v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Reconciliation between the statutory rate and ETR:
Six Months Ended June 30
20252024
Federal statutory rate21.0 %21.0 %
State income tax on pretax income, net of federal tax effect3.5 3.5 
(Decreases) increases:
PTCs (a)
(12.0)(16.5)
Plant regulatory differences (b)
(5.6)(5.1)
Other tax credits, net operating loss & tax credit allowances(0.9)(1.3)
Other, net(0.1)0.1 
Effective income tax rate5.9 %1.7 %
(a)Wind PTCs (net of estimated transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.
(b)Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.