Investment in ATC

12 Months Ended

Dec. 31, 2013

Investment in ATC [Abstract]

Investment in ATC [Text Block]

INVESTMENT IN ATC

Investment in ATC. Our wholly-owned subsidiary, Rainy River Energy, owns approximately 8 percent of ATC, a Wisconsin-based utility that owns and maintains electric transmission assets in parts of Wisconsin, Michigan, Minnesota, and Illinois. ATC rates are FERC-approved and are based on a 12.2 percent return on common equity dedicated to utility plant. We account for our investment in ATC under the equity method of accounting. As of December 31, 2013, our equity investment in ATC was $114.6 million ($107.3 million at December 31, 2012). On January 30, 2014, we invested an additional $1.2 million in ATC. In total, we expect to invest approximately $5.8 million throughout 2014.

ALLETE’s Investment in ATC
Year Ended December 31	2013			2012
Millions
Equity Investment Beginning Balance		$107.3			$98.9
Cash Investments	3.1			4.7
Equity in ATC Earnings	20.3			19.4
Distributed ATC Earnings	(16.1		)	(15.7		)
Equity Investment Ending Balance		$114.6			$107.3

NOTE 6. INVESTMENT IN ATC (Continued)

ATC Summarized Financial Data
Balance Sheet Data
As of December 31	2013		2012
Millions
Current Assets		$80.7		$63.1
Non-Current Assets	3,509.5		3,274.7
Total Assets		$3,590.2		$3,337.8
Current Liabilities		$381.4		$251.5
Long-Term Debt	1,550.0		1,550.0
Other Non-Current Liabilities	126.2		95.8
Members’ Equity	1,532.6		1,440.5
Total Liabilities and Members’ Equity		$3,590.2		$3,337.8

Income Statement Data
Year Ended December 31	2013		2012		2011
Millions
Revenue		$626.3		$603.2		$567.2
Operating Expense	295.1		281.0		261.6
Other Expense	83.6		84.8		81.7
Net Income		$247.6		$237.4		$223.9
ALLETE’s Equity in Net Income		$20.3		$19.4		$18.4