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REGULATORY ASSETS AND LIABILITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
Regulatory Assets and Liabilities Disclosure [Abstract] |
Schedule of regulatory assets |
(in millions) |  | June 30, 2023 |  | December 31, 2022
Regulatory assets |  |  |  |
Pension and OPEB costs |  | $ | 698.8 |  |  | $ | 714.3 |
Plant retirement related items |  | 667.2 |  |  | 688.6 |
Environmental remediation costs |  | 582.7 |  |  | 610.7 |
Income tax related items |  | 454.9 |  |  | 461.9 |
Asset retirement obligations |  | 170.9 |  |  | 169.7 |
Derivatives |  | 161.1 |  |  | 133.8 |
System support resource |  | 118.3 |  |  | 123.5 |
Securitization |  | 89.5 |  |  | 92.4 |
Uncollectible expense |  | 84.0 |  |  | 69.3 |
Bluewater (1) |  | 34.9 |  |  | 20.9 |
Energy efficiency programs |  | 26.6 |  |  | 33.9 |
MERC extraordinary natural gas costs |  | 13.4 |  |  | 35.1 |
Other, net |  | 145.2 |  |  | 152.8 |
Total regulatory assets |  | $ | 3,247.5 |  |  | $ | 3,306.9 |
Balance sheet presentation |  |  |  |
Other current assets |  | $ | 8.6 |  |  | $ | 42.3 |
Regulatory assets |  | 3,238.9 |  |  | 3,264.6 |
Total regulatory assets |  | $ | 3,247.5 |  |  | $ | 3,306.9 |
(1)Primarily related to costs associated with the long-term service agreements our Wisconsin utilities have with Bluewater for natural gas storage services. The PSCW has approved escrow accounting for these costs. As a result, our Wisconsin utilities defer as a regulatory asset or liability the difference between actual storage costs and those included in rates until recovery or refund is authorized in a future rate proceeding.
Schedule of regulatory liabilities |
(in millions) |  | June 30, 2023 |  | December 31, 2022
Regulatory liabilities |  |  |  |
Income tax related items |  | $ | 1,934.0 |  |  | $ | 1,956.6 |
Removal costs |  | 1,292.7 |  |  | 1,260.9 |
Pension and OPEB benefits |  | 331.6 |  |  | 340.5 |
Energy costs refundable through rate adjustments (1) |  | 106.1 |  |  | 53.4 |
Derivatives |  | 40.6 |  |  | 76.7 |
Uncollectible expense |  | 24.4 |  |  | 24.0 |
Decoupling |  | 16.7 |  |  | 20.2 |
Energy efficiency programs |  | 13.5 |  |  | 10.4 |
Other, net |  | 60.8 |  |  | 49.2 |
Total regulatory liabilities |  | $ | 3,820.4 |  |  | $ | 3,791.9 |
Balance sheet presentation |  |  |  |
Other current liabilities |  | $ | 107.5 |  |  | $ | 56.4 |
Regulatory liabilities |  | 3,712.9 |  |  | 3,735.5 |
Total regulatory liabilities |  | $ | 3,820.4 |  |  | $ | 3,791.9 |
(1)The increase in these regulatory liabilities was primarily due to lower natural gas costs incurred during 2023, compared to what was anticipated in rates.

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