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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of the Derivative Fair Value | The following tables provide a summary of the derivative fair value balances recorded as of September 30, 2024 and December 31, 2023:
September 30, 2024 | Economic Hedges |  | Proprietary Trading |  | Collateral (a)(b) |  | Netting(a) |  | Total |  |  |  |  |  |  |  |  |
Mark-to-market derivative assets (current) | $ | 5,514 |  |  | $ | 1 |  |  | $ | 228 |  |  | $ | (5,120) |  |  | $ | 623 |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative assets (noncurrent) | 3,911 |  |  | — |  |  | 193 |  |  | (3,373) |  |  | 731 |  |  |  |  |  |  |  |  |  |
Total mark-to-market derivative assets | 9,425 |  |  | 1 |  |  | 421 |  |  | (8,493) |  |  | 1,354 |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative liabilities (current) | (5,866) |  |  | (1) |  |  | 258 |  |  | 5,120 |  |  | (489) |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative liabilities (noncurrent) | (3,923) |  |  | — |  |  | 212 |  |  | 3,373 |  |  | (338) |  |  |  |  |  |  |  |  |  |
Total mark-to-market derivative liabilities | (9,789) |  |  | (1) |  |  | 470 |  |  | 8,493 |  |  | (827) |  |  |  |  |  |  |  |  |  |
Total mark-to-market derivative net assets (liabilities) | $ | (364) |  |  | $ | — |  |  | $ | 891 |  |  | $ | — |  |  | $ | 527 |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative assets (current) | $ | 7,927 |  |  | $ | 2 |  |  | $ | 703 |  |  | $ | (7,472) |  |  | $ | 1,160 |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative assets (noncurrent) | 3,345 |  |  | — |  |  | 330 |  |  | (2,682) |  |  | 993 |  |  |  |  |  |  |  |  |  |
Total mark-to-market derivative assets | 11,272 |  |  | 2 |  |  | 1,033 |  |  | (10,154) |  |  | 2,153 |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative liabilities (current) | (9,019) |  |  | (2) |  |  | 922 |  |  | 7,472 |  |  | (627) |  |  |  |  |  |  |  |  |  |
Mark-to-market derivative liabilities (noncurrent) | (3,545) |  |  | — |  |  | 445 |  |  | 2,682 |  |  | (418) |  |  |  |  |  |  |  |  |  |
Total mark-to-market derivative liabilities | (12,564) |  |  | (2) |  |  | 1,367 |  |  | 10,154 |  |  | (1,045) |  |  |  |  |  |  |  |  |  |
Total mark-to-market derivative net assets (liabilities) | $ | (1,292) |  |  | $ | — |  |  | $ | 2,400 |  |  | $ | — |  |  | $ | 1,108 |  |  |  |  |  |  |  |  |  |
_________ (a)We net all available amounts allowed in our Consolidated Balance Sheets in accordance with authoritative guidance for derivatives. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. (b)Includes $606 million and $1,712 million of variation margin posted on the exchanges as of September 30, 2024 and December 31, 2023, respectively.
Economic Hedges (Commodity Price Risk) | For the three and nine months ended September 30, 2024 and 2023, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Income Statement Location | 2024 |  | 2023 |  | 2024 |  | 2023
Operating revenues | $ | 519 |  |  | $ | 173 |  |  | $ | 774 |  |  | $ | 1,317 |
Purchased power and fuel | (119) |  |  | (36) |  |  | 404 |  |  | (1,448) |
Total | $ | 400 |  |  | $ | 137 |  |  | $ | 1,178 |  |  | $ | (131) |
Disclosure of Credit Derivatives | The following tables provide information on the credit exposure for all derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of September 30, 2024. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges.
Rating as of September 30, 2024 | Total Exposure Before Credit Collateral |  | Credit Collateral(a) |  | Net Exposure |  | Number of Counterparties Greater than 10% of Net Exposure |  | Net Exposure of Counterparties Greater than 10% of Net Exposure
Investment grade | $ | 722 |  |  | $ | 17 |  |  | $ | 705 |  |  | — |  |  | $ | — |
Non-investment grade | 13 |  |  | 3 |  |  | 10 |  |  | — |  |  | — |
No external ratings |  |  |  |  |  |  |  |  |
Internally rated — investment grade | 120 |  |  | — |  |  | 120 |  |  | — |  |  | — |
Internally rated — non-investment grade | 207 |  |  | 43 |  |  | 164 |  |  | — |  |  | — |
Total | $ | 1,062 |  |  | $ | 63 |  |  | $ | 999 |  |  | — |  |  | $ | — |
__________ (a)As of September 30, 2024, credit collateral held from counterparties where we had credit exposure included $8 million of cash and $55 million of letters of credit.
Net Credit Exposure by Type of Counterparty | As of September 30, 2024
Investor-owned utilities, marketers, power producers | $ | 733 |
Energy cooperatives and municipalities | 130 |
Financial Institutions | 48 |
Other | 88 |
Total | $ | 999 |
Fair Value of Derivatives with Credit- Risk Related Contingent Features | The aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below:
Credit-Risk-Related Contingent Features | September 30, 2024 |  | December 31, 2023
Gross fair value of derivative contracts containing this feature | $ | (1,285) |  |  | $ | (1,894) |
Offsetting fair value of in-the-money contracts under master netting arrangements | 578 |  |  | 925 |
Net fair value of derivative contracts containing this feature | $ | (707) |  |  | $ | (969) |
Cash Collateral and Letters of Credit on Derivative Contracts | As of September 30, 2024 and December 31, 2023, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements.
| September 30, 2024 |  | December 31, 2023
Cash collateral posted(a) | $ | 917 |  |  | $ | 2,449 |
Letters of credit posted(a) | 868 |  |  | 777 |
Cash collateral held(a) | 26 |  |  | 64 |
Letters of credit held(a) | 87 |  |  | 61 |
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)(b)(c)(d) | 1,873 |  |  | 1,914 |
__________ (a)The cash collateral and letters of credit amounts are inclusive of NPNS contracts. (b)Certain of our contracts contain provisions that allow a counterparty to request additional collateral when there has been a subjective determination that our credit quality has deteriorated, generally termed “adequate assurance”. Due to the subjective nature of these provisions, we estimate the amount of collateral that we may ultimately be required to post in relation to the maximum exposure with the counterparty. (c)The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties. (d)A loss of investment grade credit rating would require a three notch downgrade from their current levels of BBB+ and Baa1 at S&P and Moody's, respectively.

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4J Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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