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CONSOLIDATED STATEMENTS OF INCOME, UTILITY - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenues      
Total operating revenues $ 24,935,000 $ 24,419,000 $ 24,428,000
Operating Expenses      
Operating and maintenance 11,349,000 11,808,000 11,924,000
SB 901 securitization charges, net 35,000 33,000 1,267,000
Wildfire-related claims, net of recoveries 100,000 94,000 64,000
Wildfire Fund expense 352,000 383,000 567,000
Depreciation, amortization, and decommissioning 4,634,000 4,189,000 3,738,000
Total operating expenses 20,186,000 19,960,000 21,757,000
Operating Income 4,749,000 4,459,000 2,671,000
Interest income 520,000 604,000 606,000
Interest expense (3,028,000) (3,051,000) (2,850,000)
Other income, net 182,000 300,000 272,000
Income Before Income Taxes 2,423,000 2,312,000 699,000
Income tax benefit (280,000) (200,000) (1,557,000)
Net Income 2,703,000 2,512,000 2,256,000
Preferred stock dividend requirement 110,000 37,000 14,000
Income Available for Common Shareholders 2,593,000 2,475,000 2,242,000
Income Available for Common Shareholders 2,593,000 2,475,000 2,242,000
Utility      
Operating Revenues      
Total operating revenues 24,935,000 24,419,000 24,428,000
Operating Expenses      
Operating and maintenance 11,337,000 11,787,000 11,913,000
SB 901 securitization charges, net 35,000 33,000 1,267,000
Wildfire-related claims, net of recoveries 100,000 94,000 64,000
Wildfire Fund expense 352,000 383,000 567,000
Depreciation, amortization, and decommissioning 4,634,000 4,189,000 3,738,000
Total operating expenses 20,174,000 19,939,000 21,746,000
Operating Income 4,761,000 4,480,000 2,682,000
Interest income 509,000 589,000 593,000
Interest expense (2,713,000) (2,781,000) (2,485,000)
Other income, net 328,000 319,000 293,000
Income Before Income Taxes 2,885,000 2,607,000 1,083,000
Income tax benefit (194,000) (105,000) (1,461,000)
Net Income 3,079,000 2,712,000 2,544,000
Preferred stock dividend requirement 14,000 14,000 14,000
Income Available for Common Shareholders 3,065,000 2,698,000 2,530,000
Income Available for Common Shareholders 3,065,000 2,698,000 2,530,000
Electric      
Operating Revenues      
Total operating revenues 18,318,000 17,811,000 17,424,000
Operating Expenses      
Cost of electricity and natural gas 2,609,000 2,261,000 2,443,000
Electric | Utility      
Operating Revenues      
Total operating revenues 18,318,000 17,811,000 17,424,000
Operating Expenses      
Cost of electricity and natural gas 2,609,000 2,261,000 2,443,000
Natural gas      
Operating Revenues      
Total operating revenues 6,617,000 6,608,000 7,004,000
Operating Expenses      
Cost of electricity and natural gas 1,107,000 1,192,000 1,754,000
Natural gas | Utility      
Operating Revenues      
Total operating revenues 6,617,000 6,608,000 7,004,000
Operating Expenses      
Cost of electricity and natural gas $ 1,107,000 $ 1,192,000 $ 1,754,000