XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.25.3

Regulatory Matters | 9 Months Ended
--- | ---
Sep. 30, 2025
Regulated Operations [Abstract] |
Regulatory Matters | (2) Regul atory Matters We had the following regulatory assets and liabilities:
| As of |  | As of |
| September 30, 2025 |  | December 31, 2024 |
| (in millions) |
Regulatory assets |  |  |  |
Winter Storm Uri | $ | 62.1 |  | $ | 109.5 |
Deferred energy and fuel cost adjustments |  | 76.1 |  |  | 62.8 |
Deferred gas cost adjustments |  | 7.5 |  |  | 14.5 |
Gas price derivatives |  | 4.9 |  |  | 2.9 |
Deferred taxes on AFUDC |  | 9.5 |  |  | 8.0 |
Employee benefit plans and related deferred taxes |  | 85.7 |  |  | 89.0 |
Environmental |  | 11.5 |  |  | 10.7 |
Loss on reacquired debt |  | 14.5 |  |  | 15.7 |
Deferred taxes on flow through accounting |  | 93.1 |  |  | 87.7 |
Decommissioning costs |  | 2.4 |  |  | 2.4 |
Other regulatory assets |  | 23.9 |  |  | 24.5 |
Total regulatory assets |  | 391.2 |  |  | 427.7 |
Less current regulatory assets |  | (138.2 | ) |  | (154.8 | )
Regulatory assets, non-current | $ | 253.0 |  | $ | 272.9 |
Regulatory liabilities |  |  |  |
Deferred energy and gas costs | $ | 61.1 |  | $ | 67.8 |
Employee benefit plan costs and related deferred taxes |  | 35.0 |  |  | 36.7 |
Cost of removal |  | 212.0 |  |  | 197.0 |
Excess deferred income taxes |  | 232.4 |  |  | 238.5 |
Colorado renewable energy (a) |  | 30.7 |  |  | 24.1 |
Other regulatory liabilities |  | 5.4 |  |  | 4.6 |
Total regulatory liabilities |  | 576.6 |  |  | 568.7 |
Less current regulatory liabilities |  | (91.9 | ) |  | (94.1 | )
Regulatory liabilities, non-current | $ | 484.7 |  | $ | 474.6 |
(a) Represents Colorado Electric's RESA and CEPR mechanisms, which allow for recovery/repayment of costs, but not a rate of return. Regulatory Activity Colorado Electric On June 14, 2024, Colorado Electric filed a rate review with the CPUC seeking recovery of infrastructure investments in its 3,200-mile electric distribution and 600-mile electric transmission systems. On March 17, 2025, Colorado Electric received an order from the CPUC for a general rate increase which was expected to generate approximately $17.0 million of new annual revenue based on a weighted average cost of capital of 6.9% with a capital structure in a range of 47% to 49% equity and 51% to 53% debt, and a return on equity in a range of 9.3% to 9.5%. The new rates were effective March 22, 2025. On April 7, 2025, Colorado Electric filed a request with the CPUC for rehearing, re-argument or reconsideration ("RRR"). On May 6, 2025, Colorado Electric received a final decision from the CPUC related to its RRR request, increasing new annual revenue from approximately $17.0 million to approximately $17.5 million. Iowa Gas On May 1, 2024, Iowa Gas filed a rate review with the IUC seeking recovery of infrastructure investments in its 5,000-mile natural gas pipeline system. In the fourth quarter of 2024, Iowa Gas received final approval from the IUC for a settlement agreement for a general rate increase. The approved Black-box Settlement is expected to generate $15.0 million of new annual revenue based on a weighted average cost of capital of 7.2%. New rates were enacted on January 1, 2025, which replaced interim rates. Kansas Gas On February 3, 2025, Kansas Gas filed a rate review with the KCC seeking recovery of infrastructure investments in its 4,765-mile natural gas pipeline system and increased operations and maintenance costs driven by inflation and operational needs to serve customers. On July 24, 2025, Kansas Gas received final approval from the KCC for a settlement agreement for a general rate increase. The approved Black-box Settlement is expected to generate $10.8 million in new annual revenue and will shift $4.4 million of GSRS rider revenue to base rates. New rates were enacted on August 1, 2025. The settlement also includes approval for Kansas Gas to file an abbreviated case in first quarter of 2026 that includes the addition of capital placed in service through December 31, 2025. Nebraska Gas On May 1, 2025, Nebraska Gas filed a rate review with the NPSC seeking recovery of infrastructure investments in its 12,900-mile natural gas pipeline system and increased operations and maintenance costs driven by inflation and operational needs to serve customers. On October 7, 2025, Nebraska Gas reached a settlement with all intervenors for a general rate increase which is subject to NPSC approval. The settlement is expected to generate $23.9 million in new annual revenue with a capital structure of 51% equity and 49% debt and a return on equity of 9.85%. The settlement also includes renewal of Nebraska Gas' SSIR for five years and the development of a two-year pilot program for a weather normalization adjustment rider. If approved, new rates will be effective on January 1, 2026, and will replace interim rates which were effective in August 2025. Approval of the settlement agreement from the NPSC is expected by mid-December 2025.

X
- References No definition available. + Details
Name: | us-gaap_RegulatedOperationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRegulatoryAssetsAndLiabilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration