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Equity Investments | 9 Months Ended
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Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Equity Investments [Text Block] | EQUITY INVESTMENTS Investment in ATC. Our wholly-owned subsidiary, ALLETE Transmission Holdings, owns approximately 8 percent of ATC, a Wisconsin-based utility that owns and maintains electric transmission assets in portions of Wisconsin, Michigan, Minnesota and Illinois. We account for our investment in ATC under the equity method of accounting.
ALLETE’s Investment in ATC |
Millions |
Equity Investment Balance as of December 31, 2020 | $149.0 |
Equity in ATC Earnings | 15.8 |
Distributed ATC Earnings | (12.8) |
Amortization of the Remeasurement of Deferred Income Taxes | 1.0 |
Equity Investment Balance as of September 30, 2021 | $153.0 |
ATC’s authorized return on equity is 10.02 percent, or 10.52 percent including an incentive adder for participation in a regional transmission organization, based on a May 2020 FERC order that granted rehearing of a 2019 FERC order. These FERC orders are subject to various outstanding legal challenges related to the refund period ordered by the FERC. If these legal challenges are successful, ATC may be required to provide refunds to its customers of up to approximately $66 million of which our share would be approximately $5 million pre-tax. Investment in Nobles 2. Our subsidiary, ALLETE South Wind, owns 49 percent of Nobles 2, the entity that owns and operates the 250 MW wind energy facility in southwestern Minnesota pursuant to a 20-year PPA with Minnesota Power. We account for our investment in Nobles 2 under the equity method of accounting.
ALLETE’s Investment in Nobles 2 |
Millions |
Equity Investment Balance as of December 31, 2020 | $152.2 |
Cash Investments | 17.4 |
Equity in Nobles 2 Earnings (a) | (1.5) |
Distributed Nobles 2 Earnings | (3.3) |
Equity Investment Balance as of September 30, 2021 | $164.8 |
(a)The Company also recorded net loss attributable to non-controlling interest of $4.4 million related to its investment in Nobles 2.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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