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) has announced a 3% increase in its quarterly dividend, now set at 65 cents per share. This move reflects the board's confidence in the company's growth outlook. The annualized dividend now totals $2.60 per share, payable on March 1 to shareholders of record by February 15, 2022. With over 72 consecutive years of dividends paid, ALLETE continues to demonstrate its commitment to returning value to shareholders.
ALLETE, Inc. (NYSE:ALE) has appointed Susan K. Nestegard as lead director, following the retirement of board members Heidi E. Jimmerson and Kathryn W. Dindo. Nestegard, a board member since 2018, brings extensive leadership experience, having previously held senior roles at Ecolab and 3M, and is committed to sustainability. Jimmerson has served since 2004 and contributed significantly during her tenure, while Dindo has served since 2009. The changes aim to enhance governance and support ALLETE's strategic growth in the energy sector.
ALLETE Inc. (NYSE:ALE) will announce its 2021 financial results on February 16, 2022, before market opening. Following the announcement, company leaders 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 2022 earnings guidance. The call can be accessed by phone or through a live webcast on ALLETE’s website. A replay will be available until February 23, 2022.
ALLETE (NYSE: ALE) announces the retirement of Robert Adams, Senior VP and CFO, planned for June 2022. Adams has been with the company for over 35 years, contributing significantly to ALLETE's diversification and clean-energy initiatives. His leadership saw the strategic acquisition and sale of U.S. Water Services, and positioned ALLETE as a leading investor in renewable energy among North American utilities. The company is now seeking a new CFO, expected to be appointed by February 2022.
ALLETE, Inc. (NYSE: ALE) reported Q3 2021 earnings of 53 cents per share with a net income of $27.6 million, down from 78 cents per share and $40.7 million in the same quarter last year. The decline is attributed to increased operating expenses and higher property taxes, despite higher kilowatt-hour sales and industrial margins. ALLETE Clean Energy experienced a net loss of $800,000 due to lower wind resource availability. For 2021, full year results are expected between $3.00 to $3.30 per share, with improved earnings projected for 2022.
Minnesota Power, a utility division of ALLETE (NYSE: ALE), is requesting an annual revenue increase of $108 million from the Minnesota Public Utilities Commission (MPUC), representing an 18% hike for retail electric customers. This adjustment aims to address rising expenses and evolving customer energy demands amid its EnergyForward clean energy transition. If approved, a typical residential bill will rise by $15 monthly. Minnesota Power is committed to achieving a 100% carbon-free energy goal by 2050 while maintaining competitively priced rates.
ALLETE, Inc. (NYSE: ALE) has declared a quarterly dividend of
ALLETE Inc. (NYSE: ALE) will disclose its third-quarter financial results on November 4, 2021, before market opening. The results will be followed by a conference call at 10 a.m. Eastern time, featuring key executives including Chair and CEO Bethany M. Owen. The call will be accessible via phone or webcast through the company’s website. A replay will be available until November 11, 2021. ALLETE, headquartered in Duluth, Minnesota, operates electric utilities and renewable energy ventures, emphasizing its commitment to clean energy.
ALLETE Inc. (NYSE: ALE) has appointed Charlene A. Thomas, former Chief Diversity, Equity, and Inclusion Officer at United Parcel Service (NYSE: UPS), to its board of directors effective October 4, 2021. With over 30 years of experience at UPS, Thomas has held multiple leadership roles and brings extensive knowledge in human resources and strategic planning. ALLETE's leadership stated that her experience will be instrumental in advancing the company's sustainability strategies and addressing evolving customer needs within transformative challenges.
ALLETE (NYSE: ALE) has announced the sale of a portion of its ownership stake in the Nemadji Trail Energy Center (NTEC) to Basin Electric Power Cooperative for approximately $20 million. Basin Electric will acquire a 30% ownership interest while ALLETE retains 20%. NTEC, a proposed natural gas power plant in Superior, WI, aims to provide about 600 megawatts of power, marking a significant investment in Douglas County. The project remains crucial for regional energy reliability as ALLETE focuses on reducing carbon emissions while ensuring sustainable energy supply.
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