ALLETE, Inc. - ALE STOCK NEWS

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.

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.

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.

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%.

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.

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.

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.

New Energy Equity, a subsidiary of ALLETE Inc (NYSE:ALE), has achieved Gold Certification in the Diversity Equity Inclusion and Justice (DEIJ) Certification Program from the Solar Energy Industries Association (SEIA). This makes New Energy one of only three companies in the solar industry to reach this level. The certification recognizes the company's commitment to fostering an inclusive workplace and culture in the solar sector.

To earn the Gold Certification, New Energy completed various content modules covering topics such as LGBTQ+ and disability inclusion, mentorship, recruiting practices, and conflict resolution. The company has previously received Bronze and Silver certifications, demonstrating its ongoing dedication to equity and inclusion initiatives.

ALLETE (NYSE: ALE) shareholders have approved the proposed $6.2 billion acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) at a special meeting. The deal, offering $67 per share in cash for all outstanding common shares, received overwhelming support with 97% of votes cast in favor, representing 74% of outstanding shares. ALLETE CEO Bethany Owen expressed gratitude for shareholder support and anticipates benefits for all stakeholders.

The transaction still requires regulatory approvals from the Minnesota Public Utilities Commission, Public Service Commission of Wisconsin, and Federal Energy Regulatory Commission. ALLETE expects to close the deal in mid-2025, subject to customary closing conditions. This merger marks a significant step in ALLETE's growth strategy while maintaining its commitment to customer service and community engagement.