REGULATORY ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Regulatory Assets and Liabilities Disclosure [Abstract]

Schedule of regulatory assets


(in millions)						June 30, 2026						December 31, 2025
Regulatory assets
Plant retirement related items						$	736.6					$	768.6
Environmental remediation costs						545.6						566.0
Income tax related items						531.4						493.4
Pension and OPEB costs						524.9						564.5
AROs						205.5						185.1
System support resource						87.5						92.6
Decoupling						81.0						43.8
Electric transmission costs						73.8						30.7
Uncollectible expense						71.1						123.9
Securitization						63.6						67.5
Derivatives						48.7						57.7
Finance and operating leases						44.5						36.0
Bluewater						28.6						37.7
Energy costs recoverable through rate adjustments						24.3						6.7
Other, net						102.0						99.4
Total regulatory assets						$	3,169.1					$	3,173.6

Balance sheet presentation
Other current assets						$	38.7					$	17.3
Regulatory assets						3,130.4						3,156.3
Total regulatory assets						$	3,169.1					$	3,173.6

Schedule of regulatory liabilities


(in millions)						June 30, 2026						December 31, 2025
Regulatory liabilities
Income tax related items						$	1,776.9					$	1,802.4
Removal costs						1,660.8						1,584.7
Pension and OPEB benefits						298.0						301.5
Energy costs refundable through rate adjustments						152.6						119.2
Settlement related to QIP and UEA riders						125.0						125.0
Uncollectible expense						79.9						73.1
Derivatives						49.3						27.4
Earnings sharing mechanisms						34.0						35.8
MERC property tax tracker						24.9						23.1
Energy efficiency programs						16.8						12.2
Other, net						107.3						105.8
Total regulatory liabilities						$	4,325.5					$	4,210.2

Balance sheet presentation
Other current liabilities						$	95.9					$	88.9
Regulatory liabilities						4,229.6						4,121.3
Total regulatory liabilities						$	4,325.5					$	4,210.2