ALE
#No, nothing really new to report.
We continue to see about the same level of activity that we saw in 2015.
So we will see how the year progresses.
So the acquisition costs were about $0.06 per share.
Our earnings per share this year were $0.93 versus $0.85 last year.
So if we adjusted for that $0.06 I guess it would be $0.93 versus $0.91 last year.
Yes, I see.
So you are correct.
The acquisition costs of $3 million were in there last year.
This year we have just more general corporate interest and taxes.
So we have higher interest expense of right around $0.5 million, we also ---+ I am going to get in the weeds here a little bit.
But if you look at some of our disclosures, we have a contingent purchase obligation for US Water that is discounted and then accreted over time through 2019 when that buyout happens.
So there is accretion expense of about $600,000 related to that that is more than last year.
And we have some period-to-period income tax allocations of probably another $0.5 million or so.
So it is miscellaneous things like that.
Yes.
Well, it is a little difficult with both to do that, I guess, <UNK>.
The PolyMet process we are very encouraged about at the moment.
The fact that the EIS adequacy determination and decision by the agencies was not litigated in any way is very good news for PolyMet.
It is somewhat unprecedented too in terms of mining in Minnesota at least with regards to that.
The permit processes themselves have a bit more of a defined timeline both from the federal government side and also the state.
So unlike the EIS, which had a much more sort of expansive process, if you will, and an undefined timeline, the permit processes are tighter.
Of course there is financing that the Company needs to obtain as well.
And so, I don't know that I can give you anything more than what PolyMet has expressed already that they would hope to be moving forward to permitting in the later part of 2016 here and into 2017.
And then hopefully with construction and timing of finance and all the rest would be operating sometime in 2018 would be kind of, I would think, their commentary or what I see basically on their webpage with respect to their latest observations.
SR, of course, is about $1 billion-plus done and SR continues to try to work on its financing, if you will, to put the rest of the project together.
We are certainly not expecting any production from SR in the kind of early 2017 timeframe as they put their financing together and as construction has played out up there.
So that is the best I can offer with respect to PolyMet and SR.
So we are working through that right now.
I have nothing really to announce on the specifics here today.
As <UNK> mentioned, when we announce second-quarter results we will have more specifics on the timing amount and some of the other factors in a rate case.
So we are still working through that.
Yes.
So, we are not a cash taxpayer right now because of all the factors you just indicated.
I believe our current projections are that we will run through those net operating loss carry forwards in 2018 or 2019.
Yes, that rule of thumb generally still holds.
No, I don't think your math is quite accurate.
So, our original guidance contemplated the midpoint contemplated taconite production of approximately 35 million tons.
So the midpoint would have been $3.25.
So that was the midpoint.
So now we are expecting taconite production to be $0.30 to $0.32.
So you've got to subtract that delta from that midpoint.
And that is how we get in the lower half.
We don't have the specific month yet that we are ready to disclose at this time.
Some of the factors affecting rate case timing include decisions on our open depreciation docket, approval of our integrated resource plan which is expected in June, and really the outlook for industrial sales.
But we do expect to have more specific information when we release second-quarter financial results.
<UNK>, yes.
So the way it works in Minnesota is once the filing is deemed complete, 60 days later interim rates would go into effect, of course subject to refund.
We will certainly request and they will automatically go into effect.
No, we are assuming nothing for that.
Well, <UNK> and I thank you again for being with us this morning and we certainly thank you for your investment and interest in ALLETE.
We hope to see some or all of you on our travels throughout the summer.
Thank you very much.
Thank you.
