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Item 7.01	Regulation FD Disclosure

•	Additional cost recovery rider revenue from the Great Northern Transmission Line capital investments, with Minnesota Power’s portion of anticipated expenditures estimated at approximately $127 million in 2019.

•	2019 industrial sales of approximately 7.0 million to 7.5 million megawatt-hours (MWh), which reflects anticipated production from our taconite customers of approximately 39 million tons in 2019.

•	Lower revenue due to an expiring municipal customer contract in mid-2019, and the temporary shutdown of an industrial customer.

•	Decrease in operating and maintenance expense from 2018 of approximately 10 percent due to expense management efforts.

•	Additional investments in the American Transmission Company LLC of approximately $9 million.

•	An effective income tax benefit of approximately 10 percent for our Regulated Operations primarily due to production tax credits (PTCs).

•	2019 guidance assumes that we will achieve reasonable outcomes in regulatory proceedings.

•	Minnesota Power anticipates filing a rate case in the fourth quarter of 2019 with a 2020 test year.

•	ALLETE Clean Energy expects approximately 1.5 million MWh (1.2 million MWh in 2018) in total wind generation.

•	Lower revenue due to the 2018 sale of a wind energy facility to Montana-Dakota Utilities Co., and the renewal of wind energy facility power sales agreements at lower prices.

•	Expected investments of approximately $22 million in 2019 to requalify wind turbine generators (WTGs) at ALLETE Clean Energy's Storm Lake I, Storm Lake II, Lake Benton, and Condon facilities. PTCs related to these WTG projects are estimated to be approximately $14 million in 2019, $17 million in 2020, $17 million to $22 million in 2021 through 2027, and decreasing thereafter through 2030.

•	Higher depreciation and operating expenses compared to 2018.

•	Glen Ullin and South Peak wind projects’ commercial operation dates anticipated in the fourth quarter of 2019.

•	Guidance does not include the impact, if any, of possible acquisitions of renewable energy facilities, additional construction and sale projects, and requalification projects other than those previously disclosed.

•	Similar results at BNI Energy, Inc. and ALLETE Properties, LLC.

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•	our ability to successfully implement our strategic objectives;

•	global and domestic economic conditions affecting us or our customers;

•	changes in and compliance with laws and regulations;

•	changes in tax rates or policies, or in rates of inflation;

•	the outcome of legal and administrative proceedings (whether civil or criminal) and settlements;

•	weather conditions, natural disasters and pandemic diseases;

•	our ability to access capital markets and bank financing;

•	changes in interest rates and the performance of the financial markets;

•	project delays or changes in project costs;

•	changes in operating expenses and capital expenditures, and our ability to raise revenues from our customers in regulated rates or sales price increases at our Energy Infrastructure and Related Services businesses;

•	the impacts of commodity prices on ALLETE and our customers;

•	our ability to attract and retain qualified, skilled and experienced personnel;

•	effects of emerging technology;

•	war, acts of terrorism and cybersecurity attacks;

•	our ability to manage expansion and integrate acquisitions;

•	population growth rates and demographic patterns;

•	wholesale power market conditions;

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federal and state regulatory and legislative actions that impact regulated utility economics, including our allowed rates of return, capital structure, ability to secure financing, industry and rate structure, acquisition and disposal of assets and facilities, operation and construction of plant facilities and utility infrastructure, recovery of purchased power, capital investments and other expenses, including present or prospective environmental matters;

•	effects of competition, including competition for retail and wholesale customers;

•	effects of restructuring initiatives in the electric industry;

•	the impacts on our Regulated Operations segment of climate change and future regulation to restrict the emissions of GHG;

•	effects of increased deployment of distributed low-carbon electricity generation resources;

•	the impacts of laws and regulations related to renewable and distributed generation;

•	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 not improve;

•	the success of efforts to realize value from, invest in, and develop new opportunities in, our Energy Infrastructure and Related Services businesses;

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factors affecting our Energy Infrastructure and Related Services businesses, including fluctuations in the volume of customer orders, unanticipated cost increases, changes in legislation and regulations impacting the industries in which the customers served operate, the effects of weather, creditworthiness of customers, ability to obtain materials required to perform services, and changing market conditions; and

•	our ability to successfully close the announced sale of U.S. Water Services, Inc., including the satisfaction of certain closing conditions, which cannot be assured to be completed.

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