Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliation between the statutory rate and ETR:

	Six Months Ended June 30
	2022		2021
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	3.6		3.6
Increases (decreases) in tax from:
Wind PTCs (a)	(19.6)		(15.1)
Plant regulatory differences (b)	(3.9)		(4.5)
Other tax credits, net operating loss & tax credit allowances	(1.2)		(0.8)
Other (net)	0.1		0.2
Effective income tax rate	—	%	4.4	%

(a)Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income.

(b)Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.