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REGULATORY ASSETS AND LIABILITIES | 6 Months Ended
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Jun. 30, 2024
Regulatory Assets and Liabilities Disclosure [Abstract] |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES The following regulatory assets and liabilities were reflected on our balance sheets at June 30, 2024 and December 31, 2023. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2023 Annual Report on Form 10-K.
(in millions) |  | June 30, 2024 |  | December 31, 2023
Regulatory assets |  |  |  |
Plant retirement related items (1) |  | $ | 824.6 |  |  | $ | 646.2 |
Pension and OPEB costs |  | 725.1 |  |  | 731.7 |
Environmental remediation costs |  | 575.2 |  |  | 596.8 |
Income tax related items |  | 442.8 |  |  | 449.9 |
AROs |  | 167.1 |  |  | 162.0 |
Uncollectible expense |  | 123.9 |  |  | 127.7 |
System support resource |  | 107.9 |  |  | 113.2 |
Decoupling (2) |  | 102.1 |  |  | 27.3 |
Securitization |  | 82.3 |  |  | 85.9 |
Derivatives |  | 62.7 |  |  | 130.3 |
Bluewater |  | 53.5 |  |  | 45.3 |
Energy efficiency programs |  | 30.1 |  |  | 33.9 |
Other, net |  | 137.7 |  |  | 124.5 |
Total regulatory assets |  | $ | 3,435.0 |  |  | $ | 3,274.7 |
Balance sheet presentation |  |  |  |
Other current assets |  | $ | 41.9 |  |  | $ | 24.9 |
Regulatory assets |  | 3,393.1 |  |  | 3,249.8 |
Total regulatory assets |  | $ | 3,435.0 |  |  | $ | 3,274.7 |
(1) Included in plant retirement related items at June 30, 2024, are $116.0 million of capitalized retirement costs related to the new EPA CCR Rule that was enacted in April 2024. See Note 23, Commitments and Contingencies, for more information. (2) PGL, NSG, and MERC have decoupling mechanisms. These mechanisms differ by state and allow the utilities to recover the differences between actual and authorized margins for certain customer classes.
(in millions) |  | June 30, 2024 |  | December 31, 2023
Regulatory liabilities |  |  |  |
Income tax related items |  | $ | 1,852.0 |  |  | $ | 1,901.8 |
Removal costs |  | 1,401.5 |  |  | 1,329.9 |
Pension and OPEB benefits |  | 300.3 |  |  | 299.2 |
Energy costs refundable through rate adjustments |  | 143.1 |  |  | 72.4 |
Derivatives |  | 39.8 |  |  | 19.2 |
Electric transmission costs |  | 29.5 |  |  | 30.3 |
Uncollectible expense |  | 24.8 |  |  | 21.2 |
Energy efficiency programs |  | 19.4 |  |  | 17.2 |
Other, net |  | 84.2 |  |  | 54.0 |
Total regulatory liabilities |  | $ | 3,894.6 |  |  | $ | 3,745.2 |
Balance sheet presentation |  |  |  |
Other current liabilities |  | $ | 59.9 |  |  | $ | 47.5 |
Regulatory liabilities |  | 3,834.7 |  |  | 3,697.7 |
Total regulatory liabilities |  | $ | 3,894.6 |  |  | $ | 3,745.2 |
Oak Creek Power Plant Units 5-6 In May 2024, OCPP Units 5 and 6 were retired. Due to the retirement of these units and the determination that recovery was probable, their net book value of $78.3 million at June 30, 2024 was classified as a regulatory asset. In addition, a $43.9 million cost of removal reserve related to the units continued to be classified as a regulatory liability at June 30, 2024. Not included in these amounts was $9.4 million of deferred tax liabilities previously recorded for the retired units. Effective with its rate order issued by the PSCW in December 2022, WE received approval to collect a return of and on the entire net book value of OCPP Units 5 and 6 and, as a result, will continue to amortize the regulatory asset on a straight-line basis, using the composite depreciation rates approved by the PSCW before the units were retired. The amortization is included in depreciation and amortization on the income statement. WE also intends to request FERC approval to continue to collect the net book value of OCPP Units 5 and 6 using the approved composite depreciation rates, in addition to a return on the remaining net book value.

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- Definition The entire disclosure for detailed information about regulatory assets and liabilities, including current and noncurrent assets created when regulatory agencies permit the deferral of costs to the balance sheet that would otherwise be required to appear on the company's income statement and would be charged against current expenses or revenues, as well as current and noncurrent liabilities created when regulatory agencies permit. + References No definition available. + Details
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