Here are 1-3 brief analogies for ALLETE:

• A smaller, Midwestern NextEra Energy.
• A stable electric utility like Duke Energy, heavily investing in wind power and other clean energy projects.

• Electric Utility Service: Provides regulated generation, transmission, and distribution of electricity to residential, commercial, and industrial customers primarily in northeastern and central Minnesota.
• Renewable Energy Development & Operation: Develops, acquires, and operates clean energy projects, primarily wind and solar farms, selling renewable power to utilities and corporate customers across the United States.
• Natural Gas Pipeline & Storage: Co-owns and operates a major natural gas pipeline system and storage facilities, providing natural gas transportation services.

ALLETE (ALE), primarily through its utility subsidiary Minnesota Power, sells electricity directly to end-users rather than primarily to other companies for resale.

Its customer base can be categorized into the following groups:

• Residential: This category includes individual households and apartment dwellers who use electricity for their homes.
• Commercial: This segment comprises a wide range of businesses, including small and medium-sized enterprises, retail stores, offices, schools, hospitals, and other institutional customers.
• Industrial: This significant customer category for ALLETE includes large manufacturing facilities, particularly taconite mining operations in northern Minnesota, which are substantial consumers of electricity.

Bethany M. Owen, Chair, President & CEO

Bethany M. Owen joined ALLETE in 2002 as an attorney and has served in various roles with increasing responsibility. She was President of Superior Water, Light and Power Co., a wholly-owned subsidiary of ALLETE, for over six years from 2010 to 2016. She also held positions as Vice President of Minnesota Power and Vice President-ALLETE Information Technology Solutions. Owen was appointed ALLETE Senior Vice President and Chief Legal and Administrative Officer and Corporate Secretary in 2016, President in January 2019, CEO in February 2020, and Chair of the Board in May 2021. Before joining ALLETE, she worked for four years in the United States Senate in Washington, D.C., and practiced law with a national law firm, a multinational food conglomerate, and a publicly traded telecommunications corporation.

Jeffrey J. Scissons, Vice President, Chief Financial Officer, and Corporate Treasurer

Jeffrey J. Scissons was promoted to Chief Financial Officer in March 2025, succeeding Steven W. Morris. He joined ALLETE in 2013 as a financial analyst. Prior to ALLETE, he spent 12 years at Northern Asset Management conducting research and investing in electric and gas utilities. Within ALLETE, Scissons served as manager of financial planning and analysis (2015), assistant treasurer (2016), chief financial and strategy officer for ALLETE Clean Energy (2022), and corporate development and ALLETE Clean Energy's strategy officer (2023) before becoming Vice President and Corporate Treasurer in 2024. His contributions include leading the acquisition of New Energy Equity and the divestiture of U.S. Water. Scissons is currently leading the transition committee for ALLETE's acquisition by the Canada Pension Plan Investments Board (CPPIB) and Global Infrastructure Fund (GIP).

Colin Anderson, Vice President, Chief Accounting Officer, and Controller

Colin Anderson has served as the Vice President, Chief Accounting Officer, and Controller of ALLETE since April 2025. Before this role, he was the Controller, Chief Compliance Officer, and Equity Analyst in the utility sector at Northern Asset Management.

Julie L. Padilla, Vice President, Chief Legal Officer and Corporate Secretary

Julie L. Padilla was appointed Vice President, Chief Legal Officer, and Corporate Secretary of ALLETE in September 2024. Previously, she held the position of Chief Regulatory Officer at Twin Metals Minnesota.

Nicole Renee Johnson, Vice President and President of ALLETE Clean Energy

Nicole Renee Johnson joined ALLETE in 1996. She held various positions in Human Resources, including manager and director, before being promoted to Vice President - Human Resources in 2016. In 2019, she became Vice President and Chief Administrative Officer, overseeing Human Resources, Cyber Technology Services, Environmental, and Land Management. Johnson was promoted to President of ALLETE Clean Energy in 2022.

The increasing affordability and adoption of distributed energy resources (DERs), such as rooftop solar and customer-sited battery storage, represent a clear emerging threat. As customers gain the ability to generate and store more of their own electricity, their reliance on ALLETE's traditional utility services for electricity consumption decreases, directly threatening the regulated utility's sales volumes and potentially leading to underutilized grid assets. This trend challenges the conventional utility business model of centralized generation and transmission.

ALLETE (ALE) operates in several key markets across North America, including regulated electric utility services, renewable energy, transmission infrastructure, and water and natural gas utility services. The addressable market sizes for its main products and services are as follows:

• Regulated Electric Utility Services (U.S.): The U.S. electric power transmission and distribution market was valued at USD 89.9 billion in 2024 and is projected to reach USD 110.4 billion by 2032, growing at a CAGR of 2.7% during 2025–2032. The U.S. electric distribution utility market is anticipated to surpass USD 79.5 billion by 2032. The overall Utilities industry in the United States reached an estimated revenue of $1.1 trillion in 2025, growing at a CAGR of 2.7% over the past five years.
• Renewable Energy Development & Sales (U.S.): The U.S. renewable energy market size reached USD 237.2 billion in 2024 and is expected to reach USD 549.7 billion by 2033, exhibiting a growth rate (CAGR) of 9.79% during 2025-2033. Another estimate places the U.S. market size at USD 127.59 billion in 2025. In terms of installed capacity, the U.S. renewable energy market is expected to grow from 507.67 gigawatts in 2025 to 737.37 gigawatts by 2030, at a CAGR of 7.75%.
• Transmission Infrastructure (U.S. and North America): The U.S. transmission lines market size was valued at USD 958.1 million in 2024 and is estimated to grow at a CAGR of 3.1% from 2025 to 2034, projected to surpass USD 1.2 billion by 2034. The U.S. electricity transmission and distribution market was valued at USD 82.96 billion in 2022 and is projected to grow at a CAGR of 2.95% during the forecast period (2023-2030). The North America transmission infrastructure market was valued at USD 13.566 billion in 2022 and is projected to grow to USD 21.99 billion by 2032, exhibiting a CAGR of 5.00% during the forecast period (2023-2032).
• Water Utility Services (U.S. and North America): The U.S. water infrastructure and management market size was USD 120.2 billion in 2024 and is expected to reach USD 179.6 billion by 2032, growing at a CAGR of 5.3% during the forecast period 2025–2032. The North America water and wastewater treatment market size is estimated at USD 111.32 billion in 2025 and is projected to reach USD 210.35 billion by 2035, growing at a CAGR of 6.57% from 2025 to 2035.
• Natural Gas Utility Services (U.S.): Specific addressable market size for natural gas utility services in the U.S. at the local distribution level provided by ALLETE's subsidiary was not identified as a separate market. However, ALLETE provides these services in northwestern Wisconsin.

• Significant Capital Investments in Regulated Renewable and Transmission Projects: ALLETE plans substantial capital expenditures, projected at $5.005 billion for 2025-2029, with a strong focus on regulated operations and clean energy projects. These investments are directed towards developing new wind and solar energy resources (up to 700 MW) and modernizing transmission infrastructure, including projects like the North Plains Connector. This will contribute to rate base growth and allow for cost recovery through regulatory mechanisms.
• Growth in Regulated Operations via Rate Adjustments and Infrastructure Modernization: The company's regulated utilities, such as Minnesota Power and Superior Water, Light and Power (SWL&P), anticipate revenue growth through the implementation of new rates and higher transmission margins. These adjustments are essential for recovering costs associated with ongoing infrastructure enhancements and the transition to clean energy.
• Expansion of Non-Regulated Clean Energy Portfolio: ALLETE Clean Energy and New Energy Equity are key components of the company's growth strategy. ALLETE Clean Energy aims to grow through acquisitions of existing operating portfolios and the development of new wind, solar, and energy storage facilities. New Energy Equity, acquired by ALLETE in 2022, has a robust pipeline of distributed solar projects across multiple states, which is expected to continue its strong growth momentum.
• Strategic Advancement of Clean Energy Transition and Carbon-Free Goals: ALLETE's "Sustainability in Action" and "EnergyForward" strategies are centered on leading a clean energy transformation, with Minnesota Power targeting 70% renewable energy supply by 2030 and 100% carbon-free energy by 2040. This strategic pivot drives significant investments in renewable energy and infrastructure, aligning with state mandates and creating substantial growth opportunities.

**Share Repurchases**

No significant share repurchases were identified from the available information over the last 3-5 years. The company is in the process of being acquired and taken private, with shareholders receiving cash for their shares.

**Share Issuance**

No significant share issuances were identified from the available information over the last 3-5 years. The agreement to be acquired by a partnership will result in all outstanding common shares being acquired for cash.

**Inbound Investments**

• In May 2024, ALLETE entered into a definitive agreement to be acquired by a partnership led by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) for approximately $6.2 billion, including the assumption of debt.
• The acquisition ensures ALLETE will have guaranteed access to capital to fund its 5-year capital plan for clean energy transition.
• As part of the acquisition, an investor-funded $50 million Clean Firm Technology Fund will be established to advance local projects and partnerships critical to a reliable and sustainable energy transition.

**Outbound Investments**

• ALLETE acquired New Energy Equity, a distributed solar developer, in April 2022.

**Capital Expenditures**

• ALLETE projects capital expenditures of $5.005 billion for the 2025-2029 period.
• An updated five-year capital expenditure plan, reflecting approximately $4.3 billion over the next five years starting in 2024, focuses on significant investments in regulated renewable and transmission projects.
• The primary focus of these capital expenditures is on advancing clean-energy transformation, including investments in wind, solar, and energy storage, as well as modernizing transmission infrastructure.