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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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July 2, 2015
08:35 EDTALEALLETE Clean Energy acquires Pennsylvania Wind Facility from AES Corp.
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June 25, 2015
10:00 EDTALEOn The Fly: Analyst Downgrade Summary
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06:31 EDTALEAllete downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded Allete to Underweight saying idlings of US Steel and potentially other mines will likely weigh on near-term earnings. The firm believes the mining risk is significant and not priced into consensus estimates. It cut its price target for shares to $47 from $53.

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