ALLETE, Inc. (NYSE:ALE) Q3 2023 Earnings Call Transcript

Jeff Scissons: Yeah. Brian, this is Jeff again and you touched on some of the factors. There’s certainly been some headwinds, but there’s been some tailwinds as well in that sector, including the IRS and the benefits that came from the IRS. So we continue to be excited about the team. They are performing well. They are a talented group and excited to have them a part of ALLETE. And as you heard from Bethany earlier, they have executed on their plans and slightly ahead. So they continue to be bullish and optimistic in navigating and that’s been their history. That sector has had some ups and downs and they have managed well, and expectations are still that they can continue.

Brian Russo: Thank you very much.

Bethany Owen: Thanks, Brian.

Operator: One moment please for next question. And our final question comes from the line of Tanner James of Bank of America. Your line is now open.

Tanner James: Hi. Good morning.

Bethany Owen: Good morning.

Tanner James: Hi. All my other questions were asked and answered, but I did want to check in on New Energy. You previously stated you were on track for about 100 megawatts of project closings for the year. There were some timing impacts here in the third quarter. Looking into the current quarter, is there a potential for some of these projects perhaps to slip into 2024?

Jeff Scissons: Good morning, Tanner. This is Jeff. And there’s certainly fluid, the market is fluid and timing and close of projects can be fluid. But the team does believe that they are on track, and certainly feels like, as we mentioned earlier, that they would meet or slightly exceed targets for this year.

Tanner James: All right. Great. Thank you very much.

Bethany Owen: Thank you.

Operator: Thank you. At this point, I would now like to turn the conference back to CEO, Bethany Owen, for closing remarks.

Bethany Owen: Thank you again for being with us this morning and for your investment and interest in ALLETE. We are looking forward to speaking with many of you in just over a week during the EEI Financial Conference and at other investor venues throughout the remainder of the year. We hope you enjoy the rest of your day.

Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.