Latest news with #MinnesotaDepartmentofCommerce
Yahoo
11-07-2025
- Business
- Yahoo
ALLETE Announces Agreement with Minnesota Department of Commerce to Deliver Immediate Post-Closing Cost Savings and Substantial Benefits for Customers and Communities
Department Determines Acquisition of ALLETE is "Consistent with the Public Interest" and Recommends MPUC Approval DULUTH, Minn., July 11, 2025--(BUSINESS WIRE)--ALLETE, Inc. (NYSE: ALE) (the "Company") announced that the Company and its transaction partners Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) have reached an agreement with the Minnesota Department of Commerce that will deliver immediate cost savings and substantial benefits to Minnesota Power customers and communities following the approval and completion of the proposed transaction. With this settlement agreement, the Minnesota Department of Commerce, which is charged with advocating for the public interest in utility matters, supports the acquisition of ALLETE as being consistent with the public interest and recommends approval by the Minnesota Public Utilities Commission. The Minnesota Department of Commerce joins a growing body of supporters of the transaction, including the International Brotherhood of Electrical Workers (IBEW) Local 31, which represents certain employees of ALLETE companies; the Laborers' International Union of Minnesota and North Dakota; the International Union of Operating Engineers Local 49; the North Central States Regional Council of Carpenters; the Minnesota Chamber of Commerce; Duluth and Hermantown Chambers; Energy CENTS Coalition; and Head of the Lakes United Way. "We are steadfast in our commitment to providing excellent service to our customers, supporting our communities and meeting the policy goals of the State of Minnesota, and we are pleased to have reached an agreement that will deliver enhanced benefits for our customers, our employees and the communities we serve," said ALLETE Chair, President and CEO Bethany Owen. "This agreement demonstrates our commitment to listening and working collaboratively with our stakeholders, and we've appreciated the close collaboration with the Minnesota Department of Commerce to address matters raised by the Department and others through this process. The strong and growing local support we've received reflects a shared understanding that this transaction is the right step forward for Minnesota Power. With increasing clean energy and infrastructure needs now and well into the future, partnering with the two experienced, long-term investors we've chosen is crucial to advancing our company's commitment to building a clean-energy future and achieving the state's carbon reduction goals, while safeguarding reliable power and keeping customer bills as low as possible." "We are pleased with today's announcement by the Minnesota Department of Commerce in support of the proposed transaction, which further ensures the needs of customers, communities and employees will continue to be at the center of ALLETE's mission," said Jonathan Bram, Founding Partner of Global Infrastructure Partners (GIP). "Given our long-term track record of successfully investing in high-performing critical infrastructure, we look forward to partnering with ALLETE's management team to build a stronger foundation for Minnesota's energy future." "The Minnesota Department of Commerce's endorsement affirms that our partnership will create lasting value for customers and communities," said James Bryce, Managing Director, Head of Infrastructure, CPP Investments. "By combining our long-term capital and sector expertise with ALLETE's strong management team, we will help ensure Minnesota Power continues to provide safe, reliable, and affordable electricity today while advancing its transition to a sustainable, clean energy future." The settlement agreement, which is contingent on MPUC approval and completion of the transaction, includes expanded Minnesota Power stakeholder commitments across several key areas of focus including: Immediate cost savings for customers: As part of this agreement, Minnesota Power has committed to a one-year customer base rate freeze, ensuring rate stability for customers during a period of economic uncertainty, and agreed to reduce its Return on Equity from 9.78% to 9.65% post close until a future rate case, which will directly translate to lower costs passed through to customers. Maintaining strong customer service levels: ALLETE, CPP Investments and GIP have agreed to enforceable service quality and system reliability performance metrics for Minnesota Power to guarantee customers continue to receive the high levels of reliability and quality they expect. Guaranteed access to capital to fund the clean energy transition: CPP Investments and GIP have agreed to the funding of the Company's five-year capital plan, ensuring ALLETE will have access to the capital necessary to support the work underway to advance its transmission and renewable energy goals. Clean firm technology funding: The settlement also establishes an investor-funded $50 million Clean Firm Technology Fund to advance important local projects and partnerships critical to a reliable and sustainable energy transition. Transparency and governance: ALLETE and its partners have agreed to establish a holding company structure for the go-forward company's regulated assets, which will further ensure Minnesota Power's customers are protected from risks associated with non-utility business activities. The partners have also agreed that six directors of the 14-member Board of Directors will be independent with several from Minnesota and Wisconsin, ensuring regional voices have a greater influence in utility decision-making. This agreement also expands upon the stakeholder commitments previously announced by ALLETE, CPP Investments and GIP, which include: Retaining ALLETE's workforce and maintaining current compensation levels and benefits programs; Honoring existing union contracts and, further, extending ALLETE's collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW) Local 31 by two years; Maintaining headquarters in Duluth, Minnesota, with Bethany Owen continuing as CEO and the current management team remaining in place; Contributing to local communities in ALLETE service territories, including through an up to $3.5 million CPP Investments and GIP-funded residential customer arrearage forgiveness program designed to support eligible low-income customers. Following transaction close and as previously stated, Minnesota Power will remain locally managed and operated in Duluth and will continue to be regulated by the Minnesota Public Utilities Commission, ensuring local oversight and control of rates and energy planning. Costs related to the transaction will not impact retail or municipal rates for utility customers. The proposed transaction is expected to close in 2025 and is subject to approval by the Minnesota Public Utilities Commission and other customary closing conditions. The settlement agreement has been submitted to the MPUC for consideration as part of its overall review of the acquisition. The transaction has achieved all other required approvals, including from ALLETE shareholders, the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin (PSC). Further information on the benefits of ALLETE's proposed transaction can be found at About Minnesota Power Minnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security and quality of life for 150,000 customers, 14 municipalities and some of the largest industrial customers in the United States. More information can be found at About ALLETE, Inc. 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, Minnesota; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at ALLETE calculates and reports carbon emissions based on the GHG Protocol. Details are in ALLETE's Corporate Sustainability Report. 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 Contacts Media Contact:Amy RutledgeDirector- Corporate Communications218-723-7400arutledge@ Investor Contact:218-723-3952 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
11-07-2025
- Business
- Business Wire
ALLETE Announces Agreement with Minnesota Department of Commerce to Deliver Immediate Post-Closing Cost Savings and Substantial Benefits for Customers and Communities
BUSINESS WIRE)--ALLETE, Inc. (NYSE: ALE) (the 'Company') announced that the Company and its transaction partners Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) have reached an agreement with the Minnesota Department of Commerce that will deliver immediate cost savings and substantial benefits to Minnesota Power customers and communities following the approval and completion of the proposed transaction. With this settlement agreement, the Minnesota Department of Commerce, which is charged with advocating for the public interest in utility matters, supports the acquisition of ALLETE as being consistent with the public interest and recommends approval by the Minnesota Public Utilities Commission. The Minnesota Department of Commerce joins a growing body of supporters of the transaction, including the International Brotherhood of Electrical Workers (IBEW) Local 31, which represents certain employees of ALLETE companies; the Laborers' International Union of Minnesota and North Dakota; the International Union of Operating Engineers Local 49; the North Central States Regional Council of Carpenters; the Minnesota Chamber of Commerce; Duluth and Hermantown Chambers; Energy CENTS Coalition; and Head of the Lakes United Way. 'We are steadfast in our commitment to providing excellent service to our customers, supporting our communities and meeting the policy goals of the State of Minnesota, and we are pleased to have reached an agreement that will deliver enhanced benefits for our customers, our employees and the communities we serve,' said ALLETE Chair, President and CEO Bethany Owen. 'This agreement demonstrates our commitment to listening and working collaboratively with our stakeholders, and we've appreciated the close collaboration with the Minnesota Department of Commerce to address matters raised by the Department and others through this process. The strong and growing local support we've received reflects a shared understanding that this transaction is the right step forward for Minnesota Power. With increasing clean energy and infrastructure needs now and well into the future, partnering with the two experienced, long-term investors we've chosen is crucial to advancing our company's commitment to building a clean-energy future and achieving the state's carbon reduction goals, while safeguarding reliable power and keeping customer bills as low as possible.' 'We are pleased with today's announcement by the Minnesota Department of Commerce in support of the proposed transaction, which further ensures the needs of customers, communities and employees will continue to be at the center of ALLETE's mission,' said Jonathan Bram, Founding Partner of Global Infrastructure Partners (GIP). 'Given our long-term track record of successfully investing in high-performing critical infrastructure, we look forward to partnering with ALLETE's management team to build a stronger foundation for Minnesota's energy future.' 'The Minnesota Department of Commerce's endorsement affirms that our partnership will create lasting value for customers and communities,' said James Bryce, Managing Director, Head of Infrastructure, CPP Investments. 'By combining our long-term capital and sector expertise with ALLETE's strong management team, we will help ensure Minnesota Power continues to provide safe, reliable, and affordable electricity today while advancing its transition to a sustainable, clean energy future.' The settlement agreement, which is contingent on MPUC approval and completion of the transaction, includes expanded Minnesota Power stakeholder commitments across several key areas of focus including: Immediate cost savings for customers: As part of this agreement, Minnesota Power has committed to a one-year customer base rate freeze, ensuring rate stability for customers during a period of economic uncertainty, and agreed to reduce its Return on Equity from 9.78% to 9.65% post close until a future rate case, which will directly translate to lower costs passed through to customers. Maintaining strong customer service levels: ALLETE, CPP Investments and GIP have agreed to enforceable service quality and system reliability performance metrics for Minnesota Power to guarantee customers continue to receive the high levels of reliability and quality they expect. Guaranteed access to capital to fund the clean energy transition: CPP Investments and GIP have agreed to the funding of the Company's five-year capital plan, ensuring ALLETE will have access to the capital necessary to support the work underway to advance its transmission and renewable energy goals. Clean firm technology funding: The settlement also establishes an investor-funded $50 million Clean Firm Technology Fund to advance important local projects and partnerships critical to a reliable and sustainable energy transition. Transparency and governance: ALLETE and its partners have agreed to establish a holding company structure for the go-forward company's regulated assets, which will further ensure Minnesota Power's customers are protected from risks associated with non-utility business activities. The partners have also agreed that six directors of the 14-member Board of Directors will be independent with several from Minnesota and Wisconsin, ensuring regional voices have a greater influence in utility decision-making. This agreement also expands upon the stakeholder commitments previously announced by ALLETE, CPP Investments and GIP, which include: Retaining ALLETE's workforce and maintaining current compensation levels and benefits programs; Honoring existing union contracts and, further, extending ALLETE's collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW) Local 31 by two years; Maintaining headquarters in Duluth, Minnesota, with Bethany Owen continuing as CEO and the current management team remaining in place; Contributing to local communities in ALLETE service territories, including through an up to $3.5 million CPP Investments and GIP-funded residential customer arrearage forgiveness program designed to support eligible low-income customers. Following transaction close and as previously stated, Minnesota Power will remain locally managed and operated in Duluth and will continue to be regulated by the Minnesota Public Utilities Commission, ensuring local oversight and control of rates and energy planning. Costs related to the transaction will not impact retail or municipal rates for utility customers. The proposed transaction is expected to close in 2025 and is subject to approval by the Minnesota Public Utilities Commission and other customary closing conditions. The settlement agreement has been submitted to the MPUC for consideration as part of its overall review of the acquisition. The transaction has achieved all other required approvals, including from ALLETE shareholders, the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin (PSC). Further information on the benefits of ALLETE's proposed transaction can be found at About Minnesota Power Minnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security and quality of life for 150,000 customers, 14 municipalities and some of the largest industrial customers in the United States. More information can be found at About ALLETE, Inc. 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, Minnesota; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at ALE-CORP ALLETE calculates and reports carbon emissions based on the GHG Protocol. Details are in ALLETE's Corporate Sustainability Report. 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.
Yahoo
28-04-2025
- Yahoo
Texting scams becoming more sophisticated: How to recognize them
The Brief The number one impostor scam circulating right now is a ruse to get you to buy gift cards and then turn over the serial numbers. There are many other ways these criminals are trying to get your attention through your cell phone, including convincing artificial intelligence videos. (FOX 9) - If you have a cell phone, you've probably been inundated with spam messages saying you owe money. The methods criminals are using to steal your personal and financial data are becoming more and more sophisticated. What we know A common message circulating right now involves unpaid tolls. The message comes from an unknown sender, and it says that you owe unpaid tolls and if you don't pay you will face penalties or legal action. These messages often come from international numbers or email addresses that are not connected to that state's Department of Transportation. Other common impostor scams include a promise of something like prizes or help to pay for student loans. The sender may even pretend to be a coworker. These scammers ask you to purchase gift cards and send them the serial numbers. Fake invoices and package delivery notifications are also common texting scams that circulate. An AI-generated video has also been making the rounds that looks and sounds just like Kevin Costner. It's been circulating through Facebook, Instagram and WhatsApp. The scammers will even produce documentation to try to convince people it's really him. And this AI video will continue to ask the recipient for money, claiming to be in love with the recipient as well. By the numbers Minnesota ranks 12th in the nation for consumers reporting impostor scams. And the median loss is about $800. "Nowadays, the computer is a weapon. The cell phone is a weapon and that's what they are using," says Boima Freeman, a Senior Financial Fraud Investigator for the Minnesota Department of Commerce. "These are criminals, and they are really good at what they do," adds Jacqueline Olson, the Enforcement Assistant Commissioner for the Minnesota Department of Commerce. What you can do "If they are trying to keep it a secret, and they are telling you to do it fast, everyone should just pause," says Olson. "If someone is on the phone telling you to purchase a gift card, gift cards are only for gifts. The FBI will never ask you or the IRS will never ask you to pay with a gift card," adds Freeman. Look for red flags, the number is not in your contacts, the number is international, the sender starts asking for your bank account number or remote access to your computer. The Federal Trade Commission has more information on how to recognize scams and how to report them here.
Yahoo
29-03-2025
- Automotive
- Yahoo
Tariffs could make cars more expensive, MN Commerce Dept. warns
The Brief The Minnesota Department of Commerce said federal tariffs could raise the price of vehicles. State officials also say tariffs would increase the costs of repairs and insurance claims. Tariffs on car parts from Canada, Mexico and China are expected to take effect in April 2025. ST. PAUL, Minn. (FOX 9) - Impending tariffs are expected to raise the cost of purchasing a vehicle, as well as repairs and insurance premiums, according to officials with the Minnesota Commerce Department. Big picture view A news release from the Minnesota Department of Commerce said tariffs on automotive parts from Canada, Mexico and China are set to go into effect in April 2025. Data from the American Property Casualty Insurance Association (APCIA) shows that nearly 60% of auto replacement parts come from these countries. READ MORE: Trump to unveil tariff plans on April 2: What to know This will also result in higher auto insurance premiums and repair costs, according to factors cited by the Insurance Federation of Minnesota. The APCIA adds that as auto insurance correlates with vehicle prices, insuring a car could become more expensive if insurance companies face higher claim payouts because of increased repair and replacement costs. The Minnesota Department of Commerces said consumers could face higher premiums when they renew their policies, which typically happens every six to 12 months. What they're saying Minnesota Department of Commerce Commissioner Grace Arnold released a statement saying, "U.S. tariffs, whether enacted or threatened, could increase the cost of maintaining and insuring your car. This is a man-made crisis that will make it more expensive for everyday Minnesotans to drive." Arnold continued by saying, "Minnesota's auto insurance market is competitive, allowing consumers to shop for lower premiums. However, insurance markets depend on stability and predictability to offer consumers comprehensive insurance at affordable prices. These tariffs will likely make it more expensive for Minnesotans to get to work, take their kids to childcare, and drive across our state." What you can do State officials say residents should stay informed about the developments and review their insurance policies. Minnesotans should also consider how possible increases in vehicle prices and insurance could impact their personal budgets. The Source Information for this article came from a news release sent by the Minnesota Department of Commerce based on information from the Insurance Federation of Minnesota and the American Property Casualty Insurance Association.
