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Debt and Credit Agreements | 3 Months Ended
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Mar. 31, 2025
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. Accounts Receivable Facility In December 2024, we amended the Facility to provide NER access to revolving loans from a number of financial institutions (Lenders) secured by certain customer accounts receivable. As part of the amendment, the maximum funding limit of the Facility was increased from $1.1 billion to $1.5 billion and the maturity date was extended to December 2027. Under previous terms of the Facility, certain customer accounts receivable were sold to the Purchasers. Immediately following the amendment, all receivables previously sold were assigned back to us and receivables will no longer be sold to the Purchasers under the amendment. Subsequent to the amendment, draws and repayments related to the Facility will be reflected as Proceeds from short-term borrowings and Repayments of short-term borrowings, respectively, in the Consolidated Statements of Cash Flows. Draws on the facility bear interest at a commercial paper rate or a Daily One Month Term SOFR or Term SOFR rate, plus an adder of 0.10% per annum. Interest is payable monthly. There were no draws on the Facility as of March 31, 2025. The amended Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Lenders. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Lenders. When eligible receivables exceed cash proceeds, we have the ability to increase the cash proceeds received up to the maximum funding limit. As of March 31, 2025 and December 31, 2024, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Facility Type |  | Aggregate Bank Commitment |  | Facility Draws |  | Outstanding Letters of Credit |  | Outstanding Commercial Paper(a) |  | Total Available Capacity |
Revolving Credit Facility |  | $ | 4,500 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 4,450 |  |
Bilaterals(b) |  | 2,350 |  |  | — |  |  | 1,117 |  |  | — |  |  | 1,233 |  |
Accounts Receivable Facility |  | 1,500 |  |  | — |  |  | — |  |  | — |  |  | 1,500 |  |
Liquidity Facility |  | 971 |  |  | — |  |  | 900 |  |  | — |  |  | 35 |  | (c)
Project Finance |  | 137 |  |  | — |  |  | 118 |  |  | — |  |  | 19 |  |
Total |  | $ | 9,458 |  |  | $ | — |  |  | $ | 2,185 |  |  | $ | — |  |  | $ | 7,237 |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Revolving Credit Facility |  | $ | 4,500 |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  | $ | 4,449 |  |
Bilaterals |  | 1,850 |  |  | — |  |  | 1,095 |  |  | — |  |  | 755 |  |
Accounts Receivable Facility |  | 1,500 |  |  | — |  |  | — |  |  | — |  |  | 1,500 |  |
Liquidity Facility |  | 971 |  |  | — |  |  | 907 |  |  | — |  |  | 21 |  | (c)
Project Finance |  | 137 |  |  | — |  |  | 120 |  |  | — |  |  | 17 |  |
Total |  | $ | 8,958 |  |  | $ | — |  |  | $ | 2,173 |  |  | $ | — |  |  | $ | 6,742 |  |
__________ (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 March 31, 2025 and December 31, 2024, the maximum program size of our commercial paper program was $4.5 billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. There were no commercial paper borrowings outstanding as of March 31, 2025 and December 31, 2024. (b)In January 2025, we initiated a new bilateral credit agreement for $200 million, with no maturity date. In March 2025, a bilateral credit agreement initiated in March 2023 was extended for an additional two years to March 2027. In March 2025, we initiated a new bilateral credit agreement for $300 million, scheduled to mature March 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 March 31, 2025 and December 31, 2024, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $935 million and $928 million, respectively. Long-Term Debt Debt Issuances and Redemptions During the three months ended March 31, 2025, the following long-term debt was issued (redeemed):
Type |  | Interest Rate |  | Maturity |  | Amount |  |
Tax Exempt Pollution Control Revenue Bonds |  | 4.45 | % |  | March 2025 |  | $ | (23) |  |  |
Continental Wind Nonrecourse Debt |  | 6.00 | % |  | February 2033 |  | (18) |  |  |
West Medway II Nonrecourse Debt |  | 1-month SOFR + 3.225% |  | March 2026 |  | (8) |  |  |
Antelope Valley DOE Nonrecourse Debt |  | 2.29% - 3.56% |  | January 2037 |  | (6) |  |  |
RPG Nonrecourse Debt |  | 4.11 | % |  | March 2035 |  | (2) |  |  |
Total long-term debt issued (redeemed) |  |  |  |  |  | $ | (57) |  |  |
Debt Covenants As of March 31, 2025, 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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