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ALLETE, Inc. - ALE STOCK NEWS

Welcome to our dedicated page for ALLETE news (Ticker: ALE), a resource for investors and traders seeking the latest updates and insights on ALLETE stock.

ALLETE, Inc. (NYSE: ALE) is a diversified energy company headquartered in Duluth, Minnesota. The company primarily operates through two segments: Regulated Operations and ALLETE Clean Energy. The Regulated Operations segment includes Minnesota Power, which provides electricity to customers in northeastern Minnesota, and Superior Water, Light and Power (SWL&P) in Wisconsin. Additionally, ALLETE holds an equity interest in American Transmission Company (ATC), which manages electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois.

ALLETE Clean Energy is dedicated to developing and managing clean and renewable energy projects. The subsidiary focuses on wind and solar power generation, contributing to a sustainable energy future. The company has successfully developed over 500MW of solar projects and has closed more than $1.2 billion in clean energy investments. Notable projects include the Red Barn Wind Project and the Diamond Springs Wind Energy Facility, which are crucial to ALLETE's strategy for a diversified and sustainable energy portfolio.

ALLETE's commitment to clean energy is further highlighted by its recent contributions through New Energy Equity, which donated $200,000 to Folds of Honor for educational scholarships. Additionally, ALLETE is working on the North Plains Connector, a transformative 415-mile HVDC transmission line that will bolster reliability by linking three major U.S. electric markets.

Financially, ALLETE recorded a robust performance in 2023 with earnings of $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. The company continues to invest in renewable energy and transmission projects, reflecting a significant growth potential and a commitment to sustainability. ALLETE is also adjusting its five-year capital expenditure plan to $4.3 billion, focusing on regulated renewables and transmission projects to meet state carbon-free energy goals by 2040.

ALLETE's strategic initiatives and partnerships are designed to ensure long-term growth and stability. The company is guided by its 'Sustainability in Action' strategy, aiming to provide cost-effective, reliable, and environmentally friendly energy solutions to its customers.

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ALLETE (NYSE: ALE) has received Federal Energy Regulatory Commission (FERC) approval for its proposed acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). The transaction, valued at $6.2 billion ($67 per share in cash), includes debt assumption and is expected to close in mid-2025.

Post-acquisition, ALLETE will maintain local management and operations. Its utilities, Minnesota Power and SWL&P, will continue under existing regulatory oversight. The deal is not expected to impact utility customer rates but remains subject to additional regulatory approvals and closing conditions.

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NorthWestern Energy (Nasdaq: NWE) has announced participation in major transmission projects to expand Montana's grid capacity. The company has signed a memorandum of understanding to acquire 10% (300 megawatts) of the North Plains Connector, a 3,000-megawatt, 420-mile high-voltage direct current transmission line connecting Bismarck, North Dakota, and Colstrip, Montana.

The project, developed by Grid United and ALLETE, is expected to begin construction in 2028 and become operational by 2032. The North Plains Connector will be the first interregional transmission line connecting three energy markets: MISO, SPP, and WECC. Additionally, NorthWestern Energy has entered a letter of intent with Grid United to develop transmission infrastructure in Montana's southwest corridor, enhancing connectivity with Western energy markets.

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ALLETE Clean Energy has secured new seven-year contracts for its Armenia Mountain Wind site's full output. The 100.5-megawatt facility, located near Troy, Pennsylvania, will split its output between two customers: Smartest Energy US (50%) and Old Dominion Energy Cooperative. The wind site, acquired in 2015, consists of 67 General Electric turbines and operates in the PJM electricity market. Old Dominion, one of the original customers since 2009, has chosen to renew its contract. This development strengthens ALLETE Clean Energy's position in the renewable energy sector, where it operates over 1,600 megawatts of wind capacity across eight states.

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ALLETE (NYSE: ALE) reported Q3 2024 earnings of $0.78 per share on net income of $45.0 million, compared to $1.49 per share on net income of $85.9 million in Q3 2023. The decrease primarily reflects last year's $0.71 per share gain from a favorable arbitration ruling at ALLETE Clean Energy. Q3 2024 results include $0.07 per share in transaction expenses related to the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners.

Key developments include shareholder approval of the merger in August, Minnesota Public Utilities Commission's approval of the 2023 rate case settlement, and plans for two large solar projects in northern Minnesota. New Energy Equity exceeded expectations with strong project sales, while ALLETE Clean Energy completed the sale of its 68-megawatt Whitetail project.

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ALLETE Clean Energy, a subsidiary of ALLETE, Inc. (NYSE: ALE), has sold its Whitetail wind project in Wisconsin to Invenergy. The project will ultimately be owned by WEC Energy Group utilities and Madison Gas and Electric Co. The approximately 70-megawatt project, spanning 5,938 acres in Grant County, will feature up to 21 turbines capable of powering tens of thousands of homes. Invenergy will handle development, construction, and long-term operations. This follows ALLETE Clean Energy's 2023 sale of the adjacent Red Barn wind project. The company currently operates over 1,200 megawatts of wind energy generation across seven states.

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ALLETE's (NYSE:ALE) board of directors has declared a quarterly dividend of 70.5 cents per share of common stock, maintaining an annual dividend rate of $2.82 per share. The dividend will be paid on December 1 to shareholders of record as of November 15, 2024. ALLETE is an energy company based in Duluth, Minnesota, operating through multiple subsidiaries including Minnesota Power, Superior Water, Light and Power of Wisconsin, ALLETE Clean Energy, BNI Energy, and New Energy Equity, with an 8% stake in American Transmission Co.

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Minnesota Power, a division of ALLETE Inc. (NYSE: ALE), received approval from the Minnesota Public Utilities Commission for its 2024 electric rate settlement agreement. The approved final rate increase is 4.9% for residential and small business customers (about $5 monthly for average residential customers) and 4.4% for industrial and large commercial customers. This is lower than the interim 8.6% rate increase implemented in January, resulting in customer refunds through a one-time bill credit in early 2025. The commission set Minnesota Power's return on equity at 9.78%.

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New Energy Equity has successfully completed 14 Public Storage solar projects across Minnesota, marking a significant step in Public Storage's commitment to install solar on over 1,300 properties by 2025. The projects represent a combined installed capacity of 2.28 MW, including a 0.35MW solar array at the Como St. Paul facility, which is the second largest rooftop solar array in Public Storage's national solar portfolio.

These 14 rooftop projects are expected to generate approximately 2,750 MWh of electricity annually, equivalent to powering 379 homes for one year. The successful completion demonstrates New Energy Equity's dedication to delivering high-quality renewable energy solutions to commercial and industrial clients, contributing to a cleaner grid and providing long-term economic benefits to Public Storage.

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ALLETE Inc. (NYSE:ALE) has announced that it will release its third quarter financial results before the stock markets open on Wednesday, October 30, 2024. ALLETE is an energy company headquartered in Duluth, Minnesota, with diverse holdings including electric utilities Minnesota Power and Superior Water, Light and Power of Wisconsin. The company also owns ALLETE Clean Energy, BNI Energy, and New Energy Equity, as well as an 8% equity interest in the American Transmission Co. This announcement provides investors and analysts with a specific date to anticipate ALLETE's latest financial performance data, which could potentially impact the company's stock price and market position.

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Minnesota Power, a utility division of ALLETE Inc. (NYSE: ALE), has announced plans to build two large solar projects in northern Minnesota as part of its EnergyForward strategy for carbon-free energy. The projects, Regal Solar near Royalton and Boswell Solar in Cohasset, were selected through a competitive bidding process.

The Boswell Solar project will have a capacity of 85 megawatts from about 180,000 bifacial solar modules on 600 acres, while the Regal Solar project will have a capacity of 119.5 megawatts from about 255,000 bifacial solar modules on 800 acres. Both projects are expected to be online in mid-2027.

These projects are part of Minnesota Power's plan to meet the up-to-300 megawatts of regional solar generation called for in its Integrated Resource Plan. The company aims to provide more than 80% renewable energy by 2030 and work towards meeting Minnesota's law for carbon-free energy supplies by 2040.

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FAQ

What is the current stock price of ALLETE (ALE)?

The current stock price of ALLETE (ALE) is $64.5 as of December 20, 2024.

What is the market cap of ALLETE (ALE)?

The market cap of ALLETE (ALE) is approximately 3.7B.

What are the main business segments of ALLETE, Inc.?

ALLETE operates through two main segments: Regulated Operations and ALLETE Clean Energy. Regulated Operations include Minnesota Power and SWL&P, while ALLETE Clean Energy focuses on renewable energy projects.

What recent financial performance did ALLETE report?

ALLETE reported earnings of $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion for 2023.

What are some key clean energy projects of ALLETE?

Key projects include the development of over 500MW of solar and the North Plains Connector, a 415-mile HVDC transmission line linking major U.S. electric markets.

What is the North Plains Connector?

The North Plains Connector is a 415-mile high-voltage direct-current transmission line project aiming to improve reliability and connect the eastern and western U.S. electric grids.

Who are ALLETE’s main utilities?

Minnesota Power and Superior Water, Light and Power (SWL&P) are ALLETE’s main regulated utilities.

What is ALLETE Clean Energy?

ALLETE Clean Energy is a subsidiary of ALLETE focused on developing and managing renewable energy projects, such as wind and solar power generation.

How is ALLETE contributing to sustainability?

ALLETE's 'Sustainability in Action' strategy focuses on renewable energy investments and projects like the North Plains Connector and community solar initiatives.

What recent charitable contributions has ALLETE made?

New Energy Equity, a subsidiary of ALLETE, recently donated $200,000 to Folds of Honor for educational scholarships through its Lift as We Climb Foundation.

How does ALLETE plan to achieve its growth objectives?

ALLETE plans to achieve a 5-7% annual growth rate through substantial investments in renewable energy and transmission projects, guided by its updated $4.3 billion capital expenditure plan.

Where is ALLETE headquartered?

ALLETE is headquartered in Duluth, Minnesota.

ALLETE, Inc.

NYSE:ALE

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3.73B
57.66M
0.27%
74.83%
1.43%
Utilities - Diversified
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United States of America
DULUTH