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Business Segment (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
Year Ended December 31 | 2024 | 2023 | 2022
Millions |  |  |
Operating Revenue |  |  |
Residential | $177.0 |  | $165.7 |  | $175.9 |
Commercial | 189.8 |  | 184.6 |  | 187.2 |
Municipal | 34.2 |  | 33.4 |  | 40.2 |
Industrial | 610.8 |  | 593.6 |  | 589.0 |
Other Power Suppliers | 137.2 |  | 146.1 |  | 165.8 |
Other | 93.7 |  | 114.9 |  | 101.2 |
Total Regulated Operations | 1,242.7 |  | 1,238.3 |  | 1,259.3 |
ALLETE Clean Energy |  |  |
Long-term PSA | 56.4 |  | 65.0 |  | 77.2 |
Sale of Wind Energy Facilities (a) | 22.9 |  | 348.4 |  | 33.5 |
Other | 5.0 |  | 5.1 |  | 7.6 |
Total ALLETE Clean Energy | 84.3 |  | 418.5 |  | 118.3 |
Corporate and Other |  |  |
Long-term Contract | 105.7 |  | 101.2 |  | 89.2 |
Sale of Renewable Development Projects | 72.1 |  | 92.5 |  | 73.9 |
Other | 25.0 |  | 29.3 |  | 30.0 |
Total Corporate and Other | 202.8 |  | 223.0 |  | 193.1 |
Total Operating Revenue | $1,529.8 |  | $1,879.8 |  | $1,570.7 |
Net Income Attributable to ALLETE (b) |  |  |
Regulated Operations | $160.9 |  | $147.2 |  | $149.9 |
ALLETE Clean Energy (c) | 17.8 |  | 71.7 |  | 16.3 |
Corporate and Other (d)(e) | 0.6 |  | 28.2 |  | 23.1 |
Total Net Income Attributable to ALLETE | $179.3 |  | $247.1 |  | $189.3 |
(a) Net income in 2023 includes the sales of ALLETE Clean Energy’s Northern Wind and Red Barn projects. (b) Includes interest expense and interest income resulting from intercompany loan agreements and allocated to certain subsidiaries. The amounts are eliminated in consolidation. (c) Net income in 2023 includes a $44.3 million after-tax gain recognized for a favorable arbitration ruling. (See Note 9. Commitments, Guarantees and Contingencies.) (d) Net Income in 2022 includes a $8.3 million after-tax expense as a result of purchase price accounting related to projects under development at the time of acquisition and $2.7 million after-tax of transaction costs related to the acquisition of New Energy. (e) Net income in 2024 includes transaction expenses of $22.6 million after-tax related to the Merger. (See Note 15. Agreement and Plan of Merger.) NOTE 14. BUSINESS SEGMENTS (Continued)
Year Ended December 31, 2024 | Regulated Operations | ALLETE Clean Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |
Contracts with Customers – Utility | $1,242.7 |  | — |  | $1,242.7 |  | — |  | $1,242.7 |
Contracts with Customers – Non-utility | — |  | $79.3 |  | 79.3 |  | $202.8 |  | 282.1 |
Other – Non-utility | — |  | 5.0 |  | 5.0 |  | — |  | 5.0 |
Total Operating Revenue | 1,242.7 |  | 84.3 |  | 1,327.0 |  | 202.8 |  | 1,529.8 |
Significant Segment Expenses: |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 479.7 |  | — |  | 479.7 |  |  |
Transmission Services – Utility | 64.6 |  | — |  | 64.6 |  |  |
Cost of Sales – Non-utility | — |  | 18.3 |  | 18.3 |  |  |
Operating and Maintenance | 250.0 |  | 46.5 |  | 296.5 |  |  |
Depreciation and Amortization | 196.3 |  | 57.5 |  | 253.8 |  |  |
Taxes Other than Income Taxes | 52.5 |  | 10.4 |  | 62.9 |  |  |
Other Segment Items (a) | (38.7) |  | 66.2 |  | 27.5 |  |  |
Net Income (Loss) Attributable to ALLETE | $160.9 |  | $17.8 |  | $178.7 | $0.6 | $179.3 |
Other Segment Information: |  |  |  |  |
Depreciation and Amortization | $196.3 |  | $57.5 |  | $253.8 |  | $17.7 |  | $271.5 |
Interest Expense | $(66.1) | $(0.3) | $(66.4) | $(15.3) | $(81.7)
Equity Earnings | $26.5 |  | — |  | $26.5 |  | $(1.5) | $25.0 |
Income Tax Benefit (Expense) | $(17.6) | $15.6 | $(2.0) | $(2.7) | $(4.7)
Assets | $4,489.4 |  | $1,477.4 |  | $5,966.8 |  | $787.5 |  | $6,754.3 |
Equity Investment | $194.4 |  | — |  | $194.4 |  | $145.7 |  | $340.1 |
Capital Expenditures | $287.2 |  | $7.7 |  | $294.9 |  | $53.1 |  | $348.0 |
(a) Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax expense for Regulated Operations, and income tax benefit and net loss attributable to non-controlling interest for ALLETE Clean Energy.
Year Ended December 31, 2023 | Regulated Operations | ALLETE Clean Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |
Contracts with Customers – Utility | $1,238.3 |  | — |  | $1,238.3 |  | — |  | $1,238.3 |
Contracts with Customers – Non-utility | — |  | $413.4 |  | 413.4 |  | $223.0 |  | 636.4 |
Other – Non-utility | — |  | 5.1 |  | 5.1 |  | — |  | 5.1 |
Total Operating Revenue | 1,238.3 |  | 418.5 |  | 1,656.8 |  | 223.0 |  | 1,879.8 |
Significant Segment Expenses: |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 484.3 |  | — |  | 484.3 |  |  |
Transmission Services – Utility | 88.2 |  | — |  | 88.2 |  |  |
Cost of Sales – Non-utility | — |  | 342.2 |  | 342.2 |  |  |
Operating and Maintenance | 247.1 |  | 52.1 |  | 299.2 |  |  |
Depreciation and Amortization | 179.2 |  | 57.5 |  | 236.7 |  |  |
Taxes Other than Income Taxes | 44.5 |  | 10.0 |  | 54.5 |  |  |
Other Segment Items (a) | (47.8) |  | 115.0 |  | 67.2 |  |  |
Net Income Attributable to ALLETE | $147.2 |  | $71.7 |  | $218.9 | $28.2 |  | $247.1 |
Other Segment Information: |  |  |  |  |
Depreciation and Amortization | $179.2 |  | $57.5 |  | $236.7 |  | $15.1 |  | $251.8 |
Interest Expense | $(63.9) | $(0.8) | $(64.7) | $(16.1) | $(80.8)
Equity Earnings | $23.1 |  | — |  | $23.1 |  | $(1.4) | $21.7 |
Income Tax Expense | $(22.4) | $(2.7) | $(25.1) | $(2.8) | $(27.9)
Assets | $4,335.0 |  | $1,594.1 |  | $5,929.1 |  | $727.3 |  | $6,656.4 |
Equity Investment | $179.7 |  | — |  | $179.7 |  | $151.5 |  | $331.2 |
Capital Expenditures | $236.3 |  | $(5.3) | $231.0 |  | $25.0 |  | $256.0 |
(a) Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax expense for Regulated Operations, and income tax expense, net loss attributable to non-controlling interest and gain recognized for a favorable arbitration ruling for ALLETE Clean Energy.
Year Ended December 31, 2022 | Regulated Operations | ALLETE Clean Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |
Contracts with Customers – Utility | $1,259.3 |  | — |  | $1,259.3 |  | — |  | $1,259.3 |
Contracts with Customers – Non-utility | — |  | $110.7 |  | 110.7 |  | $193.1 |  | 303.8 |
Other – Non-utility | — |  | 7.6 |  | 7.6 |  | — |  | 7.6 |
Total Operating Revenue | 1,259.3 |  | 118.3 |  | 1,377.6 |  | 193.1 |  | 1,570.7 |
Significant Segment Expenses: |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 545.5 |  | — |  | 545.5 |  |  |
Transmission Services – Utility | 76.7 |  | — |  | 76.7 |  |  |
Cost of Sales – Non-utility | — |  | 56.7 |  | 56.7 |  |  |
Operating and Maintenance | 239.3 |  | 47.3 |  | 286.6 |  |  |
Depreciation and Amortization | 171.9 |  | 58.6 |  | 230.5 |  |  |
Taxes Other than Income Taxes | 57.4 |  | 10.7 |  | 68.1 |  |  |
Other Segment Items (a) | (18.6) |  | 71.3 |  | 52.7 |  |  |
Net Income Attributable to ALLETE | $149.9 |  | $16.3 |  | $166.2 | $23.1 |  | $189.3 |
Other Segment Information: |  |  |  |  |
Depreciation and Amortization | $171.9 |  | $58.6 |  | $230.5 |  | $11.7 |  | $242.2 |
Interest Expense | $(58.1) | $(2.3) | $(60.4) | $(14.8) | $(75.2)
Equity Earnings | $19.3 |  | — |  | $19.3 |  | $(0.6) | $18.7 |
Income Tax Benefit | $10.4 |  | $15.4 |  | $25.8 |  | $5.4 |  | $31.2 |
Assets | $4,291.4 |  | $1,873.3 |  | $6,164.7 |  | $680.9 |  | $6,845.6 |
Equity Investment | $165.4 |  | — |  | $165.4 |  | $157.3 |  | $322.7 |
Capital Expenditures | $158.3 |  | $2.2 | $160.5 |  | $47.6 |  | $208.1 |
(a) Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax benefit for Regulated Operations, and income tax benefit and net loss attributable to non-controlling interest for ALLETE Clean Energy.

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