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94156
7.8956
3.9264
7.8057
854
3982550
13107023
Mains Expense
856
17789
57859
4000339
13164882
5
Gas Imbalance Due to Others
139765
139765
1
Federal Energy Regulatory Commission 2025 Annual Charge Adjustment (Amortized over twelve months)
771541
771541
771541
182.3
192886
578655
Federal Energy Regulatory Commission 2024 Annual Charge Adjustment (Amortized over twelve months)
737919
737919
553446
182.3
553446
1509460
1509460
553446
771541
746332
578655
1
2
FERC Form 2 KMLP System Map 2026.pdf
1
2
4
6
2
4
Vicki A. Phillips
Vice President
/s/ Vicki A. Phillips
2026-03-19
2
Kinder Morgan Louisiana Pipeline LLC
C000231
2025
Q4
1001 Louisiana Street, Suite 1000, Houston, TX 77002
James M. Brossett
Divisional Controller
1001 Louisiana Street, Suite 1000, Houston, TX 77002
713-420-6965
O
2025-12-31
IRIS Carbon
Capacity Lease Levelization
1314352
858
174419
1139933
1314352
174419
1139933
1
Income Tax Gross-Up on AFUDC Equity
Remaining life of assets
Docket No. AI93-5-000 issued April 23, 1993 (Accounting for Income Taxes)
9750497
8195
407.3
473603
9285089
FERC Annual Charge Adjustment
12 months ending September 30
18 CFR 154.402(a) and 18 CFR 382.202
553446
771541
928
746332
578655
Fuel Tracker
Section 36 of the General Terms and Conditions of our FERC Gas Tariff.
275955
407.3
275955
10579898
779736
1495890
9863744
1
2
3
Account 489.2, Revenues from transportation of gas of others through transmission facilities.
2995652
24399785
75248581
497182916
2995652
24399785
75248581
497182916
1
752376706
807687405
1729524
-17593672
754106230
790093733
1414051
12650
3979674
88800
98981
66284
1427669
5632471
1595403
8064874
8235245
98567667
95898998
2353306
2626345
110125780
108074940
869864481
899764076
16703506
16703506
19323196
19323196
-17593672
-34297178
19323196
16703506
1729524
Amortization of intangible plant
989115
972075
989115
972075
1
Change in gas owed to system
68161
-232604
Change in prepayments
47114
Change in miscellaneous deferred debits
3798
-3798
Change in other deferred credits
-174419
-174418
-102460
-363706
1
2
3
4
Net salvage/(cost of removal)
5360
842
5360
842
1
1294503710
1294405872
2949091
1297452801
1294405872
551525345
512834264
745927456
781571608
745927456
781571608
6646700
6460711
3807644
1396134
1396134
431375
1075192
12281853
8932037
11923896
4999137
89132576
92878279
110920216
108457314
869864481
899764076
Matthew J. Wojtalewicz
Vice President and Controller
1001 Louisiana Street, Suite 1000, Houston, TX 77002
true
false
Organized as a Limited Liability Company in Delaware on September 14, 2005.
Transportation of natural gas in Louisiana.
false
1
0
1
1
1
1
1
1
1
1
1
1
Revaluation of Monthly Encroachments in Account 117.4
-39248
Losses on Settlements of Gas Imbalances
2204
Revaluation of Imbalances
307988
Revaluation of FL&U
-271036
-92
1
2
3
4
Other (less than $250,000)
770
770
1
2
4
5
7
8
10
11
13
14
16
17
19
20
22
23
69209
Health and life insurance
371561
Long-term disability insurance
7854
401K Employer contributions
128709
Other
16931
594264
6
7
8
9
1122558
1122558
1699754
1699754
2822312
2822312
253190
253190
253190
253190
1375748
1375748
1699754
1699754
3075502
3075502
3075502
3075502
22774
22774
22774
22774
204
204
204
204
3098480
3098480
1294503710
1294503710
1294503710
1294503710
2949091
1297452801
551525345
745927456
537077603
537077603
14447742
14447742
551525345
551525345
Natural Gas Pipeline Company of America LLC
true
Leased capacity through July 2032 of 200,000 Dth/day in 19 miles of transmission pipeline located in Cameron Parish, Louisiana.
825581
825581
1
989115
989115
37808252
37808252
27110
27110
37835362
989115
38824477
Transfer from Account 186
6928557
Distributions to Member
-64517675
Contributions from Member
2278419
-55310699
1
2
3
807687405
752376706
Capital contributions from Member
2278419
2278419
1
FTS
37189356
55783
6564532
6620315
54051900
81079
6587333
6668412
50182536
75275
6580299
6655574
ITS
4748
7
1033
1040
4969
7
750
757
308912
463
46615
47078
37194104
55790
6565565
6621355
54056869
81086
6588083
6669169
50491448
75738
6626914
6702652
1
2
1
260
260
752484
740319
78996941
77313378
79749425
78053697
527363850
528799921
6882
6882
752484
740319
79004083
77313378
79756567
78053697
752484
740319
79004083
77313378
79756567
78053697
FTS
744676
725823
78287381
76351709
79032057
77077532
521808434
518445349
ITS
7808
14496
709560
961669
717368
976165
5555416
10354572
1
2
3
413
413
1208
1208
413
413
1208
1208
37194104
55790
6565978
6621768
54056869
81086
6589291
6670377
50491448
75738
6626914
6702652
6882
6882
12
Distributions to Member
64517675
60845719
64517675
60845719
1
37835362
37843030
5678673
5702161
3349816
853011
178895
2727499
706203
-716154
-846877
292289
38279
1220
64071733
61377020
1865396
531679
38279
1220
1832477
531301
-1832477
-531301
2278419
-62239256
-60845719
1260215
0.03
906
0.03
Intangible Plant (footnote details)
33007
0.03
Other Gas Storage (footnote details)
9
10
<div><p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">1. Construction Overhead</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(a) Overhead charges are intended to cover those indirect costs pertaining to construction activities for departments such as engineering, operations and accounting for their labor and related employee benefits and office space. The overhead amount capitalized is charged to all construction projects by applying a construction overhead clearing rate to direct project costs.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(b) The overhead capitalized is primarily based on periodic studies to identify indirect capital costs that are not charged directly to construction projects.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(c) Costs are accumulated in a blanket overhead project and distributed monthly to individual construction projects.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(d) Different overhead rates are applied based on the nature of the construction project.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(e) The basis for the differentiation in overhead rates stems from the economies of scale that are achieved with these projects.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(f) Overheads are directly assigned to each project.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">2. Allowance for Funds Used During Construction</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">Allowance for funds used during construction is calculated below.</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">3. Net-of-Tax rate for borrowed funds</font></p>
<p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">Not Applicable</font></p></div>
790093733
Kinder Morgan Louisiana Pipeline LLC
1.00
0.14
790093733
1.00
391885
0.14
0.0405
0.0560
Natural Gas Pipeline Company of America LLC (Capacity Lease)
true
825581
825581
1
LJA Energy Inc
288183
Solar Turbines Incorporated
372951
Other (less Than $250,000)
801710
1462844
1
2
3
92878279
5157769
1498764
86698
89132576
92878279
5157769
1498764
86698
89132576
5157769
1498764
86698
72381096
1498764
71835
73808025
20497183
5157769
14863
15324551
95898998
6869250
4206218
5637
98567667
95898998
6869250
4206218
5637
98567667
6869250
4206218
5637
74795877
6869250
4671
81669798
21103121
4206218
966
16897869
2626345
273039
2353306
2626345
273039
2353306
273039
2048401
98534
1949867
577944
174505
403439
Deferred Income Tax Rate Adjustment (amortized through October, 2042)
8235245
411.1
462660
7772585
Fuel Tracker
Various
1612676
1904965
292289
2075336
1904965
1
2
Station 760 - Eunice, LA
Transmission Compressor Stations
5
127000
199595160
13107023
2141010
3982550
PT25290H
4
2025-10-15
199595160
1
7499270
Net Operating Loss Carryforward
13546
Capitalized Interest - Tax
39036
Capitalized Overhead Tax
7551852
4885798
Federal Income Tax
792875
State Deferred Income Tax
38824477
Book Depreciation and Amortization
465408
AFUDC Equity - Regulatory Asset
3547
Meals & Entertainment
770
Non-Deductible Lobbying and Contributions
3798
Park & Loan Deferral
44976673
165320
Capitalized Overhead - Book
22243
AFUDC Equity - Book Capitalized Amount
16036
AFUDC - Book Capitalized Interest
174419
Lease Levelization
378018
71468343
Tax Depreciation and Amortization
5360
Cost of Removal
71473703
0
21% of Taxable Income
Return to Provision/Other
Federal Income Tax - Current
5
6
7
10
11
12
13
14
15
16
19
20
21
22
25
26
30
31
32
33
34
35
79756567
78053697
7680007
8040491
7680007
8040491
348996
1413951
348996
1413951
37835362
37843030
37835362
37843030
989115
972075
989115
972075
2654523
1415299
2654523
1415299
1349836
617407
1349836
617407
6931092
6873154
6931092
6873154
45020
108730
45020
108730
12027019
9264135
12027019
9264135
6440681
3670351
6440681
3670351
60720617
61643107
60720617
61643107
19035950
16410590
19035950
16410590
339878
399626
22243
709
2194
2177
364315
402512
890
770
890
92335
108377
92335
108377
271210
293245
840
16036
511
-16036
329
19323196
16703506
Louisiana
LA
Fully Owned and Operated by Respondent
138.4
138.4
138.4
1
2
3
4
5
6
339878
339878
339878
Investment Advance - Open Account - Kinder Morgan, Inc.
8
7
5
4
2
1
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Not Prepared
18952
364979
383931
53234
1025190
1078424
See Footnote
18952
364979
383931
53234
1025190
1078424
15051
289618
304669
42277
813508
855785
854
810
15051
289618
304669
42277
813508
855785
79
1526
1605
222
4286
4508
856
812
79
1526
1605
222
4286
4508
937
18025
18962
2632
50630
53262
937
18025
18962
2632
50630
53262
2885
55810
58695
8103
156766
164869
2885
55810
58695
8103
156766
164869
2885
55810
58695
8103
156766
164869
182.3/407.3
254/407.4
Other Dispositions
2885
55810
58695
8103
156766
164869
Gas due from shippers
132002809
605471
132608280
6
6
21446
391537
46
413029
63227
1154329
136
1217692
21446
391537
46
413029
63227
1154329
136
1217692
18648
340630
36
359314
54978
1004245
107
1059330
854
810
18648
340630
36
359314
54978
1004245
107
1059330
139
2531
2670
410
7462
7872
856
812
139
2531
2670
410
7462
7872
758
13839
1
14598
2235
40800
3
43038
758
13839
1
14598
2235
40800
3
43038
1901
34537
9
36447
5604
101822
26
107452
1901
34537
9
36447
5604
101822
26
107452
1901
34537
9
36447
5604
101822
26
107452
182.3/407.3
254/407.4
Other Dispositions
1901
34537
9
36447
5604
101822
26
107452
Gas due from shippers
26874
430199
47
457120
92344
1478250
162
1570756
26874
430199
47
457120
92344
1478250
162
1570756
23121
370052
39
393212
79448
1271573
134
1351155
854
810
23121
370052
39
393212
79448
1271573
134
1351155
87
1400
1
1488
299
4811
3
5113
856
812
87
1400
1
1488
299
4811
3
5113
-853
-13658
-2
-14513
-2931
-46932
-7
-49870
-853
-13658
-2
-14513
-2931
-46932
-7
-49870
4519
72405
9
76933
15528
248798
32
264358
4519
72405
9
76933
15528
248798
32
264358
4519
72405
9
76933
15528
248798
32
264358
182.3/407.3
254/407.4
Other Dispositions
4519
72405
9
76933
15528
248798
32
264358
Gas due from shippers
Directly Charged Salaries and Wages
Kinder Morgan, Inc.
Various
2264807
Other Compensation and Benefits
Kinder Morgan, Inc.
Various
406016
Shared Services
Kinder Morgan, Inc.
Various
2126264
Capacity Lease
Natural Gas Pipeline Company of America LLC
858
825581
Construction Overheads
Kinder Morgan, Inc.
107
165321
Other, less than $250,000
Tennessee Gas Pipeline Company, L.L.C.
859
3798
5791787
2
3
4
5
6
7
2025-12-14
1579780
1579780
124690
124690
1704470
1704470
Operational Balancing Agreements
3457
3457
3457
3457
2026-02-15
474464
4593255
5067719
474464
4593255
5067719
Operational Balancing Agreements
7
5548
5555
7
5548
5555
Federal Income Tax
Federal Tax
Federal
Subtotal Federal Tax
State Income Tax - Louisiana
State Tax
Louisiana
0.0550
Texas Margin Tax
State Tax
Texas
2024
30439
-346
30093
-346
Texas Margin Tax
State Tax
Texas
2025
45366
45366
45366
Subtotal State Tax
30439
45020
30093
45366
45020
Ad Valorem Tax - Louisiana
Ad Valorem Tax
Louisiana
2024
Ad Valorem Tax - Louisiana
Ad Valorem Tax
Louisiana
2025
6435519
6435519
6435519
Subtotal Ad Valorem Tax
6435519
6435519
6435519
Use Tax - Louisiana
Sales And Use Tax
Louisiana
2025
35845
298709
280939
53615
265693
33016
Subtotal Sales And Use Tax
35845
298709
280939
53615
265693
33016
Payroll - FICA Tax
Payroll Tax
Federal
2025
223274
223274
223274
Payroll - Unemployment Tax
Payroll Tax
Federal
2025
6606
6606
6606
Subtotal Payroll Tax
229880
229880
229880
7009128
6976431
6976112
33016
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Texas Access Project
572187
111538959
Texas Header Project
2377294
34261430
Miscellaneous Construction Projects Under $1,000,000
-390
145800389
1
2
3
Operational Imbalances
1881534
556568
850508
262744
FTS
1318
Park and Loan
1981782
490000
Imbalance Cashouts
5562
2009
1887096
558577
2833608
752744
1
2
3
4
Sabine Pass Expansion Project
CP17-22-000
Incremental
237547
Sabine Pass Acadiana Expansion Project
CP19-484-000
Incremental
519526
757073
1
2
Kinder Morgan, Inc.
M
DE
1.0000
Kinder Morgan GP LLC
I
DE
0.0242
KM Energy Inc.
I
DE
0.5952
KM Energy, LLC
I
DE
0.5952
Kinder Morgan Energy Partners, L.P.
I
DE
1.0000
Kinder Morgan Operating LLC "A"
I
DE
1.0000
Kinder Morgan Louisiana Pipeline Holding LLC
D
DE
1.0000
1
2
3
4
5
6
7
32402493
23690
580491
33006674
32402493
23690
580491
33006674
607761
607761
33235248
6813
33228435
7162175
-3287
34429
7124459
947742758
72617
43810
947771565
192495209
192495209
79333375
73112
42984
79363503
1260576526
142442
128036
1260590932
592751
50861
-580491
63121
288272
288272
545830
8881
554711
1426853
59742
-580491
906104
1426853
59742
-580491
906104
1294405872
225874
128036
1294503710
1294405872
225874
128036
1294503710
Advance of Deferred Income Taxes to Member
4995339
6928557
11923896
Minor Items (less than $250,000)
3798
859
3798
6928557
3798
1
2
-946512
-113401
679465
216771
572056
427715
9995670
57859
25882
10021552
4
-14004077
-10345893
-14004077
-10345893
284649
251563
7658
7658
1856352
2065602
13107023
9995670
760228
427289
499571
487835
825582
118633
148285
13300
20375
17472995
14229859
17921
43244
1105
119102
1256489
193941
90343
16896
20214
1136
2556
348996
1413951
17821991
15643810
1699754
1697792
23033
15309
258162
259643
167168
164689
219991
220629
584978
746332
723834
276738
301393
225647
188258
4211089
4156525
4211089
4156525
8029003
9454442
4507
Shared Service Allocations
272231
6
Kinder Morgan Louisiana Pipeline LLC
527363850
141742421
558577
276102
5198246
1372880
-220587
-118800
532900086
143272603
527363850
141742421
752744
3982550
1057195
Net Gas Used for Other Utility Operations
17789
5763
Fuel & L&U Retention True Up
717561
422471
Line pack change
-24337
25703
Imbalance Adjustments
54
3
532810211
143253556
89875
19047
532900086
143272603
16
31
32
33
34
<div><!--?xml version="1.0" encoding="utf-8" standalone="no"?-->
<div>
<div class="Section_1">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">1. General</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are a Delaware limited liability company, originally formed on September 14, 2005. When we refer to "us," "we," "our," "the Company," or "KMLA," we are describing Kinder Morgan Louisiana Pipeline LLC. We are an indirect wholly owned subsidiary of Kinder Morgan, Inc. (KMI). References to KMI are inclusive of Kinder Morgan Inc. and its consolidated subsidiaries.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our system consists of approximately 140 miles of natural gas pipeline that extends from an interconnection with Columbia Gulf Transmission Company in Evangeline Parish, Louisiana and terminates at a liquefied natural gas export facility owned by Sabine Pass Liquefaction, LLC (SPL) located in Cameron Parish, Louisiana. The primary flow of gas on our system is north to south for deliveries to SPL; however, we do have the capability to flow gas south to north.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2. Summary of Significant Accounting Policies</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Basis of Presentation</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We have prepared our accompanying financial statements in accordance with the accounting requirements of the Federal Energy Regulatory Commission (FERC) as set forth in its applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (GAAP).</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The most significant differences between GAAP and the financial statements presented herein are: (i) the deferral of certain costs and revenues, (ii) the classification of certain accounts on the balance sheet and statement of income, and (iii) the inclusion and classification of income taxes in a limited liability company's financial statements.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Management has evaluated subsequent events through March 19, 2026, the date the financial statements were available to be issued.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Use of Estimates</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Certain amounts included in or affecting our financial statements and related disclosures must be estimated, requiring us to make certain assumptions with respect to values or conditions which cannot be known with certainty at the time our financial statements are prepared. These estimates and assumptions affect the amounts we report for assets and liabilities, our revenues and expenses during the reporting period, and our disclosures, including those related to contingent assets and liabilities at the date of our financial statements. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts, and other methods we consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position, or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Certain accounting policies are of more significance in our financial statement preparation process than others, and set out below are the principal accounting policies we apply in the preparation of our financial statements.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Cash Equivalents</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial;">We define cash equivalents as all highly liquid short-term investments with original maturities of three months or less.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Allowance for Credit Losses</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We evaluate our financial assets measured at amortized cost and off-balance sheet credit exposures for expected credit losses over the contractual term of the asset or exposure. We consider available information relevant to assessing the collectability of cash flows including the expected risk of credit loss even if that risk is remote. We measure expected credit losses on a collective (pool) basis when similar risk characteristics exist and we reflect the expected credit losses on the amortized cost basis of the financial asset as of the reporting date.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our financial instruments primarily consist of our accounts receivable from customers and note receivable from affiliate. We utilized historical analysis of credit losses experienced over the previous five years along with current conditions and reasonable and supportable forecasts of future conditions in our evaluation of collectability of our financial assets.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Natural Gas Imbalances</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Natural gas imbalances occur when the amount of natural gas delivered from or received by a pipeline system differs from the scheduled amount of gas to be delivered or received. We value these imbalances due to or from interconnecting pipelines at current index prices. Imbalances are settled in cash or made up in-kind, subject to the terms of our FERC tariff. Imbalances due from others are reported on our balance sheets as part of Account 174 "Miscellaneous Current and Accrued Assets." Imbalances owed to others are reported on our balance sheets as part of Account 242 "Miscellaneous Current and Accrued Liabilities." We classify all imbalances due from or owed to others as current as we expect to settle them within a year.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Property, Plant and Equipment</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our property, plant, and equipment is recorded at its original cost of construction or, upon acquisition, at either the fair value of the assets acquired or the cost to the entity that first placed the asset in utility service. For constructed assets, we capitalize all construction-related direct labor and material costs, as well as indirect construction costs. Our indirect construction costs primarily include an interest and equity return component (as more fully described below) and labor and related costs associated with supporting construction activities. The indirect capitalized labor and related costs are based upon estimates of time spent supporting construction projects. We expense costs for routine maintenance and repairs in the period incurred.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We use the composite method to depreciate property, plant, and equipment. Under this method, assets with similar economic characteristics are grouped and depreciated as one asset. The FERC-accepted depreciation rate is applied to the total cost of the group until the net book value equals the salvage value. For certain general plant, the asset is depreciated to zero. As part of periodic filings with the FERC, we also re-evaluate and receive approval for our depreciation rates. When property, plant, and equipment is retired, accumulated depreciation and amortization is charged for the original cost of the assets in addition to the cost to remove, sell, or dispose of the assets, less salvage value. We do not recognize gains or losses unless we sell land or an entire operating unit (as approved by the FERC).</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We capitalize a carrying cost (an allowance for funds used during construction or AFUDC) on debt and equity funds related to the construction of long-lived assets. This carrying cost consists of a return on the investment financed by debt and a return on the investment financed by equity. The debt portion is calculated based on our most recent FERC approved debt rate. Interest costs capitalized are included as a reduction to interest charges in Account 432 "Allowance for Borrowed Funds Used During Construction - Credit" on our income statements. The equity portion is calculated based on our most recent FERC approved rate of return. Equity amounts capitalized are included in Account 419.1 "Allowance for Other Funds Used During Construction" on our income statements.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Asset Retirement Obligations (ARO)</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We record liabilities for obligations related to the retirement and removal of long-lived assets used in our business. We record, as liabilities, the fair value of ARO on a discounted basis when they are incurred and can be reasonably estimated, which is typically at the time the assets are installed or acquired. Amounts recorded for the related assets are increased by the amount of these obligations. Over time, the liabilities increase due to the change in their present value, and the initial capitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished when the asset is taken out of service.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are required to operate and maintain our natural gas pipeline system, and intend to do so as long as demand for our services exists, which we expect for the foreseeable future. Therefore, we believe that we cannot reasonably estimate the ARO for our assets because these assets have indeterminate lives. We continue to evaluate our ARO and future developments could impact the amounts we record. </font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Long-lived Asset Impairments</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable through the regulatory process. These events include changes in the manner in which we intend to use a long-lived asset, decisions to sell an asset, and adverse changes in the legal or business environment such as adverse actions by regulators. If an event occurs and if an impairment is indicated, we adjust the carrying value of the asset downward, if necessary and upon regulatory approval, to its estimated recoverable value.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">There were no impairments for the years ended December 31, 2025 and 2024.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Revenue Recognition</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We segregate each class of revenue by account pursuant to the FERC’s guidance under Code of Federal Regulations Title 18, Part 201.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Revenue from Contracts with Customers. </font><font style="font-family: Arial;">We recognize revenue when control of the promised services is transferred to customers and in an amount that reflects the consideration we expect to receive for those services. Review of our contracts with customers may involve management judgment and an analysis of the contract’s material terms.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our revenues are primarily generated from the transportation of natural gas under firm and/or fee-based service contracts. The natural gas we receive under our transportation contracts remains under the control of our customers. Revenues are generally invoiced on a monthly basis.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Under our firm service contracts, customers are generally subject to a fixed take-or-pay reservation fee for services. Our performance obligation is a promise to stand ready to provide continuous service availability, with limited exceptions, over the contractual service period (a single performance obligation). Because we make the service continuously available over the service period, even if the service is not used or received, we recognize the take-or-pay fixed fee as revenue ratably over the contractual service period based on the passage of time, as the service period expires.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Under our fee-based service contracts, customers receive non-firm or interruptible services, on an “as available” basis. Upon acceptance of a customer’s periodic service request, our performance obligation is a promise to provide a series of periodic services over the contractual service period (a single performance obligation). The transaction price is variable, typically a fee-based per unit rate based on our invoicing right for units of service transferred, and is allocated to a single performance obligation of providing services over the contractual service period. We recognize revenue as each unit of service</font><font style="font-family: Arial;">  </font><font style="font-family: Arial;">is transferred to the customer in the specified service period.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Contract Balances. </font><font style="font-family: Arial;">Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings, and cash collections.</font><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Major Customer. </font><font style="font-family: Arial;">For the years ended December 31, 2025 and 2024, revenue from our largest customer was approximately $76.1 million and $76.0 million, respectively, each of which exceeded 10% of our operating revenues.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Legal Proceedings</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are party to various legal, regulatory, and other matters arising from the day-to-day operations of our business that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account accrued liabilities and insurance, that the ultimate resolution of such items will not have a material adverse impact to our financial position, cash flows, or operating results. We believe we have numerous and substantial defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material or, in the judgment of management, we conclude the matter should otherwise be disclosed.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Environmental Matters</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We capitalize certain environmental expenditures required to obtain rights-of-way, regulatory approvals, or permitting as part of the construction of facilities we use in our business operations. We accrue and expense environmental costs that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation. We generally do not discount environmental liabilities to a net present value, and we record environmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonably estimate the costs, such as after the completion of a feasibility study or commitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when such recoveries are deemed to be probable.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We routinely conduct reviews of potential environmental issues and claims that assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. We also routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us, and potential third-party liability claims we may have against others. Often, as the remediation evaluation and effort progresses, additional information is obtained, requiring revisions to estimated costs. </font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are subject to environmental cleanup and enforcement actions from time to time. In particular, the Comprehensive Environmental Response, Compensation and Liability Act generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a "reasonable basis" for apportionment of costs. Our operations are also subject to federal, state, and local laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments could result in substantial costs and liabilities to us, such as increasingly stringent environmental laws, regulations, and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations. Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters, and other matters to which we are a party, will not have a material adverse effect on our financial position, cash flows, or operating results. </font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Regulatory Assets and Liabilities</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Regulatory assets and liabilities represent probable future revenues or expenses associated with certain charges and credits that are expected to be recovered from or returned to customers through the ratemaking process. Refer to Note 6 for further information.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">3. Income Taxes </font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are a limited liability company and are not subject to federal or state income taxes; however, all of our activities are included in the tax returns of KMI, which is a taxable C-corporation. Our approved rates include an allowance for income taxes, calculated as if we were a taxable corporation, and the FERC requires that we reflect such taxes in our financial statements.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We record current income taxes based on our taxable income and we provide for deferred income taxes to reflect estimated future tax payments and receipts. Deferred taxes represent the tax impacts of differences between the financial statement and tax bases of assets and liabilities and carryovers at each year end. We account for tax credits under the flow-through method, which reduces the provision for income taxes in the year the tax credits first become available. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in the recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. Income taxes charged to us are reflected in the accompanying comparative balance sheet in Account 236 "Taxes Accrued" and Accounts 190, 282, and 283 "Accumulated Deferred Income Taxes." A portion of the activity in Account 211 "Miscellaneous Paid-In Capital" reflects the income taxes assigned or advanced to our Member. Current income taxes assigned to our Member are transferred into Account 211 from Account 236. Deferred income taxes advanced to our Member are transferred into Account 211 with an offsetting adjustment to Account 186 "Miscellaneous Deferred Debits." For more information, see Note 5. </font><font style="font-family: Arial; font-size: 21.3333px;">Beginning with this FERC Form No. 2, we adopted Accounting Standards Update (ASU) No. 2023-09, <em>"Income Taxes (Topic 740): Improvements to Income Tax Disclosures,"</em> and the effects of our early adoption are reflected for all periods presented below.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial;">The following table reflects the components of income tax expense included in net income (in millions):</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 13.5pt;"> </p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Current:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p>
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<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p>
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<p style="margin-top: 0pt; margin-right: 8.7pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
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<p style="margin-top: 0pt; margin-right: 12.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
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<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
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<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p>
</td>
<td style="width: 140.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-right: 10.45pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 134.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.1</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 539.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 140.55pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-right: 10.45pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 134.4pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.1</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 538.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 139.55pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 134.4pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 539.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred:</font></p>
</td>
<td style="width: 140.55pt; border: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 134.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 539.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p>
</td>
<td style="width: 140.55pt; border: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4.9</font></p>
</td>
<td style="width: 134.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4.3</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 539.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p>
</td>
<td style="width: 140.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.8</font></p>
</td>
<td style="width: 134.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.4</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 539.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 140.55pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.7</font></p>
</td>
<td style="width: 134.4pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.7</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 539.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.52pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total income tax expense</font></p>
</td>
<td style="width: 17.85pt; border-top: 3pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.52pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 120.82pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.7</font></p>
</td>
<td style="width: 16.4pt; border-top: 3pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 116.12pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.8</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The differences between our actual income tax expense and the amount computed by applying the statutory federal income tax rate of 21% are summarized as follows (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 23.75pt; -aw-height-rule: exactly;">
<td style="width: 374.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 441.72pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: top;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p>
</td>
</tr>
<tr style="height: 23.75pt; -aw-height-rule: exactly;">
<td style="width: 374.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 211.85pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.02pt; padding-left: 3.92pt; vertical-align: bottom;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 215.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: bottom;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 23.75pt; -aw-height-rule: exactly;">
<td style="width: 375.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Income tax expense at the statutory federal rate</font></p>
</td>
<td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 95.62pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.2</font></p>
</td>
<td style="width: 105.2pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">21.0%</font></p>
</td>
<td style="width: 21.05pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 84.92pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4.7</font></p>
</td>
<td style="width: 107.32pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">21.0%</font></p>
</td>
</tr>
<tr style="height: 23.75pt; -aw-height-rule: exactly;">
<td style="width: 375.75pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State income tax, net of federal income tax effect </font><font style="font-family: Arial; font-size: 11pt;">(1)</font></p>
</td>
<td style="width: 106.15pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: middle;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.8</font></p>
</td>
<td style="width: 105.2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.3%</font></p>
</td>
<td style="width: 107.55pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: middle;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.4</font></p>
</td>
<td style="width: 107.32pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6.3%</font></p>
</td>
</tr>
<tr style="height: 23.75pt; -aw-height-rule: exactly;">
<td style="width: 375.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liability amortization</font></p>
</td>
<td style="width: 106.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: middle;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(0.3)</font></p>
</td>
<td style="width: 105.2pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-1.4%</font></p>
</td>
<td style="width: 107.55pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: middle;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(0.3)</font></p>
</td>
<td style="width: 107.32pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="width: 36.7pt; font-family: Arial; display: inline-block; -aw-tabstop-align: center; -aw-tabstop-pos: 57.6pt;">  </font><font style="font-family: Arial;">-1.5%</font></p>
</td>
</tr>
<tr style="height: 23.75pt; -aw-height-rule: exactly;">
<td style="width: 375.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total </font></p>
</td>
<td style="width: 8.9pt; border-top: 3pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 95.62pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.7</font></p>
</td>
<td style="width: 105.2pt; border-top: 3pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">22.9%</font></p>
</td>
<td style="width: 21.05pt; border-top: 3pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 84.92pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: middle;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.8</font></p>
</td>
<td style="width: 107.32pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">25.8%</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt;"><font style="font-family: Arial;">(1)</font> <font style="font-size: 7pt;">  </font><font style="font-family: Arial;"> State taxes in Louisiana made up the majority (greater than 50%) of the tax effect in this category for 2025 and 2024.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 13.5pt;"> </p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial;">The following are the components of our net deferred tax liability (in millions):</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 13.5pt;"> </p>
<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 24pt;">
<td style="width: 538.95pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt dashed #bbbbbb; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 13.5pt;"> </p>
</td>
<td style="width: 274.95pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 538.95pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 131.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 137.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred tax liabilities:</font></p>
</td>
<td style="width: 131.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 137.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Property, plant, and equipment</font></p>
</td>
<td style="width: 17.6pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 111.82pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">98.6</font></p>
</td>
<td style="width: 21.4pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 114.12pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">95.9</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory asset</font><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 131.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.3</font></p>
</td>
<td style="width: 137.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.6</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax liabilities</font></p>
</td>
<td style="width: 131.15pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">100.9</font></p>
</td>
<td style="width: 137.25pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">98.5</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 539.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 130.3pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 137.35pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"> </p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred tax assets:</font></p>
</td>
<td style="width: 131.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 137.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"> </p>
</td>
</tr>
<tr style="height: 24.75pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net operating loss carryforwards</font></p>
</td>
<td style="width: 131.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">86.9</font></p>
</td>
<td style="width: 137.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">90.3</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory and other liabilities</font></p>
</td>
<td style="width: 131.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.2</font></p>
</td>
<td style="width: 137.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.6</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax assets</font></p>
</td>
<td style="width: 131.15pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">89.1</font></p>
</td>
<td style="width: 137.25pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">92.9</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 539.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 130.3pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 137.35pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"> </p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 540.05pt; border: 1pt solid #000000; padding-right: 2.4pt; padding-left: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net deferred tax liability</font></p>
</td>
<td style="width: 17.8pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.92pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 111.82pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">11.8</font></p>
</td>
<td style="width: 21.6pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.92pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 114.12pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.6</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">  </font><font style="font-family: Arial; font-style: italic;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Net Operating Loss Carryforwards</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We have federal and state net operating loss carryforwards for which deferred tax assets of approximately $86.9 million have been recorded as of December 31, 2025. The most significant of these net operating loss carryforwards will expire beginning in 2036. We believe that we will be able to generate sufficient taxable income in the future to utilize all of our net operating loss carryforwards. Therefore, no valuation allowance has been recorded for the deferred tax assets associated with these net operating loss carryforwards as of December 31, 2025.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">4. Utility Plant</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Our net utility plant consisted of the following (in millions):</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 24.9pt;">
<td style="width: 328.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt dashed #bbbbbb; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.75pt dash-large-gap; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 140.75pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt dashed #bbbbbb; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.75pt dash-large-gap; -aw-border-left: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Annual Depreciation</font></p>
</td>
<td style="width: 338.3pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 328.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Rates (%)</font></p>
</td>
<td style="width: 168.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 160.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transmission facilities</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">3.0</font></p>
</td>
<td style="width: 14.2pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 143.65pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1,260.2</font></p>
</td>
<td style="width: 12.3pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 138.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1,260.2</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Intangible plant</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">3.0</font></p>
</td>
<td style="width: 168.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">33.0</font></p>
</td>
<td style="width: 160.9pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">32.4</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">General plant</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">3.0</font></p>
</td>
<td style="width: 168.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.9</font></p>
</td>
<td style="width: 160.9pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.4</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Accumulated depreciation and amortization</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 168.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(551.5)</font></p>
</td>
<td style="width: 160.9pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(512.8)</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 14.2pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 143.65pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">742.6</font></p>
</td>
<td style="width: 12.3pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 138.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">781.2</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Land</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 168.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.4</font></p>
</td>
<td style="width: 160.9pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.4</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Construction work in progress</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 168.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.9</font></p>
</td>
<td style="width: 160.9pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 24.9pt;">
<td style="width: 329.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 3.75pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net utility plant</font></p>
</td>
<td style="width: 140.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 14.2pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 143.65pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">745.9</font></p>
</td>
<td style="width: 12.3pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 138.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.75pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">781.6</font></p>
</td>
</tr>
</table>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">  </font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">5. Related Party Transactions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Proprietary Capital</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table reflects changes to our proprietary capital accounts resulting from distributions paid to our Member, as well as other changes in proprietary capital (in millions):</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<table style="width: 902.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 25.2pt;">
<td style="width: 375.75pt; border-top: 1pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt dashed #bbbbbb; border-bottom: 1pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 510.35pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single;" colspan="8">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 375.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt solid #000000; border-left: 1pt dashed #bbbbbb; border-bottom: 1pt dashed #bbbbbb; padding-right: 3.02pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 249.5pt; border: 0.75pt solid #000000; padding-right: 3.02pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border: 0.5pt single;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 252.75pt; border: 0.75pt solid #000000; padding-right: 3.02pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border: 0.5pt single;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 375.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt dashed #bbbbbb; border-bottom: 1pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 122.75pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p>
</td>
<td style="width: 118.65pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p>
</td>
<td style="width: 123.5pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p>
</td>
<td style="width: 121.15pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt dashed #bbbbbb; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 375.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 122.75pt; border-top: 1pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">211</font></p>
</td>
<td style="width: 118.65pt; border-top: 1pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">216</font></p>
</td>
<td style="width: 123.5pt; border-top: 1pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">211</font></p>
</td>
<td style="width: 121.15pt; border-top: 1pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.2pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">216</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.25pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Balance - Beginning of Year</font></p>
</td>
<td style="width: 18.1pt; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 96.05pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 5.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">807.7</font></p>
</td>
<td style="width: 9.85pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 100.2pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(17.6)</font></p>
</td>
<td style="width: 15.35pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 99.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">862.5</font></p>
</td>
<td style="width: 16pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 96.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(34.3)</font></p>
</td>
</tr>
<tr style="height: 21.75pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 18.5pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 10.25pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 15.75pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 16.4pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net Income</font></p>
</td>
<td style="width: 18.5pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 10.25pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">19.3</font></p>
</td>
<td style="width: 15.75pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 16.4pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">16.7</font></p>
</td>
</tr>
<tr style="height: 22.5pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 18.5pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 10.25pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 15.75pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 16.4pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transfer from Account 186 </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 18.5pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6.9</font></p>
</td>
<td style="width: 10.25pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 15.75pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.0</font></p>
</td>
<td style="width: 16.4pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transfer from Account 253 </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 18.5pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 10.25pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 15.75pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.0</font></p>
</td>
<td style="width: 16.4pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total Transfers</font></p>
</td>
<td style="width: 18.5pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6.9</font></p>
</td>
<td style="width: 10.25pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 15.75pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6.0</font></p>
</td>
<td style="width: 16.4pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 18.5pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 10.25pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 15.75pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
<td style="width: 16.4pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.1pt; border: 1pt solid #000000; padding-right: 3.05pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Distributions to Member</font></p>
</td>
<td style="width: 18.5pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 95.9pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(64.5)</font></p>
</td>
<td style="width: 10.25pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.05pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 15.75pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.05pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(60.8)</font></p>
</td>
<td style="width: 16.4pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.25pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 18.1pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 9.85pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.2pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 15.35pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
<td style="width: 16pt; border-top: 1pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.25pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Capital contributions from Member</font></p>
</td>
<td style="width: 18.1pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.05pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.3</font></p>
</td>
<td style="width: 9.85pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.2pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 15.35pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 99.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 16pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.25pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 18.1pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 96.05pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 9.85pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 100.2pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 15.35pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 99.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
<td style="width: 16pt; border-top: 0.75pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 96.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 376.25pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Balance - End of Year</font></p>
</td>
<td style="width: 18.1pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 96.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">752.4</font></p>
</td>
<td style="width: 9.85pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 100.2pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.7</font></p>
</td>
<td style="width: 15.35pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 99.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">807.7</font></p>
</td>
<td style="width: 16pt; border-top: 4.5pt solid #000000; border-right: 1pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 96.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 4.32pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(17.6)</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt;"><font style="font-family: Arial;">(1)</font> <font style="font-size: 7pt;">  </font><font style="font-family: Arial;">Settlements of these amounts are made within equity and are considered non-cash financing activities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Affiliate Balances and Activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We participate in KMI's cash management program, which matches the short-term cash surpluses and needs of participating affiliates, thus minimizing total borrowings from outside sources. KMI uses the cash management program to settle intercompany transactions between participating affiliates. We had no balance with KMI under the cash management program as of December 31, 2025 and 2024. The interest rate on this note is variable and was 3.9% and 4.7% as of December 31, 2025 and 2024, respectively.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table summarizes our other balance sheet affiliate balances (in millions):</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 13.5pt;"> </p>
<table style="border: 0.75pt solid #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 25.2pt;">
<td style="width: 95.4pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom;" rowspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p>
</td>
<td style="width: 486.95pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" rowspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 243.65pt; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.02pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 118.85pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 118pt; border-top: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.02pt; padding-left: 3.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 95.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">146</font></p>
</td>
<td style="width: 486.95pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Accounts receivable from associated companies</font></p>
</td>
<td style="width: 10.5pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 100.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.8</font></p>
</td>
<td style="width: 9.95pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 100.25pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 95.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">174</font></p>
</td>
<td style="width: 486.95pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Gas imbalance receivable from associated companies</font></p>
</td>
<td style="width: 10.5pt; border-top: 0.75pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 100.55pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 9.95pt; border-top: 0.75pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 100.25pt; border-top: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.2</font></p>
</td>
</tr>
<tr style="height: 23.25pt;">
<td style="width: 95.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">186</font></p>
</td>
<td style="width: 486.95pt; border: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Advance of deferred income taxes to Member</font></p>
</td>
<td style="width: 10.5pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">11.9</font></p>
</td>
<td style="width: 9.95pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.25pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.0</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 95.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">234</font></p>
</td>
<td style="width: 486.95pt; border: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Accounts payable to associated companies</font></p>
</td>
<td style="width: 10.5pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4.0</font></p>
</td>
<td style="width: 9.95pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.25pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.1</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 95.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">242</font></p>
</td>
<td style="width: 486.95pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Gas imbalances payable to associated companies</font></p>
</td>
<td style="width: 10.5pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.1</font></p>
</td>
<td style="width: 9.95pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.25pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 25.2pt;">
<td style="width: 95.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.02pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">253</font></p>
</td>
<td style="width: 486.95pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; padding-right: 2.4pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Capacity arrangement levelization</font></p>
</td>
<td style="width: 10.5pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.1</font></p>
</td>
<td style="width: 9.95pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 1pt solid #000000; padding-right: 3.52pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 100.25pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 1.95pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.3</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We do not have employees and are managed and operated by KMI, who provides services to us. Under KMI policies, we reimburse KMI at cost for direct and indirect costs incurred on our behalf and allocated general and administrative costs. These costs are reflected, as appropriate, in the "Operation, maintenance, and payroll tax expenses" and "Capitalized costs" lines in the table below.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table shows costs from our affiliates (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 13.5pt;"> </p>
<table style="width: 851.4pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 26.95pt;">
<td style="width: 590.33pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 13.5pt;"> </p>
</td>
<td style="width: 249.75pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p>
</td>
</tr>
<tr style="height: 26.95pt;">
<td style="width: 590.33pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 119.2pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 2.4pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 123.75pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.02pt; padding-left: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 26.95pt;">
<td style="width: 590.33pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Operation, maintenance, and payroll tax expenses</font></p>
</td>
<td style="width: 13.68pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 104.72pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 2.4pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.6</font></p>
</td>
<td style="width: 13.68pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 109.28pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.02pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.7</font></p>
</td>
</tr>
<tr style="height: 26.95pt;">
<td style="width: 590.33pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Capitalized costs</font></p>
</td>
<td style="width: 13.68pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 104.72pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 2.4pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.2</font></p>
</td>
<td style="width: 13.68pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.52pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"> </p>
</td>
<td style="width: 109.28pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.02pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
</table>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">KMI and substantially all of its wholly owned domestic subsidiaries, including us, are a party to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">6. Rate and Regulatory Matters</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Lake Charles Expansion Project (CP14-511-000)</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On June 30, 2014, we filed an application with the FERC seeking authorization to construct (i) new low and high pressure natural gas header pipelines adjacent to our existing easement in Acadia Parish, Louisiana, (ii) a new 64,000 horsepower compressor station in Evangeline Parish, Louisiana, (iii) modifications to five existing meter stations in Acadia and Evangeline Parishes, Louisiana to make them bi-directional and (iv) a new meter station in Calcasieu Parish, Louisiana to deliver gas to Magnolia LNG, LLC (Magnolia) at its proposed liquefaction and export facility (Magnolia LNG terminal). The proposed construction and system modifications will provide 1.4 billion cubic feet per day of firm north-to-south transportation capacity to deliver natural gas to the proposed terminal (CP14-347-000). The total filed cost of the project is $201.9 million. Our application, as well as the application for construction of the Magnolia LNG terminal, was approved by the FERC on April 15, 2016. We accepted the certificate on May 12, 2016. On September 11, 2020, we and Magnolia filed a joint request at the FERC for an extension of time to place these facilities in service. On October 7, 2020, the FERC issued an order granting an extension of time until April 15, 2026 to complete construction of the Magnolia LNG terminal and Lake Charles Expansion Project and make them available for service.  The project shipper has not made a final investment decision on the project.  We are evaluating our options regarding vacating the certificate authorization granted in this docket.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Texas Access Project (TAP) (CP 26-136) </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On March 6, 2026, we filed an application with the FERC seeking authorization to construct an approximately 3 mile extension of our interstate natural gas pipeline system and certain related facilities located in Jefferson County, Texas and Cameron Parish, Louisiana, and a new interconnection with Louisiana LNG Gas Management LLC's</font><font style="font-family: Arial;">  </font><font style="font-family: Arial;">new LNG terminal on our existing mainline in Calcasieu</font><font style="font-family: Arial;">  </font><font style="font-family: Arial;">Parish, Louisiana.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The project is designed to provide shippers with firm transportation from Texas to new and existing markets in South Louisiana. This proposed $112 million project will provide 1.3 Bcf/d of firm transportation capacity. We have requested issuance of a certificate order authorizing the project by February 2027.</font><font style="font-family: Arial;">  </font><font style="font-family: Arial;">The anticipated in-service date is second quarter of 2028.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Regulatory Assets and Liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">As of December 31, 2025, the regulatory assets are subject to recovery in our rates, over a period of approximately one year to 19 years. Below are the details of our regulatory assets and liabilities (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
<table style="width: 851pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 27.8pt;">
<td style="width: 581.45pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 248.2pt; border: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 581.25pt; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 116.55pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p>
</td>
<td style="width: 121.05pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.7pt; border: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory assets (Account 182.3)</font></p>
</td>
<td style="width: 40.1pt; border-top: 2.25pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 64.35pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
<td style="width: 45.95pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 62.8pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Taxes on capitalized funds used during construction</font></p>
</td>
<td style="width: 39.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 64.35pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">9.3</font></p>
</td>
<td style="width: 45.95pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 62.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">9.8</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Difference between gas retained and gas consumed in operations</font></p>
</td>
<td style="width: 39.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 64.35pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
<td style="width: 45.95pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 62.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.3</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p>
</td>
<td style="width: 39.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 64.35pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.6</font></p>
</td>
<td style="width: 45.95pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 62.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.5</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; -aw-border-left: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 18pt;"><font style="font-family: Arial; font-size: 16pt;">Total regulatory assets </font><font style="font-family: Arial; font-size: 12pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 39.9pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 64.35pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">9.9</font></p>
</td>
<td style="width: 45.95pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 62.8pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10.6</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 39.9pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 64.35pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 45.95pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 62.8pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liabilities (Account 254)</font></p>
</td>
<td style="width: 39.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 64.35pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 45.95pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
</td>
<td style="width: 62.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"> </p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Income tax related</font></p>
</td>
<td style="width: 39.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 64.35pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7.8</font></p>
</td>
<td style="width: 45.95pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 62.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8.2</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Difference between gas retained and gas consumed in operations</font></p>
</td>
<td style="width: 39.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 64.35pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.3</font></p>
</td>
<td style="width: 45.95pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">  </font></p>
</td>
<td style="width: 62.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p>
</td>
</tr>
<tr style="height: 27.8pt;">
<td style="width: 582.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total regulatory liabilities</font></p>
</td>
<td style="width: 39.9pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 64.35pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8.1</font></p>
</td>
<td style="width: 45.95pt; border-top: 2.25pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.15pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 62.8pt; border-top: 2.25pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.15pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8.2</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">  </font><font style="font-family: Arial;">  </font><font style="font-family: Arial; font-style: italic;">  </font><font style="font-family: Arial; font-size: 12pt;">(1)</font><font style="width: 8pt; font-family: Arial; font-size: 12pt; display: inline-block;">  </font><font style="font-family: Arial; font-size: 12pt;">  </font><font style="font-family: Arial; font-size: 12pt;">Assets recoverable without earning a return.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our significant regulatory assets and liabilities include:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Taxes on capitalized funds used during construction. </font><font style="font-family: Arial;">Amounts represent the deferred income taxes on AFUDC equity funds. These amounts are recoverable in our tariff rates over the depreciable lives of the assets to which they apply.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Difference between gas retained and gas consumed in operations. </font><font style="font-family: Arial;">Amounts reflect the value of the difference between the quantity of gas retained for fuel and lost and unaccounted for (L&U) and the quantity of gas consumed and L&U experienced in our operations. Pursuant to our tariff, the quantities associated with these amounts are expected to be recovered from or returned to our customers in subsequent periods. On a periodic basis, we file reports with the FERC detailing our volumetric fuel and L&U reimbursement activity and establishing prospective fuel and L&U retention rates. Volumetric over- or under-collections of fuel and L&U quantities from prior periods are trued up through either an addition or reduction to the prospective fuel and L&U retention rates. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">For the years ended December 31, 2025 and 2024, we recorded net regulatory expenses of $0.6 million and $0.4 million, respectively, related to our fuel and L&U activity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Income tax related. </font><font style="font-family: Arial;">Amounts represent the anticipated return to ratepayers of deferred income taxes as a result of the Tax Cuts and Jobs Act of 2017, which lowered the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018.These amounts are amortized to Account 411.1 “Provision for Deferred Income Taxes – Credit” over the remaining depreciable lives of the assets to which they apply.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">7. Commitments</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We have a pipeline capacity agreement with Natural Gas Pipeline Company of America, LLC (Natural), an affiliate. This agreement provides the right to transport on a firm basis 200,000 Dth of natural gas per day through Natural's system on its Louisiana Segment 23. Our future minimum annual commitments under this agreement as of December 31, 2025 are as follows (in millions):</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<table style="border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 22.5pt;">
<td style="width: 413.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year</font></p>
</td>
<td style="width: 155.1pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Commitments</font></p>
</td>
</tr>
<tr style="height: 22.5pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2026</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$ </font><font style="font-family: Arial;">  </font><font style="font-family: Arial;"> 1.0</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2027</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.0</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2028</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.0</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2029</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.0</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2030</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.0</font></p>
</td>
</tr>
<tr style="height: 24pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Thereafter</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.5</font></p>
</td>
</tr>
<tr style="height: 25.5pt;">
<td style="width: 413.05pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 3.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total</font></p>
</td>
<td style="width: 155.1pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$6.5</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">For each of the years ended December 31, 2025 and 2024, annual operating expense under this agreement totaled approximately $0.8 million. Our pipeline capacity agreement with Natural has a step-up rate provision, not related to changes in levels of service, and is recognized as expense ratably over the contract life.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">8. Recent Accounting Pronouncement</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><em><font style="font-family: Arial;">ASU No. 2025-06</font></em></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On September 18, 2025, the Financial Accounting Standards Board issued ASU No. 2025-06, “</font><font style="font-family: Arial; font-style: italic;">Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.</font><font style="font-family: Arial;">” This ASU modernizes the accounting guidance for the costs to develop software for internal use by removing outdated stage-based cost capitalization rules and replacing them with a probability-based cost-capitalization framework that aligns better with current software development methods. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company's financial statements.</font></p>
</div>
</div></div>
499445313
499445313
37835362
37835362
37835362
37835362
128036
128036
5360
5360
133396
133396
Depreciation Transfer
69676
69676
537077603
537077603
536884197
536884197
193406
193406
6
6
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">1.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">2.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">3.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">4.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">5.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">6.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">7.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">8.  None.</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">9.  </font><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">See page 122.1, Notes to Financial Statements, Note 2 "Summary of Significant Accounting Policies".</font></p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">10.  None.</font></p></div>
<div><p style="text-align: left;"><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">11.  None.</font></p></div>
<div><p><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">12.  Changes made during the year ended December 31, 2025:</font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;"> </font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">Appointments:</font></p>
<p> <font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">     Michael Chandler - Vice President</font></p>
<p><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">     Ernestine Oriadha - Vice President</font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">     Michelle Grant - Vice President</font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">     Jacquelyne Rocan - Vice President</font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">     Steven Romano - Vice President     </font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">     Daryl Vance - Vice President</font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;"> </font></p>
<p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">Resignations:</font></p>
<p><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">     </font><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">William E. Morgan - Vice President, Operational Controller</font></p>
<p><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">     </font><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">Christa Robbins - Vice President </font></p>
<p><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">     Dayton Robertson - Vice President </font></p>
<p><font style="font-size: 18pt; font-family: arial, helvetica, sans-serif;">     Daryl Vance - Vice President</font></p>
<p> </p></div>
<div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">13.  N/A</font></p></div>
Allowance for other funds used during construction
$
709
Allowance for borrowed funds used during construction
511
Total
$
1,220
Allowance for other funds used during construction
$
22,243
Allowance for borrowed funds used during construction
16,036
Total
$
38,279
Net increase in utility plant accruals
$
1,309,569
See Page 102 "Control Over Respondent" for a description of our ownership structure.
As of December 31, 2024, we estimate that the following deferred tax balance in Account 282 could be used in the development of jurisdictional recourse rates:
Property, Plant, and Equipment
$
89,642,445
As of December 31, 2024, we estimate that no deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates.
Recorded pursuant to Docket No. AI93-5-000 issued April 23, 1993 (Accounting for Income Taxes).
Recorded pursuant to Section 36 of the General Terms and Conditions of our FERC Gas Tariff. Remaining balance at end of current filing period will be refunded through adjustments to future period fuel retention rates.
Account
Amount
107
$
24,238
108
214
408.1
153,536
850
235,818
853
407,900
856
185,190
857
293,650
861
17,921
863
94,099
864
124,274
865
16,896
920
711,071
Total
$
2,264,807
Account
Amount
107
$
3,834
108
25
926
402,157
Total
$
406,016
Amounts charged by Kinder Morgan, Inc. through shared services are allocated using the modified Massachusetts Formula.
Account
Amount
408.1
$
76,344
920
988,683
923
192,994
925
219,991
926
192,107
930.2
272,231
931
183,914
Total
$
2,126,264
See Page 218, "General Description of Construction Overhead Procedure" for the basis of allocation.
The cost rate percentage of common equity is based upon the approved rate of Docket No. CP06-449.
Rate for borrowed funds actually used during the year is based upon the capital ratio of 60% long term debt in Docket No. CP06-449, CP06-450 and CP06-451 multiplied by the 6.75% long term debt cost rate percentage.
Rate for other funds actually used during the year is based upon the capital ratio of 40% common equity in Docket No. CP06-449, CP06-450 and CP06-451 multiplied by the 14% common equity cost rate percentage.
See page 332 for additional details on Transmission and Compression of Gas by Others.
Transmission Plant (in thousands)
Pg 204 Ln 92 Col (g)
$
1,260,591
Less: Land
376
$
1,260,215
Many of the natural gas volumes required to be reported on this page are tracked at the entity level, rather than by discounted, negotiated or recourse rate contracts; therefore, the amounts reported have been allocated to discounted, negotiated or recourse rate contracts based on reasonable assumptions.
The value of this gas is based on the current month cash-out price provided for in our tariff. This footnote applies to all periods within the quarter.
Shipper supplied gas and gas lost and unaccounted for are not directly charged to an account. As directed under FERC Order No. 581, we record "Other Regulatory Assets/Liabilities" (Accounts 182.3 / 254) through offsetting entries booked to "Regulatory Debits/Credits", (Accounts 407.3/.4) for any excess or deficiency in net shipper supplied gas (Line 37). This footnote applies to Lines 4 and 26 for all periods within the quarter.
Receipt point Natural Gas Pipeline Company of America LLC. Lease Pin 44405 NGPL Cameron.
Delivery Point Natural Gas Company of America LLC. Lease PIN 44402 Transco SW Loop Cameron and 44411 Bridgeline Cameron.
As of December 31, 2025, we estimate that the following deferred tax balance in Account 190 could be used in the development of jurisdictional recourse rates:
Regulatory Liability - Deferred Income Tax Rate Adjustment
$
1,969,962
As of December 31, 2025, we estimate that the following deferred tax balance in Account 282 could be used in the development of jurisdictional recourse rates:
Property, Plant, and Equipment
$
92,453,532
As of December 31, 2025, we estimate that no deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates.
Account
Amount
407.4
$
1,341,641
813
271,035
Total
$
1,612,676
We had no balance with Kinder Morgan, Inc. (KMI) under the cash management program as of December 31, 2025 and 2024. For further discussion of our participation in KMI's cash management program, see page 122.1 "Notes to Financial Statements," Note 5, "Related Party Transactions."
In accordance with FERC Order No. 581, we use the fixed asset method.
See page 122.1, Notes to Financial Statements, Note 7 "Commitments" for additional information.
As of December 31, 2024, we estimate that the following deferred tax balance in Account 190 could be used in the development of jurisdictional recourse rates:
Regulatory Liability - Deferred Income Tax Rate Adjustment
$
2,217,340
Kinder Morgan, Inc. directly owns 38.06% of Kinder Morgan Energy Partners, L.P. and 100% of Kinder Morgan GP LLC and KM Energy, Inc.
Amounts charged are based on Kinder Morgan, Inc.'s other compensation and benefit expenses and are allocated to us based on the distribution of direct labor charges (excluding overtime and special pay).
Use tax is distributed to various accounts based on the accounts charged for the originating invoice.
In Docket No. CP17-22-000, the FERC approved our proposal to reflect our existing reservation charge as the monthly reservation charge for the Sabine Pass Expansion Project, as well as our proposed incremental commodity charge. We consider the Sabine Pass Expansion Project to be a partially incremental project as a result. Amounts in column (k) reflect only commodity revenues. All other amounts are not applicable to partially non-traditional rate treatment.
In Docket No. CP19-484-000, the FERC approved our proposal to reflect our existing reservation charge as the monthly reservation charge for the Sabine Pass Acadiana Expansion Project, as well as our proposed incremental commodity charge. We consider the Sabine Pass Acadiana Expansion Project to be a partially incremental project as a result. Amounts in column (k) reflect only commodity revenues. All other amounts are not applicable to partially non-traditional rate treatment.
KM Energy LLC is a direct wholly-owned subsidiary of KM Energy Inc.
Transferred to Retirement Work in Progress.
Transfer of general plant account 391 to intangible software plant account 303.