Last quarter, we reiterated our commitment to ALLETE's long-term five-year objective of achieving consolidated average annual earnings-per-share growth of 5% to 7%.
As Bob will discuss in more detail later in the call, we're very pleased to report that we are now projecting growth within our average annual 5% to 7% earnings per share objective range.
A significant step forward in this commitment is Minnesota Power's recently announced vision to deliver 100% carbon-free energy to customers by 2050.
We're proud that Minnesota Power is already the first Minnesota utility to provide 50% renewable energy.
In the IRP, we identified plans to increase Minnesota Power's renewable energy supply to 70% by 2030 and to achieve a coal-free energy supply and 80% less carbon by 2035.
These steps include adding an estimated 400 megawatts of additional wind and solar energy; retiring Boswell Energy Center Unit 3 by 2030; transforming Minnesota Power's Boswell Unit 4 to be coal-free by 2035; and investing in a modern, flexible transmission and distribution grid.
This plan and our 2050 vision allow time for advances in technology and for our communities and our employees to transition to a secure and carbon-free energy future.
As highlighted in our third-quarter conference call, ALLETE Clean Energy's growth has exceeded our original expectations from when we founded the company just 10 years ago.
Today, ALLETE reported 2020 earnings of $3.35 per share, a net income of $174.2 million.
Earnings for 2019 were $3.59 per share on net income of $185.6 million.
Net income in 2020 also included reserves for interim rates of $8.3 million or $0.16 per share due to the resolution of Minnesota Power 2020 General Rate Case.
ALLETE's regulated operations segment, which includes Minnesota Power, Superior Water, Light and Power, and the company's investment in the American transmission company, recorded net income of $136.3 million, compared to $154.4 million in 2019.
Overall, we estimate that the COVID-19 pandemic negatively affected revenues by approximately $0.25 per share for the year ended 2020 from our expectations.
ALLETE Clean Energy recorded 2020 net income of $29.9 million, compared to $12.4 million in 2019.
Our corporate and other businesses, which includes BNI Energy, our investment in Nobles 2, and ALLETE properties, recorded net income of $8 million in 2020, compared to net income of $19.9 million in 2019.
Net income in 2020 included earnings from the company's investment in the Nobles 2 wind energy facility, which commenced operations in December of 2020.
Net income in 2019 included the gain on the sale of U.S. Water Services of $13.2 million.
Today, we initiated 2021 earnings guidance of $3 to $3.30 per share on net income of $160 million to $175 million.
This guidance range is comprised of our regulated operations within a range of $2.30 to $2.50 per share and ALLETE Clean Energy and corporate and other businesses within a range of $0.70 to $0.80 per share.
Minnesota Power's 2021 Industrial sales are expected to range between 6 million to 6.5 million megawatt hours, which reflects anticipated production from our taconite customers of approximately 35 million tons.
However, steel production rates remain nearly 10% below pre-pandemic level.
We expect slightly higher operating and maintenance expense of approximately 3% as compared to 2020 and higher depreciation and property tax expenses due to additional plant in service.
ALLETE Clean Energy expects approximately 3.2 million megawatt hours in total wind generation in 2021, with the expectation of normal wind resources compared to 2.1 million megawatt hours in 2020.
Looking forward to 2022, ALLETE also provided its preliminary 2022 estimated earnings guidance range of $3.70 to $4 per share, which ALLETE anticipates formally initiating in early 2022.
Indeed, 2020 represented one of the largest capital programs in our history with more than $650 million being invested, including the completion of approximately 500 megawatts of new wind farms in the Great Northern Transmission Line.
We entered 2021 with a strong balance sheet, conservative capital structure at approximately 39% total debt and now generate in excess of $300 million in total operating cash flow.
A notable achievement on the financing side was our ability to secure approximately $400 million in tax equity financing under very competitive terms.
These key financings were related to the South Peak, Nobles 2, and Diamond Spring wind projects, which came online at the end of the year.
Toward that end, several years ago, we established an average annual long-term earnings per share growth objective of 5% to 7%, which, when combined with a competitive dividend, would provide an attractive total return proposition to investors.
Consistent with last year, this growth target is comprised of 4% to 5% from the regulated utility businesses and at least 15% for the nonregulated businesses.
In full transparency, I indicated that the five-year average annual earnings per share growth outlook for our consolidated operations, using 2019 as a base year, was currently below the 5% to 7% range at approximately 4%, with the regulated utility growth closer to approximately 3% versus the 4% to 5% targeted rate.
At positive note, I also indicated at that time that our nonregulated business segment, which is comprised primarily of ALLETE Clean Energy, was expected to continue to significantly exceed our 15% growth objective.
And we committed to you, we will be providing investors an update in early 2021 and upon conclusion of our strategy development work.
Before I dive into the details, however, I'm pleased to report that our consolidated company 5-year outlook using 2019 as a base year, is projecting growth, which is now back within the average annual 5% to 7% targeted range.
Though our regulated operations are still projected to grow approximately 3% on average, our ALLETE Clean and corporate and other businesses are now projecting average annual growth in the 30% to 40% range, well above the 15% target originally established.
Despite our best efforts to manage our costs and improve efficiencies, COVID-19 has had a material impact on our business and our ability to earn our authorized 9.25% rate of return at Minnesota Power.
This provided an important relief in the form of an interim rate refund of approximately $12 million in 2020.
Moreover, we are confident it will result in even higher annual rates of growth beyond the 30% projection inherent in our wind-only strategy.
Hence, we are expanding our average annual earnings per share growth outlook to as high as 40% growth over the next five years.
Our execution of the new strategy is in full swing already as evidenced by yesterday's announcement of an agreement with a subsidiary of Xcel Energy to sell 120-megawatt wind energy facility for approximately $210 million.
In closing, we were pleased in our ability to increase our annual dividend to $2.52 per share from $2.47 per share, even despite the challenges we see in 2021.
The 300-megawatt Diamond Spring project became operational in the fourth quarter of last year and is already serving three new Fortune 500 customers: Walmart, Starbucks, and Smithfield Fluids.
Diamond Spring is projected to generate more than 1 million-megawatt hours of energy annually and provide great diversity to our northern tier projects that is currently operating and expands coast to coast.

Summary:
Today, ALLETE reported 2020 earnings of $3.35 per share, a net income of $174.2 million.
And we committed to you, we will be providing investors an update in early 2021 and upon conclusion of our strategy development work.