
	Remaining Recovery Period	March 31, 2026		December 31, 2025
		(In thousands)
Regulatory assets:
Deferred income taxes	Over Plant lives	$	164,726	$	160,754
Refinancing fees	Up to 24 years	78,579		80,122
Unrealized loss on interest rate swaps	Up to 6 years	20,263		21,066
Unrealized loss on commodity derivatives	Up to 8 years	19,190		28,239
Other	Up to 49 years	21,068		21,192
		303,826		311,373
Regulatory liabilities:
Deferred revenue		(272,000)		(272,000)
Unrealized gain on equity investments		(16,436)		(18,489)
Post-retirement medical gain		(21,044)		(21,044)
Other		(22,296)		(24,772)
		(331,776)		(336,305)
Net regulatory liabilities		$	(27,950)	$	(24,932)

If all or a separable portion of Basin Electric’s operations no longer are subject to the provisions of ASC 980, a write-off of net related regulatory assets (liabilities) would be required, unless some form of transition recovery (refund) continues through rates established and collected for Basin Electric’s remaining regulated operations. In addition, Basin Electric would be required to determine any impairment to the carrying costs of deregulated plant and inventory assets.