Hodnik tells shareholders: ALLETE more balanced, sustainable and agile

ALLETE Inc. is more balanced, sustainable and agile than ever before, company investors heard today at the Duluth-based energy company’s 2015 Annual Meeting of Shareholders.

Approximately 800 people gathered this morning at Duluth’s Entertainment Convention Center to re-elect ten directors, consider compensation-related resolutions and ratify the appointment of ALLETE’s accounting firm. They also heard from ALLETE Chairman, President and CEO Al Hodnik, who noted that ALLETE in 2014 increased net income 10 percent and operating revenue 12 percent compared to the year before.

ALLETE’s total assets climbed to $4.4 billion and capital expenditures for 2014 were the highest ever at $600 million. Hodnik noted that ALLETE stock reached all-time highs in 2014, its dividend climbed 3.1 percent and Minnesota Power’s peak electric load also set a record.

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