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Regulatory matters | 6 Months Ended
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Jun. 30, 2021
Regulated Operations [Abstract] |
Regulatory matters | Regulatory mattersThe operating companies within the Regulated Services Group are subject to regulation by the respective authorities of the jurisdictions in which they operate. The respective public utility commissions have jurisdiction with respect to rate, service, accounting policies, issuance of securities, acquisitions and other matters. Except for ESSAL, these utilities operate under cost-of-service regulation as administered by these authorities. The Company’s regulated utility operating companies are accounted for under the principles of ASC 980, Regulated Operations. Under ASC 980, regulatory assets and liabilities that would not be recorded under U.S. GAAP for non-regulated entities are recorded to the extent that they represent probable future revenue or expenses associated with certain charges or credits that will be recovered from or refunded to customers through the rate setting process. 5. Regulatory matters (continued) At any given time, the Company can have several regulatory proceedings underway. The financial effects of these proceedings are reflected in the unaudited interim consolidated financial statements based on regulatory approval obtained to the extent that there is a financial impact during the applicable reporting period.
Utility | State, province or country | Regulatory proceeding type | Details
BELCO | Bermuda | General rate review | On May 7, 2021, the regulator issued a final decision, approving a weighted average cost of capital ("WACC") of 7.5% and authorizing $211,432 in revenue with $13,426 in deferred revenue to be collected over 5 years at a minimum WACC of 7.5%. The new rates were effective June 1, 2021.
EnergyNorth Gas System | New Hampshire | General rate review | EnergyNorth Gas System has reached a settlement in principle regarding its application filed in July 2020 requesting a permanent increase in annual revenues. The settlement provides for an increase of $1,300 in distribution revenues effective August 1, 2021 in excess of the previously authorized temporary increase (total increase of $7,600), a step adjustment of $4,000 also effective August 1, 2021, a second step increase of $3,200 effective August 1, 2022, and a property tax reconciliation mechanism. An order on the settlement agreement was received on July 30, 2021. The order approved the settlement agreement, pending the submission of additional information and a hearing to be submitted as part of the $4,000 step adjustment for 2021. As a result of the order, the rate increases were implemented on August 1, 2021, with the exception of the 2021 step adjustment, which is expected to be implemented in the fourth quarter of 2021 upon approval by the regulator. A separate order on recovery of litigated Granite Bridge costs is expected by October 2021.
Various | Various | General rate review | Approval of approximately $340 in rate increases for a wastewater utility.
5. Regulatory matters (continued) Regulatory assets and liabilities consist of the following:
| June 30, 2021 |  | December 31, 2020
Regulatory assets |  |  |
Fuel and commodity cost adjustments (a) | 283,941 |  |  | 18,094 |
Retired generating plant | 188,586 |  |  | 194,192 |
Pension and post-employment benefits | 172,501 |  |  | 178,403 |
Rate adjustment mechanism | 102,500 |  |  | 99,853 |
Environmental remediation | 86,058 |  |  | 87,308 |
Income taxes | 80,778 |  |  | 77,730 |
Debt premium | 33,277 |  |  | 35,688 |
Clean energy and other customer programs | 26,047 |  |  | 26,400 |
Deferred capitalized costs | 42,376 |  |  | 34,398 |
Asset retirement obligation | 26,955 |  |  | 26,546 |
Wildfire mitigation and vegetation management | 25,891 |  |  | 22,736 |
Long-term maintenance contract | 11,920 |  |  | 14,405 |
Rate review costs | 6,872 |  |  | 8,054 |
Other | 27,396 |  |  | 21,664 |
Total regulatory assets | $ | 1,115,098 |  |  | $ | 845,471 |
Less: current regulatory assets | (100,601) |  |  | (63,042) |
Non-current regulatory assets | $ | 1,014,497 |  |  | $ | 782,429 |
Regulatory liabilities |  |  |
Income taxes | $ | 310,914 |  |  | $ | 322,317 |
Cost of removal | 197,616 |  |  | 200,739 |
Pension and post-employment benefits | 32,320 |  |  | 26,311 |
Fuel and commodity costs adjustments | 5,086 |  |  | 20,136 |
Rate adjustment mechanism | 1,598 |  |  | 5,214 |
Clean energy and other customer programs | 14,658 |  |  | 10,440 |
Rate base offset | 6,053 |  |  | 6,874 |
Other | 12,385 |  |  | 9,487 |
Total regulatory liabilities | $ | 580,630 |  |  | $ | 601,518 |
Less: current regulatory liabilities | (34,256) |  |  | (38,483) |
Non-current regulatory liabilities | $ | 546,374 |  |  | $ | 563,035 |
(a)Fuel and commodity cost adjustments In February 2021, the Company's operations were impacted by extreme winter storm conditions experienced in the central U.S. ("Midwest Extreme Weather Event"). As a result of the Midwest Extreme Weather Event, the Company incurred incremental commodity costs during the period of record high pricing and elevated consumption. The Company has commodity cost mechanisms that allow for the recovery of prudently incurred expenses. The Company has made a filing with the Missouri regulator requesting approval to treat the incremental fuel costs incurred in the same manner as normal pass-through fuel costs and proposing to extend the recovery period to mitigate the impact on customer bills.

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