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Commodity and Other Derivative Contractual Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables provide detail of derivative contractual assets and liabilities as reported in our consolidated balance sheets at December 31, 2023 and 2022. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract.

			December 31, 2023
			Derivative Assets												Derivative Liabilities
			Commodity Contracts						Interest Rate Swaps						Commodity Contracts						Interest Rate Swaps						Total
Current assets			$	3,585					$	53					$	7					$	—					$	3,645
Noncurrent assets			565						11						1						—						577
Current liabilities			(1)						—						(5,233)						(24)						(5,258)
Noncurrent liabilities			(5)						—						(1,659)						(24)						(1,688)
Net assets (liabilities)			$	4,144					$	64					$	(6,884)					$	(48)					$	(2,724)

			December 31, 2022
			Derivative Assets												Derivative Liabilities
			Commodity Contracts						Interest Rate Swaps						Commodity Contracts						Interest Rate Swaps						Total
Current assets			$	4,442					$	92					$	4					$	—					$	4,538
Noncurrent assets			656						43						3						—						702
Current liabilities			(1)						—						(6,562)						(47)						(6,610)
Noncurrent liabilities			(5)						—						(1,685)						(36)						(1,726)
Net assets (liabilities)			$	5,092					$	135					$	(8,240)					$	(83)					$	(3,096)

Schedule of Pretax Effect on Net Income of Derivatives Not Under Hedge Accounting, Including Realized and Unrealized Effects

The following table presents the pre-tax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts.

			Year Ended December 31,
Derivative (consolidated statements of operations presentation)			2023						2022						2021
Commodity contracts (Operating revenues) (a)			$	(758)					$	(4,103)					$	(1,196)
Commodity contracts (Fuel, purchased power costs and delivery fees) (b)			(395)						375						732
Interest rate swaps (Interest expense and related charges) (c)			42						234						81
Net gain (loss)			$	(1,111)					$	(3,494)					$	(383)

____________

(a)For the year ended December 31, 2023, includes unrealized net gains from mark-to-market valuations of commodity positions of $714 million. For the years ended December 31, 2022 and 2021, includes unrealized net losses from mark-to-market valuations of commodity positions of $2.163 billion and $1.191 billion, respectively.

(b)For the years ended December 31, 2023 and 2022, includes unrealized net losses from mark-to-market valuations of commodity positions of $224 million and $347 million, respectively. For the year ended December 31, 2021, includes unrealized net gains from mark-to-market valuations of commodity positions of $432 million.

(c)For the year ended December 31, 2023, includes unrealized net losses on mark-to-market valuations of interest rate swaps of $36 million. For the years ended December 31, 2022 and 2021, includes unrealized gains on mark-to-market valuations of interest rate swaps of $250 million and $134 million, respectively.

Schedule of Offsetting Assets and Liabilities

The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral:

						December 31, 2023																								December 31, 2022
						Derivative Assets and Liabilities						Offsetting Instruments (a)						Cash Collateral (Received) Pledged (b)						Net Amounts						Derivative Assets and Liabilities						Offsetting Instruments (a)						Cash Collateral (Received) Pledged (b)						Net Amounts
Derivative assets:
Commodity contracts						$	4,144					$	(3,519)					$	(26)					$	599					$	5,092					$	(4,480)					$	(20)					$	592
Interest rate swaps						64						(28)						—						36						135						(64)						—						71
Total derivative assets						4,208						(3,547)						(26)						635						5,227						(4,544)						(20)						663
Derivative liabilities:
Commodity contracts						(6,884)						3,519						970						(2,395)						(8,240)						4,480						1,675						(2,085)
Interest rate swaps						(48)						28						—						(20)						(83)						64						—						(19)
Total derivative liabilities						(6,932)						3,547						970						(2,415)						(8,323)						4,544						1,675						(2,104)
Net amounts						$	(2,724)					$	—					$	944					$	(1,780)					$	(3,096)					$	—					$	1,655					$	(1,441)

____________

(a)Amounts presented exclude trade accounts receivable and payable related to settled financial instruments.

(b)Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements, and, to a lesser extent, initial margin requirements.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the gross notional amounts of derivative volumes by commodity, excluding those derivatives that qualified for the NPNS or other scope exceptions permitted by ASC 815, Derivatives and Hedging as of December 31, 2023 and 2022:

						December 31, 2023						December 31, 2022
Derivative type						Notional Volume												Unit of Measure
Natural gas (a)						5,335						6,007						Million MMBtu
Electricity						800,001						754,762						GWh
Financial transmission rights (b)						250,895						225,845						GWh
Coal						35						48						Million U.S. tons
Fuel oil						3						105						Million gallons
Emissions						24						40						Million U.S. tons
Renewable energy certificates						29						31						Million certificates
Interest rate swaps – variable/fixed (c)						$	5,225					$	6,720					Million U.S. dollars
Interest rate swaps - fixed/variable (c)						$	1,300					$	2,120					Million U.S. dollars

____________

(a)Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions.

(b)Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within regions.

(c)Includes notional amounts of interest rate swaps with maturity dates through December 2030.

Schedule of Credit Risk-Related Contingent Features of Derivatives

The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized:

			December 31,
			2023						2022
Fair value of derivative contract liabilities (a)			$	(1,890)					$	(1,934)
Offsetting fair value under netting arrangements (b)			692						899
Cash collateral and letters of credit			854						253
Liquidity exposure			$	(344)					$	(782)

____________

(a)Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses).

(b)Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements.

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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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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