Company leaders say clean energy investments benefit customers,
communities and shareholders
DULUTH, Minn.--(BUSINESS WIRE)--May 14, 2019--
ALLETE Inc. (NYSE:ALE) says its targeted earnings growth is supported by
the seemingly limitless opportunities found in the nation’s growing
renewable energy sector, company leaders told investors today at the
Duluth-based energy company’s 2019 annual meeting of shareholders.
More than 900 people attended the 2019 Annual Meeting at the Duluth
Entertainment Convention Center on Tuesday, where they elected 10
directors, approved compensation-related resolutions and ratified the
selection of ALLETE's accounting firm. After conducting business, they
heard from ALLETE President Bethany Owen, Chairman and CEO Al Hodnik and
two other company leaders.
“Minnesota’s call for a carbon-free energy future is being echoed
throughout the country,” 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.”
Hodnik said 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. The ranking is up
from fourth-largest one year ago. He said ALLETE’s recent $270 million
sale of U.S. Water Services provided an influx of cash that already is
being redeployed into more renewable energy investments.
“At 113 years young, our company remains well-positioned as the contours
of a new and exciting decade begin to emerge,” Hodnik told shareholders.
“Each of us remains committed to our shared purpose—answering the call
to transform the nation’s energy landscape—while growing ALLETE.”
He reported ALLETE earned $3.38 per share in 2018 on net income of
$174.1 million, and ALLETE's market capitalization is now roughly $4.3
billion, up from $3.8 billion one year ago. The company's board of
directors recently increased the dividend 5 percent to $2.35 per share
on an annual basis, and Hodnik said the company's three-year total
shareholder return through the end of 2018 was 65.1 percent, ranked
eighth of 42 companies within an industry peer group.
Much of ALLETE’s growth can be attributed to ALLETE Clean Energy’s
renewable projects, with three being developed this year in North
Dakota, Montana and Oklahoma. ALLETE Clean Energy President Al Rudeck
said technology advancements and public policy are bringing to reality
the clean energy future society demands.
“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,” he 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.”
ALLETE Senior Vice President and President of Regulated Operations Brad
Oachs described Minnesota Power’s progress on renewable energy under its
EnergyForward strategy. He said the company has moved toward renewable
energy faster and further than most similar utilities in Upper Midwest,
and will reach 45 percent renewables by 2025, far ahead of the state
standard of 25 percent renewables by 2025.
“It has been quite a journey as we transform our energy supply, with
more twists and turns ahead on the renewable road,” said Oachs, who is
retiring in June. “I have every confidence based on the history of the
company, and all the talented and innovative people I’ve known and
worked with over the years at the company, that Minnesota Power will
continue to respond to the rapid changes in the energy sector with
creative solutions that deliver safe and reliable, affordable and
increasingly carbon-free energy to power society.”
Owen said ALLETE’s view of sustainability goes beyond adding renewable
energy and being a good environmental steward. She said sustainability
includes supporting a healthy society and local communities.
“ALLETE and its employees do that through grants and donations—and even
more importantly volunteer hours—to support organizations that focus on
improving the health and vitality of communities across the region,” she
ALLETE’s view of sustainability also extends to its own governance and a
commitment to diversity.
“Here today we saw an example of healthy governance in action as we
elected a board of directors that is 50 percent women,” she said.
ALLETE shareholders, voting by proxy at the meeting, elected directors
Kathryn W. Dindo, George G. Goldfarb, Alan R. Hodnik, James J. Hoolihan,
Heidi E. Jimmerson, Madeleine W. Ludlow, Susan K. Nestegard, Douglas C.
Neve, Bethany M. Owen and Robert P. Powers. The 10th annual
Don Shippar Community Leadership Award was presented to Minnesota Power
employee Jerry Frederick for his volunteer efforts in northeastern
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 Bismarck, N.D., and has an eight percent equity
interest in the American Transmission Co. More information about ALLETE
is available at www.allete.com.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190514005994/en/
Source: ALLETE Inc.