On this page of StockholderLetter.com we present the latest annual shareholder letter from ALLETE INC — ticker symbol ALE. Reading current and past ALE letters to shareholders can bring important insights into the investment thesis.

 •  3/31/2025 Letter Continued (Full PDF)
 •  3/22/2023 ALE Stockholder Letter
 •  3/27/2024 ALE Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  ALE Benford's Law Stock Score = 100

ALE Shareholder/Stockholder Letter Transcript:

2025 Proxy Materials
    Letter to Shareholders
    Notice of Meeting and Proxy Statement for
the 2025 Annual Meeting of Shareholders
    2024 Form 10-K

March 2025
Dear Shareholders,
Your investment over the years has helped ALLETE become a clean-energy leader, and all
of our companies are advancing our Sustainability-in-Action strategy, bringing value to our
customers, our communities, the climate, and you, our shareholders.
While we continue to work with our regulators and other stakeholders on the transaction
with Canada Pension Plan Investment Board (CPPIB) and Global Infrastructure Partners (GIP)
that we announced last May, we are making great strides in executing our strategy. In the
past months, Minnesota Power has announced plans to build two solar projects in northern
Minnesota totaling more than 200 megawatts. It also received certi   cates of need and
route permits from Minnesota regulators for the Northland Reliability Project, a 180-mile
transmission line from northern to central Minnesota, and for a project to modernize its
high-voltage direct-current (HVDC) transmission line from Duluth, Minnesota to Center,
North Dakota. And, in March of 2025, Minnesota Power    led with the Minnesota Public
Utilities Commission its latest Integrated Resource Plan, setting the course for meeting the
state   s carbon-free energy standard, while working to ensure reliability, resiliency, and value
for our customers.
ALLETE also is taking part in the exciting and much-needed expansion and strengthening
of the nation   s transmission grid. We are partnering with Grid United on the development of
the North Plains Connector project, an approximately 415-mile HVDC transmission line to
be constructed with endpoints near Bismarck, North Dakota, and Colstrip, Montana. Other
utility partners exploring participation in the line are Portland General Electric, Puget Sound
Energy, Avista, Northwestern Energy and Berkshire Hathaway Energy U.S. Transmission.
The North Plains Connector will be the nation   s    rst HVDC transmission connection
among three regional U.S. electric energy markets   the Midcontinent Independent System
Operator, the Western Interconnection and the Southwest Power Pool   providing additional
   exibility and the sharing of resources across multiple time zones.
New Energy Equity continues to grow and prosper, having successfully completed more
than 250 solar projects totaling more than 310 megawatts, leading to its ranking by Solar
Power World as the seventh top solar developer and the eighth top commercial contractor
in the nation.
And, ALLETE Clean Energy continues to maximize its existing wind energy assets and has
exciting new wind projects in various stages of the development process.

We   re also quickly advancing toward the anticipated closing of ALLETE   s acquisition
by CPPIB and GIP, with the regulatory approval processes underway in Minnesota and
Wisconsin after we received shareholder approval last August and the Federal Energy
Regulatory Commission approval in December. Pending receipt of these necessary
regulatory approvals, we anticipate the transaction will close later this year, with all current
shareholders receiving $67 per share.
We   re excited about this next chapter for ALLETE, as we speci   cally chose CPPIB and GIP
because of their ready access to signi   cant capital; their support for our Sustainability-inAction strategy; and their alignment with ALLETE   s core values and strong commitment to
our employees, customers, communities, and the climate.
As always, ALLETE   s talented people are the reason for our success, and that is as true
today as it was 100 years ago. We continue to live our values   Integrity, Safety, People, and
Planet   in everything we do. And, guided by our values and our Code of Business Conduct,
we will continue to support all of our employees, strengthen our culture, and care for our
customers and our communities. We are committed to these principles and our shared
values now and in the future. Our practices remain in compliance with state and federal
laws   and we remain a company that leads through our People value   caring about others,
respecting and embracing our differences, and creating opportunities for everyone to thrive.
As we build the clean-energy future, we   re building opportunities. We enter this next chapter
in a position of strength, as a leader in the clean-energy transition, and all of us at ALLETE
thank you, our shareholders, for your support of our company over the decades.
Sincerely,
Bethany
M.
B
th
M Owen
O
ALLETE Chair, President and CEO



 3/31/2025 Letter Continued (Full PDF)