Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Regulatory Assets and Liabilities

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.