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ferc:SingleDayPeakDeliveriesMember
21
2025-01-01
2025-12-31
C000147
ferc:ThreeDayPeakDeliveriesMember
2025-01-01
2025-12-31
C000147
ferc:DeliveredToInterstatePipelinesMember
ferc:ThreeDayPeakDeliveriesMember
2025-01-01
2025-12-31
C000147
ferc:DeliveredToOthersMember
ferc:ThreeDayPeakDeliveriesMember
2025-01-01
2025-12-31
C000147
ferc:ThreeDayPeakDeliveriesMember
42
2025-01-01
2025-12-31
C000147
ferc:DeliveredToInterstatePipelinesMember
ferc:ThreeDayPeakDeliveriesMember
42
2025-01-01
2025-12-31
xbrli:pure
utr:mi
utr:MW
iso4217:USD
iso4217:USD
utr:dth
utr:dth
1
1
2
4
6
2
4
1
0
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">1. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">2. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">3. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">4. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">5. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">6. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">7. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">8. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">9. See Page 122.1, Notes to Financial Statements, Note 2 "Summary of Significant Accounting Policies."</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">10. None</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">11. None</font></p></div>
<div><p><font style="font-size: 16pt; font-family: Arial, sans-serif;">12. Changes made during the year ended December 31, 2025:</font></p>
<p><font style="font-size: 16pt; font-family: Arial, sans-serif;">Appointments:</font></p>
<p style="text-indent: .5in;"><font style="font-size: 16pt; font-family: Arial, sans-serif;">Ernestine Oriadha – Vice President </font></p>
<p style="text-indent: .5in;"><font style="font-size: 16pt; font-family: Arial, sans-serif;">Steven Romano – Vice President</font></p>
<p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-indent: .5in; line-height: normal;"><font style="font-size: 16pt; font-family: Arial, sans-serif;">Michelle Grant – Vice President, </font><font style="font-family: Arial, sans-serif; font-size: 21.3333px;">Assistant Secretary</font></p>
<p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-indent: .5in; line-height: normal;"><font style="font-size: 16pt; font-family: Arial, sans-serif;">Tony <font style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">Sala</font> – Vice President</font></p>
<p><font style="font-size: 16pt; font-family: Arial, sans-serif;">Resignations:</font></p>
<p style="text-indent: .5in;"><font style="font-size: 16pt; font-family: Arial, sans-serif;">William E. Morgan – Vice President, Operational Controller</font></p>
<p style="text-indent: .5in;"><font style="font-family: Arial, sans-serif; font-size: 16pt;">Dayton Robertson – Vice President </font></p>
<p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-indent: .5in; line-height: normal;"><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; color: black; mso-font-kerning: 0pt; mso-ligatures: none;">Margaret G. Coffman <font style="font-size: 16pt; line-height: 107%;">–</font> Assistant Secretary</font></p>
<p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-indent: .5in; line-height: normal;"><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; color: black; mso-font-kerning: 0pt; mso-ligatures: none;">Christa Robbins – Vice President</font></p></div>
<div><p><font style="font-size: 16.0pt; font-family: 'Arial',sans-serif; color: black;">13. N/A</font></p></div>
87861916
7485491
54527
95401934
87861916
7485491
54527
95401934
87861916
7485491
54527
95401934
73051049
6471557
45477
79568083
14810867
1013934
9050
15833851
Matthew J. Wojtalewicz
Vice President and Controller
1001 Louisiana Street, Suite 1000, Houston, TX 77002
true
false
Elba Express Company, L.L.C. is a Delaware limited liability company formed on April 24, 2001.
Respondent is engaged in the transmission of natural gas in the states of Georgia and South Carolina.
false
703406
703406
20061963
20061963
12118
12118
20074081
703406
20777487
802936
0.025
485
0.025
Intangible Plant (footnote details)
28190
0.025
Other Gas Storage (footnote details)
9
10
834694048
834694048
834694048
834694048
11630799
11630799
846324847
846324847
279546861
279546861
566777986
566777986
268791635
268791635
10755226
10755226
279546861
279546861
28071960
139972
22287
28189645
28071960
139972
22287
28189645
10367293
10367293
15457616
15457616
3123241
3123241
566607659
206479
566814138
186754085
3638777
2352648
188040214
21948661
21268
16522
21953407
263793
263793
804522348
3866524
2369170
806019702
95053
95053
336727
336727
43679
43679
9242
9242
484701
484701
484701
484701
833079009
4006496
2391457
834694048
833079009
4006496
2391457
834694048
65871
Health and life insurance
411057
Long-term disability insurance
8688
401K Employer contributions
142391
Other
23114
651121
6
7
8
9
807970
807970
2147758
2147758
2955728
2955728
361050
361050
361050
361050
1169020
1169020
2147758
2147758
3316778
3316778
3316778
3316778
26803
26803
26803
26803
4418
4418
4418
4418
Account 186
3347999
3347999
74
75
76
Income Tax Gross-Up on AFUDC Equity
Remaining life of assets
Docket No. AI93-5-000 issued on April 23, 1993 (Accounting for Income Taxes).
7303572
276306
407.3
498440
7081438
FERC Annual Charge Adjustment
12 months ending September 30
18 CFR 154.402(a) and 18 CFR 382.202.
309688
423952
928
415675
317965
7613260
700258
914115
7399403
1
2
Gas Imbalance Due to Others
1379460
1379460
1
Revenue Levelization (amortized through February 2040)
13672864
489.2
901155
12771709
Prepaid Reservation Charges (amortized through February 2040)
187026948
489.2
18383229
10366163
179009882
200699812
19284384
10366163
191781591
1
2
FTS
3160691
982281
2205936
809311
3160691
982281
2205936
809311
1
962256
962256
23261446
23261446
22947748
22947748
1275954
1275954
59480
59480
21.4518
21.4518
365987
348767
153326475
153054413
153692462
153403180
290661175
290568337
1085069
1085069
365987
348767
154411544
153054413
154777531
153403180
365987
348767
154411544
153054413
154777531
153403180
Gas Sales
1085069
1085069
12
854
3433713
12969430
812 Gas Used for Other Utility Operations - Credit(Report separately for each principal use. Groupminor uses.)
Transmission Compressor Expense
853
1442
5524
Mains Expense
856
208
797
3435363
12975751
5
6
7
FERC Form 2 Elba System Map 2026.pdf
9521427
190361039
8894499
199255538
9521427
190361039
8894499
199255538
9521427
190361039
8894499
199255538
Investment Advance - Open Account - Kinder Morgan, Inc.
8
7
5
4
2
1
Solar Turbines Incorporated
255949
Pinnacle Resources Group LLC
620651
Other (less Than $250,000)
1333693
2210293
1
2
3
1844715
61680
1783035
1844715
61680
1783035
1844715
61680
1783035
1533751
46648
1487103
310964
15032
295932
54318206
2418787
51899419
54318206
2418787
51899419
54318206
2418787
51899419
45161791
1876118
43285673
9156415
542669
8613746
Directly Charged Salaries and Wages
Kinder Morgan, Inc.
Various
2152589
Other Compensation and Benefits
Kinder Morgan, Inc.
Various
393914
Shared Services
Kinder Morgan, Inc.
Various
2892602
Construction Overheads
Kinder Morgan, Inc.
107
491574
5930679
Transportation Revenues
Southern Natural Gas Company, L.L.C.
489.2
25763927
25763927
2
3
4
5
8
Vicki A. Phillips
Vice President
/s/ Vicki A. Phillips
2026-04-02
2
Elba Express Company, L.L.C.
C000147
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
1
1
23289327
29728
12555721
12585449
22815029
31134
13177888
13209022
22368455
30462
13404394
13434856
1085069
1085069
1085069
1085069
23289327
29728
12555721
12585449
22815029
31134
13177888
13209022
22368455
30462
14489463
14519925
FTS
23289239
29728
12555721
12585449
22815029
31134
13177888
13209022
22354621
30441
13404394
13434835
ITS
88
13834
21
21
1
2
Account 489.2, Revenues from transportation of gas of others through transmission facilities.
153692462
290661175
153692462
290661175
1
Federal Energy Regulatory Commission Docket No. RM87-3 Amortization - 2025
423952
423952
423952
182.3
105987
317965
Federal Energy Regulatory Commission Docket No. RM87-3 Amortization - 2024
412916
412916
309688
182.3
309688
836868
836868
309688
423952
415675
317965
1
2
FTS
365879
347854
153326475
153054413
153692354
153402267
290585008
289690253
ITS
108
913
0
0
108
913
76167
878084
1
2
3
Deferred Income Tax Rate Adjustment (amortized through June 2051)
14216828
411.1
537092
13679736
Revenue Sharing
220141
Various
224398
383858
379601
Cashout Tracker
139484
Various
1209803
1731218
660899
Fuel Tracker
314666
Various
1032031
1521086
803721
14891119
3003324
3636162
15523957
1
2
3
4
Hart County, GA
Transmission Compressor Stations
4
58450
112328305
8501637
1657428
2234278
PT21925H
4
2025-07-29
Jefferson County, GA
Transmission Compressor Stations
1
15900
41956231
1688415
439426
459713
PT4553H
1
2025-05-21
Rincon, GA
Transmission Compressor Stations
1
15900
36767305
2779378
723176
739722
PT7091H
1
2025-05-27
Subtotal Transmission Compressor Stations
6
90250
191051841
12969430
2820030
3433713
PT33569H
6
191051841
1
2
3
4
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.
D
DE
1.0000
1
2
3
4
5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Not Prepared
<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; color: black;">(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><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">(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><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">(c) Costs are accumulated in a blanket overhead project and distributed monthly to individual construction projects.</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">(d) Different overhead rates are applied based on the nature of the construction project.</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">(e) The basis for the differentiation in overhead rates stems from the economies of scale that are achieved with these projects.</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">(f) Overheads are directly assigned to each project.</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">2. Allowance for Funds Used During Construction:</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Allowance for funds used during construction is calculated below.</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">3. Net-of-Tax rate for borrowed funds</font></p>
<p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Not Applicable</font></p>
<p> </p></div>
569013404
Elba Express Company, L.L.C
1.0000
0.1400
569013404
1.0000
3038119
0.14
0.0375
0.0700
251103844
251103844
20074081
20074081
20074081
20074081
2369170
2369170
17120
17120
2386290
2386290
Gain on Land Sale
268791635
268791635
268658197
268658197
133438
133438
9
9
88654422
202552
Capitalized Interest - Tax
58972
Capitalized Overhead - Tax
261524
23444299
Federal Income Tax
1550621
State Deferred Income Tax
20777487
Book Depreciation and Amortization
222134
AFUDC Equity - Regulatory Asset
7667
Meals and Entertainment
2683
Non-deductible Lobbying Expense
521415
Cashout Tracker
46526306
114841
AFUDC - Book Capitalized Interest
216557
AFUDC Equity - Book Capitalized Amount
8918220
Deferred Revenue
491574
Capitalized Overhead - Book
9741192
51235156
Tax Depreciation and Amortization
17229
Cost of Removal
51252385
74448675
15634222
21% of Taxable Income
665
Return to Provision/Other
15634887
Federal Income Tax - Current
4
5
8
9
10
11
12
13
14
17
18
19
20
23
24
28
29
30
31
32
33
Federal Income Tax
Federal Tax
Federal
4690301
15634887
-18796661
1528527
13635345
1999542
Subtotal Federal Tax
4690301
15634887
-18796661
1528527
13635345
1999542
State Income Tax - Georgia
State Tax
Georgia
331924
4162059
-4162172
331811
3764398
397661
0.0529
State Income Tax - South Carolina
State Tax
South Carolina
447
2598
-2598
447
2350
248
0.0000
Texas Margin Tax
State Tax
Texas
2024
498126
-15073
483053
-15073
Texas Margin Tax
State Tax
Texas
2025
128312
128312
128312
Subtotal State Tax
830497
4277896
483053
-4164770
460570
3879987
397909
Ad Valorem Tax - Georgia
Ad Valorem Tax
Georgia
2024
5103378
-515821
4587557
-515821
Ad Valorem Tax - Georgia
Ad Valorem Tax
Georgia
2025
5801000
686869
5114131
5801000
Ad Valorem Tax - South Carolina
Ad Valorem Tax
South Carolina
2025
253831
253831
253831
Subtotal Ad Valorem Tax
5103378
5539010
5528257
5114131
5539010
Use Tax - Georgia
Sales And Use Tax
Georgia
2025
7490
7490
7490
Subtotal Sales And Use Tax
7490
7490
7490
Payroll - FICA Tax
Payroll Tax
Federal
2025
242114
242114
242114
Payroll - Unemployment Tax
Payroll Tax
Federal
2025
7193
7193
7193
Subtotal Payroll Tax
249307
249307
249307
Miscellaneous Tax, Licenses and Fees
Miscellaneous Other Tax
Various
2025
643
643
643
Subtotal Miscellaneous Other Tax
643
643
643
10624176
25709233
6268750
-22961431
7103228
23304292
2397451
7490
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
2025-07-28
655772
438899
1094671
655772
438899
1094671
11441
7132
18573
Operational Balancing Agreement
48242
48242
59683
7132
66815
2025-07-28
1967399
1296748
3264147
1967399
1296748
3264147
10067
6369
16436
Operational Balancing Agreement
82266
82266
92333
6369
98702
Advance of Deferred Income Taxes to Member
38925168
5707574
44632742
38925168
5707574
44632742
1
13224
Shared Service Allocations
374629
387853
6
355415
355415
1670451
1670451
355415
355415
1670451
1670451
235020
235020
1104594
1104594
854
810
235020
235020
1104594
1104594
242
242
1137
1137
853, 856
812
242
242
1137
1137
51818
51818
243545
243545
51818
51818
243545
243545
68335
68335
321175
321175
68335
68335
321175
321175
68335
68335
321175
321175
117.4
182.3, 254
Other Dispositions
68335
68335
321175
321175
Gas due from shippers
8
8
384202
384202
1340865
1340865
see footnote
384202
384202
1340865
1340865
314564
314564
1097828
1097828
854
810
314564
314564
1097828
1097828
155
155
541
541
853, 856
812
155
155
541
541
101081
101081
352773
352773
101081
101081
352773
352773
-31598
-31598
-110277
-110277
-31598
-31598
-110277
-110277
Other Dispositions
Gas due from shippers
31598
31598
110277
110277
182.3, 254
117.4
31598
31598
110277
110277
68472811
68472811
Bridge Expansion
1445412
397328749
South System 4 Expansion
10167646
150195546
Miscellaneous Construction Projects Under $1,000,000
17741
52
547524347
1
2
3
834694048
833079009
144487
833223496
261178060
572045436
566777986
572045436
190361039
199255538
11384362
9834022
38987
58795
2150120
2150120
342208
345164
421778
429465
341691
23217
14679146
12840783
103931564
100856634
877025689
885960647
548640548
560123123
8242283
8890281
556882831
569013404
7062567
221677
52086
55000
55000
748828
15652341
11649681
304490517
305297562
877025689
885960647
154777531
153403180
7623928
7050753
7623928
7050753
1066104
1060110
1066104
1060110
20074081
20046242
20074081
20046242
703406
699222
703406
699222
2197685
1825359
2197685
1825359
1155075
1488043
1155075
1488043
5788960
5713859
5788960
5713859
13635345
52143863
13635345
52143863
3879987
14778969
3879987
14778969
9904278
6801942
9904278
6801942
598772
47415715
598772
47415715
63119927
61216561
63119927
61216561
91657604
92186619
91657604
92186619
9521427
11561546
216557
22040
203
165
9738187
11583751
2683
3101
2683
3101
1999542
2427960
397909
492263
54527
5566
2451978
2925789
7283526
8654861
10401549
10825618
114841
11688
10286708
10813930
88654422
90027550
90027550
90027550
88654422
8890281
7837592
88654422
90027550
8242283
Distributions of Earnings to Member
211
-89302420
-88974861
1
20074081
20046242
-17679823
-17734372
9360033
-40608207
1849006
-266056
-2956
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115058
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9889446
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33728
17229
-18753
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6717968
8894499
9354753
684916
2636785
129454000
134438000
-129454000
-134438000
Amortization of intangible plant
703406
699222
Amortization of customer prepayment deferred revenue
-18383229
-18433594
1
2
Change in gas owed to system
-313698
56995
Change in prepayments
7687
-72604
Change in customer advances for construction
2545
Change in other deferred credits
9465008
9902510
1
2
3
4
Net salvage/(cost of removal)
17229
-18753
1
Distributions to Member
129454000
134438000
1
421778
560123123
-11482575
548640548
Transfer from Account 216
89302420
Transfer from Account 236
22961431
Transfer from Account 186
5707574
Distributions to Member
-129454000
1
2
3
4
-820477
-183927
127869
163716
-692608
-20211
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-220711
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247486
243973
5288284
5072013
5288284
5072013
8690032
8110863
Other (less than $250,000)
2683
Fuel Tracker Interest (FERC Interest rate)
35386
Accretion on Prepaid Reservation Charges (5.6513% Annually)
10366163
1
2
4
5
7
8
10
11
13
14
16
17
19
20
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23
24
Georgia
GA
Fully Owned and Operated by Respondent
180.5
South Carolina
SC
Fully Owned and Operated by Respondent
0.6
Georgia
GA
Jointly Owned and Operated by Respondent
true
10.0
181.1
10.0
0.0
0.0
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<div><!--?xml version="1.0" encoding="utf-8" standalone="no"?-->
<div>
<div class="Section_1">
<p style="margin-top: 0pt; margin-bottom: 12pt; 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;">We are a Delaware limited liability company formed in 2001. When we refer to "us," "we," "our," "the Company," or "Elba Express," we are describing Elba Express Company, L.L.C. We are an indirect wholly owned subsidiary of Kinder Morgan, Inc. (KMI). </font><font style="font-family: Arial;">References to KMI are inclusive of Kinder Morgan Inc. and its consolidated subsidiaries</font><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; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our natural gas transmission system consists of approximately 190 miles of natural gas pipeline and can transport natural gas supplies to the states of Georgia and South Carolina with a total south to north capacity of approximately 0.95 billion cubic feet (Bcf) per day from the Elba Island liquefied natural gas terminal owned by our affiliate, Southern LNG Company, L.L.C. Substantially all of this south to north capacity is contracted to an affiliate of Royal Dutch Shell Plc under a fixed rate long-term contract. In addition, we have placed expansions in service which enable us to transport natural gas supplies in a southerly direction from two interconnections with Transcontinental Gas Pipe Line Company, LLC, with a total north to south capacity of approximately 1.16 Bcf per day. This capacity is contracted under long-term contracts with various customers.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Management has evaluated subsequent events through April 2, 2026, the date the financial statements were available to be issued.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Cash Equivalents</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Allowance for Credit Losses</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Inventories</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our inventories, which consist of materials and supplies, are valued at weighted-average cost, and we periodically review for physical deterioration and obsolescence.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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 our shippers and operators 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Asset Retirement Obligations (ARO)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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 Recognition</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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; -aw-import: ignore;">  </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; -aw-import: ignore;">  </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; -aw-import: ignore;">  </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; -aw-import: ignore;">  </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 is transferred to the customer in the specified service period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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. As of December 31, 2025 and 2024, we had no contract assets and had contract liabilities of $191.8 million and $200.7 million, respectively, primarily related to the contract prepayment discussed in Note 7.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Major Customers. </font><font style="font-family: Arial;">For the year ended December 31, 2025, revenues from our three largest customers were approximately $92.5 million, $25.8 million and $19.2 million, each of which exceeded 10% of our operating revenues. For the year ended December 31, 2024, revenues from our three largest customers were approximately $92.8 million, $25.3 million and $19.2 million, each of which exceeded 10% of our operating revenues.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;"><font style="font-family: Arial, sans-serif; font-size: 16pt;">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. </font>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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; 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, sans-serif; font-size: 16pt;">Beginning with this FERC Form No. 2, we adopted Accounting Standards Update (ASU) No. 2023-09, “</font><em style="font-family: Arial, sans-serif; font-size: 16pt;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” </em><font style="font-family: Arial, sans-serif; font-size: 16pt;">and the effects of our early adoption are reflected for all periods presented below.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<table style="width: 1152.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 13.5pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 335.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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;">Year Ended December 31,</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Current:</font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 14.4pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">15.6</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">54.6</font></p>
</td>
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<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 14.4pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">15.2</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">19.9</font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">69.8</font></p>
</td>
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<tr style="height: 21.6pt;">
<td style="width: 796.35pt; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 161.5pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 14.4pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<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: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(33.2)</font></p>
</td>
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<p style="margin-top: 0pt; margin-left: 14.4pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.6</font></p>
</td>
<td style="width: 162.75pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(7.4)</font></p>
</td>
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<tr style="height: 21.6pt;">
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<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">9.4</font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(40.6)</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 17.5pt; border-top: 3pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">29.3</font></p>
</td>
<td style="width: 17.5pt; border-top: 3pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">29.2</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">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; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
<table style="width: 1152.38pt; -aw-border-insideh: 0.5pt single #000000; -aw-border-insidev: 0.5pt single #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
<td style="width: 450pt; border-right: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 680.4pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; font-weight: bold;">Year Ended December 31,</font></p>
</td>
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<td style="width: 450pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 334.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-left: 0.5pt single; -aw-border-right: 0.5pt single; -aw-border-top: 0.5pt single;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; font-weight: bold;">2025</font></p>
</td>
<td style="width: 334.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-left: 0.5pt single; -aw-border-right: 0.5pt single; -aw-border-top: 0.5pt single;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; font-weight: bold;">2024</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 450pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">Income tax expense at the statutory federal rate</font></p>
</td>
<td style="width: 18pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">$</font></p>
</td>
<td style="width: 133.15pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">24.8</font></p>
</td>
<td style="width: 162.05pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">21.0%</font></p>
</td>
<td style="width: 18pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">$</font></p>
</td>
<td style="width: 133.15pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">25.0</font></p>
</td>
<td style="width: 162.05pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">21.0%</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 450pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">State income tax, net of federal income tax benefit </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 18pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.15pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">4.9</font></p>
</td>
<td style="width: 162.05pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">4.1%</font></p>
</td>
<td style="width: 18pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.15pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">4.6</font></p>
</td>
<td style="width: 162.05pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">3.8%</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 450pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">Regulatory liability amortization</font></p>
</td>
<td style="width: 18pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.15pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">(0.4)</font></p>
</td>
<td style="width: 162.05pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">-0.3%</font></p>
</td>
<td style="width: 18pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.15pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-right: 0.5pt single; -aw-border-top: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">(0.4)</font></p>
</td>
<td style="width: 162.05pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">-0.3%</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 450pt; border: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: spaces;">     </font><font style="font-family: Arial; font-size: 16pt;">Total</font></p>
</td>
<td style="width: 18pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-left: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">$</font></p>
</td>
<td style="width: 133.15pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">29.3</font></p>
</td>
<td style="width: 162.05pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-left: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">24.8%</font></p>
</td>
<td style="width: 18pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-left: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">$</font></p>
</td>
<td style="width: 133.15pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">29.2</font></p>
</td>
<td style="width: 162.05pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; -aw-border-left: 0.5pt single; -aw-border-right: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">24.5%</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 13.8pt;"><font style="font-family: Arial;">(1) State taxes in Georgia 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; line-height: 18pt;"><font style="font-family: Arial; font-size: 18pt; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 16pt;"><font style="font-family: Arial; font-size: 16pt;">The following are the components of our net deferred tax liability (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 18pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<table style="width: 1152.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
<td style="width: 796.35pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 13.5pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 335.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 796.35pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top; -aw-border-bottom: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top; -aw-border-bottom: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Property, plant and equipment</font></p>
</td>
<td style="width: 17.5pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -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;">$</font></p>
</td>
<td style="width: 133.95pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -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;">95.4</font></p>
</td>
<td style="width: 17.5pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -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;">$</font></p>
</td>
<td style="width: 133.95pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -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;">87.9</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory asset</font></p>
</td>
<td style="width: 162.75pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.8</font></p>
</td>
<td style="width: 162.75pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.8</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax liabilities</font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">97.2</font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">89.7</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 796.35pt; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 161.5pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred revenue</font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">48.3</font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">50.7</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liabilities</font></p>
</td>
<td style="width: 162.75pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.6</font></p>
</td>
<td style="width: 162.75pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.6</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax assets</font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">51.9</font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">54.3</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 796.35pt; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 161.5pt; border-top: 4.5pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font></p>
</td>
<td style="width: 162.75pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 797.6pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">45.3</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">35.4</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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; text-align: justify; line-height: 108%; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 108%; font-size: 16pt;"><font style="font-family: Arial;">Our net utility plant consisted of the following (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 108%; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<table style="width: 1159.58pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
<td style="width: 622.5pt; border-right: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 168.9pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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;">Annual Depreciation</font></p>
</td>
<td style="width: 334.5pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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: 21.6pt;">
<td style="width: 622.5pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 168.9pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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;">Rates (%)</font></p>
</td>
<td style="width: 161.7pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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: 161.7pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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: 21.6pt;">
<td style="width: 623.4pt; 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;">Transmission facilities</font></p>
</td>
<td style="width: 169.8pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">2.50</font></p>
</td>
<td style="width: 17.7pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">802.9</font></p>
</td>
<td style="width: 17.7pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">801.4</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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;">Intangible plant</font></p>
</td>
<td style="width: 169.8pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">2.50</font></p>
</td>
<td style="width: 162.6pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt 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: right; font-size: 16pt;"><font style="font-family: Arial;">28.2</font></p>
</td>
<td style="width: 162.6pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt 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: right; font-size: 16pt;"><font style="font-family: Arial;">28.1</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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;">General plant</font></p>
</td>
<td style="width: 170.15pt; 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: 4.25pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">2.50</font></p>
</td>
<td style="width: 163.3pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.25pt; padding-left: 4.25pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.5</font></p>
</td>
<td style="width: 163.3pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.25pt; padding-left: 4.25pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.5</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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;">Accumulated depreciation and amortization</font></p>
</td>
<td style="width: 170.15pt; 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: 4.25pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 163.3pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.25pt; padding-left: 4.25pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(279.5)</font></p>
</td>
<td style="width: 163.3pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.25pt; padding-left: 4.25pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(261.2)</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 169.8pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.7pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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;">552.1</font></p>
</td>
<td style="width: 17.7pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; 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;">568.8</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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;">Land</font></p>
</td>
<td style="width: 169.8pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.6pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.1</font></p>
</td>
<td style="width: 162.6pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-top: 0.5pt single;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.1</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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;">Construction work in progress</font></p>
</td>
<td style="width: 169.8pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.6pt; border: 0.75pt 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: right; font-size: 16pt;"><font style="font-family: Arial;">11.6</font></p>
</td>
<td style="width: 162.6pt; border: 0.75pt 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: right; font-size: 16pt;"><font style="font-family: Arial;">0.1</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 623.4pt; 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;">Net utility plant</font></p>
</td>
<td style="width: 169.8pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.7pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">566.8</font></p>
</td>
<td style="width: 17.7pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6pt; padding-left: 4.72pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">572.0</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<table style="width: 1152.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
<td style="width: 450.25pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 680.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;" 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: 21.6pt;">
<td style="width: 450.25pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 335.05pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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;">2025</font></p>
</td>
<td style="width: 335.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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;">2024</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 450.25pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.25pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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;">Account</font></p>
</td>
<td style="width: 162.25pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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;">Account</font></p>
</td>
<td style="width: 162.25pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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;">Account</font></p>
</td>
<td style="width: 162.25pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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;">Account</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 450.25pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 162.25pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 162.25pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 162.25pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 162.25pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">560.1</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8.9</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">575.1</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 449.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">88.6</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">90.0</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 449.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transfer of net earnings from Account 216 </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">89.3</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(89.3)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">88.9</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(88.9)</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; 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 236 </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">23.0</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">66.3</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; 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>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<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: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(35.8)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin: 0pt 3.6pt 0pt 36pt; font-size: 16pt;"><font style="font-family: Arial;">Total Transfers</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">118.0</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(89.3)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">119.4</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(88.9)</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 449.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Distributions of pre-tax earnings</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(118.0)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(119.4)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Distributions as return of capital</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(11.5)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(15.0)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;">
<p style="margin: 0pt 3.6pt 0pt 36pt; font-size: 16pt;"><font style="font-family: Arial;">Total Distributions to Member</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(129.5)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(134.4)</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 449.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 132.7pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 451pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; 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: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">548.6</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8.2</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">560.1</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.45pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8.9</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: Arial;">(1) 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; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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. As of December 31, 2025 and 2024, we had a note receivable from KMI of approximately $190.4 million and $199.3 million, respectively. The interest rate on this note is variable and was 3.9% and 4.7% as of December 31, 2025 and 2024, respectively. These amounts are included in Account 123 "Investments in Associated Companies" on our balance sheets. For the year ended December 31, 2025 and 2024, we recorded interest income of $9.5 million and $11.6 million, respectively, related to our participation in the cash management program.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<table style="width: 1153.15pt; border: 1pt solid #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
<td style="width: 135.2pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 652.35pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;" rowspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font></p>
</td>
<td style="width: 335.7pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 162.9pt; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 135.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;">
<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: 652.35pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 134.1pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2.2</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 135.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 652.35pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Advance of deferred income taxes to Member</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">44.6</font></p>
</td>
<td style="width: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 134.1pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">38.9</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 135.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 652.35pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 17.5pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 134.1pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 135.2pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 652.35pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 17.5pt; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 133.95pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<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: 17.5pt; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 134.1pt; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;">
<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>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table shows revenues and costs from our affiliates (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<table style="width: 1152.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr style="height: 21.6pt;">
<td style="width: 802pt; border-right: 1pt solid #000000; padding-right: 3.9pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 13.5pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font></p>
</td>
<td style="width: 335.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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;">Year Ended December 31,</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 802pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font></p>
</td>
<td style="width: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 162.75pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 21.6pt;">
<td style="width: 801.5pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Revenues </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 23.15pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 139.6pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">25.8</font></p>
</td>
<td style="width: 28.8pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
<td style="width: 139.6pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">25.2</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 801.5pt; border: 1pt solid #000000; padding-right: 3.9pt; 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: 23.15pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 139.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.4</font></p>
</td>
<td style="width: 23.15pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 139.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.2</font></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="width: 801.5pt; border: 1pt solid #000000; padding-right: 3.9pt; 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: 23.15pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 139.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; 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>
<td style="width: 23.15pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
<td style="width: 139.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; 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>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">(1) Revenues from transportation service agreements with Southern Natural Gas Company, L.L.C. (SNG), which are effective through September 2049.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font> </p>
<p style="margin-top: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial; font-style: italic;">South System Expansion 4 (SSE4) Project (CP25-517)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial;">Following participation in the FERC pre-filing process for the SSE4 Project, we and our affiliate, SNG filed on June 30, 2025 an application with the FERC requesting authority to construct and operate the SSE4 Project, which is designed to add approximately 0.5 Bcf per day of expansion capacity to our pipeline system. The certificate order authorizing the project is expected by July 31, 2026 based on the FERC Notice of Schedule for the Final Order. The SSE4 Project will be completed in two phases and the Elba Express facilities, which are comprised of horsepower compression additions and a new meter station, will be completed in Phase II. As filed, the estimated project cost for the Elba Express facilities is approximately $160 million and we expect to place the project in service in the fourth quarter of 2029.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On November 5, 2025, we were informed that the Federal Permitting Improvement Steering Committee, established by Title 41 of the Fixing America’s Surface Transportation Act (FAST-41), has added the SSE4 Project to the FAST-41 program, which aims to streamline federal reviews for large infrastructure projects. The FERC will lead the federal permitting for the SSE4 Project under FAST-41. A permitting timetable for the SSE4 Project was posted to the FAST-41 dashboard in January 2026.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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 27 years. Below are the details of our regulatory assets and liabilities (in millions):</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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;">December 31,</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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;">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;">Regulatory assets (Account 182.3)</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; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font><font style="font-family: Arial;">Taxes on capitalized funds used during construction</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></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7.1</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;">$</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7.3</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font><font style="font-family: Arial;">Other</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.3</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.3</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font><font style="font-family: Arial;">Total regulatory assets </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7.4</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></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7.6</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liabilities (Account 254)</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; -aw-import: ignore;">  </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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; -aw-import: ignore;">  </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font><font style="font-family: Arial;">Income tax related</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">13.7</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">14.2</font></p>
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<td style="width: 796.2pt; 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; -aw-import: spaces;">  </font><font style="font-family: Arial;">Difference between gas retained and gas consumed in operations</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; -aw-import: ignore;">  </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.8</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.3</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font><font style="font-family: Arial;">Other</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1.0</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; -aw-import: ignore;">  </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">0.4</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">  </font><font style="font-family: Arial;">Total regulatory liabilities</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></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">15.5</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></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">14.9</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: Arial;">(1) Assets recoverable without earning a return. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;"><em>Income tax related.</em> 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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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 an annual 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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></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 a net regulatory </font><font style="font-family: Arial;">expense of $0.8 million and $0.3 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;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">7. Contract Prepayment</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">During 2023, we entered into an agreement whereby a shipper prepaid certain fixed reservation charges under its long-term transportation contract. The prepayment is being recognized as revenue over the original contract term ending in 2040. During the year ended December 31, 2025, we recognized approximately $18.4 million of revenue and $10.3 million of interest expense related to the amortization and accretion on this prepayment. During the year ended December 31, 2024, we recognized approximately $18.4 million of revenue and $10.8 million of interest expense related to the amortization and accretion on this prepayment. Unamortized balances as of December 31, 2025 and 2024 of $179.0 million and $187.1 million, respectively, are included in Account 253 “Other Deferred Credits” on our balance sheets.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; 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; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial; font-style: italic;">ASU No. 2025-06</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><font style="font-family: Arial; -aw-import: ignore;">  </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><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>
364108
364108
1401816
1401816
364108
364108
1401816
1401816
244169
244169
940051
940051
854
810
244169
244169
940051
940051
184
184
708
708
853, 856
812
184
184
708
708
49847
49847
191911
191911
49847
49847
191911
191911
69908
69908
269146
269146
69908
69908
269146
269146
69908
69908
269146
269146
117.4
182.3, 254
Other Dispositions
69908
69908
269146
269146
Gas due from shippers
Elba Express Company, L.L.C.
443798
268939
290661175
68472811
982281
246250
4685142
1103725
Changes in Line Inventory
183748
296956144
70091725
779888
415736
290661175
68472811
809311
115315
3433713
793753
Changes in Line Inventory
185580
90783
Gas Used for Utility Operations
1650
581
295871317
69888979
1084827
202746
296956144
70091725
16
31
32
In accordance with FERC Order 581, we use the fixed asset method.
See Page 102 "Control Over Respondent" for a description of our ownership structure.
Allowance for other funds used during construction
$
22,040
Allowance for borrowed funds used during construction
11,688
Total
$
33,728
Allowance for other funds used during construction
$
216,557
Allowance for borrowed funds used during construction
114,841
Total
$
331,398
Net increase in utility plant accruals
$
13,790
Net increase in utility plant accruals
$
6,969,056
The cost rate percentage of common equity is based on the approved rate in Docket No. CP06-417-000.
AFUDC Debt Rate for Borrowed Funds is based upon a debt cost of 7.5% and a capital structure of 50% debt as specified in Docket No. CP06-417-000.
AFUDC Equity Rate for Other Funds is based upon an equity rate of return of 14% and a capital structure of 50% equity as specified in Docket No. CP06-417-000.
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).
Amounts charged by Kinder Morgan, Inc. through shared services are allocated using the modified Massachusetts Formula.
See page 218 "General Description of Construction Overhead Procedure" for the basis of allocation.
Account
Amount
408.1
$
103,663
920
1,342,425
923
261,761
925
301,810
926
260,828
930.2
374,629
931
247,486
Total
$
2,892,602
Recorded pursuant to Docket No. AI93-5-000 issued April 23, 1993 (Accounting for Income Taxes).
Recorded pursuant to Section 33 of the General Terms and Conditions of our tariff.
Recorded pursuant to Section 14 of the General Terms and Conditions of our tariff.
Recorded pursuant to Section 25 of the General Terms and Conditions of our tariff.
Line 3 contains cashout and operational purchases recorded to Account 803.
Line 3 contains cashout and operational purchases recorded to Account 803.
Line 18 contains cashout sales recorded to Account 803 and operational sales, recorded to Account 495.
We use a non-revenue recognition method for shipper-supplied gas which results in accounting entries for net fuel over or under-collected rather than separate revenue entries for shipper-supplied gas and expenses for gas used in compressors. This footnote applies to all periods within the quarter.
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.
Use tax is distributed to various accounts based on the accounts charged for the originating invoice.
Transferred to Account 211 "Miscellaneous Paid-in-Capital."
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
$
3,590,842
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
$
90,103,540
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
$
82,403,073
As of December 31, 2024, we estimate that none of the deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates.
As of December 31, 2025, we estimate that none of the deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates.
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
$
3,444,414
Account
Amount
142
$
276,429
146
40,371
805
715,231
Total
$
1,032,031
Transmission Plant (in thousands)
Pg 204 Ln 92 Col (g)
$
806,020
Less: Land
3,084
$
802,936
Account
Amount
107
$
27,869
108
4,723
408.1
145,644
850
260,385
853
468,686
856
63,558
857
15,341
863
17,702
864
332,860
865
10,488
920
805,333
Total
$
2,152,589
Account
Amount
107
$
2,829
108
792
926
390,293
Total
$
393,914
Line 18 contains
cashout
sales recorded to Account 803 and operational sales, recorded to Account 495.
Page 204, Line 129, Column (d)
$
2,391,457
Less: Intangible Plant Retirements
22,287
Book Cost of Plant Retired
$
2,369,170
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.
KM Energy LLC is a direct wholly-owned subsidiary of KM Energy Inc.
2025 IT Revenues were deferred to Account 254 and refunded to firm contract holders.
2024 IT Revenues were deferred to Account 254 and refunded to firm contract holders.
Account
Amount
142
$
299,061
407.4
910,742
Total
$
1,209,803
Account
Amount
142
$
186,889
146
37,509
Total
$
224,398
Miles
Name of Line
Joint Owner
Percentage
10.0
42" EEC Line
Southern Natural Gas Company
65.0