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Debt and Credit Agreements | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements Short-Term Borrowings We meet our short-term liquidity requirements primarily through the issuance of commercial paper. We may use our credit facility for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit. Credit Agreements In June 2024, we amended our existing $3.5 billion revolving credit facility (RCF), to increase the available aggregate commitment to $4.5 billion and extend the maturity date from January 2027 to June 2029. The RCF may be drawn down in the form of loans and/or to support commercial paper and letters of credit issuances. The RCF fixed facility fee rate is 0.175% and borrowings under the RCF bear interest at a rate based upon either the Daily Simple SOFR rate or a Term SOFR rate, plus an adder based upon our credit ratings. The adders for the Daily Simple SOFR-based borrowings and Term SOFR borrowings are 7.5 basis points and 107.5 basis points, respectively. The letters of credit bear interest at a rate of 1.075%. If we were to lose our investment grade credit rating, the maximum adders for Daily Simple SOFR rate borrowings and Term SOFR rate borrowings would be 100 basis points and 200 basis points, respectively. The credit agreements also require us to pay facility fees based upon the aggregate commitments. The fees vary depending upon our credit rating. As of September 30, 2024 and December 31, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Facility Type |  | Aggregate Bank Commitment |  | Facility Draws |  | Outstanding Letters of Credit |  | Outstanding Commercial Paper(a) |  | Total Available Capacity |
Revolving Credit Facility |  | $ | 4,500 |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  | $ | 4,449 |  |
Bilaterals(b) |  | 1,850 |  |  | — |  |  | 1,317 |  |  | — |  |  | 533 |  |
Liquidity Facility |  | 971 |  |  | — |  |  | 827 |  |  | — |  |  | 106 |  | (c)
Project Finance |  | 137 |  |  | — |  |  | 121 |  |  | — |  |  | 16 |  |
Total |  | $ | 7,458 |  |  | $ | — |  |  | $ | 2,316 |  |  | $ | — |  |  | $ | 5,104 |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Revolving Credit Facility |  | $ | 3,500 |  |  | $ | — |  |  | $ | 60 |  |  | $ | 1,107 |  |  | $ | 2,333 |  |
Bilaterals |  | 1,500 |  |  | — |  |  | 878 |  |  | — |  |  | 622 |  |
Liquidity Facility |  | 971 |  |  | — |  |  | 720 |  |  | — |  |  | 191 |  | (c)
Project Finance |  | 137 |  |  | — |  |  | 117 |  |  | — |  |  | 20 |  |
Total |  | $ | 6,108 |  |  | $ | — |  |  | $ | 1,775 |  |  | $ | 1,107 |  |  | $ | 3,166 |  |
__________ (a)Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of September 30, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $4.5 billion and $3.5 billion, respectively. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.48% and 5.66% as of September 30, 2024 and December 31, 2023, respectively. (b)In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date. In May 2024, we initiated a new bilateral credit agreement for $150 million, with no maturity date. In June 2024, a bilateral credit agreement initiated in November 2019 was extended for an additional two years to June 2026. (c)The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of September 30, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $933 million and $911 million, respectively. Short-Term Loan Agreements As of September 30, 2024 and December 31, 2023, we had the following short-term loan agreements:
Month Initiated |  | Interest Rate |  | Maturity |  | Outstanding Amount as of September 30, 2024 |  | Outstanding Amount as of December 31, 2023
January 2023 |  | 1-month SOFR + 0.80% |  | January 2024 |  | $ | — |  |  | $ | 100 |
February 2023 |  | 1-month SOFR + 1.05% |  | February 2024 |  | — |  |  | 400
Long-Term Debt Debt Issuances and Redemptions During the nine months ended September 30, 2024, the following long-term debt was issued (redeemed):
Type |  | Interest Rate |  | Maturity |  | Amount |  |
Green Senior Notes(a) |  | 5.75 | % |  | March 2054 |  | $ | 900 |  |  |
Energy Efficiency Project Financing(b) |  | 2.20% - 4.96% |  | March 2025 |  | 1 |  |  |
CR Nonrecourse Debt |  | 3-month SOFR + 2.25% (c) |  | December 2027 |  | (22) |  |  |
Continental Wind Nonrecourse Debt |  | 6.00 | % |  | February 2033 |  | (28) |  |  |
West Medway II Nonrecourse Debt |  | 1-month SOFR + 3.225% |  | March 2026 |  | (25) |  |  |
Antelope Valley DOE Nonrecourse Debt |  | 2.29% - 3.56% |  | January 2037 |  | (15) |  |  |
RPG Nonrecourse Debt |  | 4.11 | % |  | March 2035 |  | (9) |  |  |
Total long-term debt issued (redeemed) |  |  |  |  |  | $ | 802 |  |  |
__________ (a)The Green Senior Notes were issued to finance or refinance, in whole or in part, one or more new or existing Eligible Projects. Eligible Projects are defined as investments and expenditures made by us in the 24 months prior to or after the issuance of the notes within the following eligible green categories: clean generation fleet, clean hydrogen, energy storage, and clean commercial offerings. (b)Energy Efficiency Project Financing represents funding to install energy conservation measures. The maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt. (c)The interest rate for long-term debt redemptions prior to July 19, 2024 were based on SOFR + 2.76%. Beginning on July 19, 2024 these redemptions are based on SOFR + 2.25%. Debt Covenants As of September 30, 2024, we are in compliance with all debt covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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