Note 3— Regulatory Matters

The following table sets forth the components of our regulatory assets and liabilities on our consolidated balance sheet (in thousands).

Regulatory Assets and Liabilities

	September 30, 2015			December 31, 2014
Regulatory Assets:
Current:
Under recovered fuel costs	$	159		$	2,618
Current portion of long-term regulatory assets	7,147			8,134

Regulatory assets, current	7,306			10,752

Long-term:
Pension and other postretirement benefits(1)	102,844			111,121
Income taxes	48,253			47,177
Deferred construction accounting costs(2)	15,114			15,521
Unamortized loss on reacquired debt	9,900			10,405
Unsettled derivative losses — electric segment	6,564			9,037
System reliability — vegetation management	3,863			5,337
Storm costs(3)	3,672			4,183
Asset retirement obligation	6,800			5,145
Customer programs(4)	5,820			5,253
Missouri solar initiative(5)	1,719			—
Under recovered fuel costs	1,744			951
Current portion of long-term regulatory assets	(7,147		)	(8,134		)
Other	2,993			3,721

Regulatory assets, long-term	202,139			209,717

Total Regulatory Assets	$	209,445		$	220,469

	September 30, 2015			December 31, 2014
Regulatory Liabilities:
Current:
Over recovered fuel costs	$	2,934		$	4,227
Current portion of long-term regulatory liabilities	3,422			3,671

Regulatory liabilities, current	6,356			7,898

Long-term:
Costs of removal	94,503			90,527
SWPA payment for Ozark Beach lost generation	14,793			16,744
Income taxes	11,291			11,451
Deferred construction accounting costs — fuel(6)	7,730			7,849
Unamortized gain on interest rate derivative	3,074			3,201
Pension and other postretirement benefits	1,364			2,369
Over recovered fuel costs	5,512			1
Current portion of long-term regulatory liabilities	(3,422		)	(3,671		)
System reliability — vegetation management	1,320			—

Regulatory liabilities, long-term	136,165			128,471

Total Regulatory Liabilities	$	142,521		$	136,369

(1)

Primarily consists of unfunded pension and other postretirement benefits (OPEB) liability. See Note 8.

(2)

Reflects deferrals resulting from 2005 regulatory plan relating to Iatan 1, Iatan 2 and Plum Point. These amounts are being recovered over the life of the plants.

(3)

Reflects ice storm costs incurred in 2007 and costs incurred as a result of the May 2011 tornado including an accrued carrying charge and deferred depreciation totaling $3.0 million at September 30, 2015.

(4)

Primarily consists of Missouri energy efficiency programs.

(5)

Resulting from the Missouri Clean Energy Initiative and consists of approximately 109 solar rebate applications processed and internal costs as of September 30, 2015, resulting in solar rebate-related costs totaling approximately $1.6 million.

(6)

Resulting from regulatory plan requiring deferral of the fuel and purchased power impacts of Iatan 2.