BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS

BUSINESS SEGMENTS

We present two reportable segments: Regulated Operations and ALLETE Clean Energy. We measure performance of our operations through budgeting and monitoring of contributions to consolidated net income by each business 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. We also present Corporate and Other which includes New Energy, a renewable energy development company, BNI Energy, our coal mining operations in North Dakota, 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.

NOTE 10. BUSINESS SEGMENTS (Continued)

	Quarter Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Millions
Operating Revenue
Regulated Operations
Residential	$37.1	$36.0	$88.6	$85.4
Commercial	43.8	44.0	93.5	91.7
Municipal	7.4	7.6	16.4	16.5
Industrial	146.8	140.2	306.3	285.1
Other Power Suppliers	30.4	36.3	70.4	72.2
Other	14.3	28.1	42.9	53.9
Total Regulated Operations	279.8	292.2	618.1	604.8
ALLETE Clean Energy
Long-term PSA	14.5	13.2	32.3	31.6
Sale of Wind Energy Facilities	—	166.6	—	348.4
Other	1.2	1.3	2.5	2.6
Total ALLETE Clean Energy	15.7	181.1	34.8	382.6
Corporate and Other
Long-term Contract	27.3	23.9	52.7	49.4
Sale of Renewable Development Projects	25.6	32.6	39.5	52.4
Other	6.1	3.6	12.7	9.1
Total Corporate and Other	59.0	60.1	104.9	110.9
Total Operating Revenue	$354.5	$533.4	$757.8	$1,098.3
Net Income (Loss) Attributable to ALLETE
Regulated Operations	$33.7	$37.8	$77.9	$78.4
ALLETE Clean Energy	2.4	3.1	6.2	11.6
Corporate and Other	(3.1)	10.6	(0.4)	19.7
Total Net Income Attributable to ALLETE	$33.0	$51.5	$83.7	$109.7

	June 30, 2024	December 31, 2023
Millions
Assets
Regulated Operations	$4,404.2	$4,335.0
ALLETE Clean Energy	1,577.7	1,594.1
Corporate and Other	679.4	727.3
Total Assets	$6,661.3	$6,656.4