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February 2023
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Document and Entity Information Document - USD ($) | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 | Feb. 01, 2023 | Jun. 30, 2022 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-3548 | ||
Entity Registrant Name | ALLETE, Inc. | ||
Entity Incorporation, State | MN | ||
Entity Tax Identification Number | 41-0418150 | ||
Entity Address, Address Line | 30 West Superior Street | ||
Entity Address, City | Duluth | ||
Entity Address, State | MN | ||
Entity Address, Postal Zip Code | 55802-2093 | ||
City Area Code | 218 | ||
Local Phone Number | 279-5000 | ||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | ALE | ||
Security Exchange Name | NYSE | ||
Entity Central Index Key | 0000066756 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,349,606,300 | ||
Entity Common Stock, Shares Outstanding | 57,252,864 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Allete Inc.
Allete Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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The mortality assumptions used to calculate our pension and other postretirement benefit obligations as of December 31, 2022, considered a modified PRI-2012 mortality table and MP-2021 mortality projection scale.
Cash provided by operating activities in 2022 reflected higher payments for inventories, net of customer deposits received, compared to 2021 primarily related to ALLETE Clean Energy's Northern Wind and Red Barn projects.
Net Loss Attributable to Non-Controlling Interest increased $22.6 million from 2021 reflecting net losses attributable to non-controlling interest for the Caddo wind energy facility as well as higher net losses attributable to non-controlling interests for the Glen Ullin and Diamond Spring wind energy facilities resulting from higher wind resources and a higher PTC value in 2022 compared to 2021.
Significant changes in assumptions regarding future federal and state taxable income or a change in tax rates could require new or increased valuation allowances which could result in a material impact on our results of operations.
These increases were partially offset by transaction costs of $2.7 million after-tax related to the acquisition of New Energy, and higher other expenses compared to 2021.
These increases were partially offset...Read more
The fair value of the...Read more
Based on the variable rate...Read more
We entered into a distribution...Read more
Cost of Sales - Non-utility...Read more
Any forecast contains a degree...Read more
The annual effective rate can...Read more
ALLETE expects its businesses to...Read more
These decreases were partially offset...Read more
Cash used for investing activities...Read more
Cash used for investing activities...Read more
Proceeds from a bulk sale...Read more
Regulated Operations Operating Revenue -...Read more
The land has an estimated...Read more
Taxes Other Than Income Taxes...Read more
COMMODITY PRICE RISK Our regulated...Read more
Keeping the cost of energy...Read more
If future recovery or refund...Read more
POWER MARKETING Minnesota Power's power...Read more
This new link, open to...Read more
Non-cash amortization to revenue recognized...Read more
Minnesota Power also recorded additional...Read more
Minnesota Power also recorded additional...Read more
ALLETE Clean Energy will continue...Read more
Net income in 2021 also...Read more
Sales to industrial customers decreased...Read more
Sales to residential and commercial...Read more
These decreases were partially offset...Read more
Conservation improvement program recoveries increased...Read more
In orders dated December 30,...Read more
In 2022, BNI Energy sold...Read more
The law utilizes renewable energy...Read more
In January 2022, Minnesota Power...Read more
Tax positions that do not...Read more
Operating Expenses increased $5.5 million...Read more
Operating Revenue increased $31.4 million,...Read more
Gas sales at SWL&P increased...Read more
Net income in 2022 included...Read more
In addition, current and potential...Read more
Taxes Other than Income Taxes...Read more
ALLETE also has tax credits...Read more
On February 3, 2023, our...Read more
Readers are cautioned that forward-looking...Read more
Cash provided by financing activities...Read more
Determining the fair value of...Read more
We account for our pension...Read more
Net proceeds of approximately $224...Read more
Upon commencement of final rates,...Read more
As of December 31, 2022,...Read more
Depreciation and Amortization expense increased...Read more
Other Income increased $10.5 million...Read more
These standards require the use...Read more
We also expect that our...Read more
Corporate and Other is comprised...Read more
On an annualized basis, the...Read more
On an annualized basis, the...Read more
Depreciation and Amortization expense increased...Read more
ALLETE, Inc. 2022 Form 10-K...Read more
In response to these market...Read more
New Energy adds value through...Read more
The Company has a long-term...Read more
Minnesota Power's taconite customers are...Read more
South Shore Energy's portion of...Read more
Additional working capital, if and...Read more
These decreases were partially offset...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Allete Inc provided additional information to their SEC Filing as exhibits
Ticker: ALE
CIK: 66756
Form Type: 10-K Annual Report
Accession Number: 0000066756-23-000005
Submitted to the SEC: Wed Feb 15 2023 6:08:58 PM EST
Accepted by the SEC: Thu Feb 16 2023
Period: Saturday, December 31, 2022
Industry: Electric And Other Services Combined