N-23M12835 Exhibit N-2 Att 3 2025 Managements Discussion AnalysisHIGHLIGHTED
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Highlights of the changes are summarized in the following table: For the Three months ended Year ended millions of dollars December 31 December 31 Net income - 2024 $ 71 $ 160 Increased operating revenues (refer to "Operating Revenues" sec...
AI summary The document summarizes net income and revenue changes for the periods ending December 31, 2024 and 2025. It highlights increased operating revenues, decreased fuel costs, and increased FAM and other deferrals. Notable factors include increased storm costs, a cybersecurity incident, and changes in income tax recovery.
Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...
AI summary The Consolidated Balance Sheets show significant changes between December 31, 2025 and December 31, 2024, including increases in receivables, income taxes receivable, and regulatory assets, as well as changes in liabilities and equity due to factors like timing of payments, capital investments, and regulatory deferrals.
Q3 2025 compared to Q3 2024 Q3 2025 net income decreased by $11 million compared to Q3 2024. The decrease is due to increased OM&G expenses, and increased depreciation and amortization due to increased PP&E in service. OM&G expenses increa...
AI summary Q3 2025 net income decreased by $11 million compared to Q3 2024 due to increased OM&G expenses and depreciation and amortization from higher PP&E in service, driven by higher transmission, distribution, and power generation costs, partially offset by higher administrative overhead.
Q2 2025 compared to Q2 2024 Q2 2025 net income decreased by $12 million compared to Q2 2024. The decrease is due to increased OM&G expenses, and increased depreciation and amortization due to increased PP&E in service. OM&G expenses increa...
AI summary Q2 2025 net income decreased by $12 million compared to Q2 2024, primarily due to increased OM&G expenses and depreciation and amortization from higher PP&E in service, with OM&G expenses rising from higher power generation costs and the Cybersecurity Incident.