Economic Development & Value

Economic Development

Protecting and improving the quality of life in our communities means helping them remain vibrant, attractive places to live and do business. We continue to build strong city, state, and federal partnerships and continue to work with companies looking to locate or expand in our service area through economic development assistance that involves financial strategies and other needed advice.

The greatest impact we have on attracting and retaining businesses in our communities comes from providing reliable electric service at affordable rates. The investments we make to carry out our mission have significant direct and indirect economic value.

Economic Value

Direct Economic Value

We continued our role as a corporate citizen by making the following economic impact in 2018.

 2018 Economic Impact

Property taxes paid to local jurisdictions

$15,393,262

Wages and benefits paid to utility employees

$104,301,158

Common and preferred dividends paid to shareholders

$42,506,846

Interest paid

$26,776,435

Amount paid to suppliers and vendors

$368,232,368

Total Direct Economic Value Generated

$557,210,069

We positively impact the communities we serve by using local vendors when appropriate. The table below details our 2018 expenditures with vendors in our tri-state service area.

2018 Tri-state Vendor Expenditures

 

 

Percent of Total

Minnesota

$139,967,212

38%

South Dakota

$21,721,255

6%

North Dakota

$184,474,761

50%

Total for local vendors

$346,163,229

94%

Total Payments to All Vendors

$368,232,368

 

Indirect Economic Value

During 2018 we engaged in construction and replacement projects as well as ongoing maintenance and operations support that created more than $110 million in indirect economic value. These projects include transmission line upgrades, environmental controls equipment, and various replacement projects. The table below details the economic impact of the projects.

2018 Indirect Economic Impact

Capital Additions to Plant In Service

 

Labor spending on construction

$20,493,541

New/replacement construction property

$74,613,584

Total

$95,107,125

Labor spending on maintenance

$14,397,523

Rent

$1,146,400

Economic development spending

$224,138

Total Indirect Economic Value Generated

$110,875,186

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