REGULATORY ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2025

Regulatory Assets and Liabilities Disclosure [Abstract]


(in millions)	June 30, 2025		December 31, 2024
Regulatory assets
Plant retirement related items	$	800.6	$	810.5
Pension and OPEB costs	637.5		684.9
Environmental remediation costs	527.3		570.1
Income tax related items	465.5		438.5
AROs	177.0		166.7
Uncollectible expense	122.1		151.5
Decoupling	110.8		110.0
System support resource	97.7		102.9
Securitization	72.2		76.5
Bluewater	49.6		57.7
Finance and operating leases	27.8		22.0
Derivatives	20.7		38.2
Energy efficiency programs	19.1		26.5
Energy costs recoverable through rate adjustments	15.9		8.3
Other, net	112.2		114.4
Total regulatory assets	$	3,256.0	$	3,378.7

Balance sheet presentation
Other current assets	$	24.2	$	39.0
Regulatory assets	3,231.8		3,339.7
Total regulatory assets	$	3,256.0	$	3,378.7

Schedule of regulatory liabilities


(in millions)	June 30, 2025		December 31, 2024
Regulatory liabilities
Income tax related items	$	1,809.5	$	1,825.4
Removal costs	1,520.0		1,458.2
Pension and OPEB benefits	297.3		308.5
Energy costs refundable through rate adjustments	233.4		160.8
Uncollectible expense	64.4		47.2
Derivatives	56.7		36.9
Revenue requirements of renewable generation facilities	32.0		44.2
Property tax (1)	20.0		19.3
Energy efficiency programs	17.6		14.6
Electric transmission costs	3.9		19.7
Other, net	76.7		68.5
Total regulatory liabilities	$	4,131.5	$	4,003.3

Balance sheet presentation
Other current liabilities	$	92.5	$	45.3
Regulatory liabilities	4,039.0		3,958.0
Total regulatory liabilities	$	4,131.5	$	4,003.3

(1)In accordance with MERC's property tax tracker, MERC defers as a regulatory asset or liability the difference between actual property tax expense and the amount included in rates until recovery or refund is authorized in a future rate proceeding.