Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

Reconciliation between the statutory rate and ETR:

	Three Months Ended March 31
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State tax (net of federal tax effect)	2.5		2.3
(Decreases) increases:
Wind PTCs (a)	(69.7)		(105.5)
Plant regulatory differences (b)	(4.5)		(3.7)
Amortization of excess nonplant deferred taxes	0.3		0.3
Other (net)	0.4		(0.6)
Effective income tax rate	(50.0)	%	(86.2)	%

(a)Wind PTCs net of estimated transfer discounts. Gross 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.