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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Volumes of Outstanding Derivative Contracts | The volumes of the Utility’s outstanding derivatives were as follows:
|  |  |  | Contract Volume at
Underlying Product |  | Instruments |  | September 30, 2025 |  | December 31, 2024
Natural Gas (1) (MMBtus (2)) |  | Forwards, futures, and swaps |  | 274,903,478 |  |  | 179,257,247 |
|  | Options |  | 76,780,000 |  |  | 37,717,500 |
Electricity (MWh) |  | Forwards, futures, and swaps |  | 7,698,933 |  |  | 8,576,078 |
|  | Options |  | 1,036,400 |  |  | 1,663,200 |
|  | Congestion Revenue Rights (3) |  | 101,477,325 |  |  | 123,040,895 |
(1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios. (2) Million British Thermal Units. (3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.
Offsetting Liabilities | As of September 30, 2025, the Utility’s outstanding derivative balances were as follows:
| Commodity Risk
(in millions) | Gross Derivative Balance |  | Netting |  | Cash Collateral |  | Total Derivative Balance
Current assets – other | $ | 154 |  |  | $ | (22) |  |  | $ | 3 |  |  | $ | 135 |
Noncurrent assets – other | 195 |  |  | — |  |  | — |  |  | 195 |
Current liabilities – other | (145) |  |  | 22 |  |  | — |  |  | (123) |
Noncurrent liabilities – other | (128) |  |  | — |  |  | — |  |  | (128) |
Total commodity risk | $ | 76 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 79 |
As of December 31, 2024, the Utility’s outstanding derivative balances were as follows:
| Commodity Risk
(in millions) | Gross Derivative Balance |  | Netting |  | Cash Collateral |  | Total Derivative Balance
Current assets – other | $ | 186 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 170 |
Other noncurrent assets – other | 233 |  |  | — |  |  | — |  |  | 233 |
Current liabilities – other | (152) |  |  | 16 |  |  | — |  |  | (136) |
Noncurrent liabilities – other | (167) |  |  | — |  |  | — |  |  | (167) |
Total commodity risk | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |
Offsetting Assets | As of September 30, 2025, the Utility’s outstanding derivative balances were as follows:
| Commodity Risk
(in millions) | Gross Derivative Balance |  | Netting |  | Cash Collateral |  | Total Derivative Balance
Current assets – other | $ | 154 |  |  | $ | (22) |  |  | $ | 3 |  |  | $ | 135 |
Noncurrent assets – other | 195 |  |  | — |  |  | — |  |  | 195 |
Current liabilities – other | (145) |  |  | 22 |  |  | — |  |  | (123) |
Noncurrent liabilities – other | (128) |  |  | — |  |  | — |  |  | (128) |
Total commodity risk | $ | 76 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 79 |
As of December 31, 2024, the Utility’s outstanding derivative balances were as follows:
| Commodity Risk
(in millions) | Gross Derivative Balance |  | Netting |  | Cash Collateral |  | Total Derivative Balance
Current assets – other | $ | 186 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 170 |
Other noncurrent assets – other | 233 |  |  | — |  |  | — |  |  | 233 |
Current liabilities – other | (152) |  |  | 16 |  |  | — |  |  | (136) |
Noncurrent liabilities – other | (167) |  |  | — |  |  | — |  |  | (167) |
Total commodity risk | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |

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