CREDIT LOSSES (Tables)

9 Months Ended

Sep. 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)	September 30, 2026			December 31, 2025
Accounts receivable and unbilled revenues	$	712.1		$	781.9
Allowance for credit losses	35.0			39.7
Accounts receivable and unbilled revenues, net (1)	$	677.1		$	742.2

Total accounts receivable, net – past due greater than 90 days (1)	$	33.1		$	33.0
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1)	94.4		%	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 September 30, 2026, $377.9 million, or 55.8%, 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 September 30
(in millions)	2026		2025
Balance at July 1	$	37.7	$	32.9
Provision for credit losses	46.4		17.5
Provision for credit losses deferred for future recovery or refund	(29.3)		1.8
Write-offs charged against the allowance	(27.0)		(27.5)
Recoveries of amounts previously written off	7.2		7.0
Balance at September 30	$	35.0	$	31.7


	Nine Months Ended September 30
(in millions)	2026		2025
Balance at January 1	$	39.7	$	46.9
Provision for credit losses	137.3		47.2
Provision for credit losses deferred for future recovery or refund	(81.8)		(6.2)
Write-offs charged against the allowance	(84.7)		(79.5)
Recoveries of amounts previously written off	24.5		23.3
Balance at September 30	$	35.0	$	31.7

There was a $15.2 million decrease in the allowance for credit losses at September 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 lower energy bills in the spring and summer months, enabling customers to pay down their arrears.