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Note 13 - Regulatory Assets and Liabilities

9 Months Ended

Jun. 30, 2024

Schedule of Regulatory Assets and Liabilities [Text Block]

13.

Regulatory Assets and Liabilities

The Company’s regulated operations follow the accounting and reporting requirements of ASC 980, Regulated Operations. A regulated company may defer costs that have been or are expected to be recovered from customers in a period different from the period in which the costs would ordinarily be charged to expense by an unregulated enterprise. When this situation occurs, costs are deferred as assets in the condensed consolidated balance sheet (regulatory assets) and amortized into expense over periods when such amounts are reflected in customer rates. Additionally, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for current collection in customer rates of costs that are expected to be incurred in the future (regulatory liabilities). In the event the provisions of ASC 980 no longer apply to any or all regulatory assets or liabilities, the Company would write off such amounts and include the effects in the condensed consolidated statements of income and comprehensive income in the period which ASC 980 no longer applied.

Regulatory assets included in the Company’s accompanying balance sheets are as follows:

	June 30, 2024		September 30, 2023
Assets:
Current Assets:
Regulatory assets:
Accrued WNA revenues	$	1,918,161	$	414,689
Under-recovery of gas costs		316,729		1,383,340
Under-recovery of RNG revenues		1,215,411		797,804
Accrued pension		60,755		243,017
Other deferred expenses		12,762		15,426
Total current		3,523,818		2,854,276
Other Non-Current Assets:
Regulatory assets:
Premium on early retirement of debt		1,170,418		1,256,059
Accrued pension		3,786,265		3,786,265
Other deferred expenses		314,999		347,121
Total non-current		5,271,682		5,389,445

Total regulatory assets	$	8,795,500	$	8,243,721

Regulatory liabilities included in the Company’s accompanying balance sheets are as follows:

	June 30, 2024		September 30, 2023
Liabilities and Stockholders' Equity:
Current Liabilities:
Regulatory liabilities:
Over-recovery of SAVE Plan revenues	$	85,815	$	146,861
Rate refund		—		652,018
Deferred income taxes		591,765		527,034
Supplier refunds		32,964		275,649
Other deferred liabilities		7,787		31,154
Total current		718,331		1,632,716
Deferred Credits and Other Non-Current Liabilities:
Asset retirement obligations		11,027,988		10,792,831
Regulatory cost of retirement obligations		14,036,454		13,029,376
Regulatory liabilities:
Deferred income taxes		15,805,952		16,249,776
Deferred postretirement medical		1,781,917		1,781,917
Total non-current		42,652,311		41,853,900

Total regulatory liabilities	$	43,370,642	$	43,486,616

As of June 30, 2024 and September 30, 2023, the Company had regulatory assets in the amount of $8,795,500 and $8,243,721, respectively, on which the Company did not earn a return during the recovery period.