阿里特 2025年季度报告

Commission File Number1-3548 Large Accelerated Filer☒Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ DefinitionsForward-Looking StatementsFinancial Information Note 6. Commitments, Guarantees and ContingenciesNote 7. Earnings Per Share and Common Stock Cross-State Air Pollution RuleDiamond SpringALLETE Clean Energy’s Diamond Spring Wind Energy Facility •pricing, availability and transportation of fuel and other commodities and the ability to recover the costs of such commodities;•our current and potential industrial and municipal customers’ ability to execute announced expansion plans; •real estate market conditions where our legacy Florida real estate investment is located may deteriorate;•the success of efforts to realize value from, invest in, and develop new opportunities;•the risk that Alloy Parent or ALLETE may be unable to obtain governmental and regulatory approvals required for the Merger, orthat required governmental and regulatory approvals or agreements with other parties interested therein may delay the Merger,may subject the Merger to or impose adverse conditions or costs, or may cause the parties to abandon the Merger;•the timing and costs incurred to consummate the Merger; ALLETE, Inc. First Quarter 2025 Form 10-Q5 •the announcement and pendency of the Merger, during which ALLETE is subject to certain operating restrictions, could have anadverse effect on ALLETE’s businesses, results of operations, financial condition or cash flows.Additional disclosures regarding factors that could cause our results or performance to differ from those anticipated by this report are such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstancesafter the date on which that statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time totime, and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on the businesses of ALLETE or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Readers are urged to carefully review and consider the various disclosures made byALLETE in this Form 10-Q and in other reports filed with the SEC that attempt to identify the risks and uncertainties that may affectALLETE’s business.ALLETE, Inc. First Quarter 2025 Form 10-Q6 ALLETECONSOLIDATED BALANCE SHEETUnauditedMarch 31,2025December 31, Restricted Cash included in Prepayments and Other Cash, Cash Equivalents and Restricted Cash on theConsolidated Statement of Cash Flows$94.4$55.2$40.3Inventories – Net.Inventories are stated at the lower of cost or net realizable value. Inventories in our Regulated Operations segmentare carried at an average cost or first-in, first-out basis.Inventories in our ALLETE Clean Energy segment and Corporate and Other Renewable Energy Facilities Under DevelopmentTotal Inventories – Net (a)Fuel consists primarily of coal inventory at Minnesota Power. Goodwill.The aggregate carrying amount of goodwill was $154.9million as of March31, 2025 ($154.9million as of December31,2024). There have beennochanges to goodwill by reportable segment for the threemonths ended March31,2025. Other Current LiabilitiesMarch 31,2025December 31, rate filing sought a return on equity of10.30percent and a53.00percent equity ratio. On an annualized basis, the requested final rateincrease would have generated approximately $89million in additional revenue. In separate orders dated December19,2023, the MPUC accepted the filing as complete and approved an annual interim rate increase of approximately $64million, net of riderrevenue, beginning January 1, 2024, subject to refund. On May 3, 2024, Minnesota Power entered into a settlement agreement with the Minnesota Department of Commerce, MinnesotaOffice of the Attorney General, Residential Utilities Division, and Large Power Intervenors to settle the retail rate increase request. As first quarter of 2025; interim rates were collected through this period with reserves recorded as necessary. As a result of the settlement, MPUC’s February 2023 and May 2023 rate case orders for the ratemaking treatment of Taconite Harbor and Minnesota Power’sprepaid pension asset. On September 9, 2024, the Court affirmed the MPUC’s Taconite Harbor treatment, but reversed and remanded the treatment of Minnesota Power’s prepaid pension asset back to the MPUC. The Court directed the MPUC to determine the amountof Minnesota Power’s prepaid pension asset to be included in rate base. The MPUC has not yet determined the next procedural steps in S