REGULATORY ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2026

Regulatory Assets and Liabilities Disclosure [Abstract]


(in millions)	September 30, 2026		December 31, 2025
Regulatory assets
We Power finance leases	$	1,166.3	$	1,158.6
Plant retirement related items	601.1		634.3
Income tax related items	465.2		413.3
Pension and OPEB costs	262.6		289.0
System support resource	85.0		92.6
Electric transmission costs	71.0		15.3
Asset retirement obligations	67.6		59.7
Securitization	60.9		67.5
Uncollectible expense	49.3		114.7
Other finance and operating leases	34.9		25.2
Derivatives	19.5		9.0
Revenue requirements of generation facilities (1)	16.6		3.6
Bluewater Natural Gas Holding, LLC	8.3		13.9
Other, net	52.9		44.3
Total regulatory assets	$	2,961.2	$	2,941.0

(1)These amounts primarily represent the deferral of the incremental revenue requirement of incurred costs from the delayed retirement of OCPP Units 7 and 8. See Note 6, Property, Plant, and Equipment, for more information.

Schedule of regulatory liabilities


(in millions)	September 30, 2026		December 31, 2025
Regulatory liabilities
Removal costs	$	906.9	$	862.1
Income tax related items	649.1		663.5
Pension and OPEB benefits	111.2		114.6
Energy costs refundable through rate adjustments	69.2		47.2
Earnings sharing mechanism	41.9		29.3
We Power escrowed costs (1)	20.1		15.1
Uncollectible expense	16.4		—
VLC transmission service charge (2)	14.7		—
Other, net	48.8		42.8
Total regulatory liabilities	$	1,878.3	$	1,774.6

Balance sheet presentation
Other current liabilities	$	5.8	$	15.6
Regulatory liabilities	1,872.5		1,759.0
Total regulatory liabilities	$	1,878.3	$	1,774.6

(1)We defer as a regulatory asset or liability the difference between actual costs associated with the We Power generation units and those included in rates until recovery or refund is authorized in a future rate proceeding.

(2)For the transmission service charge associated with our VLCs, we defer as a regulatory liability the amount by which the actual transmission charge billed to us is less than the minimum billing level set in the VLC tariff until refund is authorized in a future rate proceeding. See Note 22, Regulatory Environment, for more information on the VLC tariff.