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Private company

ALLETE INC

In its 2025 annual report the company says: “ALLETE is a leader in the nation’s clean-energy transformation. Our businesses and dedicated employees deliver sustainable energy solutions that mitigate climate change, build thriving communities, help customers reach their sustainability goals and drive value for shareholders.”5 It is headquartered in Duluth, United States.2

Last updated Oct 21, 2026.

Overview

  • IndustryElectric & Other Services Combined2
  • HeadquartersDuluth, United States2
  • Incorporated inMN3
  • Business address30 W Superior St, Duluth, Mn 55802-20933
  • Filer categoryLarge accelerated filer3
  • Legal formBusiness Corporation2
  • LEI549300NNLSIMY6Z8OT862
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address30 W Superior Str, 55802 Duluth, United States2
  • Registered withOffice of the Minnesota Secretary of State Business & Lien system, 26339-AA2

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ALLETE is a leader in the nation’s clean-energy transformation. Our businesses and dedicated employees deliver sustainable energy solutions that mitigate climate change, build thriving communities, help customers reach their sustainability goals and drive value for shareholders. In 2020, ALLETE’s largest business, Minnesota Power, reached a milestone of providing 50 percent renewable energy to its retail and municipal customers in Minnesota, and in 2024 delivered 55 percent renewable energy to those customers. Minnesota Power is making significant progress toward 100 percent carbon-free energy supply—a vision grounded in a steadfast commitment to climate, customers and community through its EnergyForward strategy. ALLETE Clean Energy, our second-largest business, is positioned at the heart of society’s clean-energy transformation and owns, operates and has developed for others more than …5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

10.5%Operating margin6
11.7%Net margin6
-18.6%Revenue growth, 20246
6.3%Return on equity6
0.60×Debt to equity6
$102.2MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue8¢$129.2M
  • Other costs80¢$1.2B
  • Income tax0¢$4.7M
  • Profit12¢$179.3M

Out of $1.5B in revenue.6

Where each dollar of operating cash went, fiscal 2024

  • Capital spending69¢$354.9M
  • Dividends paid31¢$162.8M

Out of $457.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$1.5B in 2024+2% since 2018
0$500.0M$1.0B$1.5B$2.0B2018: $1.5B$1.5B20182019: $1.2B$1.2B2019−17%2020: $1.2B$1.2B2020−6%2021: $1.4B$1.4B2021+21%2022: $1.6B$1.6B2022+11%2023: $1.9B$1.9B2023+20%2024: $1.5B$1.5B2024−19%
Operating income789106$160.1M in 2024−20% since 2018
0$100.0M$200.0M$300.0M2018: $201.2M$201.2M20182019: $179.8M$179.8M2019−11%2020: $138.2M$138.2M2020−23%2021: $151.3M$151.3M2021+9%2022: $134.2M$134.2M2022−11%2023: $180.9M$180.9M2023+35%2024: $160.1M$160.1M2024−11%
Net income789106$179.3M in 2024+3% since 2018
0$100.0M$200.0M$300.0M2018: $174.1M$174.1M20182019: $185.6M$185.6M2019+7%2020: $165.4M$165.4M2020−11%2021: $169.2M$169.2M2021+2%2022: $189.3M$189.3M2022+12%2023: $247.1M$247.1M2023+31%2024: $179.3M$179.3M2024−27%
Fiscal year2018201920202021202220232024
Revenue$1.5B7$1.2B8$1.2B9$1.4B10$1.6B6$1.9B6$1.5B6
Cost of revenue$218.0M7$80.6M8$66.7M9$68.8M10$182.8M6$473.5M6$129.2M6
Operating expenses$1.3B10$1.4B6$1.7B6$1.4B6
Operating income$201.2M7$179.8M8$138.2M9$151.3M10$134.2M6$180.9M6$160.1M6
Interest$67.9M7$64.9M8$65.6M9$69.1M10$75.2M10$80.8M10
Income before tax$110.9M10$100.1M6$206.8M6$126.4M6
Income tax-$15.5M7-$6.6M8-$43.4M9-$26.9M10-$31.2M6$27.9M6$4.7M6
Net income$174.1M7$185.6M8$165.4M9$169.2M10$189.3M6$247.1M6$179.3M6
Earnings per share$3.397$3.598$3.189$3.2310$3.386$4.316$3.116
Earnings per share (diluted)$3.387$3.598$3.189$3.2310$3.386$4.306$3.106
Shares (weighted, basic)52.4M shares1055.9M shares657.3M shares657.7M shares6
Shares (weighted, diluted)52.5M shares1056.0M shares657.4M shares657.8M shares6

Compare ALLETE INC with another company

Corporate structure

ALLETE INC sits at the top of its group. 72 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ALLETE INC

  • VANGUARD GROUP INC Filed SC 13G/A on ALLETE INC, latest Feb 13, 2024 (3 filings since Feb 9, 2022)
  • BlackRock Filed SC 13G/A on ALLETE INC, latest Jan 23, 2024 (5 filings since Jan 25, 2022)
  • ALLETE INC Duluth, Minnesota, United States
    • ACE Caddo Class B LLC Subsidiary · Delaware, United States
    • ACE DS Class B LLC Subsidiary · Delaware, United States
    • ACE GAWW Class B LLC Subsidiary · Delaware, United States
    • ACE Gopher Holdings, LLC Subsidiary · Delaware, United States
    • ACE Lincoln Heights Holdings, LLC Subsidiary · Delaware, United States
    • ACE Mid-West Holdings, LLC Subsidiary · Delaware, United States
    • ACE O&M, LLC Subsidiary · Delaware, United States
    • ACE Solar LLC Subsidiary · Delaware, United States
    • ACE South Holdings, LLC Subsidiary · Delaware, United States
    • ACE West Holdings, LLC Subsidiary · Delaware, United States
    • ACE Wind LLC Subsidiary · Delaware, United States
    • ACE-SRE Caddo Holdings, LLC Subsidiary · Delaware, United States
    • ALLETE Automotive Services, LLC Subsidiary · Minnesota, United States
    • ALLETE Clean Energy, Inc. Subsidiary · Minnesota, United States
    • ALLETE Commercial, LLC Subsidiary · Florida, United States
    • ALLETE Enterprises QOF, LLC Subsidiary · Delaware, United States
    • ALLETE Enterprises, Inc. Subsidiary · Minnesota, United States
    • ALLETE NPC Holdings, LLC Subsidiary · Delaware, United States
    • ALLETE Power Systems, Inc. Subsidiary · Minnesota, United States
    • ALLETE Properties, LLC (d/b/a ALLETE Properties) Subsidiary · Minnesota, United States
    • ALLETE Renewable Resources, Inc. Subsidiary · North Dakota, United States
    • ALLETE South Wind, LLC Subsidiary · Delaware, United States
    • ALLETE Transmission Holdings, Inc. Subsidiary · Wisconsin, United States
    • ALLETE Transmission Ventures, LLC Subsidiary · Delaware, United States
    • ALLETE Water Services, Inc. Subsidiary · Minnesota, United States
    • and 46 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ALLETE INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$5.2B6 Dec 31, 2024$5.0B6 Dec 31, 2023+3.4%
Finance-lease assets$1.9M6 Dec 31, 2024$2.1M6 Dec 31, 2023−9.5%
Operating-lease assets (leased space)$9.1M6 Dec 31, 2024$10.7M6 Dec 31, 2023−15.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$32.8M6 Dec 31, 2024$71.9M6 Dec 31, 2023−54.4%
Stakes in other companies (equity method)$340.1M6 Dec 31, 2024$331.2M6 Dec 31, 2023+2.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$154.9M6 Dec 31, 2024$154.9M10 Dec 31, 20230%

Inventory

ItemLatestA year beforeChange
Inventory, total$154.6M6 Dec 31, 2024$175.4M6 Dec 31, 2023−11.9%
Supplies$107.6M6 Dec 31, 2024$115.7M6 Dec 31, 2023−7.0%

Properties, in its own words

A discussion of our properties is included in Item 1. Business and is incorporated by reference herein.

Item 2 of the 10-K filed Feb 13, 2025.5

Leadership

Who has led ALLETE INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Donald J. Shippar2006–2010
  2. Alan R. Hodnik2011–2019
  3. Bethany M. Owen2020–now

Chair

  1. Donald J. Shippar2006–2010
  2. Alan R. Hodnik2012–2021
  3. Bethany M. Owen2022–now

President

  1. Donald J. Shippar2006–2010
  2. Laura A. Holquist2006–2009
  3. Alan R. Hodnik2009–2019
  4. Bethany M. Owen2020–now

Chief financial officer

  1. James K. Vizanko2006
  2. Mark A. Schober2007–2014
  3. Steven Q. Devinck2015–2017
  4. Robert John Adams2018–2022
  5. Steven Wayne Morris2022–2025
  6. Jeffrey John Scissons2025–now

Chief operating officer

  1. Joshua John Skelton2022–now
2010201520202025
Board members and other officers (40)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ACE Caddo Class B LLC Delaware4
  • ACE DS Class B LLC Delaware4
  • ACE GAWW Class B LLC Delaware4
  • ACE Gopher Holdings, LLC Delaware4
  • ACE Lincoln Heights Holdings, LLC Delaware4
  • ACE Mid-West Holdings, LLC Delaware4
  • ACE O&M, LLC Delaware4
  • ACE Solar LLC Delaware4
  • ACE South Holdings, LLC Delaware4
  • ACE West Holdings, LLC Delaware4
  • ACE Wind LLC Delaware4
  • ACE-SRE Caddo Holdings, LLC Delaware4
  • ALLETE Automotive Services, LLC Minnesota4
  • ALLETE Clean Energy, Inc. Minnesota4
  • ALLETE Commercial, LLC Florida4
  • ALLETE Enterprises QOF, LLC Delaware4
  • ALLETE Enterprises, Inc. Minnesota4
  • ALLETE NPC Holdings, LLC Delaware4
  • ALLETE Power Systems, Inc. Minnesota4
  • ALLETE Properties, LLC (d/b/a ALLETE Properties) Minnesota4
  • ALLETE Renewable Resources, Inc. North Dakota4
  • ALLETE South Wind, LLC Delaware4
  • ALLETE Transmission Holdings, Inc. Wisconsin4
  • ALLETE Transmission Ventures, LLC Delaware4
All 71 listed subsidiaries
  • ALLETE Water Services, Inc. Minnesota4
  • ALLETE, Inc. (d/b/a ALLETE; Minnesota Power; Minnesota Power, Inc. Minnesota4
  • AMW I Holding, LLC Delaware4
  • ASW Partners, LLC Delaware4
  • Armenia Holdings, LLC Delaware4
  • Armenia Mountain Wind II, LLC Delaware4
  • Armenia Mountain Wind, LLC Delaware4
  • BNI Coal, Ltd. North Dakota4
  • BNI Energy, Inc. North Dakota4
  • BNI Land, LLC North Dakota4
  • Bobcat Wind, LLC Minnesota4
  • Caddo Holding Company, LLC Delaware4
  • Caddo Wind, LLC Delaware4
  • Cisco Holdings, LLC Delaware4
  • Condon Wind Power, LLC Delaware4
  • DLS Holdco, LLC Delaware4
  • DLS Manager, LLC Delaware4
  • Diamond Spring QOZB, LLC Delaware4
  • Diamond Spring, LLC Delaware4
  • Energy Land, Incorporated Wisconsin4
  • Florida Landmark Communities, LLC Florida4
  • Glen Ullin Energy Center, LLC Delaware4
  • Great American West Wind, LLC Delaware4
  • Interlachen Lakes Estates, LLC Florida4
  • Lake Benton Holdings LLC Delaware4
  • Lake Benton Power Associates LLC Delaware4
  • Lake Benton Power Partners L.L.C. Delaware4
  • Lehigh Acquisition, LLC Delaware4
  • MP Affiliate Resources, Inc. Minnesota4
  • MP Investments, Inc. Delaware4
  • MWW Holdings, LLC Delaware4
  • New Energy Equity LLC Delaware4
  • Nobles 2 Power Partners, LLC Delaware4
  • Palm Coast Land, LLC Florida4
  • Rainy River Energy Corporation Minnesota4
  • RendField Land Company, Inc. Minnesota4
  • Ruso Wind Partners, LLC Delaware4
  • South Peak Wind LLC Delaware4
  • South Shore Energy, LLC Wisconsin4
  • Storm Lake II Holdings LLC Delaware4
  • Storm Lake II Power Associates LLC Delaware4
  • Storm Lake Power Partners I LLC Delaware4
  • Storm Lake Power Partners II LLC Delaware4
  • Superior Water, Light and Power Company Wisconsin4
  • Thunder Spirit Wind, LLC Delaware4
  • Upper Minnesota Properties - Development, Inc. Minnesota4
  • Upper Minnesota Properties, Inc. Minnesota4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ALLETEOct 4, 2000 to Jan 25, 20013
  • MINNESOTA POWER INCNov 6, 1998 to Jul 21, 20003
  • MINNESOTA POWER & LIGHT COFeb 8, 1994 to May 8, 19983

Timeline

  1. Dec 15, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights68
  2. Dec 11, 20258-K Regulation FD disclosure; Other events69
  3. Oct 6, 20258-K Other events70
  4. Oct 3, 20258-K Regulation FD disclosure; Other events71
  5. Jul 14, 20258-K New debt or obligation72
  6. May 15, 20258-K Shareholder vote73
  7. Apr 16, 20258-K Executive or director change74
  8. Mar 14, 20258-K Executive or director change75
  9. Mar 11, 20258-K Executive or director change76
  10. Jan 24, 20258-K Executive or director change77
  11. Dec 19, 20248-K Regulation FD disclosure; Other events78
  12. Aug 21, 20248-K Shareholder vote; Regulation FD disclosure79
  13. Feb 3, 2020New chief executive Bethany M. Owen becomes CEO15
  14. Jan 20, 2011New chief executive Alan R. Hodnik becomes CEO16
  15. Feb 2, 2006New chief executive Donald J. Shippar becomes CEO17

Filings

216 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 29 major events, 107 insider forms, 8 large holders, 55 other. The latest 20:

  1. Dec 29, 202515-12G EDGAR
  2. Dec 16, 2025S-8 POS EDGAR
  3. Dec 16, 2025S-8 POS EDGAR
  4. Dec 16, 2025S-8 POS EDGAR
  5. Dec 16, 2025S-8 POS EDGAR
  6. Dec 16, 2025S-8 POS EDGAR
  7. Dec 16, 2025S-8 POS EDGAR
  8. Dec 16, 2025S-8 POS EDGAR
  9. Dec 16, 2025POSASR EDGAR
  10. Dec 16, 2025POSASR EDGAR
  11. Dec 16, 20254 EDGAR
  12. Dec 16, 20254 EDGAR
  13. Dec 16, 20254 EDGAR
  14. Dec 16, 20254 EDGAR
  15. Dec 16, 20254 EDGAR
  16. Dec 16, 20254 EDGAR
  17. Dec 16, 20254 EDGAR
  18. Dec 16, 20254 EDGAR
  19. Dec 16, 20254 EDGAR
  20. Dec 16, 20254 EDGAR

The 216 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Bethany M. Owen$871.2K$3.7M82
2024Steven W. Morris$470.5K$1.6M82
2024Nicole R. Johnson$423.8K$1.1M82
2024Joshua J. Skelton$374.1K$911.9K82
2024Jeffrey J. Scissons$271.0K$720.2K82
2023ChairPresident and CEO$753.9K$3.6M82
2023Senior VicePresident; former CFO$412.1K$1.4M82
2023Vice President; President–ALLETE Clean Energy$380.1K$1.1M82
2023Vice President; Chief Operating Officer - MP$340.9K$927.5K82
2022ChairPresident and CEO$696.1K$2.3M82
2022Senior VicePresident; former CFO$360.1K$927.2K82
2022Vice President; President–ALLETE Clean Energy$333.8K$806.3K82

SEC filer profile

How ALLETE INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARALLETE INC1
  • CIK0000066756
  • Employer ID (EIN)41-04181505
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMinnesota5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4931 Electric & Other Services Combined1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address30 W Superior St, Duluth, MN 55802-20931
  • Mailing address30 W Superior Street, Duluth, MN 55802-20931
  • Phone21827950001
  • Shares outstanding58,098,399 as of Sep 30, 202513
  • Public float$3.6B as of Jun 28, 20245
  • AuditorPricewaterhouseCoopers LLP, Minneapolis, MN PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceFeb 8, 19941
  • Filings1,600 in all: 4 (776), 8-K (290), 10-Q (93), SC 13G/A (47), 3 (42), 11-K (39), DEF 14A (31), 10-K (25)1
    All 51 form types

    DEFA14A (18), 424B2 (15), 424B5 (15), 5 (15), S-8 (15), S-3 (14), S-3ASR (14), ARS (13), UPLOAD (13), 4/A (11), SC 13G (11), U-3A-2 (11), 8-K/A (10), 10-Q/A (9), CORRESP (8), PRE 14A (8), 424B3 (7), S-8 POS (7), 10-K405 (6), 424B7 (4), 5/A (3), S-3/A (3), 11-K/A (2), 25-NSE (2), NO ACT (2), POSASR (2), SC 13D/A (2), SD (2), 10-K/A (1), 15-12G (1), 15-15D (1), 15-15D/A (1), 305B2 (1), 424B4 (1), 8-A12B (1), 8-A12B/A (1), D (1), DEFM14A (1), FWP (1), POS AM (1), PREM14A (1), PRER14A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 13, 2025
    Quarterly report (10-Q) Oct 31, 2025
    Proxy statement (DEF 14A) Mar 31, 2025
    Latest 8-K (8-K) Dec 15, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, without par valueALENew York Stock Exchange

From the cover page of the 10-K filed Feb 13, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks ALLETE INC names in Item 1A of its 10-K filed Feb 13, 2025: 37 risks under these headings, as written.5

  • Regulated Operations Risks
  • Our results of operations could be negatively impacted if our taconite, paper and pipeline customers experience an economic downturn, incur work stoppages, fail to compete effectively, experience decreased demand, fail to economically obtain raw materials, fail to renew or obtain necessary permits, or experience a decline in prices for their product.
  • We may not be able to successfully implement our strategic objectives of growing load at our utilities if current or potential industrial or municipal customers are unable to successfully implement expansion plans, including the inability to obtain necessary governmental permits and approvals.
  • Our businesses, investments and customers are subject to an extensive legal and regulatory framework under federal and state laws as well as regulations imposed by other organizations that may have a negative impact on our business and results of operations.
  • Our regulated operations present certain environmental risks that could adversely affect our financial position and results of operations, including effects of environmental laws and regulations, physical risks associated with climate change and initiatives designed to reduce the impact of GHG emissions.
  • The operation and maintenance of our regulated electric generation, transmission and distribution facilities are subject to operational risks that could adversely affect our financial position, results of operations and cash flows.
  • Our ability to successfully and timely complete capital repairs or improvements to existing regulated facilities or in the development of new electric generation and transmission facilities or other capital projects is contingent upon many variables.
  • Our regulated electric operations may not have access to adequate and reliable transmission and distribution facilities necessary to deliver electricity to our customers.
  • The price of electricity may be volatile and fuel may be volatile and availability may be limited.
  • Demand for energy may decrease.
  • ALLETE Clean Energy / Corporate and Other Risks
  • The inability to successfully manage and grow our businesses could adversely affect our results of operations.
The other 27 risks
  • The generation of electricity from wind and solar energy facilities depends heavily on suitable meteorological conditions.
  • ALLETE Clean Energy / Corporate and Other Risks (Continued)
  • The construction, operation and maintenance of our electric generation facilities or investment in facilities are subject to operational risks that could adversely affect our financial position, results of operations and cash flows.
  • The price of electricity may be volatile, which may impact results of operations at ALLETE Clean Energy wind energy facilities under contracts with commercial and industrial (C&I) customers.
  • As contracts with counterparties expire, we may not be able to replace them with agreements on similar terms or divest the related assets at a profit.
  • Counterparties to turbine and other generation supply, service and maintenance, or power sale agreements may not fulfill their obligations.
  • ALLETE has a significant amount of goodwill. A determination that goodwill has been impaired could result in a significant non-cash charge to earnings.
  • BNI Energy may be adversely impacted by its exposure to customer concentration, and environmental laws and regulations.
  • Real estate market conditions where our legacy Florida real estate investment is located may deteriorate.
  • Entity-wide Risks
  • We could be materially adversely affected by health epidemics, pandemics and other outbreaks.
  • We rely on access to financing sources and capital markets. If we do not have access to capital on acceptable terms or are unable to obtain capital when needed, our ability to execute our business plans, make capital expenditures or pursue other strategic actions that we may otherwise rely on for future growth would be adversely affected.
  • A deterioration in general economic conditions, an inflationary environment or supply chain disruptions may have adverse impacts on our financial position, results of operations and cash flows.
  • Our results of operations could be adversely affected by changes in governmental incentives or policies that support renewable energy or changes in taxes, tariffs, duties or other assessments on renewable energy or the equipment necessary to generate and deliver it.
  • Our results of operations could be adversely affected by changes in governmental policy related to taxes, tariffs and duties, as well as grants and other incentives.
  • Our businesses, investments and customers are subject to extensive state and federal legislation and regulation, compliance with which could have an adverse effect on our businesses.
  • The inability to attract and retain a qualified workforce including, but not limited to, executive officers, key employees and employees with specialized skills, could have an adverse effect on our operations.
  • Market performance and other changes could decrease the value of pension and other postretirement benefit plan assets, which may result in significant additional funding requirements and increased annual expenses.
  • We are exposed to significant reputational risk.
  • We are subject to physical and financial risks associated with climate change and other catastrophic events, such as natural disasters and acts of war.
  • We are vulnerable to acts of terrorism or cybersecurity attacks.
  • We maintain insurance against some, but not all, of the risks and uncertainties we face.
  • Government challenges to our tax positions, as well as tax law changes and the inherent difficulty in quantifying potential tax effects of our operations and business decisions, could adversely affect our results of operations and liquidity.
  • Our business, financial position, results of operations, and cash flows could be materially affected by adverse results of litigation.
  • Risks Relating to the Merger
  • There is no assurance when or if the Merger will be completed, and there could be an adverse effect on the Company’s business, results of operations, financial condition or cash flows if the Merger is not completed or is delayed.
  • The announcement and pendency of the Merger, during which the Company is subject to certain operating restrictions, could have an adverse effect on the Company’s businesses, results of operations, financial condition or cash flows.
  • The Company will incur substantial transaction fees and costs in connection with the Merger.
  • Risks Relating to the Merger (Continued)
  • Pending litigation related to the Merger could result in substantial costs and may delay or prevent the Merger from being completed.

Legal proceedings

Discussions of material regulatory and environmental proceedings are included in Note 4. Regulatory Matters and Note 9. Commitments, Guarantees and Contingencies, and are incorporated by reference herein.

We are involved in litigation arising in the normal course of business. Also in the normal course of business, we are involved in tax, regulatory and other governmental audits, inspections, investigations and other proceedings that involve state and federal taxes, safety, and compliance with regulations, rate base and cost of service issues, among other things. We do not expect the outcome of these matters to have a material effect on our financial position, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.5

Sources

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