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. (ALE) delivers essential energy services through regulated utilities and clean energy innovation. This news hub provides investors and stakeholders with timely updates on the company's operational developments, financial performance, and sustainability initiatives.
Access comprehensive coverage of earnings reports, regulatory filings, infrastructure investments, and renewable energy project milestones. Our curated collection ensures you stay informed about Minnesota Power operations, transmission network expansions, and ALLETE Clean Energy's solar developments.
Key updates include strategic acquisitions, partnership announcements, rate case decisions, and progress reports on grid modernization efforts. The resource combines official press releases with contextual analysis to support informed decision-making.
Bookmark this page for direct access to ALLETE's evolving energy solutions that balance reliable service delivery with renewable energy commitments. Check regularly for updates on regional utility operations and national clean energy initiatives shaping the company's trajectory.
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.
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