ALLETE is a regulated electric utility holding company based in the upper Midwest. Its core business is Minnesota Power, a regulated utility serving roughly 150,000 retail customers and 14 municipal wholesale customers in northeastern Minnesota. Minnesota Power is unusual among utilities in that industrial customers — primarily taconite (iron ore) mining operations — account for 56% of total regulated utility kWh sales. Six taconite facilities in Minnesota Power's territory produce roughly 80% of U.S. iron ore pellets, making Minnesota Power's revenues meaningfully tied to U.S. steel demand. ALLETE also owns Superior Water, Light and Power, a smaller regulated utility in Wisconsin serving electric, natural gas, and water customers. Like most regulated utilities, Minnesota Power earns a return on its rate base, with the Minnesota Public Utilities Commission setting an allowed return on equity of 9.78%. Revenue is relatively stable, supported by fuel adjustment clauses, cost recovery riders, and minimum monthly demand charges from large industrial customers. Beyond regulated utilities, ALLETE operates ALLETE Clean Energy, which owns over 1,600 MW of wind facilities across eight states, selling power under long-term agreements and occasionally developing and selling wind projects. ALLETE's growth plan centers on a $4.3B five-year capital investment program through 2028, focused on renewable generation, transmission upgrades, and coal plant retirements, targeting a rate base CAGR of roughly 14% and 5%-7% annual EPS growth starting in 2025.