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New words:
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Financial report summary
?Management Discussion
- Earnings increased $107.8 million during 2022, compared with 2021. The significant factors impacting the $107.8 million increase in earnings were:
- •A $51.9 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by lower operation and maintenance expense, largely due to the amortization of certain regulatory liabilities to offset a portion of our 2022 forecasted revenue deficiencies. The amortization was approved by the PSCW in order to forego filing for 2022 base rate increases. An increase in natural gas margins related to higher retail sales volumes, as well as higher net credits from the non-service components of our net periodic pension and OPEB costs, also contributed to the increase in earnings. These increases in earnings were partially offset by a negative year-over-year impact from collections of fuel and purchased power costs, higher property and revenue taxes, and higher depreciation and amortization.
- •A $45.2 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, driven by an increase in PTCs during 2022, primarily due to the Jayhawk wind park that achieved commercial operation in December 2021, higher generation at our other wind parks, and an increase in the PTC rate related to the PTC inflation adjustment issued by the IRS. In addition, Upstream recognized revenue during 2022 related to market settlements it received from SPP in February 2021. Due to a complaint filed with the FERC, the revenue related to these settlements could not be recognized until the FERC issued an order denying the complaint in the first quarter of 2022. A positive impact from a sharing