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Allete Inc. (ALE+0.12%) has filed its annual report on Form 10-K for the year ended December 31, 2024. filing
The report includes financial statements and detailed information about Allete's business segments, which are Regulated Operations and ALLETE Clean Energy.
Allete's Regulated Operations segment includes Minnesota Power and Superior Water, Light and Power (SWL&P), as well as an investment in American Transmission Company (ATC).
The ALLETE Clean Energy segment focuses on developing, acquiring, and operating clean and renewable energy projects.
The company reported total operating revenue of $1,529.8 million for 2024, a decrease from $1,879.8 million in 2023.
Net income attributable to Allete was $179.3 million in 2024, compared to $247.1 million in 2023.
Allete's balance sheet showed total assets of $6,754.3 million as of December 31, 2024.
The company continues to focus on its EnergyForward strategy, aiming for a 100% carbon-free energy supply.
Allete's capital expenditures for 2025 through 2029 are projected to be approximately $5 billion, with significant investments in transmission and renewable energy projects.
The company is involved in a merger agreement with Alloy Parent LLC, which is subject to various closing conditions and regulatory approvals.
Allete's financial position remains strong with a debt-to-capital ratio of 35% as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allete Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.