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BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
During the first quarter of 2025, management updated our reportable segment presentation to reflect New Energy’s increased contribution to net income attributable to ALLETE. We now present three reportable segments: Regulated Operations, ALLETE Clean Energy and New Energy. Prior period amounts have been revised to conform with the current business segment presentation. We measure performance of our operations through budgeting and monitoring of contributions to net income attributable to ALLETE by each reportable segment.

Regulated Operations includes three operating segments which consist of our regulated utilities, Minnesota Power and SWL&P, as well as our investment in ATC. ALLETE Clean Energy is our business focused on developing, acquiring and operating clean and renewable energy projects. New Energy is a renewable energy company with a primary focus on developing solar and energy storage facilities for external sale and internal ownership while also offering comprehensive operations, maintenance and asset management services. We also present Corporate and Other which includes two operating segments, BNI Energy, our coal mining operations in North Dakota, and ALLETE Properties, our legacy Florida real estate investment, along with our investment in Nobles 2, South Shore Energy, our non-rate regulated, Wisconsin subsidiary developing NTEC, other business development and corporate expenditures, unallocated interest expense, a small amount of non-rate base generation, land holdings in Minnesota, and earnings on cash and investments.

Management has identified that the Chief Operating Decision Maker (CODM) for the Company is not an individual, but rather the Executive Officers of ALLETE. These individuals represent various areas of the Company and provide direction for the allocation of resources. They interact with one another on a regular basis, with more formal meetings quarterly to discuss company strategy. The group is provided with monthly and quarterly financial materials that show net income attributable to ALLETE by segment with variances compared to the budget and prior year. No other measure of segment profit or loss is provided regularly to this group or used to assess performance and allocate resources. The group reviews the segment profit and loss taking into account the Company’s goals and strategy, and provides direction for the allocation of resources.
NOTE 10. BUSINESS SEGMENTS (Continued)

Three Months Ended
March 31,
 20252024
Millions
Operating Revenue
Regulated Operations
Residential$56.4 $51.5 
Commercial51.7 49.7 
Municipal9.6 9.0 
Industrial139.9 159.5 
Other Power Suppliers47.1 40.0 
Other28.1 28.6 
Total Regulated Operations332.8 338.3 
ALLETE Clean Energy
Long-term PSA15.0 17.8 
Other1.5 1.3 
Total ALLETE Clean Energy16.5 19.1 
New Energy
Sale of Renewable Development Projects18.2 13.9 
Other3.2 3.1 
Total New Energy21.4 17.0 
Corporate and Other
Long-term Contract26.1 25.4 
Other3.4 3.5 
Total Corporate and Other29.5 28.9 
Total Operating Revenue$400.2 $403.3 
Net Income (Loss) Attributable to ALLETE
Regulated Operations$38.4 $44.2 
ALLETE Clean Energy7.4 3.8 
New Energy9.2 4.0 
Corporate and Other1.1 (1.3)
Total Net Income Attributable to ALLETE$56.1 $50.7 

March 31,
2025		December 31,
2024
Millions
Assets
Regulated Operations $4,560.2 $4,489.4 
ALLETE Clean Energy 1,464.2 1,477.4 
New Energy351.4 335.7 
Corporate and Other490.5 451.8 
Total Assets $6,866.3 $6,754.3 
NOTE 10. BUSINESS SEGMENTS (Continued)
Three Months Ended March 31, 2025Regulated OperationsALLETE Clean EnergyNew EnergyTotal Reportable SegmentsCorporate and Other / EliminationsConsolidated
Millions  
Contracts with Customers – Utility$332.8 — — $332.8 — $332.8 
Contracts with Customers – Non-utility— $15.0 $21.4 36.4 $29.5 65.9 
Other – Non-utility— 1.5 — 1.5 — 1.5 
Total Operating Revenue332.8 16.5 21.4 370.7 29.5 400.2 
Significant Segment Expenses:
Fuel, Purchased Power and Gas – Utility123.3 — — 123.3 
Transmission Services – Utility19.0 — — 19.0 
Cost of Sales – Non-utility— — 5.3 5.3 
Operating and Maintenance68.7 13.9 5.3 87.9 
Depreciation and Amortization50.7 14.4 0.7 65.8 
Taxes Other than Income Taxes14.3 2.7 — 17.0 
Other Segment Items (a)
(18.4)21.9 (0.9)2.6 
Net Income Attributable to ALLETE$38.4 $7.4 $9.2 $55.0$1.1$56.1 
Other Segment Information:
Depreciation and Amortization$50.7 $14.4 $0.7 $65.8 $3.9 $69.7 
Interest Expense$(17.1)—$(0.7)$(17.8)$(3.6)$(21.4)
Equity Earnings$6.5 — — $6.5 $(0.5)$6.0 
Income Tax Expense (Benefit)$10.2$(3.5)$0.1$6.8 $0.7$7.5
Assets$4,560.2 $1,464.2 $351.4 $6,375.8 $490.5 $6,866.3 
Equity Investment$199.5 — — $199.5 $144.5 $344.0 
Capital Expenditures$134.3 $2.1 $7.4 $143.8 $1.4 $145.2 

Three Months Ended March 31, 2024Regulated OperationsALLETE Clean EnergyNew EnergyTotal Reportable SegmentsCorporate and Other / EliminationsConsolidated
Millions  
Contracts with Customers – Utility$338.3 — — $338.3 — $338.3 
Contracts with Customers – Non-utility— $17.8 $17.0 34.8 $28.9 63.7 
Other – Non-utility— 1.3 — 1.3 — 1.3 
Total Operating Revenue338.3 19.1 17.0 374.4 28.9 403.3 
Significant Segment Expenses:
Fuel, Purchased Power and Gas – Utility133.7 — — 133.7 
Transmission Services – Utility22.7 — — 22.7 
Cost of Sales – Non-utility— — 5.7 5.7 
Operating and Maintenance66.8 13.5 6.5 86.8 
Depreciation and Amortization46.4 14.1 0.5 61.0 
Taxes Other than Income Taxes15.7 2.6 — 18.3 
Other Segment Items (a)
(8.8)14.9 (0.3)5.8 
Net Income Attributable to ALLETE$44.2 $3.8 $4.0 $52.0($1.3)$50.7 
Other Segment Information:
Depreciation and Amortization$46.4 $14.1 $0.5 $61.0 $4.0 $65.0 
Interest Expense$(16.0)$(0.1)$(1.8)$(17.9)$(2.5)$(20.4)
Equity Earnings$5.7 — — $5.7 $(0.2)$5.5 
Income Tax Expense (Benefit)$4.9$(5.5)$1.5$0.9$3.1$4.0
Assets$4,345.1 $1,580.0 $295.9 $6,221.0 $383.6 $6,604.6 
Equity Investment$182.7 — — $182.7 $150.4 $333.1 
Capital Expenditures$49.5 $0.2— $49.7 $2.1 $51.8 
(a)    Other Segment Items consist of interest expense, equity earnings, AFUDC – Equity and income tax expense for Regulated Operations, and interest expense, income tax benefit and net loss attributable to non-controlling interest for ALLETE Clean Energy and New Energy.