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July 16, 2014
13:51 EDTALEAllete unit reaches settlement agreement with EPA
Minnesota Power, a utility division of ALLETE, has reached a settlement agreement with the Environmental Protection Agency and the Minnesota Pollution Control Agency that resolves alleged violations of the New Source Review provisions of the Clean Air Act. The agreement does not include any admission of wrongdoing on the part of the company. The settlement agreement covers Minnesota Power’s Boswell, Laskin, Taconite Harbor and Rapids Energy Centers and includes more stringent emissions limits than in current air permits at all affected units, and the option of refueling, retrofits and retirements at some units. It also includes the addition of 200 megawatts of wind energy. Minnesota Power will also spend $4.2M over the next five years in conservation and clean energy projects benefitting local communities, which could potentially include a forest restoration project, an electric car charging station in northeastern Minnesota and a 1 megawatt solar installation on Fond du Lac Band of Lake Superior Chippewa property. Under the terms of the settlement, the company will also pay a $1.4M civil penalty. In Q2, ALLETE recorded an after-tax expense of $2.5M, or $0.06 per share, to reflect a liability associated with the conservation and clean energy projects. Due to its non-recurring nature, the expense will be excluded from 2014 earnings guidance.
News For ALE From The Last 14 Days
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January 27, 2015
15:17 EDTALEAllete announces strategic partnership with U.S. Water
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08:01 EDTALEAllete to buy 87% of U.S. Water Services for $168M
ALLETE announced that it has signed a definitive agreement to purchase U.S. Water Services, Inc., an integrated industrial water management company. ALLETE will initially purchase 87% of U.S. Water for $168M, based on a total implied enterprise value of $194M. Current employees and management of U.S. Water will continue to own the remaining 13%. ALLETE will purchase the remaining 13% interest in the future for a contingent amount based on U.S. Water’s future earnings. The transaction is expected to close upon satisfaction of customary closing conditions, including compliance with Hart-Scott-Rodino antitrust clearing requirements. U.S. Water generated revenue of approximately $120 million during 2014, and ALLETE projects future revenue growth of 10 percent to 15 percent annually. ALLETE expects the acquisition to provide long-term earnings growth and diversity, and have no material impact on 2015 earnings per share. ALLETE’s previously stated 2015 earnings guidance is unchanged, and excludes transaction costs. The transaction will be financed with a combination of cash, equity raised from existing programs and temporary short-term debt.
January 23, 2015
08:31 EDTALEAllete raises quarterly dividend 3.1% to 50.5c per share
ALLETE announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to 50.5c per share, an increase of 3.1%. On an annual basis, the increased dividend is equivalent to $2.02 per share. The regular quarterly dividend is payable March 1 to common shareholders of record at the close of business February 16.

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