ALLETE, Inc. (ALE)

59.02 -0.55 (-0.92%) At close: 04:00PM EDT

ALLETE, Inc.

30 West Superior Street
Duluth, MN 55802-2093
United States
218 279 5000
https://www.allete.com

Sector(s): Utilities
Industry: Utilities - Diversified
Full-time employees: 1,513

Key executives

Name	Title	Pay	Exercised	Year born
Ms. Bethany M. Owen	Chair, CEO & President	2.54M	N/A	1966
Mr. Steven Wayne Morris	Senior VP & CFO	1.09M	N/A	1962
Ms. Margaret A. Thickens	VP, Chief Legal Officer & Corporate Secretary	941.88k	N/A	1967
Mr. Vincent J. Meyer	Vice President of Investor Relations	N/A	N/A	N/A
Jeffrey Scissons	Director of Corporate Development	N/A	N/A	N/A
Mr. Patrick L. Cutshall C.F.A., CPA	VP & Corporate Treasurer	502.05k	N/A	1965
Mr. Rob Sandstrom	President of Superior Water, Light & Power	N/A	N/A	N/A
Mr. Matthew Hankey	President & CEO of New Energy Equity	N/A	N/A	N/A
Mr. Frank Frederickson	Vice President of Customer Experience- Minnesota Power	N/A	N/A	N/A

Amounts are as of 31 December 2023, and compensation values are for the last fiscal year ending on that date. Pay includes salary, bonuses, etc. Exercised is the value of options exercised during the fiscal year. Currency in USD.

Description

ALLETE, Inc. operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers. Further, it owns and maintains electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois. Additionally, the company focuses on developing, acquiring, and operating clean and renewable energy projects; and owns and operates approximately 1,200 megawatts of wind energy generation facility, as well as involved in the coal mining operations in North Dakota; and real estate investment activities in Florida. It owns and operates 162 substations with a total capacity of 9,980 megavolt amperes. The company serves taconite mining, paper, pulp and secondary wood products, pipeline, and other industries. The company was formerly known as Minnesota Power, Inc. and changed its name to ALLETE, Inc. in May 2001. ALLETE, Inc. was incorporated in 1906 and is headquartered in Duluth, Minnesota.

Corporate governance

ALLETE, Inc.’s ISS governance QualityScore as of 1 April 2024 is 2. The pillar scores are Audit: 5; Board: 3; Shareholder rights: 2; Compensation: 1.

Corporate governance scores courtesy of Institutional Shareholder Services (ISS). Scores indicate decile rank relative to index or region. A decile score of 1 indicates lower governance risk, while 10 indicates higher governance risk.