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Item 7.01	Regulation FD Disclosure

•	Increased cost recovery rider revenue due to a full-year impact from the recently completed Bison 4 wind energy project and from the continuation of the Boswell 4 environmental retrofit project;

•	Continued strong sales to Minnesota Power’s current industrial customers. Recently received demand nominations indicate Minnesota Power’s taconite customers expect to operate at full demand levels for the first four months of 2015;

•	The expectation of new industrial electric sales to Magnetation’s recently completed facility, which is anticipated to start operations during the first quarter of 2015 and will consume approximately 20MW of electric load at full production levels;

•	Higher power marketing sales under the Minnkota Power Sales Agreement which commenced on June 1, 2014. Under this agreement, Minnesota Power sells a portion of its output from Square Butte to Minnkota Power;

•	The expectation of minimal electricity sales to the Nashwauk Public Utilities Commission for electric service to Essar Steel Minnesota’s taconite mine and processing facility. The city of Nashwauk is a wholesale customer of Minnesota Power. Essar has indicated it plans to begin operations in the second half of 2015;

•	Higher depreciation and interest expenses primarily related to recent asset additions;

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Higher operating and maintenance expenses primarily due to higher transmission and property tax expense, as well operating costs for the recently placed in service Bison 4 wind energy facility. Operating and maintenance costs are also impacted by higher defined benefit plan expense and general inflationary increases in labor, maintenance and material expenses. Increased transmission expense is largely offset by higher transmission revenue;

•	Minnesota Power anticipates making a decision on the timing of its next general rate case during 2015. For earnings guidance purposes, ALLETE is not including any financial impact from a potential rate case at this time;

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Anticipated earnings growth from ALLETE Clean Energy primarily from wind energy facilities that were acquired during 2014. ALLETE Clean Energy will make a decision in early 2015 on its option to acquire the Armenia Mountain wind energy facility. Until approved by regulators, ALLETE’s 2015 earnings guidance will not include any impact from ALLETE Clean Energy’s recently announced agreement to develop a wind facility for Montana-Dakota Utilities;

•	Earnings per share dilution of 20 cents to 25 cents as a result of equity issuances it has made since the beginning of 2014;

•	An expected effective tax rate of approximately 15%, which is down from 2014 due to production tax credits related to the Bison 4 wind energy facility.

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•	our ability to successfully implement our strategic objectives;

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

•	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;

•	changes in and compliance with laws and regulations;

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

•	effects of restructuring initiatives in the electric industry;

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

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

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

•	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;

•	availability and management of construction materials and skilled construction labor for capital projects;

•	changes in operating expenses and capital expenditures and our ability to recover these costs;

•	pricing, availability and transportation of fuel and other commodities and the ability to recover the costs of such commodities;

•	our ability to replace a mature workforce and retain qualified, skilled and experienced personnel;

•	effects of emerging technology;

•	war, acts of terrorism and cyber attacks;

•	our ability to manage expansion and integrate acquisitions;

•	our current and potential industrial and municipal customers’ ability to execute announced expansion plans;

•	population growth rates and demographic patterns; and

•	zoning and permitting of land held for resale, real estate development or changes in the real estate market.

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