Regulated Operations (Tables)

6 Months Ended

Jun. 30, 2025

Regulated Operations [Abstract]

Public Utilities General Disclosures

The details of our filing request, as adjusted in rebuttal testimony, are set forth below:

Requested Revenue Increase (Decrease) Through Rebuttal Testimony (in millions)
	Electric		Natural Gas
Base Rates	$	153.8	27.9
Power Cost & Credit Adjustment Mechanism (PCCAM)(1)	(94.5)		n/a
Property Tax (tracker base adjustment)(1)	(1.3)		0.1
Total Revenue Increase Requested through Rebuttal Testimony	$	58.0	$	28.0

(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

The details of our interim rates granted are set forth below:

Interim Revenue Increase (Decrease) Granted (in millions)
	Electric(1)		Natural Gas(2)
Base Rates	$	18.4	$	17.4
PCCAM(3)	(88.0)		n/a
Property Tax (tracker base adjustment)(3)(4)	7.4		0.2
Total Interim Revenue Granted	$	(62.2)	$	17.6

(1) These electric interim rates were effective December 1, 2024, through May 22, 2025. See further discussion on revised electric interim rates below.

(2) These natural gas interim rates were effective December 1, 2024, and are expected to remain in effect until the MPSC final order rates are effective.

(3) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

(4) Our requested interim property tax base increase went into effect on January 1, 2025, as part of our 2024 property tax tracker filing.

The details of our settlement agreement are set forth below:

Requested Revenue Increase (Decrease) through Settlement Agreements (in millions)
	Electric(1)		Natural Gas
Base Rates:
Base Rates (Settled)	$	66.4	$	18.0
Base Rates - YCGS (Non-settled)(2)(3)	43.9		n/a
Requested Base Rates	110.3		18.0
Pass-through items:
Property Tax (tracker base adjustment) (Settled)(4)	(5.2)		0.1
Property Tax (tracker base adjustment) - YCGS (Non-settled)(2)(4)	4.0		n/a
PCCAM (Non-settled)(2)(3)(4)	(94.5)		n/a
Requested Pass-Through Rates	(95.7)		0.1
Total Requested Revenue Increase	$	14.6	$	18.1

(1) We implemented these electric rates on July 2, 2025, on an interim basis, subject to refund.

(2) These items were not included within the partial electric settlement and will be contested items that are expected to be determined in the MPSC's final order.

(3) Intervenor positions on YCGS propose up to an $11.6 million reduction to the base rate revenue request and an additional $38.4 million decrease to the PCCAM base.

(4) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.