Exhibit 10(m) PURCHASE AND SALE AGREEMENT Dated as of December 22, 2000Purchase and Sale Agreement • February 6th, 2001 • Allete • Electric & other services combined • Indiana
For the Year Ended December 31 2000 1999 1998 1997 1996 ----------------------- ------------------------------------------------------------------------------- ---------------------- Millions Except Ratios Income from Continuing Operations Per...Allete • February 6th, 2001 • Electric & other services combined
The supplemental ratio of earnings to fixed charges includes Minnesota Power's obligation under a contract with Square Butte which extends through 2026, pursuant to which Minnesota Power is entitled to approximately 71% of the output of a 455-megawatt coal-fired generating unit (Unit). Minnesota Power is obligated to pay its pro rata share of Square Butte's costs based on Unit output entitlement. Minnesota Power's payment obligation is suspended if Square Butte fails to deliver any power, whether produced or purchased, for a period of one year. Square Butte's fixed costs consist primarily of debt service. Variable operating costs include the price of coal purchased from BNI Coal under a long-term contract. (See Note 14.)
