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.
ALLETE, Inc. (NYSE: ALE) reported 2022 earnings of $3.38 per share, with net income of $189.3 million and operating revenue of $1.6 billion, compared to $3.23 per share, $169.2 million, and $1.4 billion in 2021. Key achievements included the approval of Minnesota Power’s Integrated Resource Plan, leading to a $600 million capital expenditure expansion and projected 11% rate base growth over five years. However, financial performance was below expectations, impacted by losses from the Northern Wind project and challenges in the Southwest Power Pool market. Despite these hurdles, the acquisition of New Energy Equity and ongoing infrastructure investments position ALLETE for future growth.
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.
ALLETE, Inc. (NYSE:ALE) and Grid United plan to develop the North Plains Connector, a groundbreaking high-voltage direct-current (HVDC) transmission line spanning approximately 385 miles from North Dakota to Montana. This project will connect three major U.S. electric energy markets, enhancing reliability and resiliency in the grid. With a total investment of about $2.5 billion, the line aims to provide 3,000 megawatts of energy transfer capacity and address the growing electricity demand. ALLETE expects to hold at least 35% ownership and manage operations, with project permitting expected to begin this year, targeting an in-service date of 2029.
The Minnesota Public Utilities Commission (MPUC) approved a $59 million (approx. 9%) rate increase for Minnesota Power, a unit of ALLETE Inc. (NYSE: ALE). The average residential bill will rise by 2% above current interim rates, while business customers will see a 14% interim rate. The increase is needed to support operational improvements and future growth, with a return on equity set at 9.65%. Notably, Minnesota Power's rates remain below the national average, and the company plans to file another rate request later this year to support its Energy Forward strategy aiming for 100% carbon-free energy by 2050.
ALLETE Inc. (NYSE:ALE) is set to announce its 2022 financial results on February 16, 2023, before market opening. Following the results, CEO Bethany M. Owen and CFO Steven W. Morris will discuss earnings guidance for 2023 during a conference call at 10 a.m. ET. Interested parties can join by registering on ALLETE's website. The webcast will remain available for a year. ALLETE is an energy company based in Duluth, Minnesota, operating electric utilities in Minnesota and Wisconsin, along with subsidiaries focused on clean energy and other sectors.
The Minnesota Public Utilities Commission has approved Minnesota Power's 15-year Integrated Resource Plan (IRP), aiming for 100% carbon-free energy by 2050. Key objectives include reducing carbon emissions by 80% by 2035 and achieving over 70% renewable energy by 2030, alongside investments in wind and solar energy. The plan will phase out coal operations at Boswell Energy Center by 2030 and 2035. Minnesota Power’s collaborative approach involved stakeholders including labor groups and local communities, ensuring a just transition for employees and host communities during this energy transformation.
ALLETE, Inc. (NYSE: ALE) reported Q3 2022 earnings of 59 cents per share on net income of $33.7 million, a rise from 53 cents and $27.6 million in Q3 2021. The Regulated Operations segment benefited from interim rate revenue at Minnesota Power. However, ALLETE Clean Energy faced challenges, recording a net loss of $7.3 million due to inflation, supply chain issues, and lower wind resources. Despite these setbacks, ALLETE expects 2022 earnings in the range of $3.60 to $3.90 per share and anticipates a strong Q4 with increasing project momentum.
ALLETE (NYSE: ALE), through its utility division Minnesota Power, is advancing its EnergyForward plan aimed at significantly increasing renewable energy provision over the next 15 years. Following an agreement with stakeholders, Minnesota Power plans to seek up to 400 megawatts of wind energy and 300 megawatts of solar energy, nearly doubling its initial proposal. The Minnesota Public Utilities Commission will review this plan during IRP proceedings, expected to conclude with a vote on Nov. 22. The initiative aligns with Minnesota Power's goal of achieving 100% carbon-free energy by 2050.
New Energy Equity, a subsidiary of ALLETE (NYSE: ALE), has announced several promotions within its executive team, effective November 4, 2022. Josh Kunkel is elevated to President, while Lindsey Gillis becomes Chief Administrative Officer, and Dean Eastlake III takes on the role of Chief Operations Officer. Other promotions include Jamie Borell as Senior VP of Land and Business Development, Eric Pasi as Senior VP of New Market Development and Marketing, and Eric Hanson as VP of Engineering and Construction. Co-founder Matt Hankey remains as CEO, emphasizing the leadership team's extensive industry experience and commitment to growth in clean energy.
ALLETE, Inc. (NYSE: ALE) has declared a quarterly dividend of 65 cents per share, maintaining an annual total of $2.60 per share. This dividend will be payable on December 1 to shareholders on record as of November 15, 2022. The company's operations include electric utilities and renewable energy services, emphasizing its commitment to shareholder value through consistent dividend payments.
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