Allete Inc Stock Price, News & Analysis

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.

Triniti Consulting successfully implemented Oracle Utilities Customer to Meter (C2M) for ALLETE Inc. in April 2021. This project enhances the efficiency of utilities Minnesota Power and Superior Water, Light and Power, serving 160,000 customers in Wisconsin and Minnesota. Key improvements include streamlined customer and meter data, enhanced billing accuracy, and the potential for innovative services. ALLETE aims to optimize customer interactions and modernize its service offerings through advanced metering infrastructure, marking a significant step toward becoming the utility of choice.

ALLETE, Inc. (NYSE: ALE) reported a second quarter 2021 earnings of 53 cents per share, up from 39 cents per share last year. Net income increased to $27.9 million compared to $20.1 million in 2020, benefiting from a rebound in electric sales to industrial customers. The Regulated Operations segment earned $21.5 million, significantly higher than $11.1 million in the prior year, while ALLETE Clean Energy net income rose to $5.1 million. The company expects full-year results in the range of $3.00 to $3.30 per share, signaling a transitional year with growth initiatives in place.

ALLETE, Inc. (NYSE:ALE) has declared a quarterly dividend of 63 cents per share, consistent with the previous quarter, translating to an annual dividend of $2.52 per share. This dividend will be payable on September 1, 2021, to shareholders on record as of August 16. ALLETE is an energy company based in Duluth, Minnesota, operating electric utilities and clean energy facilities across various states.

ALLETE Inc. (NYSE: ALE) is set to announce its second-quarter financial results on August 4, 2021, before market opening. A conference call will take place at 10 a.m. ET, featuring insights from CEO Bethany M. Owen and CFO Robert J. Adams. Interested participants can join the call by dialing (877) 303-5852 or via the webcast on ALLETE's website. A replay will be available until August 11, 2021. ALLETE operates electric utilities in Minnesota and Wisconsin, along with renewable energy ventures.

ALLETE Inc. (NYSE: ALE) announced that Bethany M. Owen has been named chair of the board of directors, effective May 11, 2021. Owen, who has been the President since 2019 and CEO since February 2020, is noted for her strategic leadership during the COVID-19 pandemic. Significant achievements under her leadership include advances in clean energy initiatives and strengthening stakeholder relationships. Owen succeeds Alan R. Hodnik, who retired after a 40-year career. The board supports her dual role as chair and CEO, aiming to enhance ALLETE's growth in the clean-energy sector.

ALLETE, Inc. (NYSE: ALE) announced first quarter 2021 earnings of 99 cents per share, down from $1.28 last year, with a net income of $51.8 million compared to $66.3 million in 2020. The decline was attributed to timing of income taxes and a $5 million negative impact from extreme winter weather at the Diamond Spring wind facility. Despite these challenges, the company maintains an optimistic earnings guidance of $3.00 - $3.30 per share for the year. Regulated Operations reported net income of $45 million, while ALLETE Clean Energy earned $7.4 million.

ALLETE Clean Energy, a subsidiary of ALLETE (NYSE: ALE), has acquired the Red Barn wind project and secured agreements with Wisconsin Public Service Corp. and Madison Gas and Electric Co. for future energy needs. The 91.6-megawatt project will feature 28 turbines across 12,220 acres in Grant County, Wisconsin, with completion expected in late 2022. This acquisition aligns with Wisconsin's net-zero carbon goals and includes potential for the Whitetail project, adding up to 67.5 megawatts. ALLETE aims to leverage renewable energy credits to enhance the project’s value.

ALLETE, Inc. (NYSE: ALE) has declared a quarterly dividend of 63 cents per share, maintaining an annual rate of $2.52 per share. The dividend will be payable on June 1 to shareholders of record as of May 14, 2021. ALLETE operates electric utilities such as Minnesota Power and Superior Water, Light and Power, along with subsidiaries including ALLETE Clean Energy and BNI Energy. The company emphasizes its commitment to providing consistent returns to shareholders.