REGULATORY ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2025

Regulatory Assets and Liabilities Disclosure [Abstract]

The following regulatory assets and liabilities were reflected on our balance sheets at September 30, 2025 and December 31, 2024. For more information on our regulatory assets and liabilities, see Note 7, Regulatory Assets and Liabilities, in our 2024 Annual Report on Form 10-K.


(in millions)	September 30, 2025		December 31, 2024
Regulatory assets
We Power finance leases	$	1,154.8	$	1,139.1
Plant retirement related items	643.8		655.1
Income tax related items	403.9		364.6
Pension and OPEB costs	313.7		343.1
Uncollectible expense	102.2		108.4
System support resource	95.2		102.9
Securitization	69.6		76.5
Asset retirement obligations	58.3		52.8
Other finance and operating leases (1)	21.7		15.1
Bluewater Natural Gas Holding, LLC	15.8		21.1
Other, net	66.5		67.6
Total regulatory assets	$	2,945.5	$	2,946.3

(1)In accordance with ASC Subtopic 980-842, Regulated Operations – Leases (Subtopic 980-842), the timing of expense recognition associated with our leases is modified to conform to the rate treatment. The difference between this lease expense and the unadjusted lease expense calculated under Topic 842 is deferred as a regulatory asset on our balance sheets in accordance with Subtopic 980-842.


(in millions)	September 30, 2025		December 31, 2024
Regulatory liabilities
Removal costs	$	848.2	$	809.2
Income tax related items	660.8		653.9
Pension and OPEB benefits	110.9		118.5
Revenue requirements of renewable generation facilities	18.9		37.9
Energy costs refundable through rate adjustments	12.3		70.7
Electric transmission costs	—		19.7
Other, net	49.2		52.9
Total regulatory liabilities	$	1,700.3	$	1,762.8

Balance sheet presentation
Other current liabilities	$	3.5	$	4.0
Regulatory liabilities	1,696.8		1,758.8
Total regulatory liabilities	$	1,700.3	$	1,762.8

WISCONSIN ELECTRIC POWER CO 10-Q