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of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________\n\nFORM 10-Q\n\n___________________________________\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _____ to _____\n\nCommission file number 333-295074\n\n___________________________________\n\nBASIN ELECTRIC POWER COOPERATIVE\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________\n\nNorth Dakota\n\n45-0277395\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n1717 East Interstate Avenue\n\nBismarck, North Dakota 58503\n\n(Address of Principal Executive Offices and Zip Code)\n\n(701) 223 0441\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nfiler,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\no\n\nEmerging growth company\n\no\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes o No x\n\nIndicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: The registrant is a membership corporation and has no authorized or outstanding equity securities.\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nBASIN ELECTRIC POWER COOPERATIVE\n\nFORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026\n\nTABLE OF CONTENTS\n\nPage\n\n[FORWARD-LOOKING STATEMENTS](#i47c574ad12224397892dbd1c46bb3279_2147)\n\n[ii](#i47c574ad12224397892dbd1c46bb3279_2147)\n\n[CERTAIN DEFINITIONS](#i47c574ad12224397892dbd1c46bb3279_2152)\n\n[iv](#i47c574ad12224397892dbd1c46bb3279_2152)\n\n[PART I FINANCIAL INFORMATION](#i47c574ad12224397892dbd1c46bb3279_10)\n\n[ITEM 1.](#i47c574ad12224397892dbd1c46bb3279_13)\n\n[FINANCIAL STATEMENTS](#i47c574ad12224397892dbd1c46bb3279_13)\n\n[1](#i47c574ad12224397892dbd1c46bb3279_13)\n\n[CONSOLIDATED BALANCE SHEETS (Unaudited)](#i47c574ad12224397892dbd1c46bb3279_2483)\n\n2\n\n[CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)](#i47c574ad12224397892dbd1c46bb3279_22)\n\n[4](#i47c574ad12224397892dbd1c46bb3279_22)\n\n[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)](#i47c574ad12224397892dbd1c46bb3279_28)\n\n[5](#i47c574ad12224397892dbd1c46bb3279_25)\n\n[CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)](#i47c574ad12224397892dbd1c46bb3279_28)\n\n[6](#i47c574ad12224397892dbd1c46bb3279_28)\n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)](#i47c574ad12224397892dbd1c46bb3279_31)\n\n[7](#i47c574ad12224397892dbd1c46bb3279_31)\n\n[CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)](#i47c574ad12224397892dbd1c46bb3279_34)\n\n[8](#i47c574ad12224397892dbd1c46bb3279_34)\n\n[ITEM 2.](#i47c574ad12224397892dbd1c46bb3279_97)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i47c574ad12224397892dbd1c46bb3279_97)\n\n[30](#i47c574ad12224397892dbd1c46bb3279_97)\n\n[ITEM 3.](#i47c574ad12224397892dbd1c46bb3279_127)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i47c574ad12224397892dbd1c46bb3279_127)\n\n[40](#i47c574ad12224397892dbd1c46bb3279_127)\n\n[ITEM 4.](#i47c574ad12224397892dbd1c46bb3279_130)\n\n[CONTROLS AND PROCEDURES](#i47c574ad12224397892dbd1c46bb3279_130)\n\n[40](#i47c574ad12224397892dbd1c46bb3279_130)\n\n[PART II OTHER INFORMATION](#i47c574ad12224397892dbd1c46bb3279_133)\n\n[41](#i47c574ad12224397892dbd1c46bb3279_133)\n\n[ITEM 1.](#i47c574ad12224397892dbd1c46bb3279_136)\n\n[LEGAL PROCEEDINGS](#i47c574ad12224397892dbd1c46bb3279_136)\n\n[41](#i47c574ad12224397892dbd1c46bb3279_136)\n\n[ITEM 1A.](#i47c574ad12224397892dbd1c46bb3279_139)\n\n[RISK FACTORS](#i47c574ad12224397892dbd1c46bb3279_139)\n\n[41](#i47c574ad12224397892dbd1c46bb3279_139)\n\n[ITEM 2.](#i47c574ad12224397892dbd1c46bb3279_142)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i47c574ad12224397892dbd1c46bb3279_142)\n\n[53](#i47c574ad12224397892dbd1c46bb3279_142)\n\n[ITEM 3.](#i47c574ad12224397892dbd1c46bb3279_145)\n\n[DEFAULTS UPON SENIOR SECURITIES](#i47c574ad12224397892dbd1c46bb3279_145)\n\n[53](#i47c574ad12224397892dbd1c46bb3279_145)\n\n[ITEM 4.](#i47c574ad12224397892dbd1c46bb3279_148)\n\n[MINE SAFETY DISCLOSURES](#i47c574ad12224397892dbd1c46bb3279_148)\n\n[53](#i47c574ad12224397892dbd1c46bb3279_148)\n\n[ITEM 5.](#i47c574ad12224397892dbd1c46bb3279_151)\n\n[OTHER INFORMATION](#i47c574ad12224397892dbd1c46bb3279_151)\n\n[54](#i47c574ad12224397892dbd1c46bb3279_151)\n\n[ITEM 6.](#i47c574ad12224397892dbd1c46bb3279_154)\n\n[EXHIBITS](#i47c574ad12224397892dbd1c46bb3279_154)\n\n[54](#i47c574ad12224397892dbd1c46bb3279_154)\n\n[SIGNATURES](#i47c574ad12224397892dbd1c46bb3279_157)\n\n[55](#i47c574ad12224397892dbd1c46bb3279_157)\n\ni\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (this “report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are forward-looking and as such are not historical facts. These forward-looking statements include statements relating to our anticipated financial performance and business prospects or statements preceded by, followed by or that include the words “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “forecast,” “expect,” “project,” “should,” “could,” “may,” “plan,” “seeks,” and similar expressions. Although we believe that in making the statements contained in this report our expectations are based on reasonable assumptions, we can give no assurance that these expectations will prove to be correct or that we will achieve the financial results, savings or other benefits anticipated in the forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors, some of which may be beyond our control, that could cause our actual results, performance or achievements or industry results, to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors, including those disclosed under “RISK FACTORS” in Part II, Item 1A of this report, include, without limitation:\n\n◦unanticipated variation in demand for electric capacity or energy or load forecasts resulting from changes in population and economic growth (and declines), consumer consumption and energy conservation efforts, including the impact on power supply plans;\n\n◦the impact of traditional load growth and potential large loads, including data centers, in our members’ service territories and any decisions regarding the development of additional generation resources to meet the additional demand;\n\n◦changes in the market price of commodities, including natural gas, energy, crude oil, diesel and nitrogen-based fertilizer products, which may result from inflation, tariffs, trade policies, or geopolitical events or instability;\n\n◦legislative and regulatory compliance standards and the cost and other burdens of complying with any applicable standards, including mandatory reliability standards, and potential penalties for non‑compliance;\n\n◦new, amended, or existing laws, regulations, or administrative orders, including those related to environmental matters, carbon dioxide and other greenhouse gas emissions, water and coal combustion byproducts, and the costs of complying with these laws, regulations, and administrative orders;\n\n◦costs of additional generation or transmission facilities to meet the needs of our members or changes in the anticipated retirement dates of existing generation or transmission facilities;\n\n◦success or failure to consummate strategic transactions, including acquisition or divestiture activities, upon which we base financial or operational forecasts;\n\n◦the outcome or consequences of strategic alternatives that we have implemented or are evaluating, or may in the future, evaluate in connection with our subsidiary, Dakota Gasification Company (“Dakota Gas”), including asset sales and asset impairments;\n\n◦changes in customer preferences for energy produced from cleaner generation sources;\n\n◦continued efficient operation of our generation facilities by us;\n\n◦the ability of our member systems to perform their obligations to us;\n\n◦the pricing and availability of an adequate and economical supply of fuel, water and other materials, including due to the potential impact of geopolitical tensions on supply chains;\n\n◦our ability to hedge power, fuel and capacity to provide margin visibility and mitigate market volatility;\n\n◦changes in utility regulation and the allocation of costs within regional transmission organizations, including the Southwest Power Pool (“SPP”) and Midcontinent Independent System Operator (“MISO”);\n\n◦pressures exerted by increasing levels of indebtedness caused by significant capital expenditures;\n\nii\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\n◦unanticipated changes in capital expenditures, operating expenses and liquidity needs;\n\n◦our access to capital, the cost to access capital, and the results of our financing and refinancing efforts, including availability of funds in the capital markets;\n\n◦the availability of funding under any federal loan or grant programs for which we qualify and are awarded and our ability to meet the applicable loan or grant conditions and requirements;\n\n◦general economic, credit and capital market conditions;\n\n◦supply chain challenges, including as a result of trade policies, tariffs, or other international trade restrictions and geopolitical tensions;\n\n◦failure of our information technology or operating technology;\n\n◦the direct or indirect effect on our business resulting from cyber or physical attacks on us, our members or third-party service providers, vendors or contractors;\n\n◦commercial banking and financial market conditions;\n\n◦hazards customary to the electric industry and the possibility that we may not have adequate insurance to cover losses resulting from these hazards;\n\n◦litigation or legal and administrative proceedings and settlements;\n\n◦the effectiveness of our risk management policies and risk strategies, including hedging, with respect to commodity prices, interest rates and counterparty credit and non-performance risks;\n\n◦the credit quality or inability of various counterparties to meet their financial obligations to us, including failure to perform under agreements;\n\n◦unanticipated changes in interest rates or rates of inflation;\n\n◦acts of sabotage, wars or terrorist activities, including cyber or physical attacks on our assets or assets on which we rely;\n\n◦catastrophic events such as wildfires, earthquakes, floods, droughts, tornadoes, mechanical failures, explosions, pandemic health events, or similar occurrences;\n\n◦changes in technology available to and utilized by us or our competitors;\n\n◦significant changes in critical accounting policies material to us;\n\n◦significant changes in our relationship with our employees, including the availability of qualified personnel; and\n\n◦weather conditions and other natural phenomena.\n\nFor more information on these and other factors, see “RISK FACTORS” in Part II, Item 1A of this report. In light of these risks, uncertainties and assumptions, we caution you not to place undue reliance on any forward-looking statements. The forward-looking statements included in this report are made only as of the date of this report and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n\nWhere You Can Find More Information\n\nWe announce material information to the public through a variety of means, including filings with the U.S. Securities and Exchange Commission (“SEC”), press releases and our website at www.basinelectric.com. We use these channels to communicate with our Members, investors and the public about our business and other matters. Therefore, we encourage investors, the media and others interested in Basin Electric to review the information we make public in these locations, as such information could be deemed to be material information.\n\niii\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nCERTAIN DEFINITIONS\n\nExcept where otherwise noted, or the context otherwise requires, the following capitalized terms, abbreviations, and acronyms have the meanings set forth below:\n\nAbbreviations or AcronymsDefinitions\n\nAIArtificial intelligence\n\nASCFASB Accounting Standards Codification\n\nASUFASB Accounting Standards Update\n\nBasin Cooperative ServicesBasin Cooperative Services, a wholly owned subsidiary of Basin Electric that operates on a not-for-profit basis. Basin Cooperative Services provides certain nonutility property management services to us\n\nBasin Electric, we, our, us, the Company and similar termsBasin Electric Power Cooperative and, in the case of GAAP financial statements, our consolidated subsidiaries\n\nBoardThe Board of Directors of Basin Electric\n\nCCR RuleCoal Combustion Residuals Rule\n\nCFCNational Rural Utilities Cooperative Finance Corporation\n\nClass A MembersClass A Members consist of ten wholesale G&T cooperatives, eight distribution cooperatives and one wholesale municipal provider that have entered into long-term wholesale power contracts with us\n\nClass B MembersClass B Members consist of any municipality or association of municipalities operating within an area served by a Class A Member and which is a member of, and contracts for its electric capacity or energy from, that Class A Member, and which is not eligible for Class C Membership\n\nClass C MembersClass C Members consist of distribution cooperatives and public power districts that are members of a Class A Member and contract for a portion of their electric power and energy from the Class A Member\n\nClass D MembersClass D Members consist of electric cooperatives, municipalities, or associations of municipalities which purchase power directly from us on a basis other than as a Class A, Class B, or Class C Member\n\nClean Air ActA U.S. federal law that regulates air emissions from stationary and mobile sources to protect public health and the environment\n\nClean Water ActA U.S. federal law that governs water pollution, aiming to ensure clean surface waters by regulating discharges into navigable waters\n\nCO2\nCarbon dioxide\n\nCodeInternal Revenue Code of 1986, as amended\n\nCorn BeltCorn Belt Power Cooperative, a Class A Member\n\nCoteauThe Coteau Properties Company, a subsidiary of North American Coal Corporation\n\nCoteau Lignite Sales AgreementDakota Coal purchases lignite coal from Coteau on a cost-plus basis pursuant to this sales agreement with Coteau\n\nD.C. CircuitUnited States Court of Appeals for the D.C. Circuit\n\nDakota CoalDakota Coal Company, a wholly owned subsidiary of Basin Electric that operates on a for-profit basis\n\nDakota GasDakota Gasification Company, a wholly owned subsidiary of Basin Electric that operates on a for-profit basis\n\nDCDirect Current\n\nDCSDakota Carbon Services LLC\n\nDEFDiesel exhaust fluid\n\nDFSDry Fork Generation Station\n\nDOEUnited States Department of Energy\n\nDTCThe Depository Trust Company\n\nEast RiverEast River Electric Power Cooperative, Inc., a Class A Member\n\niv\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nEDAMExtended Day‑Ahead Market, is a forward wholesale electricity market being developed and operated by the California Independent System Operator\n\nEPAUnited States Environmental Protection Agency\n\nERISAEmployee Retirement Income Security Act of 1974\n\nERISA PlanPlan subject to Title I of ERISA or Section 4975 of the Code\n\nExchange ActSecurities Exchange Act of 1934, as amended\n\nFASBFinancial Accounting Standards Board\n\nFATCAForeign Account Tax Compliance Act\n\nFederal Power ActFederal Power Act of 1920, as amended, and the rules and regulations adopted by FERC thereunder\n\nFERCFederal Energy Regulatory Commission\n\nFIPFederal Implementation Plan\n\nFitchFitch Ratings Inc.\n\nFreedom MineA large lignite coal mine near Beulah, ND, operated by The Coteau Properties Company\n\nG&TGeneration and transmission\n\nGAAPAccounting principles generally accepted in the U.S.\n\nGHGGreenhouse gas\n\nIndentureAmended and Restated Indenture, dated as of May 5, 2015, between Basin Electric and U.S. Bank Trust Company, National Association, as trustee, as amended and supplemented\n\nIRSUnited States Internal Revenue Service\n\nkVKilovolt\n\nkWhKilowatt-hour\n\nLMPLocational marginal pricing in an energy market\n\nLRSLaramie River Station\n\nMBPPMissouri Basin Power Project\n\nMcKenzieMcKenzie Electric Cooperative, Inc., a Class C Member\n\nMembersOur electric distribution member systems, consisting of Class A Members, Class B Members, Class C Members, and Class D Members\n\nMFI RatioMargins for Interest Ratio\n\nMinnesota ValleyMinnesota Valley Electric Cooperative, a Class A Member\n\nMIPMember Investment Program\n\nMISOMidcontinent Independent System Operator, Inc.\n\nMMbtu/dayMillion British Thermal Units per day\n\nMMcf/dayMillion Cubic Feet per day\n\nMontana LimestoneMontana Limestone Company, a wholly owned subsidiary of Dakota Coal\n\nMoody’sMoody’s Investors Services, Inc.\n\nMROMidwestern Reliability Organization\n\nMVARMegavolt-amps reactive\n\nMWMegawatt\n\nMWhMegawatt-hour\n\nNAAQSNational Ambient Air Quality Standards\n\nNemadji River GenerationNemadji River Generation LLC, previous owner of a 30% undivided interest in NTEC\n\nNEONamed Executive Officers\n\nNERCNorth American Electric Reliability Corporation\n\nNew ERARUS Empowering Rural America Program\n\nNorthern BorderNorthern Border Pipeline Company\n\nNOX\nNitrogen oxide\n\nv\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nNTECNemadji Trail Energy Center, a proposed 600-megawatt natural gas-fired combined-cycle electric generation facility that was previously planned to be constructed in Wisconsin\n\nPCAOBPublic Company Accounting Oversight Board (United States)\n\nPioneer Generation Station Phase IVPioneer Generation Station Unit 4, Unit 5 and Units 31-36\n\nPRECorpPowder River Energy Corporation, a Class C Member\n\nPRMPlanning reserve margin\n\nPSCoPublic Service Company of Colorado\n\nPURPAPublic Utility Regulatory Policies Act of 1978, as amended\n\nRE ActRural Electrification Act of 1936\n\nRMRRocky Mountain region\n\nRMSCRisk Management Steering Committee of Basin Electric\n\nRTORegional transmission organization\n\nRUSRural Utilities Service, which provides funding for the development of rural utilities infrastructure such as water, waste management, power and telecommunications under the U.S. Department of Agriculture\n\nS&PS&P Global Ratings, a division of S&P Global Inc.\n\nSECUnited States Securities and Exchange Commission\n\nSection 45QSection 45Q of the Code, which provides a federal tax credit for carbon oxide (CO₂ and CO) capture and sequestration\n\nSecurities ActSecurities Act of 1933, as amended\n\nSNGSynthetic Natural Gas\n\nSO2\nSulfur Dioxide\n\nSPPSouthwest Power Pool, Inc.\n\nSVPLSouris Valley Pipeline Limited\n\nSynfuels PlantGreat Plains Synfuels Plant\n\nTri-StateTri-State Generation & Transmission Association, Inc., a Class A Member\n\nUGPUpper Great Plains\n\nUpper MissouriUpper Missouri G & T Electric Cooperative, Inc., doing business as Upper Missouri Power Cooperative, a Class A Member\n\nU.S.United States of America\n\nWAPAWestern Area Power Administration\n\nWECCWestern Electricity Coordinating Council, a non-profit corporation that exists to assure a reliable Bulk Electric System in the geographic area known as the Western Interconnection\n\nWEIMWestern Energy Imbalance Market, real‑time wholesale electricity market in the western United States operated by the California Independent System Operator\n\nWestern FuelsWestern Fuels Association, a non-profit Wyoming corporation founded by us and Tri-State\n\nWMPAWyoming Municipal Power Agency, a Class A Member\n\nWPPWestern Power Pool\n\nWright-HennepinWright-Hennepin Cooperative Electric Association, a Class A Member\n\nWyoming LimeWyoming Lime Producers, a division of Dakota Coal\n\nvi\n\n[Table of Contents](#i47c574ad12224397892dbd1c46bb3279_2679)\n\nPart I - Financial Information"}