Thank you for your participation in the 2023 Annual Meeting of Shareholders. Every Shareholder’s vote counts whether you live in region, throughout Alaska or the Lower 48, by voting you help establish a quorum to conduct business at the meeting and ensure your voice is heard in your corporation’s decision-making process.

With the 2023 Annual Meeting and Board Elections, MTNT welcomes two new members to the Board of Directors: Ms. Colleen Andrews and Ms. Miranda Petruska. We’re thankful for their willingness to serve and dedication to support the mission of MTNT.

As we shared during the Annual Meeting, MTNT has many accomplishments that we can be proud of and challenges that we have overcome. There is much work ahead and on the horizon for MTNT. Moving forward, MTNT will continue to closely monitor our costs, streamline processes, improve operational efficiencies, reduce redundancies, and reinvest profits back into MTNT to maintain financial stability and deliver consistent dividends.

MTNT is unique among Alaska Native Corporations by owning and operating a regulated public electric utility, McGrath Light & Power (ML&P). Upgrading ML&P’s electrical distribution lines is essential to improve efficiency and reliability, reduce operating costs and afford the opportunity to support future integration of renewable energy resources.

During 2020-2021, with federal funding from the United States Department of Agriculture, MTNT built a new power plant building and replaced its generators with four new, fuel-efficient generators, as part of the process to upgrade ML&P’s facilities to a more fuel-efficient power plant. The next phase is the distribution upgrade which is now estimated to cost a minimum of $5.6 million; significantly higher than estimated prior to the pandemic. Therefore, MTNT is actively pursuing federal funding to upgrade the distribution lines and replace ML&P’s antiquated system. With support from the City of McGrath, MTNT recently applied for funding with the Office of Clean Energy Demonstrations.

MTNT also joined Tanana Chief Conference’s Tribal Consortium application to secure funding allocated to MTNT via the U.S. Department of Energy, Grid Resilience Formula Grant. Securing the funding through the Tribal Consortium will help streamline reporting requirements and reduce the administrative burden of grant implementation for this funding opportunity. We anxiously await application and award statuses while seeking other resources for funding.

ML&P has been a cornerstone of MTNT’s portfolio of business operations since 1978. We are truly thankful for Power Plant Operators Arnold Andrews and Lewis “Lucky” Egrass. Mr. Andrews joined ML&P in 1998 and is MTNT’s longest serving employee, serving 25 years this October. Mr. Egrass has been with ML&P for more than 16 years and is MTNT’s second longest serving employee. Keeping the power on for the remote, isolated-grid community comes with great responsibility. We appreciate their dedication to MTNT Shareholders and their commitment to ML&P and the community of McGrath.

We look forward to sharing with you as we learn more. Please remember to keep your address on record up to date with MTNT so you can receive the latest news including Shareholder Dividend announcements.

We hope you and your families stay safe and healthy this fall season.

Sincerely,

Michele Christiansen
Chief Executive Officer