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v3.25.2

BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Business Segments |
| Quarter Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 | 2024 |  | 2025 | 2024
Millions |  |  |  |  |
Operating Revenue |  |  |  |  |
Regulated Operations |  |  |  |  |
Residential | $40.0 |  | $37.1 |  |  | $96.4 |  | $88.6 |
Commercial | 45.3 |  | 43.8 |  |  | 97.0 |  | 93.5 |
Municipal | 8.2 |  | 7.4 |  |  | 17.8 |  | 16.4 |
Industrial | 137.2 |  | 146.8 |  |  | 277.1 |  | 306.3 |
Other Power Suppliers | 47.3 |  | 30.4 |  |  | 94.4 |  | 70.4 |
Other | 27.1 |  | 14.3 |  |  | 55.2 |  | 42.9 |
Total Regulated Operations | 305.1 |  | 279.8 |  |  | 637.9 |  | 618.1 |
ALLETE Clean Energy |  |  |  |  |
Long-term PSA | 13.9 |  | 14.5 |  |  | 28.9 |  | 32.3 |
Other | 1.4 |  | 1.2 |  |  | 2.9 |  | 2.5 |
Total ALLETE Clean Energy | 15.3 |  | 15.7 |  |  | 31.8 |  | 34.8 |
New Energy |  |  |  |  |
Sale of Renewable Development Projects | 10.0 |  | 25.6 |  |  | 28.2 |  | 39.5 |
Other | 4.6 |  | 2.8 |  |  | 7.8 |  | 5.9 |
Total New Energy | 14.6 |  | 28.4 |  |  | 36.0 |  | 45.4 |
Corporate and Other |  |  |  |  |
Long-term Contract | 22.4 |  | 27.3 |  |  | 48.5 |  | 52.7 |
Other | 2.9 |  | 3.3 |  |  | 6.3 |  | 6.8 |
Total Corporate and Other | 25.3 |  | 30.6 |  |  | 54.8 |  | 59.5 |
Total Operating Revenue | $360.3 |  | $354.5 |  |  | $760.5 |  | $757.8 |
Net Income (Loss) Attributable to ALLETE |  |  |  |  |
Regulated Operations | $23.0 |  | $33.7 |  |  | $61.4 |  | $77.9 |
ALLETE Clean Energy | 0.9 |  | 2.4 |  |  | 8.3 |  | 6.2 |
New Energy | 4.7 |  | 7.7 |  |  | 13.9 |  | 11.7 |
Corporate and Other | 3.3 |  | (10.8) |  |  | 4.4 |  | (12.1) |
Total Net Income Attributable to ALLETE | $31.9 |  | $33.0 |  |  | $88.0 |  | $83.7 |
NOTE 10. BUSINESS SEGMENTS (Continued)
Quarter Ended June 30, 2025 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $305.1 | — | — | $305.1 | — | $305.1
Contracts with Customers – Non-utility | — | $13.9 | $14.6 | 28.5 | $25.3 | 53.8
Other – Non-utility | — | 1.4 | — | 1.4 | — | 1.4
Total Operating Revenue | 305.1 | 15.3 | 14.6 | 335.0 | 25.3 | 360.3
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 114.1 | — | — | 114.1 |  |
Transmission Services – Utility | 19.3 | — | — | 19.3 |  |
Cost of Sales – Non-utility | — | — | 8.3 | 8.3 |  |
Operating and Maintenance | 68.6 | 13.8 | 6.9 | 89.3 |  |
Depreciation and Amortization | 54.1 | 14.6 | 0.4 | 69.1 |  |
Taxes Other than Income Taxes | 12.3 | 2.8 | — | 15.1 |  |
Other Segment Items (a) | (13.7) | 16.8 | 5.7 | 8.8 |  |
Net Income Attributable to ALLETE | $23.0 | $0.9 | $4.7 | $28.6 | $3.3 | $31.9
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $54.1 | $14.6 | $0.4 | $69.1 | $4.1 | $73.2
Interest Expense | $(17.4) | — | $(0.9) | $(18.3) | $(4.8) | $(23.1)
Equity Earnings | $6.4 | — | — | $6.4 | $(0.5) | $5.9
Income Tax Expense (Benefit) | $5.2 | $(1.7) | $0.9 | $4.4 | $(5.0) | $(0.6)
Assets | $4,633.4 | $1,456.8 | $377.0 | $6,467.2 | $446.0 | $6,913.2
Equity Investment | $206.9 | — | — | $206.9 | $143.6 | $350.5
Capital Expenditures | $117.5 | $2.1 | $8.7 | $128.3 | $2.2 | $130.5
Quarter Ended June 30, 2024 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $279.8 | — | — | $279.8 | — | $279.8
Contracts with Customers – Non-utility | — | $14.5 | $28.4 | 42.9 | $30.6 | 73.5
Other – Non-utility | — | 1.2 | — | 1.2 | — | 1.2
Total Operating Revenue | 279.8 | 15.7 | 28.4 | 323.9 | 30.6 | 354.5
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 108.0 | — | — | 108.0 |  |
Transmission Services – Utility | 1.6 | — | — | 1.6 |  |
Cost of Sales – Non-utility | — | — | 11.3 | 11.3 |  |
Operating and Maintenance | 66.7 | 11.7 | 5.9 | 84.3 |  |
Depreciation and Amortization | 46.8 | 14.7 | 0.5 | 62.0 |  |
Taxes Other than Income Taxes | 13.7 | 1.9 | — | 15.6 |  |
Other Segment Items (a) | (9.3) | 15.0 | (3.0) | 2.7 |  |
Net Income Attributable to ALLETE | $33.7 | $2.4 | $7.7 | $43.8 | $(10.8) | $33.0
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $46.8 | $14.7 | $0.5 | $62.0 | $4.0 | $66.0
Interest Expense | $(16.3) | $(0.1) | $(0.5) | $(16.9) | $(3.2) | $(20.1)
Equity Earnings | $6.0 | — | — | $6.0 | $(0.1) | $5.9
Income Tax Expense (Benefit) | $3.8 | $(3.0) | $2.1 | $2.9 | $(1.5) | $1.4
Assets | $4,404.2 | $1,577.7 | $306.2 | $6,288.1 | $373.2 | $6,661.3
Equity Investment | $186.7 | — | — | $186.7 | $149.3 | $336.0
Capital Expenditures | $80.5 | $1.4 | $5.1 | $87.0 | $4.9 | $91.9
(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. NOTE 10. BUSINESS SEGMENTS (Continued)
Six Months Ended June 30, 2025 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $637.9 |  | — |  | — |  | $637.9 |  | — |  | $637.9 |
Contracts with Customers – Non-utility | — |  | $28.9 |  | $36.0 |  | 64.9 |  | $54.8 |  | 119.7 |
Other – Non-utility | — |  | 2.9 |  | — |  | 2.9 |  | — |  | 2.9 |
Total Operating Revenue | 637.9 |  | 31.8 |  | 36.0 |  | 705.7 |  | 54.8 |  | 760.5 |
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 237.4 |  | — |  | — |  | 237.4 |  |  |
Transmission Services – Utility | 38.3 |  | — |  | — |  | 38.3 |  |  |
Cost of Sales – Non-utility | — |  | — |  | 13.6 |  | 13.6 |  |  |
Operating and Maintenance | 137.3 |  | 27.7 |  | 12.2 |  | 177.2 |  |  |
Depreciation and Amortization | 104.8 |  | 29.0 |  | 1.1 |  | 134.9 |  |  |
Taxes Other than Income Taxes | 26.6 |  | 5.5 |  | — |  | 32.1 |  |  |
Other Segment Items (a) | (32.1) |  | 38.7 |  | 4.8 |  | 11.4 |  |  |
Net Income Attributable to ALLETE | $61.4 |  | $8.3 |  | $13.9 |  | $83.6 | $4.4 | $88.0 |
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $104.8 |  | $29.0 |  | $1.1 |  | $134.9 |  | $8.0 |  | $142.9 |
Interest Expense | $(34.5) | — | $(1.6) | $(36.1) | $(8.4) | $(44.5)
Equity Earnings | $12.9 |  | — |  | — |  | $12.9 |  | $(1.0) | $11.9 |
Income Tax Expense (Benefit) | $15.4 | $(5.2) | $1.0 | $11.2 |  | $(4.3) | $6.9
Assets | $4,633.4 |  | $1,456.8 |  | $377.0 |  | $6,467.2 |  | $446.0 |  | $6,913.2 |
Equity Investment | $206.9 |  | — |  | — |  | $206.9 |  | $143.6 |  | $350.5 |
Capital Expenditures | $251.8 |  | $4.2 |  | $16.1 |  | $272.1 |  | $3.6 |  | $275.7 |
Six Months Ended June 30, 2024 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $618.1 |  | — |  | — |  | $618.1 |  | — |  | $618.1 |
Contracts with Customers – Non-utility | — |  | $32.3 |  | $45.4 |  | 77.7 |  | $59.5 |  | 137.2 |
Other – Non-utility | — |  | 2.5 |  | — |  | 2.5 |  | — |  | 2.5 |
Total Operating Revenue | 618.1 |  | 34.8 |  | 45.4 |  | 698.3 |  | 59.5 |  | 757.8 |
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 241.7 |  | — |  | — |  | 241.7 |  |  |
Transmission Services – Utility | 24.3 |  | — |  | — |  | 24.3 |  |  |
Cost of Sales – Non-utility | — |  | — |  | 17.0 |  | 17.0 |  |  |
Operating and Maintenance | 133.5 |  | 25.2 |  | 12.4 |  | 171.1 |  |  |
Depreciation and Amortization | 93.2 |  | 28.8 |  | 1.0 |  | 123.0 |  |  |
Taxes Other than Income Taxes | 29.4 |  | 4.5 |  | — |  | 33.9 |  |  |
Other Segment Items (a) | (18.1) |  | 29.9 |  | (3.3) |  | 8.5 |  |  |
Net Income Attributable to ALLETE | $77.9 |  | $6.2 |  | $11.7 |  | $95.8 | $(12.1) | $83.7 |
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $93.2 |  | $28.8 |  | $1.0 |  | $123.0 |  | $8.0 |  | $131.0 |
Interest Expense | $(32.3) | $(0.2) | $(2.3) | $(34.8) | $(5.7) | $(40.5)
Equity Earnings | $11.7 |  | — |  | — |  | $11.7 |  | $(0.3) | $11.4 |
Income Tax Expense (Benefit) | $8.7 | $(8.5) | $3.6 |  | $3.8 |  | $1.6 |  | $5.4 |
Assets | $4,404.2 |  | $1,577.7 |  | $306.2 |  | $6,288.1 |  | $373.2 |  | $6,661.3 |
Equity Investment | $186.7 |  | — |  | — |  | $186.7 |  | $149.3 |  | $336.0 |
Capital Expenditures | $130.0 |  | $1.6 | $5.1 |  | $136.7 |  | $7.0 |  | $143.7 |
(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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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