ALLETE advances most transformative growth strategy in company history
09 Mayo 2023 - 5:23PM
Business Wire
CEO describes clean energy, transmission
projects at annual shareholder meeting
With momentum on its side, ALLETE Inc.’s (NYSE:ALE)
sustainability-in-action strategy is securing the company’s place
as a national leader in the transition to a clean-energy future,
ALLETE Chair, President and CEO Bethany Owen told investors at
Tuesday’s virtual 2023 Annual Meeting of Shareholders.
“ALLETE is once again the No. 1 investor in renewable energy,
relative to market capitalization, among all U.S.-based publicly
traded utilities,” Owen said. “For the second year in a row, that’s
No. 1 in the nation for this company headquartered right here in
Minnesota—a ranking we are very proud of.”
She said new federal and state policies are expected to spur a
surge in demand for clean energy, creating exciting opportunities
for all of ALLETE’s companies. She said New Energy Equity, a
leading distributed solar developer, and ALLETE Clean Energy
already are exploring new markets and customers under the
policies.
The new policies also include possible federal funding for
energy projects, which she said ALLETE is working hard to secure to
help mitigate the cost of the clean-energy transition for Minnesota
Power customers.
A robust, flexible and enhanced energy grid is critical to
accelerating the clean-energy future, Owen said, and Minnesota
Power and ALLETE plan to invest in three large transmission
projects across the state and nation. Minnesota Power’s recently
approved Integrated Resource Plan also calls for adding up to 700
megawatts of new wind and solar generation, along with a
significant investment in energy storage.
“Taken together, Minnesota Power’s Integrated Resource Plan and
the transmission projects constitute the most transformative growth
strategy in ALLETE’s history,” Owen said.
Owen reported ALLETE’s full-year 2022 earnings of $3.38 per
share on net income of $189.3 million, compared to 2021 earnings of
$3.23 per share on net income of $169.2 million. The company’s
board of directors approved a dividend increase of more than 4
percent in February, she said, and ALLETE remains committed to its
long-term earnings per share growth objective of 5 to 7
percent.
As ALLETE and its companies add clean energy sources,
transmission lines and energy storage, Owen said the company is
adding these resources in prudent and sustainable ways.
“At ALLETE, we understand we have a responsibility to work with
our stakeholders to ensure this transformation is done in right and
just ways,” Owen said. “And we’re committed to remaining a credible
and trusted partner with our communities as we navigate all that’s
ahead. For me and for ALLETE – sustainability and community go
hand-in-hand.”
ALLETE shareholders, voting mainly by proxy at the meeting,
elected directors George G. Goldfarb, James J. Hoolihan, Madeleine
W. Ludlow, Charles R. Matthews, Susan K. Nestegard, Douglas C.
Neve, Barbara A. Nick, Bethany M. Owen, Robert P. Powers and
Charlene A. Thomas. They also approved two compensation-related
measures and ratified the selection of the company’s independent
public accounting firm.
ALLETE, Inc. is an energy company headquartered in Duluth,
Minnesota. In addition to its electric utilities, Minnesota Power
and Superior Water, Light and Power of Wisconsin, ALLETE owns
ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.;
and New Energy Equity, headquartered in Annapolis, Maryland; and
has an 8% equity interest in the American Transmission Co. More
information about ALLETE is available at www.allete.com.
ALE-CORP
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. Actual results
may differ materially from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties and investors are directed to the risks discussed in
documents filed by ALLETE with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230509006280/en/
Amy Rutledge Director – Corporate Communications 218-723-7400
arutledge@allete.com
Allete (NYSE:ALE)
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