Regulatory Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Regulatory Assets and Liabilities Disclosure [Abstract]

Components of regulatory assets:


(Millions of Dollars)	See Note(s)	Remaining Amortization Period	Dec. 31, 2025				Dec. 31, 2024 (a)
Regulatory Assets			Current		Noncurrent		Current		Noncurrent
Pension and retiree medical obligations	9	Various	$	15	$	332	$	21	$	339
Recoverable deferred taxes on AFUDC		Plant lives	—		150		—		137
Excess deferred taxes — TCJA	7	Various	8		79		8		87
Prairie Island extended power update		Nine years	4		30		4		34
Nuclear refueling outage costs	1	One to two years	58		20		51		20
Benson biomass PPA termination and asset purchase		Three years	10		16		10		26
Deferred purchased natural gas		One to two years	30		15		51		25


Sales true-up and MN MISO capacity revenue		One to two years	75		1		123		68



Renewable resources and environmental initiatives		Less than one year	40		—		34		—

Gas pipeline inspection and remediation costs		Less than one year	25		—		30		—

Other		Various	38		66		32		77
Total regulatory assets			$	303	$	709	$	364	$	813

(a)Prior period amounts have been reclassified to conform with current year presentation.

Regulatory Liabilities

Components of regulatory liabilities:


(Millions of Dollars)	See Note(s)	Remaining Amortization Period	Dec. 31, 2025				Dec. 31, 2024 (a)
Regulatory Liabilities			Current		Noncurrent		Current		Noncurrent
Deferred income tax adjustments and TCJA refunds (b)	7	Various	$	5	$	1,047	$	5	$	1,105
Plant removal costs	1, 10	Various	—		868		—		815
Net AROs (c)		Various	—		354		—		161
Renewable resources and environmental initiatives		Various	16		47		16		38

Deferred natural gas and electric energy/fuel costs (d)		One to two years	200		13		348		12


Contract valuation adjustments (e)	1, 8	Less than one year	65		—		21		—


Other		Various	103		20		153		24
Total regulatory liabilities			$	389	$	2,349	$	543	$	2,155

(a)Prior period amounts have been reclassified to conform with current year presentation.

(b)Includes the revaluation of recoverable/regulated plant accumulated deferred income taxes and revaluation impact of non-plant accumulated deferred income taxes due to the TCJA.

(c)Includes amounts recorded for future recovery of AROs, less amounts recovered through nuclear decommissioning accruals and gains from decommissioning investments.

(d)Includes Nuclear PTCs.

(e)Includes the fair value of FTR instruments utilized/intended to offset the impacts of transmission system congestion.

NORTHERN STATES POWER CO 10-K