REGULATORY ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2023

Regulatory Assets and Liabilities Disclosure [Abstract]

REGULATORY ASSETS AND LIABILITIES

REGULATORY ASSETS AND LIABILITIES

The following regulatory assets and liabilities were reflected on our balance sheets at March 31, 2023 and December 31, 2022. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2022 Annual Report on Form 10-K.

(in millions)	March 31, 2023		December 31, 2022
Regulatory assets
Environmental remediation costs	$	117.3	$	118.5
Income tax related items	60.3		61.5
Pension and OPEB costs	45.4		48.6
Plant retirement related items	41.8		43.1
Derivatives	34.1		22.5
Asset retirement obligations	17.6		15.6
ReACT™	12.4		13.0
Energy efficiency programs	10.9		13.4
Bluewater (1)	9.6		6.8
Uncollectible expense	8.2		5.6
Other, net	17.8		16.9
Total regulatory assets	$	375.4	$	365.5

(1)    Primarily related to costs associated with our long-term service agreement with Bluewater for natural gas storage services. The PSCW has approved escrow accounting for these costs. As a result, we defer as a regulatory asset or liability the difference between actual storage costs and those included in rates until recovery or refund is authorized in a future rate proceeding.

(in millions)	March 31, 2023		December 31, 2022
Regulatory liabilities
Income tax related items	$	340.8	$	343.7
Removal costs	186.0		186.5
Pension and OPEB benefits	90.8		90.1
Energy costs refundable through rate adjustments (1)	36.3		9.9
Derivatives	4.4		7.9
Other, net	26.6		22.1
Total regulatory liabilities	$	684.9	$	660.2
Balance sheet presentation
Amounts refundable to customers	$	36.3	$	9.9
Regulatory liabilities	648.6		650.3
Total regulatory liabilities	$	684.9	$	660.2

(1)    The increase in these regulatory liabilities was primarily due to lower natural gas costs incurred during the first quarter of 2023, compared to what was anticipated in rates.