v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
Basin Electric’s reportable segments include the Electric Utility, Gasification, and Coal and Limestone Operations. Certain activities that support the reportable segments, ancillary projects, or operating segments that do not meet the quantitative threshold for a reportable segment are presented as Other. The operating segments are based on Basin Electric’s method of internal reporting that the Chief Operating Decision Maker (CODM) reviews to make decisions on overall resource allocation and to assess performance. The CODM is Basin Electric’s Chief Executive Officer and General Manager. The CODM reviews actual financial information and forecasted financial information at an operating segment level and primarily uses segment net margin and earnings for making decisions on resource allocation and assessing performance. The CODM uses segment net income in assessing financial performance on a monthly basis, reviewing and approving annual operating budgets and long-term forecasts, allocating capital or financial resources to our segments and in making strategic decisions.
The Electric Utility reportable segment provides wholesale electric service and other ancillary services to Basin Electric’s members throughout its service territory with its own electrical generation and transmission assets and various contractual arrangements.
The Gasification reportable segment includes Dakota Gasification Company (DGC). DGC operates a gasification facility that converts lignite coal into synthetic natural gas and other products including fertilizers, diesel exhaust fluid, carbon dioxide, and other oil and chemical products.
The Coal and Limestone Operations reportable segment purchases coal and coordinates deliveries of coal to Basin Electric’s Electric Utility generation facilities and Gasification operations. It also produces lime and limestone that is used for emissions control at the generation facilities.
Other consists of Basin Cooperative Services, Nemadji River Generation, and certain tax adjustments and other activity not associated with the reportable segments. Basin Cooperative Services provides certain nonutility property management services to Basin Electric. Nemadji River Generation owned an undivided interest in a proposed electric generation facility. In January 2026, Nemadji River Generation exited the project and the NRG subsidiary is expected to be fully dissolved by the end of 2026.
Substantially all of Basin Electric’s assets and revenues are located in the United States. Revenues and assets outside the United States were not material for the periods presented.
Major Customer – For the three months ended March 31, 2026 and 2025, revenues from a single customer, Upper Missouri, represented approximately 30.6 percent and 30.7 percent respectively, of Basin Electric’s consolidated revenues, all of which were attributable to the Electric Utility reportable segment. No other customer contributed 10 percent or more of consolidated revenues for the periods.
Information on Basin Electric’s segments for the three months ended March 31, 2026 and 2025 was as follows:
Three Months Ended March 31, 2026
Electric UtilityGasificationCoal and Limestone OperationsTotal Reportable Segments
(In thousands)
Operating revenue:
External$671,589 $114,453 $55,161 $841,203 
Intersegment— — 30,966 30,966 
671,589 114,453 86,127 872,169 
Elimination of intersegment revenue(30,966)
Total operating revenue$841,203 
Less:
Electric fuel and purchased power335,299 — — 
Electric operations and maintenance181,712 — — 
Cost of products sold:
External— 78,525 53,221 
Intersegment— 30,966 — 
Nonelectric selling, general and administrative— 23,740 2,150 
Depreciation, depletion and amortization49,697 10,346 5,000 
Other (income) expense(17,105)(39,684)3,065 
Interest and other charges:
External66,527 4,000 3,098 
Intersegment(3,792)— — 
Income tax (benefit) expense(1,112)3,822 3,565 
Net margin and earnings attributable to noncontrolling interest— — 6,200 
Segment net margin and earnings60,363 2,738 9,828 72,929 
Elimination of intercompany gain(3,792)
Other net earnings6,230 
Net margin and earnings attributable to Basin Electric$75,367 
Segment capital expenditures (a)
$221,105 $1,858 $4,835 $227,798 
Other capital expenditures— 
Total consolidated capital expenditures$227,798 
_______________
(a)Does not include accruals for property, plant and equipment as disclosed in the supplemental cash flow information to the consolidated statements of cash flows.
Three Months Ended March 31, 2025
Electric UtilityGasificationCoal and Limestone OperationsTotal Reportable Segments
(In thousands)
Operating revenue:
External$618,433 $110,956 $49,223 $778,612 
Intersegment— — 28,604 28,604 
618,433 110,956 77,827 807,216 
Elimination of intersegment revenue(28,604)
Total operating revenue$778,612 
Less:
Electric fuel and purchased power310,658 — — 
Electric operations and maintenance177,243 — — 
Cost of products sold:
External— 72,186 51,548 
Intersegment— 28,604 — 
Nonelectric selling, general and administrative— 22,240 2,395 
Depreciation, depletion and amortization51,505 10,019 4,599 
Other (income) expense(16,781)(31,111)1,693 
Interest and other charges:
External51,535 8,688 3,356 
Intersegment2,376 — — 
Income tax (benefit) expense(275)2,706 2,404 
Net margin and earnings attributable to noncontrolling interest— — 6,316 
Segment net margin and earnings (loss)42,172 (2,376)5,516 45,312 
Elimination of intercompany loss2,376 
Other net earnings14 
Net margin and earnings attributable to Basin Electric$47,702 
Segment capital expenditures (a)
$99,693 $4,479 $1,651 $105,823 
Other capital expenditures349 
Total consolidated capital expenditures$106,172 
_______________
(a)Does not include accruals for property, plant and equipment as disclosed in the supplemental cash flow information to the consolidated statements of cash flows.
Information on Basin Electric’s segments as of March 31, 2026 and December 31, 2025 was as follows:
March 31, 2026
Electric UtilityGasificationCoal and Limestone OperationsTotal Reportable Segments
(In thousands)
Segment total assets$9,027,074 $1,106,862 $571,572 $10,705,508 
Other assets35,171 
Elimination of intersegment assets(1,258,027)
Total consolidated assets$9,482,652 
December 31, 2025
Electric UtilityGasificationCoal and Limestone OperationsTotal Reportable Segments
(In thousands)
Segment total assets$9,014,439 $1,053,066 $568,599 $10,636,104 
Other assets35,504 
Elimination of intersegment assets(1,273,951)
Total consolidated assets$9,397,657