ALLETE (ALE) announced the completion of its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, following the final written order and unanimous approval by the Minnesota Public Utilities Commission. As a result of the acquisition, ALLETE, CPP Investments and GIP will deliver approximately $200M in benefits to Minnesota Power customers and communities, representing a historic commitment to the company’s customers. These benefits include a one-year base rate freeze, $50M ...

Core Viewpoint - ALLETE, Inc. has completed its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP), following approval from the Minnesota Public Utilities Commission (MPUC) [1][3]. Financial Commitments - The acquisition will deliver approximately $200 million in benefits to Minnesota Power customers and communities, including a one-year base rate freeze and $50 million in rate credits [2][4]. - Transaction-related costs will not affect customer rates [5]. Infrastructure and Management - CPP Investments and GIP will fund ALLETE's five-year plan to strengthen and expand the transmission grid and support the energy transition [3]. - ALLETE will remain locally managed and headquartered in Duluth, MN, with its current leadership team and workforce retained [3][4]. Governance - The board of directors will be majority independent, with several members from Minnesota and Wisconsin, ensuring regional representation in utility decision-making [3][4]. Shareholder Returns - Under the merger agreement, CPP Investments and GIP acquired all outstanding common shares of ALLETE, with shareholders receiving $67 per share in cash shortly after closing [4].

DULUTH, Minn.--(BUSINESS WIRE)--On Dec. 14, 2025, the board of directors of ALLETE, Inc. (NYSE:ALE) (the Company) declared a "stub period†dividend, subject to the consummation of the merger, in an amount equal to $0.008 per share of Company common stock (which reflects the most recent regular quarterly dividend rate of $0.73 per share, divided by 91 days) multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly common stock divi ...

Core Points - Alerio Gold Corp. has announced a name and symbol change to Lighthouse Gold Inc. [1][2] - The new shares will begin trading under the new name and symbol, along with a new CUSIP number on December 17, 2025 [1][2] - All open orders will be canceled at the end of business on December 16, 2025, and dealers are reminded to re-enter their orders [1][2] Company Information - Effective date for the name and symbol change is December 17, 2025 [3] - The old symbol was ALE, and the new symbol will be LGHT [3] - The new CUSIP number is 531961 10 0, and the new ISIN is CA 531961 10 0 3 [3] - The old CUSIP and ISIN were 01450V104/CA01450V1040 [3]

NEW YORK, Dec. 12, 2025 /PRNewswire/ -- Corebridge Financial Inc. (NYSE: CRBG) will replace Allete Inc. (NYSE: ALE) in the S&P MidCap 400 effective prior to the open of trading on Wednesday, December 17. Canada Pension Plan Investment Board and Global Infrastructure Partners are acquiring Allete in a deal expected to close soon, pending final closing conditions. Following is a summary of the change that will take place prior to the open of trading on the effective date: Effective Date Index Name Action Comp ...

Core Insights - ALLETE, Inc. has received approval from the Minnesota Public Utilities Commission for its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, which are significant investors in infrastructure and sustainable energy [1][2] Group 1: Acquisition Details - The acquisition is expected to close around December 15, pending the satisfaction or waiver of remaining closing conditions, and aligns with ALLETE's strategy to enhance the electric grid and invest in clean energy [2] - The acquisition is projected to deliver approximately $200 million in benefits to Minnesota Power customers and the regional economy through bill credits, assistance with past-due bills, and economic development opportunities [2] Group 2: Strategic Goals - ALLETE's leadership believes the acquisition will bolster its capacity to invest in regional transmission infrastructure and renewable energy technologies, supporting Minnesota's goal of achieving a carbon-free energy supply by 2040 [3] - The company remains committed to ensuring that these investments enhance reliability while keeping customer bills as low as possible [3] Group 3: Regulatory Approvals - The acquisition has also received approval from ALLETE shareholders and various federal and state agencies, including the Federal Energy Regulatory Commission and the Public Service Commission of Wisconsin [4] - Following the acquisition, ALLETE's common stock will no longer be listed on the New York Stock Exchange [4]

ANNAPOLIS, Md., Dec. 5, 2025 /PRNewswire/ -- New Energy Equity and its Lift As We Climb Foundation (LAWC) raised $143,000 to support Let's Share the Sun Foundation (LSTS), a nonprofit dedicated to bringing solar energy to underserved communities. LSTS is currently in Adjuntas, Puerto Rico, installing 200 solar + storage systems in medically vulnerable communities. Continue Reading LAWC President Jim Wrathall (left) and LAWC Treasurer Kevin Nguyen (right) present the donation check to Let's Share the Sun boa ...

Core Insights - ALLETE, Inc. reported third quarter 2025 earnings of 46 cents per share, down from 78 cents per share in the same quarter last year [1] - The net income for the third quarter of 2025 was $27.1 million, a decrease from $45.0 million in the previous year [1] - The decline in net income is attributed to lower sales to industrial customers, inflationary pressures at Minnesota Power, and reduced sales of renewable projects [1] Financial Performance - Third quarter earnings per share decreased by 41% year-over-year, from 78 cents to 46 cents [1] - Net income fell by 40% year-over-year, from $45.0 million to $27.1 million [1] Business Challenges - The company faced lower sales to industrial customers, which negatively impacted revenue [1] - Inflationary pressures at Minnesota Power contributed to the decline in profitability [1] - There was a decrease in sales of renewable projects within the clean energy sector [1]

Financial Performance - Net income attributable to ALLETE for the nine months ended September 30, 2025, was $115.1 million, or $1.98 per diluted share, compared to $128.7 million, or $2.23 per diluted share, for the same period in 2024[164]. - Regulated Operations net income attributable to ALLETE was $93.9 million for the nine months ended September 30, 2025, down from $111.9 million in 2024, primarily due to lower margins from industrial customers and higher operating expenses[164]. - ALLETE Clean Energy net income attributable to ALLETE was $4.7 million for the nine months ended September 30, 2025, compared to $10.1 million in 2024, reflecting higher operating expenses and a prior year gain on the sale of a wind project[164]. - New Energy net income attributable to ALLETE was $15.2 million for the nine months ended September 30, 2025, down from $23.4 million in 2024, due to lower sales of renewable energy projects[165]. - Corporate and Other net income attributable to ALLETE was $1.3 million for the nine months ended September 30, 2025, compared to a net loss of $16.7 million in 2024, reflecting lower merger-related expenses[166]. Revenue Changes - Operating revenue for Regulated Operations increased by $9.7 million in Q3 2025, primarily due to higher cost recovery rider revenue and kWh sales[167]. - Operating revenue for ALLETE Clean Energy decreased by $21.8 million, or 64 percent, in Q3 2025, largely due to the prior year sale of the Whitetail wind project[176]. - New Energy operating revenue decreased by $15.9 million, or 50 percent, in Q3 2025, primarily due to lower sales of renewable energy projects[180]. - Corporate and Other operating revenue decreased by $4.2 million, or 14 percent, in Q3 2025, primarily due to lower revenue at BNI Energy[182]. - Operating Revenue for Regulated Operations increased by $29.5 million to $958.1 million in the nine months ended September 30, 2025, primarily due to higher revenue from kWh sales and cost recovery rider revenue[185]. Tax and Expenses - The effective tax rate for the quarter ended September 30, 2025, was 10.7 percent, compared to 8.1 percent for the same quarter in 2024, primarily due to lower pre-tax income[183]. - The effective tax rate for the nine months ended September 30, 2025, was 13.5%, up from 8.5% in 2024, primarily due to higher losses attributable to non-controlling interest[207]. - Net Income Attributable to ALLETE decreased to $93.9 million in 2025 from $111.9 million in 2024, reflecting lower production tax credits and increased operating expenses[185]. Capital Expenditures and Investments - Cash used in investing activities increased to $556.3 million in 2025, primarily due to capital expenditures for solar and transmission projects[230]. - ALLETE's capital expenditures for 2025 are expected to be approximately $850 million, primarily due to the HVDC transmission system project[237]. - For the nine months ended September 30, 2025, capital expenditures totaled $537.8 million, compared to $229.5 million for the same period in 2024, indicating a significant increase[237]. Strategic Initiatives - Minnesota Power aims to deliver 100% carbon-free energy by 2050, reducing reliance on coal and reshaping its generation portfolio[214]. - The 2025 Integrated Resource Plan (IRP) includes adding 400 MW of new wind energy resources by 2035 and approximately 1,000 MW of natural gas capacity by 2030[215]. - ALLETE Clean Energy is focused on acquisitions and project development, targeting existing operating portfolios and new clean energy projects across North America[224]. - New Energy has a project pipeline exceeding 2,000 MW of renewable projects in development, totaling over $1.5 billion in capital[225]. Employee and Labor Relations - As of September 30, 2025, ALLETE had 1,642 employees, with 1,597 being full-time[240]. - The current labor agreements with IBEW Local 31 for Minnesota Power expire on April 30, 2028[240]. - BNI Energy has 179 employees, with 133 under a labor agreement expiring on March 31, 2026[241]. Financial Outlook and Risks - S&P Global Ratings revised its outlook on ALLETE to negative from stable, citing potential for higher leverage and weaker financial measures due to a merger[235]. - ALLETE's current credit ratings are BBB from S&P Global and Baa1 from Moody's[235]. - An increase of 100 basis points in interest rates would impact pre-tax interest expense by $1.2 million based on variable rate debt outstanding as of September 30, 2025[248]. - Minnesota Power's exposure to commodity price risk is mitigated by the regulatory framework allowing recovery of fuel costs exceeding base rates[245].

Financial Results Announcement - ALLETE Inc. will announce its financial results for the third quarter before the stock markets open on October 31, 2025 [1] Company Overview - ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota, with electric utilities including Minnesota Power and Superior Water, Light and Power of Wisconsin [2] - The company also owns ALLETE Clean Energy, BNI Energy, and New Energy Equity, and holds an 8% equity interest in the American Transmission Co [2] Recent Developments - The Minnesota Public Utilities Commission unanimously approved ALLETE's acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, with the transaction expected to close in late 2025 [5] - ALLETE reported second quarter 2025 earnings of 55 cents per share on net income of $31.9 million, compared to 57 cents per share and net income of $33.0 million in the same quarter last year [6] - The board of directors declared a quarterly dividend of 73 cents per share, equivalent to $2.92 per share annually, unchanged from the previous quarter [7]