Income Taxes

9 Months Ended

Sep. 30, 2025


6. Income Taxes

Reconciliation between the statutory rate and ETR:


	Nine Months Ended Sept. 30
	2025		2024
Federal statutory rate	21.0	%	21.0	%
State income tax on pretax income, net of federal tax effect	2.6		2.0
(Decreases) increases:
PTCs (a)	(27.5)		(28.8)
Plant regulatory differences (b)	(4.9)		(4.4)
Amortization of excess nonplant deferred taxes	0.2		0.2
Adjustment to tax reform implementation	3.2		—
Other, net	(0.2)		(1.0)
Effective income tax rate	(5.6)	%	(11.0)	%

(a)Wind PTCs net of estimated transfer discounts. Gross PTCs are generally credited to customers (reduction to revenue) and do not materially impact earnings.

(b)Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

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