C001346 2023-01-01 2023-06-30 utr:Y C001346 ScheduleRegionalTransmissionServiceRevenuesAbstract 2023-01-01 2023-06-30 C001346 ScheduleTransmissionOfElectricityByOthersAbstract 2023-01-01 2023-06-30 C001346 2023-06-30 iso4217:USD C001346 2022-12-31 C001346 2022-01-01 2022-06-30 C001346 2023-04-01 2023-06-30 C001346 2022-04-01 2022-06-30 C001346 ferc:ElectricUtilityMember 2023-01-01 2023-06-30 C001346 ferc:ElectricUtilityMember 2022-01-01 2022-06-30 C001346 2021-12-31 C001346 Dividends Declared-Preferred Stock (Account 437) 2023-01-01 2023-06-30 C001346 Dividends Declared-Common Stock (Account 438) 2023-01-01 2023-06-30 C001346 Dividends Declared-Common Stock (Account 438) 2022-01-01 2022-06-30 C001346 2022-06-30 C001346 Amortization of 2023-01-01 2023-06-30 C001346 Capital Leases and Other 2023-01-01 2023-06-30 xbrli:pure C001346 Other Non Cash Charges 2023-01-01 2023-06-30 C001346 Capital Leases and Other 2022-01-01 2022-06-30 C001346 Other Non Cash Charges 2022-01-01 2022-06-30 C001346 Other (provide details in footnote): 2023-01-01 2023-06-30 C001346 Other: Net Changes in Other Current Assets 2023-01-01 2023-06-30 C001346 Other: Pension Contribution 2023-01-01 2023-06-30 C001346 Other: Net 2023-01-01 2023-06-30 C001346 Other: Net Changes in Other Current Assets 2022-01-01 2022-06-30 C001346 Other: Net 2022-01-01 2022-06-30 C001346 Other (provide details in footnote): 2023-01-01 2023-06-30 C001346 Other: Net 2023-01-01 2023-06-30 C001346 Other: Net 2022-01-01 2022-06-30 C001346 Other (provide details in footnote): 2023-01-01 2023-06-30 C001346 Other (provide details in footnote): 2023-01-01 2023-06-30 C001346 Other (provide details in footnote): 2023-01-01 2023-06-30 C001346 Other: Affiliated borrowings from parent 2023-01-01 2023-06-30 C001346 Other: Affiliated borrowings from parent 2022-01-01 2022-06-30 C001346 Other (provide details in footnote): 2023-01-01 2023-06-30 C001346 Debt Issuance Costs 2023-01-01 2023-06-30 C001346 Other: Affiliated borrowing repayments to parent 2023-01-01 2023-06-30 C001346 Other: Affiliated borrowing repayments to parent 2022-01-01 2022-06-30 C001346 Distribution to Parent 2023-01-01 2023-06-30 C001346 Distribution to Parent 2022-01-01 2022-06-30 C001346 ferc:ElectricUtilityMember 2023-06-30 C001346 CV Shop Cntr Solar Study ferc:GenerationStudiesMember 2023-01-01 2023-06-30 C001346 AG1-086 Imperial Solar (D) ferc:GenerationStudiesMember 2023-01-01 2023-06-30 C001346 CV Shop Cntr Solar Study 2023-01-01 2023-06-30 C001346 AG1-086 Imperial Solar (D) 2023-01-01 2023-06-30 C001346 Omega 3 MW Solar Study ferc:GenerationStudiesMember 2023-01-01 2023-06-30 C001346 Omega 3 MW Solar Study 2023-01-01 2023-06-30 C001346 ferc:GenerationStudiesMember 2023-01-01 2023-06-30 C001346 Compensated Absences 2023-01-01 2023-06-30 C001346 Pension 2023-01-01 2023-06-30 C001346 Eligible Customer Lists - 2018 2023-01-01 2023-06-30 C001346 Eligible Customer Lists - 2021 2023-01-01 2023-06-30 C001346 POLR IX 2023-01-01 2023-06-30 C001346 Smart Meters 2023-01-01 2023-06-30 C001346 FERC Formula Annual Update Filing 2023-01-01 2023-06-30 C001346 Rider 5 Surcharge 2023-01-01 2023-06-30 C001346 COVID-19 Lost Revenues 2023-01-01 2023-06-30 C001346 Outage Management System (OMS) 2023-01-01 2023-06-30 C001346 Electric Vehicle Rebate Program 2023-01-01 2023-06-30 C001346 COVID-19 Incremental Uncollectible Expenses 2023-01-01 2023-06-30 C001346 Rate Case Distribution - 2021 2023-01-01 2023-06-30 C001346 Solor Purchase Power 2023-01-01 2023-06-30 C001346 RFP Generation 2023-01-01 2023-06-30 C001346 DSIC 2023-01-01 2023-06-30 C001346 Act 129 Energy Efficiency 2023-01-01 2023-06-30 C001346 Annual Transmission Service Charge FIling 2023-01-01 2023-06-30 C001346 Compensated Absences 2023-03-31 C001346 Pension 2023-03-31 C001346 Eligible Customer Lists - 2018 2023-03-31 C001346 Eligible Customer Lists - 2021 2023-03-31 C001346 POLR IX 2023-03-31 C001346 Smart Meters 2023-03-31 C001346 FERC Formula Annual Update Filing 2023-03-31 C001346 Rider 5 Surcharge 2023-03-31 C001346 COVID-19 Lost Revenues 2023-03-31 C001346 Outage Management System (OMS) 2023-03-31 C001346 Electric Vehicle Rebate Program 2023-03-31 C001346 COVID-19 Incremental Uncollectible Expenses 2023-03-31 C001346 Rate Case Distribution - 2021 2023-03-31 C001346 Solor Purchase Power 2023-03-31 C001346 RFP Generation 2023-03-31 C001346 DSIC 2023-03-31 C001346 Act 129 Energy Efficiency 2023-03-31 C001346 Pension 2023-04-01 2023-06-30 C001346 POLR IX 2023-04-01 2023-06-30 C001346 Smart Meters 2023-04-01 2023-06-30 C001346 FERC Formula Annual Update Filing 2023-04-01 2023-06-30 C001346 Rider 5 Surcharge 2023-04-01 2023-06-30 C001346 Electric Vehicle Rebate Program 2023-04-01 2023-06-30 C001346 DSIC 2023-04-01 2023-06-30 C001346 Act 129 Energy Efficiency 2023-04-01 2023-06-30 C001346 Annual Transmission Service Charge FIling 2023-04-01 2023-06-30 C001346 Eligible Customer Lists - 2018 2023-04-01 2023-06-30 C001346 Eligible Customer Lists - 2021 2023-04-01 2023-06-30 C001346 COVID-19 Lost Revenues 2023-04-01 2023-06-30 C001346 Outage Management System (OMS) 2023-04-01 2023-06-30 C001346 COVID-19 Incremental Uncollectible Expenses 2023-04-01 2023-06-30 C001346 Rate Case Distribution - 2021 2023-04-01 2023-06-30 C001346 Solor Purchase Power 2023-04-01 2023-06-30 C001346 RFP Generation 2023-04-01 2023-06-30 C001346 Compensated Absences 2023-06-30 C001346 Pension 2023-06-30 C001346 Eligible Customer Lists - 2018 2023-06-30 C001346 Eligible Customer Lists - 2021 2023-06-30 C001346 POLR IX 2023-06-30 C001346 Smart Meters 2023-06-30 C001346 FERC Formula Annual Update Filing 2023-06-30 C001346 Rider 5 Surcharge 2023-06-30 C001346 COVID-19 Lost Revenues 2023-06-30 C001346 Outage Management System (OMS) 2023-06-30 C001346 Electric Vehicle Rebate Program 2023-06-30 C001346 COVID-19 Incremental Uncollectible Expenses 2023-06-30 C001346 Rate Case Distribution - 2021 2023-06-30 C001346 Solor Purchase Power 2023-06-30 C001346 DSIC 2023-06-30 C001346 Act 129 Energy Efficiency 2023-06-30 C001346 Annual Transmission Service Charge FIling 2023-06-30 C001346 2023-03-31 C001346 Legacy Liability 2023-01-01 2023-06-30 C001346 OPEB Cost 2023-01-01 2023-06-30 C001346 Annual Transmission Service Charge FIling 2023-01-01 2023-06-30 C001346 RFP Generation 2023-01-01 2023-06-30 C001346 Regulatory Tax Liability 2023-01-01 2023-06-30 C001346 Act 129 Energy Efficiency 2023-01-01 2023-06-30 C001346 Electric Vehicle - Registration Credits 2023-01-01 2023-06-30 C001346 Pension - Rate Case Settlement 2023-01-01 2023-06-30 C001346 DSIC 2023-01-01 2023-06-30 C001346 State Tax Adjustment Surcharge (STAS) 2023-01-01 2023-06-30 C001346 Legacy Liability 2023-03-31 C001346 OPEB Cost 2023-03-31 C001346 Annual Transmission Service Charge FIling 2023-03-31 C001346 Regulatory Tax Liability 2023-03-31 C001346 Electric Vehicle - Registration Credits 2023-03-31 C001346 Pension - Rate Case Settlement 2023-03-31 C001346 State Tax Adjustment Surcharge (STAS) 2023-03-31 C001346 Legacy Liability 2023-04-01 2023-06-30 C001346 OPEB Cost 2023-04-01 2023-06-30 C001346 Annual Transmission Service Charge FIling 2023-04-01 2023-06-30 C001346 RFP Generation 2023-04-01 2023-06-30 C001346 Regulatory Tax Liability 2023-04-01 2023-06-30 C001346 Electric Vehicle - Registration Credits 2023-04-01 2023-06-30 C001346 State Tax Adjustment Surcharge (STAS) 2023-04-01 2023-06-30 C001346 Pension - Rate Case Settlement 2023-04-01 2023-06-30 C001346 Legacy Liability 2023-06-30 C001346 OPEB Cost 2023-06-30 C001346 RFP Generation 2023-06-30 C001346 Regulatory Tax Liability 2023-06-30 C001346 Electric Vehicle - Registration Credits 2023-06-30 C001346 Pension - Rate Case Settlement 2023-06-30 C001346 State Tax Adjustment Surcharge (STAS) 2023-06-30 utr:MWh C001346 Applied Energy Services-Beaver Valley Partners Applied Energy Services-Beaver Valley Partners Applied Energy Services-Beaver Valley Partners LFP 2023-01-01 2023-06-30 C001346 PJM Interconnection, LLC PJM Interconnection, LLC Various NF 2023-01-01 2023-06-30 C001346 PJM Interconnection, LLC PJM Interconnection, LLC Various SFP 2023-01-01 2023-06-30 C001346 PJM Interconnection, LLC Duquesne Light Company Allegheny Power System, Inc. FNO 2023-01-01 2023-06-30 C001346 PJM Interconnection, LLC PJM Interconnection, LLC Various FNO 2023-01-01 2023-06-30 C001346 Duquesne Light Company FNO 2023-01-01 2023-06-30 C001346 Duquesne Ligh Company FNO H-17 2023-01-01 2023-06-30 C001346 Duquesne Light Company SFP 7 2023-01-01 2023-06-30 C001346 Duquesne Ligh Company NF 8 2023-01-01 2023-06-30 C001346 Duquesne Light Company AD 8 2023-01-01 2023-06-30 C001346 Duquesne Light Company AD 7 2023-01-01 2023-06-30 C001346 Duquesne Light Company OS 12 2023-01-01 2023-06-30 C001346 2023-01-01 2023-03-31 C001346 Transmission Congestion 2023-01-01 2023-06-30 C001346 Transmission Losses 2023-01-01 2023-06-30 C001346 Transmission Congestion 2023-01-01 2023-03-31 C001346 Transmission Losses 2023-01-01 2023-03-31 C001346 ferc:JanuaryMember 0 2023-01-01 2023-06-30 utr:MW C001346 ferc:FebruaryMember 0 2023-01-01 2023-06-30 C001346 ferc:MarchMember 0 2023-01-01 2023-06-30 C001346 0 ferc:Quarter1Member 2023-01-01 2023-06-30 C001346 0 ferc:AprilMember 2023-01-01 2023-06-30 C001346 0 ferc:MayMember 2023-01-01 2023-06-30 C001346 ferc:JuneMember 0 2023-01-01 2023-06-30 C001346 ferc:Quarter2Member 0 2023-01-01 2023-06-30 C001346 ferc:Quarter3Member 0 2023-01-01 2023-06-30 C001346 0 ferc:Quarter4Member 2023-01-01 2023-06-30 C001346 0 2023-01-01 2023-06-30 C001346 ferc:JulyMember 0 2023-01-01 2023-06-30 C001346 ferc:AugustMember 0 2023-01-01 2023-06-30 C001346 ferc:SeptemberMember 0 2023-01-01 2023-06-30 C001346 ferc:OctoberMember 0 2023-01-01 2023-06-30 C001346 0 ferc:NovemberMember 2023-01-01 2023-06-30 C001346 0 ferc:DecemberMember 2023-01-01 2023-06-30 C001346 ferc:ElectricUtilityMember ferc:IntangiblePlantMember 2023-01-01 2023-06-30 C001346 ferc:TransmissionPlantMember ferc:ElectricUtilityMember 2023-01-01 2023-06-30 C001346 ferc:ElectricUtilityMember ferc:DistributionPlantMember 2023-01-01 2023-06-30 C001346 ferc:ElectricUtilityMember ferc:GeneralPlantMember 2023-01-01 2023-06-30 2023 Q2 411 Seventh Ave; P.O. Box 1930; Pittsburgh, PA 15219 Matthew S. Ankrum VP & CFO 411 Seventh Ave.; P.O. Box 1930; Pittsburgh, PA 15219 O (412) 393-6000 Matthew S. Ankrum Matthew S. Ankrum VP & CFO 2023-08-28 C001346 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 1: Not Applicable</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 2: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 3: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 4: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 5: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Item 6: The Company maintains a credit agreement which allows for a revolving credit facility borrowing capacity of $250.0 million, with a maturity date of October 31, 2025. In February 2023, the Company closed on an amendment to their credit agreement. The revision to the credit agreement included replacing LIBOR as the benchmark interest rate with the Secured Overnight Financing Rate (SOFR). All other aspects of the agreement were not materially amended. As of June 30, 2023 and December 31, 2022, the Company had $120.0 million and zero borrowings under the revolving credit facility. <br/>An existing PUC approved affiliated interest agreement is maintained between Duquesne Light and Holdings, which authorizes short-term borrowings at market rates from Holdings with a maximum borrowing capacity of $300.0 million. In May 2023, the PUC approved the Company’s request to amend to this agreement, changing the benchmark interest rate from LIBOR to SOFR. No other aspects of the agreement were amended. As of June 30, 2023, $125.0 million in borrowings were outstanding under this agreement.<br/>In September 2022, the FERC approved Duquesne Light’s application for a securities certificate requesting approval to issue short-term securities in an amount not to exceed $600.0 million. As of June 30, 2023, Duquesne Light had $245.0 million of borrowings outstanding under this order. This amount is the sum of $125.0 million of short-term intercompany borrowings between Duquesne Light and Holdings and Duquesne Light’s $120.0 million in borrowings under the revolving credit facility.<br/>A PUC securities certificate exists allowing Duquesne Light to issue up to $400.0 million of long-term debt in the form of first mortgage bonds, unsecured notes, bank borrowings or similar borrowings through December 31, 2023. Considering the $130.0 million Duquesne Light first mortgage bond issuance, discussed above, the total available amount under this securities certificate as of June 30, 2023 was $270.0 million. In July 2023, the Company filed an application with the PUC requesting a new certificate issued with an authorization of $400.0 million of new debt. The Company cannot predict the outcome of this request.</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Item 7: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 8: Market Adjustments and merit increases were granted to management employees effective March 1, 2023, resulting in an incremental annual increase to the payroll of $3,725,095 (763 employees affected).</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 9: See Commitments and Contingencies Notes to Financial Statements beginning on Page 123.1</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 10: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 12: None</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the six-months ended June 30, 2023, the Company experienced the following officer changes: Lisa Davidson was appointed on 1/16/23 as Vice President and Chief Human Resources Officer and Kristy Stone appointed 1/3/23 as Vice President and Chief Customer Office. Mark Miko departed the Company on 2/16/23 and Jeremy Gill has assumed the Interim Vice President &amp; Chief Information Officer.<br/>During the six-months ended June 30, 2023, the Company experienced the following director changes: Anita Sharma was appointed to the Board effective March 1, 2023 replacing Sjoerd van Krimpen.</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Item 14: Not Applicable</span> 2023 Q2 <div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">General Information</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">DQE Holdings LLC (the LLC), a Delaware limited liability company, was formed in July 2006 to acquire Duquesne Light Holdings, Inc. (Holdings) and had no principal operations prior to the acquisition of Holdings on May 31, 2007. </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The LLC is a holding company.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The LLC is owned by a consortium of private equity investors (the Members) including Epsom Investment Pte. Ltd (Epsom) at 44.4%, Three Rivers Utility Holdings, LLC at 30.4% and AIA Montana LLC (AIA) at 25.2%.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> Duquesne Light Company (the Company), a direct subsidiary of Holdings and an indirect subsidiary of the LLC, was formed in 1912 by the consolidation and merger of three constituent companies.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company operates as a limited liability company.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company is an electric utility engaged in the supply (through its provider-of-last-resort service (POLR)), transmission and distribution of electric energy.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Accounting Policies</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Accounting</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">All amounts presented within the footnotes are rounded in millions of dollars unless otherwised noted.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The financial statements included herein are prepared in accordance with the accounting requirements of the FERC as set forth in its applicable USofA and published accounting releases, which is a comprehensive basis of accounting other than generally accepted accounting principles in the United States (GAAP).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The primary differences between FERC accounting requirements and GAAP are (1) deferred tax assets (Account 190) are shown on the asset side of the comparative balance sheet for FERC purposes but are netted against deferred tax liabilities under GAAP; (2) the tax effect of the items included in the Statement of Accumulated Comprehensive Income and Comprehensive Income is not required to be disclosed separately for FERC, but is required under GAAP; (3) GAAP requires the presentation of certain information about operating segments which is not included for FERC reporting purposes; (4) in accordance with Accounting Standards Codification (ASC) No. 740 – Income Taxes, the Company recognized uncertain tax positions that were recorded as current and non-current tax reserve liabilities under GAAP.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">FERC requires such uncertain tax positions to be recorded within taxes accrued if they represent permanent differences and deferred tax liabilities if they represent temporary differences; (5) for FERC purposes debt issuance costs are shown as assets on the comparative balance sheet within unamortized debt expense (Account 181) and unamortized loss on reacquired debt (Account 189), but debt issuance costs are netted against the long-term debt liability for GAAP purposes; (6) GAAP requires that the gains and losses recorded to the income statements related to unrealized non-hedging activities be recorded along with the underlying transaction.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">For GAAP reporting purposes, non-hedging activities are recorded as operating expenses.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">For FERC reporting purposes, non-hedging transactions are recorded as below-the-line amounts in accordance with FERC Order No. 627; (7) GAAP requires under Accounting Standards Update (ASU) 2017-07 that net periodic pension and postretirement benefit cost components associated with service costs be reported in the same financial statement line as employee compensation costs and all other net periodic benefit costs be presented separately outside of income from operations.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">For FERC reporting purposes, the Company has continued to report all net periodic pension and postretirement benefit cost components together in their respective jurisdictional account without separation of their various cost components; (8) GAAP also requires under ASU 2017-07 that net periodic pension and postretirement benefit cost components associated with service costs are the only allowable costs for capitalization.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Other non-service cost components of net periodic benefit costs must be presented as an expense.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">For FERC reporting purposes, the Company has continued to capitalize allowable charges associated with net periodic benefit costs regardless of their cost component; (9) GAAP requires cash and cash equivalents to be presented net of outstanding checks, however for FERC reporting purposes outstanding checks are presented in accounts payable;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">(10) GAAP requires under ASU 2016-02 that lessees recognize a lease liability and a right-of-use asset for all leases, including operating leases, with a term greater than twelve months on the balance sheet.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">For FERC reporting purposes, the Company has elected not to show operating lease right-of-use assets and operating lease liabilities on the balance sheet, creating a FERC to GAAP difference, in order to ensure that there is no impact on existing ratemaking processes;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">(11) GAAP requires restricted cash to be presented separately from cash and cash equivalents, however for FERC reporting purposes restricted cash should be combined with cash and cash equivalents; (12) GAAP allows under ASU 2018-02 for a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">For FERC reporting purposes, the FERC issued an order that provided approval for this reclassification if both AOCI and retained earnings are included in </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">the Company’s capital structure for ratemaking purposes.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Since the Company has not included AOCI in the capital part of the FERC formula, the Company will not report the stranded tax effects in AOCI and retained earnings for FERC purposes, creating a FERC to GAAP difference. </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company’s electricity delivery business segment is subject to regulation by the PUC and the FERC with respect to rates for delivery of electric power, accounting, issuance of securities and other matters.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The electricity supply business segment is regulated by the FERC for wholesale power sales.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The electricity delivery business segment operations are subject to utility-specific accounting provisions and accordingly reflect regulatory assets and liabilities consistent with cost-based ratemaking regulations.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Regulatory assets established by the Company represent probable future revenue, because provisions for these costs are currently included, or are expected to be included, in charges to electric utility customers through the ratemaking process.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Regulatory liabilities established by the Company represent probable future reductions in revenues associated with amounts that are to be credited to customers through the ratemaking process.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The preparation of financial statements in conformity with USofA requires management to make estimates and assumptions with respect to values and conditions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The reported amounts of revenues and expenses during the reporting period also may be affected by the estimates and assumptions management is required to make.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Management evaluates these estimates on an ongoing basis, using historical experience and other methods considered reasonable in the particular circumstances.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Nevertheless, actual results may differ significantly from these estimates. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Subsequent Events</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company has evaluated the impact of events occurring after June 30, 2023 through August 28, 2023. No subsequent events were identified that would materially affect the financial statements or notes to the financial statements.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Rate Matters</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company is involved in rate and regulatory proceedings with the FERC and the PUC.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">This note is a discussion of rate matters that could have a material effect on the Company’s condensed financial statements.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">POLR Service</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:109%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Duquesne Light’s customers may choose to receive their electric energy from an alternative EGS; otherwise, they will be served through Duquesne Light’s POLR arrangements.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Customers who select an alternative EGS pay for generation and transmission charges set by that supplier and pay Duquesne Light’s distribution charges. </span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In January 2021, Duquesne Light received approval for its POLR IX plan which commenced on June 1, 2021 and will remain effective through May 31, 2025.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Customers who do not choose an alternative EGS are served through Duquesne Light’s POLR IX plan. POLR IX provides for a descending clock auction process for the determination of electric generation supply rates.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This auction process is designed to provide greater transparency to all participants and further ensures that POLR customers are receiving the lowest price possible at the time of the auction.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">POLR IX plan provisions include conducting an annual auction process for hourly price service (HPS) customers, the introduction of a combination of 12 and 24 month laddered contracts to residential and small commercial and industrial customers to provide greater rate stability and the recovery of the incremental EGS uncollectible expenses from Duquesne Light’s purchase of receivable program through customer billings.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The POLR IX plan allows Duquesne Light to enter into long-term purchased power agreements (PPA) with developers of utility scale solar projects for a quantity of up to 7 megawatts (MW).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In May 2022, Duquesne Light received PUC approval of its solar PPA provided to the PUC in April 2022.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The POLR IX plan also approves the recovery of net-metered excess generation costs and provides for an Electric Vehicle Time of Use (EV-TOU) rate pilot program which would establish an optional EV-TOU for residential, small and medium commercial and industrial customers with less than 200 kilowatts of demand who use default service.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Duquesne Light continues to act as an administrative intermediary only.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Transmission and Distribution Rates</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On July 21, 2021, the Pennsylvania Supreme Court issued a decision in McCloskey v. Pa. PUC concerning the proper calculation of the DSIC for public utilities. The decision overturns the longstanding practice of excluding state income tax deductions and accumulated deferred incomes taxes (ADIT) from the DSIC calculation </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">to align with statutory interpretations of Section 1301.1(a) of the Public Utility Code. The Pennsylvania Supreme Court remanded the matter to the PUC to provide public utilities with additional guidance for incorporating these changes into their DSIC calculations. On October 27, 2022, the PUC issued an Order providing a new DSIC tariff model for utilities to use which offers flexibility in how utilities incorporate state income tax and ADIT deductions into the DSIC calculation. </span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On December 15, 2022, the PUC approved Duquesne Light’s revision to its DSIC tariff, which allowed Duquesne Light to implement the proposed tariff changes with its quarterly DSIC update effective January 1, 2023. The PUC did not address the remaining issue of potential refunds to customers that may be required due to the McCloskey decision. A subsequent complaint or new proceeding regarding the retroactivity for refunds may still be litigated in the future. Duquesne Light cannot predict the ultimate outcome of this matter.</span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On July 8, 2022, Pennsylvania’s governor signed into law a reduction to the corporate net income tax rate to be phased in over nine years from the then current rate of 9.99% to 4.99% by 2031. In 2022, Duquesne Light recorded an estimated decrease to its net deferred income tax liability of $98.8 million with a corresponding increase to the net deferred income taxes regulatory liability of $95.5 million for the amounts that are expected to be settled through future customer rates and a decrease to income tax expense of $3.3 million (net of federal taxes). Duquesne Light will continue to evaluate the impacts of the law change and revalue its deferred income tax assets and liabilities accordingly. The first reduction in the corporate net income tax rate was effective on January 1, 2023, and Duquesne Light reflected the estimated impact associated with the change in the corporate net income tax rate from 9.99% to 8.99% within Duquesne Light’s State Tax Adjustment Surcharge, effective January 1, 2023. </span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Annually, Duquesne Light is permitted through its PUC approved Transmission Service Charge (TSC) filing to recover on a dollar-for-dollar basis the expenses it incurs from PJM as a provider of transmission service to retail customers taking POLR service, as well as update Duquesne Light’s retail transmission rates to reflect the annually updated FERC revenue requirements and rates. In May 2023 and May 2022, Duquesne Light filed its annual formula update with the FERC resulting in an increase in revenue of $13.2 million for the period from June 2023 through May 2024 and an increase in revenue of $16.7 million for the period from June 2022 through May 2023. Simultaneously, Duquesne Light also filed with the PUC for a pass through of costs in its state transmission rates. The updated formula and state rates are effective for customers beginning June 1st of each year. </span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%"> </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%"> </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value Measures</span><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The FASB provides a framework for measuring fair value under GAAP.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between the willing market participants on the measurement date.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The fair value hierarchy prioritizes the inputs utilized to measure fair value.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company uses, as appropriate, a market approach (generally, data from market transactions), income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or a liability.The three levels of the fair value hierarchy are as follows:</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Level 1 – Financial instruments that are valued using quoted prices available in active markets for identical assets or liabilities as of the reporting date.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Active markets are those where transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company’s Level 1 assets primarily consist of money market funds listed on active exchanges.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company uses quoted prices in active markets for identical assets in valuing its money market funds.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Level 2 – Financial instruments that are valued using models or other valuation methodologies based on assumptions that are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">These models are primarily industry-standard models that consider various assumptions including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company did not hold any Level 2 assets or liabilities as of June 30, 2023 and December 31, 2022.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Level 3 – Financial instruments that are valued using pricing inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company did not hold any Level 3 assets or liabilities as of June 30, 2023 and December 31, 2022.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">In some cases, the inputs used to measure fair value may meet the definition of more than one level within the fair value hierarchy.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company measures the fair value of other long-lived assets on a non-recurring basis using Level 2 or Level 3 inputs when the assets are determined to be impaired. The carrying values of accounts receivable, accounts payable, inventory and other short-term assets and liabilities are deemed to be reasonable estimates of fair values because of their short-term nature.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company’s assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 consisted of the following: </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:34.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.616%"/><td style="width:0.1%"/></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Milllions of Dollars)</span></td></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(As of June 30, 2023)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Recurring Fair Value Measures</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Level 1</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Level 2</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Level 3</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash<br/>Collateral</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Assets:</span></div><div style="padding-left:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash and cash equivalents (a)</span></div></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">14.7 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">14.7 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total assets</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">14.7 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">14.7 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Level 1 amounts primarily represent investments in money market funds.</span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:34.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.616%"/><td style="width:0.1%"/></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Milllions of Dollars)</span></td></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(As of December 31, 2022)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Recurring Fair Value Measures</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Level 1</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Level 2</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Level 3</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash<br/>Collateral</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Assets:</span></div><div style="padding-left:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash and cash equivalents (a)</span></div></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">16.9 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">16.9 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total assets</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">16.9 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">16.9 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Level 1 amounts primarily represent investments in money market funds.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Long-Term Debt and Revolving Credit Facilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Bank Credit Facilities</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company maintains a credit agreement which allows for a revolving credit facility borrowing capacity of $250.0 million with a maturity date of October 31, 2025.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In February 2023, the Company closed on an amendment its credit agreement.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The revisions to the credit agreement included replacing London Interbank Offer Rate (LIBOR) as the benchmark interest rate with the Secured Overnight Financing Rate (SOFR).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">All other aspects of the agreement were not materially amended.</span></div><div style="text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company is permitted to increase the size of its revolving credit facility by up to $50.0 million, subject to the satisfaction of certain conditions.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This expansion feature is unfunded.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The revolving credit facility permits borrowings at SOFR (LIBOR through December 31, 2022) plus a margin of 0.75% to 1.25% or an alternate base rate plus a margin of 0.00% to 0.25%.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">There is also a credit spread adjustment of 0.10% related to the switch to SOFR as the benchmark interest rate.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The revolving credit facility also has annual commitment fees ranging from 0.06% to 0.175%.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Interest rates and commitment fees are based on the Company’s then-current senior debt rating.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">A portion of the revolving credit facility not in excess of $50.0 million is available for the issuance of LOCs.</span></div><div style="text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The credit agreement contains a covenant package consistent with investment grade companies, including default provisions for non-payment.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As of June 30, 2023 and December 31, 2022, the Company was in compliance with these covenants. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2023 and December 31, 2022, the Company had $120.0 million and zero borrowings under the revolving credit facility.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2023 and December 31, 2022, the Company had no current debt maturities.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2023 and December 31, 2022, the Company had $0.5 million and $0.6 million of outstanding LOCs issued under the revolving credit facility, respectively, and no outstanding LOCs issued under stand-alone facilities unrelated to the revolving credit facility</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Long-Term Debt Transactions</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">On October 3, 2022, Duquesne Light closed on a $130.0 million thirty-year first mortgage bond issuance in a private placement offering. The issuance has a maturity date of October 3, 2052 and the bonds will bear interest at an annual rate of 4.59%. The proceeds are intended to repay existing indebtedness and for general corporate purposes, including capital expenditures. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Short-Term Borrowing Affiliated Interest Agreement</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">An existing PUC approved affiliated interest agreement is maintained between the Company and Holdings, which authorizes short-term borrowings at market rates from Holdings with a maximum borrowing capacity of $300.0 million. In May 2023, the PUC approved the Company’s request to amend to this agreement, changing the benchmark interest rate from LIBOR to SOFR.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">No other aspects of the agreement were amended. As of June 30, 2023, $125.0 million in borrowings were outstanding under this agreement. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Securities Certificates</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Short-Term Debt Securities Certificate:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> In September 2022, the FERC approved the Company’s application for a securities certificate requesting approval to issue short-term securities in an amount not to exceed $600.0 million.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of June 30, 2023, the Company had $245.0 million of borrowings outstanding under this order.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">This amount is the sum of $125.0 million of short-term intercompany borrowings between the Company and Holdings and the Company’s $120.0 million in borrowings under the revolving credit facility.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Long-Term Debt Securities Certificates: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">A PUC securities certificate exists allowing the Company to issue up to $400.0 million of long-term debt in the form of first mortgage bonds, unsecured notes, bank borrowings or similar borrowings through December 31, 2023. Considering the Company’s $130.0 million first mortgage bond issuance, discussed above, the total available amount under this securities certificate as of June 30, 2023 was $270.0 million. In July 2023, the Company filed an application with the PUC requesting a new certificate issued with an authorization of $400.0 million of new debt. The Company cannot predict the outcome of this request.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Commitments and Contingencies </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Income Taxes</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">Currently, the Company is not subject to any federal or state income tax examinations.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The IRS previously completed examinations of the LLC’s consolidated U.S. federal income tax returns for tax years 2007 through 2012.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">There are no unresolved matters with the IRS from these examinations.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company remains subject to examination by the IRS and Pennsylvania for tax years ending December 31, 2015 through December 31, 2023.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Employees – IBEW Contract</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">The Company is a party to a labor contract with the IBEW Local 29, which represents 50.0% of its approximately 1,700 employees.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:109%">In October 2019, members of the IBEW Local 29 ratified a new four year labor contract extension that commenced on October 1, 2019 and expires on September 30, 2023.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:109%">Litigation </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> In the ordinary course of business, various legal claims and proceedings are pending or threatened against the Company.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company has established reserves for pending litigation, which it believes are adequate, and after consultation with counsel and giving appropriate consideration to available insurance, the Company believes that the ultimate outcome of any matter currently pending will not materially affect the financial statements.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Employee Benefits</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pension Benefits</span><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Transactions with Affiliates</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a wholly owned subsidiary of Holdings, the Company has various transactions with Holdings and its subsidiaries (the Company’s affiliates). </span></div><div style="text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">During the six months ended June 30, 2023 and 2022, the Company made dividend payments to Holdings totaling $77.0 million and $53.0 million, respectively.</span></div><div style="text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In addition to the short-term borrowing affiliated interest agreement described in the Long-Term Debt and Revolving Credit Facilities note, the Company participates in a tax sharing arrangement with Holdings to provide, among other things, for the payment of taxes for periods during which Holdings and the Company are included in the same consolidated group for federal tax purposes.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company shares in the consolidated tax liability to the extent of the Company’s income or loss for the year.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company made tax sharing payments of $16.0 million and $4.5 million to Holdings for the six months ended June 30, 2023 and 2022, respectively.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.67pt">Supplemental Cash Flow Disclosure</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reconciliation between “Cash and Cash Equivalents at End of Period” with related amounts on the Balance Sheet is as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.625%"><tr><td style="width:1.0%"/><td style="width:70.328%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.187%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">June 30,</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cash (Account 131)</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">8,669,136 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4,896,200 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Working Fund (Account 135)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">10,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">10,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Temporary Cash Investments (Account 136)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">6,000,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">12,000,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">14,679,136 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">16,906,200 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.625%"><tr><td style="width:1.0%"/><td style="width:57.192%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.753%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.755%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Millions of Dollars)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Six Month Periods Ended June 30,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cash paid during the year</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Interest - net of amount capitalized</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">35.0 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">29.8 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Income taxes paid - net</span></td><td style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">20.9 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">8.4 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 2023 Q2 2023 Q2 2023 Q2 2023 Q2 2023 Q2 2023 Q2 C001346 1/3-Q Duquesne Light Company Q2 411 Seventh Ave; P.O. Box 1930; Pittsburgh, PA 15219 Matthew S. Ankrum VP & CFO (412) 393-6000 O 2023-08-28 Matthew S. Ankrum VP & CFO Matthew S. Ankrum 2023-08-28 None None 5494016059 5342967689 375432834 324236450 5869448893 5667204139 1860100400 1779890489 4009348493 3887313650 4009348493 3887313650 14139121 13345704 3340997 3040997 239718 243530 11037842 10548237 8669136 4896200 10000 10000 6000000 12000000 163896976 177614278 14907068 13970500 11217653 12532557 958890 367666 30222065 28922210 44271277 32273396 56726 179113 257774485 257700806 7554826 7755015 6813423 7595762 156363652 158616665 4601004 590796 12323339 13186750 171540582 177762715 359196826 365507703 4637357646 4521070396 985347596 985347596 729882351 724920439 1423880 1482317 1716653827 1711750352 1525000000 1525000000 1525000000 1525000000 3195540 3195540 17743726 18702738 2400000 2400000 2277231 2259255 25616497 26557533 120000000 143851303 206647894 125000000 40000000 224 9177830 9054272 5801252 17760267 22909905 20928276 4467488 956827 26007085 47841484 457214863 343189244 15707204 15043729 136526162 139752673 695369713 692466845 65269380 67310020 912872459 914573267 4637357646 4521070396 572187540 541308884 279378556 270049150 572187540 541308884 279861219 230256698 131347758 114098469 279861219 230256698 19104270 23624128 9199338 11895541 19104270 23624128 76370778 72450811 38423646 36417074 76370778 72450811 28893467 30017548 14332725 14961094 28893467 30017548 619402 619402 619402 34901116 33195258 17424208 16413683 34901116 33195258 12791651 14704065 7371392 8490341 12791651 14704065 4645747 5719458 2715442 3256566 4645747 5719458 46071713 23361236 6993662 8885461 46071713 23361236 42953426 15461063 6396203 6617833 42953426 15461063 460305937 417868139 222031370 207800396 460305937 417868139 111881603 123440745 111881603 123440745 57347186 62248754 66 3 34 3 340265 660309 115068 375578 369855 75444 117950 71659 6501015 3060949 3435178 1672618 19608 445810 -1531 254443 101100 101100 7331909 4242515 3767799 2374301 1074943 1753355 847456 370281 47525 1375 44000 1375 172308 185258 83903 73740 1388843 792601 1022044 451392 2683619 2732589 1997403 896788 840661 297915 283577 277535 406174 170480 139228 159709 632339 191025 130779 189328 512748 167172 17194 167057 1366426 492248 536390 459515 3281864 1017678 1234006 1017998 31971556 28953500 16003056 14476750 258771 237094 131592 113200 863412 1013807 400899 506903 2661289 756193 1880971 541232 1542444 328313 1400274 362786 4095917 1398382 2512467 771968 33201555 29890525 17304325 15228903 81961912 94567898 41276867 48037849 81961912 94567898 41276867 48037849 724920439 631951311 81961912 94567901 Dividends Declared-Preferred Stock (Account 437) 238 Dividends Declared-Common Stock (Account 438) 238 77000000 53000000 77000000 53000000 729882351 673519212 673519212 105264245 102468359 Amortization of Capital Leases and Other 5 6 Other Non Cash Charges 7 1737495 -1017449 1216782 -909179 3237879 7924026 -10996994 15749392 1299855 1354057 -44695805 11291795 91890 9919225 619970 -366510 6501015 3060949 Other (provide details in footnote): Other: Net Changes in Other Current Assets 18 19 Other: Pension Contribution 20 Other: Net 21 -11997881 -461533 -24675160 693665 137753067 162128053 267132222 163696799 793417 216266 4095917 1398382 Other (provide details in footnote): Other: Net 31 32 4095917 1398382 267925639 163913065 Other (provide details in footnote): -267925639 -163913065 Other (provide details in footnote): 125000000 70000000 Other (provide details in footnote): Other: Affiliated borrowings from parent 67 68 90000000 30000000 215000000 100000000 Other (provide details in footnote): Debt Issuance Costs 76 76.1 Other: Affiliated borrowing repayments to parent 77 54493 5000000 5000000 5000000 20000000 Distribution to Parent 79 77000000 53000000 127945507 22000000 -2227065 20214988 16906200 15489558 14679135 35704546 -1283277 -1283277 94567898 -1283277 -1283277 1482316 1482316 -58436 -58436 -58436 -58436 81903477 1423880 1423880 4917371729 4917371729 576644330 576644330 5494016059 5494016059 375432834 5869448893 1860100400 4009348493 1550992559 1550992559 309107841 309107841 1860100400 1860100400 CV Shop Cntr Solar Study AG1-086 Imperial Solar (D) 22 23 Omega 3 MW Solar Study 24 -10000 38 -10000 1730100 1730100 1730100 -19962 -19962 Compensated Absences Pension 1 3 Eligible Customer Lists - 2018 5 Eligible Customer Lists - 2021 7 POLR IX 9 Smart Meters 11 FERC Formula Annual Update Filing 13 Rider 5 Surcharge 15 COVID-19 Lost Revenues 17 Outage Management System (OMS) 19 Electric Vehicle Rebate Program 21 COVID-19 Incremental Uncollectible Expenses 23 Rate Case Distribution - 2021 25 Solor Purchase Power 27 RFP Generation 29 DSIC 31 Act 129 Energy Efficiency 33 Annual Transmission Service Charge FIling 35 6470182 119723032 122478 49681 356028 20504 2470941 11898046 2624546 3089999 259645 3651872 1157586 78900 590238 387544 7027834 13980476 2659 1 300360 49998 20000 43799 1797988 1149730 232.45 Various 928 928 426.2 Various 456.15 Various Various 908.07 131.01 904.02 928 Various Various Various Various Various 14764264 17090 6933 58845 34 1785992 1166434 373694 1030009 34568 509564 161524 8606 590238 144466 308154 6470182 118939244 105388 42748 299842 20471 985309 10781610 2250852 2059990 245077 3142308 996062 70294 286877 8517668 1149730 159979056 17345011 20960415 Legacy Liability OPEB Cost 1 3 Annual Transmission Service Charge FIling 5 RFP Generation 7 Regulatory Tax Liability 9 Act 129 Energy Efficiency 11 Electric Vehicle - Registration Credits 13 Pension - Rate Case Settlement 15 DSIC 17 State Tax Adjustment Surcharge (STAS) 19 1543285 565077 1161348 135310587 90909 1250001 2147 Various Various Various Various Various Various 421.01 Various Various Various 118961 167694 2311077 2670253 5024882 12685 715 47597 1149729 4137250 324498 1250001 1471921 397383 1466997 130610203 78224 2500002 1432 139923354 10306267 6909075 346242362 320655319 1750370094 160307529 151020014 2680448595 22570022 25471021 1376708462 6297910 6147268 26478540 535417823 503293622 5834005691 729061 705176 13846 536146884 503998798 5834019537 17365869 15065518 518781015 488933280 5834019537 2540767 2394806 -4974 620741 5195913 4997753 628627 530708 45046191 43831596 53406524 52375604 572187539 541308884 Applied Energy Services-Beaver Valley Partners PJM Interconnection, LLC 1 2 PJM Interconnection, LLC 3 PJM Interconnection, LLC 4 PJM Interconnection, LLC 5 Applied Energy Services-Beaver Valley Partners PJM Interconnection, LLC PJM Interconnection, LLC Duquesne Light Company PJM Interconnection, LLC Applied Energy Services-Beaver Valley Partners Various Various Allegheny Power System, Inc. Various LFP NF SFP FNO FNO 20 AES-ARCO DLC Trans Network DLC Trans Network DLC Trans Network DLC Trans Network Mitchell-Elrama Int Various Various Piney Fork SS Various 47266 47266 1 148994 120000 36782517 1 148994 120000 36782517 47266 47266 37051512 37051512 Duquesne Light Company Duquesne Light Company 1 2 Duquesne Light Company 3 Duquesne Light Company 4 Duquesne Light Company 5 Duquesne Light Company 6 Duquesne Light Company 7 FNO FNO SFP NF AD AD OS H-17 H-17 7 8 8 7 12 36782517 120000 872267 1 -723273 5816973 36782517 120000 872267 1 -723273 5816973 42868485 42868485 0 0 0 0 0 0 -142910 -90438 97808 97808 40318 40569 Transmission Congestion Transmission Losses 7 8 2090 -205 2075 -205 -2898 49810 1802 31 19 710 1092 1937 3 19 789 1147 1749 14 17 640 1110 2139 3349 1651 13 17 547 1104 2012 31 18 822 1189 2211 2 17 940 1271 2310 3564 0 0 0 0 4449 6913 1802 31 19 1802 1802 1937 3 19 1937 1937 1749 14 17 1749 1749 5488 5488 1651 13 17 1651 1651 2012 31 18 2012 2012 2211 2 17 2211 2211 5874 5874 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11362 11362 430473748 309107941 1118390964 334337224 3525461578 1039088036 419689769 177567199 5494016059 1860100400 175023218 2638494 177661712 177661712 690979 472363 167105 93 36360 -5090535 -3723635 462545 55230 1116518 24013 198338 1856644 -1866991 12245970 12936211 25182181 4578883 3851016 11830981 1666697 7428061 1588981 220105 4667275 154371 3040099 909906 31506476 3161589 34668065 28362036 28362036 13939602 13939602 51654803 51654803 10776373 531431 11307804 76370778 28893467 105264245 1116103 3182 1787 31 19 980923 2310 1920 3 19 1062519 3064 1736 14 17 3159545 8556 942919 2494 1636 13 17 1008547 1695 1989 31 18 1082752 1101 2185 2 17 3034218 5290 0 The Workiva Platform

			Column: c						Column: d
Prepaid Gross Receipts Tax			$22,337,968						$—
Prepaid Information Technology Hardware/Software Maint			16,544,387						20,674,532
Prepaid Pennsylvania PUC and FERC Assessments			—						1,512,114
Miscellaneous Prepaid Expenses			2,111,799						5,572,356
Prepaid Property Risk Insurance			3,277,123						4,514,394
Total Prepaid Expenses			$44,271,277						$32,273,396

			Column: c						Column: d
Employee Benefits			$8,388,201						$	14,638,217
Compensated Absences			8,768,974						8,768,974
Counterparty Collateral			4,638,838						20,056,918
Accrued Payroll			870,550						2,427,161
Legal Reserve			840,000						875,000
Workmen's Comp			1,940,522						545,214
Other			560,000						530,000
Total Misc Current and Accrued Liabilities			$26,007,085						$47,841,484

These amounts represent recovery of costs associated with employee vacation and are being recovered over a period of up to three years. These amounts represent future recoverable pension costs. Amounts are being recovered over the remaining life of the Company's retirement plan. Represents the costs incurred by the Company in order to update the electric Eligible Customers Lists (ECL), which are made available to Electric Generation Suppliers (EGSs). Costs will be recovered over a period of up to three years. Represents the costs incurred by the Company in order to update the electric Eligible Customers Lists (ECL), which are made available to Electric Generation Suppliers (EGSs). Costs will be recovered over a period of up to three years. These amounts represent future recoverable costs incurred related to the POLR IX filing and are amortized over a period of up to four years. Represents amounts associated with the under-recovery of costs associated with the Company's Smart Meters program. Amounts are amortized over a period of up to two years. Represents amounts recoverable under the Company's FERC Formula annual update to incorporate actual transmission revenue amount. Amounts are amortized for the period June 1 to May 31. These amounts represent recoverable by customers associated with the Company's Universal Services Programs. These amounts will be amortized over a period of up to three years. Represents lost revenues as a result of the COVID-19 pandemic. These amounts represent the future recovery of the Company's Outage Management System. Recovery was granted in the 2018 rate case and will be amortized through 2023. This balance represents spending related to customer rebates for infrastructure to provide electric service to charging stations available to the public. Amounts recoverable were granted in the 2021 rate case. Represents incremental uncollectible expenses incurred as a result of the COVID-19 pandemic as directed by the Pennsylvania PUC secretarial letter issued May 13, 2020. These amounts represent future recoverable costs incurred related to the Company's next distribution rate case filing. These amounts currently represent administrative fees incurred related to the Company's execution of a purchase power agreement (PPA) with a solar facility. Amounts are recoverable from default service customers in accordance with the Company's approved Default Service Plan IX. These amounts currently represent administrative fees incurred related to the Company's execution of a purchase power agreement (PPA) with a solar facility. Amounts are recoverable from default service customers in accordance with the Company's approved Default Service Plan IX through 5/31/25. Represents amounts recoverable by the Company's POLR program as reflected within Rider No. 8 - Default Service Supply for residential/lighting, small and medium commercial and industrial customers as well as Rider no. 9 - Day Head Hourly Price for over/under recovery of the the Company's portion of the Fixed Retail Administrative Charge. This balance relates to an undercollection of DSIC revenue. Represents amounts recoverable from Customers through the Company's Energy Efficiency Program. Amounts are recoverable over the next three years. These amounts represent environmental costs previously recovered from customers associated with previously owned generation sites. These amounts are amortized as the Company incurs environmental costs associated with these sites. These amounts represent costs recovered from customers associated with the Company's OPEB costs. Amounts are recovered over a period of three years. Represents amounts recoverable from customers related to the PUC Transmission Service Charge Surcharge. Amounts are recovered over a period of two years. Represents amounts recoverable by the Company's POLR program related to supplier auctions of small and medium commercial and industrial generation customers which the Company utilizes to provide energy to its POLR load. Represents a net regulatory liability on regulated utility property that includes the excess deferred income tax flow back to customers over the average remaining book life of the regulated property resulting from the corporate tax rate reduction; net of the FAS 109 property basis differences and corresponding FAS 109 tax gross up resulting from book depreciation versus accelerated tax deduction that are being recovered over the remaining depreciable life of the regulated utility property, plant and equipment. Represents refundable amounts from customers for the Company's Energy Efficiency Surcharge. Amounts are refunded over a period of two years. This balance represents the underspend related to the electric vehicle customer registration credits allowed annually via the Company's approved rate case settlements. These amounts represent the accumulation of pension costs for a future pension contribution. Represents amounts refundable to customers associated with the Company's Distribution System Improvement Charge. Amounts will be refunded over a period of two years. Represents amounts refundable to customers from the State Tax Adjustment Surcharge. This surcharge pertains to the Company's obligation of state taxes due and any interest and amounts are refunded over a period of one year.