Looking for a job? How about working way up in the air, in all kinds of weather, with thousands of volts of electricity? Working on high-voltage lines pays well and doesn't require a degree, but electric utilities are hard-pressed to replace retiring linemen. If you want to learn about the dedication and character needed to be a lineman, look no farther than a place with a super-abundance of line workers: the International Lineman’s Rodeo.

Each year, the best linemen from across the country test their skills in a field in Kansas. Picture a forest of closely spaced utility poles — almost like a giant hairbrush — with hundreds of burly men, in hard hats and heavy boots with spikes, working furiously.Throw in lots of tools and American flags, and you begin to imagine an annual competition some call a “testosterone vortex.”

“The International Lineman’s Rodeo is the Super Bowl of rodeo for linemen,” says Martin Putnam, an organizer and former champion lineman.

Sporting a sharp flattop, he says the very top workers qualify to compete here amid the best in a macho, but exacting, field.

“They’re kinda cowboys. Here’s guys that are handling 7,200 volts every day. It’s a different deal,” Putnam says.

Long hours fixing lines are more common than not, especially after hurricanes, ice storms and tornadoes. Still, many linemen say they wouldn’t do anything else, despite the dangers that veterans like Danny Haithcock know well.

“Matter of fact, I lost my older brother, to electrical contact in ‘91. And I know a lot of other guys, arms burnt off, legs burnt off, of course, lost their life as well. But that doesn’t happen that often anymore,” Haithcock says.

He’s been on the job for 28 years. That’s not uncommon. About a third of linemen working today will retire in the next decade, a serious issue for the utility industry.

'A Certain Breed Of Cat'This year’s competition will happen against the backdrop of a pending disaster for utility companies. They face an acute shortage of line workers as employees who were forced to put off retirement during the recession head for the exits. Trade groups are trying to figure out how to entice millennials into the field.

“Kids don’t like it. It’s hard to find young men and women to do this,” Putnam says.

Line work pays well — more than $40 an hour with experience — around Kansas City. But Putnam says there is still a shortage.

“Nobody wants to climb poles, everyone’s afraid of electricity. You work at night, you work in the storms. It takes a certain breed of cat. I mean, heck, you can’t get a kid to lick a stamp, much less climb a pole,” Putnam says.

The utility industry confronted this problem about a decade ago, when it set up the Center for Energy Workforce Development, or CEWD.

“When we started, we were looking at about half the workforce leaving in five years,” Ann Randazzo, director of CEWD, says.

That’s a terrifying prospect because it takes almost five years to fully train a line worker.

News Briefs cont. on page 10

News Briefs cont. from page 4

In your INTERESTDECEMBER 201510

News Briefs

Randazzo says the recession delayed the problem, because baby boomers put off retirement. In the meantime, she says, the industry has recruited thousands of replacement line workers by promoting line work in high schools and even elementary schools, producing documentaries and setting up dozens of training programs in the past few years.

The industry is also looking for more women — there’s only about one woman for every hundred men.

“Women just don't know about the opportunity, and the money they can make, if they like working outside. I look for farm girls. They like working outside, know what their responsibilities are," says Susan Blaser, director of a program at a junior college in Kansas City, Mo. Blaser is a former line worker herself.

For line work, you have to give up not only comfort on the job, but something almost vital to a lot of people: a cellphone.

"Distractions lead to accidents. Phones are accidents, unfortunately," Blaser says.

Careful, Hearty And CrazyDespite the odds, retiring linemen were more than matched by new recruits last year, like 33-year-old Jeremy Kunz.

"I like a challenge, and what's more challenging than something that's real dangerous?" Kunz says.

A challenge like messing with something so powerful it can kill you, high up on a pole, in terrible weather?

"That's right! Don't get much worse than that!" Kunz says.

People with the special mix of careful, hearty and crazy it takes to be a line worker aren't getting any easier to find. Fortunately, the utilities are getting better at finding them.SOURCE: NPR: Minnesota Public Radio; November 11, 2015; Frank Morris

Did you know?MDU Resources just increased their dividend for the 25th consecutive year.

Xcel Energy is the largest state property tax payer in the state.

Minnesota Power’s Great Northern Transmission Line reaches another Milestone with the release of their final Environmental Impact Statement (EIS).

CenterPoint Energy has a new Vice President of Gas Operations in Minnesota – Brad Tutunjian.

MN Energy Resources Corp. serves over 210,000 customers from the top of Minnesota (Warroad/International Falls) to the bottom of the State (Fairmont/Albert Lea).

Otter Tail Power Company ranked highest in customer satisfaction among midsize utilities in the Midwest in its 2015 Electric Utility Residential Customer Satisfaction Study SM in a tie. G

News Briefs cont. from page 9

Do you need a speaker at one of your upcoming club meetings? Consider a speaker from Energy Minnesota that can talk about energy issues. Energy Minnesota is an initiative of Minnesota's investor-owned electric and natural gas utilities.

For more information, email info@energyminnesota.org or call MUI at 1-888-850-5171.

Presenters available for your event

Thank you to MUI Bus Leaders!

You help make the Annual Meeting a success

Wayne Anderson, Duluth Gerry and Marian Gehling, Albert LeaJeannette Marka and Ramona James, MankatoLinda and Phil Ferguson, RochesterShirley Syverson, AlexandriaCheryl and Charles Stanek, Little Falls Carol Cloud, BrainerdLois and Douglas Hed, Eden Prairie

VOL. 25 NO. 4 11

Accolades

MUI extends a sincere thank you to its recent SUPPORTING MEMBERS (dues-paying) for their

member contribution. The following people represent those who submitted dues payments August 19, 2015 – November 10, 2015. Members are listed by state and alphabetized by first name. The italicized names are three-year dues-paying members. Your support is crucial to our continued advocacy! Thank you!

ALABAMA: Jesse and Ann Hicks; CALIFORNIA: Thomas and Helen Riker; FLORIDA: Harry E. Hodges, Jr., Ralph and Dolores Wendorf; INDIANA: Carolyn Kanze; MINNESOTA: Al and Joan Sanford, Albert and Vi Parson, Allan Apter and Brenda Ion, Andrew and Eljane Mertely, Anita Kahn, Art and Ardyce Thurston, Barbara Chopp, Bette Benedett, Betty and Herbert Fantle, Betty Anderson, Betty Schaumburg, Betty Twait, Beverly Norlin, Bonita J. Benson, Bonnie and Dean Birnstengel, Bonnie Gentry, Bruce and Melinda Adams, Buck Buchanan, Carlan and Edith Lesch, Carlton Andersen, Carol Porter, Carol Sturgeleski, Charles and Mary Rudstrom, Charles Bricher, Charles Mettille, Clarence Jacobson, Clyde and Judy Anderson, Constance Ahrens, Craig and Lori Schellberg, Dale and Alice Spitsberg, Dale Fredrickson, Dale Kennen, Dale Perkins, Darel and Deloris Day, Darlene Moynagh, Dave Jansen and M. Jansen, David and Barbara Pederson, David and Bev Maier, David and Constance Johnson, David and Harriet Conkey, David and Judith Fortier, David and Mary Behrends, David and Mary Robinson, David and Sue Hansen, David and Vanessa Goetz, David T Davis, Deborah Carlson and Jon Schasker, Dennis and Audrey Emmen, Dennis and Diane Larson, Dennis Ganz, Dennis Keller, Derald and Linda Shaw, Dick and Donis McCallum, Dick and Mary Lou Baylon, Donald and Bernadette Foley, Donald and Dorothy Popp, Donald and Marian Lundberg, Doris E. Johnson, Dorothy Kirk, Douglas and Mary Jones, Duaine L Sanden, Duane and Lisa Yurczyk, Duane and Patricia Lorsung, Duane and Ruth Day, Ed and Helen Maier, Edward and Ardelle Thornton, Edward and Sue Erickson, Edward Chermak, Eileen and James Hepp, Elaine Quinn, Esther Bohnenstingel, Esther Vollbrecht, Ethel Woestehoff, Eugene and Deb Danneman, Florence Telin, Frank and Joan Opay, Franklin Miller, Fred and Kate Festler, Freeland and Lorraine Pletcher, Gary and Diane Dahl, Gary and Judith Moe, Gary and Kathi Wilcox, Gary and Kathleen Reinecke, George and Linda Beckers, Gerald and Joan Reisem, Geraldine Richter, Geralyn Wotzka, Gladys Walcker, Glen and Kelly Wischmann, Glen and Marlene Kispert, Gordon and Geraldeane Tomhave, Harmon Martindale, Harold Lundin, Howard and Gladys Volkart, Hugh C. and Mary Samuel, Ione Waller, J Buford Johnson, James and Carol Hollenbeck, James and Louise Casey, James and Marlys Wilson, James Thomas, Jean Wohlrabe, Jeanette Bischoff, Jeanette Marka, Jerome and Bernie Dolinsky, Jerome and Helen (Nan) Olinger, JoAn B. Hanson, Joan Peterman, Joe and Shirley Gorg, Joe and Carol Morgan,

John Adams, John and Donna Ward, John and Dorothy Swanson, John and Kim Erickson, John and Margaret Combs, John and Mariene Kjera, John and Mary DeVoe, John and Roberta Olson, John G. Schmidt, Joseph Benkusky, Joyce and Ronald Hetland, Joyce E Krohn, Joyce Rude, Karen McCrae, Ken and Pat Olson, Kenneth and Rita Kiefer, Larry Day, Laviere and Don Johnson, LaVonne Danzl, Len and Joan Zuehl, Lenore Quick, Leonard and Mickey Pederson, Leslie C. and Nancy Lomsdal, Linda and Donald Zerrien, Loren Mayer, Lorena Becker, Loretta Retka, Lu Hammer, Lucille Kahle, Lynn and Mary Elyn Pierce, M. Dee Schmalz, Mabel Tessmer, Marcia Fridland, Margaret Ewert, Marie Meyer, Marion Hastings, Marjorie Effle, Marlene Emery, Martin and Patricia Surina, Marvin and Dell Marie Jensen, Mary and Walter Pettiford, Mary Joan and Don Ciepielinski, Mary S Eggen, Mary V. Zehrer, Maurice and Beverly Talonen, Michas and Alma Ohnstad, Mildred Kallio, Norman and Lois Ecklund, Norman Evers, Jr. and Dorothy Evers, Patrick and Dianne O'Keefe, Patti Schmitt, Phil and Barbara Feiten, Phillip and Myra Toconita, Phyllis Fahey, Priscilla Pince, Ralph Ebbott, Ramona and Creighton L. James, Raymond and Ramona Buttenhoff, Richard and Carol Tinge, Richard and Harriet Sperle, Richard and Peggy Dronen, Richard Krueger, Richard Peterson, Rita and Roland Donnay, Robert and Monica Anderson, Robert and Ruth Stinerock, Robert and Susan Johnson, Robert Dolan, Robert F Larson, Rod and Nancy Smith, Rolland and Darlene Mammenga, Rolland Eck, Ron and Mary Sholl, Ronald and Arlene Wingert, Ronald and Darlene Hansen, Ronald J and Susan R Henke, Rowena Lauterbach, Roy and Irma Fredin, Roy and Joann Luukkonen, Roy Edward and Dianne Carol Gundy, Ruby Marsh, Ruth McLeer, Ser and Myra Hagen, Sharon Brunn, Shirley Graveen, Stephen and Kathleen Sabel, Stephen Kobylinski, Sylvester and Shirley Davis, Theresa Frohman, Thomas and Kathleen Grendzinski, Thomas and Susan Harper, Tim and Susan Neibling, Todd Rapp, Victor and Joyce Hengel, Victor and Lucille Paradis, Virgil and Alta Mae Morris, Virginia Bender, W. C. and Connie Bicknese, Walter Spalding, Warren H and Donna W Anderson, Wesley and Sonja Swanson, William and Karon Stejskal, William and Nancy Swenson, William Marshall; NORTH DAKOTA: Brian Bartz; NEW JERSEY: Allan Green; PENNSYLVANIA: Warren and Martha Tobias; SOUTH DAKOTA: Kay Walter, Lawrence and Susan Abel; TEXAS: Richard and Joan Dorwaldt; WASHINGTON: Mary S. Zehrer; WISCONSIN: Helen and Richard Ellingsworth.

Accolades to recent MUI dues-paying members

Interested in becoming a member?If you would like to become a Supporting Member of MUI, please complete the membership form on the last page and mail it with your check to the MUI office.

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

NAME

SPOUSE’S NAME (IF APPLICABLE)

ADDRESS

CITY STATE ZIP

PHONE EMAIL

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

Special Summer Tour Supporting Membership Offer!

Our Supporting Members are Informed, Involved, and Engaged Investors.

Win a chance for a tour of your choice! Become a Supporting Member of MUI before Monday, May 2, 2016 and be entered in a drawing to WIN TWO SPOTS at an exclusive Summer TOUR OF YOUR CHOICE!

Discover the benefits of Supporting Membership• Free Admission to MUI Local

Member Meetings (includes a meal and a program)

• Opportunities to go on exclusive Summer Energy Tours.

• MUI “Keeping Current” updates

• Automatic entry into all Supporting Member Only prize drawings

• MUI’s Guide to Minnesota’s Investor-Owned Natural Gas & Electric Utility Companies

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

ALLETE

CenterPoint Energy

MDU Resources Group

Otter Tail Corp.

WEC Energy Group

Xcel Energy

Member DuesTwo people per household included per membership. (Select one)

Annual Membership ($20)

3-year Membership ($50)*

*3-year Membership GiftThose that select 3-year Membership earn a free gift. (Select one)

MUI Stadium Blanket

MUI Umbrella

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

Make checks payable to MUI

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

NAME

SPOUSE’S NAME (IF APPLICABLE)

ADDRESS

CITY STATE ZIP

PHONE EMAIL

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

Special Summer Tour Drawing for Supporting Members

Our Supporting Members are Informed, Involved, and Engaged Investors.

Super Summer Tour Drawing As a special Thank You for being a Supporting Member you are AUTOMATICALLY entered into a Super Summer Tour Drawing. The winner of this drawing will win Entry for 2 to an MUI Summer Tour of their choice. This opportunity is ONLY AVAILABLE to Supporting Members in Good Standing as of Monday, May 2, 2016.

Double your chances!Know a friend or neighbor that is also an Investor in one of the six Minnesota investor-owned energy utilities? (see list to the right) If you think they would enjoy an MUI Membership, pass along this application. If they join as a Supporting Member you will receive an additional entry to the Super Summer Tour Drawing.

Make sure you fill out your name below to get credit!

Membership Referred by:

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

ALLETE

CenterPoint Energy

MDU Resources Group

Otter Tail Corp.

WEC Energy Group

Xcel Energy

Member DuesTwo people per household included per membership. (Select one)

Annual Membership ($20)

3-year Membership ($50)*

*3-year Membership GiftThose that select 3-year Membership earn a free gift. (Select one)

MUI Stadium Blanket

MUI Umbrella

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

Make checks payable to MUI