Otter Tail Corp
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Item 2. Properties
| ITEM 2. | PROPERTIES |
|---|
The following provides a summary of our properties which are material to our operations, by segment, as of December 31, 2023.
ELECTRIC SEGMENT
The following reflects our wholly or jointly owned material electric generation facilities as of December 31, 2023:
| Description | Location | Year Placed in Service | Fuel Type | Capacity - kW (Nameplate Rating) |
|---|---|---|---|---|
| Big Stone Plant(1) | Big Stone City, SD | 1975 | Subbituminous Coal | 223,146 |
| Coyote Station(2) | Beulah, ND | 1981 | Lignite Coal | 144,900 |
| Jamestown Combustion Turbines | Jamestown, ND | 1975 | Fuel Oil | 48,108 |
| Lake Preston Combustion Turbine | Lake Preston, SD | 1978 | Fuel Oil | 24,100 |
| Solway Combustion Turbine | Solway, MN | 2003 | Natural Gas/Fuel Oil | 44,500 |
| Astoria Station | Astoria, SD | 2021 | Natural Gas | 245,000 |
| Langdon Wind Energy Center | Cavalier County, ND | 2007 | Wind | 40,500 |
| Ashtabula Wind Energy Center | Barnes County, ND | 2008 | Wind | 48,000 |
| Luverne Wind Energy Center | Griggs and Steele Counties, ND | 2009 | Wind | 49,500 |
| Merricourt Wind Energy Center | McIntosh and Dickey Counties, ND | 2020 | Wind | 150,000 |
| Ashtabula III Wind Energy Center | Barnes County, ND | 2023(3) | Wind | 62,400 |
| Hoot Lake Solar | Otter Tail County, MN | 2023 | Solar | 49,900 |
| (1) OTP holds a 53.9% joint ownership interest in this jointly owned facility. The nameplate capacity indicated reflects OTP's ownership percentage. | ||||
| (2) OTP holds a 35.0% joint ownership interest in this jointly owned facility. The nameplate capacity indicated reflects OTP's ownership percentage. | ||||
| (3) Originally placed in service in 2010 and owned by an unrelated third party. OTP acquired this facility in 2023. | ||||
In addition to our generation facilities, we wholly or jointly own transmission and distribution lines as of December 31, 2023 as follows:
| Miles | |
|---|---|
| Transmission | |
| 345 kV(3) | 891 |
| 230 kV(4) | 496 |
| 115 kV | 961 |
| Less than 115 kV | 4,005 |
| Distribution | |
| Less than 115 kV | 7,998 |
| (3) As of December 31, 2023, OTP held a 14.2% ownership interest of 242 miles, a 4.8% ownership interest of 250 miles, and a 50.0% ownership interest of 234 miles of the 345 kV transmission lines, with the remaining miles being wholly owned. | |
| (4) As of December 31, 2023, OTP held a 14.8% ownership interest of 70 miles of the 230 kV transmission lines, with the remaining miles being wholly owned. | |
MANUFACTURING AND PLASTICS SEGMENTS
The following reflects the material properties of our Manufacturing and Plastic segments as of December 31, 2023:
| Segment/Location | Owned/Leased | Facility Type/Use | Approximate Square Feet |
|---|---|---|---|
| Manufacturing Segment | |||
| Washington, IL | Leased | Office/Manufacturing/Warehouse | 217,508 |
| Detroit Lakes, MN | Owned | Office/Manufacturing/Warehouse | 353,812 |
| Lakeville, MN | Leased | Office/Manufacturing/Warehouse | 413,000 |
| Dawsonville, GA | Owned | Office/Manufacturing/Warehouse | 172,000 |
| Buford, GA | Leased | Warehouse | 71,357 |
| Clearwater, MN | Owned | Office/Manufacturing/Warehouse | 203,840 |
| Otsego, MN | Leased | Manufacturing/Warehouse | 86,400 |
| Plastics Segment | |||
| Fargo, ND | Owned | Office/Manufacturing/Warehouse | 122,441 |
| Phoenix, AZ | Owned | Office/Manufacturing/Warehouse | 87,336 |
We are currently undertaking an expansion project at our Georgia location which will add approximately 162,000 square feet of manufacturing and warehouse space, and will replace the warehouse facility that is currently being leased. We anticipate the project will be completed in 2025. We are also undertaking an expansion project at our Arizona location which will add approximately 65,000 square feet of manufacturing, warehouse, and office space. We anticipate the project will be completed in 2024.
We believe the facilities described above, along with the planned expansions, are adequate for our present business.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.