The company said that on March 2025, its wholly owned subsidiary NSP-Wisconsin filed a request with the Public Service Commission of Wisconsin (PSCW) for a multi-year electric and natural gas rate increase based on forward-looking 2026 and 2027 test years. The request was based on a 10.0% return on equity and a 53.5% equity ratio.

1. 01

   The company said that on March 2025, its wholly owned subsidiary NSP-Wisconsin filed a request with the Public Service Commission of Wisconsin (PSCW) for a multi-year electric and natural gas rate increase based on forward-looking 2026 and 2027 test years. The request was based on a 10.0% return on equity and a 53.5% equity ratio.

2. 02

   The company said the PSCW verbally made a decision on November 6, 2025, and NSP-Wisconsin estimates that the final order would result in an electric rate increase of about $126 million ($68 million in 2026, with an incremental $58 million in 2027) and a natural gas rate increase of $22 million ($18 million in 2026, with an incremental $4 million in 2027).

3. 03

   The company said a final written PSCW order is expected in December 2025, with new rates effective starting January 2026. It also said a reduction in the nuclear decommissioning accrual lowered the rate request but is earnings neutral.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call. Some paragraphs were omitted because their support in the source could not be confirmed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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