MDU Resources Group’s utility division purchases share of Wyoming power plant
4/9/2009
Bismarck, ND
MDU Resources Group, Inc. (NYSE:MDU) announced today that its utility division purchased a share of a Wyoming power plant. Montana-Dakota Utilities Co. signed a purchase agreement with Black Hills Power for a 25 percent ownership interest in the Wygen III power generation facility. The coal-fired plant is under construction near Gillette, Wyo., and will have a net production of 100 megawatts.
“This agreement provides our electric customers in Wyoming an economic base load source of electric generation,” said MDU Resources Group President and Chief Executive Officer Terry D. Hildestad. “This will replace a portion of the purchase power agreement currently in place.”
Montana-Dakota will own 25 MW of the plant, which is scheduled to be completed and online in June 2010. Montana-Dakota’s current purchase power agreement is also with Black Hills Power.
“Our purchase of an interest in the Wygen III facility will benefit our electric customers by providing them with competitively priced energy for years to come,” said David L. Goodin, president and chief executive officer of Montana-Dakota Utilities.
Montana-Dakota has approximately 14,800 electric customers in northeast Wyoming.
The information in this release includes forward-looking statements, including the anticipated completion of the Wygen III power generation facility and statements by the president and chief executive officer of MDU Resources Group, Inc. and the president and chief executive officer of Montana-Dakota Utilities Co., within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. Important factors that could cause actual results to differ materially from those in the forward-looking statements include unanticipated project delays and cost increases. For a discussion of other important factors that could cause actual results to differ, refer to Item 1A – Risk Factors in MDU Resources’ most recent Form 10-K.
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, operating in three core lines of business: energy, utility resources and construction materials. MDU Resources includes natural gas and oil production, natural gas pipelines and energy services, electric and natural gas utilities, construction services, and construction materials and contracting. For more information about MDU Resources, see the company's Web site at www.mdu.com.
Contacts:
For financial inquiries, contact:
Vernon A. Raile
Executive Vice President, Treasurer and Chief Financial Officer
(701) 530-1003
Phyllis A. Rittenbach
Director of Investor Relations
(701) 530-1057
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Director of Communications and Public Affairs
(701) 530-1700