Allete Inc Stock Price, News & Analysis

ALLETE (NYSE: ALE) has announced its board of directors has declared a quarterly dividend of $0.73 per share of common stock. The dividend, which amounts to $2.92 per share on an annual basis, remains unchanged from the previous quarter. The payment is scheduled for June 1, 2025, with a record date of May 15, 2025.

ALLETE is an energy company based in Duluth, Minnesota, operating through several subsidiaries including Minnesota Power, Superior Water, Light and Power of Wisconsin, ALLETE Clean Energy, BNI Energy, and New Energy Equity. The company also maintains an 8% equity stake in American Transmission Co.

ALLETE (NYSE: ALE) has scheduled its first quarter 2025 financial results announcement for Thursday, May 08, 2025, before market open. The company, headquartered in Duluth, Minnesota, operates as an energy with diverse holdings including electric utilities Minnesota Power and Superior Water, Light and Power of Wisconsin. ALLETE's portfolio also encompasses ALLETE Clean Energy, BNI Energy, New Energy Equity, and an 8% stake in the American Transmission Co.

ALLETE (NYSE:ALE) has achieved notable recognition in the 2024 Minnesota Census of Women in Corporate Leadership, being named an Honor Roll Company of Special Distinction for the sixth consecutive year. The company demonstrates exceptional gender parity with women comprising 50% of both its Board of Directors and executive team.

The annual research by St. Catherine University's School of Business shows ALLETE significantly outperforming the census average, where women represent 30.4% of board directors and 23.1% of executive officers across 73 Minnesota companies. ALLETE was among only six companies qualifying for Special Distinction status, marking its eighth consecutive year on the Honor Roll.

Bethany Owen, ALLETE chair, president and CEO, emphasized the company's long-standing commitment to diverse leadership and inclusive decision-making, highlighting how this approach strengthens their Sustainability-in-Action strategy. The recognition was celebrated at an April 15 event at the Saint Paul RiverCentre, hosted by Twin Cities Business.

New Energy Equity, a subsidiary of ALLETE (NYSE: ALE), announced a leadership transition where current President Josh Kunkel will be promoted to CEO effective June 1, 2025. Co-founder and current CEO Matt Hankey will transition to a new role as Emerging Technologies Officer at ALLETE while remaining on New Energy Equity's Board of Directors.

Kunkel, who joined the company in 2020 as VP of Business Development and became President in 2022, will lead the company's next growth phase. Under Hankey's leadership since co-founding in 2013, New Energy Equity has grown to over 125 employees and implemented more than 270 solar projects nationwide, totaling 600MW and exceeding $1.5 billion in project investment.

New Energy Equity's Lift as We Climb Foundation has donated $100,000 to Civic Works, a Baltimore-based nonprofit, to expand solar access in Baltimore. The funds, raised during the Foundation's annual charity golf tournament in October 2024, will support:

• Installation of free solar systems for 80 Baltimore households, reducing electricity bills by 80-100%
• Expansion of Civic Works' rooftop solar team with two new hires
• Education and outreach initiatives for sustainable solar deployment

The donation was formally accepted by Melvin Brennan, Director of Energy Programs at Civic Works, at New Energy Equity's Annapolis office. Jim Wrathall, General Counsel of New Energy Equity and President of the Foundation, emphasized the importance of creating clean solar energy jobs and reducing electricity costs in Baltimore.

ALLETE (NYSE: ALE) has received approval from the Public Service Commission of Wisconsin (PSCW) for its proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). This follows previous approvals from shareholders and the Federal Energy Regulatory Commission (FERC).

Under the merger agreement announced in May 2024, CPP Investments and GIP will acquire all ALLETE outstanding common shares for $67 per share in cash, representing a total value of $6.2 billion including debt assumption. The company still requires approval from the Minnesota Public Utilities Commission (MPUC).

Post-acquisition, ALLETE will maintain local management and operations. Its utilities, Minnesota Power and Superior Water, Light and Power, will continue under MPUC, PSCW, and FERC regulation. The transaction is expected to complete in mid-2025 and should not impact utility customers' retail or municipal rates.

ALLETE (NYSE: ALE) has announced the promotion of Jeff Scissons to Chief Financial Officer, succeeding Steven W. Morris who plans to retire in July. Scissons, who joined ALLETE in 2013, was recently promoted to Vice President and Corporate Treasurer in 2024.

Throughout his tenure, Scissons has led key strategic initiatives including the acquisition of New Energy Equity and the divestiture of U.S. Water. He currently leads the transition committee for ALLETE's acquisition by Canada Pension Plan Investments Board (CPPIB) and Global Infrastructure Fund (GIP).

Prior to joining ALLETE, Scissons spent 12 years at Northern Asset Management in Duluth. His roles at ALLETE included financial analyst, manager of financial planning and analysis, assistant treasurer, and ALLETE Clean Energy's chief financial and strategy officer.

New Energy Equity (NEE) has partnered with Harlem Consolidated School District to develop a 5.54 MWdc solar energy project in Illinois. The project, originally developed by BOW Renewables and acquired by NEE, will be built on school district-owned land in eastern Winnebago County.

The initiative, NEE's first in Illinois' Public Schools Program under the Adjustable Block Program (ABP), will provide discounted electricity to both the school district, supporting over 39,000 students across 11 schools, and residential customers in the Commonwealth Edison service area.

This project adds to NEE's existing portfolio of more than 30 community solar projects totaling over 90 MWdc in Illinois. The initiative aims to advance clean energy adoption in educational settings while supporting Illinois' renewable energy goals through community-driven energy solutions.

ALLETE (NYSE: ALE) reported 2024 earnings of $3.10 per share on net income of $179.3 million and operating revenue of $1.5 billion, compared to $4.30 per share on net income of $247.1 million and revenue of $1.9 billion in 2023.

The 2024 results include approximately 39 cents per share in transaction expenses related to the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners. Earnings were positively impacted by interim rates implementation at Minnesota Power, while being affected by a forced outage at ALLETE Clean Energy's Caddo facility.

The company's Regulated Operations segment recorded net income of $160.9 million in 2024, up from $147.2 million in 2023. ALLETE Clean Energy's net income decreased to $17.8 million in 2024 from $71.7 million in 2023. Corporate and Other businesses recorded net income of $0.6 million in 2024, down from $28.2 million in 2023.