<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 PERIOD ENDED SEPTEMBER 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <RESTATED> <MULTIPLIER> 1,000,000 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <BOOK-VALUE> PER-BOOK <TOTAL-NET-UTILITY-PLANT> 1,094 <OTHER-PROPERTY-AND-INVEST> 446 <TOTAL-CURRENT-ASSETS> 550 <TOTAL-DEFERRED-CHARGES> 60 <OTHER-ASSETS> 222 <TOTAL-ASSETS> 2,371 <COMMON> 520 <CAPITAL-SURPLUS-PAID-IN> 0 <RETAINED-EARNINGS> 314 <TOTAL-COMMON-STOCKHOLDERS-EQ> 773 <PREFERRED-MANDATORY> 95 <PREFERRED> 12 <LONG-TERM-DEBT-NET> 678 <SHORT-TERM-NOTES> 83 <LONG-TERM-NOTES-PAYABLE> 0 <COMMERCIAL-PAPER-OBLIGATIONS> 0 <LONG-TERM-DEBT-CURRENT-PORT> 4 <PREFERRED-STOCK-CURRENT> 0 <CAPITAL-LEASE-OBLIGATIONS> 0 <LEASES-CURRENT> 0 <OTHER-ITEMS-CAPITAL-AND-LIAB> 665 <TOT-CAPITALIZATION-AND-LIAB> 2,371 <GROSS-OPERATING-REVENUE> 782 <INCOME-TAX-EXPENSE> 38 <OTHER-OPERATING-EXPENSES> 627 <TOTAL-OPERATING-EXPENSES> 677 <OPERATING-INCOME-LOSS> 105 <OTHER-INCOME-NET> 0<F1> <INCOME-BEFORE-INTEREST-EXPEN> 118 <TOTAL-INTEREST-EXPENSE> 51 <NET-INCOME> 67 <PREFERRED-STOCK-DIVIDENDS> 1 <EARNINGS-AVAILABLE-FOR-COMM> 66 <COMMON-STOCK-DIVIDENDS> 48 <TOTAL-INTEREST-ON-BONDS> 0 <CASH-FLOW-OPERATIONS> 143 <EPS-BASIC> 1.04<F2> <EPS-DILUTED> 1.04<F2> <FN> <F1>Includes $5 million of Income from Equity Investments and $5 million of Distributions on Redeemable Preferred Securities of Subsidiary. <F2>On March 2, 1999 Minnesota Power, Inc.'s Common Stock split two-for-one. Financial data schedules filed prior to the effective date have not been restated for this recapitalization. </FN>