CREDIT LOSSES (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of gross receivables and related allowances for credit losses

We have included a table below that shows our gross third-party receivable balances and related allowance for credit losses.


(in millions)	June 30, 2026			December 31, 2025
Accounts receivable and unbilled revenues	$	712.1		$	781.9
Allowance for credit losses	37.7			39.7
Accounts receivable and unbilled revenues, net (1)	$	674.4		$	742.2

Total accounts receivable, net – past due greater than 90 days (1)	$	35.8		$	33.0
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1)	94.6		%	94.5		%

(1)Our exposure to credit losses for certain regulated utility customers is mitigated by a regulatory mechanism we have in place. Specifically, our residential tariffs include a mechanism for cost recovery or refund of uncollectible expense based on the difference between actual

uncollectible write-offs and the amounts recovered in rates. As a result, at June 30, 2026, $358.8 million, or 53.2%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.

Rollforward of the allowances for credit losses

A roll-forward of the allowance for credit losses is included below:


	Three Months Ended June 30
(in millions)	2026		2025
Balance at April 1	$	38.8	$	37.9
Provision for credit losses	46.6		17.0
Provision for credit losses deferred for future recovery or refund	(24.9)		(2.0)
Write-offs charged against the allowance	(31.2)		(28.8)
Recoveries of amounts previously written off	8.4		8.8
Balance at June 30	$	37.7	$	32.9


	Six Months Ended June 30
(in millions)	2026		2025
Balance at January 1	$	39.7	$	46.9
Provision for credit losses	90.9		29.7
Provision for credit losses deferred for future recovery or refund	(52.5)		(8.0)
Write-offs charged against the allowance	(57.7)		(52.0)
Recoveries of amounts previously written off	17.3		16.3
Balance at June 30	$	37.7	$	32.9

There was a $14.0 million decrease in the allowance for credit losses at June 30, 2025, compared to January 1, 2025. The decrease was largely driven by customer write-offs, in addition to a decrease in past due account balances that we believe was related to a continued focus on collection efforts and the lower energy bills typically seen in the spring and summer months, enabling customers to pay down their arrears. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance.