We had the following regulatory assets and liabilities:


	As of			As of
	June 30, 2025			December 31, 2024
	(in millions)
Regulatory assets
Winter Storm Uri	$	64.9		$	109.5
Deferred energy and fuel cost adjustments		70.6			62.8
Deferred gas cost adjustments		3.0			14.5
Gas price derivatives		1.0			2.9
Deferred taxes on AFUDC		9.0			8.0
Employee benefit plans and related deferred taxes		86.7			89.0
Environmental		11.5			10.7
Loss on reacquired debt		14.9			15.7
Deferred taxes on flow through accounting		92.8			87.7
Decommissioning costs		2.4			2.4
Other regulatory assets		23.1			24.5
Total regulatory assets		379.9			427.7
Less current regulatory assets		(132.1	)		(154.8	)
Regulatory assets, non-current	$	247.8		$	272.9

Regulatory liabilities
Deferred energy and gas costs	$	67.5		$	67.8
Employee benefit plan costs and related deferred taxes		35.5			36.7
Cost of removal		206.6			197.0
Excess deferred income taxes		234.1			238.5
Colorado renewable energy (a)		28.9			24.1
Other regulatory liabilities		4.1			4.6
Total regulatory liabilities		576.7			568.7
Less current regulatory liabilities		(96.6	)		(94.1	)
Regulatory liabilities, non-current	$	480.1		$	474.6

(a)

Represents Colorado Electric's RESA and CEPR mechanisms, which allow for recovery/repayment of costs, but not a rate of return. Through these mechanisms, which are authorized by the CPUC, Colorado Electric is allowed to charge its retail customers an incremental rate limited to 1.5% per mechanism that provides funding for various renewable energy projects and programs to comply with requirements under the State of Colorado’s emissions reduction legislation. Project costs that are over-recovered through customer rates will be refunded to customers in future periods.

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.

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.

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 will be effective 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.

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. The rate review requests $34.9 million in new annual revenue with a capital structure of 51% equity and 49% debt and a return on equity of 10.5%. Nebraska statute allows for implementation of interim rates 90 days after filing a rate review and Nebraska Gas plans to implement interim rates, subject to adjustment or refund, effective in August 2025. New rates are expected to be effective in the first quarter of 2026.