ALLETE Board of Directors raises quarterly common stock dividend

Rhea-AI Summary

ALLETE, Inc. (NYSE: ALE) announced a quarterly dividend increase to $0.6775 per share, reflecting a 4.2% increase. This decision underscores the Board of Directors' confidence in the company's growth outlook. The annualized dividend now totals $2.71 per share, with payment scheduled for March 1, 2023 to shareholders on record as of February 15, 2023. ALLETE has a remarkable history of more than 73 consecutive years of dividend payments, demonstrating its commitment to shareholder value. The increased dividend aligns with the company's strategic focus on sustainable growth in the energy sector.

Positive

• Quarterly dividend increased by 4.2%, enhancing shareholder income.
• Company maintains a strong track record of over 73 consecutive years of dividend payments.

Negative

• None.

DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to $0.6775 per share, a 4.2% percent increase.

“This dividend increase reflects the ALLETE Board of Directors’ confidence in our growth outlook for ALLETE,” said ALLETE Chair, President and CEO Bethany Owen. “We are pleased to deliver another dividend increase to our shareholders – adding to our track record of more than 73 consecutive years of dividends paid.”

On an annual basis the increased dividend is equivalent to $2.71 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 15, 2023.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy, based in Bismarck, N.D.; New Energy Equity headquartered in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230203005074/en/

Investor Contact:

Vince Meyer

218-723-3952

vmeyer@allete.com

Source: ALLETE, Inc.

FAQ

What is the new dividend amount for ALLETE (ALE)?

The new quarterly dividend amount for ALLETE is $0.6775 per share.

When will ALLETE's dividend be paid?

The dividend will be payable on March 1, 2023.

What is the record date for ALLETE's dividend payment?

The record date for the dividend payment is February 15, 2023.

How much has ALLETE increased its dividend?

ALLETE has increased its dividend by 4.2%.

How long has ALLETE been paying dividends?

ALLETE has been paying dividends for more than 73 consecutive years.