ALLETE, Inc. - ALE STOCK NEWS

ALLETE, Inc. (NYSE:ALE) has announced a quarterly dividend of 70.5 cents per share of common stock, as declared by its board of directors. This correction updates the previously reported 70.05 cents per share. On an annual basis, the dividend remains unchanged at $2.82 per share. The dividend is payable on September 1, 2024, to shareholders of record as of August 15, 2024.

ALLETE is an energy company based in Duluth, Minnesota, with diverse holdings including electric utilities Minnesota Power and Superior Water, Light and Power of Wisconsin, as well as ALLETE Clean Energy, BNI Energy, and New Energy Equity. The company also holds an 8% equity stake in American Transmission Co.

ALLETE Inc. (NYSE:ALE), an energy company based in Duluth, Minnesota, has announced that it will release its second quarter financial results on Thursday, August 1, 2024, before the stock markets open. ALLETE's portfolio includes electric utilities Minnesota Power and Superior Water, Light and Power of Wisconsin, as well as subsidiaries ALLETE Clean Energy, BNI Energy, and New Energy Equity. The company also holds an 8% equity stake in American Transmission Co. This announcement provides investors with a specific date to anticipate ALLETE's financial performance update, which could potentially impact the stock's valuation and market sentiment.

Grid United and ALLETE announced a study by Astrapé Consulting revealing the North Plains Connector (NPC) project's significant capacity and reliability benefits. The 415-mile, 525-kilovolt HVDC transmission line will connect the Western and Eastern interconnections across WECC, SPP, and MISO, becoming the first HVDC link between these markets. The study found that NPC will unlock 3,550 MW of capacity across the three regions, exceeding its physical capacity. This enhancement is due to the bi-directional nature of the project and seasonal diversity among regions, improving grid reliability without adding new generating capacity. The project aims to mitigate extreme weather effects and double transfer capacity between the grids.

Portland General Electric (PGE) has signed a non-binding memorandum of understanding with Grid United and ALLETE for the development of the North Plains Connector, a 415-mile high-voltage direct-current (HVDC) transmission line. This line will connect Bismarck, North Dakota, and Colstrip, Montana, and double the transfer capacity between the eastern and western U.S. electric grids. PGE is expected to hold a 20% ownership share and gain 600 megawatts of transfer capacity. The project aims to provide access to renewable energy, reduce congestion, and enhance wholesale markets. The estimated $3.2 billion investment will create over 600 jobs during construction.

ALLETE, Inc. reported first quarter 2024 earnings of 88 cents per share on net income of $50.7 million, compared to $1.02 per share on net income of $58.2 million in the previous year. Factors affecting earnings included rate case settlement reserves, warmer weather impact, and transaction expenses related to a merger. While ALLETE's Regulated Operations segment saw increased net income, ALLETE Clean Energy and Corporate and Other businesses experienced decreases. ALLETE's CFO noted unexpected impacts on 2024 results, including weather effects and rate case settlement reserves.

ALLETE, Inc. is set to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners for $67.00 per share in cash, totaling $6.2 billion. The agreement aims to advance ALLETE's 'Sustainability-in-Action' strategy, positioning the company to execute a clean-energy future as a private entity. The acquisition will allow ALLETE to access capital while retaining its workforce, maintaining compensation levels, and honoring union agreements. ALLETE will continue to be locally managed, headquartered in Duluth, Minnesota, and focus on driving the clean-energy transition by expanding renewables and enhancing grid resiliency.

Minnesota Power, a division of ALLETE Inc., has reached a settlement agreement on its 2024 electric rate proposal with state agencies and large power customers. The agreement, if approved by the MPUC, would result in final rate increases of about 4.9% for residential customers and 4.4% for industrial customers. The interim rate increase of 8.6% for residential customers in 2023 will be refunded, with interest, through bill credits. The settlement aims to balance customer needs with the company's investments for clean energy transition.

NT Solar celebrates a new impact investment fund and successful transactions with strategic solar tax credit investments supporting the development of 4 solar projects across the country. The company establishes new partnerships and continues to grow its network of investment partners, bringing affordable clean energy access and contributing to a carbon-free future.

ALLETE, Inc. (NYSE: ALE) declares a quarterly dividend of 70.50 cents per share of common stock, equivalent to $2.82 per share annually. The dividend remains unchanged from the previous quarter. The dividend will be paid on June 1 to common stock shareholders of record as of May 15, 2024. ALLETE Inc. is an energy company based in Duluth, Minnesota, with various subsidiaries in the energy sector.