Allete reports Q2 EPS 57c with items vs. 90c with items last year

Reports Q2 revenue $354.5M vs. $533.4M last year. Q2 EPS includes 25c of transaction expenses related to the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners, and a 4c negative impact due to mild weather. 2Q23 EPS included approximately 8c for the favorable impact of an updated estimate for property taxes, and ALLETE Clean Energy recorded a 7c per share gain on the Red Barn wind generation facility. “I am proud of our entire ALLETE team, working diligently on many fronts to execute our Sustainability in Action strategy in tandem with initiatives as part of the exciting announcement of the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners. We are pleased that key regulatory filings with the Federal Energy Regulatory Commission, the Minnesota Public Utilities Commission and the Public Service Commission of Wisconsin were filed in support of the transaction and the Definitive Proxy Statement has been filed with the SEC. The merger is progressing as planned and we remain on track for a mid-2025 closing, subject to all necessary approvals,” said CEO Bethany Owen. “In addition, Minnesota Power’s requests for proposals for new solar and wind projects are progressing as planned, ALLETE Clean Energy has begun taking advantage of the Inflation Reduction Act with the sale of production tax credits in Q2, and New Energy Equity is executing on its strategy and robust pipeline of projects.”