DOE Awards $50M To Minnesota Power, An Operating Division Of ALLETE, To Increase Reliability And Resilience Of Region's Transmission Grid In Support Of A Clean-Energy Future
Portfolio Pulse from Benzinga Newsdesk
The U.S. Department of Energy has awarded a $50 million grant to Minnesota Power, a division of ALLETE (NYSE:ALE), to modernize its high-voltage direct current (HVDC) transmission system. The grant will support the HVDC Terminal Expansion Capability Project, which aims to increase the reliability and resilience of the regional grid and prepare it for future energy needs. The project is part of Minnesota Power's strategy to support federal and state energy policy goals, including Minnesota's carbon-free by 2040 legislation.
October 18, 2023 | 6:58 pm
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POSITIVE IMPACT
The $50 million grant awarded to Minnesota Power, a division of ALLETE, will likely have a positive impact on the company. The funding will support the modernization of its HVDC transmission system, which is expected to increase the reliability and resilience of the regional grid and prepare it for future energy needs.
The grant will help ALLETE reduce costs associated with upgrading Minnesota Power's HVDC transmission system. This could lead to increased profitability for the company. Additionally, the project aligns with federal and state energy policy goals, which could enhance ALLETE's reputation and market position in the clean-energy sector.
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