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… Regulatory assets represent incurred costs that have been deferred because of their probable future recovery from customers through regulated rates. Regulatory liabilities represent (1) revenue or gains that have been deferred because it is probable such amounts will be returned …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

Fundamental changes in laws or regulations or adverse legislative or regulatory actions affecting the Registrants’ businesses would require changes in their business planning models and operations. Registrants cannot always predict when or whether legislative or regulatory action will occur and may not be able to influence the outcome of legislative or regulatory initiatives.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

We are subject to federal, state, and local regulation. The extensive regulatory frameworks, some of which are more specifically identified in the following risk factors, regulate, among other matters, the electric and natural gas utility industries; the rate and cost …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

The application of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… Each Eversource utility subsidiary is subject to the regulatory jurisdiction of the state in which it operates: CL&P, Yankee Gas and Aquarion operate in Connecticut and are subject to PURA regulation; NSTAR Electric, NSTAR Gas, EGMA and Aquarion operate …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Regulatory Accounting: Our regulated companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

• regulatory noncompliance, compliance mandates and penalties from our regulators;

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Certain expenses and revenues subject to utility regulation or rate determination normally reflected in income are deferred on the balance sheet as regulatory assets or liabilities and are recognized in income as the related amounts are included in service rates …

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Regulatory assets represent incurred costs that have been deferred because of their probable future recovery from customers through regulated rates. Regulatory liabilities represent amounts that are expected to be credited to customers through future regulated rates or amounts collected from customers for costs not yet incurred. The Registrants net their regulatory assets and liabilities based on federal and state jurisdictions.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

(1) Regulatory debt limitations include amounts which may be borrowed under the regulated companies’ money pool.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Our Regulated Businesses are subject to extensive regulation by PUCs and other regulatory agencies, which significantly affects our business, financial condition, results of operations and cash flows. Our Regulated Businesses also may be subject to fines, penalties and other sanctions for an inability to meet these regulatory requirements.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• Our Regulated Businesses are subject to regulation by PUCs and other regulatory agencies, which affects our business, financial condition, results of operations and cash flows, and may be subject to fines, penalties and other sanctions for an inability to meet these regulatory requirements.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Regulated entities are allowed to defer certain costs that would otherwise be charged to expense if the regulated entity believes the recovery of those costs is probable. We record regulatory assets pursuant to generic and/or specific orders issued by …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Our utility operations follow the guidance under the Regulated Operations Topic of the FASB ASC (Topic 980). Our financial statements reflect the effects of the ratemaking principles followed by the jurisdictions regulating us. Certain items that would otherwise be immediately recognized as revenues and expenses are deferred as regulatory assets and regulatory liabilities for future recovery or refund to customers, as authorized by our regulators.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

• Risks of operating businesses in regulated industries that are subject to changing regulatory structures;

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

… For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the …

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Furthermore, in many countries where we conduct business, the regulatory environment is constantly changing and it may be difficult to predict the impact of the regulations on our businesses. The impacts described above could also result from our efforts to comply with European Market Infrastructure Regulation, which includes regulations

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

Our operations are subject to significant government regulation and could be adversely affected by changes in the law or regulatory schemes.

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

PSE&G prepares its financial statements to comply with GAAP for rate-regulated enterprises, which differs in some respects from accounting for non-regulated businesses. In general, accounting for rate-regulated enterprises should reflect the economic effects of regulation. As a result, a regulated utility is required to defer the recognition of costs (Regulatory Asset)

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

• regulatory and political uncertainty with regard to Federal and State energy and related policies, including transmission planning and rates policy, the role of distribution utilities and decarbonization impacts, design of energy and capacity markets, resource adequacy and affordability, tax regulation and environmental regulation, as well as with respect to the outcome of any legal, regulatory or other proceedings;

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… a portion of our regulated operations may no longer meet the criteria for the application of ASC Topic 980, Regulated Operations. In such event, a write-down of all or a portion of our existing regulatory assets and liabilities could …

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

• Most of our revenues are subject to regulation and are exposed to the impact of regulatory rate reviews and proceedings.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… If recovery or refund of regulatory assets or liabilities is not approved by regulators or is no longer deemed probable, these regulatory assets or liabilities are recognized in the current period results of operations. Evergy's continued ability to meet …

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… The recording of AROs for regulated operations has no income statement impact due to the deferral of the adjustments through the establishment of a regulatory asset or an offset to a regulatory liability.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Accounting for the Effects of Industry Regulation: Because Consumers has regulated operations, it uses regulatory accounting to recognize the effects of the regulators’ decisions on its financial statements. Consumers continually assesses whether future recovery of its regulatory assets is probable …

Item 7, MD&A, 10-K Feb 10, 2026open_in_new

Regulation: Regulatory matters are a key aspect of Consumers’ business, particularly rate cases and regulatory proceedings before the MPSC, which permit recovery of new investments while helping to ensure that customer rates are fair and affordable. Important regulatory events and developments not already discussed are summarized below.

Item 7, MD&A, 10-K Feb 10, 2026open_in_new

For information about the Utilities’ rate plans and other regulatory matters affecting the Companies, see “Utility Regulation” in Item 1 and Note B to the financial statements in Item 8.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… State utility regulators may seek to impose substantial penalties on the Utilities for violations of state utility laws, regulations or orders or limit the Utilities from recovering costs incurred above amounts set forth in their rate plans. See “Other Regulatory …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… In particular, new or revised laws or interpretations of existing laws or regulations may impact or call into question the ACC’s permissive regulatory authority, which may result in uncertainty as to jurisdictional authority within our state, and uncertainty as …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Regulatory accounting allows for the actions of regulators, such as the ACC and FERC, to be reflected in our financial statements. Their actions may cause us to capitalize costs that would otherwise be included as an expense in the current …

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Changes in environmental policies and regulations or regulatory decisions may result in early retirements of our operational facilities. While regulation typically provides relief for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

The FERC and various state and local regulatory commissions regulate Xcel Energy Inc.’s utility subsidiaries and WGI. Xcel Energy is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Minnesota, North Dakota, South Dakota, Wisconsin, Michigan, Colorado, New Mexico and Texas.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

As a regulated entity, the Utility records regulatory assets and liabilities for amounts that are deemed probable of recovery from, or refund to, customers. The Utility continues to apply ASC 980, Regulated Operations. Refer to “Regulation and Regulated Operations” in …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

Environmental remediation costs could also increase in the future as a result of new legislation or regulation. See “PG&E Corporation and the Utility could be adversely affected by legislative and regulatory developments, including through increased compliance costs and penalties” above.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

SCE is subject to extensive regulation and the risk of adverse regulatory and legislative decisions, delays in regulatory or legislative decisions, and changes in applicable regulations or legislation.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… regulated entities, and other factors that would indicate that the regulator will treat an incurred cost as allowable for ratemaking purposes. Using these factors, management has determined that existing regulatory assets are probable of future recovery or settlement, and regulatory …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Regulatory Assets and Regulatory Liabilities - IPL and WPL are regulated by various federal and state regulatory agencies. As a result, they are subject to GAAP for regulated operations, which recognizes that the actions of a regulator can provide reasonable assurance …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… We are also responsible for compliance with new and changing regulatory standards involving safety, reliability and environmental compliance, including regulations under the Pipeline and Hazardous Materials Safety Administration, the Occupational Health and Safety Administration, the North American Electric Reliability Corporation …

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Certain of NEE's businesses are subject to rate regulation which results in the recording of regulatory assets and liabilities. See Note 1 - Rate Regulation for details regarding NEE’s regulatory assets and liabilities.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

Accounting guidance allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. If NEE's rate-regulated entities, primarily FPL, were no longer subject to cost-based rate regulation, the existing regulatory …

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

A significant portion of the Registrants' businesses are subject to regulation. This results in differences in the application of generally accepted accounting principles between regulated and non-regulated businesses. DTE Electric and DTE Gas are required to record regulatory assets …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Any perceived or alleged failure by the Registrants to comply with environmental regulations could lead to fines or penalties imposed by regulatory bodies or could result in adverse public statements and reputational damage affecting the Registrants. Adverse statements, whether or not driven by political or public sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

We are subject to extensive environmental regulation by governmental authorities, including federal and state environmental agencies and/or attorneys general. We may incur significant additional costs beyond those currently contemplated to comply with these regulatory requirements. If we fail to …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

• Regulatory Risk. The NRC may modify, suspend or revoke licenses and impose civil penalties for failure to comply with the Atomic Energy Act, the regulations under it or the terms of the licenses of nuclear generation facilities. Changes in regulations by the NRC could require a substantial increase in capital expenditures or result in increased operating or decommissioning costs.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

Our business is highly regulated and could be negatively affected by legislative and/or regulatory actions.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Risks related to legislative, regulatory, and legal factors primarily include changes to, and compliance with, the laws and regulations that govern:

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

… Therefore, our returns are continuously monitored and are subject to challenge for their reasonableness by the appropriate regulatory authorities or other third-party intervenors. In the normal course of business, as a regulated entity, we often need to place assets …

Item 1A, Risk Factors, 10-K Nov 14, 2025open_in_new

We anticipate making significant capital expenditures for the foreseeable future to modernize our distribution and transmission system, to comply with the safety rules and regulations issued by the regulatory authorities responsible for the service areas in which we operate, and …

Item 7, MD&A, 10-K Nov 14, 2025open_in_new

NRG's business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

The Company owns Direct Energy Regulated Services, which serves as a regulated rate supplier for residential and commercial energy customers in portions of the province of Alberta. It is required to engage in regulatory approval proceedings as a part of …

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.