Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
We recorded a tax benefit for income taxes of $12,255 and $61,150 for the three months ended September 30, 2026 and 2025, respectively. We recorded an income tax benefit of $16,400 and $78,078 for the nine months ended September 30, 2026 and 2025, respectively. As more fully described in Note 2 “Summary of Significant Accounting Policies” and Note 19 “Impact of Accounting Method Change for Investment Tax Credits” the tax benefit reflects the accounting method change for nonrefundable, transferable ITCs associated with our energy assets, recognizing the ITCs in our tax provision.
The effective tax rate benefit was 35.5% and 379.0% for the three months ended September 30, 2026 and 2025, respectively. The effective tax rate benefit was 52.3% for the nine months ended September 30, 2026, compared to the effective tax rate benefit of 385.1% for the nine months ended September 30, 2025.

The principal reason for the lower effective tax rate benefit rate for the three and nine months ended September 30, 2026 as compared to the same periods in 2025 is primarily due to lower investment tax credits forecasted on assets to be placed into service during 2026 versus 2025 and the effect of accounting method change related to investment tax credits placed into service during 2025.