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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.

News

NT Solar Celebrates New Impact Investment Fund & Series of Successful Transactions

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NT Solar celebrates a new impact investment fund and successful transactions with strategic solar tax credit investments supporting the development of 4 solar projects across the country. The company establishes new partnerships and continues to grow its network of investment partners, bringing affordable clean energy access and contributing to a carbon-free future.
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ALLETE Board of Directors declares dividend on common stock

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ALLETE, Inc. (NYSE: ALE) declares a quarterly dividend of 70.50 cents per share of common stock, equivalent to $2.82 per share annually. The dividend remains unchanged from the previous quarter. The dividend will be paid on June 1 to common stock shareholders of record as of May 15, 2024. ALLETE Inc. is an energy company based in Duluth, Minnesota, with various subsidiaries in the energy sector.
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ALLETE Recognized for Gender Diversity on Board and Among Executive Officers

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ALLETE (NYSE:ALE) has been recognized for gender diversity on its board and among executive officers, achieving gender parity in both areas. The company was named a Special Distinction company in an annual report on gender diversity in Minnesota, with five out of 10 board members and three out of six executive officers being women. ALLETE has been honored for the fifth consecutive year, emphasizing the importance of diversity and inclusion in driving success.
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ALLETE to Announce First Quarter Financial Results May 9

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ALLETE Inc. (NYSE:ALE) will announce its first-quarter financial results on May 9, 2024. The conference call will feature ALLETE's Chair, President, CEO, and CFO discussing the results and performance factors. ALLETE is an energy company with various subsidiaries and interests in the energy sector.
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New Energy Equity announces Tim Ahrens as Senior Vice President of Development

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New Energy Equity appoints Tim Ahrens as Senior Vice President of Development to lead strategic development efforts in community and commercial solar projects. Ahrens brings over 25 years of experience in renewable energy projects, enhancing New Energy's development capabilities and growth potential.
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ALLETE, Inc. reports 2023 earnings of $4.30 per share; clean energy transition drives $4.3 billion capital investment plan over the next five years

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ALLETE, Inc. (NYSE: ALE) reported 2023 earnings of $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion, showing a positive growth trend. The company's updated five-year capital expenditure plan of $4.3 billion reflects significant investments in clean energy projects. ALLETE's Sustainability in Action strategy is gaining momentum with regulatory decisions in 2024 supporting clean energy transformation.
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Minnesota Power advances EnergyForward with request for proposals for up to 400 megawatts of wind energy

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Minnesota Power, a division of ALLETE Inc. (NYSE: ALE), issues an RFP for 400MW of wind energy by 2027, aligning with its EnergyForward vision for 100% carbon-free energy. The RFP aims to expand the wind portfolio significantly, following the approval of the 2021 Integrated Resource Plan.
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ALLETE to announce 2023 financial results on February 20

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ALLETE Inc. (NYSE:ALE) will announce its financial results for 2023 before the stock markets open on Tuesday, February 20, 2024. ALLETE Chair, President and CEO Bethany M. Owen, and CFO Steven W. Morris will present an overview of results and discuss 2024 earnings guidance during a conference call. ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota, with additional subsidiaries and equity interests in the energy sector.
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New Energy Equity names Jackie Chambers as chief investment officer

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New Energy Equity, a national developer and financier of solar projects, has appointed Jackie Chambers as chief investment officer. With 13 years of experience in the solar industry, Chambers will shape project finance strategy and execute monetizing and financing New Energy Equity's pipeline of projects. She has a significant background in project finance, direct project origination, and project acquisitions, including tax equity financing solutions and community solar project acquisition.
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ALLETE Board of Directors raises quarterly common stock dividend

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ALLETE, Inc. (NYSE:ALE) has announced a 4.1% increase in its quarterly dividend on common stock to $0.705 per share, reflecting the company's confidence in its growth outlook. This marks over 74 consecutive years of dividends paid, with the increased dividend equivalent to $2.82 per share annually. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 15, 2024.
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FAQ

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

The current stock price of ALLETE (ALE) is $64.93 as of November 22, 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.

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ALLETE, Inc.

NYSE:ALE

ALE Rankings

#1516 Ranked by Market Cap
#657 Ranked by Dividends

ALE Stock Data

3.73B
57.66M
0.27%
75.05%
1.42%
Utilities - Diversified
Electric & Other Services Combined
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United States of America
DULUTH