Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2026

The incremental revenue requirement for each year is based off of the following assumptions:

Year 1

Year 2

Year 3

Revenue Requirement Increase

$20.1 million

$7.5 million

$7.4 million(2)

Capital Structure

•50.0% long-term debt

•50.0% common equity

•50.0% long-term debt

•50.0% common equity

•50.0% long-term debt

•50.0% common equity

Return on Equity

9.5%

Cost of Long-Term Debt

4.806%

4.863%

4.936%

Overall Rate of Return

7.15%

7.18%

7.22%

Average Rate Base

$328.0 million(1)

$368.2 million

$397.8 million

(1) Represents an increase of $80.7 million since the last rate case.

(2) Includes approximately $3.5 million related to an updated depreciation study.