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v3.23.1

Effects of Regulation (Tables) | 12 Months Ended
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Dec. 31, 2022
Regulated Generating Units to be Retired |
Plant |  |  |  |  |  | Net Book Value |  | Accelerated Depreciation Regulatory Asset |  |  |  | Cost of Removal Regulatory Liability |  |  | Projected Retirement Date |  | Current Authorized Recovery Period |  | Annual Depreciation (a)
|  |  |  |  |  | (dollars in millions)
Northeastern Plant, Unit 3 |  |  |  |  |  | $ | 136.3 |  |  | $ | 145.8 |  |  |  |  | $ | 20.2 |  | (b) |  | 2026 |  | (c) |  | $ | 14.9 |
Pirkey Plant |  |  |  |  |  | 35.1 |  |  | 179.5 |  |  |  |  | 39.8 |  |  |  | 2023 |  | (d) |  | 11.7 |
Welsh Plant, Units 1 and 3 |  |  |  |  |  | 416.8 |  |  | 85.6 |  |  |  |  | 58.3 |  | (e) |  | 2028 |  | (f) |  | 37.9 |
(a)Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period. (b)Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with Northeastern Plant, Unit 3, after retirement. (c)Northeastern Plant, Unit 3 is currently being recovered through 2040. (d)Pirkey Plant is currently being recovered through 2032 in the Louisiana jurisdiction and through 2045 in the Arkansas and Texas jurisdictions. (e)Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with Welsh Plant, Units 1 and 3, after retirement. (f)Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions.
Regulatory Assets |
|  | AEP
|  | December 31, |  | Remaining Recovery Period
|  | 2022 |  | 2021 |
Current Regulatory Assets |  | (in millions) |  |
Under-recovered Fuel Costs - earns a return |  | $ | 625.7 |  |  | $ | 409.4 |  |  | 1 year
Under-recovered Fuel Costs - does not earn a return |  | 588.5 |  |  | 183.9 |  |  | 1 year
Unrecovered Winter Storm Fuel Costs - earns a return (a) |  | 95.8 |  |  | 62.7 |  |  | 1 year
Total Current Regulatory Assets |  | $ | 1,310.0 |  |  | $ | 656.0 |  |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Pirkey Plant Accelerated Depreciation |  | $ | 116.5 |  |  | $ | 87.0 |  |  |
Welsh Plant, Units 1 and 3 Accelerated Depreciation |  | 85.6 |  |  | 45.9 |  |  |
Unrecovered Winter Storm Fuel Costs |  | 84.6 |  |  | 367.5 |  |  |
Dolet Hills Power Station Fuel Costs - Louisiana |  | 32.0 |  |  | 30.9 |  |  |
Dolet Hills Power Station Accelerated Depreciation (b) |  | 9.7 |  |  | 72.3 |  |  |
Kentucky Deferred Purchased Power Expenses |  | — |  |  | 47.5 |  |  |
Plant Retirement Costs - Unrecovered Plant, Louisiana |  | — |  |  | 35.2 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 27.2 |  |  | 9.3 |  |  |
Total Regulatory Assets Currently Earning a Return |  | 355.6 |  |  | 695.6 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs |  | 407.1 |  |  | 298.3 |  |  |
2020-2022 Virginia Triennial Under-Earnings |  | 37.9 |  |  | 15.1 |  |  |
Plant Retirement Costs - Asset Retirement Obligation Costs |  | 25.9 |  |  | 25.9 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 55.6 |  |  | 56.0 |  |  |
Total Regulatory Assets Currently Not Earning a Return |  | 526.5 |  |  | 395.3 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 882.1 |  |  | 1,090.9 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Plant Retirement Costs - Unrecovered Plant (c) |  | 689.9 |  |  | 715.4 |  |  | 24 years
Long-term Under-recovered Fuel Costs - Oklahoma |  | 252.7 |  |  | — |  |  | 2 years
Long-term Under-recovered Fuel Costs - Virginia |  | 223.3 |  |  | — |  |  | 2 years
Unrecovered Winter Storm Fuel Costs (d) |  | 148.6 |  |  | 679.3 |  |  | 5 years
Plant Retirement Costs - Asset Retirement Obligation Costs |  | 110.6 |  |  | 110.2 |  |  | 20 years
Pirkey Plant Accelerated Depreciation - Louisiana |  | 63.0 |  |  | — |  |  | 10 years
Rockport Plant Dry Sorbent Injection System and Selective Catalytic Reduction |  | 56.6 |  |  | 66.6 |  |  | 6 years
Kentucky Deferred Purchased Power Expenses |  | 53.0 |  |  | — |  |  | 5 years
Plant Retirement Costs - Unrecovered Plant, Dolet Hills Power Station, Louisiana |  | 45.1 |  |  | — |  |  | 10 years
Meter Replacement Costs |  | 34.2 |  |  | 44.9 |  |  | 5 years
Environmental Control Projects |  | 33.9 |  |  | 36.2 |  |  | 18 years
Cook Plant Uprate Project |  | 25.3 |  |  | 27.7 |  |  | 11 years
Ohio Distribution Decoupling |  | 19.5 |  |  | 41.6 |  |  | 2 years
Other Regulatory Assets Approved for Recovery |  | 102.9 |  |  | 119.9 |  |  | various
Total Regulatory Assets Currently Earning a Return |  | 1,858.6 |  |  | 1,841.8 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Pension and OPEB Funded Status |  | 975.4 |  |  | 689.3 |  |  | 12 years
Plant Retirement Costs - Asset Retirement Obligation Costs |  | 308.5 |  |  | 297.9 |  |  | 20 years
Unamortized Loss on Reacquired Debt |  | 104.1 |  |  | 111.6 |  |  | 26 years
Cook Plant Nuclear Refueling Outage Levelization |  | 81.2 |  |  | 32.0 |  |  | 3 years
Fuel and Purchased Power Adjustment Rider |  | 76.3 |  |  | 40.8 |  |  | 2 years
Plant Retirement Costs - Unrecovered Plant, Texas |  | 51.7 |  |  | 51.9 |  |  | 24 years
Peak Demand Reduction/Energy Efficiency |  | 41.7 |  |  | 40.8 |  |  | 4 years
Unrealized Loss on Forward Commitments |  | 40.1 |  |  | 100.8 |  |  | 10 years
Ohio Enhanced Service Reliability Plan |  | 33.3 |  |  | 9.5 |  |  | 2 years
Postemployment Benefits |  | 32.1 |  |  | 32.5 |  |  | 3 years
2017-2019 Virginia Triennial Under-Earnings |  | 30.1 |  |  | — |  |  | 2 years
Vegetation Management |  | 25.8 |  |  | 29.3 |  |  | 3 years
Smart Grid Costs |  | 25.4 |  |  | 19.3 |  |  | 2 years
PJM/SPP Annual Formula Rate True-up |  | 21.8 |  |  | 18.0 |  |  | 2 years
Plant Retirement Costs - Unrecovered Plant, Arkansas |  | 21.1 |  |  | — |  |  | 5 years
Virginia Transmission Rate Adjustment Clause |  | 18.7 |  |  | 37.2 |  |  | 2 years
Storm-Related Costs |  | 11.9 |  |  | 25.4 |  |  | 2 years
Texas Transmission Cost Recovery Factor |  | 3.8 |  |  | 30.6 |  |  | 2 years
Other Regulatory Assets Approved for Recovery |  | 118.3 |  |  | 119.2 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 2,021.3 |  |  | 1,686.1 |  |  |
Total Regulatory Assets Approved for Recovery |  | 3,879.9 |  |  | 3,527.9 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 4,762.0 |  |  | $ | 4,618.8 |  |  |
(a)In 2022, Unrecovered Winter Storm Costs in the Arkansas and Texas jurisdictions were approved for recovery by the APSC and PUCT. As of December 31, 2022, Unrecovered Winter Storm Fuel Costs in the Louisiana jurisdiction are pending final regulatory approval with the LPSC. The current asset balance represents amounts expected to be recovered in the Arkansas, Louisiana and Texas jurisdiction over the next 12 months. See “February 2021 Severe Winter Weather Impacts in SPP” section of SWEPCo Rate Matters in Note 4 for additional information. (b)2022 amount includes the FERC jurisdiction. 2021 amounts include Arkansas, Louisiana and FERC jurisdictions. (c)Northeastern Plant, Unit 3 is approved for recovery through 2040, but expected to retire in 2026. PSO records a regulatory asset for accelerated depreciation. See “Regulated Generating Units to be Retired” section above for additional information. (d)In February 2022, the OCC approved PSO’s securitization of the Unrecovered Winter Storm Fuel Costs. In September 2022, PSO received proceeds of $687 million from the ODFA which issued ratepayer-backed securitization bonds for the purpose of reimbursing PSO for extraordinary fuel costs and purchases of electricity incurred during the February 2021 severe winter weather event, which were previously recorded as Regulatory Assets on PSO’s balance sheet. See “February 2021 Severe Winter Weather Impacts in SPP” section of PSO Rate Matters in Note 4 for additional information.
|  | AEP Texas
|  | December 31, |  | Remaining Recovery Period
Regulatory Assets: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Texas Mobile Generation Lease Payments |  | $ | 17.6 |  |  | $ | — |  |  |
Total Regulatory Assets Currently Earning a Return |  | 17.6 |  |  | — |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs |  | 26.7 |  |  | 22.4 |  |  |
Vegetation Management Program |  | 5.2 |  |  | 5.2 |  |  |
Texas Retail Electric Provider Bad Debt Expense |  | 4.1 |  |  | 4.1 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 13.4 |  |  | 9.5 |  |  |
Total Regulatory Assets Currently Not Earning a Return |  | 49.4 |  |  | 41.2 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 67.0 |  |  | 41.2 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Meter Replacement Costs |  | 16.1 |  |  | 22.7 |  |  | 4 years
Advanced Metering System |  | — |  |  | 10.6 |  |  |
Other Regulatory Assets Approved for Recovery |  | 1.4 |  |  | 2.1 |  |  | various
Total Regulatory Assets Currently Earning a Return |  | 17.5 |  |  | 35.4 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Pension and OPEB Funded Status |  | 173.2 |  |  | 119.0 |  |  | 12 years
Vegetation Management Program |  | 12.1 |  |  | 17.4 |  |  | 3 years
Peak Demand Reduction/Energy Efficiency |  | 11.9 |  |  | 14.5 |  |  | 2 years
Storm-Related Costs |  | 8.5 |  |  | 12.8 |  |  | 2 years
Texas Transmission Cost Recovery Factor |  | 3.8 |  |  | 30.6 |  |  | 2 years
Other Regulatory Assets Approved for Recovery |  | 4.3 |  |  | 4.3 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 213.8 |  |  | 198.6 |  |  |
Total Regulatory Assets Approved for Recovery |  | 231.3 |  |  | 234.0 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 298.3 |  |  | $ | 275.2 |  |  |
|  | AEPTCo
|  | December 31, |  | Remaining Recovery Period
Regulatory Assets: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
PJM/SPP Annual Formula Rate True-up |  | $ | 7.2 |  |  | $ | 8.5 |  |  | 2 years
Total Regulatory Assets Approved for Recovery |  | 7.2 |  |  | 8.5 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 7.2 |  |  | $ | 8.5 |  |  |
|  | APCo
|  | December 31, |  | Remaining Recovery Period
Regulatory Assets: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Current Regulatory Assets |  |  |  |  |  |
Under-recovered Fuel Costs - earns a return |  | $ | 180.7 |  |  | $ | 127.2 |  |  | 1 year
Under-recovered Fuel Costs - does not earn a return |  | 292.4 |  |  | 74.1 |  |  | 1 year
Total Current Regulatory Assets |  | $ | 473.1 |  |  | $ | 201.3 |  |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
COVID-19 - Virginia |  | $ | 7.0 |  |  | $ | 6.8 |  |  |
Total Regulatory Assets Currently Earning a Return |  | 7.0 |  |  | 6.8 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs - West Virginia |  | 72.6 |  |  | 53.7 |  |  |
2020-2022 Virginia Triennial Under-Earnings |  | 37.9 |  |  | 15.1 |  |  |
Plant Retirement Costs - Asset Retirement Obligation Costs |  | 25.9 |  |  | 25.9 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 1.1 |  |  | 3.6 |  |  |
Total Regulatory Assets Currently Not Earning a Return |  | 137.5 |  |  | 98.3 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 144.5 |  |  | 105.1 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Long-term Under-recovered Fuel Costs - Virginia |  | 223.3 |  |  | — |  |  | 2 years
Plant Retirement Costs - Unrecovered Plant |  | 75.6 |  |  | 110.0 |  |  | 21 years
Other Regulatory Assets Approved for Recovery |  | 0.4 |  |  | 0.4 |  |  | various
Total Regulatory Assets Currently Earning a Return |  | 299.3 |  |  | 110.4 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Plant Retirement Costs - Asset Retirement Obligation Costs |  | 303.1 |  |  | 293.1 |  |  | 15 years
Pension and OPEB Funded Status |  | 108.3 |  |  | 62.7 |  |  | 12 years
Unamortized Loss on Reacquired Debt |  | 74.4 |  |  | 78.2 |  |  | 23 years
2017-2019 Virginia Triennial Under-Earnings |  | 30.1 |  |  | — |  |  | 2 years
Virginia Transmission Rate Adjustment Clause |  | 18.7 |  |  | 37.2 |  |  | 2 years
Virginia Clean Economy Act |  | 16.7 |  |  | — |  |  | 2 years
Peak Demand Reduction/Energy Efficiency |  | 15.8 |  |  | 17.8 |  |  | 4 years
Postemployment Benefits |  | 13.7 |  |  | 13.3 |  |  | 3 years
Vegetation Management Program - West Virginia |  | 13.7 |  |  | 11.9 |  |  | 2 years
Environmental Compliance Costs |  | 4.3 |  |  | 13.7 |  |  | 2 years
Other Regulatory Assets Approved for Recovery |  | 16.0 |  |  | 14.2 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 614.8 |  |  | 542.1 |  |  |
Total Regulatory Assets Approved for Recovery |  | 914.1 |  |  | 652.5 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 1,058.6 |  |  | $ | 757.6 |  |  |
|  | I&M
|  | December 31, |  | Remaining Recovery Period
Regulatory Assets: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Current Regulatory Assets |  |  |  |  |  |
Under-recovered Fuel Costs, Michigan - earns a return |  | $ | 9.0 |  |  | $ | 6.4 |  |  | 1 year
Under-recovered Fuel Costs, Indiana - does not earn a return |  | 38.1 |  |  | — |  |  | 1 year
Total Current Regulatory Assets |  | $ | 47.1 |  |  | $ | 6.4 |  |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | $ | 0.1 |  |  | $ | 0.1 |  |  |
Total Regulatory Assets Currently Earning a Return |  | 0.1 |  |  | 0.1 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs - Indiana |  | 21.6 |  |  | — |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 2.0 |  |  | 3.6 |  |  |
Total Regulatory Assets Currently Not Earning a Return |  | 23.6 |  |  | 3.6 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 23.7 |  |  | 3.7 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Plant Retirement Costs - Unrecovered Plant |  | 147.0 |  |  | 170.8 |  |  | 6 years
Rockport Plant Dry Sorbent Injection System and Selective Catalytic Reduction |  | 56.6 |  |  | 66.6 |  |  | 6 years
Cook Plant Uprate Project |  | 25.3 |  |  | 27.7 |  |  | 11 years
Deferred Cook Plant Life Cycle Management Project Costs - Michigan, FERC |  | 12.1 |  |  | 13.1 |  |  | 12 years
Cook Plant Turbine - Indiana |  | 9.0 |  |  | 9.7 |  |  | 16 years
Cook Plant Study Costs |  | 8.7 |  |  | 9.4 |  |  | 13 years
Other Regulatory Assets Approved for Recovery |  | 11.9 |  |  | 6.0 |  |  | various
Total Regulatory Assets Currently Earning a Return |  | 270.6 |  |  | 303.3 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Cook Plant Nuclear Refueling Outage Levelization |  | 81.2 |  |  | 32.0 |  |  | 3 years
Pension and OPEB Funded Status |  | 26.9 |  |  | — |  |  | 12 years
Unamortized Loss on Reacquired Debt |  | 12.9 |  |  | 14.2 |  |  | 26 years
Peak Demand Energy Efficiency |  | 10.3 |  |  | 2.8 |  |  | 2 years
Postemployment Benefits |  | 7.7 |  |  | 9.0 |  |  | 3 years
Storm-Related Costs - Indiana |  | 3.4 |  |  | 12.6 |  |  | 2 years
PJM Costs and Off-system Sales Margin Sharing - Indiana |  | — |  |  | 15.1 |  |  |
Other Regulatory Assets Approved for Recovery |  | 22.9 |  |  | 18.2 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 165.3 |  |  | 103.9 |  |  |
Total Regulatory Assets Approved for Recovery |  | 435.9 |  |  | 407.2 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 459.6 |  |  | $ | 410.9 |  |  |
|  | OPCo
|  | December 31, |  | Remaining Recovery Period
Regulatory Assets: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Current Regulatory Assets |  |  |  |  |  |
Under-recovered Fuel Costs - does not earn a return |  | $ | 3.8 |  |  | $ | — |  |  | 1 year
Total Current Regulatory Assets |  | $ | 3.8 |  |  | $ | — |  |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs |  | $ | 33.8 |  |  | $ | 3.8 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 33.8 |  |  | 3.8 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Ohio Distribution Decoupling |  | 19.5 |  |  | 41.6 |  |  | 2 years
Ohio Basic Transmission Cost Rider |  | 14.3 |  |  | 5.2 |  |  | 2 years
Ohio Economic Development Rider |  | 1.1 |  |  | 10.1 |  |  | 2 years
Total Regulatory Assets Currently Earning a Return |  | 34.9 |  |  | 56.9 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Pension and OPEB Funded Status |  | 142.7 |  |  | 83.3 |  |  | 12 years
Unrealized Loss on Forward Commitments |  | 40.0 |  |  | 92.1 |  |  | 10 years
Ohio Enhanced Service Reliability Plan |  | 33.3 |  |  | 9.5 |  |  | 2 years
Smart Grid Costs |  | 25.4 |  |  | 19.3 |  |  | 2 years
Postemployment Benefits |  | 6.2 |  |  | 6.2 |  |  | 3 years
PJM Load Service Entity Formula Rate True-up |  | — |  |  | 7.5 |  |  |
Other Regulatory Assets Approved for Recovery |  | 11.0 |  |  | 14.4 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 258.6 |  |  | 232.3 |  |  |
Total Regulatory Assets Approved for Recovery |  | 293.5 |  |  | 289.2 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 327.3 |  |  | $ | 293.0 |  |  |
|  | PSO
|  | December 31, |  | Remaining Recovery Period
|  | 2022 |  | 2021 |
Regulatory Assets: |  | (in millions) |  |
Current Regulatory Assets |  |  |  |  |  |
Under-recovered Fuel Costs - earns a return |  | $ | 178.7 |  |  | $ | 194.6 |  |  | 1 year
Total Current Regulatory Assets |  | $ | 178.7 |  |  | $ | 194.6 |  |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs |  | $ | 25.5 |  |  | $ | 13.9 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 0.1 |  |  | 0.3 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 25.6 |  |  | 14.2 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Long-term Under-recovered Fuel Costs - Oklahoma |  | 252.7 |  |  | — |  |  | 2 years
Plant Retirement Costs - Unrecovered Plant (a) |  | 240.6 |  |  | 227.6 |  |  | 24 years
Environmental Control Projects |  | 23.9 |  |  | 25.2 |  |  | 18 years
Meter Replacement Costs |  | 18.1 |  |  | 22.2 |  |  | 5 years
Storm-Related Costs |  | 8.4 |  |  | 17.4 |  |  | 2 years
Unrecovered Winter Storm Fuel Costs |  | — |  |  | 679.3 |  |  | (b)
Other Regulatory Assets Approved for Recovery |  | 9.1 |  |  | 9.8 |  |  | various
Total Regulatory Assets Currently Earning a Return |  | 552.8 |  |  | 981.5 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Pension and OPEB Funded Status |  | 55.2 |  |  | 22.9 |  |  | 12 years
Other Regulatory Assets Approved for Recovery |  | 20.1 |  |  | 18.8 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 75.3 |  |  | 41.7 |  |  |
Total Regulatory Assets Approved for Recovery |  | 628.1 |  |  | 1,023.2 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 653.7 |  |  | $ | 1,037.4 |  |  |
(a)Northeastern Plant, Unit 3 is approved for recovery through 2040, but expected to retire in 2026. PSO records a regulatory asset for accelerated depreciation. See “Regulated Generating Units to be Retired” section above for additional information. (b)In February 2022, the OCC approved PSO’s securitization of the Unrecovered Winter Storm Fuel Costs. In September 2022, PSO received proceeds of $687 million from the ODFA which issued ratepayer-backed securitization bonds for the purpose of reimbursing PSO for extraordinary fuel costs and purchases of electricity incurred during the February 2021 severe winter weather event, which were previously recorded as Regulatory Assets on PSO’s balance sheet. See “February 2021 Severe Winter Weather Impacts in SPP” section of PSO Rate Matters in Note 4 for additional information.
|  | SWEPCo
|  | December 31, |  | Remaining Recovery Period
|  | 2022 |  | 2021 |
Regulatory Assets: |  | (in millions) |  |
Current Regulatory Assets |  |  |  |  |  |
Under-recovered Fuel Costs - earns a return (a) |  | $ | 257.2 |  |  | $ | 81.2 |  |  | 1 year
Unrecovered Winter Storm Fuel Costs - earns a return (b) |  | 95.8 |  |  | 62.7 |  |  | 1 year
Total Current Regulatory Assets |  | $ | 353.0 |  |  | $ | 143.9 |  |  |
Noncurrent Regulatory Assets |  |  |  |  |  |
Regulatory assets pending final regulatory approval: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Pirkey Plant Accelerated Depreciation |  | $ | 116.5 |  |  | $ | 87.0 |  |  |
Welsh Plant, Units 1 and 3 Accelerated Depreciation |  | 85.6 |  |  | 45.9 |  |  |
Unrecovered Winter Storm Fuel Costs (b) |  | 84.6 |  |  | 367.5 |  |  |
Dolet Hills Power Station Fuel Costs - Louisiana |  | 32.0 |  |  | 30.9 |  |  |
Dolet Hills Power Station Accelerated Depreciation (c) |  | 9.7 |  |  | 72.3 |  |  |
Plant Retirement Costs - Unrecovered Plant, Louisiana |  | — |  |  | 35.2 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 2.5 |  |  | 2.4 |  |  |
Total Regulatory Assets Currently Earning a Return |  | 330.9 |  |  | 641.2 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Storm-Related Costs - Louisiana |  | 151.5 |  |  | 148.0 |  |  |
Asset Retirement Obligation - Louisiana |  | 11.8 |  |  | 10.3 |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | 16.0 |  |  | 18.4 |  |  |
Total Regulatory Assets Currently Not Earning a Return |  | 179.3 |  |  | 176.7 |  |  |
Total Regulatory Assets Pending Final Regulatory Approval |  | 510.2 |  |  | 817.9 |  |  |
Regulatory assets approved for recovery: |  |  |  |  |  |
Regulatory Assets Currently Earning a Return |  |  |  |  |  |
Unrecovered Winter Storm Fuel Costs (b) |  | 148.6 |  |  | — |  |  | 5 years
Pirkey Plant Accelerated Depreciation - Louisiana |  | 63.0 |  |  | — |  |  | 10 years
Plant Retirement Costs - Unrecovered Plant, Dolet Hills Power Station - Louisiana |  | 45.1 |  |  | — |  |  | 10 years
Plant Retirement Costs - Unrecovered Plant, Welsh Plant, Unit 2 - Louisiana |  | 35.2 |  |  | — |  |  | 10 years
Plant Retirement Costs - Unrecovered Plant, Arkansas |  | 13.1 |  |  | 13.7 |  |  | 20 years
Environmental Controls Projects |  | 10.0 |  |  | 11.0 |  |  | 10 years
Other Regulatory Assets Approved for Recovery |  | 6.8 |  |  | 5.2 |  |  | various
Total Regulatory Assets Currently Earning a Return |  | 321.8 |  |  | 29.9 |  |  |
Regulatory Assets Currently Not Earning a Return |  |  |  |  |  |
Pension and OPEB Funded Status |  | 96.2 |  |  | 73.8 |  |  | 12 years
Plant Retirement Costs - Unrecovered Plant, Texas |  | 51.7 |  |  | 51.9 |  |  | 24 years
Plant Retirement Costs - Unrecovered Plant, Arkansas |  | 21.1 |  |  | — |  |  | 5 years
Dolet Hills Power Station Fuel Costs - Arkansas |  | 8.9 |  |  | 13.0 |  |  | 4 years
Other Regulatory Assets Approved for Recovery |  | 32.5 |  |  | 18.8 |  |  | various
Total Regulatory Assets Currently Not Earning a Return |  | 210.4 |  |  | 157.5 |  |  |
Total Regulatory Assets Approved for Recovery |  | 532.2 |  |  | 187.4 |  |  |
Total Noncurrent Regulatory Assets |  | $ | 1,042.4 |  |  | $ | 1,005.3 |  |  |
(a)2022 amount includes Arkansas and Texas jurisdictions. 2021 amount includes Arkansas, Louisiana and Texas jurisdictions. (b)In 2022, Unrecovered Winter Storm Costs in the Arkansas and Texas jurisdictions were approved for recovery by the APSC and PUCT. As of December 31, 2022, Unrecovered Winter Storm Fuel Costs in the Louisiana jurisdiction are pending final regulatory approval with the LPSC. The current asset balance represents amounts expected to be recovered in the Arkansas, Louisiana and Texas jurisdiction over the next 12 months. See “February 2021 Severe Winter Weather Impacts in SPP” section of SWEPCo Rate Matters in Note 4 for additional information. (c)2022 amount includes the FERC jurisdiction. 2021 amounts include Arkansas, Louisiana and FERC jurisdictions.
Regulatory Liabilities |
|  | AEP
|  | December 31, |  | Remaining
|  | 2022 |  | 2021 |  | Refund Period
Current Regulatory Liabilities |  | (in millions) |  |
Over-recovered Fuel Costs - pays a return |  | $ | 1.4 |  |  | $ | — |  |  | 1 year
Over-recovered Fuel Costs - does not pay a return |  | — |  |  | 1.5 |  |  |
Total Current Regulatory Liabilities |  | $ | 1.4 |  |  | $ | 1.5 |  |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) |  | $ | 149.7 |  |  | $ | 262.2 |  |  |
Total Regulatory Liabilities Currently Paying a Return |  | 149.7 |  |  | 262.2 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Other Regulatory Liabilities Pending Final Regulatory Determination |  | 4.1 |  |  | 2.3 |  |  |
Total Regulatory Liabilities Currently Not Paying a Return |  | 4.1 |  |  | 2.3 |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 153.8 |  |  | 264.5 |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 3,392.4 |  |  | 3,229.9 |  |  | (b)
Income Taxes, Net (a) |  | 2,504.5 |  |  | 2,792.0 |  |  | (c)
Rockport Plant, Unit 2 Accelerated Depreciation for Leasehold Improvements |  | 53.8 |  |  | 4.2 |  |  | 6 years
Renewable Energy Surcharge - Michigan |  | 23.2 |  |  | 14.9 |  |  | 2 years
Other Regulatory Liabilities Approved for Payment |  | 9.5 |  |  | 16.2 |  |  | various
Total Regulatory Liabilities Currently Paying a Return |  | 5,983.4 |  |  | 6,057.2 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Excess Nuclear Decommissioning Funding |  | 1,318.5 |  |  | 1,939.7 |  |  | (d)
Deferred Investment Tax Credits |  | 237.3 |  |  | 248.5 |  |  | 34 years
OVEC Purchased Power |  | 47.1 |  |  | 14.8 |  |  | 2 years
Spent Nuclear Fuel |  | 45.8 |  |  | 49.5 |  |  | (d)
Unrealized Gain on Forward Commitments |  | 45.2 |  |  | 40.4 |  |  | 2 years
2017-2019 Virginia Triennial Revenue Provision |  | 39.1 |  |  | 41.6 |  |  | 26 years
PJM Costs and Off-system Sales Margin Sharing - Indiana |  | 34.2 |  |  | — |  |  | 2 years
PJM Transmission Enhancement Refund |  | 34.1 |  |  | 45.5 |  |  | 3 years
Over-recovered Fuel Costs - Ohio |  | 32.2 |  |  | 15.2 |  |  | 10 years
Transition and Restoration Charges - Texas |  | 29.4 |  |  | 26.3 |  |  | 7 years
Peak Demand Reduction/Energy Efficiency |  | 28.6 |  |  | 28.6 |  |  | 2 years
Other Regulatory Liabilities Approved for Payment |  | 86.9 |  |  | 62.6 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 1,978.4 |  |  | 2,512.7 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 7,961.8 |  |  | 8,569.9 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 8,115.6 |  |  | $ | 8,834.4 |  |  |
(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (b)Relieved as removal costs are incurred. (c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $277 million and $468 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 6 years. (d)Relieved when plant is decommissioned.
|  | AEP Texas
|  | December 31, |  | Remaining Refund Period
Regulatory Liabilities: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) |  | $ | 13.0 |  |  | $ | 13.0 |  |  |
Total Regulatory Liabilities Currently Paying a Return |  | 13.0 |  |  | 13.0 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Other Regulatory Liabilities Pending Final Regulatory Determination |  | 1.8 |  |  | — |  |  |
Total Regulatory Liabilities Currently Not Paying a Return |  | 1.8 |  |  | — |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 14.8 |  |  | 13.0 |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 766.8 |  |  | 744.7 |  |  | (b)
Income Taxes, Net (a) |  | 431.6 |  |  | 445.3 |  |  | (c)
Other Regulatory Liabilities Approved for Payment |  | 4.3 |  |  | 4.8 |  |  | various
Total Regulatory Liabilities Currently Paying a Return |  | 1,202.7 |  |  | 1,194.8 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Transition and Restoration Charges |  | 29.4 |  |  | 26.3 |  |  | 7 years
Other Regulatory Liabilities Approved for Payment |  | 12.7 |  |  | 7.9 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 42.1 |  |  | 34.2 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 1,244.8 |  |  | 1,229.0 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 1,259.6 |  |  | $ | 1,242.0 |  |  |
(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (b)Relieved as removal costs are incurred. (c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets.
|  | AEPTCo
|  | December 31, |  | Remaining Refund Period
Regulatory Liabilities: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Noncurrent Regulatory Liabilities |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) |  | $ | 8.7 |  |  | $ | 8.7 |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 8.7 |  |  | 8.7 |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 358.8 |  |  | 271.4 |  |  | (b)
Income Taxes, Net (a) |  | 355.8 |  |  | 371.6 |  |  | (c)
Total Regulatory Liabilities Approved for Payment |  | 714.6 |  |  | 643.0 |  |  |
Total Noncurrent Regulatory Liabilities |  | $ | 723.3 |  |  | $ | 651.7 |  |  |
(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (b)Relieved as removal costs are incurred. (c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $16 million and $26 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 6 years.
|  | APCo
|  | December 31, |  | Remaining Refund Period
Regulatory Liabilities: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) |  | $ | 30.5 |  |  | $ | 4.5 |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 30.5 |  |  | 4.5 |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 713.5 |  |  | 703.3 |  |  | (b)
Income Taxes, Net (a) |  | 291.3 |  |  | 432.9 |  |  | (c)
Deferred Investment Tax Credits |  | 0.3 |  |  | 0.3 |  |  | 31 years
Total Regulatory Liabilities Currently Paying a Return |  | 1,005.1 |  |  | 1,136.5 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
2017-2019 Virginia Triennial Revenue Provision |  | 39.1 |  |  | 41.6 |  |  | 26 years
Unrealized Gain on Forward Commitments |  | 34.5 |  |  | 28.2 |  |  | 2 years
Over-recovered Deferred Wind Power Costs - Virginia |  | 13.6 |  |  | 8.4 |  |  | 2 years
PJM Transmission Enhancement Refund |  | 9.8 |  |  | 13.0 |  |  | 3 years
Other Regulatory Liabilities Approved for Payment |  | 11.0 |  |  | 6.6 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 108.0 |  |  | 97.8 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 1,113.1 |  |  | 1,234.3 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 1,143.6 |  |  | $ | 1,238.8 |  |  |
(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (b)Relieved as removal costs are incurred. (c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $19 million and $84 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 6 years.
|  | I&M
|  | December 31, |  | Remaining Refund Period
Regulatory Liabilities: |  | 2022 |  | 2021 |
|  | (in millions) |  |
Current Regulatory Liabilities |  |  |  |  |  |
Over-recovered Fuel Costs, Indiana - does not pay a return |  | $ | — |  |  | $ | 1.5 |  |  |
Total Current Regulatory Liabilities |  | $ | — |  |  | $ | 1.5 |  |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) (b) |  | $ | (87.7) |  |  | $ | — |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | (87.7) |  |  | — |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 170.7 |  |  | 179.7 |  |  | (c)
Income Taxes, Net (a) |  | 168.6 |  |  | 182.6 |  |  | (d)
Renewable Energy Surcharge - Michigan |  | 23.2 |  |  | 14.9 |  |  | 2 years
Other Regulatory Liabilities Approved for Payment |  | 3.0 |  |  | 7.0 |  |  | various
Total Regulatory Liabilities Currently Paying a Return |  | 365.5 |  |  | 384.2 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Excess Nuclear Decommissioning Funding |  | 1,318.5 |  |  | 1,939.7 |  |  | (e)
Spent Nuclear Fuel |  | 45.8 |  |  | 49.5 |  |  | (e)
PJM Costs and Off-system Sales Margin Sharing - Indiana |  | 34.2 |  |  | — |  |  | 2 years
Deferred Investment Tax Credits |  | 17.4 |  |  | 22.4 |  |  | 28 years
Pension OPEB Funded Status |  | — |  |  | 27.6 |  |  |
Environmental Cost Rider - Indiana |  | — |  |  | 10.6 |  |  |
Other Regulatory Liabilities Approved for Payment |  | 8.5 |  |  | 13.9 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 1,424.4 |  |  | 2,063.7 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 1,789.9 |  |  | 2,447.9 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 1,702.2 |  |  | $ | 2,447.9 |  |  |
(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (b)Represents an income tax related regulatory asset, which is presented within net regulatory liabilities on the balance sheet. (c)Relieved as removal costs are incurred. (d)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $42 million and $90 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 6 years. (e)Relieved when plant is decommissioned.
|  | OPCo
|  | December 31, |  | Remaining Refund Period
|  | 2022 |  | 2021 |
Regulatory Liabilities: |  | (in millions) |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Other Regulatory Liabilities Pending Final Regulatory Determination |  | $ | 0.2 |  |  | $ | 0.2 |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 0.2 |  |  | 0.2 |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 466.5 |  |  | 467.6 |  |  | (a)
Income Taxes, Net (b) |  | 451.9 |  |  | 480.6 |  |  | (c)
Total Regulatory Liabilities Currently Paying a Return |  | 918.4 |  |  | 948.2 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
OVEC Purchased Power |  | 47.1 |  |  | 14.8 |  |  | 2 years
Over-recovered Fuel Costs |  | 32.2 |  |  | 15.2 |  |  | 10 years
Peak Demand Reduction/Energy Efficiency |  | 23.6 |  |  | 22.5 |  |  | 2 years
PJM Transmission Enhancement Refund |  | 14.7 |  |  | 19.6 |  |  | 3 years
Other Regulatory Liabilities Approved for Payment |  | 7.8 |  |  | 0.4 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 125.4 |  |  | 72.5 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 1,043.8 |  |  | 1,020.7 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 1,044.0 |  |  | $ | 1,020.9 |  |  |
(a)Relieved as removal costs are incurred. (b)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $162 million and $191 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 6 years.
|  | PSO
|  | December 31, |  | Remaining Refund Period
|  | 2022 |  | 2021 |
Regulatory Liabilities: |  | (in millions) |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) |  | $ | 51.3 |  |  | $ | 56.2 |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 51.3 |  |  | 56.2 |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (a) |  | 380.1 |  |  | 423.8 |  |  | (b)
Asset Removal Costs |  | 316.3 |  |  | 300.2 |  |  | (c)
Total Regulatory Liabilities Currently Paying a Return |  | 696.4 |  |  | 724.0 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Deferred Investment Tax Credits |  | 48.2 |  |  | 50.8 |  |  | 22 years
Other Regulatory Liabilities Approved for Payment |  | 13.2 |  |  | 4.3 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 61.4 |  |  | 55.1 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 757.8 |  |  | 779.1 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 809.1 |  |  | $ | 835.3 |  |  |
(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (b)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $21 million and $46 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 2 years. (c)Relieved as removal costs are incurred.
|  | SWEPCo
|  | December 31, |  | Remaining Refund Period
|  | 2022 |  | 2021 |
Regulatory Liabilities: |  | (in millions) |  |
Current Regulatory Liabilities |  |  |  |  |  |
Over-recovered Fuel Costs - pays a return (a) |  | $ | 1.4 |  |  | $ | — |  |  |
Total Current Regulatory Liabilities |  | $ | 1.4 |  |  | $ | — |  |  |
Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  |  |  |  |  |
Regulatory liabilities pending final regulatory determination: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Income Taxes, Net (b) |  | $ | 7.0 |  |  | $ | — |  |  |
Total Regulatory Liabilities Pending Final Regulatory Determination |  | 7.0 |  |  | — |  |  |
Regulatory liabilities approved for payment: |  |  |  |  |  |
Regulatory Liabilities Currently Paying a Return |  |  |  |  |  |
Asset Removal Costs |  | 481.2 |  |  | 461.3 |  |  | (c)
Income Taxes, Net (b) |  | 327.6 |  |  | 330.2 |  |  | (d)
Other Regulatory Liabilities Approved for Payment |  | 2.2 |  |  | 2.4 |  |  | various
Total Regulatory Liabilities Currently Paying a Return |  | 811.0 |  |  | 793.9 |  |  |
Regulatory Liabilities Currently Not Paying a Return |  |  |  |  |  |
Other Regulatory Liabilities Approved for Payment |  | 7.7 |  |  | 13.0 |  |  | various
Total Regulatory Liabilities Currently Not Paying a Return |  | 7.7 |  |  | 13.0 |  |  |
Total Regulatory Liabilities Approved for Payment |  | 818.7 |  |  | 806.9 |  |  |
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits |  | $ | 825.7 |  |  | $ | 806.9 |  |  |
(a)2022 amount includes Louisiana jurisdiction. (b)Predominately pays a return due to the inclusion of Excess ADIT in rate base. (c)Relieved as removal costs are incurred. (d)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $7 million and $7 million for the years ended December 31, 2022 and 2021, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2022 is to be refunded over 1 year.

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