Management increased collective rate baseable assets by $70 million or 59% over 2024-2025, driven by the recommissioning of the Southwest plant and the City of Tucson acquisition. The 2025 performance was characterized by 'regulatory lag,' where heavy upfront capital investments increased depreciation and operating expenses before new rates could be approved. A $1.3 million one-time asset write-off occurred due to the recommissioning of the previously mothballed Southwest plant, which was originally b ...