# notes_to_financial_statements_014_duration

entity_id: C011507
filing_name: Liberty_Energy_Utilities_(New_Hampshire)_Corp._form60_Q4_1777660344
publication_time: 2026-05-01 18:32:24
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_increases_in_services_rendered_or_expenses_incurred_text_block:
[cell repeats an earlier one in this file: 244 characters]

disclosure_of_significant_contingent_assets_or_liabilities_text_block:
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disclosure_of_descriptions_of_annual_statements_supplied_to_associate_service_companies_text_block:
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disclosure_of_references_to_financial_statement_notes_text_block:
  <div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Placeholder for - Disclosure of References to Financial Statement Notes</span></div>

disclosure_of_important_disclosures_regarding_the_financial_statements_text_block:
  <div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements for the year ended December 31, 2025 are prepared in accordance with accounting principles generally accepted in the Untied States of America ("GAAP"). While Liberty Energy Utilities (New Hampshire) Corp. (the "Company") is not subject to state or federal utility regulation, Granite State Electric Co. and EnergyNorth Natural Gas, Inc. are rate regulated utilities, and subject to the accounting requirements and rate-making practices of the applicable regulatory authorities.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company files a consolidated tax return with its parent company, Liberty Utilities. Liberty Utilities pays all the income taxes</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company borrowed funds from Liberty Utilities Finance (US) LLC to acquire the equity in Granite State and Energy North. The notes were interest only and interest was payable semi-annually.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of December 31, 2025 the long term notes were paid off entirely.</span></div>

disclosure_of_extraordinary_income_or_extraordinary_deduction_amounts_text_block:
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entity_id: C011466
filing_name: FirstEnergy_Service_Company_form60_Q4_1777661141
publication_time: 2026-05-01 18:45:41
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_references_to_financial_statement_notes_text_block:
  <div>
  		<div>
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  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">1.</span><span style="font-family:Arial; font-weight:bold"> </span><span style="font-family:Arial; font-weight:bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: </span>
  			</p>
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  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">Organization and System of Accounts</span>
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  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FirstEnergy Service Company (FESC) is a wholly owned subsidiary of FirstEnergy Corp. (FE), a public utility holding company as defined in the Federal Energy Regulatory Commission&#x2019;s (FERC) Order No. 667. FESC was authorized to conduct business as a service company for FirstEnergy and its various subsidiaries by order of the Securities and Exchange Commission (SEC) dated June 30, 2003. FESC provides certain administrative, management, and support services to affiliated companies in the FirstEnergy system.</span>
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  				<span style="font-family:Arial">The Form 60 is prepared in accordance with the Uniform System of Accounts (</span><span style="font-family:Arial">USofA</span><span style="font-family:Arial">) for Centralized Service </span><span style="font-family:Arial">Companies</span><span style="font-family:Arial"> subject to the provisions of the Public Utility Holding Company Act of 2005 (PUHCA 2005) as prescribed by the FERC in 18 CFR Part 367.</span>
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  				<span style="font-family:Arial">FESC has no earnings since it renders services at cost to its parent company, FE, and other affiliates.</span>
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  				<span style="font-family:Arial; font-weight:bold">Use of Estimates</span>
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  				<span style="font-family:Arial">The preparation of these financial statements require management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.</span>
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  				<span style="font-family:Arial; font-weight:bold">Operating Revenues and Expenses</span>
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  				<span style="font-family:Arial">Services rendered to affiliated companies are provided at cost. The cost of services is determined on a direct charge basis to the extent practicable and where not practicable, on a reasonable basis of allocation for indirect costs.</span>
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  				<span style="font-family:Arial; font-weight:bold">Property, Equipment and Depreciation</span>
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  				<span style="font-family:Arial">Property and equipment are recorded at cost. Depreciation is provided on a straight-line basis at various rates over the estimated lives of various classes of property. The average depreciation </span><span style="font-family:Arial">rate was </span><span style="font-family:Arial">7.4</span><span style="font-family:Arial">% and </span><span style="font-family:Arial">7</span><span style="font-family:Arial">.3</span><span style="font-family:Arial">% in </span><span style="font-family:Arial">202</span><span style="font-family:Arial">5</span><span style="font-family:Arial"> and</span><span style="font-family:Arial"> 202</span><span style="font-family:Arial">4</span><span style="font-family:Arial">,</span><span style="font-family:Arial"> respectively.</span>
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  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">Income Taxes</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
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  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FESC records income taxes in accordance with the liability method of accounting. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts recognized for tax purposes. Deferred income tax liabilities related to temporary tax and accounting basis differences are recognized at the statutory income tax rates in effect when the liabilities are expected to be paid. Deferred tax assets are recognized based on income tax rates expected to be in effect when they are settled.</span>
  			</p>
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  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">Operating and Finance Lease Commitments</span>
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  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial">Finance and operating leases are recorded on a net basis in Property Under Capital Leases on the FERC balance sheet.</span>
  			</p>
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  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FESC adopted ASU 2016-02, "Leases (Topic 842)" on January 1, 2019. Adoption of the accounting guidance had no impact on FESC&#x2019;s existing ratemaking treatment or FERC jurisdiction cost-of-service rates. Amounts included in the capital lease balance sheet accounts that relate to operating leases are as follows:</span>
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  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; font-style:italic">(in millions)</span>
  						</p>
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  							<span style="font-family:Arial; font-weight:bold">As of December 31, 2025</span>
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  							<span style="font-family:Arial; font-weight:bold">As of December 31, 2024</span>
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  							<span style="font-family:Arial">Property Under Capital Lease</span><span style="font-family:Arial; font-style:italic"> (Account 101.1) </span>
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  							<span style="font-family:Arial">$</span><span style="font-family:Arial">5,771,677</span>
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  							<span style="font-family:Arial">$5,942,767</span>
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  							<span style="font-family:Arial">Obligations Under Capital Leases - Current </span><span style="font-family:Arial; font-style:italic">(Account 243) </span>
  						</p>
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  							<span style="font-family:Arial">$</span><span style="font-family:Arial">1,894,160</span>
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  							<span style="font-family:Arial">$1,632,666</span>
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  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Obligations Under Capital Leases - Noncurrent </span><span style="font-family:Arial; font-style:italic">(Account 227) </span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial">$</span><span style="font-family:Arial">3,449,049</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial">$3,957,463</span>
  						</p>
  					</td>
  				</tr>
  			</table>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">2. PENSION AND OTHER POST-EMPLOYMENT BENEFITS</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FirstEnergy provides noncontributory qualified defined benefit pension plans that cover substantially </span><span style="font-family:Arial">all of</span><span style="font-family:Arial"> its employees and non-qualified pension plans that cover certain employees. The plans provide defined benefits based on years of service and compensation levels. Under the cash-balance portion of the pension plan (for employees hired on or after January 1, 2014), FirstEnergy credits </span><span style="font-family:Arial">amounts</span><span style="font-family:Arial"> to eligible employee notional cash-balance accounts based on a pay credit and an interest credit.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">In addition, FirstEnergy provides a minimum amount of noncontributory life insurance to retired employees in addition to optional contributory insurance to a closed group of retired employees. Health care benefits, which include certain employee contributions, deductibles and co-payments, are also available upon retirement to certain employees, their dependents and, under certain circumstances, their survivors. FirstEnergy recognizes the expected cost of providing pension and OPEB to employees and their beneficiaries and covered dependents from the time employees are hired until they become eligible to receive those benefits. FirstEnergy also has obligations to former or inactive employees after employment, but before retirement, for disability-related benefits.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FirstEnergy&#x2019;s pension funding policy is based on actuarial computations using the projected unit credit method. FirstEnergy does not currently expect to </span><span style="font-family:Arial">have</span><span style="font-family:Arial"> a required contribution to the pension plan until 2027, which based on various assumptions, including an expected rate of return on assets of 8.0% for 2026, is expected to be approximately $250</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">million. However, FirstEnergy may elect to contribute to the pension plan voluntarily.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">Pension and OPEB costs are affected by employee demographics (including age, compensation levels and employment periods), the level of contributions made to the plans and earnings on plan assets. Pension and OPEB costs may also be affected by changes in key assumptions, including anticipated rates of return on plan assets, the discount rates and health care trend rates used in determining the projected benefit obligations for pension and OPEB costs. FirstEnergy uses a December 31 measurement date for its pension and OPEB plans or whenever a plan is determined to qualify for a remeasurement. The fair value of the plan assets represents the actual market value as of the measurement date.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial">Account 228.3 Accumulated provision for pensions and benefits includes the following balances:</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
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  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  					</td>
  					<td style="width:59.2%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  					<td style="width:0.94%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  					</td>
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  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  					<td style="width:0.44%; padding:1pt; vertical-align:middle">
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  							<span style="font-family:'Times New Roman'; ">&#160;</span>
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  					</td>
  					<td style="width:0.18%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.94%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:18.32%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.18%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">Accumulated Provision for Pensions and Benefits</span>
  						</p>
  					</td>
  					<td colspan="3" style="border-top-style:solid; border-top-width:1pt; padding:1.5pt 1.25pt 1.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">202</span><span style="font-family:Arial; font-weight:bold">5</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="border-top-style:solid; border-top-width:1pt; padding:1.5pt 1.25pt 1.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">202</span><span style="font-family:Arial; font-weight:bold">4</span>
  						</p>
  					</td>
  				</tr>
  				<tr style="height:12pt">
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="border-top-style:solid; border-top-width:1pt; padding-right:1.25pt; padding-left:1.25pt; padding-bottom:0.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="border-top-style:solid; border-top-width:1pt; padding-right:1.25pt; padding-left:1.25pt; padding-bottom:0.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Qualified Pension Plan</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">964,242,701</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">992,233,501</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Non-Qualified Pension Plans:</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt 1.75pt 13.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Executive Deferred Compensation Plan</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">245,342,875</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">263,714,235</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt 1.75pt 13.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">FirstEnergy Supplemental Executive Retirement Plan</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">8,0738,059</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">8,837,994</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt 1.75pt 13.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">GPU Supplemental Executive Retirement Plan</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">5,994,782</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">8,120,533</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt 1.75pt 13.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">AYE Supplemental Executive Retirement Plan</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">18,389,421</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">19,622,385</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt 1.75pt 13.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Cash Balance Pension Restoration Plan</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">1,134,263</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">502,548</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Postretirement Benefits</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">4,492,369</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">53,616,400</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Executive Deferred Compensation</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">99,042,897</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">107,954,842</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="3" style="padding:1.75pt 1.25pt 1.75pt 19.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">TOTAL</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt 1.5pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">1,391,712,367</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 1.25pt 1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt 1.5pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">1,426,257,490</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 1.25pt 1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  			</table>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">3. SERVICE AGREEMENT</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FESC has entered into agreements under which it renders services at cost to FE and its subsidiaries. FESC's services include, but are not limited to, executive management, accounting and tax support, investor relations, corporate responsibility and communications support, treasury support, risk support, rates and regulatory affairs support, strategy, planning and business performance support, supply chain support, human resources and corporate services support, corporate services, legal support, ethics and compliance support, internal auditing support, corporate affairs and community involvement support, compliance and regulated services support, external affairs support, information technology and corporate security, transmission support, utility operations, safety and human performance, operations support, utility services, construction and design services, transformation support, competitive products and services, customer engagement, customer care, and customer policy and solutions.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial; font-weight:bold">4. MONEY POOLS</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">As of December 31, 202</span><span style="font-family:Arial">5</span><span style="font-family:Arial">, FirstEnergy maintained two separate money pools, the Utility Money Pool for the regulated subsidiaries and the Non-Utility Money Pool for FirstEnergy&#x2019;s unregulated companies. FirstEnergy contributes surplus funds by lending to both money pools independent of each other.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FESC administers the FirstEnergy Utility and Non-Utility Money Pools </span><span style="font-family:Arial">on a daily basis</span><span style="font-family:Arial">. The Money Pools are reported on FESC&#x2019;s books with a corresponding intercompany receivable/payable to the appropriate company. The Money Pools&#x2019; balances on FESC&#x2019;s books represent cash receipts and disbursements, as well as non-cash entries amongst participants, which may include timing differences of inflows and outflows.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">Under the Utility Money Pool agreement, short-term funds are available from the following sources for short-term loans to the participants from time to time: (1) surplus funds in the treasuries of the Utility Money Pool participants other than FE; (2) surplus funds in the treasury of FE; and (3) proceeds from bank borrowings by Utility Money Pool participants as permitted by the applicable state commission orders or the sale of commercial paper by the pool participants for loan to the Utility Money Pool. Borrowers in the Utility Money Pool borrow pro rata from each company that lends, in the proportion that the total amount loaned by each such lending company bears to the total amount then loaned through the Utility Money Pool. FE may loan to the Utility money pool but may not borrow from it.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">The Non-Utility Money Pool for FirstEnergy&#x2019;s unregulated companies is operated under similar terms and conditions as the Utility Money Pool. As a participant </span><span style="font-family:Arial">to</span><span style="font-family:Arial"> the Non-Utility Money Pool, FE may lend and borrow from this money pool.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">The average interest rates charged for the Utility Money Pool were </span><span style="font-family:Arial">4.51</span><span style="font-family:Arial">% and </span><span style="font-family:Arial">5.74</span><span style="font-family:Arial">% in 202</span><span style="font-family:Arial">5</span><span style="font-family:Arial"> and 202</span><span style="font-family:Arial">4</span><span style="font-family:Arial"> respectively. The average Non-Utility Money Pool interest rates were </span><span style="font-family:Arial">4.89</span><span style="font-family:Arial">% and 6.</span><span style="font-family:Arial">44</span><span style="font-family:Arial">% in 202</span><span style="font-family:Arial">5</span><span style="font-family:Arial"> and 202</span><span style="font-family:Arial">4</span><span style="font-family:Arial">, respectively. Rates are calculated as outlined in </span><span style="font-family:Arial">the SEC&#x2019;s June 30, </span><span style="font-family:Arial">2003</span><span style="font-family:Arial"> FE order on </span><span style="font-family:Arial">intrasystem</span><span style="font-family:Arial"> financing</span><span style="font-family:Arial"> and related transactions.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt">
  				<span style="font-family:Arial">FirstEnergy&#x2019;s Utility Subsidiaries&#x2019; lending and borrowing balances under the Utility Money Pool agreement as of December 31, </span><span style="font-family:Arial">202</span><span style="font-family:Arial">5</span><span style="font-family:Arial"> and 202</span><span style="font-family:Arial">4</span><span style="font-family:Arial"> are as follows: </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<table cellspacing="0" cellpadding="0" style="width:92.52%; border-collapse:collapse">
  				<tr style="height:0.5pt">
  					<td style="width:0.24%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:54.12%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.2%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.56%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:16.42%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.24%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.2%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:9.4pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">Loan To (Borrowing From) the Utility Money Pool </span>
  						</p>
  					</td>
  					<td colspan="6" style="border-top-style:solid; border-top-width:1pt; padding:1.5pt 1.25pt 1.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">202</span><span style="font-family:Arial; font-weight:bold">5</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="7" style="border-top-style:solid; border-top-width:1pt; padding:1.5pt 1.25pt 1.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">202</span><span style="font-family:Arial; font-weight:bold">4</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:10.05pt">
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="6" style="border-top-style:solid; border-top-width:1pt; padding-right:1.25pt; padding-left:1.25pt; padding-bottom:0.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="7" style="border-top-style:solid; border-top-width:1pt; padding-right:1.25pt; padding-left:1.25pt; padding-bottom:0.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:17.85pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">F</span><span style="font-family:Arial">irstEnergy</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="width:16.42%; padding:1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>
  						</p>
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">654,888,053</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">427,326,875</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:11.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">American Transmission Systems, Incorporated</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:11pt">
  							<span style="font-family:Calibri; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family:Arial; font-size:9pt">224,614,732</span>
  						</p>
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">118,647,386</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Allegheny Generating Company </span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(3,566,394)</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">15,793,271</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.45pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">The Cleveland Electric Illuminating Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(266,071,388)</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(201,019,041)</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Jersey Central Power &amp; Light Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(92,564,024)</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(21,684,067)</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Keystone Appalachian Transmission Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">47,434,757</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">108,175,290</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:11.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Ohio Edison Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(38,466,715)</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(101,491,319)</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">The Toledo Edison Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">21,307,243</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(61,260,226)</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.45pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Trans-Allegheny Interstate Line Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">23,086,122</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">73,044,264</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Potomac Edison Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">15,654,629</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(91,044,785)</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Monongahela Power Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(278,984,762)</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(</span><span style="font-family:Arial">276,309,394)</span><span style="font-family:Arial">)</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Mid Atlantic Interstate Transmission, LLC</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">20,622,258</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">4,916,690</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:8.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">FirstEnergy Pennsylvania Electric Company</span>
  						</p>
  					</td>
  					<td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding:1.75pt 0.25pt 1.38pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(327,974,512)</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding:1.75pt 0.25pt 1.38pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">4,905,0</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr>
  					<td colspan="4" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Total</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt 1.5pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">&#x2014;</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 1.25pt 1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt 1.5pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span><span style="font-family:Arial; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>
  						</p>
  					</td>
  					<td colspan="7" style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding:1.5pt 1.25pt 1.5pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family:Arial">&#x2014;</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:0.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr style="height:17.85pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:0.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr style="height:11.4pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:11.9pt">
  					<td colspan="3" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="vertical-align:top">
  					</td>
  				</tr>
  				<tr style="height:0pt">
  					<td style="width:2.4pt">
  					</td>
  					<td style="width:230.65pt">
  					</td>
  					<td style="width:2.35pt">
  					</td>
  					<td style="width:6.55pt">
  					</td>
  					<td style="width:67.4pt">
  					</td>
  					<td style="width:12.05pt">
  					</td>
  					<td style="width:1.8pt">
  					</td>
  					<td style="width:2.8pt">
  					</td>
  					<td style="width:6.55pt">
  					</td>
  					<td style="width:2.3pt">
  					</td>
  					<td style="width:2.3pt">
  					</td>
  					<td style="width:0.75pt">
  					</td>
  					<td style="width:2.2pt">
  					</td>
  					<td style="width:4.45pt">
  					</td>
  					<td style="width:1.45pt">
  					</td>
  					<td style="width:28.45pt">
  					</td>
  					<td style="width:28.45pt">
  					</td>
  					<td style="width:2.05pt">
  					</td>
  					<td style="width:2pt">
  					</td>
  					<td style="width:26.05pt">
  					</td>
  				</tr>
  			</table>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  				<span style="font-family:Arial">FirstEnergy&#x2019;s Non-utility Subsidiaries&#x2019; lending and borrowing balances under the Non-Utility Money Pool agreement as of December 31, </span><span style="font-family:Arial">202</span><span style="font-family:Arial">5</span><span style="font-family:Arial"> and 202</span><span style="font-family:Arial">4</span><span style="font-family:Arial"> are as follows:</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<table cellspacing="0" cellpadding="0" style="width:85.56%; border-collapse:collapse">
  				<tr>
  					<td style="width:0.76%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.28%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.6%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:17.66%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.22%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.22%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.22%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:0.6%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:18.08%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="width:1.14%; padding:1pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">Loan To (Borrowing From) the Non-utility Money Pool </span>
  						</p>
  					</td>
  					<td colspan="5" style="border-top-style:solid; border-top-width:1pt; padding:1.5pt 1.25pt 1.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">202</span><span style="font-family:Arial; font-weight:bold">5</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="border-top-style:solid; border-top-width:1pt; padding:1.5pt 1.25pt 1.75pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt">
  							<span style="font-family:Arial; font-weight:bold">202</span><span style="font-family:Arial; font-weight:bold">4</span>
  						</p>
  					</td>
  				</tr>
  				<tr style="height:12pt">
  					<td colspan="2" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="5" style="border-top-style:solid; border-top-width:1pt; padding-right:1.25pt; padding-left:1.25pt; padding-bottom:0.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="border-top-style:solid; border-top-width:1pt; padding-right:1.25pt; padding-left:1.25pt; padding-bottom:0.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">F</span><span style="font-family:Arial">irstEnergy</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="width:17.66%; padding:1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">298,204,354</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">$</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">312,584,824</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">GPU Nuclear, Inc.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(540,413)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(599,822)</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">FirstEnergy Ventures Corp.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">106,908,632</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">47,810,178</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Warrenton River Terminal, Ltd.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">784,145</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">746,295</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Bay Shore Power Company</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(129,056,375)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(124,940,012)</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">FirstEnergy Properties, Inc.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(42,771,029)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(41,407,724)</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">FE Fiber Holding Corp.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">1,925,055</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">1,846,993</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">FELHC, Inc.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(301,902)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(285,639)</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">AET PATH Company, LLC</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(998,963)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(1,568,337)</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">OES Ventures, Inc.</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">11,476,821</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">11,010,999</span><span style="font-family:Arial">&#160;</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Suvon</span><span style="font-family:Arial"> LLC</span>
  						</p>
  					</td>
  					<td colspan="4" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(35,133,949)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="padding:1.75pt 0.25pt 1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(34,358,505)</span>
  						</p>
  					</td>
  					<td style="padding:1.75pt 1.25pt 1.75pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Allegheny Energy Supply Company, LLC</span>
  						</p>
  					</td>
  					<td colspan="4" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding:1.75pt 0.25pt 1.38pt 1.25pt; vertical-align:top">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(210,496,376)</span>
  						</p>
  					</td>
  					<td style="width:1.2%; border-bottom-style:solid; border-bottom-width:0.75pt; padding:1.75pt 1.25pt 1.38pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="3" style="padding:0.25pt 1.25pt; vertical-align:middle">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  					<td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding:1.75pt 0.25pt 1.38pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt">
  							<span style="font-family:Arial">(170,839,250)</span>
  						</p>
  					</td>
  					<td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding:1.75pt 1.25pt 1.38pt 0.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt">
  							<span style="font-family:'Times New Roman'; ">&#160;</span>
  						</p>
  					</td>
  				</tr>
  				<tr>
  					<td colspan="2" style="padding:1.75pt 1.25pt; vertical-align:bottom">
  						<p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt">
  							<span style="font-family:Arial">Total</span>
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  				<span style="font-family:Arial; font-weight:bold">5</span><span style="font-family:Arial; font-weight:bold">. COST ALLOCATION</span>
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  				<span style="font-family:Arial">Allegheny Energy Service Corporation (AESC),</span><span style="font-family:Arial"> is a wholly owned subsidiary of FirstEnergy that provides certain services on behalf of FESC. All costs originating at AESC are allocated 100% to FESC monthly.</span>
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entity_id: C011360
filing_name: National_Grid_Service_Company_Inc._form60_Q4_1777690368
publication_time: 2026-05-02 02:52:48
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_references_to_financial_statement_notes_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION</span></div><div style="margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid USA Service Company Inc. (the "Company") is a wholly-owned subsidiary of National Grid USA ("NGUSA"), a public utility holding company under the Public Utility Holding Company Act of 2005 ("PUHCA 2005") with subsidiaries that engage in transmission, distribution and sale of natural gas and electricity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGUSA is a direct wholly-owned subsidiary of National Grid North America Inc. (“NGNA”) and an indirect wholly-owned subsidiary of National Grid plc, a public limited company incorporated under the laws of England and Wales.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to PUHCA 2005, the Federal Energy Regulatory Commission ("FERC") has jurisdiction over certain holding company activities, including (i) regulating certain transactions among affiliates within NGUSA's holding company system; (ii) governing the issuance, acquisition and disposition of securities and assets by certain of NGUSA’s direct and indirect public utility subsidiaries; and (iii) approving certain utility mergers and acquisitions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, NGUSA's affiliate transactions are subject to certain regulations of the Public Service Commission of the State of New York, and the Massachusetts Department of Public Utility.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements included in this filing were prepared in accordance with the accounting requirements of the FERC Uniform System of Accounts for Centralized Service Companies. This is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“U.S. GAAP”). The primary differences consist of the following: </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, regulatory assets and liabilities are presented on a gross basis and are classified as non-current. For U.S. GAAP reporting, regulatory assets and liabilities are presented on a net basis where appropriate and are classified as current or long-term as applicable.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The accumulated amounts collected in rates for cost of removal over spending are included within accumulated depreciation for FERC reporting, but are presented as a regulatory liability for U.S. GAAP reporting.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All debt is classified as long-term in the balance sheet for FERC reporting. Under U.S. GAAP, the presentation reflects current and long-term debt separately.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, the debt issuance costs related to term loans are presented in the balance sheet within deferred charges and other assets. Under U.S. GAAP, this is presented in the balance sheet as a direct deduction from the carrying value of debt.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, the liability for uncertain tax positions related to temporary differences is not recognized pursuant to FERC guidance and deferred taxes are recognized based on the difference between positions taken in filed tax returns and amounts reported in the financial statements. For U.S. GAAP reporting, the liability for uncertain tax positions related to temporary differences is recognized and deferred taxes are recognized based on the difference between the positions taken in filed tax returns adjusted for uncertain tax positions related to temporary differences and amounts reported in the financial statements.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, deferred tax assets and liabilities are presented on a gross basis. For U.S. GAAP reporting, deferred tax assets and liabilities are presented on a net basis.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></div><div style="margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:10pt;margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing financial statements that conform to FERC requirements, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, and the disclosure of contingent assets and liabilities included in the financial statements. Actual results could differ from those estimates.</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to Service Agreements between the Company, NGUSA and all affiliated companies (collectively, the "Affiliate Companies"), the Company provides the following services to the Affiliate Companies: (a) corporate affairs (b) executive and administration (c) corporate audit (d) customer services (e) financial services (f) information technology (g) security (h) procurement (i) human resources (j) legal and regulatory (k) network strategy and services (I) operating services (m) safety, health, and environment and (n) shared services.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues are recognized on a cost of service basis. Costs of services provided to Affiliate Companies are allocated in accordance with applicable service agreements and federal and state requirements. Costs are: (1) directly assigned where possible; (2) allocated using a reasonable and equitable allocation ratio based upon a cost-causation relationship; or (3) allocated broad based. Service allocation ratios are defined in the Service Agreements. Cost of service includes all costs of doing business incurred by the Service Company, including a reasonable return on capital.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal and state income taxes have been computed utilizing the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred income taxes also reflect the tax effect of net operating losses, capital losses, and general business credit carryforwards. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income of the appropriate tax character will be generated to realize the benefits of existing deferred tax assets. When the evaluation of the evidence indicates that the Company will not be able to realize the benefits of existing deferred tax assets, a valuation allowance is recorded to reduce existing deferred tax assets to the net realizable amount.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effects of tax positions are recognized in the financial statements when it is more likely than not that the position taken, or expected to be taken, in a tax return will be sustained upon examination by taxing authorities based on the technical merits of the position. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. Deferred investment tax credits are amortized over the useful life of the underlying property.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:133%">NGNA files consolidated federal tax returns including all of the activities of its subsidiaries. Each subsidiary determines its tax provision based on the separate return method, modified by a benefits-for-loss allocation pursuant to a tax sharing agreement between NGNA and its subsidiaries. The benefit of consolidated tax losses and credits are allocated to the NGNA subsidiaries giving rise to such benefits in determining each subsidiary’s tax expense in the year that the loss or credit arises. In a year that a consolidated loss or credit carryforward is utilized, the tax benefit utilized in consolidation is paid proportionately to the subsidiaries that gave rise to the benefit regardless of whether that subsidiary would have utilized the benefit. The tax sharing agreement also requires NGNA to allocate its parent tax losses, excluding deductions from acquisition indebtedness, to each subsidiary in the consolidated federal tax return with taxable income. The allocation of NGNA’s parent tax losses to its subsidiaries is accounted for as a capital contribution and is performed in conjunction with the annual intercompany cash settlement process following the filing of the federal tax return.</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash, Working Funds and Temporary Cash Investments</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash, working funds and temporary cash investments include cash on hand and temporary investments purchased with the original maturity of three months or less. Cash and cash equivalents are carried at cost which approximates fair value.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulatory Assets and Liabilities</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The regulatory assets and liabilities represent postretirement benefits associated with the regulated business. Gains/losses on the funded status of the pension and OPEB plans supporting the regulated entities are recorded as regulatory assets and liabilities on the Service Company. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Service Company Property</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Service Company Property is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of renewals and betterments that extend the useful life of utility plant is capitalized. The capitalized cost of additions to service company property includes costs such as direct material, labor and benefits, and capitalized interest.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Depreciation is computed over the estimated useful life of the asset using the straight-line method. Depreciation studies are conducted periodically to update the rates. The average rate for the years ended December 31, 2025 and 2024 was 14.6% and 14.5%, respectively. The average service life for each of the years ended December 31, 2025 and 2024 was 7 years and 7 years, respectively. When utility plant is retired, the original cost, less salvage, is charged to accumulated depreciation.</span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The following table summarizes service company property at cost along with accumulated depreciation and amortization:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:66.517%"><tr><td style="width:1.0%"/><td style="width:46.551%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.837%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:3.374%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.838%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Land and buildings</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">464,048</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">447,910 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Office furniture and equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">167,679</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">283,875 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Machinery and equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">52,860</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">36,448 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Construction work in progress</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">588,306</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">442,021 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases ROU assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">472,629</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">391,815 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangible assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3,292,608</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,875,655 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total Service Company Property</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,038,130</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,477,724 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accumulated Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(447,461)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(500,983)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accumulated Amortization</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(1,879,026)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,559,714)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net Service Company Property</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2,711,643</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,417,027 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Leases</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has elected to not evaluate whether sales tax and other similar taxes are lessor and lessee costs. Instead, such costs are deemed lessee costs. The Company does not combine lease and non-lease components for contracts in which the Company is the lessee or the lessor. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Certain building leases provide the Company with an option to extend the lease term. The Company has included the periods covered by any extension options in its determination of the lease term when management believes it is reasonably certain the Company will exercise its option. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Lease liabilities are recognized based on the present value of the lease payments over the lease term at the commencement date. For any leases that do not provide an implicit rate, the Company uses an estimate of its collateralized incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. In measuring lease liabilities, the Company excludes variable lease payments, other than those that depend on an index or a rate, or are in substance fixed payments, and includes lease payments made at or before the commencement date. Variable lease payments were not material for the years ended December 31, 2025 and 2024. The Company does not reflect short-term leases on the balance sheet. Expenses related to short-term leases were not material for the years ended December 31, 2025 and 2024.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Right-of-use assets consist of the lease liability, together with any payments made to the lessor prior to commencement of the lease (less any lease incentives) and any initial direct costs. Right-of-use assets are amortized over the lease term. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company recognizes lease expense based on a pattern that conforms to the regulatory ratemaking treatment.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Allowance for Funds Used During Construction</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In accordance with applicable accounting guidance, the Company records AFUDC, which represents the debt and equity costs of financing the construction of new utility plant. AFUDC equity is reported in the statements of income as non-cash income and AFUDC debt is reported as non-cash offset to interest expense. After construction is completed, the Company is permitted to recover these costs through inclusion in rate base and the corresponding depreciation expense. The Company recorded AFUDC related to equity of $16.5 million and $10.2million and AFUDC related to debt of $10.6 million and $8.9 million for the years ended December 31, 2025 and 2024, respectively. The average AFUDC rate was 6.85% and 6.42% for the years ended December 31, 2025 and December 31, 2024, respectively.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Asset Retirement Obligations</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Asset retirement obligations are recognized for legal obligations associated with the retirement of property, plant, and equipment. Asset retirement obligations are recorded at fair value in the period in which the obligation is incurred, if the fair value can be reasonably estimated. In the period in which new asset retirement obligations, or changes to the timing or amount of existing retirement obligations are recorded, the associated asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset. In each subsequent period, the asset retirement obligation is accreted to its present value. </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table represents the changes in the Company’s asset retirement obligations:</span></div><div style="margin-bottom:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.482%"><tr><td style="width:1.0%"/><td style="width:64.318%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.408%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.465%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.409%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Balance as of the beginning of the period</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3,879</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,641 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accretion expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">303</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">320 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Liabilities settled</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(1,055)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(569)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revisions to present values of estimated cash flows</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,487 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Balance as of the end of the period</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3,099</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,879 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:10pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Going Concern</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current U.S. GAAP guidance requires management to evaluate whether there is substantial doubt surrounding an entity’s ability to continue as a going concern. If management concludes that substantial doubt exists, additional disclosures relating to management’s evaluation and conclusion are required. Management is not aware of any indicators giving rise to substantial doubt about the Company’s ability to continue to operate and to meet its obligations as they become due. </span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New and Recent Accounting Guidance</span></div><div style="margin-bottom:10pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Guidance Recently Adopted</span></div><div style="margin-bottom:10pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2023 the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which improves the income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company will adopt this standard for the annual periods effective March 31, 2026. The company is currently assessing the application of the new guidance but does not expect to have any material impact to the disclosures, which are included in Note 7, “Income Taxes”.</span></div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">POSTRETIREMENT BENEFITS </span><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Pension</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">: The Company's employees are members of NGUSA's noncontributory defined benefit pension plans covering substantially all employees associated with NGUSA. Benefits are based on years of service and compensation. Pension costs are allocated to the Company; related pension obligations and assets are commingled and are not allocated to the Company and other participating companies. Pension (benefit) expense attributed to the Company for the years ended </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025 and 2024, was approximately $(20.5) million and $(13.3) million, respectively. These costs are allocated to affiliated companies as burden costs based upon direct labor costs of the Company. Funding for pensions is in accordance with requirements of federal law and regulations. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Other Postretirement Benefits</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">: The Company's employees are members of NGUSA's noncontributory defined benefit plans which provide certain health care and life insurance benefits for retired employees of NGUSA. Other postretirement benefit costs are allocated to the Company; other postretirement benefit obligations and assets are commingled and are not allocated to the Company and other participating companies. NGUSA has been funding a portion of future benefits over employees' active service lives through Voluntary Employee Beneficiary Association (VEBA) trusts. Contributions to VEBA trusts are tax deductible, subject to limitations contained in the Internal Revenue Code. Other postretirement (benefit) expense attributed to the Company for the years ended December 31, 2025 and 2024 was approximately $(21.0) million and $(6.2) million. These costs are allocated to affiliated companies as burden costs based upon direct labor costs of the Company.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4. OTHER INVESTMENTS</span></div><div style="margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has corporate assets recorded on the balance sheet in Other Investments, primarily representing funds designated for Supplemental Executive Retirement Plans. These funds are invested in corporate-owned life insurance policies, mutual funds and other securities. These investments are stated at fair market value and the changes in fair market value are recorded in other comprehensive income. </span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5. RELATED PARTY TRANSACTIONS</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts Receivable from and Accounts Payable to Associated Companies </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to Service Agreements between the Company, NGUSA, and the Affiliate Companies, the Company provides services to the Affiliate Companies, including executive and administrative, customer services, financial (including accounting, auditing, risk management, tax, and treasury/finance), human resources, information technology, legal, and strategic planning, that are charged between the companies and charged to each company. </span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company records short-term receivables from, and payables to, certain of its affiliates in the ordinary course of business. The amounts receivable from, and payable to, its affiliates do not bear interest and are settled through the intercompany money pool. A summary of outstanding accounts receivable from associated companies and accounts payable to associated companies is as follows: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:71.726%"><tr><td style="width:1.0%"/><td style="width:33.132%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.875%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.875%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.667%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.875%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.876%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Accounts Receivable from Associate Companies</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Accounts Payable to Associate Companies</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">December 31,</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">NGV US LLC</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">$14,625</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$404,767</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">$4,617</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$30,219</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">National Grid UK</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">—</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">12,765</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">34,571</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Niagara Mohawk Power Corp.</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">203,970</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">196,603</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">18,045</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">17,381</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Massachusetts Electric Co.</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">109,485</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">118,827</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">14,722</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">7,549</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">NGUSA</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">7,177</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">388,027</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">44,487</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">351,212</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">149,470</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">109,875</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">57,987</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">29,517</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">$484,727</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$1,230,864</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">$174,429</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">$435,878</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Notes Receivable from and Notes Payable to Associated Companies </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company administers a Regulated and Unregulated Money Pool (collectively, the “Money Pools”) on behalf of National Grid entities. The Regulated Money Pool serves public utility company participants, and the Unregulated Money Pool serves non-public utility company participants. The Company participates in the Regulated Money Pool as well, and was in a net lending position of $561.9 million and of $150.7 million at December 31, 2025 and 2024, respectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Regulated and Unregulated Money Pools are funded by operating funds from participants in the applicable pool. NGUSA has the ability to borrow up to $3 billion from National Grid plc for working capital needs, including funding of the Money Pools, if necessary. The Company, as agent for each Money Pool, invests excess funds, if any, on a short-term basis. Participants providing funds to the Money Pools share in the interest earned on loans and investments on a basis proportionate to their investment in the Money Pool. Participants borrowing from a Money Pool pay interest at a rate generally equal to NGUSA's short-term borrowing rate, plus a proportionate share of the administrative costs incurred in obtaining required funds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2025, participant balances for the Money Pools on a combined basis were as follows: </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.095%"><tr><td style="width:0.1%"/><td style="width:2.333%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:66.298%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.969%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investments</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr style="height:15pt"><td colspan="6" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid USA Parent</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$1,452,170,219</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG New England Holdings 2</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,001,634</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGUSA Service Company</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">561,911,264</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">PSEG Electric Serv TSA Co.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">101,690,270</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Brooklyn Union Gas-KEDNY</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Massachusetts Electric Co</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nantucket Electric Co</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">102,378,285</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Boston Gas-Colonial Div</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">232,343,390</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New England Power Company</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">204,423,748</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NE Hydro-Trans Elec Co</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">24,795,917</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NE Electric Trans Corp</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,501,650</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NE Hydro Finance Co, Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,343</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG LNG GP LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">44,275</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Generation LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">78,451,841</span></td></tr></table></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.095%"><tr><td style="width:0.1%"/><td style="width:2.333%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:66.298%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.969%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Glenwood Energy Center</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">27,925,622</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Port Jeff Energy Cntr</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">34,156,499</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG IGTS Corp.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Millennium LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">712,407,999</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Algonquin LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Northeast Transmission Co</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">312,478,493</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid US LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,369,834</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Metrowest Realty LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,840,581</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wayfinder Group, Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30,723,062</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">EUA Energy Investment</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30,159,046</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid Green Homes</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">65,937,565</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Opinac North America</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">64,797,662</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Energy Trading Srvcs</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">58,816,995</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Philadelphia Coke Co.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,755,029</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KeySpan My Home Key, Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">439,592</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Islander East Pipe</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,725,732</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Granite State Power Link</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">221,161</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Northeast Renewable Link</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Development Holding</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">439,733,342</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Renewables Dev, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KeySpan Energy Services</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,255,204</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Energy Management LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,293</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGV US, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid Partners LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$4,598,478,547</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Borrowings</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Niagara Mohawk Holdings</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$123,544,942</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid Engineering and Survey, Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">65,929,607</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Electric Services</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Niagara Mohawk Power Corp</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">190,924,559</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Brooklyn Union Gas - KEDNY</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">559,532,066</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KS Gas East Corp-KEDLI</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">357,619,123</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Massachusetts Electric Co</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">433,342,478</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Boston Gas Company</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">375,834,891</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New England Power Company</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NE Hydro-Trans Corp</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,180,808</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG LNG LP</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">270,536,440</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG LNG LP LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,603,846</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Generation VenturesLLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30,539,625</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Grid NY LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">189,804,025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vermont Green Line Devco</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">583,559</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Newport America Corp</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">417,960</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NEES Energy, Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">632,819</span></td></tr></table></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.095%"><tr><td style="width:0.1%"/><td style="width:2.333%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:66.298%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.969%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGV US Transmission Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">93,511,633</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transgas Inc</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,652,464</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KS Energy Corp-West Hold</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">384,917,488</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Technologies Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">109,427,487</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Northeast Renewable Link</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">335,136</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Broken Bridge Corp.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">424,220</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Renewables, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">549,174,322</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NG Services, Inc.</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">295,914,883</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KSI Mechanical, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">163,249</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KS Home Energy Srvcs, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">KS Plumbing Solutions Inc</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">607,690</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGV US,LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67,873,104</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGV Emerald Energy Venture Holdings, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,261</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGV OSW Holdings, LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">437,697,380</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Grid Partners LLC</span></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">17,750,482</span></td></tr><tr><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Borrowings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$4,598,478,547</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"/></tr></table></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6. OPERATING LEASES</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company is the lessee for certain office space properties within NGUSA’s service territories. These leases are accounted for as operating leases and the costs are allocated to Affiliate Companies. The expense related to operating leases was $61.2 million, and $50.5 million for the years ended December 31, 2025, and 2024, respectively.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">As of December 31, 2025 and 2024, the Company did not have material rights or obligations under operating or finance leases that have not yet commenced. As of December 31, 2025, the Company’s operating lease related to fleet vehicles had a weighted average discount rate of 5.2% and a weighted average remaining lease term of 6 years. The Company’s operating leases related to real estate had a weighted average discount rate of 3.0% and a weighted average remaining lease term of 10 years. The Company’s operating leases related to plant and machinery had a weighted average discount rate of 5.4% and a weighted average remaining lease term of 3 years. As of December 31, 2024, the Company’s operating lease related to fleet vehicles had a weighted average discount rate of 4.8% and a weighted average remaining lease term of 5 years. The Company’s operating leases related to real estate had a weighted average discount rate of 3% and a weighted average remaining lease term of 11 years. The Company’s operating leases related to plant and machinery had a weighted average discount rate of 5.6% and a weighted average remaining lease term of 11 years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the Company’s maturity analysis of its operating lease liabilities, showing the undiscounted cash flows on an annual basis reconciled to the undiscounted cash flows of the operating lease liabilities recognized in the balance sheet.</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.261%"><tr><td style="width:1.0%"/><td style="width:38.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.674%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.932%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.445%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.933%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%;text-decoration:underline">Years Ending December 31,</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Real Estate <br/>Operating Lease</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Plant &amp; Machinery Operating Lease</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Fleet Asset <br/>Operating Lease</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Grand Total</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2026</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(817)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">13,046 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2,702 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">14,931</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2027</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">865 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">49,210 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">11,022 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">61,097</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2028</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">865 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">44,379 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">10,851 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">56,095</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">610 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">37,610 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">10,556 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">48,776</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2030</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">30,972 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">10,216 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">41,207</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">All years thereafter</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">45,933 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">51,195 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">97,141</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total future minimum lease payments</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">1,555</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">221,150</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">96,542</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">319,247</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Less: Imputed interest</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(12,385)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(195)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(28,156)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(40,736)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total future minimum lease payments</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(10,830)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">220,955</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">68,386</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">227,909</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">278,511</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Current lease liability</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">50,501</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Non-current lease liability</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">228,009</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:120%">278,510</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">7. INCOME TAXES</span></div><div style="margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Components of Income Tax Expense</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The components of federal and state income tax expense (benefit) are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.011%"><tr><td style="width:1.0%"/><td style="width:68.104%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.951%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.492%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.953%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Current tax expense (benefit)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Federal</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(10,116)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">5,899 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(4,678)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">14,266 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total current tax expense (benefit)</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(14,794)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">20,165 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Deferred tax expense (benefit):</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">20,093</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">17,107 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">10,662</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2,143)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total deferred tax expense (benefit) </span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">30,755</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">14,964 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total income tax expense (benefit) </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">15,961</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">35,129 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:10pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There was a change in the presentation of the Provision for Deferred Income tax to properly report the deferred tax expense and deferred tax benefit on a gross basis. In the prior period, the deferred tax expense and deferred tax benefit are presented on a net basis.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statutory Rate Reconciliation</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company's effective tax rates for the years ended December 31, 2025 and 2024 are 18.42% and 28.3%, respectively. The following table presents a reconciliation of income tax expense (benefit) at the federal statutory tax rate of 21% to the actual tax expense:</span></div><div style="margin-bottom:10pt"><span><br/></span></div><div style="margin-bottom:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:39.799%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.795%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.208%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.795%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.124%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.124%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.124%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.131%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> Years Ended December 31,</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Computed tax</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">18,197</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">26,113 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Change in computed taxes resulting from:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> State income tax, net of Federal benefit </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">4,728</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,577 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Amortization of regulatory tax liability-net </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">—</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(351)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> R&amp;D Credit </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(3,505)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1,703)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Equity-based Compensation and Dividends </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(1,070)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1,223)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Employee Stock Purchase Plan Discount </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">415</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">560 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Meals and Entertainment </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">744</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">663 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Executive Pay 162M Limitation </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(809)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,187 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Share Based Comp Windfall/Shortfal </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(3,682)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">475 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Other </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">943</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(169)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 31pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total changes</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(2,236)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,016 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total income tax expense (benefit) </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">15,961</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">35,129 </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div style="margin-bottom:5pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is included in the NGNA and subsidiaries consolidated federal income tax return and multiple unitary state income tax return. The Company has joint and several liability for any potential assessments against the consolidated group.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax Legislation Enactments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Inflation Reduction Act ("IRA"), enacted in August of 2022, imposes a 15% Corporate Alternative Minimum Tax ("CAMT") on the "adjusted financial statement income" of certain large corporations that qualify as an “applicable corporation” for tax years beginning after December 31, 2022. Once a corporation qualifies as an applicable corporation, it remains one for all future taxable years. National Grid meets the qualifications of an applicable corporation and is therefore subject to CAMT beginning with the fiscal year ended March 31, 2024. Any CAMT amount paid will generate a CAMT credit carryforward that has no expiration period and can be claimed against regular income tax in the future.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The Act contains a number of tax provisions that extend and modify certain tax provisions enacted as part of the Tax Cuts and Jobs Act of 2017 and Inflation Reduction Act of 2022. The tax provisions of the OBBBA do not have a material impact on the results of operations, cash flows, or financial position of the Company.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deferred Tax Components</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant components of the Company's net deferred tax assets and liabilities at December 31, 2025 and December 31, 2024 are as follows:</span></div><div style="margin-bottom:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.773%"><tr><td style="width:1.0%"/><td style="width:67.752%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.145%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.455%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.148%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Deferred tax assets:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reserves not currently deducted</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">117,201</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">89,488 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Research and development tax credit</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">20,157</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Net operating losses</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">39,270</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">19,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">95,338</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">107,111 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total deferred tax assets</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">271,966</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">218,055 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Deferred tax liabilities</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Property related differences</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">381,463</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">303,075</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reserve - Nuclear and Decommissioning</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">221,828</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">220,666</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Other items </span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2,274</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2,274</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total deferred tax liabilities</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">605,565</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">526,015 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Net deferred income tax liabilities</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(333,599)</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(307,960)</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net Operating Losses</span></div><div style="margin-bottom:10pt;margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amounts and expiration dates of the Company’s net operating loss carryforward as of December 31, 2025 a</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">re as follows:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.482%"><tr><td style="width:1.0%"/><td style="width:43.998%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.677%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.030%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.895%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:22pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Carryforward Amount</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Expiration Period</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:22pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">138,476 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Indefinite </span></td></tr></table></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Status of Income Tax Examinations</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table indicates the earliest tax year subject to examination for each major jurisdiction:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.625%"><tr><td style="width:1.0%"/><td style="width:82.151%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.649%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Jurisdiction</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax Year</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Massachusetts</span></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2013</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New York</span></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2016</span></td></tr></table></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Uncertain Tax Positions</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company adopted the provisions of FASB guidance which clarifies the accounting for uncertain tax positions as modified by FERC Docket AI07-2-000. FASB guidance provides that the financial effects of a tax position shall initially be recognized when it is more likely than not, based on the technical merits, that the position will be sustained upon examination, assuming the position will be audited and the taxing authority has full knowledge of all relevant information. FERC docket AI07-2-000 issues supplementary guidance requiring entities to continue to recognize deferred income taxes for Commission accounting and reporting purposes based on the difference between positions taken in tax returns filed or expected to be filed and amounts reported in the financial statements. As of December 31, 2025 and December 31, 2024, the Company did not have any unrecognized tax benefits on a FERC basis.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company recognizes interest related to unrecognized tax benefits, including affiliate interest, if applicable, net, in other interest expenses, and related penalties, if applicable, in other deductions, in the accompanying statement of income. As of December 31, 2025 and 2024, the Company has accrued for interest related to unrecognized tax (liabilities)/benefits of $(0.03) million and $(0.03) million, respectively. During the years ended December 31, 2025 and 2024, the Company recorded interest income of $0.3 million and $0.2 million, respectively. No tax penalties were recognized during the years ended December 31, 2025 and 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">It is reasonably possible that other events will occur during the next twelve months that would cause the total amount of unrecognized tax benefits to increase or decrease. However, the Company does not believe any such increases or decreases would be material to its results of operations, financial position, or cash flows.</span></div>


entity_id: C011361
filing_name: National_Grid_Engineering_&_Survey,_Inc._form60_Q4_1777693740
publication_time: 2026-05-02 03:49:00
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_references_to_financial_statement_notes_text_block:
  <div style="margin-bottom:3pt;margin-top:12pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:133%">1.    NATURE OF OPERATIONS AND BASIS OF PRESENTATION</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">National Grid Engineering and Survey, Inc. or the (“Company”) is a wholly-owned subsidiary of National Grid USA (“NGUSA”), a public utility holding company under the Public Utility Holding Company Act of 2005 ("PUHCA 2005") with subsidiaries that engage in transmission, distribution and sale of natural gas and electricity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NGUSA is a direct wholly-owned subsidiary of National Grid North America, Inc. ("NGNA") and an indirect wholly-owned subsidiary of National Grid plc, a public limited company incorporated under the laws of England and Wales. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to PUHCA 2005, the Federal Energy Regulatory Commission (“FERC”) has jurisdiction over certain holding company activities, including (i) regulating certain transactions among affiliates within NGUSA’s holding company system; (ii) governing the issuance, acquisition and disposition of securities and assets by certain of NGUSA’s direct and indirect public utility subsidiaries; and (iii) approving certain utility mergers and acquisitions. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, NGUSA’s affiliate transactions are subject to certain regulations of the Public Service Commission of the State of New York, the Massachusetts Department of Public Utility, and the Rhode Island Public Utilities Commission.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements included in this filing were prepared in accordance with the accounting requirements of the FERC Uniform System of Accounts for Centralized Service Companies. This is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“U.S. GAAP”). The primary differences consist of the following: </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, regulatory assets and liabilities are presented on a gross basis and are classified as non-current. For U.S. GAAP reporting, regulatory assets and liabilities are presented on a net basis where appropriate and are classified as current or long-term as applicable.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The accumulated amounts collected in rates for cost of removal over spending are included within accumulated depreciation for FERC reporting, but are presented as a regulatory liability for U.S. GAAP reporting.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">All debt is classified as long-term in the balance sheet for FERC reporting. Under U.S. GAAP, the presentation reflects current and long-term debt separately.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, the debt issuance costs related to term loans are presented in the balance sheet within deferred charges and other assets. Under U.S. GAAP, this is presented in the balance sheet as a direct deduction from the carrying value of debt.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, the liability for uncertain tax positions related to temporary differences is not recognized pursuant to FERC guidance and deferred taxes are recognized based on the difference between positions taken in filed tax returns and amounts reported in the financial statements. For U.S. GAAP reporting, the liability for uncertain tax positions related to temporary differences is recognized and deferred taxes are recognized based on the difference between the positions taken in filed tax returns adjusted for uncertain tax positions related to temporary differences and amounts reported in the financial statements.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For FERC reporting, deferred tax assets and liabilities are presented on a gross basis. For U.S. GAAP reporting, deferred tax assets and liabilities are presented on a net basis.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing financial statements that conform to FERC requirements, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, and the disclosure of contingent assets and liabilities included in the financial statements. Actual results could differ from those estimates.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to Service Agreements between the Company, NGUSA and all affiliated companies (collectively, the “Affiliate Companies”), the Company advises and assists Affiliate Companies in the study, planning, engineering, maintenance and construction of energy plant facilities of each Affiliate Company and of the Gas Systems and the Electric Systems as a whole, and advises, assists and manages the planning, engineering and construction operations of Affiliate Companies. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues are recognized on a cost of service basis. Costs of services provided to Affiliate Companies are allocated in accordance with applicable service agreements and federal and state requirements. Costs are: (1) directly assigned where possible; (2) allocated using a reasonable and equitable allocation ratio based upon a cost-causation relationship; or (3) allocated broad based. Service allocation ratios are defined in the Service Agreements. Cost of service includes all costs of doing business incurred by the Company, including a reasonable return on capital.</span></div><div style="margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Federal and state income taxes have been computed utilizing the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred income taxes also reflect the tax effect of net operating losses, capital losses, and general business credit carryforwards. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income of the appropriate tax character will be generated to realize the benefits of existing deferred tax assets. When the evaluation of the evidence indicates that the Company will not be able to realize the benefits of existing deferred tax assets, a valuation allowance is recorded to reduce existing deferred tax assets to the net realizable amount.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The effects of tax positions are recognized in the financial statements when it is more likely than not that the position taken, or expected to be taken, in a tax return will be sustained upon examination by taxing authorities based on the technical merits of the position. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. Deferred investment tax credits are amortized over the useful life of the underlying property. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">NGNA files consolidated federal tax returns including all of the activities of its subsidiaries. Each subsidiary determines its tax provision based on the separate return method, modified by a benefits-for-loss allocation pursuant to a tax sharing agreement between NGNA and its subsidiaries. The benefit of consolidated tax losses and credits are allocated to the NGNA subsidiaries giving rise to such benefits in determining each subsidiary’s tax expense in the year that the loss or credit arises. In a year that a consolidated loss or credit carryforward is utilized, the tax benefit utilized in consolidation is paid proportionately to the subsidiaries that gave rise to the benefit regardless of whether that subsidiary would have utilized the benefit. The tax sharing agreement also requires NGNA to allocate its parent tax losses, excluding deductions from acquisition indebtedness, to each subsidiary in the consolidated federal tax return with taxable income. The allocation of NGNA’s parent tax losses to its subsidiaries is accounted for as a capital contribution and is performed in conjunction with the annual intercompany cash settlement process following the filing of the federal tax return.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Property and Equipment</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment are stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of renewals and betterments that extend the useful life of utility plant is capitalized. The capitalized cost of additions to property and equipment includes costs such as direct material, labor and benefits, and capitalized interest.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation is computed over the estimated useful life of the asset using the straight-line method. Depreciation studies are conducted periodically to update the rates. The average rate for the years ended December 31, 2025 and 2024 was 3.4% and 3%, respectively. The average service life for each of the years ended December 31, 2025 and 2024 was 30 years and 29 years. When utility plant is retired, the original cost, less salvage, is charged to accumulated depreciation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes property and equipment at cost along with accumulated depreciation and amortization:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.416%"><tr><td style="width:1.0%"/><td style="width:58.133%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.541%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.384%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.542%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Land and Buildings</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">332</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">322 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Office Furniture and Equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">50</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">44 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Machinery and Equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">3,968</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">3,670 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Construction Work in Progress</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">465</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">294 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Total</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">4,815</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">4,330 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Accumulated Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">(699)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">(578)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">Property and Equipment, Net</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">4,116</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">3,752 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Going Concern</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current U.S. GAAP guidance requires management to evaluate whether there is substantial doubt surrounding an entity’s ability to continue as a going concern. If management concludes that substantial doubt exists, additional disclosures relating to management’s evaluation and conclusion are required. Management is not aware of any indicators giving rise to substantial doubt about the Company’s ability to continue to operate and to meet its obligations as they become due. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New and Recent Accounting Guidance</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:133%">Accounting Guidance Recently Adopted</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2023 the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which improves the income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company will adopt this standard for the annual periods effective March 31, 2026. The company is currently assessing the application of the new guidance but does not expect to have any material impact to the disclosures, which are included in Note 7, “Income Taxes”.</span></div><div style="margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3.    POSTRETIREMENT BENEFITS</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pension:</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s employees are members of NGUSA’s noncontributory defined benefit pension plans covering substantially all employees associated with NGUSA. Benefits are based on years of service and compensation.  Pension costs are allocated to the Company; related pension obligations and assets are commingled and are not allocated to the Company and other participating companies.  Pension (benefit) expense attributed to the Company for the years ended December 31, 2025 and 2024, was approximately $(0.3) million and $1.5 million, respectively. These costs are allocated to affiliate companies as burden costs based upon direct labor costs of the Company. Funding for pensions is in accordance with requirements of federal law and regulations. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Other Postretirement Benefits:</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> The Company employees are members of NGUSA’s noncontributory defined benefit plans, which provide certain health care and life insurance benefits for retired employees of NGUSA. Other postretirement benefit costs are allocated to the Company. Other postretirement obligations and assets are commingled and are not allocated to the Company and other participating companies. NGUSA has been funding a portion of future benefits over employees’ active service lives through Voluntary Employee Beneficiary Association (VEBA) trusts. Contributions to VEBA trusts are tax deductible, subject to limitations contained in the Internal Revenue Code. Other postretirement (benefit) expense attributed to the Company for the years ended December 31, 2025 and 2024 was approximately $(8.3) million and $(3.9) million, respectively. These costs are allocated to affiliate companies as burden costs based upon direct labor costs of the Company. Funding for pensions is in accordance with requirements of federal law and regulations. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:12pt;margin-top:15pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.    MONEY POOL</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company participates in the Regulated Money Pool (“Pool”) which is administered by National Grid USA Service Company, Inc. on behalf of regulated National Grid entities. The Pool is funded by operating funds from pool participants and, if necessary, advances from NGUSA. The Pool invests excess funds, if any, on a short-term basis. Participants providing funds to the money pool share in the interest earned on loans and investments on a basis proportionate to their investment in the money pool. Participants borrowing from the money pool pay interest at a rate generally equal to NGUSA’s short-term borrowing rate, plus a proportionate share of the administrative costs incurred in obtaining required funds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company had a short-term borrowing position of $65.9 million and $56.1 million at December 31, 2025 and 2024, respectively. In 2025 and 2024, this balance is included in Notes Payable to Associate Companies in the accompanying Balance Sheet.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.    INCOME TAXES</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Components of Income Tax Expense</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The components of federal and state income tax expense (benefit) are as follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.351%"><tr><td style="width:1.0%"/><td style="width:61.421%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.307%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.937%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Current tax expense (benefit)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Federal</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(1,066)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(590)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(330)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(965)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total current tax (benefit)</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(1,396)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1,555)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Deferred tax expense (benefit):</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">577</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">106</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 31pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total deferred tax expense</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">683</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">783 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total income tax (benefit) expense </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(713)</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(772)</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">                </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Statutory Rate Reconciliation</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's effective tax rates for the years ended December 31, 2025 and 2024 are 29.9% and 31.1%, respectively. The following table presents a reconciliation of income tax expense (benefit) at the federal statutory tax rate of 21% to the actual tax expense:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.351%"><tr><td style="width:1.0%"/><td style="width:61.421%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.307%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.937%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Years Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Computed tax</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(500)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(522)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Change in computed taxes resulting from:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">State income tax, net of Federal benefit</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(177)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(182)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Provision to return adjustment </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(20)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(32)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(16)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(213)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(250)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total income tax (benefit) expense </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(713)</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(772)</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is included in the NGNA and subsidiaries consolidated federal income tax return and New York State unitary state income tax return. The Company has joint and several liability for any potential assessments against the consolidated group.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">            </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deferred Tax Components</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">    </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.202%"><tr><td style="width:1.0%"/><td style="width:63.746%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.770%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.312%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.772%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Deferred tax assets:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Net operating losses</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">9,860</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">8,008 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">3,039</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3,035 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">12,899</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">11,043 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Deferred Tax liabilities:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Property related differences</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">692</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">569 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Pension, OPEB, and other employee benefits</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">50,901</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">48,612 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">151</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">151 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">51,744</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">49,332 </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Net deferred income tax assets/(liabilities)</span></div></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(38,845)</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(38,289)</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net Operating Losses    </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">            </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amounts and expiration dates of the Company’s net operating loss carryforward as of December 31, 2025 are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:5.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"><tr><td style="width:1.0%"/><td style="width:52.958%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.114%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:2.397%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.031%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"><div style="padding-right:2.75pt"><span><br/></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Carryforward Amount</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Expiration Period</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">(in thousands of dollars)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Federal</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">24,469</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Indefinite</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">New York</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">67,307</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2035- 2045</span></td></tr></table></div><div style="margin-bottom:10pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Status of Income Tax Examinations</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table indicates the earliest tax year subject to examination for each major jurisdiction:</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.601%"><tr><td style="width:1.0%"/><td style="width:79.504%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.296%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Jurisdiction</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax Year</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2023</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New York</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2016</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Uncertain Tax Positions</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company adopted the provisions of FASB guidance which clarifies the accounting for uncertain tax positions as modified by FERC Docket AI07-2-000. FASB guidance provides that the financial effects of a tax position shall initially be </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">recognized when it is more likely than not, based on the technical merits, that the position will be sustained upon examination, assuming the position will be audited and the taxing authority has full knowledge of all relevant information. FERC docket AI07-2-000 issues supplementary guidance requiring entities to continue to recognize deferred income taxes for Commission accounting and reporting purposes based on the difference between positions taken in tax returns filed or expected to be filed and amounts reported in the financial statements. As of December 31, 2025 and December 31, 2024, the Company did not have any unrecognized tax benefits on a FERC basis.</span></div>


