JOINTLY OWNED UTILITY FACILITIES

9 Months Ended

Sep. 30, 2023

Jointly Owned Utility Plant, Net Ownership Amount [Abstract]

JOINTLY OWNED UTILITY FACILITIES

JOINTLY OWNED UTILITY FACILITIES

We hold joint ownership interests in certain electric generating facilities. We are entitled to our share of generating capability and output of each facility equal to our respective ownership interest. We pay our ownership share of additional construction costs and have supplied our own financing for all jointly owned projects. We record our proportionate share of significant jointly owned electric generating facilities as property, plant, and equipment on the balance sheets. In addition, our proportionate share of direct expenses for the joint operation of these plants is recorded within operating expenses in the income statements.

In April 2023, WPS, along with an unaffiliated utility, completed the acquisition of Red Barn, a commercially operational utility-scale wind-powered electric generating facility. WPS owns 90%, or 82 MWs, of Red Barn.

In June 2023, WE completed the acquisition of a 13.8% ownership interest, or 100 MWs, of West Riverside, a commercially operational dual fueled combined cycle generation facility.

See Note 2, Acquisitions, for more information.