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 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.
ALLETE Inc. (NYSE:ALE) will release its third-quarter financial results on November 9, 2022, before market opening. Following the results, CEO Bethany M. Owen and CFO Steven W. Morris will discuss performance factors in a conference call starting at 10 a.m. Eastern time. Interested parties can listen live via ALLETE's website. ALLETE is an energy company based in Duluth, Minnesota, and operates Minnesota Power and Superior Water, Light and Power, along with ALLETE Clean Energy and other subsidiaries.
ALLETE Inc. (NYSE: ALE) announced key leadership changes to enhance its sustainability strategy. Nicole Johnson has been appointed president of ALLETE Clean Energy, while Al Rudeck becomes the safety and external affairs officer. Josh Skelton expands his role as vice president. These appointments are part of a strategic alignment to position the company for growth and to lead in clean energy. Johnson, with over 25 years at ALLETE, brings experience from her previous roles, including overseeing Human Resources and Environmental Management.
ALLETE, Inc. (NYSE: ALE) reported a second quarter 2022 earnings of 67 cents per share on a net income of $37.6 million, up from 53 cents per share and $27.9 million in 2021. Key factors included $1.6 million in transaction fees and $4 million from purchase price accounting. The regulated operations segment saw increased income largely due to interim rate implementations. The company affirmed its 2022 earnings guidance of $3.60 - $3.90 per share amidst positive performance from New Energy Equity. A conference call to discuss these results is scheduled for August 3, 2022.
The board of directors of ALLETE, Inc. (NYSE:ALE) has announced a quarterly dividend of 65 cents per share, maintaining an annual payout of $2.60 per share. This dividend will be paid on September 1 to shareholders of record as of August 15, 2022. ALLETE operates electric utilities in Minnesota and Wisconsin and owns several subsidiaries, including ALLETE Clean Energy and BNI Energy. Investors are advised to review the associated risks discussed in official filings with the Securities and Exchange Commission.
Minnesota Power (NYSE: ALE) and Great River Energy announced plans to construct a 150-mile, double-circuit 345-kV transmission line in Minnesota, enhancing grid reliability in the Upper Midwest. The project, approved by the Midcontinent Independent System Operator on July 25, is part of a broader initiative to support increased renewable energy and grid resilience. Estimated at $970 million, the transmission line will connect northern and central Minnesota, replacing existing infrastructure. The companies expect to submit necessary construction notices in August, with completion anticipated by 2030.
ALLETE Inc. (NYSE: ALE) will announce its financial results for the second quarter on August 3, 2022, before market open. Following the announcement, a conference call led by Chair and CEO Bethany M. Owen and CFO Steve W. Morris will take place at 10 a.m. Eastern time to discuss the results and performance factors. Interested participants can register for the call on ALLETE’s website. The webcast will remain available for one year.
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