ALLETE Inc. has announced its expectation that the proposed acquisition will close in 2025, pending approval from the Minnesota Public Utilities Commission (MPUC) and other customary conditions. Despite a non-binding recommendation from an Administrative Law Judge that ALLETE disagrees with, the company emphasizes that their recent comprehensive settlement agreement with the Minnesota Department of Commerce offers significant customer benefits and supports approval of the transaction. The Minnesota Department of Commerce has also endorsed the transaction, stating it aligns with the public interest. ALLETE has committed to a holding company structure to protect customers and has agreed to maintain workforce levels, compensation, and union contracts. The transaction has received strong local support from various business and labor groups. Formal comments in response to the ALJ report will be submitted to the MPUC soon.
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