EQUITY INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

We account for our investment in ATC under the equity method of accounting.

ALLETE’s Investment in ATC
Millions
Equity Investment Balance as of December 31, 2023	$179.7
Cash Investments	3.9
Equity in ATC Earnings	11.7
Distributed ATC Earnings	(9.2)
Amortization of the Remeasurement of Deferred Income Taxes	0.6
Equity Investment Balance as of June 30, 2024	$186.7

We account for our investment in Nobles 2 under the equity method of accounting.

ALLETE’s Investment in Nobles 2
Millions
Equity Investment Balance as of December 31, 2023	$151.5
Equity in Nobles 2 Earnings (a)	(0.3)
Distributed Nobles 2 Earnings	(1.9)
Equity Investment Balance as of June 30, 2024	$149.3

(a)The Company also recorded earnings from net loss attributable to non-controlling interest of $6.4 million related to its investment in Nobles 2.