<ARTICLE> UT <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MINNESOTA POWER'S CONSOLIDATED BALANCE SHEET, STATEMENT OF INCOME, AND STATEMENT OF CASH FLOW FOR THE PERIODS ENDED DECEMBER 31, 1997 AND 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <RESTATED> <MULTIPLIER> 1,000,000 <PERIOD-TYPE> YEAR YEAR <FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 <PERIOD-START> JAN-01-1997 JAN-01-1996 <PERIOD-END> DEC-31-1997 DEC-31-1996 <BOOK-VALUE> PER-BOOK PER-BOOK <TOTAL-NET-UTILITY-PLANT> 1,106 1,120 <OTHER-PROPERTY-AND-INVEST> 420 404 <TOTAL-CURRENT-ASSETS> 369 332 <TOTAL-DEFERRED-CHARGES> 64 83 <OTHER-ASSETS> 213 207 <TOTAL-ASSETS> 2,172 2,146 <COMMON> 416 394 <CAPITAL-SURPLUS-PAID-IN> 0 0 <RETAINED-EARNINGS> 296 283 <TOTAL-COMMON-STOCKHOLDERS-EQ> 651 611 <PREFERRED-MANDATORY> 75 75 <PREFERRED> 32 32 <LONG-TERM-DEBT-NET> 685 694 <SHORT-TERM-NOTES> 129 156 <LONG-TERM-NOTES-PAYABLE> 0 0 <COMMERCIAL-PAPER-OBLIGATIONS> 0 0 <LONG-TERM-DEBT-CURRENT-PORT> 5 7 <PREFERRED-STOCK-CURRENT> 0 0 <CAPITAL-LEASE-OBLIGATIONS> 0 0 <LEASES-CURRENT> 0 0 <OTHER-ITEMS-CAPITAL-AND-LIAB> 534 505 <TOT-CAPITALIZATION-AND-LIAB> 2,172 2,146 <GROSS-OPERATING-REVENUE> 954 847 <INCOME-TAX-EXPENSE> 47 20 <OTHER-OPERATING-EXPENSES> 774 703 <TOTAL-OPERATING-EXPENSES> 838 765 <OPERATING-INCOME-LOSS> 130 94 <OTHER-INCOME-NET> 9<F1> 7<F2> <INCOME-BEFORE-INTEREST-EXPEN> 142 131 <TOTAL-INTEREST-EXPENSE> 64 62 <NET-INCOME> 78 69 <PREFERRED-STOCK-DIVIDENDS> 2 2 <EARNINGS-AVAILABLE-FOR-COMM> 76 67 <COMMON-STOCK-DIVIDENDS> 63 60 <TOTAL-INTEREST-ON-BONDS> 49 51 <CASH-FLOW-OPERATIONS> 117 77 <EPS-PRIMARY> 2.47 2.28 <EPS-DILUTED> 2.47 2.28 <FN> <F1> Includes $15 million of Income from Equity Investments and $6 million for Distributions on Redeemable Preferred Securities of Subsidiary. <F2> Includes $12 million of Income from Equity Investments and $5 million for Distributions on Redeemable Preferred Securities of Subsidiary. </FN>