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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

New Energy Equity raises $200,000 for Folds of Honor

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New Energy Equity LLC donates $200,000 to Folds of Honor through its Lift as We Climb Foundation, supporting educational scholarships for the families of fallen or disabled U.S. military members and first responders. The donation was raised through the company's annual charity golf tournament and exceeded the initial goal. The Folds of Honor founder expressed gratitude for the donation, emphasizing the significant impact on the recipients' lives.
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ALLETE, Grid United sign development agreements for advancing new HVDC transmission line in North Dakota and Montana

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ALLETE, Inc. (NYSE:ALE) and North Plains Connector LLC, a subsidiary of Grid United LLC, signed development agreements for the North Plains Connector project, a 400-mile high-voltage direct-current (HVDC) transmission line linking three regional U.S. electric energy markets. The project represents a $3.2 billion investment in Montana and North Dakota, creating 3,000 megawatts of transfer capacity across all three energy markets.
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Minnesota Power Advances EnergyForward with Request for Proposals for up to 300 Megawatts of Solar Energy

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ALLETE Inc. (NYSE: ALE) Advances EnergyForward Vision with 300 MW Solar Energy RFP by 2027
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ALLETE, Inc. reports third quarter earnings of $1.49 per share; raises full-year 2023 earnings guidance to a range of $4.30 to $4.40 per share reflecting increased earnings from ALLETE Clean Energy

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ALLETE, Inc. reported Q3 2023 earnings of $1.49 per share on net income of $85.9 million, compared to $0.59 per share on net income of $33.7 million in the same period last year. The company raised its full-year earnings guidance to a range of $4.30 to $4.40 per share. ALLETE's Regulated Operations segment saw a decrease in net income, while ALLETE Clean Energy recorded a net income of $54.8 million, reflecting a favorable arbitration award. Corporate and Other businesses reported a net loss of $2.9 million.
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ALLETE Board of Directors declares dividend on common stock

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ALLETE, Inc. declares a quarterly dividend of 67.75 cents per share of common stock, equivalent to $2.71 per share annually. The dividend remains unchanged from the previous quarter. The regular quarterly dividend will be payable on December 1, 2023, to common stock shareholders of record as of November 15, 2023.
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DOE Awards $50 Million to Minnesota Power to Increase Reliability and Resilience of Region’s Transmission Grid in Support of a Clean-Energy Future

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Minnesota Power receives $50 million grant from the U.S. Department of Energy to modernize its transmission system
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ALLETE to announce third quarter financial results November 2

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ALLETE Inc. to announce Q3 financial results on November 2, 2023.
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DSD Acquires 15 MW Community Solar Portfolio from New Energy Equity in Minnesota

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DSD Renewables acquires a 15MW community solar portfolio in Minnesota, estimated to generate over 20,000 MWh annually, providing power to 900 subscribers. The acquisition expands DSD's presence in the state and supports Minnesota's goal of 100% clean energy usage by 2040. Ground-mounted panels will be installed in eight cities, including an agrivoltaic project in Winsted. Construction is underway, with completion expected by 2024. Arcadia Power will handle customer acquisition and subscriptions.
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ALLETE, Inc. reports second quarter earnings of 90 cents per share; reaffirms 2023 earnings guidance range of $3.55 to $3.85 per share

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Minnesota Power, Great River Energy Advance Joint 345-kV Transmission Line Project with Application for Certificate of Need, Route Permit

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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