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Regulatory Matters | 3 Months Ended
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Mar. 31, 2023
Regulated Operations [Abstract] |
Regulatory Matters | (2) Regulatory Matters We had the following regulatory assets and liabilities (in thousands):
| As of |  | As of |
| March 31, 2023 |  | December 31, 2022 |
Regulatory assets |  |  |  |
Winter Storm Uri (a) | $ | 253,835 |  | $ | 347,980 |
Deferred energy and fuel cost adjustments (b) |  | 79,020 |  |  | 72,580 |
Deferred gas cost adjustments (b) |  | 16,047 |  |  | 12,147 |
Gas price derivatives (b) |  | - |  |  | 8,793 |
Deferred taxes on AFUDC (b) |  | 7,482 |  |  | 7,333 |
Employee benefit plans and related deferred taxes (c) |  | 88,710 |  |  | 89,259 |
Environmental (b) |  | 1,341 |  |  | 1,343 |
Loss on reacquired debt (b) |  | 18,764 |  |  | 19,213 |
Deferred taxes on flow through accounting (b) |  | 74,022 |  |  | 69,529 |
Decommissioning costs (b) |  | 2,850 |  |  | 3,472 |
Other regulatory assets (b) |  | 19,798 |  |  | 21,332 |
Total regulatory assets |  | 561,869 |  |  | 652,981 |
Less current regulatory assets |  | (214,838 | ) |  | (260,312 | )
Regulatory assets, non-current | $ | 347,031 |  | $ | 392,669 |
Regulatory liabilities |  |  |  |
Deferred energy and gas costs (b) | $ | 106,030 |  | $ | 41,722 |
Employee benefit plan costs and related deferred taxes (c) |  | 33,839 |  |  | 34,258 |
Cost of removal (b) |  | 177,453 |  |  | 175,614 |
Excess deferred income taxes (c) |  | 248,126 |  |  | 254,833 |
Other regulatory liabilities (c) |  | 11,613 |  |  | 12,146 |
Total regulatory liabilities |  | 577,061 |  |  | 518,573 |
Less current regulatory liabilities |  | (110,100 | ) |  | (46,013 | )
Regulatory liabilities, non-current | $ | 466,961 |  | $ | 472,560 |
(a) Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction. (b) Recovery or repayment of costs, but we are not allowed a rate of return. (c) In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base. Regulatory Activity Except as discussed below, there have been no other significant changes to our Regulatory Matters from those previously disclosed in Note 2 of the Notes to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K. RMNG On April 7, 2023, RMNG filed a settlement agreement with the CPUC for its rate review filed on October 7, 2022. The agreement is expected to generate $8.2 million in new annual revenue and establishes a weighted average cost of capital of 6.93% with a capital structure that reflects an equity range of 50% to 52%, a debt range of 50% to 48% and a return on equity range of 9.5% to 9.7%. The settlement also shifts $8.3 million of SSIR revenues to base rates and terminates the SSIR. The agreement is awaiting a decision by an administrative law judge, with new rates expected in the third quarter of 2023. Wyoming Electric On June 1, 2022, Wyoming Electric filed a rate review with the WPSC seeking recovery of significant infrastructure investments in its 1330-mile electric distribution and 59-mile electric transmission systems. On January 26, 2023, the WPSC approved a settlement agreement with intervening parties for a general rate increase. The settlement is expected to generate $8.7 million in new annual revenue with a capital structure of 52% equity and 48% debt and a return on equity of 9.75%. New rates were effective March 1, 2023. The agreement also includes approval of a new rider that will be filed annually to recover transmission investment and expenses.

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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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