Otter Tail Power, a Fergus Falls-based utility company, has decided to keep its minority stake in the Coyote Station Power Plant in Beulah, North Dakota, reversing its decision from two years ago to divest.
The company had initially planned to sell its stake in the coal-fired power plant, citing its high costs and the increasing amount of renewable energy in its portfolio.
However, Otter Tail Power has now informed Minnesota regulators that it still requires the Coyote Station for its generation capacity, given the new risks in the Midwest electricity market and concerns about the regional power grid.
The utility company has added some large customers, including a cryptocurrency operation in Jamestown, which has become its second-largest customer.
As a result, Otter Tail Power has increased its need for generation capacity and views the Coyote Station as a crucial asset in meeting this demand.