We had the following regulatory assets and liabilities:


	As of			As of
	June 30, 2026			December 31, 2025
	(in millions)
Regulatory assets
Winter Storm Uri	$	18.1		$	50.7
Deferred energy and fuel cost adjustments		93.7			83.3
Deferred gas cost adjustments		9.0			10.2
Gas price derivatives		0.4			4.6
Deferred taxes on AFUDC		11.2			10.6
Employee benefit plans and related deferred taxes		85.9			87.4
Environmental		13.2			13.1
Loss on reacquired debt		13.3			14.1
Deferred taxes on flow through accounting		98.1			94.8
Other regulatory assets		35.1			25.9
Total regulatory assets		378.0			394.7
Less current regulatory assets		(121.0	)		(139.7	)
Regulatory assets, non-current	$	257.0		$	255.0

Regulatory liabilities
Deferred energy and fuel cost adjustments	$	21.9		$	12.3
Deferred gas cost adjustments		31.7			51.5
Employee benefit plan costs and related deferred taxes		35.7			36.2
Cost of removal		225.3			216.5
Excess deferred income taxes		226.1			230.3
Colorado renewable energy		38.3			33.2
Other regulatory liabilities		9.7			8.2
Total regulatory liabilities		588.7			588.2
Less current regulatory liabilities		(94.4	)		(99.9	)
Regulatory liabilities, non-current	$	494.3		$	488.3

On December 5, 2025, Arkansas Gas filed a rate review with the APSC seeking recovery of infrastructure investments in its natural gas pipeline system. The rate review requested $29.4 million in new annual revenue with a capital structure of 50% equity and 50% debt and a return on equity of 10.5%. The request seeks to implement new rates in the fourth quarter of 2026.

On June 12, 2026, Colorado Electric filed a rate review with the CPUC seeking recovery of infrastructure and operational costs in its electric service. The rate review requested $26.7 million in new annual revenue with a capital structure of 51% equity and 49% debt and a return on equity of 10.5%. The request seeks to implement new rates in the first quarter of 2027.

On February 3, 2025, Kansas Gas filed a rate review with the KCC seeking recovery of infrastructure investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers. On July 24, 2025, Kansas Gas received final approval from the KCC for a Black-box Settlement agreement for a general rate increase expected to generate $10.8 million in new annual revenue and shift $4.4 million of GSRS rider revenue to base rates. New rates were enacted on August 1, 2025. The settlement also included approval for Kansas Gas to file an abbreviated case in first quarter of 2026 that includes the addition of capital placed in service through December 31, 2025. On March 2, 2026, Kansas Gas filed the abbreviated case, which was limited in scope and requested increases in base rate revenues of $2.4 million. On June 25, 2026, the KCC approved the abbreviated request with new rates effective July 1, 2026.

On May 1, 2025, Nebraska Gas filed a rate review with the NPSC seeking recovery of infrastructure investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers. On December 9, 2025, Nebraska Gas received final approval from the NPSC for a settlement agreement for a general rate increase. The settlement is expected to generate $23.9 million in new annual revenue with a capital structure of 51% equity and 49% debt and a return on equity of 9.85%. The settlement also includes renewal of Nebraska Gas' SSIR for five years and the development of a two-year pilot program for a weather normalization adjustment rider. New rates were enacted on January 1, 2026, which replaced interim rates effective in August 2025. Nebraska Gas customers were entitled to a $4.7 million refund due to the interim rate increase exceeding the final approved rate increase, which was retroactive to August 2025. These amounts were refunded to customers as a one-time bill credit during the second quarter of 2026.

On February 19, 2026, South Dakota Electric filed a rate review with the SDPUC seeking recovery of infrastructure investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers since its last rate review in 2014. The rate review requested $50.6 million in new annual revenue with a capital structure of 53% equity and 47% debt and a return on equity of 10.5%. The request seeks interim rates to be effective 180 days after the filing, with new rates expected to be finalized in the first quarter of 2027.

On March 18, 2026, South Dakota Electric filed a rate review with the WPSC seeking recovery of infrastructure investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers since its last rate review in 2014 The company is seeking an annual base rate increase to retail electric service rates of $5.1 million based on a similar capital structure and return on equity requested in South Dakota. New rates are expected to be finalized in the first quarter of 2027.