ALLETE, Inc. - ALE STOCK NEWS

ALLETE, Inc. (NYSE: ALE) reported 2020 earnings of $3.35 per share, down from $3.59 in 2019, due to COVID-19 impacts and a Minnesota Power rate case settlement. Net income decreased to $174.2 million from $185.6 million, with revenues stable at $1.2 billion. The Regulated Operations segment saw a drop in earnings while ALLETE Clean Energy improved net income to $29.9 million, aided by new wind facilities. Guidance for 2021 anticipates ongoing pandemic effects but aims for improved financial performance through clean energy initiatives.

ALLETE Clean Energy, a subsidiary of ALLETE (NYSE: ALE), plans to repower and expand the Northern Wind site in Minnesota, converting existing turbines to more efficient models. This 120-megawatt project, expected to complete in 2022, responds to the Minnesota Public Utilities Commission's initiative to bolster the economy post-COVID-19. The upgrade promises over 10% more electricity generation and cost savings for customers over 25 years. The initiative aligns with Xcel Energy's goal to reduce carbon emissions by 80% by 2030 and transition to 100% carbon-free energy by 2050.

ALLETE Clean Energy, a subsidiary of ALLETE (NYSE: ALE), announced renewable energy sale agreements with Oshkosh Corporation and Hormel Foods for 100 megawatts from its Caddo wind site in Oklahoma. The 303-megawatt site will double ALLETE Clean Energy's capacity amid growing corporate demand for clean energy. The project will boost local economies through $50 million in tax revenue and create around 200 construction jobs, with 12 to 15 long-term operations jobs. The site is projected to be operational by the end of 2021 and will include approximately 110 turbines, powering around 110,000 homes.

ALLETE, Inc. (NYSE:ALE) has announced a quarterly dividend increase to 63 cents per share, reflecting a 2% increase. This decision comes from the Board's confidence in the company's growth outlook. The annualized dividend now stands at $2.52 per share, with payment scheduled for March 1 to shareholders of record on February 16, 2021. ALLETE maintains a strong track record with over 71 consecutive years of dividend payments, underscoring its commitment to returning value to shareholders.

ALLETE Inc. (NYSE:ALE) is set to announce its financial results for 2020 before the markets open on February 17, 2021. Following the announcement, key executives including CEO Bethany M. Owen and CFO Robert J. Adams will host a conference call at 10 a.m. ET to discuss the results and provide 2021 earnings guidance. Interested parties can join the call or access a webcast via ALLETE's website. The call replay will be available until February 24, 2021. ALLETE, based in Duluth, Minnesota, operates utilities and clean energy interests.

Minnesota Power, an ALLETE company, has set a target to achieve 100% carbon-free energy by 2050, as part of its Energy Forward strategy. Having already reached 50% renewable energy supply, the company plans to submit its Integrated Resource Plan (IRP) to the Minnesota Public Utilities Commission on Feb. 1, outlining steps to increase this to 70% by 2030. Key actions include adding 400 MW of wind and solar energy and retiring coal-fired units. Minnesota Power also aims for an 80% reduction in carbon emissions by 2035, surpassing state goals.

ALLETE (NYSE: ALE) has secured nearly $350 million in tax equity financing through its subsidiaries for two completed wind energy projects. The Diamond Spring wind site in Oklahoma, a 303-megawatt facility, sells renewable energy to major clients like Walmart and Starbucks. Concurrently, the Nobles 2 wind facility in Minnesota, with a capacity of 250 megawatts, also achieved commercial operation in early December. ALLETE aims to leverage its expertise in renewable energy to drive growth in the sector while enhancing sustainability efforts.

ALLETE Clean Energy has commenced commercial operations at its Diamond Spring wind site in Oklahoma, boasting a capacity of 303 megawatts. This facility will supply renewable energy to Walmart, Smithfield Foods, and Starbucks under long-term agreements. With the Diamond Spring site, ALLETE Clean Energy's total wind capacity exceeds 1,000 megawatts, powering approximately 114,000 homes. Executives emphasize the site's role in meeting sustainability goals amid growing demand for renewable energy. Future developments include the upcoming Caddo wind site, further solidifying ALLETE's position in the clean-energy market.

Minnesota Power has achieved a significant milestone by delivering 50% of its energy from renewable sources, becoming the first utility in Minnesota to reach this level. This accomplishment is part of its EnergyForward strategy to transition from coal to cleaner energy, supported by the recently operational Nobles 2 wind project. With a growing wind portfolio of about 870 megawatts, the company also aims to submit its Integrated Resource Plan to enhance future renewable energy investments and grid reliability.