ALLETE Inc. is a publicly traded energy company that operates primarily in the upper Midwest region of the United States. The company is headquartered in Duluth, Minnesota, and has been in operation since 1906.
ALLETE's primary business segments include regulated operations and investments in renewable energy. The company operates regulated electric, natural gas, and water utility businesses, providing essential services to customers in Minnesota, Wisconsin, and Michigan. ALLETE's investments in renewable energy include wind, solar, and hydroelectric power generation, as well as energy storage solutions.
One of the key strengths of ALLETE is their commitment to sustainability. The company has set a number of ambitious sustainability goals, including achieving net-zero carbon emissions by 2050 and reducing water usage by 15% by 2025. ALLETE has made significant investments in renewable energy and energy efficiency, and has been recognized for their leadership in sustainability by organizations such as the Carbon Disclosure Project and the Dow Jones Sustainability Index.
In addition to their focus on sustainability, ALLETE also places a strong emphasis on innovation. The company invests heavily in research and development, with a focus on developing new and improved technologies that can help reduce carbon emissions, increase energy efficiency, and improve the reliability and resiliency of the electric grid.
Financially, ALLETE has a strong track record of growth and profitability. The company reported revenue of $1.4 billion in 2020, representing an increase of 5% over the previous year. Net income for the same period was $157 million, compared to $137 million in the previous year.
ALLETE's stock is publicly traded on the New York Stock Exchange under the ticker symbol ALE. The company has a market capitalization of approximately $5.8 billion as of September 2021.
ALLETE Inc. is an energy company that is focused on sustainability and innovation. The company's commitment to sustainability, investment in R&D, and strong financial performance make them an attractive partner for businesses and communities seeking reliable and sustainable energy solutions. With their extensive experience and investment in renewable energy and energy efficiency, ALLETE is well-positioned to continue to develop innovative solutions that can help address the challenges of climate change and create a more sustainable future.