Six Months Ended June 30,

2025

2024

U.S. statutory rate

21.0

%

21.0

%

Increases (reductions) resulting from:

State taxes, net of federal benefit

7.7

4.0

Reversal of excess deferred income taxes

(2.7

)

(5.7

)

Allowance for equity funds used during construction

—

(0.7

)

Remeasurements and settlements of uncertain tax positions

(9.7

)

—

Other, net

0.1

0.1

Effective tax rate

16.4

%

18.7

%