ALLETE highlights opportunities in clean energy markets at 2019 annual meeting of shareholders

Published on May 16, 2019 by Kevin Randolph

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ALLETE Inc. company leaders highlighted the role of clean energy in supporting its targeted earnings growth at the company’s 2019 annual meeting of shareholders.

“Minnesota’s call for a carbon-free energy future is being echoed throughout the country,” ALLETE President Bethany Owen said. “With many states furthering renewable standards and goals, and federal tax policy fueling growth, ALLETE is well-positioned to continue leading the change to cleaner, more sustainable energy solutions, all while creating opportunities for our employees, building shareholder value and delivering the energy future our customers expect.”

More than 900 people attended the meeting held at the Duluth Entertainment Convention Center Tuesday. At the meeting, shareholders elected 10 directors, approved compensation-related resolutions, and ratified the selection of ALLETE’s accounting firm. In addition to Owen, attendees heard from ALLETE Chairman and CEO Al Hodnik and two other company leaders.

“At 113 years young, our company remains well-positioned as the contours of a new and exciting decade begin to emerge,” Hodnik said. “Each of us remains committed to our shared purpose—answering the call to transform the nation’s energy landscape—while growing ALLETE.”

Hodnik noted that a Goldman Sachs study of U.S. and Canadian energy companies ranked ALLETE the second-largest investor in wind and solar energy relative to those companies’ market capitalizations.

He reported ALLETE earned $3.38 per share in 2018 on net income of $174.1 million and that ALLETE’s market capitalization is now approximately $4.3 billion, an increase from $3.8 billion one year ago. The company’s board of directors recently increased the dividend five percent to $2.35 per share on an annual basis. The company’s three-year total shareholder return through the end of 2018 was 65.1 percent.

ALLETE Clean Energy developed three renewable energy projects this year in North Dakota, Montana, and Oklahoma.

“In the next two years we’ll add about 500 megawatts of wind capacity at three projects, serving five new customer contracts, including developing the largest wind farm in our portfolio,” ALLETE Clean Energy President Al Rudeck said. “These investments will more than double ALLETE Clean Energy’s total wind capacity, bringing us to more than 1,000 megawatts. This growth demonstrates the potency of our strategy that is paying off for our customers and for ALLETE shareholders.”