Group 1 - New Energy Equity, a subsidiary of ALLETE Inc, has achieved Gold Certification through the Diversity Equity Inclusion and Justice (DEIJ) Certification Program from the Solar Energy Industries Association (SEIA) [1] - New Energy is one of only three companies in the solar industry to attain SEIA's Gold level certification, having previously received Bronze and Silver certifications [2] - The Gold Certification was earned by completing various content modules focused on inclusion topics, including LGBTQ+ and disability inclusion, mentorship, recruiting practices, and conflict resolution [1][2] Group 2 - New Energy Equity develops, finances, operates, and manages solar power generation assets, providing clean electricity to various customers under long-term contracts [2] - The company has successfully developed over 500 megawatts of solar projects and closed more than $1.2 billion in clean energy investments [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________ to ______________ Commission File Number 1-3548 ALLETE, Inc. (Exact name of registrant as specified in its charter) Minnesota 41-0418150 (State ...

Core Viewpoint - Monteverde & Associates PC is investigating ALLETE, Inc. regarding its proposed merger with a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners, offering ALLETE stockholders $67.00 per share in cash [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [1][3]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [3]. Group 2: Merger Details - ALLETE, Inc. stockholders will receive $67.00 per share for each share of common stock owned as of the closing of the transaction [1]. - A shareholder vote regarding the merger is scheduled for August 21, 2024 [1].

NEW YORK, July 20, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and is investigating ALLETE, Inc. (NYSE: ALE), relating to its proposed merger with a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners. Under the terms of the agreemen ...

Core Insights - Kuehn Law is investigating potential claims related to proposed mergers involving GRIID Infrastructure, Inc., ALLETE, Inc., Heartland Financial, and McGrath RentCorp, focusing on whether the boards acted to maximize shareholder value and disclosed material information [1][2]. Group 1: Mergers and Acquisitions - GRIID Infrastructure, Inc. is set to merge with CleanSpark, Inc., with GRIID shareholders receiving CleanSpark common stock based on a specific exchange ratio [1]. - ALLETE, Inc. has agreed to sell to Canada Pension Plan Investment Board and Global Infrastructure Partners for $67.00 per share in cash [1]. - Heartland Financial will be acquired by UMB Financial Corporation, with each Heartland share exchanged for 0.55 UMB shares, resulting in Heartland stockholders owning approximately 31% of the combined company [2]. - McGrath RentCorp is being acquired by WillScot Mobile Mini Holdings Corp. for $123.00 in cash or 2.8211 shares of WillScot common stock for each share of McGrath [2]. Group 2: Shareholder Engagement - Kuehn Law emphasizes the importance of shareholder participation in ensuring the integrity and fairness of financial markets, encouraging shareholders to voice their concerns [3]. - Shareholders are advised to act promptly regarding their legal rights, as Kuehn Law covers all case costs and does not charge its clients [4].

NEW YORK, June 24, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and is investigating ALLETE, Inc. (NYSE: ALE), relating to its proposed merger with a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners. Under the terms of the agreement, A ...

The North Plains Connector transmission line will more than double the transfer capacity between the eastern and western U.S. electric grids, providing PGE access to new, diverse resources and bolstering reliability for customers. PORTLAND, Ore., May 28, 2024 /PRNewswire/ -- Portland General Electric (NYSE: POR) today signed a non-binding memorandum of understanding with Grid United and ALLETE, Inc. (NYSE: ALE) in the development of the North Plains Connector, an approximately 415-mile high-voltage direct-c ...

NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating potential claims related to the below-listed proposed mergers. Kuehn Law may seek additional disclosures or other relief on behalf of the shareholders of these companies. Kuehn Law is investigating whether the Boards of the below companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process: SQSP has entered into a definitive merger a ...

NEW YORK, May 09, 2024 (GLOBE NEWSWIRE) -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating potential claims related to the below-listed proposed mergers. Kuehn Law may seek additional disclosures or other relief on behalf of the shareholders of these companies. Kuehn Law is investigating whether the Boards of the below companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process: Lesaka Technologies has agreed to merge wit ...

[Part I. Financial Information](index=7&type=section&id=Part%20I.%20Financial%20Information) This section provides the company's unaudited financial statements, detailed notes, and management's discussion and analysis of financial performance [Consolidated Financial Statements](index=7&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited Consolidated Balance Sheet, Statement of Income, Statement of Comprehensive Income, Statement of Cash Flows, and Statement of Equity for the quarterly period ended March 31, 2024 [Consolidated Financial Statements - Unaudited](index=7&type=section&id=Consolidated%20Financial%20Statements%20-%20Unaudited) The unaudited financial statements for Q1 2024 show decreased total operating revenue and net income attributable to ALLETE, with a slight decrease in total assets Consolidated Statement of Income Highlights (Q1 2024 vs Q1 2023) | Metric | Q1 2024 (Millions) | Q1 2023 (Millions) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | $403.3 | $564.9 | -28.6% | | Operating Income | $47.3 | $48.3 | -2.1% | | Net Income Attributable to ALLETE | $50.7 | $58.2 | -12.9% | | Diluted Earnings Per Share | $0.88 | $1.02 | -13.7% | Consolidated Balance Sheet Highlights (As of March 31, 2024) | Metric | March 31, 2024 (Millions) | Dec 31, 2023 (Millions) | | :--- | :--- | :--- | | Total Assets | $6,604.6 | $6,656.4 | | Total Liabilities | $3,195.6 | $3,249.3 | | Total ALLETE Equity | $2,823.0 | $2,809.6 | - Cash provided by operating activities decreased to **$60.1 million** for the three months ended March 31, 2024, from **$92.4 million** in the same period of 2023[16](index=16&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide critical details supporting the financial statements, including a merger agreement, regulatory proceedings, and segment performance - On May 5, 2024, ALLETE entered into a merger agreement for **$67.00 in cash per share**, valuing the transaction at approximately **$3.9 billion**[102](index=102&type=chunk)[103](index=103&type=chunk) - Minnesota Power reached a settlement for a **$33.97 million rate increase** and a **9.78% return on equity** in its 2024 Minnesota General Rate Case[33](index=33&type=chunk) - New EPA rules regulating GHG emissions for power plants, issued April 25, 2024, will apply to ALLETE's facilities, with compliance costs potentially material[69](index=69&type=chunk)[70](index=70&type=chunk) Net Income Attributable to ALLETE by Business Segment (Q1 2024 vs Q1 2023) | Business Segment | Q1 2024 (Millions) | Q1 2023 (Millions) | | :--- | :--- | :--- | | Regulated Operations | $44.2 | $40.6 | | ALLETE Clean Energy | $3.8 | $8.5 | | Corporate and Other | $2.7 | $9.1 | | **Total** | **$50.7** | **$58.2** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Q1 2024 financial results, detailing segment performance, strategic outlook, and liquidity - Q1 2024 net income was **$50.7 million** (**$0.88/share**), down from **$58.2 million** (**$1.02/share**) in Q1 2023, impacted by a **$3.9 million** interim rate refund reserve and **$1.2 million** in merger transaction costs[111](index=111&type=chunk) - Regulated Operations net income rose to **$44.2 million** from **$40.6 million**, driven by interim rates at Minnesota Power[112](index=112&type=chunk) - ALLETE Clean Energy's net income fell to **$3.8 million** from **$8.5 million** due to outages at its Caddo and Diamond Spring wind facilities[112](index=112&type=chunk) - Corporate and Other net income decreased to **$2.7 million** from **$9.1 million**, impacted by lower earnings from solar projects and merger-related costs[113](index=113&type=chunk) [Comparison of the Three Months Ended March 31, 2024 and 2023](index=33&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) This section details quarterly results, showing increased Regulated Operations revenue and decreased ALLETE Clean Energy revenue due to a project sale - Regulated Operations revenue increased by **$25.7 million**, driven by **$11.2 million** from interim rates, an **$8.4 million** increase in fuel adjustment clause revenue, and a **$7.8 million** increase from higher kWh sales[116](index=116&type=chunk) Regulated Utility kWh Sales (Millions) | Customer Class | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Industrial | 1,798 | 1,658 | 8.4% | | Residential | 306 | 321 | (4.7)% | | Commercial | 338 | 347 | (2.6)% | | **Total Regulated Utility** | **3,324** | **3,150** | **5.5%** | - ALLETE Clean Energy's operating revenue decreased by **$182.4 million**, primarily due to the 2023 sale of the Northern Wind project and a network outage near the Caddo wind facility in 2024[122](index=122&type=chunk) [Outlook](index=38&type=section&id=Outlook) The company reaffirms its long-term EPS growth objective and plans significant transmission investments to support renewable energy integration - The company has a long-term objective of achieving **5% to 7%** consolidated EPS growth[129](index=129&type=chunk) - ALLETE expects to invest in major transmission projects, including the **~$3.2 billion** North Plains Connector, the **$800-$900 million** HVDC modernization, and the **~$970 million-$1.35 billion** Northland Reliability Project[140](index=140&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - Minnesota Power has issued RFPs for up to **300 MW of solar** and **400 MW of wind energy** to comply with Minnesota's 100% carbon-free energy mandate by 2040[135](index=135&type=chunk)[136](index=136&type=chunk)[131](index=131&type=chunk) - Transaction costs related to the pending merger agreement are expected to be material for the remainder of 2024[129](index=129&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) ALLETE maintains a strong liquidity position with available credit lines, though S&P revised its outlook to negative due to the pending merger Capital Structure as of March 31, 2024 | Component | Amount (Millions) | Percentage | | :--- | :--- | :--- | | ALLETE Equity | $2,823.0 | 54% | | Non-Controlling Interest | $585.5 | 11% | | Short-Term and Long-Term Debt | $1,797.3 | 35% | | **Total** | **$5,206.3** | **100%** | - On May 7, 2024, S&P Global Ratings revised its outlook on ALLETE to negative from stable due to the pending merger, while affirming its 'BBB' issuer credit rating[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from investments, commodity prices, and interest rates, with commodity risk largely mitigated by regulatory recovery - The company's exposure to commodity price risk for its regulated utilities is significantly mitigated by regulatory frameworks allowing for the recovery of fuel and natural gas costs from customers[161](index=161&type=chunk) - A **100 basis point increase** in interest rates would result in a pre-tax interest expense increase of **$1.2 million**, based on variable rate debt outstanding as of March 31, 2024[163](index=163&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that ALLETE's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[164](index=164&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[165](index=165&type=chunk) [Part II. Other Information](index=47&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, updated risk factors, mine safety disclosures, and a list of exhibits [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding material legal and regulatory proceedings is incorporated by reference from specific notes in the Consolidated Financial Statements - Information regarding material legal and regulatory proceedings is incorporated by reference from Note 2 and Note 6 of the Consolidated Financial Statements[166](index=166&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, introducing new risks specifically related to the pending merger agreement, including completion uncertainty and transaction costs - A new set of risk factors has been introduced related to the pending merger agreement with Alloy Parent LLC[168](index=168&type=chunk) - Key merger-related risks include the possibility that the merger may not be completed, potential disruption to business operations, and substantial transaction fees and costs, which were **$1.2 million after-tax** through March 31, 2024[169](index=169&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) [Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information concerning mine safety violations and other regulatory matters is included in Exhibit 95 of the Form 10-Q - Information regarding mine safety violations under the Federal Mine Safety and Health Act of 1977 is provided in Exhibit 95 to this Form 10-Q[174](index=174&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including the Agreement and Plan of Merger and CEO/CFO certifications - The Agreement and Plan of Merger, dated May 5, 2024, is filed as Exhibit 2.1[176](index=176&type=chunk)