Note 3— Regulatory Matters

The following table sets forth the components of our regulatory assets and liabilities on our consolidated balance sheet (in thousands).

Regulatory Assets and Liabilities

	March 31, 2016			December 31, 2015
Regulatory Assets:
Current:
Under recovered fuel costs	$	89		$	196
Current portion of long-term regulatory assets	7,056			6,856

Regulatory assets, current	7,145			7,052

Long-term:
Pension and other postretirement benefits(1)	106,237			108,273
Income taxes	48,597			48,613
Deferred construction accounting costs(2)	14,886			14,977
Unamortized loss on reacquired debt	9,563			9,731
Unsettled derivative losses — electric segment	7,785			7,775
System reliability — vegetation management	3,346			3,604
Storm costs	3,389			3,531
Asset retirement obligation	8,644			7,722
Customer programs	6,112			5,942
Missouri solar initiative(3)	6,170			3,504
Current portion of long-term regulatory assets	(7,056		)	(6,856		)
Other	2,261			2,892

Regulatory assets, long-term	209,934			209,708

Total Regulatory Assets	$	217,079		$	216,760

	March 31, 2016			December 31, 2015
Regulatory Liabilities:
Current:
Over recovered fuel costs	$	6,789		$	5,280
Current portion of long-term regulatory liabilities	3,365			3,335

Regulatory liabilities, current	10,154			8,615

Long-term:
Costs of removal(4)	95,673			94,193
SWPA payment for Ozark Beach lost generation	13,580			14,213
Income taxes	11,194			11,244
Deferred construction accounting costs — fuel(5)	7,651			7,690
Unamortized gain on interest rate derivative	2,989			3,031
Pension and other postretirement benefits	1,698			1,745
Over recovered fuel costs	3,168			2,300
System reliability — vegetation management	1,320			1,320
Current portion of long-term regulatory liabilities	(3,365		)	(3,335		)
Other	493			56

Regulatory liabilities, long-term	134,401			132,457

Total Regulatory Liabilities	$	144,555		$	141,072

(1) Primarily consists of unfunded pension and other postretirement benefits (OPEB) liability. See Note 8.

(2) Reflects deferrals resulting from our 2005 regulatory plan relating to Iatan 1, Iatan 2 and Plum Point. These amounts are being recovered over the life of the plants.

(3) Resulting from the Missouri Clean Energy Initiative and consists of approximately 467 solar rebate applications processed and internal costs as of March 31, 2016 (compared to 262 as of December 31, 2015), resulting in solar rebate-related costs totaling approximately $6.2 million.

(4) As part of our depreciation rates, we accrue the estimated cost of dismantling and removing plant from service upon retirement. The accrued cost of removal, upon retirement, is reclassified from accumulated depreciation to a regulatory liability. These reclassified amounts are reflected here. See the depreciation discussion under Note 1 and Note 2 Property, Plant and Equipment in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 for more detail.

(5) Resulting from our regulatory plan requiring deferral of the fuel and purchased power impacts of Iatan 2.