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BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Business Segments |
| Quarter Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 | 2024 |  | 2025 | 2024
Millions |  |  |  |  |
Operating Revenue |  |  |  |  |
Regulated Operations |  |  |  |  |
Residential | $43.5 |  | $41.9 |  |  | $139.9 |  | $130.5 |
Commercial | 50.1 |  | 49.5 |  |  | 147.1 |  | 143.0 |
Municipal | 9.4 |  | 9.2 |  |  | 27.2 |  | 25.6 |
Industrial | 143.0 |  | 149.8 |  |  | 420.1 |  | 456.1 |
Other Power Suppliers | 47.2 |  | 32.0 |  |  | 141.6 |  | 102.4 |
Other | 27.0 |  | 28.1 |  |  | 82.2 |  | 71.0 |
Total Regulated Operations | 320.2 |  | 310.5 |  |  | 958.1 |  | 928.6 |
ALLETE Clean Energy |  |  |  |  |
Long-term PSA | 10.8 |  | 9.9 |  |  | 39.7 |  | 42.2 |
Sale of Wind Energy Facilities | — |  | 22.9 |  |  | — |  | 22.9 |
Other | 1.5 |  | 1.3 |  |  | 4.4 |  | 3.8 |
Total ALLETE Clean Energy | 12.3 |  | 34.1 |  |  | 44.1 |  | 68.9 |
New Energy |  |  |  |  |
Sale of Renewable Development Projects | 8.0 |  | 29.2 |  |  | 36.2 |  | 68.7 |
Other | 7.9 |  | 2.6 |  |  | 15.7 |  | 8.5 |
Total New Energy | 15.9 |  | 31.8 |  |  | 51.9 |  | 77.2 |
Corporate and Other |  |  |  |  |
Long-term Contract | 23.8 |  | 26.7 |  |  | 72.3 |  | 79.4 |
Other | 2.8 |  | 4.1 |  |  | 9.1 |  | 10.9 |
Total Corporate and Other | 26.6 |  | 30.8 |  |  | 81.4 |  | 90.3 |
Total Operating Revenue | $375.0 |  | $407.2 |  |  | $1,135.5 |  | $1,165.0 |
Net Income (Loss) Attributable to ALLETE |  |  |  |  |
Regulated Operations | $32.5 |  | $34.0 |  |  | $93.9 |  | $111.9 |
ALLETE Clean Energy | (3.6) |  | 3.9 |  |  | 4.7 |  | 10.1 |
New Energy | 1.3 |  | 11.7 |  |  | 15.2 |  | 23.4 |
Corporate and Other | (3.1) |  | (4.6) |  |  | 1.3 |  | (16.7) |
Total Net Income Attributable to ALLETE | $27.1 |  | $45.0 |  |  | $115.1 |  | $128.7 |
NOTE 10. BUSINESS SEGMENTS (Continued)
Quarter Ended September 30, 2025 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $320.2 | — | — | $320.2 | — | $320.2
Contracts with Customers – Non-utility | — | $10.8 | $15.9 | 26.7 | $26.6 | 53.3
Other – Non-utility | — | 1.5 | — | 1.5 | — | 1.5
Total Operating Revenue | 320.2 | 12.3 | 15.9 | 348.4 | 26.6 | 375.0
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 121.1 | — | — | 121.1 |  |
Transmission Services – Utility | 19.2 | — | — | 19.2 |  |
Cost of Sales – Non-utility | — | — | 8.8 | 8.8 |  |
Operating and Maintenance | 65.1 | 12.9 | 7.0 | 85.0 |  |
Depreciation and Amortization | 53.3 | 14.5 | 0.9 | 68.7 |  |
Taxes Other than Income Taxes | 13.4 | 2.7 | — | 16.1 |  |
Other Segment Income (Expense) Items (a) | (15.6) | 14.2 | 2.1 | 0.7 |  |
Net Income (Loss) Attributable to ALLETE | $32.5 | $(3.6) | $1.3 | $30.2 | $(3.1) | $27.1
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $53.3 | $14.5 | $0.9 | $68.7 | $3.8 | $72.5
Interest Expense | $(17.7) | — | $(1.3) | $(19.0) | $(6.6) | $(25.6)
Equity Earnings | $6.7 | — | — | $6.7 | $(1.1) | $5.6
Income Tax Expense (Benefit) | $7.9 | $(3.3) | $(1.2) | $3.4 | $(1.8) | $1.6
Assets | $4,864.8 | $1,440.8 | $411.7 | $6,717.3 | $435.6 | $7,152.9
Equity Investment | $215.8 | — | — | $215.8 | $141.9 | $357.7
Capital Expenditures | $237.4 | $1.1 | $20.0 | $258.5 | $3.6 | $262.1
Quarter Ended September 30, 2024 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $310.5 | — | — | $310.5 | — | $310.5
Contracts with Customers – Non-utility | — | $32.8 | $31.8 | 64.6 | $30.8 | 95.4
Other – Non-utility | — | 1.3 | — | 1.3 | — | 1.3
Total Operating Revenue | 310.5 | 34.1 | 31.8 | 376.4 | 30.8 | 407.2
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 117.2 | — | — | 117.2 |  |
Transmission Services – Utility | 19.6 | — | — | 19.6 |  |
Cost of Sales – Non-utility | — | 18.3 | 8.3 | 26.6 |  |
Operating and Maintenance | 63.6 | 12.3 | 6.5 | 82.4 |  |
Depreciation and Amortization | 52.2 | 14.4 | 0.5 | 67.1 |  |
Taxes Other than Income Taxes | 12.4 | 2.2 | — | 14.6 |  |
Other Segment Income (Expense) Items (a) | (11.5) | 17.0 | (4.8) | 0.7 |  |
Net Income (Loss) Attributable to ALLETE | $34.0 | $3.9 | $11.7 | $49.6 | $(4.6) | $45.0
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $52.2 | $14.4 | $0.5 | $67.1 | $3.7 | $70.8
Interest Expense | $(16.7) | — | $(1.0) | $(17.7) | $(2.6) | $(20.3)
Equity Earnings | $6.1 | — | — | $6.1 | $(1.0) | $5.1
Income Tax Expense (Benefit) | $5.0 | $(4.8) | $4.2 | $4.4 | $(1.5) | $2.9
Assets | $4,410.3 | $1,581.6 | $333.3 | $6,325.2 | $412.0 | $6,737.2
Equity Investment | $190.3 | — | — | $190.3 | $147.6 | $337.9
Capital Expenditures | $73.8 | $2.7 | $8.2 | $84.7 | $1.1 | $85.8
(a) Other Segment Income 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)
Nine Months Ended September 30, 2025 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $958.1 |  | — |  | — |  | $958.1 |  | — |  | $958.1 |
Contracts with Customers – Non-utility | — |  | $39.7 |  | $51.9 |  | 91.6 |  | $81.4 |  | 173.0 |
Other – Non-utility | — |  | 4.4 |  | — |  | 4.4 |  | — |  | 4.4 |
Total Operating Revenue | 958.1 |  | 44.1 |  | 51.9 |  | 1,054.1 |  | 81.4 |  | 1,135.5 |
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 358.5 |  | — |  | — |  | 358.5 |  |  |
Transmission Services – Utility | 57.5 |  | — |  | — |  | 57.5 |  |  |
Cost of Sales – Non-utility | — |  | — |  | 22.4 |  | 22.4 |  |  |
Operating and Maintenance | 202.4 |  | 40.6 |  | 19.2 |  | 262.2 |  |  |
Depreciation and Amortization | 158.1 |  | 43.5 |  | 2.0 |  | 203.6 |  |  |
Taxes Other than Income Taxes | 40.0 |  | 8.2 |  | — |  | 48.2 |  |  |
Other Segment Income (Expense) Items (a) | (47.7) |  | 52.9 |  | 6.9 |  | 12.1 |  |  |
Net Income Attributable to ALLETE | $93.9 |  | $4.7 |  | $15.2 |  | $113.8 | $1.3 | $115.1 |
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $158.1 |  | $43.5 |  | $2.0 |  | $203.6 |  | $11.8 |  | $215.4 |
Interest Expense | $(52.2) | — | $(2.9) | $(55.1) | $(15.0) | $(70.1)
Equity Earnings | $19.6 |  | — |  | — |  | $19.6 |  | $(2.1) | $17.5 |
Income Tax Expense (Benefit) | $23.3 | $(8.5) | $(0.2) | $14.6 |  | $(6.1) | $8.5
Assets | $4,864.8 |  | $1,440.8 |  | $411.7 |  | $6,717.3 |  | $435.6 |  | $7,152.9 |
Equity Investment | $215.8 |  | — |  | — |  | $215.8 |  | $141.9 |  | $357.7 |
Capital Expenditures | $489.2 |  | $5.3 |  | $36.1 |  | $530.6 |  | $7.2 |  | $537.8 |
Nine Months Ended September 30, 2024 | Regulated Operations | ALLETE Clean Energy | New Energy | Total Reportable Segments | Corporate and Other / Eliminations | Consolidated
Millions |  |  |  |  |  |
Contracts with Customers – Utility | $928.6 |  | — |  | — |  | $928.6 |  | — |  | $928.6 |
Contracts with Customers – Non-utility | — |  | $65.1 |  | $77.2 |  | 142.3 |  | $90.3 |  | 232.6 |
Other – Non-utility | — |  | 3.8 |  | — |  | 3.8 |  | — |  | 3.8 |
Total Operating Revenue | 928.6 |  | 68.9 |  | 77.2 |  | 1,074.7 |  | 90.3 |  | 1,165.0 |
Significant Segment Expenses: |  |  |  |  |  |
Fuel, Purchased Power and Gas – Utility | 358.9 |  | — |  | — |  | 358.9 |  |  |
Transmission Services – Utility | 43.9 |  | — |  | — |  | 43.9 |  |  |
Cost of Sales – Non-utility | — |  | 18.3 |  | 25.3 |  | 43.6 |  |  |
Operating and Maintenance | 197.1 |  | 37.5 |  | 18.9 |  | 253.5 |  |  |
Depreciation and Amortization | 145.4 |  | 43.2 |  | 1.5 |  | 190.1 |  |  |
Taxes Other than Income Taxes | 41.8 |  | 6.7 |  | — |  | 48.5 |  |  |
Other Segment Income (Expense) Items (a) | (29.6) |  | 46.9 |  | (8.1) |  | 9.2 |  |  |
Net Income (Loss) Attributable to ALLETE | $111.9 |  | $10.1 |  | $23.4 |  | $145.4 | $(16.7) | $128.7 |
Other Segment Information: |  |  |  |  |  |
Depreciation and Amortization | $145.4 |  | $43.2 |  | $1.5 |  | $190.1 |  | $11.7 |  | $201.8 |
Interest Expense | $(49.0) | $(0.2) | $(3.3) | $(52.5) | $(8.3) | $(60.8)
Equity Earnings | $17.8 |  | — |  | — |  | $17.8 |  | $(1.3) | $16.5 |
Income Tax Expense (Benefit) | $13.7 | $(13.3) | $7.8 |  | $8.2 |  | $0.1 |  | $8.3 |
Assets | $4,410.3 |  | $1,581.6 |  | $333.3 |  | $6,325.2 |  | $412.0 |  | $6,737.2 |
Equity Investment | $190.3 |  | — |  | — |  | $190.3 |  | $147.6 |  | $337.9 |
Capital Expenditures | $203.8 |  | $4.3 | $13.3 |  | $221.4 |  | $8.1 |  | $229.5 |
(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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