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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of the Derivative Fair Value

The following tables provide a summary of the commodity derivative fair value balances recorded as of March 31, 2025 and December 31, 2024:

March 31, 2025			Economic Hedges												Collateral(a)						Netting(a)						Total
Mark-to-market derivative assets (current)			$	7,994											$	317					$	(7,460)					$	851
Mark-to-market derivative assets (noncurrent)			4,736												187						(4,438)						485
Total mark-to-market derivative assets			12,730												504						(11,898)						1,336
Mark-to-market derivative liabilities (current)			(8,338)												334						7,460						(544)
Mark-to-market derivative liabilities (noncurrent)			(5,020)												225						4,438						(357)
Total mark-to-market derivative liabilities			(13,358)												559						11,898						(901)
Total mark-to-market derivative net assets (liabilities)			$	(628)											$	1,063					$	—					$	435
December 31, 2024
Mark-to-market derivative assets (current)			$	5,518											$	152					$	(4,860)					$	810
Mark-to-market derivative assets (noncurrent)			3,672												120						(3,421)						371
Total mark-to-market derivative assets			9,190												272						(8,281)						1,181
Mark-to-market derivative liabilities (current)			(5,498)												173						4,860						(465)
Mark-to-market derivative liabilities (noncurrent)			(3,961)												141						3,421						(399)
Total mark-to-market derivative liabilities			(9,459)												314						8,281						(864)
Total mark-to-market derivative net assets (liabilities)			$	(269)											$	586					$	—					$	317

_________

(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.

Economic Hedges (Commodity Price Risk)

For the three months ended March 31, 2025 and 2024, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows.

									Three Months Ended March 31,
Income Statement Location															2025						2024
Operating revenues															$	(287)					$	63
Purchased power and fuel															(37)						125
Total															$	(324)					$	188

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 March 31, 2025. 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, as well as NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges.

Rating as of March 31, 2025			Total Exposure Before Credit Collateral						Credit Collateral(a)						Net Exposure(b)
Investment grade			$	854					$	42					$	812
Non-investment grade			15						3						12
No external ratings
Internally rated — investment grade			149						—						149
Internally rated — non-investment grade			164						49						115
Total			$	1,182					$	94					$	1,088

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(a)As of March 31, 2025, credit collateral held from counterparties where we had credit exposure included $26 million of cash and $68 million of letters of credit.

(b)As of March 31, 2025, there are no counterparties with greater than 10% of net exposure in any category.

Net Credit Exposure by Type of Counterparty			As of March 31, 2025
Investor-owned utilities, marketers, power producers			$	901
Energy cooperatives and municipalities			73
Financial Institutions			62
Other			52
Total			$	1,088

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			March 31, 2025						December 31, 2024
Gross fair value of derivative contracts containing this feature			$	(1,517)					$	(1,346)
Offsetting fair value of contracts under master netting arrangements			715						602
Net fair value of derivative contracts containing this feature			$	(802)					$	(744)

Cash Collateral and Letters of Credit on Derivative Contracts

As of March 31, 2025 and December 31, 2024, 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.

			March 31, 2025						December 31, 2024
Cash collateral posted(a)			$	1,121					$	635
Letters of credit posted(a)			769						890
Cash collateral held(a)			58						49
Letters of credit held(a)			120						91
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)(b)(c)(d)			2,254						1,949

__________

(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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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).

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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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