Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliation between the statutory rate and ETR:

	Nine Months Ended Sept. 30
	2023		2022
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	3.5		3.6
(Decreases) increases:
Wind PTCs (a)	(14.9)		(14.2)
Plant regulatory differences (b)	(5.4)		(4.4)
Other tax credits, net operating loss & tax credit allowances	(1.0)		(1.1)
Other (net)	0.6		0.4
Effective income tax rate	3.8	%	5.3	%

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

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