Allete announces agreement with Minnesota Department of Commerce

Allete (ALE) announced that the company and its transaction partners Canada Pension Plan Investment Board and Global Infrastructure Partners have reached an agreement with the Minnesota Department of Commerce that will deliver immediate cost savings and substantial benefits to Minnesota Power customers and communities following the approval and completion of the proposed transaction. With this settlement agreement, the Minnesota Department of Commerce, which is charged with advocating for the public interest in utility matters, supports the acquisition of Allete as being consistent with the public interest and recommends approval by the Minnesota Public Utilities Commission. The Minnesota Department of Commerce joins a growing body of supporters of the transaction, including the International Brotherhood of Electrical Workers Local 31, which represents certain employees of Allete companies; the Laborers’ International Union of Minnesota and North Dakota; the International Union of Operating Engineers Local 49; the North Central States Regional Council of Carpenters; the Minnesota Chamber of Commerce; Duluth and Hermantown Chambers; Energy CENTS Coalition; and Head of the Lakes United Way. “We are steadfast in our commitment to providing excellent service to our customers, supporting our communities and meeting the policy goals of the State of Minnesota, and we are pleased to have reached an agreement that will deliver enhanced benefits for our customers, our employees and the communities we serve,” said ALLETE Chair, President and CEO Bethany Owen. “This agreement demonstrates our commitment to listening and working collaboratively with our stakeholders, and we’ve appreciated the close collaboration with the Minnesota Department of Commerce to address matters raised by the Department and others through this process. The strong and growing local support we’ve received reflects a shared understanding that this transaction is the right step forward for Minnesota Power. With increasing clean energy and infrastructure needs now and well into the future, partnering with the two experienced, long-term investors we’ve chosen is crucial to advancing our company’s commitment to building a clean-energy future and achieving the state’s carbon reduction goals, while safeguarding reliable power and keeping customer bills as low as possible.”