ALLETE to build three large transmission projects as it claims top investor spot for renewable energy
During a virtual, annual meeting of shareholders this week, Bethany Owen, ALLETE Inc.’s chair, president and CEO, told attendees that federal and state policies, including possible federal funding for energy projects, are making a favorable environment for the energy company.
“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.”
Among the company’s current plans are investments in three large transmission projects in Minnesota and beyond. ALLETE is headquartered in Minnesota, and owns Minnesota Power, Superior Water and ALLETE Clean Energy. Beyond that state’s borders, it also governs Light and Power of Wisconsin, BNI Energy in Bismarck, North Dakota and New Energy Equity, based in Annapolis, Maryland. Due to favorable policies for clean energy growing nationwide, Owen pointed out that ALLETE Clean Energy is working with solar developer New Energy Equity to explore new markets.
While the company and its subsidiaries work to add clean energy resources, they will also be adding transmission lines and energy storage to support them, in ways Owen labeled prudent and sustainable.
“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.”
