BASIN ELECTRIC POWER COOPERATIVE

Item 2.06 Material Impairments On September 15, 2026, the Board of Directors (the “Board”) of Dakota Gasification Company ("Dakota Gas"), a wholly owned subsidiary of Basin Electric Power Cooperative (“Basin Electric”), approved a 10-year financial forecast (the "forecast") for Dakota Gas. The forecast included projections that Dakota Gas may not continue its current commercial operations through 2047, the end of the previously estimated useful life of Dakota Gas's long-lived asset group, consisting primarily of property, plant, and equipment. The forecast and certain long-term cash flow projections estimated that Dakota Gas will not generate sufficient future cash flows to recover the carrying value of its property, plant and equipment. Based on the Board’s approval of the forecast, Basin Electric has determined that a material pre-tax non-cash impairment charge is required under U.S. generally accepted accounting principles for the fiscal quarter ending September 30, 2026. Basin Electric currently estimates that the charge will be approximately $400 million to $600 million for the fiscal quarter ending September 30, 2026. Basin Electric continues to complete its analysis and valuation procedures, and the actual amount of the impairment charge may differ, potentially materially, from this estimate. Basin Electric is seeking approval from the Rural Utilities Service for regulatory accounting treatment of the charge with a proposed recovery period of up to 20 years. Basin Electric does not expect the impairment charge to result in material future cash expenditures or have a material effect on Basin Electric’s results of operations, financial condition, cash flows or liquidity. In addition, Basin Electric does not expect that the impairment will have a material effect on the compliance by it or Dakota Gas with their respective financial covenants. Cautionary Note Regarding Forward-Looking Statements All statements in this report that are not historical including, without limitation, those regarding the forecast and cash flow projections for Dakota Gas, and the expected amount and timing of the impairment charge that Basin Electric will be required to record in connection therewith and its effect on Basin Electric’s results of operations, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “will,” “likely,” “intend,” “plan,” “aim,” “continue,” “believe,” “seek,” “anticipate,” “upcoming,” “may,” “possible,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include: the risks and uncertainties related to the ability of Dakota Gas to continue its current commercial operations; the risk that the impairment charge to be recorded by Basin Electric may be greater than anticipated; the failure to obtain regulatory accounting treatment for the impairment charge to be recorded by Basin Electric; and the other factors disclosed under “RISK FACTORS” in Part II, Item 1A of Basin Electric’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and in other documents that Basin Electric files or furnishes with the Securities and Exchange Commission. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All forward-looking statements included in this report are qualified by these cautionary statements. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Basin Electric does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable securities laws.