Company: WELPM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000107815-25-000207
Chunk: 52

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 52
---
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, 2025December 31, 2024Regulatory liabilitiesRemoval costs $848.2 $809.2 Income tax related items660.8 653.9 Pension and OPEB benefits110.9 118.5 Revenue requirements of renewable generation facilities18.9 37.9 Energy costs refundable through rate adjustments12.3 70.7 Electric transmission costs— 19.7 Other, net49.2 52.9 Total regulatory liabilities$1,700.3 $1,762.8 Balance sheet presentationOther current liabilities$3.5 $4.0 Regulatory liabilities1,696.8 1,758.8 Total regulatory liabilities$1,700.3 $1,762.8 

NOTE 6—PROPERTY, PLANT, AND EQUIPMENT

Plant to be RetiredOak Creek Power Plant Units 7-8As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien Solar Park, the retirement of OCPP Units 7 and 8 became probable. Subsequently, we have received PSCW approval for several other renewable and other projects and have also acquired additional projects. On June 25, 2025, we announced plans to extend the lives of OCPP Units 7 and 8, and expect to have the units available to meet high energy demand periods through the end of 2026. These units were originally scheduled to be retired at the end of 2025. The total net book value of our ownership share of OCPP Units 7 and 8 was $630.4 million at September 30, 2025, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and we continue to depreciate them on a straight