{"id":757074,"date":"2023-05-09T22:36:00","date_gmt":"2023-05-10T02:36:00","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-advances-most-transformative-growth-strategy-in-company-history\/"},"modified":"2023-05-09T22:36:00","modified_gmt":"2023-05-10T02:36:00","slug":"allete-advances-most-transformative-growth-strategy-in-company-history","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-advances-most-transformative-growth-strategy-in-company-history\/","title":{"rendered":"ALLETE advances most transformative growth strategy in company history"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>ALLETE advances most transformative growth strategy in company history<\/b><\/p>\n<p class=\"bwalignc\"><i>CEO describes clean energy, transmission projects at annual shareholder meeting<\/i><\/p>\n<p>DULUTH, Minn.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nWith momentum on its side, ALLETE Inc.\u2019s (NYSE:ALE) sustainability-in-action strategy is securing the company\u2019s place as a national leader in the transition to a clean-energy future, ALLETE Chair, President and CEO Bethany Owen told investors at Tuesday\u2019s virtual 2023 Annual Meeting of Shareholders.<\/p>\n<p>\n\u201cALLETE is once again the No. 1 investor in renewable energy, relative to market capitalization, among all U.S.-based publicly traded utilities,\u201d Owen said. \u201cFor the second year in a row, that\u2019s No. 1 in the nation for this company headquartered right here in Minnesota\u2014a ranking we are very proud of.\u201d<\/p>\n<p>\nShe said new federal and state policies are expected to spur a surge in demand for clean energy, creating exciting opportunities for all of ALLETE\u2019s 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.<\/p>\n<p>\nThe 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.<\/p>\n<p>\nA 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\u2019s 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.<\/p>\n<p>\n\u201cTaken together, Minnesota Power\u2019s Integrated Resource Plan and the transmission projects constitute the most transformative growth strategy in ALLETE\u2019s history,\u201d Owen said.<\/p>\n<p>\nOwen reported ALLETE\u2019s 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\u2019s 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.<\/p>\n<p>\nAs 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.<\/p>\n<p>\n\u201cAt ALLETE, we understand we have a responsibility to work with our stakeholders to ensure this transformation is done in right and just ways,\u201d Owen said. \u201cAnd we\u2019re committed to remaining a credible and trusted partner with our communities as we navigate all that\u2019s ahead. For me and for ALLETE \u2013 sustainability and community go hand-in-hand.\u201d<\/p>\n<p>\nALLETE 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\u2019s independent public accounting firm.<\/p>\n<p>\nALLETE, 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 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.allete.com&amp;esheet=53397086&amp;newsitemid=20230509006280&amp;lan=en-US&amp;anchor=www.allete.com&amp;index=1&amp;md5=ff9e903bbab903c9743643f503cc4a9b\">www.allete.com<\/a>.<\/p>\n<p><i>ALE-CORP<\/i><\/p>\n<p><i>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<\/i>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230509006280r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230509006280\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230509006280\/en\/<\/a><\/span><\/p>\n<p>\nAmy Rutledge<br \/>\n<br \/>Director \u2013 Corporate Communications<br \/>\n<br \/>218-723-7400<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:arutledge@allete.com\">arutledge@allete.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Minnesota United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Oil\/Gas Alternative Energy Energy Other Energy Utilities<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230509006280\/en\/394183\/3\/ALLETE_logo_new.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>ALLETE advances most transformative growth strategy in company history CEO describes clean energy, transmission projects at annual shareholder meeting DULUTH, Minn.&#8211;(BUSINESS WIRE)&#8211; With momentum on its side, ALLETE Inc.\u2019s (NYSE:ALE) sustainability-in-action strategy is securing the company\u2019s place as a national leader in the transition to a clean-energy future, ALLETE Chair, President and CEO Bethany Owen told investors at Tuesday\u2019s virtual 2023 Annual Meeting of Shareholders. \u201cALLETE is once again the No. 1 investor in renewable energy, relative to market capitalization, among all U.S.-based publicly traded utilities,\u201d Owen said. \u201cFor the second year in a row, that\u2019s No. 1 in the nation for this company headquartered right here in Minnesota\u2014a ranking we are very proud of.\u201d She said new federal and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-advances-most-transformative-growth-strategy-in-company-history\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ALLETE advances most transformative growth strategy in company history&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-757074","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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