Northern Foundry closing Hibbing facility and laying off 91, partly blaming Minnesota Power utility rates [Yahoo! Finance]
Allete, Inc. (ALE)
Last allete, inc. earnings: 2/13 06:30 am
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Source: Yahoo! Finance
Parent company Metal Technologies Inc. (MTI) specifically cited Minnesota Power utility rates as one factor leading to the shutdown in a company announcement Friday. "Electricity cost is a major expense," MTI said in a news release. "Minnesota Power's repeated electricity rate increases ... mean Northern Foundry pays substantially more per kilowatt hour than MTI's other facilities." MTI's comment did not go unnoticed by Minnesota Power. "We are sorry to hear today's unfortunate news and the impacts to the region and working families," said Amy Rutledge, a spokeswoman for the Duluth-based utility. "The costs to generate and deliver energy safely and reliably while advancing a clean-energy future are increasing." Minnesota Power implemented a rate hike last year and asked for another at the end of 2023. The state's entire electric grid is undergoing transformation as renewable energy sources are straining capacity, requiring new high-voltage transmission lines. MTI went on to
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News
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- ALLETE Recognized for Gender Diversity on Board and Among Executive Officers [Yahoo! Finance]Yahoo! Finance
ALE
Earnings
- 2/20/24 - Miss
ALE
Sec Filings
- 3/28/24 - Form DEF
- 3/28/24 - Form DEFA14A
- 3/28/24 - Form ARS
- ALE's page on the SEC website