C001731 2022-01-01 2022-12-31 xbrli:pure C001731 ScheduleCorporationsControlledByRespondentAbstract 2022-01-01 2022-12-31 C001731 ScheduleInformationOnFormulaRatesAbstract 2022-01-01 2022-12-31 C001731 ScheduleStatementOfAccumulatedOtherComprehensiveIncomeAndHedgingActivitiesAbstract 2022-01-01 2022-12-31 C001731 ScheduleNuclearFuelMaterialsAbstract 2022-01-01 2022-12-31 C001731 ScheduleElectricPropertyLeasedToOthersAbstract 2022-01-01 2022-12-31 C001731 ScheduleElectricPlantHeldForFutureUseAbstract 2022-01-01 2022-12-31 C001731 ScheduleAllowanceInventoryAbstract 2022-01-01 2022-12-31 C001731 ScheduleExtraordinaryPropertyLossesAbstract 2022-01-01 2022-12-31 C001731 ScheduleUnrecoveredPlantAndRegulatoryStudyCostsAbstract 2022-01-01 2022-12-31 C001731 ScheduleTransmissionServiceAndGenerationInterconnectionStudyCostsAbstract 2022-01-01 2022-12-31 C001731 ScheduleCapitalStockExpenseAbstract 2022-01-01 2022-12-31 C001731 ScheduleLongTermDebtAbstract 2022-01-01 2022-12-31 C001731 ScheduleOtherDeferredCreditsAbstract 2022-01-01 2022-12-31 C001731 ScheduleAccumulatedDeferredIncomeTaxesAcceleratedAmortizationPropertyAbstract 2022-01-01 2022-12-31 C001731 ScheduleRegionalTransmissionServiceRevenuesAbstract 2022-01-01 2022-12-31 C001731 ScheduleSalesForResaleAbstract 2022-01-01 2022-12-31 C001731 ScheduleTransmissionOfElectricityForOthersAbstract 2022-01-01 2022-12-31 C001731 ScheduleTransmissionOfElectricityByIsoOrRtoAbstract 2022-01-01 2022-12-31 C001731 ScheduleTransmissionOfElectricityByOthersAbstract 2022-01-01 2022-12-31 C001731 ScheduleResearchDevelopmentOrDemonstrationExpendituresAbstract 2022-01-01 2022-12-31 C001731 ScheduleCommonUtilityPlantAndExpensesAbstract 2022-01-01 2022-12-31 C001731 ScheduleAmountsIncludedInIsoOrRtoSettlementAbstract 2022-01-01 2022-12-31 C001731 SchedulePurchasesSalesOfAncillaryServicesAbstract 2022-01-01 2022-12-31 C001731 ScheduleMonthlyTransmissionSystemPeakLoadAbstract 2022-01-01 2022-12-31 C001731 ScheduleMonthlyIsoOrRtoTransmissionSystemPeakLoadAbstract 2022-01-01 2022-12-31 C001731 ScheduleSteamElectricGeneratingPlantStatisticsAbstract 2022-01-01 2022-12-31 C001731 ScheduleHydroelectricGeneratingPlantStatisticsAbstract 2022-01-01 2022-12-31 C001731 SchedulePumpedStorageGeneratingPlantStatisticsAbstract 2022-01-01 2022-12-31 C001731 ScheduleEnergyStorageOperationsLargePlantsAbstract 2022-01-01 2022-12-31 C001731 ScheduleTransmissionLinesAddedAbstract 2022-01-01 2022-12-31 C001731 Thomas G. Scharff 2022-01-01 2022-12-31 C001731 Kevin Kuznicki 2022-01-01 2022-12-31 C001731 Terrence M. Dyer 2022-01-01 2022-12-31 C001731 Timothy D. Nusbaum 2022-01-01 2022-12-31 C001731 Brian Cullen 2022-01-01 2022-12-31 C001731 Rob Kreizenbeck 2022-01-01 2022-12-31 C001731 a 2022-01-01 2022-12-31 C001731 b 2022-01-01 2022-12-31 C001731 Robert A. Kreizenbeck 2022-01-01 2022-12-31 C001731 Kevin Kuznicki 2022-01-01 2022-12-31 C001731 Tonie Meyers 2022-01-01 2022-12-31 C001731 2022-12-31 iso4217:USD C001731 2021-12-31 C001731 2021-01-01 2021-12-31 C001731 ferc:ElectricUtilityMember 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 2021-01-01 2021-12-31 C001731 2020-12-31 C001731 Amortization of Limited Plant 2022-01-01 2022-12-31 C001731 Other (provide details in footnote): 2022-01-01 2022-12-31 C001731 (Increase) Decrease in Prepayments 2022-01-01 2022-12-31 C001731 (Increase) Decrease in Deferred Debits 2022-01-01 2022-12-31 C001731 (Increase) Decrease in Prepayments 2021-01-01 2021-12-31 C001731 (Increase) Decrease in Deferred Debits 2021-01-01 2021-12-31 C001731 Other (provide details in footnote): 2022-01-01 2022-12-31 C001731 Removal Costs 2022-01-01 2022-12-31 C001731 Removal Costs 2021-01-01 2021-12-31 C001731 Other (provide details in footnote): 2022-01-01 2022-12-31 C001731 Other (provide details in footnote): 2022-01-01 2022-12-31 C001731 Other (provide details in footnote): 2022-01-01 2022-12-31 C001731 Other (provide details in footnote): 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 2022-12-31 C001731 ferc:ElectricUtilityMember 1-71S CT Replacement 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Stevens Point Substation Upgrade - Phase 2 2022-01-01 2022-12-31 C001731 1-71S CT Replacement 2022-01-01 2022-12-31 C001731 Stevens Point Substation Upgrade - Phase 2 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember BH/PM26 RelayControl Upgrade 2022-01-01 2022-12-31 C001731 BH/PM26 RelayControl Upgrade 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Biron #7 Rotor Rewind 2022-01-01 2022-12-31 C001731 Biron #7 Rotor Rewind 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Replace WR A&C Section Operator Decks 2022-01-01 2022-12-31 C001731 Replace WR A&C Section Operator Decks 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 2022 WQC Land Improvements 2022-01-01 2022-12-31 C001731 2022 WQC Land Improvements 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 1-71S CT Replacement 2022-12-31 C001731 ferc:ElectricUtilityMember Stevens Point Substation Upgrade - Phase 2 2022-12-31 C001731 ferc:ElectricUtilityMember BH/PM26 RelayControl Upgrade 2022-12-31 C001731 ferc:ElectricUtilityMember Biron #7 Rotor Rewind 2022-12-31 C001731 ferc:ElectricUtilityMember Replace WR A&C Section Operator Decks 2022-12-31 C001731 ferc:ElectricUtilityMember 2022 WQC Land Improvements 2022-12-31 C001731 ferc:ElectricUtilityMember 2021-12-31 C001731 ferc:ElectricUtilityMember ferc:ElectricPlantInServiceMember 2021-12-31 C001731 ferc:ElectricUtilityMember ferc:ElectricPlantInServiceMember 2022-01-01 2022-12-31 C001731 Other Accounts (Specify, details in footnote): 2022-01-01 2022-12-31 C001731 Other Debit or Cr. Items (Describe, details in footnote): 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:ElectricPlantInServiceMember 2022-12-31 C001731 0 2022-01-01 2022-12-31 C001731 0 2021-12-31 C001731 0 2022-12-31 C001731 ferc:SulfurDioxideMember Allowances Used 2022-01-01 2022-12-31 C001731 ferc:NitrogenOxideMember Allowances Used 2022-01-01 2022-12-31 C001731 SFAS 143 Asset removal obligation depreciation 2022-01-01 2022-12-31 C001731 SFAS 143 Asset removal obligation accretion 2022-01-01 2022-12-31 C001731 1130-ER-104 Wisconsin Rapids Mill Revenue 2022-01-01 2022-12-31 C001731 PSCW Docket:  1330-ER-104 Regulatory Assets WR Mill 2022-01-01 2022-12-31 C001731 SFAS 143 Asset removal obligation depreciation 2021-12-31 C001731 SFAS 143 Asset removal obligation accretion 2021-12-31 C001731 1130-ER-104 Wisconsin Rapids Mill Revenue 2021-12-31 C001731 SFAS 143 Asset removal obligation depreciation 2022-12-31 C001731 SFAS 143 Asset removal obligation accretion 2022-12-31 C001731 1130-ER-104 Wisconsin Rapids Mill Revenue 2022-12-31 C001731 Accum Depr Step Timing Adjust 2022-01-01 2022-12-31 C001731 Accum Depr Step Timing Adjust 2021-12-31 C001731 ferc:ElectricUtilityMember Deferred Investment Credit 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Net Operating Loss Carryover 2022-01-01 2022-12-31 C001731 Deferred Investment Credit 2022-01-01 2022-12-31 C001731 Net Operating Loss Carryover 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Valuation Allowance 2022-01-01 2022-12-31 C001731 Valuation Allowance 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Deferred Investment Credit 2021-12-31 C001731 ferc:ElectricUtilityMember Net Operating Loss Carryover 2021-12-31 C001731 ferc:ElectricUtilityMember Valuation Allowance 2021-12-31 C001731 ferc:ElectricUtilityMember Deferred Investment Credit 2022-12-31 C001731 ferc:ElectricUtilityMember Net Operating Loss Carryover 2022-12-31 C001731 ferc:OtherElectricUtilityMember 2021-12-31 C001731 ferc:OtherElectricUtilityMember 2022-12-31 C001731 Other (Specify) ferc:OtherUtilityMember 2022-01-01 2022-12-31 C001731 Common 2022-01-01 2022-12-31 C001731 Common 2022-12-31 xbrli:shares iso4217:USD xbrli:shares C001731 Increases (Decreases) from Sales of Donations Received from Stockholders 2022-01-01 2022-12-31 C001731 Increases (Decreases) Due to Reductions in Par or Stated Value of Capital Stock 2022-01-01 2022-12-31 C001731 Increases (Decreases) from Gain or Resale or Cancellation of Reacquired Capital Stock 2022-01-01 2022-12-31 C001731 Increases (Decreases) Due to Miscellaneous Paid-In Capital 2022-01-01 2022-12-31 C001731 Increases (Decreases) in Other Paid-In Capital 2022-01-01 2022-12-31 C001731 Book Depreciation in Excess of Tax Depreciation 2022-01-01 2022-12-31 C001731 Income Tax Benefit 2022-01-01 2022-12-31 C001731 ITC Deferred 2022-01-01 2022-12-31 C001731 Unbilled Reveue 2022-01-01 2022-12-31 C001731 Tax Expense 2022-01-01 2022-12-31 C001731 Multiply by Tax Rate - 21% 2022-01-01 2022-12-31 C001731 Federal Income Tax 2022-01-01 2022-12-31 C001731 , Other Taxes, , 2022 2022-01-01 2022-12-31 C001731 , Other Taxes, , 2022 2021-12-31 C001731 , Other Taxes, , 2022 2022-12-31 C001731 ferc:ElectricUtilityMember , Other Taxes, , 2022 2022-01-01 2022-12-31 C001731 ferc:OtherTaxMember 2021-12-31 C001731 ferc:OtherTaxMember 2022-01-01 2022-12-31 C001731 ferc:OtherTaxMember 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:OtherTaxMember 2022-01-01 2022-12-31 C001731 , Property Tax, , 2022 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember , Property Tax, , 2022 2022-01-01 2022-12-31 C001731 ferc:PropertyTaxMember 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:PropertyTaxMember 2022-01-01 2022-12-31 C001731 , State Tax, WI, 2022 2022-01-01 2022-12-31 C001731 , Federal Tax, , 2022 2022-01-01 2022-12-31 C001731 , Federal Tax, , 2022 2022-12-31 C001731 ferc:ElectricUtilityMember , Federal Tax, , 2022 2022-01-01 2022-12-31 C001731 ferc:IncomeTaxMember 2022-01-01 2022-12-31 C001731 ferc:IncomeTaxMember 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:IncomeTaxMember 2022-01-01 2022-12-31 C001731 , Ad Valorem Tax, WI, 2022 2022-01-01 2022-12-31 C001731 , Ad Valorem Tax, WI, 2022 2021-12-31 C001731 , Ad Valorem Tax, WI, 2022 2022-12-31 C001731 ferc:ElectricUtilityMember , Ad Valorem Tax, WI, 2022 2022-01-01 2022-12-31 C001731 ferc:AdValoremTaxMember 2021-12-31 C001731 ferc:AdValoremTaxMember 2022-01-01 2022-12-31 C001731 ferc:AdValoremTaxMember 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:AdValoremTaxMember 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 3% 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 4% 2022-01-01 2022-12-31 C001731 3% 2022-01-01 2022-12-31 C001731 4% 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 7% 2022-01-01 2022-12-31 C001731 7% 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 10% 2022-01-01 2022-12-31 C001731 10% 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 0 2021-12-31 C001731 ferc:ElectricUtilityMember 0 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember 0 2022-12-31 C001731 ferc:OtherUtilityOrNonutilityMember 0 2022-01-01 2022-12-31 C001731 Other (provide details in footnote): ferc:ElectricOtherFacilitiesMember 2022-01-01 2022-12-31 C001731 Other (provide details in footnote): ferc:GasOtherFacilitiesMember 2022-01-01 2022-12-31 C001731 ferc:OperatingUtilityMember 2021-12-31 C001731 ferc:OperatingUtilityMember 2022-01-01 2022-12-31 C001731 ferc:OperatingUtilityMember 2022-12-31 C001731 ferc:ElectricUtilityMember Equity in Earnings of Associat 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Purchase Accounting Adjustment 2022-01-01 2022-12-31 C001731 Equity in Earnings of Associat 2022-01-01 2022-12-31 C001731 Purchase Accounting Adjustment 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Reorganization 2022-01-01 2022-12-31 C001731 Reorganization 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Unbilled Revenue 2022-01-01 2022-12-31 C001731 Unbilled Revenue 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Regulatory Asset 2022-01-01 2022-12-31 C001731 Regulatory Asset 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember Equity in Earnings of Associat 2021-12-31 C001731 ferc:ElectricUtilityMember Unbilled Revenue 2021-12-31 C001731 ferc:ElectricUtilityMember Equity in Earnings of Associat 2022-12-31 C001731 ferc:ElectricUtilityMember Unbilled Revenue 2022-12-31 C001731 ferc:ElectricUtilityMember Regulatory Asset 2022-12-31 C001731 Wisconsin Rapids Mill Revenue - PSCW Docket 1330-ER-104 2022-01-01 2022-12-31 C001731 Wisconsin Rapids Mill Revenue - PSCW Docket 1330-ER-104 2021-12-31 C001731 Wisconsin Rapids Mill Revenue - PSCW Docket 1330-ER-104 2022-12-31 utr:MWh utr:kWh iso4217:USD utr:kWh C001731 Wisconsin Power & Light (Alliant), RQ, MR 2022-01-01 2022-12-31 utr:MW C001731 Affiliated Interest Costs 2022-01-01 2022-12-31 C001731 Software Service Agreements 2022-01-01 2022-12-31 C001731 Bank Fees 2022-01-01 2022-12-31 C001731 Snow Removal/Lawn Care 2022-01-01 2022-12-31 C001731 Rug/Mat Service 2022-01-01 2022-12-31 C001731 Leases/Autos 2022-01-01 2022-12-31 C001731 Employee Wages (Safety Training) 2022-01-01 2022-12-31 C001731 Purchased Utilities 2022-01-01 2022-12-31 C001731 M-RETS Renewable Fees 2022-01-01 2022-12-31 C001731 Quality Foods 2022-01-01 2022-12-31 C001731 Miscellaneous Items Under $5,000 ea 2022-01-01 2022-12-31 C001731 Travel 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:HydraulicProductionPlantConventionalMember 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:TransmissionPlantMember 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:DistributionPlantMember 2022-01-01 2022-12-31 C001731 ferc:ElectricUtilityMember ferc:GeneralPlantMember 2022-01-01 2022-12-31 C001731 Hydraulic Production 2022-01-01 2022-12-31 C001731 331 2022-01-01 2022-12-31 C001731 332 2022-01-01 2022-12-31 C001731 333 2022-01-01 2022-12-31 C001731 334 2022-01-01 2022-12-31 C001731 335 2022-01-01 2022-12-31 C001731 Hydraulic Production Subtotal 2022-01-01 2022-12-31 C001731 Transmission Plant 2022-01-01 2022-12-31 C001731 352 2022-01-01 2022-12-31 C001731 353 2022-01-01 2022-12-31 C001731 354 2022-01-01 2022-12-31 C001731 355 2022-01-01 2022-12-31 C001731 356 2022-01-01 2022-12-31 C001731 359 2022-01-01 2022-12-31 C001731 Transmission Plant Subtotal 2022-01-01 2022-12-31 C001731 Distribution Plant 2022-01-01 2022-12-31 C001731 362 2022-01-01 2022-12-31 C001731 364 2022-01-01 2022-12-31 C001731 365 2022-01-01 2022-12-31 C001731 366 2022-01-01 2022-12-31 C001731 367 2022-01-01 2022-12-31 C001731 368 2022-01-01 2022-12-31 C001731 369 2022-01-01 2022-12-31 C001731 370 2022-01-01 2022-12-31 C001731 Distribution Plant Subtotal 2022-01-01 2022-12-31 C001731 General Plant 2022-01-01 2022-12-31 C001731 390 2022-01-01 2022-12-31 C001731 391 2022-01-01 2022-12-31 C001731 392 2022-01-01 2022-12-31 C001731 394 2022-01-01 2022-12-31 C001731 396 2022-01-01 2022-12-31 C001731 397 2022-01-01 2022-12-31 C001731 General Plant Subtotal 2022-01-01 2022-12-31 C001731 Total Plant 2022-01-01 2022-12-31 C001731 Federal Energy Regulatory Commission: 2022-01-01 2022-12-31 C001731 FERC Administrative & Electric Program costs 2022-01-01 2022-12-31 C001731 Public Service Commission of Wisconsin: 2022-01-01 2022-12-31 C001731 Docket 5-AF-101 2022-01-01 2022-12-31 C001731 Docket 1130-AI-100 2022-01-01 2022-12-31 C001731 Docket 1330-ER-140 2022-01-01 2022-12-31 C001731 FERC Administrative & Electric Program costs 2022-12-31 C001731 Docket 5-AF-101 2022-12-31 C001731 Docket 1130-AI-100 2022-12-31 C001731 ferc:DirectPayrollDistributionMember 2022-01-01 2022-12-31 C001731 ferc:AllocationOfPayrollChargedForClearingAccountsMember 2022-01-01 2022-12-31 C001731 Other Accounts (Specify, provide details in footnote): 2022-01-01 2022-12-31 C001731 ferc:Quarter1Member 0 2022-01-01 2022-12-31 C001731 ferc:Quarter2Member 0 2022-01-01 2022-12-31 C001731 ferc:Quarter3Member 0 2022-01-01 2022-12-31 C001731 ferc:Quarter4Member 0 2022-01-01 2022-12-31 C001731 0 2022-01-01 2022-12-31 C001731 ferc:JanuaryMember 0 2022-01-01 2022-12-31 C001731 ferc:FebruaryMember 0 2022-01-01 2022-12-31 C001731 0 ferc:MarchMember 2022-01-01 2022-12-31 C001731 ferc:AprilMember 0 2022-01-01 2022-12-31 C001731 ferc:MayMember 0 2022-01-01 2022-12-31 C001731 ferc:JuneMember 0 2022-01-01 2022-12-31 C001731 ferc:JulyMember 0 2022-01-01 2022-12-31 C001731 ferc:AugustMember 0 2022-01-01 2022-12-31 C001731 ferc:SeptemberMember 0 2022-01-01 2022-12-31 C001731 ferc:OctoberMember 0 2022-01-01 2022-12-31 C001731 ferc:NovemberMember 0 2022-01-01 2022-12-31 C001731 ferc:DecemberMember 0 2022-01-01 2022-12-31 C001731 0 2022-01-01 2022-12-31 C001731 0, 0 2022-01-01 2022-12-31 C001731 0, 0 2022-01-01 2022-12-31 C001731 0, 0 2022-12-31 C001731 HYDRO PLANTS: 2022-01-01 2022-12-31 C001731 Wisconsin Rapids 2022-01-01 2022-12-31 C001731 Biron 2022-01-01 2022-12-31 C001731 Stevens Point 2022-01-01 2022-12-31 C001731 Whiting 2022-01-01 2022-12-31 C001731 DuBay 2022-01-01 2022-12-31 C001731 Wisconsin Rapids 2022-12-31 C001731 Biron 2022-12-31 C001731 Stevens Point 2022-12-31 C001731 Whiting 2022-12-31 C001731 DuBay 2022-12-31 iso4217:USD utr:MW C001731 Wisconsin Rapids, Biron, DuBay, Stevens Point, , 2022-01-01 2022-12-31 C001731 , Whiting, Rocky Run, Kraft, , 2022-01-01 2022-12-31 C001731 , Grand Rapids, WR & WQC, (1), 3/0 Gza ACSR 2022-01-01 2022-12-31 utr:kV utr:mi xbrli:pure utr:mi C001731 Grand Rapids, Transmission, 2022-01-01 2022-12-31 C001731 Rocky Run, Transmission, 2022-01-01 2022-12-31 C001731 Biron - Village, Distribution, 2022-01-01 2022-12-31 C001731 Grand Rapids, Transmission, 2022-12-31 utr:MVA C001731 Rocky Run, Transmission, 2022-12-31 C001731 Biron - Village, Distribution, 2022-12-31 C001731 Maintenance/Engineering Supervision 2022-01-01 2022-12-31 C001731 Maintenance/Transmission Supervision 2022-01-01 2022-12-31 C001731 Admin Salaries 2022-01-01 2022-12-31 C001731 General Operating Expenses 2022-01-01 2022-12-31 Rachel A. Reinwand Controller 610 High StreetWisconsin Rapids WI 54495 WI 1918-11-29 Electric in Wisconsin false <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Entire issue of Capital Stock of respondent was owned by Billerud Wisconsin, LLC as of December .31, 2022.</span> <div style="margin-top:5pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">N/A</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Verso Minnesota Wisconsin LLC was sold/changed to Billerud Wisconsin LLC as of 4/1/2022.</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">N/A</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">None</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">N/A</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">Changes in Officers: Brian Cullen resigned as Senior Vice President - Chief Financial Officer - no replacement; Rob Kreizenbeck resigned as Senior Vice President - Operations &amp; Environmental Safety - no replacement Changes in Directors: Randy Nebel and Brian Cullen resigned as Directors - replaced by Rob Kreizenbeck and Tonie Meyers..</span></div> <div style="margin-top:10pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">N/A</span></div> <div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Nature of Operations:</span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Consolidated Water Power Company (the “Company” or “CWPCo”) is a wholly owned subsidiary of Billerud Wisconsin LLC whose parent is Billerud Americas Corporation (“Billerud”). The Company’s business is the supply and distribution of retail electric power to Billerud Wisconsin LLC, ND Paper (“ND”), Pixelle Specialty Solutions (“Pixelle”), Sonoco Products Company, and a small block of other retail customers. The Company owns and operates hydroelectric power generation facilities with a rated capacity of 33.33 megawatts at five dam sites on the Wisconsin River. The Company received a new order from the Public Service Commission of Wisconsin (“PSCW”) on January 21, 2021 (See Note 7). On February 19, 2020, the Company entered into a new long-term exclusive power supply agreement with a regional utility for an initial term from January 1, 2021 through May 31, 2031. The Company procured purchased power in the competitive wholesale market for the majority of its power supply needs in 2022 and 2021 through this aforementioned exclusive power supply contract. </span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">On March 31, 2022 Verso Corporation “Verso”, the former parent company of CWPCo, closed on a merger agreement with BillerudKorsnäs Inc., a Delaware corporation and wholly owned subsidiary of BillerudKorsnäs AB, a Swedish limited company, whereby Verso became a wholly owned subsidiary of BillerudKorsnäs Inc. and changed its name to “Billerud Americas Corporation.” The Company remains an indirect wholly owned subsidiary of Billerud Americas Corporation (formerly Verso).</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company has evaluated subsequent events and transactions through March 31, 2023, the date of issuance of these financial statements.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">2.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Summary of Significant Accounting Policies:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The significant accounting policies applicable to the Company’s business are described below:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">a.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.69pt">Basis of Presentation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The accompanying financial statements of the Company have been prepared in accordance with the accounting requirements of the Federal Energy Regulatory Commission (“FERC”) as set forth in the Uniform System of Accounts for Private Utilities and published accounting releases, modified by certain requirements of the PSCW, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). The primary differences from the Company’s financial statements and those required by GAAP are as follows:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><span><br/></span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">Deferred income tax assets and liabilities are not offset against each other but are shown as separate items on the balance sheet;</span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">Cost of removal of assets from service is reported in accumulated depreciation for FERC reporting purposes (GAAP requires that cost of removal be classified as a regulatory liability);</span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">There is no current liability classification of the current portions of long-term debt for FERC reporting; and</span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">There is no reclassification of negative balances of balancing accounts from current assets to current liabilities for FERC reporting.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The PSCW has adopted the accounting requirements prescribed by FERC.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">b.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.23pt">Use of Estimates</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent asset and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">c.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:11.26pt">Cash Equivalents</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Highly liquid securities with an original maturity of three months or less are considered to be cash equivalents.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">d.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.23pt">Property, Plant and Equipment</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Utility plant additions, including replacements and betterments, are capitalized. Such costs include direct material and labor, and construction overhead capitalized in accordance with the other comprehensive basis of accounting described in Note (3)(a) (Uniform System of Accounts). Utility plant is stated at its historical cost of construction. Ordinary utility plant retirements, including removal costs less salvage value, are charged to accumulated depreciation upon removal from utility plant accounts and no gain or loss is recognized.</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.565%"><tr><td style="width:1.0%"/><td style="width:39.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.901%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Intangible Assets</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 1,137,568</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 1,137,568</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Hydraulic Production Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">34,869,510</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">34,161,227</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Distribution Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">860,542</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">846,067</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Transmission Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">27,642,577</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">27,849,888</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Other Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4,404,861</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4,149,510</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">TOTAL UTILITY PLANT</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">$68,915,058</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">$68,144,260</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">e.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.51pt">Depreciation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Depreciation rates are based on estimated lives, removal costs and salvage value of property per depreciation studies filed with the PSCW. The estimated useful lives for the hydraulic production plant range from 27 years to 55 years and the transmission plant range from 33 years to 50 years. The effective composite rate per the last approved study is 3.09%. The actual composite rate was 2.98% for 2022 and 3.06% for 2021.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">f.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:12.43pt">Asset Retirement Obligations</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">When an asset is placed in service, the present value of any retirement costs associated with that asset for which the company has a legal obligation is recorded as a liability. The liability is accreted to its present value each period. Upon settlement of the liability, an entity settles the obligation for its recorded amount or incurs a gain or loss. The Company’s asset retirement obligation (ARO) relates to legal obligations for the removal of transmission and distribution equipment. The ARO liability as of December 31, 2022 and 2021 was $265,099. </span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">g.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.78pt">Relicensing Costs</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company, as authorized by the rate order issued by the PSCW, expensed all relicensing costs for its DuBay, Wisconsin Rapids and Whiting projects. The Company capitalized, within intangible assets, such costs for its Biron and Stevens Point projects for amortization over the life of the associated license. The Biron and Stevens Point licenses became effective July 1, 2003 and are both 30-year licenses. The carrying value of such intangible assets was $398,149 and $436,068 as December 31, 2022 and 2021, respectively. The associated annual amortization expense of $37,919 will continue until the initial expiration of the licenses on June 30, 2033. In 2019 the Company filed a license extension request with the FERC, for all five of their projects, as part of a Wisconsin River hydro operator’s system-wide request with other FERC licensees. This license extension request was approved by the FERC on March 2, 2020; therefore, all five of the Company’s hydro-project licenses now have an identical expiration date of June 30, 2038.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">h.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.23pt">Revenue Recognition</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Revenues are recorded as billings are rendered and are based on electric power usage and tariffs filed with the PSCW. The tariffs include rates for selling power to Billerud as well as rates for all other retail sales. The Company’s industrial customers (the largest of which are Billerud, ND, Pixelle and Sonoco) are billed at month-end, while the remaining customers are billed around the 20</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:107%;position:relative;top:-3.5pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> of the month. The tariffs provide for flow through of actual costs of purchased power in the amounts billed to customers via the Power Cost Adjustment Clause.</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">i.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:13.19pt">Regulatory Assets and Liabilities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Regulatory assets represent probable future revenue associated with certain incurred costs and ratemaking activity which will be recovered from customers through the ratemaking process. Regulatory liabilities represent amounts previously collected from customers that are refundable to customers in future rates. The following regulatory assets and liabilities were reflected in the Company’s Balance Sheets as of December 31 as a result of the ratemaking process:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.565%"><tr><td style="width:1.0%"/><td style="width:54.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.596%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Asset Retirement Obligations</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 259,85</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 259,849</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Wisconsin Rapids Mill (see Note 7)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:36pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regulatory Asset</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$1,895,824</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$456,793</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:36pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regulatory Liability</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(100,931)</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(111,581)</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">j.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:13.09pt">Investments in Subsidiary Companies</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company’s investment in subsidiary companies as of December 31, 2022 and 2021 consisted of 23.5% interests in Wisconsin Valley Improvement Company (“WVIC”). The Company accounts for its investment in WVIC using the equity method.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">3.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Related Party</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company had sales of electric power to Verso Minnesota Wisconsin, LLC/Billerud Wisconsin LLC in the amount of $3,998,022 in 2022 and $5,241,073 in 2021. In addition, the Company purchased management, administrative and accounting services from Verso, now Billerud, and its subsidiaries in the amount of $1,931,015 and $2,042,606 in 2022 and 2021, respectively. The Company had monthly cash settlements with Billerud/Verso in 2022 and 2021 netting all prior month intercompany transactions. As of December 31, 2022, $371,144 was payable to Billerud and at the end of 2021, $366,241 was payable to Verso. These amounts were included in Accounts Payable at December 31, 2022 and Accounts Receivable at December 31, 2021. The amount outstanding at the end of 2022 was settled in January 2023 in the normal course of business.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">4.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Federal Energy Regulatory Commission Regulation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company is exempt from FERC jurisdiction under Part II of the Federal Power Act through a special rule relating to small power producers. Substantially all sales of electricity are retail sales. The Company’s retail rates are regulated by the PSCW. The Company received FERC approval in 1998 to sell wholesale power at market rates. There were no sales in either 2022 or 2021 under this market tariff rate.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">5.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Income Taxes</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company files consolidated federal and Wisconsin tax returns with Billerud. The financial statements are prepared as if the Company files separate federal and Wisconsin tax returns. </span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The components of the Company’s income tax expense are comprised of the following for the year ended December 31:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.029%"><tr><td style="width:1.0%"/><td style="width:41.544%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.627%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.529%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">DEFERRED INCOME TAXES:</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Federal</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(415,561)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ ($368,894)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">State</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(123,449)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(108,590)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Change in Valuation Allowance</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">211,855</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">474,168</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total Income Tax Benefit</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(327,155)</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ (3,316</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company’s effective tax rate differs from the U.S. statutory rate due primarily to state income taxes and changes in the valuation allowance for deferred income taxes.</span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of the enacted tax laws. The ultimate realization of deferred taxes is dependent upon the generation of future taxable income during periods in which temporary differences become deductible. The Company no longer has a valuation allowance against deferred tax assets due to the ability to utilize the NOL carryforward the last two years. The Company has concluded it is more likely than not the deferred tax assets will be realized. The net deferred tax liability at December 31 was comprised of the following items:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.136%"><tr><td style="width:1.0%"/><td style="width:40.970%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.955%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.775%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Fixed Assets</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(3,438,461)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(3,620,635)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Net Operating Loss Carry Forward</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3,690,654</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3,715,249</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Other</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(90,401)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(88,941)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regulatory Asset</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(488,947)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Valuation Allowance</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(211,855)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Net Deferred Taxes</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(327,155)</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ </span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">As of December 31, 2022, under the separate return method, the Company has accumulated approximately $13.0 million of federal and state net operating loss carryforwards for which approximately $3.9 million have expiration dates beginning in 2032.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">6.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Commitments and Contingencies</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">: </span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">To ensure an adequate supply of power, the Company has entered into a long-term comprehensive power supply agreement with Alliant Energy, effective January 1, 2021 through May 31, 2031. There are no minimum purchase provisions associated with this new agreement. The Company is required to nominate, in advance, the amount of capacity it will purchase as Base Load Service from June 1 of one year to May 31 of the following year. The rates for Base Load Service are identical to those in Alliant’s PR-1 Rate Schedule. The initial requirement consisted of the purchase of 20 MW, and continued to be 20 MW throughout 2022. The purchases under this agreement totaled $37,715,180 in 2022, and $29,662,167 in 2021. </span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">7.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Regulatory Matters</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company filed with the PSCW an Application for Authority to Increase Electric Rates. The latest application was submitted November 1, 2019 with a revision application filed on June 1, 2020. The Company received a new order from the PSCW on January 21, 2021, which was referenced as docket 1330-ER-104. The Company requested an 8.0% rate of return on net investment base of $22,246,930 as part of the application – this request was granted based on the following imputed average utility capitalization ratios, annual cost rates, and WACC:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:74.404%"><tr><td style="width:1.0%"/><td style="width:29.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Percent</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Annual Cost Rate</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Weighted Cost</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Utility Common Equity</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">60.00%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.00%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Imputed Long-Term Debt</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">40.00%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.00%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total Utility Capital</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">100.00%</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8.00%</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The effective date of the order and the rate increase was February 1, 2021. </span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a part of this order the Company was directed by the PSCW to create a regulatory liability or regulatory asset to record any revenues (net of purchased power) from the Wisconsin Rapids Mill in excess, or short, of what was included in the forecasted revenue requirement authorized in this January 21, 2021 order with carrying costs accruing on this regulatory asset or liability at 3.48%. Such amounts as instructed by the PSCW have been presented as regulatory assets or liabilities based upon the excess or shortfall existing in each month subsequent to the effective date of the order.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">8.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Leases</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company accounts for its leases of office equipment as finance leases in accordance with ASC 842, </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:107%">Leases</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">. Leases with an initial term of 12 months or less, including any renewal options which are not reasonably certain of exercise in 12 months or less, are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term and expects payments in 2023 for these short-term leases to total $7,813. The lease agreements do not include residual value guarantees and do not contain any restrictions or covenants. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company’s weighted average lease term was 5 years and the weighted average discount rate was 4%.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company had a carrying value for right-of-use assets for its leases at December 31, 2022 and 2021 of $8,814 and $15,105, respectively, included in non-utility property on the balance sheet.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The following table presents the Company’s maturity analysis of its lease liabilities, showing the undiscounted cash flows on an annual basis reconciled to the undiscounted cash flows of the lease liabilities recognized in the balance </span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">sheet.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.434%"><tr><td style="width:1.0%"/><td style="width:75.112%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.688%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Year Ending December 31,</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2023</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">7,813</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2024</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,604</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total future minimum lease payments</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$10,417</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Less: imputed interest</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(611)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(9,806)</span></td></tr><tr style="height:15pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reported at December 31, 2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Current</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(7,546)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Non-Current</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(2,260)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(9,806)</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">For the years ended December 31, 2022 and 2021, the Company recognized lease expense of $6,773 and $6,115, respectively. </span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Nature of Operations:</span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Consolidated Water Power Company (the “Company” or “CWPCo”) is a wholly owned subsidiary of Billerud Wisconsin LLC whose parent is Billerud Americas Corporation (“Billerud”). The Company’s business is the supply and distribution of retail electric power to Billerud Wisconsin LLC, ND Paper (“ND”), Pixelle Specialty Solutions (“Pixelle”), Sonoco Products Company, and a small block of other retail customers. The Company owns and operates hydroelectric power generation facilities with a rated capacity of 33.33 megawatts at five dam sites on the Wisconsin River. The Company received a new order from the Public Service Commission of Wisconsin (“PSCW”) on January 21, 2021 (See Note 7). On February 19, 2020, the Company entered into a new long-term exclusive power supply agreement with a regional utility for an initial term from January 1, 2021 through May 31, 2031. The Company procured purchased power in the competitive wholesale market for the majority of its power supply needs in 2022 and 2021 through this aforementioned exclusive power supply contract. </span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">On March 31, 2022 Verso Corporation “Verso”, the former parent company of CWPCo, closed on a merger agreement with BillerudKorsnäs Inc., a Delaware corporation and wholly owned subsidiary of BillerudKorsnäs AB, a Swedish limited company, whereby Verso became a wholly owned subsidiary of BillerudKorsnäs Inc. and changed its name to “Billerud Americas Corporation.” The Company remains an indirect wholly owned subsidiary of Billerud Americas Corporation (formerly Verso).</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company has evaluated subsequent events and transactions through March 31, 2023, the date of issuance of these financial statements.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">2.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Summary of Significant Accounting Policies:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The significant accounting policies applicable to the Company’s business are described below:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">a.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.69pt">Basis of Presentation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The accompanying financial statements of the Company have been prepared in accordance with the accounting requirements of the Federal Energy Regulatory Commission (“FERC”) as set forth in the Uniform System of Accounts for Private Utilities and published accounting releases, modified by certain requirements of the PSCW, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). The primary differences from the Company’s financial statements and those required by GAAP are as follows:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><span><br/></span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">Deferred income tax assets and liabilities are not offset against each other but are shown as separate items on the balance sheet;</span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">Cost of removal of assets from service is reported in accumulated depreciation for FERC reporting purposes (GAAP requires that cost of removal be classified as a regulatory liability);</span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">There is no current liability classification of the current portions of long-term debt for FERC reporting; and</span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:13.02pt">There is no reclassification of negative balances of balancing accounts from current assets to current liabilities for FERC reporting.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The PSCW has adopted the accounting requirements prescribed by FERC.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">b.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.23pt">Use of Estimates</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent asset and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">c.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:11.26pt">Cash Equivalents</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Highly liquid securities with an original maturity of three months or less are considered to be cash equivalents.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">d.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.23pt">Property, Plant and Equipment</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Utility plant additions, including replacements and betterments, are capitalized. Such costs include direct material and labor, and construction overhead capitalized in accordance with the other comprehensive basis of accounting described in Note (3)(a) (Uniform System of Accounts). Utility plant is stated at its historical cost of construction. Ordinary utility plant retirements, including removal costs less salvage value, are charged to accumulated depreciation upon removal from utility plant accounts and no gain or loss is recognized.</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.565%"><tr><td style="width:1.0%"/><td style="width:39.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.901%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Intangible Assets</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 1,137,568</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 1,137,568</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Hydraulic Production Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">34,869,510</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">34,161,227</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Distribution Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">860,542</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">846,067</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Transmission Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">27,642,577</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">27,849,888</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Other Plant</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4,404,861</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">4,149,510</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:-1pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">TOTAL UTILITY PLANT</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">$68,915,058</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">$68,144,260</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">e.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.51pt">Depreciation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Depreciation rates are based on estimated lives, removal costs and salvage value of property per depreciation studies filed with the PSCW. The estimated useful lives for the hydraulic production plant range from 27 years to 55 years and the transmission plant range from 33 years to 50 years. The effective composite rate per the last approved study is 3.09%. The actual composite rate was 2.98% for 2022 and 3.06% for 2021.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">f.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:12.43pt">Asset Retirement Obligations</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">When an asset is placed in service, the present value of any retirement costs associated with that asset for which the company has a legal obligation is recorded as a liability. The liability is accreted to its present value each period. Upon settlement of the liability, an entity settles the obligation for its recorded amount or incurs a gain or loss. The Company’s asset retirement obligation (ARO) relates to legal obligations for the removal of transmission and distribution equipment. The ARO liability as of December 31, 2022 and 2021 was $265,099. </span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">g.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.78pt">Relicensing Costs</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company, as authorized by the rate order issued by the PSCW, expensed all relicensing costs for its DuBay, Wisconsin Rapids and Whiting projects. The Company capitalized, within intangible assets, such costs for its Biron and Stevens Point projects for amortization over the life of the associated license. The Biron and Stevens Point licenses became effective July 1, 2003 and are both 30-year licenses. The carrying value of such intangible assets was $398,149 and $436,068 as December 31, 2022 and 2021, respectively. The associated annual amortization expense of $37,919 will continue until the initial expiration of the licenses on June 30, 2033. In 2019 the Company filed a license extension request with the FERC, for all five of their projects, as part of a Wisconsin River hydro operator’s system-wide request with other FERC licensees. This license extension request was approved by the FERC on March 2, 2020; therefore, all five of the Company’s hydro-project licenses now have an identical expiration date of June 30, 2038.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">h.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.23pt">Revenue Recognition</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Revenues are recorded as billings are rendered and are based on electric power usage and tariffs filed with the PSCW. The tariffs include rates for selling power to Billerud as well as rates for all other retail sales. The Company’s industrial customers (the largest of which are Billerud, ND, Pixelle and Sonoco) are billed at month-end, while the remaining customers are billed around the 20</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:107%;position:relative;top:-3.5pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> of the month. The tariffs provide for flow through of actual costs of purchased power in the amounts billed to customers via the Power Cost Adjustment Clause.</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">i.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:13.19pt">Regulatory Assets and Liabilities</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Regulatory assets represent probable future revenue associated with certain incurred costs and ratemaking activity which will be recovered from customers through the ratemaking process. Regulatory liabilities represent amounts previously collected from customers that are refundable to customers in future rates. The following regulatory assets and liabilities were reflected in the Company’s Balance Sheets as of December 31 as a result of the ratemaking process:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.565%"><tr><td style="width:1.0%"/><td style="width:54.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.596%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Asset Retirement Obligations</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 259,85</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ 259,849</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Wisconsin Rapids Mill (see Note 7)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:36pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regulatory Asset</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$1,895,824</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$456,793</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;text-indent:36pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regulatory Liability</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(100,931)</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:18pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(111,581)</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">j.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:13.09pt">Investments in Subsidiary Companies</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company’s investment in subsidiary companies as of December 31, 2022 and 2021 consisted of 23.5% interests in Wisconsin Valley Improvement Company (“WVIC”). The Company accounts for its investment in WVIC using the equity method.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">3.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Related Party</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company had sales of electric power to Verso Minnesota Wisconsin, LLC/Billerud Wisconsin LLC in the amount of $3,998,022 in 2022 and $5,241,073 in 2021. In addition, the Company purchased management, administrative and accounting services from Verso, now Billerud, and its subsidiaries in the amount of $1,931,015 and $2,042,606 in 2022 and 2021, respectively. The Company had monthly cash settlements with Billerud/Verso in 2022 and 2021 netting all prior month intercompany transactions. As of December 31, 2022, $371,144 was payable to Billerud and at the end of 2021, $366,241 was payable to Verso. These amounts were included in Accounts Payable at December 31, 2022 and Accounts Receivable at December 31, 2021. The amount outstanding at the end of 2022 was settled in January 2023 in the normal course of business.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">4.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Federal Energy Regulatory Commission Regulation</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company is exempt from FERC jurisdiction under Part II of the Federal Power Act through a special rule relating to small power producers. Substantially all sales of electricity are retail sales. The Company’s retail rates are regulated by the PSCW. The Company received FERC approval in 1998 to sell wholesale power at market rates. There were no sales in either 2022 or 2021 under this market tariff rate.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">5.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Income Taxes</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company files consolidated federal and Wisconsin tax returns with Billerud. The financial statements are prepared as if the Company files separate federal and Wisconsin tax returns. </span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The components of the Company’s income tax expense are comprised of the following for the year ended December 31:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.029%"><tr><td style="width:1.0%"/><td style="width:41.544%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.627%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.529%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">DEFERRED INCOME TAXES:</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Federal</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(415,561)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ ($368,894)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">State</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(123,449)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(108,590)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Change in Valuation Allowance</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">211,855</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">474,168</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total Income Tax Benefit</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(327,155)</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ (3,316</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company’s effective tax rate differs from the U.S. statutory rate due primarily to state income taxes and changes in the valuation allowance for deferred income taxes.</span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of the enacted tax laws. The ultimate realization of deferred taxes is dependent upon the generation of future taxable income during periods in which temporary differences become deductible. The Company no longer has a valuation allowance against deferred tax assets due to the ability to utilize the NOL carryforward the last two years. The Company has concluded it is more likely than not the deferred tax assets will be realized. The net deferred tax liability at December 31 was comprised of the following items:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.136%"><tr><td style="width:1.0%"/><td style="width:40.970%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.955%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.775%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2021</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Fixed Assets</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(3,438,461)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(3,620,635)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Net Operating Loss Carry Forward</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3,690,654</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">3,715,249</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Other</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(90,401)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(88,941)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regulatory Asset</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(488,947)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Valuation Allowance</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0)</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(211,855)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Net Deferred Taxes</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(327,155)</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$ </span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">As of December 31, 2022, under the separate return method, the Company has accumulated approximately $13.0 million of federal and state net operating loss carryforwards for which approximately $3.9 million have expiration dates beginning in 2032.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">6.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Commitments and Contingencies</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">: </span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">To ensure an adequate supply of power, the Company has entered into a long-term comprehensive power supply agreement with Alliant Energy, effective January 1, 2021 through May 31, 2031. There are no minimum purchase provisions associated with this new agreement. The Company is required to nominate, in advance, the amount of capacity it will purchase as Base Load Service from June 1 of one year to May 31 of the following year. The rates for Base Load Service are identical to those in Alliant’s PR-1 Rate Schedule. The initial requirement consisted of the purchase of 20 MW, and continued to be 20 MW throughout 2022. The purchases under this agreement totaled $37,715,180 in 2022, and $29,662,167 in 2021. </span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">7.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Regulatory Matters</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company filed with the PSCW an Application for Authority to Increase Electric Rates. The latest application was submitted November 1, 2019 with a revision application filed on June 1, 2020. The Company received a new order from the PSCW on January 21, 2021, which was referenced as docket 1330-ER-104. The Company requested an 8.0% rate of return on net investment base of $22,246,930 as part of the application – this request was granted based on the following imputed average utility capitalization ratios, annual cost rates, and WACC:</span></div><div style="padding-left:36pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:74.404%"><tr><td style="width:1.0%"/><td style="width:29.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Percent</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Annual Cost Rate</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Weighted Cost</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Utility Common Equity</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">60.00%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.00%</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Imputed Long-Term Debt</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">40.00%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5%</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.00%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total Utility Capital</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">100.00%</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8.00%</span></td></tr></table></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The effective date of the order and the rate increase was February 1, 2021. </span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a part of this order the Company was directed by the PSCW to create a regulatory liability or regulatory asset to record any revenues (net of purchased power) from the Wisconsin Rapids Mill in excess, or short, of what was included in the forecasted revenue requirement authorized in this January 21, 2021 order with carrying costs accruing on this regulatory asset or liability at 3.48%. Such amounts as instructed by the PSCW have been presented as regulatory assets or liabilities based upon the excess or shortfall existing in each month subsequent to the effective date of the order.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">8.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%;padding-left:10.42pt">Leases</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company accounts for its leases of office equipment as finance leases in accordance with ASC 842, </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:107%">Leases</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">. Leases with an initial term of 12 months or less, including any renewal options which are not reasonably certain of exercise in 12 months or less, are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term and expects payments in 2023 for these short-term leases to total $7,813. The lease agreements do not include residual value guarantees and do not contain any restrictions or covenants. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company’s weighted average lease term was 5 years and the weighted average discount rate was 4%.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company had a carrying value for right-of-use assets for its leases at December 31, 2022 and 2021 of $8,814 and $15,105, respectively, included in non-utility property on the balance sheet.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The following table presents the Company’s maturity analysis of its lease liabilities, showing the undiscounted cash flows on an annual basis reconciled to the undiscounted cash flows of the lease liabilities recognized in the balance </span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">sheet.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.434%"><tr><td style="width:1.0%"/><td style="width:75.112%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.688%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Year Ending December 31,</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2023</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">7,813</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2024</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2,604</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total future minimum lease payments</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$10,417</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Less: imputed interest</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(611)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(9,806)</span></td></tr><tr style="height:15pt"><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reported at December 31, 2022</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Current</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(7,546)</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Non-Current</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(2,260)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$(9,806)</span></td></tr></table></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">For the years ended December 31, 2022 and 2021, the Company recognized lease expense of $6,773 and $6,115, respectively.</span></div> <div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Use this space to paste the disclosure required by instruction 1 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Use this space to paste the disclosure required by instruction 2 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">Use this space to paste the disclosure required by instruction 3 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">Use this space to paste the disclosure required by instruction 3 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">Use this space to paste the disclosure required by instruction 3 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">Use this space to paste the disclosure required by instruction 3 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">Use this space to paste the disclosure required by instruction 3 of Page 122.</span></div> <div style="margin-top:6pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:4.11pt">If the notes to the financial statements relating to the respondent appearing in the annual report to the stockholders are applicable and furnish the data required by the above instructions, paste those disclosures here and delete the other points that are not applicable.</span></div> C001731 1 Consolidated Water Power Company 2022 Q4 610 High Street, Wisconsin Rapids, WI  54495 Rachel Reinwand Controller 610 High Street, Wisconsin Rapids, WI  54495 (715) 422-4189 O 2023-04-06 Rachel Reinwand Controller Rachel Reinwand 2023-04-06 None None None None None None None None None None None None None None None None None None None None None None None None None None N/A None N/A None Not Prepared President & Chief Operating Officer Senior Vice President, General Counsel & Secretary 1 2 Senior Vice President, HR & Communications 3 Treasurer & Assistant Secretary 4 Senior Vice President - Chief Financial Officer 5 Senior Vice President - Operations & Environmental Safety 6 No officers are paid directly by the respondent. 12 Management and supervision fees are paid to the parent corporation, Billerud Wisconsin LLC, per a formula approved by the Public Service Commission of Wisconsin. 13 Thomas G. Scharff Kevin Kuznicki Terrence M. Dyer Timothy D. Nusbaum Brian Cullen Rob Kreizenbeck 2022-01-01 2022-01-01 2022-01-01 2022-01-01 2022-01-01 2022-01-01 2022-03-31 2022-03-31 Robert A. Kreizenbeck - President, Billerud Americas Corporation Kevin Kuznicki - General Counsel/Senior VP, Billerud Americas Corporation 1 2 Tonie Meyers - Senior VP Paperboard, Billerud Americas Corporation 3 8540 Gander Creek DriveMiamisburg, OH  45342 8540 Gander Creek DriveMiamisburg, OH  45342 8540 Gander Creek DriveMiamisburg, OH  45342 true true true 68974657 68202858 1725826 1450755 70700483 69653613 42498992 42017997 28201491 27635616 28201491 27635616 14102 19745 5288 4640 750391 740070 759205 755175 4822950 5051175 3826061 3059529 -366241 80772 83830 329321 162841 9091 9092 9068195 8000226 2155674 716642 241 3695129 3715249 5850803 4432132 43879694 40823149 1000000 1000000 33390458 33390458 164438 -1492517 386731 376410 34941627 33274351 2260 9077 265099 265099 267359 274176 3518191 2847821 371144 -13089 14 7708 15181 642624 561515 7546 6605 4534138 3431122 13353 16669 100931 111581 3438463 3620637 583823 94613 4136570 3843500 43879694 40823149 50805122 42335635 50805122 42335635 43117870 34978126 43117870 34978126 3403167 3039729 3403167 3039729 1910791 1936085 1910791 1936085 37919 37919 37919 37919 438889 321419 438889 321419 -25498 472152 -25498 472152 140319 140319 306772 -147625 306772 -147625 49189909 40778124 49189909 40778124 1615213 1557511 1615213 1557511 28504 39705 42465 4653 120 110 71089 44468 6997 6115 -20873 799 -13877 6914 16227 9139 4663 3385 11903 -477369 3316 3316 29477 -468161 55488 505715 3426 4004 3426 4004 1667276 2059222 1667276 2059222 -1492517 -3530216 1638772 2019516 18183 18183 164438 354888 18183 18183 1949592 1968366 Amortization of Limited Plant 327156 1 -3316 -3316 761629 317902 -3057 -5133 729356 30678 1439031 456793 -10650 111581 10321 21522 Other (provide details in footnote): (Increase) Decrease in Prepayments 18 19 (Increase) Decrease in Deferred Debits 20 -166479 347 98321 -118 2285358 3473651 2495324 2073279 Other (provide details in footnote): Removal Costs 31 32 73709 21042 2569033 2094322 55450 1400 Other (provide details in footnote): -2513583 -2092922 Other (provide details in footnote): Other (provide details in footnote): Other (provide details in footnote): -228225 1380729 5051175 3670445 4822950 68915058 68915058 1342 1342 68916400 68916400 1725826 58257 58257 70700483 42498992 28201491 41701316 41701316 739419 739419 42440735 42440735 58257 58257 1137568 1137568 1137568 1137568 3250996 31150 1906 3280240 1860910 1860910 13084781 682473 3434 13763820 10632220 10632220 4661293 4661293 671027 671027 34161227 713623 5340 34869510 34161227 713623 5340 34869510 45282 45282 912161 47514 864647 21818854 1201022 1231471 21788405 203842 203842 3192452 3192452 1654432 129349 1525083 1397 1397 21469 21469 27849889 1201022 1408334 27642577 4772 4772 297413 297413 83101 4103 9 87195 32908 32908 86760 86760 87558 87557 230 10381 10611 253326 253326 846068 14484 9 860542 33889 33889 1417124 1417124 92456 92456 157746 170122 6173 321695 1282593 10728 24649 1268672 1116173 17837 6858 1127152 49529 94344 143873 4149510 293031 37680 4404861 4149510 293031 37680 4404861 68144262 2222160 1451363 68915058 68144262 2222160 1451363 68915058 1-71S CT Replacement Stevens Point Substation Upgrade - Phase 2 1 2 BH/PM26 RelayControl Upgrade 3 Biron #7 Rotor Rewind 4 Replace WR A&C Section Operator Decks 5 2022 WQC Land Improvements 6 41129 478942 1116045 64748 5000 19962 41258241 41258241 1910791 1910791 Other Accounts (Specify, details in footnote): 1910791 1910791 1449456 1449456 73709 73709 55450 55450 1467715 1467715 Other Debit or Cr. Items (Describe, details in footnote): 41701317 41701317 19092293 19092293 19200338 19200338 393900 393900 3014786 3014786 Wisconsin Valley Improvement Company - Common stock 36,366 shares 2004-11-29 740070 28504 -18183 750391 -18183 83830 80772 Electric 83830 80772 Allowances Used Allowances Used 20 20 SFAS 143 Asset removal obligation depreciation SFAS 143 Asset removal obligation accretion 1 2 1130-ER-104 Wisconsin Rapids Mill Revenue 3 PSCW Docket:  1330-ER-104 Regulatory Assets WR Mill 4 16220 243629 456793 1439031 16220 243629 1895825 1439031 Accum Depr Step Timing Adjust 241 241 Deferred Investment Credit Net Operating Loss Carryover 2 4 Valuation Allowance 5 4432 3921430 -211855 3599 3690654 1242 876 3715249 3695129 Other (Specify) Common 10000 100.00 10000 1000000 10000 10000 33390458 Increases (Decreases) from Sales of Donations Received from Stockholders 0 33390458 Increases (Decreases) Due to Reductions in Par or Stated Value of Capital Stock Increases (Decreases) from Gain or Resale or Cancellation of Reacquired Capital Stock Increases (Decreases) Due to Miscellaneous Paid-In Capital Increases (Decreases) in Other Paid-In Capital Book Depreciation in Excess of Tax Depreciation 505587 Income Tax Benefit ITC Deferred 15 16 Unbilled Reveue 17 -2214651 3316 958 Tax Expense -44146 Multiply by Tax Rate - 21% Federal Income Tax 29 30 -9271 Other Taxes 2022 31719 42084 41460 31095 42084 173 31719 7.1 8 42084 41460 31095 42084 173 Property Tax 9.1 2022 2593 2593 2593 2593 10 2593 2593 State Tax 17.1 Federal Tax 17.2 WI 2022 2022 4663 -9271 -4663 -3818 -13089 -25498 4663 16227 -4608 18 -8481 -13089 -25498 20890 Ad Valorem Tax 43.1 WI 2022 131122 394040 561143 298225 394040 131122 44 394040 561143 298225 394040 162841 434108 605196 -8481 329320 413219 21063 3% 4% 2 3 7% 4 10% 5 16669 420 3316 13353 16669 3316 13353 ` Other (provide details in footnote): Other (provide details in footnote): 3620637 -182174 3438463 3620637 -182174 3438463 -182174 2791138 -140437 2650701 829499 -41737 787762 Equity in Earnings of Associat Purchase Accounting Adjustment 3 4 Reorganization 5 Net Operating Loss Carryover Unbilled Revenue 7 Regulatory Asset 8 92987 1626 261 488949 92987 1887 488949 94613 489210 583823 489210 68723 377130 445853 25890 112080 137970 Wisconsin Rapids Mill Revenue - PSCW Docket 1330-ER-104 111581 254 14469 3819 100931 14469 3819 82866 72984 678 686 73 78 793165 793133 8337 9377 20 23 49529046 41161041 662551 699068 5 5 3417 3025 25 25 1 1 16431 15335 135 145 4 4 50424924 42045518 671726 709301 103 111 50424924 42045518 671726 709301 103 111 50424924 42045518 671726 709301 103 111 36863 40348 70274 67926 25702 20368 247359 161475 380198 290117 50805122 42335635 678 82866 73 9288 0.1222 9288 0.1222 8337 793165 20 416850 0.0951 416850 0.0951 662551 49529046 5 132510200 0.0748 132510200 0.0748 25 3417 1 25000 0.1367 25000 0.1367 135 16431 4 27000 0.1217 27000 0.1217 671726 50424924 103 6521612 0.0751 671726 50424924 103 6521612 0.0751 1331494 1463716 283654 123947 92818 191084 1707966 1778747 169032 167445 14028 1121756 930861 1178071 1129026 40000 40000 2522887 2267332 4230853 4046079 37715180 29662167 3595 3300 37718775 29665467 41949628 33711546 702151 665653 146 351 702297 666004 121702 123612 3771 325781 278440 79943 71764 527426 477587 1229723 1143591 94683 56683 160 94683 56843 6224 14957 29965 23403 2193 2079 38382 40439 133065 97282 822 36000 39595 6417 3871 42417 44288 8847 7989 8847 7989 1061511 1064050 46020 23428 405940 203552 314146 275954 135578 163054 879690 1028750 2842885 2758788 314472 254371 3157357 3013159 46521037 38017855 Wisconsin Power & Light (Alliant) RQ MR 85 72 102 517510 5284800 26046123 6384257 37715180 517510 0 0 0 5284800 26046123 6384257 37715180 0 0 0 0 0 0 0 0 0 Affiliated Interest Costs Software Service Agreements 6 7 Bank Fees 8 Snow Removal/Lawn Care 9 Rug/Mat Service 10 Leases/Autos 11 Employee Wages (Safety Training) 12 Purchased Utilities 13 M-RETS Renewable Fees 14 Quality Foods 15 Miscellaneous Items Under $5,000 ea 16 Travel 17 578770 154092 11262 41210 5396 12856 16501 11715 8266 5998 29834 3790 838999 37919 876918 896786 896786 27575 27575 147431 147431 1910791 37919 1948710 Hydraulic Production 331 12 13 332 14 333 15 334 16 335 17 Subtotal 18 Transmission Plant 20 352 21 353 22 354 23 355 24 356 25 359 26 Subtotal 27 Distribution Plant 29 362 30 364 31 365 32 366 33 367 34 368 35 369 36 370 37 Subtotal 38 General Plant 40 390 41 391 42 392 43 394 44 396 45 397 46 Subtotal 47 Total Plant 49 1861 13764 10632 4661 671 31589 865 21789 204 3192 1525 1 27576 297 87 33 87 88 11 253 856 1417 92 322 1269 1127 144 4371 64392 P55Y P55Y P43Y P25Y P27Y P33Y P33Y P50Y P38Y P40Y P35Y P30Y P35Y P35Y P30Y P30Y P30Y P35Y P30Y P39Y P7Y P6Y P15Y P16Y P20Y -0.5000 -0.2500 -0.1000 -0.0900 -0.1000 -0.2000 -0.1500 -0.2500 -0.2000 0.1000 0.0400 0.1000 0.0273 0.0227 0.0256 0.0400 0.0370 0.0330 0.0333 0.0240 0.0303 0.0250 0.0286 0.0333 0.0357 0.0286 0.0333 0.0333 0.0333 0.0343 0.0333 0.0256 0.1429 0.1330 0.0640 0.0563 0.0500 Federal Energy Regulatory Commission: FERC Administrative & Electric Program costs 1 2 Public Service Commission of Wisconsin: 4 Docket 5-AF-101 5 Docket 1130-AI-100 6 Docket 1330-ER-140 7 124318 5 11255 124318 5 11255 928 928 928 928 124318 5 11255 135578 135578 135578 94149 702151 6031 1078013 1880344 911580 353799 35561 1300940 1005729 1055950 41592 1078013 3181284 3181284 3181284 3181284 48258 48258 48258 48258 51859 51859 51859 51859 Other Accounts (Specify, provide details in footnote): 3181284 100117 3281401 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 161267 161267 0 0 678777 654 6397 678777 56097 102 15 16 51708 100 19 9 53763 101 17 23 51590 97 30 20 59334 103 30 4 52905 102 12 22 60090 103 1 23 62047 104 27 4 56935 102 17 7 56192 100 25 1 57674 106 28 23 54046 102 26 15 672381 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HYDRO PLANTS: Wisconsin Rapids 1 2 Biron 3 Stevens Point 4 Whiting 5 DuBay 6 1903 1896 1918 1891 1942 8.80 8.20 4.80 6.70 7.20 7.89 5.44 5.15 4.50 8.11 42139 29716 25233 25061 39117 7675824 9798726 5823410 6879012 4692538 842571 1523908 1213210 1188085 651741 236773 44879 31073 35701 28047 334952 260898 188187 245677 301779 1278228 581493 131137 405900 126128 Water Water Water Water Water 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Wisconsin Rapids Biron, DuBay, Stevens Point Whiting, Rocky Run, Kraft 1 2 Grand Rapids, WR & WQC 3 46.00 46.00 (1) 56.52 16 3/0 Gza ACSR 45282 5050725 5096007 665653 195376 351 861380 57 0 16 45282 5050725 5096007 665653 195376 351 861380 0 0 0 0 Grand Rapids Rocky Run 1 2 Biron - Village 3 Transmission Transmission Distribution 115 115 46 46 46 12 150 30 8 3 1 3 1 0 Consolidated Water Power Company purchased management, administrative and accounting services from Billerud Americas Corp in the amount of $1,931,015 Billerud Americas Corp Billerud Americas Corp 2 3 Billerud Americas Corp 4 Billerud Americas Corp 5 541 568 920 930 169032 121702 1061511 578770 Wdesk from Workiva
DETAILS FOR OTHER OPERATING REVENUE - 2022:
450 FORFEITED DISCOUNTS 36,863 
453 DOMTAR-CENTRALIA HEADWATER CONTRACT 43,228 
VARIOUS CRANBERRY GROWERS - IRRIGATION 27,046 
454 VARIOUS POLE RENTAL 6,184 
MISCELLANEOUS LAND RENTAL 19,518 
456 SERVICE SALES 5,649 
TIMBER SALES 101,539 
EQUIPMENT SALES 119,550 
SCRAP SALES 19,621 
FIREWOOD PERMITS 220 
REIMBURSEMENT FOR VANDALISM 781 
380,198 
DETAILS FOR OTHER OPERATING REVENUE - 2021:
450 FORFEITED DISCOUNTS 40,348 
453 DOMTAR-CENTRALIA HEADWATER CONTRACT 45,496 
VARIOUS CRANBERRY GROWERS - IRRIGATION 22,430 
454 VARIOUS POLE RENTAL 5,947 
MISCELLANEOUS LAND RENTAL 14,421 
456 SERVICE SALES 6,441 
TIMBER SALES 140,897 
EQUIPMENT SALES 7,800 
SCRAP SALES 5,174 
FIREWOOD PERMITS 250 
REIMBURSEMENT FOR VANDALISM 913 
290,117 
"MR" is Market Based Rate.
The contract with Wisconsin Power & Light (Alliant), is a full requirements contract, including transmission and ancillary services
The depreciable plant base shown is an average of the beginning and ending balances of the plant account.
FERC license project number for hydro projects:
Wisconsin Rapids 2256
Biron 2192
Stevens Point 2110
Whiting 2590
DuBay 1953
NOTE: Columns (c) and (d) are reported in kV.