BASIN ELECTRIC POWER COOPERATIVE
Basin Electric Power Cooperative filed its 10-Q for the quarter ended September 30, 2026. Total operating revenue rose 11.6% YoY to $858.5M, with net income of $121.1M and an operating margin of 3.5%. The quarter included a $539.9M impairment of assets, largely offset by a $451.2M regulatory deferral of the related loss.
- Total operating revenue rose 11.6% YoY to $858.5M for Q3 FY2026.
- Net income was $121.1M with an operating margin of 3.5%.
- Impairment of assets totaled $539.9M, offset by a $451.2M regulatory deferral.
- Electric Utility segment operating margin rose 35.1% to $166.6M.
- Interest and other charges jumped 568.3% to $531.2M in the Electric Utility segment.
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A large asset impairment alongside double-digit revenue growth shows a cooperative balancing strong member demand against rising debt and asset-value pressures.
As a member-owned generation and transmission cooperative, Basin's results reflect rising member electricity sales (up 16.3% YoY) and higher lignite coal prices, alongside heavy interest costs tied to capital expenditures.
The $539.9M asset impairment signals potential value deterioration, and the $451.2M regulatory deferral depends on future rate recovery. Rising indebtedness from significant capital expenditures and interest charges (up 568.3% in the Electric Utility segment) pressure margins.