Allete Inc Stock Price, News & Analysis

ALLETE (NYSE:ALE) applauds a $700 million federal grant for the Montana and North Plains Connector transmission project. The project, co-developed by ALLETE and Grid United , will create a 415-mile high-voltage direct-current (HVDC) transmission line connecting three regional U.S. electric energy markets. This innovative project will:

• Create 3,000 megawatts of transfer capacity
• Enhance grid flexibility and resilience
• Improve reliability against extreme weather and climate change

The total investment is approximately $3.2 billion, expected to create over 600 jobs during construction. ALLETE aims to pursue up to a 35% ownership share in the project, which is planned to be in service by 2032, pending approvals.

ALLETE, Inc. (NYSE: ALE) reported Q2 2024 earnings of $0.57 per share on net income of $33.0 million, down from $0.90 per share on $51.5 million in Q2 2023. The results include $0.25 per share in merger-related transaction expenses and a $0.04 per share negative impact from mild weather. Key highlights:

- Merger with Canada Pension Plan Investment Board and Global Infrastructure Partners progressing as planned, expected to close mid-2025
- Minnesota Power's RFPs for new solar and wind projects advancing
- ALLETE Clean Energy began selling production tax credits under the Inflation Reduction Act
- Regulated Operations segment net income decreased to $33.7 million from $37.8 million year-over-year
- ALLETE Clean Energy net income declined to $2.4 million from $3.1 million
- Corporate and Other businesses recorded a net loss of $3.1 million compared to $10.6 million net income in 2023

ALLETE, Inc. (NYSE:ALE) has announced its board of directors' decision to maintain the quarterly dividend at 70.05 cents per share of common stock. This translates to an annual dividend of $2.82 per share, unchanged from the previous quarter. The dividend will be payable on September 1, 2024, to shareholders of record as of the close of business on August 15, 2024.

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

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.