Allete Inc Stock Price, News & Analysis

ALLETE Inc. (NYSE: ALE) has been recognized as an Honor Roll company with Special Distinction in the 2022 Minnesota Census of Women in Corporate Leadership, marking its fourth consecutive year of this honor. The census evaluates the representation of women in leadership roles among Minnesota’s largest publicly held companies. Notably, ALLETE is among only six companies to achieve gender parity on their board of directors or among executive officers in 2022. Women comprise 50% of ALLETE’s board and 50% of its executive officer positions. ALLETE’s chair, Bethany Owen, expressed pride in the company's diversity achievements, emphasizing the importance of an inclusive culture. The recognition took place on April 18 at an event hosted by Twin Cities Business.

ALLETE Inc. (NYSE:ALE) will announce its financial results for the first quarter on May 3, 2023, before the stock market opens. Following the announcement, a conference call will be held at 10 a.m. ET, featuring Chair and CEO Bethany M. Owen and CFO Steven W. Morris. They will discuss the earnings report and other performance factors.

Interested parties can register for the call or access the webcast through ALLETE's website. The webcast will remain available for a year, providing ongoing access to the company's performance insights. ALLETE operates various energy-related businesses, including Minnesota Power and ALLETE Clean Energy, among others.

ALLETE Clean Energy has successfully closed the sale of the Red Barn wind project to WEC Energy Group and Madison Gas and Electric Co. The 91.6-megawatt project, capable of powering approximately 50,000 homes, commenced commercial operations this week. ALLETE Clean Energy acquired the project two years ago, marking its first initiative in Wisconsin, and has developed it to support local utilities' carbon-reduction goals. The company has a portfolio exceeding 1,500 megawatts across eight states, positioning it for future growth in the clean-energy sector.

ALLETE, Inc. (NYSE: ALE) reported 2022 earnings of $3.38 per share, with net income of $189.3 million and operating revenue of $1.6 billion, compared to $3.23 per share, $169.2 million, and $1.4 billion in 2021. Key achievements included the approval of Minnesota Power’s Integrated Resource Plan, leading to a $600 million capital expenditure expansion and projected 11% rate base growth over five years. However, financial performance was below expectations, impacted by losses from the Northern Wind project and challenges in the Southwest Power Pool market. Despite these hurdles, the acquisition of New Energy Equity and ongoing infrastructure investments position ALLETE for future growth.

ALLETE, Inc. (NYSE: ALE) announced a quarterly dividend increase to $0.6775 per share, reflecting a 4.2% increase. This decision underscores the Board of Directors' confidence in the company's growth outlook. The annualized dividend now totals $2.71 per share, with payment scheduled for March 1, 2023 to shareholders on record as of February 15, 2023. ALLETE has a remarkable history of more than 73 consecutive years of dividend payments, demonstrating its commitment to shareholder value. The increased dividend aligns with the company's strategic focus on sustainable growth in the energy sector.

ALLETE, Inc. (NYSE:ALE) and Grid United plan to develop the North Plains Connector, a groundbreaking high-voltage direct-current (HVDC) transmission line spanning approximately 385 miles from North Dakota to Montana. This project will connect three major U.S. electric energy markets, enhancing reliability and resiliency in the grid. With a total investment of about $2.5 billion, the line aims to provide 3,000 megawatts of energy transfer capacity and address the growing electricity demand. ALLETE expects to hold at least 35% ownership and manage operations, with project permitting expected to begin this year, targeting an in-service date of 2029.

The Minnesota Public Utilities Commission (MPUC) approved a $59 million (approx. 9%) rate increase for Minnesota Power, a unit of ALLETE Inc. (NYSE: ALE). The average residential bill will rise by 2% above current interim rates, while business customers will see a 14% interim rate. The increase is needed to support operational improvements and future growth, with a return on equity set at 9.65%. Notably, Minnesota Power's rates remain below the national average, and the company plans to file another rate request later this year to support its Energy Forward strategy aiming for 100% carbon-free energy by 2050.

ALLETE Inc. (NYSE:ALE) is set to announce its 2022 financial results on February 16, 2023, before market opening. Following the results, CEO Bethany M. Owen and CFO Steven W. Morris will discuss earnings guidance for 2023 during a conference call at 10 a.m. ET. Interested parties can join by registering on ALLETE's website. The webcast will remain available for a year. ALLETE is an energy company based in Duluth, Minnesota, operating electric utilities in Minnesota and Wisconsin, along with subsidiaries focused on clean energy and other sectors.

The Minnesota Public Utilities Commission has approved Minnesota Power's 15-year Integrated Resource Plan (IRP), aiming for 100% carbon-free energy by 2050. Key objectives include reducing carbon emissions by 80% by 2035 and achieving over 70% renewable energy by 2030, alongside investments in wind and solar energy. The plan will phase out coal operations at Boswell Energy Center by 2030 and 2035. Minnesota Power’s collaborative approach involved stakeholders including labor groups and local communities, ensuring a just transition for employees and host communities during this energy transformation.