2026-05-04T09:29:01-07:00 2025-12-31 990 2025-01-01 450166406 MINNKOTA POWER COOPERATIVE INC MINN 7017954000 5301 32nd Avenue South Grand Forks ND 58201 Robert McLennan President & CEO 7017954000 2026-05-01 2025 2025-03-06 01:10:19Z Robert McLennan 5301 32nd Avenue South Grand Forks ND 58201 486986596 0 X www.minnkota.com X 1940 MN Minnkota Power Cooperative is a rural electric cooperative that generates and transmits electric power for eleven member cooperatives. 11 11 456 0 0 0 0 0 464398660 481518031 4117606 3325892 3492100 2142673 472008366 486986596 0 0 0 0 5657754 6484879 0 0 0 457095695 470849483 462753449 477334362 9254917 9652234 1191992873 1230034108 956190831 984597037 235802042 245437071 Minnkota Power is a rural electric cooperative that generates and transmits electric power. 0 0 Minnkota Power is a rural electric cooperative that generates and transmits electric power. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 146 0 1 456 1 0 0 0 0 0 449004382 23059340 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 ND X Minnkota Power Cooperative Inc Kay Schraeder - Executive Vice President and CFO 7017954000 5301 32nd Avenue South Grand Forks ND 58201 Robert McLennan President & CEO 40 0 X 1219485 0 210431 Gerad Paul Executive VP, Chief Legal Officer 40 0 X 400375 0 89681 Brendan Kennelly Executive VP, Chief Operating Officer 40 0 X 363994 0 88681 Dan Inman Senior VP of Power Delivery, CITO 40 0 X 335740 0 86614 Jami Hovet Executive VP, Chief Administrative Officer 40 0 X 334258 0 86695 Lowell Stave VP, Chief Operating Officer 40 0 X 389326 0 28401 Kay Schraeder Executive VP, Chief Financial Officer 40 0 X 329040 0 85750 Todd Sailer Vice President of Power Supply 40 0 X 329089 0 84125 Andrew Sorbo Senior VP of Power Supply 40 0 X 300553 0 80005 Grant Gunderson Vice President Resource Planning & Markets 40 0 X 273323 0 74809 Stacey Dahl Vice President of External Affairs 40 0 X 251459 0 74333 Shannon Mikula Environmental Manager 40 0 X 246815 0 73425 Theresa Brorby Vice President of Compliance & Risk 40 0 X 242042 0 70683 Tim Hagerott Vice President of Generation & Development 40 0 X 238817 0 63379 Andrew Freidt Senior Manager of Power Production 40 0 X 239323 0 56796 Samuel Schmitz Senior Manager of Legal Services 40 0 X 208960 0 67087 Kasey Borboa Senior Manager of Power Delivery Engineering 40 0 X 203612 0 65594 Neil Kramar Plant Manager 40 0 X 193880 0 60476 Marcy Douglas Executive VP, Chief Member Services Officer 40 0 X 161548 0 7463 Mark Habedank Board Chair 6.00 0 X X 42240 0 0 Kalvin Hoff Board Member 5 0 X 25220 0 0 Rick Coe Board Member 5 0 X 24540 0 0 Tom Woinarowicz Board Vice Chair 6.00 0 X X 20040 0 0 Mike Wahl Board Member 5 0 X 19600 0 0 Colette Kujava Board Secretary/Treasurer 6.00 0 X X 19420 0 0 Les Windjue Board Member 5 0 X 8700 0 9350 Steve Arnesen Board Member 5 0 X 17910 0 0 Cheryl Grover Board Member 5 0 X 16960 0 0 Anthony Ottem Board Member 5 0 X 14440 0 0 Roger Krostue Board Member 5 0 X 14170 0 0 6484879 0 1463778 340 0 1 0 Burns & McDonnell Engineering PO Box 411883 Kansas City MO 64141 Engineering Services 5628949 Ulteig Operations LLC 3350 38th Ave S Fargo ND 58104 Engineering Services 939732 Synergy Powerline Construction 1435 SINCLAIR LEWIS AVE W Sauk Centre MN 56378 Project Labor 2710631 IIA Facility Services 15801 NE 182nd Ave Brush Prairie WA 98606 Project Labor 486254 Sargent & Lundy LLC 120 SOUTH LASALLE CHICAGO IL 60603 Engineering Services 352637 14 0 Sale of Electric Power 221000 481518031 481518031 0 0 0 0 0 0 481518031 3325892 3325892 0 0 0 0 0 0 1399978 1399978 0 0 0 0 0 0 Miscellaneous Nonoperating Revenue 221000 742695 742695 0 0 0 0 0 0 742695 486986596 486986596 0 0 6484879 30749498 32635351 Production and Purchased Power 349298367 Transmission and Substation 36078378 General and Administrative 22087889 477334362 0 0 0 12368107 7090895 0 0 56838043 65249872 46779177 51942631 13162502 18926906 1509390232 472964800 1017344037 1036425432 45501007 50398372 1191992873 1230034108 61904237 63626378 860958295 858294938 33328299 62675721 956190831 984597037 X 1136 1136 0 0 235800906 245435935 235802042 245437071 1191992873 1230034108 X 9652234 0 0 0 0 -17205 X 0 1 X 1 0 0 36198287 36198287 0 220380160 62251372 158128788 0 0 0 0 0 1252811785 410713428 842098357 0 0 0 0 1036425432 Investments in Associated Companies 177030 F Other Investments 50221342 F 50398372 0 Post Retirement Health Insurance Obligation 2501427 Closure Cost Obligations 5384953 Deferred Credits 54789341 62675721 X 486986596 0 0 0 0 0 486986596 0 0 0 486986596 477334362 0 0 0 0 0 477334362 0 0 0 477334362 Schedule D, Part X, Line 2 The Cooperative evaluates its tax positions that have been taken or are expected to be taken on income tax returns to determine if an accrual is necessary for uncertain tax positions. As of December 31, 2025 and 2024, the unrecognized tax benefit accrual was zero. The Cooperative will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. X 1 1 X X 0 1 0 Robert McLennan President & CEO 1195885 0 0 0 23600 0 181000 0 29431 0 1429916 0 0 0 Brendan Kennelly Executive VP, Chief Operating Officer 359894 0 4000 0 100 0 56000 0 32681 0 452675 0 0 0 Gerad Paul Executive VP, Chief Legal Officer 372775 0 4000 0 23600 0 56000 0 33681 0 490056 0 0 0 Jami Hovet Executive VP, Chief Administrative Officer 330158 0 4000 0 100 0 54015 0 32680 0 420953 0 0 0 Kay Schraeder Executive VP, Chief Financial Officer 312940 0 4000 0 12100 0 53069 0 32681 0 414790 0 0 0 Marcy Douglas Executive VP, Chief Member Services Officer 161548 0 0 0 0 0 3231 0 4233 0 169012 0 0 0 Todd Sailer Vice President of Power Supply 261663 0 7000 0 60426 0 50444 0 33681 0 413214 0 0 0 Kasey Borboa Senior Manager of Power Delivery Engineering 197512 0 6000 0 100 0 32913 0 32681 0 269206 0 0 0 Dan Inman Senior VP of Power Delivery, CISO 331640 0 4000 0 100 0 53934 0 32681 0 422355 0 0 0 Neil Kramar Plant Manager 189280 0 4500 0 100 0 31085 0 29391 0 254356 0 0 0 Andrew Sorbo Senior VP of Power Supply 296453 0 4000 0 100 0 47324 0 32681 0 380558 0 0 0 Shannon Mikula Environmental Manager 241715 0 5000 0 100 0 40784 0 32641 0 320240 0 0 0 Stacey Dahl Vice President of External Affairs 247359 0 4000 0 100 0 41652 0 32681 0 325792 0 0 0 Grant Gunderson Vice President Resource Planning & Markets 257219 0 6000 0 10104 0 42129 0 32681 0 348133 0 0 0 Theresa Brorby Vice President of Compliance & Risk 217250 0 3000 0 21793 0 38002 0 32681 0 312726 0 0 0 Andrew Freidt Senior Manager of Power Production 233223 0 6000 0 100 0 37596 0 19200 0 296119 0 0 0 Tim Hagerott Vice President of Generation & Development 233717 0 5000 0 100 0 38366 0 25013 0 302196 0 0 0 Samuel Schmitz Senior Manager of Legal Services 205860 0 3000 0 100 0 34556 0 32531 0 276047 0 0 0 Lowell Stave VP, Chief Operating Officer 272097 0 4000 0 113229 0 16397 0 12004 0 417727 0 0 0 Schedule J, Part I, Line 1a Robert McLennan, Gerad Paul, and Brendan Kennelly receive gross up non-qualified retirement plan compensation. Schedule J, Part I, Line 4 The Board of Directors adopted a 457(f) plan in which Robert McLennan, may receive incentive compensation in 2028 and 2030, if all the terms of the plan are met. Form 990, Part VI, Section A, Line 6 Minnkota Power Cooperative has member cooperatives. Form 990, Part VI, Section A, Line 7a Minnkota Power Cooperative members elect members of the governing board at the annual meeting. Form 990, Part VI, Section A, Line 7b Minnkota Power Cooperative members approve the bylaw amendments. Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed by the Board prior to the submission to the IRS. Form 990, Part VI, Section B, Line 12c The Minnkota Board of Directors has a "Code of Ethics and Business Conduct" policy with a section for "The Enforcement of the Code of Business and Ethics". This section directs the Board of Directors on how to report violations of the "Code of Business Ethics". Form 990, Part VI, Section B, Line 15 Compensation for the President & CEO is determined and approved by the Board of Directors. The Board also reviews the compensation package for all employees. Form 990, Part VI, Section C, Line 19 Minnkota Power Cooperative will make the documents available upon request. Form 990, Part XI, Line 9 Other changes in net assets include other comprehensive gains related to the pension plans and post retirement health insurance obligations. DCC East Project LLC 5301 32nd Ave S Grand Forks ND 58201 922821861 Carbon Capture & Storage DE 0 10717692 Minnkota Power Cooperative Inc Lignite Electric Power Cooperative Inc 5301 32nd Avenue South Grand Forks ND 58201 456011575 Coal Leases ND Minnkota Power Cooperative C 362 3114 1 0 Great Plains Tower Services LLC 5301 32nd Ave S Grand Forks ND 58201 934114313 Tower Maintenance ND Minnkota Power Cooperative C 1208028 1063451 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 Great Plains Tower Services LLC g 14000 Great Plains Tower Services LLC bought 1 Minnkota Power vehicle at fair market value during the year.