Latest news with #MinnesotaPower
Business Wire
08-05-2025
- Business
- Business Wire
ALLETE, Inc. Reports First Quarter 2025 Earnings
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE: ALE) today reported first quarter 2025 earnings of 97 cents per share on net income of $56.1 million. Last year's first quarter results were 88 cents per share on net income of $50.7 million. Net income in 2025 includes transaction expenses of $2.1 million after-tax, or 4 cents per share, related to the announced merger. Net income in the first quarter of 2024 included transaction expenses of $1.2 million after-tax, or 2 cents per share. 'Our entire ALLETE team has been working diligently on many fronts to execute our Sustainability-in-Action strategy. Minnesota Power recently filed its latest Integrated Resource Plan, which outlines a path to achieve a portfolio that includes 90 percent renewable energy by 2035 by adding wind, solar, natural gas generation, and innovative energy storage as we work to cease coal on our system by 2035,' said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. 'Minnesota Power's Energy Forward strategy reflects our steadfast commitment to advancing a sustainable carbon-free future while ensuring we continue to provide the reliable and affordable energy our customers expect. 'ALLETE's planned partnership with experienced infrastructure investors, Canada Pension Plan Investment Board and Global Infrastructure Partners, remains on track. Key approvals from the Federal Energy Regulatory Commission, Public Service Commission of Wisconsin and overwhelming support from our shareholders have been received. We continue working through the regulatory process toward securing our final approval from the Minnesota Public Utilities Commission, which is expected in 2025. ALLETE, Minnesota Power and all our companies, employees, customers, communities and other stakeholders will benefit from this partnership for generations to come.' ALLETE's Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power and the Company's investment in the American Transmission Company, recorded first quarter 2025 net income of $38.4 million, compared to $44.2 million in the first quarter a year ago. Net income at Minnesota Power was lower than 2024 reflecting lower margins from industrial customers, higher operating and maintenance expense and higher depreciation expense. These decreases were partially offset by higher margins from residential, commercial and municipal customers. Net income at Superior Water, Light and Power was higher than 2024 reflecting new rates implemented in 2025 as well as higher kWh and gas sales. After-tax equity earnings in the American Transmission Company were higher than 2024 primarily due to additional equity investments. ALLETE Clean Energy recorded first quarter 2025 net income of $7.4 million compared to $3.8 million in 2024. Net income in 2025 reflects higher production at ALLETE Clean Energy's tax equity financed wind energy facilities. Earnings in 2024 reflected negative impacts from a forced network outage near its Caddo wind energy facility. New Energy Equity recorded 2025 first quarter net income of $9.2 million, compared to net income of $4.0 million for the same period in 2024. Net income in 2025 includes higher sales of renewable energy projects and investment tax credits at New Energy Equity compared to 2024. Corporate and Other businesses, which include BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of $1.1 million in the first quarter of 2025, compared to a net loss of $1.3 million in 2024. Net income in 2025 includes lower income tax expense, partially offset by higher transaction expenses related to the merger in 2025. Transaction expenses were $2.1 million after-tax in 2025 compared to $1.2 million in 2024. 'Results for the first quarter of 2025 were impacted primarily by lower industrial margins as a result of lower sales to taconite customers at Minnesota Power," said ALLETE Vice President – Chief Financial Officer and Corporate Treasurer Jeff Scissons. 'Our Non-regulated subsidiaries all had solid first quarter performances and are executing on their annual plans while navigating dynamic operating environments.' ALLETE is an energy company headquartered in Duluth, Minn. 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., New Energy Equity in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at 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. 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. ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements. Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented. March 31, 2025 2024 Operating Revenue Contracts with Customers – Utility $332.8 $338.3 Contracts with Customers – Non-utility 65.9 63.7 Other – Non-utility 1.5 1.3 Total Operating Revenue 400.2 403.3 Operating Expenses Fuel, Purchased Power and Gas – Utility 123.0 133.5 Transmission Services – Utility 19.0 22.7 Cost of Sales – Non-utility 24.9 24.4 Operating and Maintenance 93.0 91.7 Depreciation and Amortization 69.7 65.0 Taxes Other than Income Taxes 17.6 18.7 Total Operating Expenses 347.2 356.0 Operating Income 53.0 47.3 Other Income (Expense) Interest Expense (21.4) (20.4) Equity Earnings 6.0 5.5 Other 4.6 8.6 Total Other Expense (10.8) (6.3) Income Before Income Taxes 42.2 41.0 Income Tax Expense 7.5 4.0 Net Income 34.7 37.0 Net Loss Attributable to Non-Controlling Interest (21.4) (13.7) Net Income Attributable to ALLETE $56.1 $50.7 Average Shares of Common Stock Basic 57.9 57.6 Diluted 58.0 57.7 Basic Earnings Per Share of Common Stock $0.97 $0.88 Diluted Earnings Per Share of Common Stock $0.97 $0.88 Dividends Per Share of Common Stock $0.73 $0.705 Expand Consolidated Balance Sheet Millions - Unaudited Mar. 31, Dec. 31, Dec. 31, 2025 2024 2025 2024 Assets Liabilities and Equity Cash and Cash Equivalents $92.0 $32.8 Current Liabilities $380.6 $404.2 Other Current Assets 385.9 402.4 Long-Term Debt 1,832.8 1,704.7 Property, Plant and Equipment – Net 5,255.5 5,181.5 Deferred Income Taxes 269.5 253.4 Regulatory Assets 364.6 371.7 Regulatory Liabilities 580.6 570.5 Equity Investments 344.0 340.1 Defined Benefit Pension and Other Postretirement Benefit Plans 99.2 118.2 Goodwill and Intangibles – Net 155.3 155.3 Other Non-Current Liabilities 314.8 312.8 Other Non-Current Assets 269.0 270.5 Redeemable Non-Controlling Interest 0.5 0.4 Equity 3,388.3 3,390.1 Total Assets $6,866.3 $6,754.3 Total Liabilities, Redeemable Non-Controlling Interest and Equity $6,866.3 $6,754.3 Expand Three Months Ended ALLETE, Inc. March 31, Income (Loss) 2025 2024 Millions Regulated Operations $38.4 $44.2 ALLETE Clean Energy 7.4 3.8 New Energy 9.2 4.0 Corporate and Other 1.1 (1.3) Net Income Attributable to ALLETE $56.1 $50.7 Diluted Earnings Per Share $0.97 $0.88 Expand Statistical Data Corporate Common Stock High $65.99 $63.69 Low $64.72 $55.86 Close $65.70 $59.64 Book Value $49.44 $48.95 Expand Kilowatt-hours Sold Millions Regulated Utility Retail and Municipal Residential 332 306 Commercial 354 338 Industrial 1,574 1,798 Municipal 132 125 Total Retail and Municipal 2,392 2,567 Other Power Suppliers 926 757 Total Regulated Utility Kilowatt-hours Sold 3,318 3,324 Expand Regulated Utility Revenue Millions Regulated Utility Revenue Retail and Municipal Electric Revenue Residential $49.3 $46.7 Commercial 48.3 47.4 Industrial 138.4 158.5 Municipal 9.6 9.0 Total Retail and Municipal Electric Revenue 245.6 261.6 Other Power Suppliers 47.1 40.0 Other (Includes Water and Gas Revenue) 40.1 36.7 Total Regulated Utility Revenue $332.8 $338.3 Expand This exhibit has been furnished and shall not be deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
CBS News
28-04-2025
- Climate
- CBS News
Power outages impact thousands of Minnesotans amid Monday storms
Thousands of Minnesotans are without power as severe weather moves through the state Monday evening. As of 5:45 p.m., Xcel Energy's outage map shows nearly 4,000 people in the Twin Cities are without power, with the largest outage impacting communities in Arden Hills, Blaine, Shoreview, St. Paul and Mounds View. Minnesota Power's outage map shows more than 2,500 customers are without service, mainly in the northern Arrowhead and just east of Grand Rapids. Severe storms forecast across the state had the potential for hail, strong wind gusts and tornadoes. A tornado watch was in effect until 8 p.m. for more than 24 counties to the south and west. Anyone who sees a downed power line or debris on one should keep their distance from it and contact the police. Find more information from the WCCO NEXT Weather Team on severe weather alerts and severe thunderstorms, as well as the dangers of flooding and extreme heat.
Yahoo
11-03-2025
- Business
- Yahoo
Ontario slaps 25% tax increase on electricity exports to US in response to Trump's trade war
TORONTO (AP) — Ontario's premier, the leader of Canada's most populous province, announced that effective Monday it is charging 25% more for electricity to 1.5 million American homes and businesses in response to U.S. President Donald Trump's trade war. Ontario provides electricity to Minnesota, New York and Michigan. 'I will not hesitate to increase this charge. If the United States escalates, I will not hesitate to shut the electricity off completely,' Ontario Premier Doug Ford said at a news conference in Toronto. "Believe me when I say I do not want to do this. I feel terrible for the American people who didn't start this trade war. It's one person who is responsible, it's President Trump.' Ford said Ontario's tariff would remain in place despite the one-month reprieve from Trump, noting a one-month pause means nothing but more uncertainty. Quebec is also considering taking similar measures with electricity exports to the U.S. Minnesota says Ontario tariff will have minimal impact Minnesota receives only a small share of its electricity from Ontario, but Democratic Gov. Tim Walz was sharply critical of Trump's actions that led to Monday's announcement from Ford. 'The first victims of Trump's Trade war? Minnesotans struggling to pay their skyrocketing electric bill,' Walz said on X with a link to a story about Ontario's move. 'Minnesotans cannot afford Trump's billionaire-run economy. We have to put a stop to this madness.' In a brief press availability later Monday, Walz acknowledged that Minnesota doesn't get a lot of electricity from Ontario, but he's worried about Manitoba following suit. 'So look, even if it were one megawatt, this is totally unnecessary. And the fact of the matter is, it doesn't impact Donald Trump one bit. It impacts ratepayers in Minnesota. For what? These are our friends,' he said. Walz said he's even more worried about the impact on Minnesota if Canadian potash fertilizer gets caught up in the trade war. 'If it starts with this, the one that I'm really worried about is potash, when it comes behind it. If they do potash, that's a big one on agriculture,' he said. Walz said he discussed these concerns last week when he spoke with the premiers of Ontario and Manitoba. He said they told him the dispute is broader than just their trading relations with Minnesota. 'They were very clear that it's not Minnesota -- we're huge trading partners.' Minnesota Power, the main electrical utility serving the part of Minnesota that borders Ontario, gets only a 'very small' proportion of its power from the province, company spokesperson Amy Rutledge said. Minnesota Power bought only about $300,000 worth of electricity from Ontario last year, and only for four months out of the year. The utility serves over 150,000 customers, mostly with power it generates itself in Minnesota, she said. While it gets about 11% of its power supply from Manitoba Hydro, she said, that's not affected by Ontario's announcement. 'We really expect any impact on our customers to be negligible,' Rutledge said. Midcontinent Independent System Operator, the organization that manages a regional power grid that stretches from Manitoba to Minnesota to Louisiana, also expects little effect, spokesman Brandon Morris said. MISO gets under half its power from Canada, and less than half of that comes from Ontario, he said. Michigan worries about reliability of electric grid now Matt Helms, public information of officer for the Michigan Public Service Commission, said the impact on Michigan customers is likely to be 'small' and most of Michigan's electricity is produced by utility companies in the state or through long-term contracts. Of greater concern to the commission is the reliability of the electric grid, as electricity flows between the U.S. and Canada as part of an interconnected grid. 'Any action to limit or disrupt these flows would remove a layer of protection and make all of us — Canadians and Americans alike — more vulnerable to grid-scale outages,' Helms said. In New York, Gov. Kathy Hochul said she has ordered state energy officials to conduct a review on how much the tariffs could drive up electricity and other energy costs in the state. 'These federal tariffs have been poorly conceived from the start: crafted in secret with no transparency and no clear economic rationale, they've only served to destabilize our capital markets and create uncertainty among New York families and businesses,' said Hochul, a Democrat. Trade war intensifies The new surcharge is in addition to the federal government's initial $30 billion Canadian dollars ($21 billion) worth of retaliatory tariffs applied on items like American orange juice, peanut butter, coffee, appliances, footwear, cosmetics, motorcycles and certain pulp and paper products. Trump launched a new trade war last week by imposing tariffs against Washington's three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin. 'It needs to end. Until these tariffs are off the table, until the threat of tariffs is gone for good, Ontario will not relent,' Ford said. ___ Associated Press writer Steve Karnowski in St. Paul, Isabella Volmert in Lansing, Michigan and Anthony Izaguirre in Albany, New York contributed.
Yahoo
11-03-2025
- Business
- Yahoo
Minnesota energy experts react to Ontario's new tariffs
The Brief Ontario has launched a 25% tariff on electricity provided to 1.5 million Americans. Some of those that will be affected live in Minnesota, New York and Michigan. It's unclear if Manitoba or Quebec could also launch tariffs of their own. (FOX 9) - Trade relations between the U.S. and Canada are worsening, and Minnesota is now one of three states caught in the middle. What we know On Monday, Ontario's premier announced, effective immediately, a 25% tax on electricity shipped to 1.5 million Americans in Minnesota, New York and Michigan. In Minnesota, MN Commerce Department Deputy Commissioner for Energy Pete Wyckoff said the effect here will be almost non-existent, because Minnesota does not rely on Ontario for electricity. "We don't expect this move in and of itself to lead to something that people would notice right away, or even in the long-term, that people would notice… It would not be something that would drive Minnesotans to see much higher electric bills," Wyckoff said. "Ontario itself is just the tip of the iceberg, and it's not a huge part of where we get our electricity." What they're saying Minnesota Power declined an interview and instead sent FOX 9 a statement: "Minnesota Power generates the majority of its energy supply here in northeastern MN and domestically. Our energy supply of thermal, wind, hydro, solar and biomass strengthens our ability to provide reliable service to the 150,000 customers we serve. We have on occasion utilized a small amount of electricity from Ontario. In 2024, those costs will total about $300,000 for the entire year. We did not buy electricity from Ontario for eight months of the year in 2024. "We would expect the impact of the 25% surcharge to be negligible to our customers based on the small amount of electricity imported from Ontario."
Yahoo
10-03-2025
- Business
- Yahoo
Ontario imposes 25% hike on electricity exports to Minnesota, two other states
Ontario's premier has announced 25% tariff on electricity exports on Monday in retaliation to the Trump Administration's trade war, in a move expected to impact Minnesotans Canada's most populous province exports energy to around 1.5 million homes in Minnesota, Michigan and New York. President Trump announced the 25% tariffs on U.S. exports to Mexico and Canada starting last week, but after imposing an initial wave of tariffs on $21 billion of U.S. goods, he delayed a larger, second round until Apr. 2 amid economic concerns of a broader trade war that has sent U.S. stocks plummeting. But Ontario Premier Doug Ford announced his province would move forward with its energy export tariffs, saying: "President Trump's tariffs are a disaster for the U.S. economy. They're making life more expensive for American families and businesses. "Until the threat of tariffs is gone for good, Ontario won't back down. We'll stand strong, use every tool in our toolkit and do whatever it takes to protect Ontario." Ford also reiterated in a press conference that if Trump continues to escalate the trade war with Canada, Ontario is willing to completely turn off the electricity supply to the U.S. He previously announced his same intentions last week. Beginning Monday, new market rules require any generator selling electricity to the U.S. to add a 25% surcharge, according to Ford's office. Ontario's government expects to generate revenue of $300,000 to $400,000 Canadian dollars per day, "which will be used to support Ontario workers, families and businesses." "For decades, Ontario has powered American homes, factories, offices and jobs, and we will not stand by as our vital electricity exports are taken for granted," said Stephen Lecce, Minister of Energy and Electrification. "In a time where prices are going up for families in America, Canada and the United States should be working together to strengthen our trade and investment relationships to ensure a prosperous future for both sides of the border." Of Ontario's 26 transmission connections with neighboring jurisdictions, one exists in Minnesota. A spokesperson for Minnesota Power tells Bring Me The News while it does have an electric grid connection with Ontario, it imports more electricity from Manitoba than it does from Ontario. "Only a very small portion of our electricity comes from Ontario, in 2024 those costs totaled about $300,000. So we would expect the impact on our customers to be negligible," spokesperson Amy Rutledge said. In 2024, Minnesota Power didn't import any electricity from Ontario in eight months of the year. Manitoba Hydro accounts for 11% of Minnesota Power's energy and Rutledge said Minnesota Power spent $108 million on energy from Manitoba last year. The Duluth-based energy company is the largest utility company in northern Minnesota. However, that doesn't necessarily mean Manitoba would be left out of the tariff conversation and any similar move from that province could have much larger impact on northern Minnesotans. The province has yet to announce anything official as of Monday. As for Xcel Energy, it doesn't import any electricity or natural gas directly from Ontario. Minnesota Gov. Tim Walz reacted to the news on Twitter, saying Minnesotans will be victims of a "skyrocketing electric bill." "Minnesota cannot afford Trump's billionaire-run economy. We have to put a stop to this madness," Walz said. The new surcharge is in addition to Canada imposing an initial round of $30 billion in retaliatory tariffs. It impacts products such as orange juice, peanut butter, wine, coffee and more. LCBO, the largest buyer of alcohol in the world, has also removed all U.S. products from its Canadian shelves, costing U.S. producers $1 billion in lost revenue, according to Ford's office.
