ALLETE Inc - Company Profile
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Business Description
ALLETE Inc (ALLETE) is an energy company, which operates various businesses in the energy sector. It has interests in mining facilities; electricity generation, transmission, and distribution assets; and water management businesses. The company operates primarily in the renewable energy industry, providing services that include wind energy generation and utility services.
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Business Segments
Overview
Develops, acquires, and operates clean and renewable energy projects. Through long-term power sales agreements (PSAs), it also develops wind energy facilities to operate or for sale to third parties. It focuses on operating existing facilities at a safe, reliable, optimal, and profitable level. In FY2024, the segment’s capital expenditure stood at US$7.7 million., which grew 45.3% YoY.
Performance
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Overview
Provides electric services on a retail and wholesale basis. Generates electricity using coal, natural gas, biomass, hydro wind, and solar; and procures energy through power purchase agreements and market purchases. Operates through Minnesota Power, and Superior Water Light and Power Company (SWL&P) and also has an 8% interest in American Transmission Company LLC. It serves approximately 150,000 retail customers in Minnesota and 15,000 electric customers in Wisconsin, along with natural gas and water services. It intends to become a leading provider of electric energy in northeastern Minnesota by providing safe, reliable and cost-competitive electric energy, complying with environmental permit conditions and renewable energy requirements, and reducing exposure to carbon and GHG legislation. In FY2024, the segment’s capital expenditure stood at US$287.2 million, which grew 21.5% YoY.
Performance
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Overview
Includes operations of BNI Energy, investment in Nobles 2, ALLETE Properties, South shore energy, non-rate base generation and miscellaneous activities. In FY2024, the segment’s capital expenditure stood at US$53.1 million, which grew 112.4% YoY.
Performance
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