DULUTH, Minn.--(BUSINESS WIRE)--
ALLETE Inc. (NYSE:ALE) is providing sustainable solutions for the
nation's changing energy and water needs, company investors heard today
at the Duluth-based energy company's 2016 Annual Meeting of Shareholders.
About 700 people attended the 2016 Annual Meeting at the Duluth
Entertainment Convention Center on Tuesday, where they re-elected 10
directors, approved compensation-related resolutions and ratified the
appointment of ALLETE's accounting firm. After conducting business, they
heard from Al Hodnik, ALLETE's chairman, president and CEO.
"ALLETE was forged from the rock and renewable hydropower just up the
hill from here 110 years ago," Hodnik said. "That renewable and
sustainable ethos lives on today within the hearts and minds of ALLETE's
employees."
Part of that sustainability is financial. Hodnik reported ALLETE earned
$2.92 per share in 2015 on net income that was up 13 percent over 2014,
operating revenue grew by 31 percent to $1.49 billion and ALLETE's
market capitalization sits at about $2.8 billion, up from $2.5 billion
at the end of 2014.
"Perhaps an equal or greater measure of performance is dividend
sustainability," Hodnik said. "Recently your board raised the dividend
by 3 percent to $2.08 per share on an annual basis. Since 1948, that's
68 uninterrupted years of paying dividends."
Sustainability also comes from answering the nation's carbon challenge
as it relates to climate change, where Hodnik said ALLETE's companies
continue to make progress. ALLETE is now ranked 16th in the nation in
wind power capacity when combining ALLETE Clean Energy and Minnesota
Power. A Presidential Permit is expected to clear the way early this
summer for the Great Northern Transmission Line that will deliver 250
megawatts of hydropower from Manitoba to Minnesota.
MP's Bison wind farm and the Great Northern are aimed at meeting
Minnesota Power's EnergyForward plan to shift its energy mix to
one-third renewable, one-third gas and one-third coal.
"Minnesota Power has made tremendous progress under its EnergyForward
plan," Hodnik said. "I am pleased to say the company is well-positioned
to reach its 33 percent renewable goal as the Great Northern moves
toward construction."
Another way to reduce carbon in the atmosphere is by planting trees.
Through its Rajala Woods initiative, Minnesota Power has committed to
planting up to 3 million pine seedlings on 3,000 acres of company-owned
land over the next decade. Minnesota Power hopes to restore white pine
and other conifers to more historical levels. The goal is to ensure
sustainable use of the forests, improve biodiversity, improve forest
resiliency during climate change and enhance wildlife habitat and
recreation.
And ALLETE is increasingly focused on the connection between energy and
water, and the growing challenges of water scarcity, water conservation,
and water quality and reuse. ALLETE acquired U.S. Water Services in 2015.
For Minnesota Power, sustainability also means weathering a downturn in
the iron and steel industries. While there is no lack of U.S. steel
demand, seven of 11 major iron ore producers, some of Minnesota Power's
largest customers, were shut down at times in 2015. That situation
continues into 2016, but looks to be improving as the federal government
takes strong action against low-priced imported steel.
"Viewed through the lens of 2015's economic adversity, ALLETE's solid
financial performance speaks to a sound strategy, a more sustainable mix
of energy businesses and to our talented employees who continue to
innovate and devise creative solutions to meet customers' needs as well
as shareholders' expectations," Hodnik said.
ALLETE shareholders, voting by proxy, elected to new terms current
directors Kathryn W. Dindo, Sidney W. Emery Jr., George G. Goldfarb,
James S. Haines Jr., Alan R. Hodnik, James J. Hoolihan, Heidi E.
Jimmerson, Madeleine W. Ludlow, Douglas C. Neve and Leonard C. Rodman.
The Don Shippar Community Service Award, given annually, was presented
to Micheline Bayiha, costing and price analyst at Minnesota Power, for
her volunteer work on behalf of the people of her native Cameroon,
Africa.
"With long-held company values still guiding us, the ALLETE of today is
more balanced, more sustainable and is well-positioned to help answer
our nation's call to transform its energy and water landscape all while
growing ALLETE," Hodnik said in conclusion. "Thank you for your
investment and your trust in ALLETE."
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 Center, North Dakota, U.S. Water Services in St.
Michael, Minnesota, and has an eight percent 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. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160510006338/en/
ALLETE Inc.
Investor Contact:
Vince Meyer, 218-723-3952
vmeyer@allete.com
Source: ALLETE Inc.
News Provided by Acquire Media