BUSINESS SEGMENTS (Tables)

6 Months Ended

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.