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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net Income/(Loss) $ 1,125 $ (202) $ 1,221
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in earnings of unconsolidated affiliates, net of distributions (13) (6) 7
Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets 1,071 1,127 634
Amortization of capitalized contract costs 332 168 86
Accretion of asset retirement obligations 34 27 55
Provision for credit losses 314 251 11
Amortization of nuclear fuel 0 47 54
Amortization of financing costs and debt discounts 39 52 23
Loss/(Gain) on debt extinguishment 382 (109) 0
Amortization of in-the-money contracts and emissions allowances 105 137 158
Amortization of unearned equity compensation 102 101 28
Net gain on sale of assets and disposal of assets (192) (1,559) (102)
Impairment losses 43 128 206
Changes in derivative instruments (337) 2,455 (3,221)
Changes in current and deferred income taxes and liability for uncertain tax benefits 165 (92) 382
Changes in collateral deposits in support of risk management activities 245 (1,806) 896
Changes in nuclear decommissioning trust liability 0 0 9
Uplift securitization proceeds received from ERCOT 0 0 689
Cash (used)/provided by changes in other working capital:      
Accounts receivable - trade (366) 840 (1,560)
Inventory 111 189 (252)
Prepayments and other current assets (539) (401) (69)
Accounts payable 170 (1,455) 1,295
Accrued expenses and other current liabilities 136 360 (29)
Other assets and liabilities (621) (473) (161)
Cash provided/(used) by operating activities 2,306 (221) 360
Cash Flows from Investing Activities      
Payments for acquisitions of businesses and assets, net of cash acquired (38) (2,523) (62)
Capital expenditures (472) (598) (367)
Proceeds from sale of assets, net of cash disposed 501 2,007 109
Net purchases of emissions allowances (18) (24) (6)
Proceeds from insurance recoveries for property, plant and equipment, net 3 240 0
Investments in nuclear decommissioning trust fund securities 0 (367) (454)
Proceeds from sales of nuclear decommissioning trust fund securities 0 355 448
Cash used by investing activities (24) (910) (332)
Cash Flows from Financing Activities      
Proceeds from issuance of preferred stock, net of fees 0 635 0
Payments for share repurchase activity and excise tax (935) [1] (1,150) (600)
Equivalent shares purchased in lieu of tax withholdings (50) (22) (6)
Payments of dividends to preferred and common stockholders (405) (381) (332)
Proceeds from issuance of long-term debt 3,200 731 0
Payments for current and long-term debt (3,255) (523) (5)
Payments for debt extinguishment costs (262) 0 0
Payments of debt issuance costs (45) (32) (9)
Net (payments)/receipts from settlement of acquired derivatives that include financing elements (3) 342 1,995
Proceeds from credit facilities 1,050 3,020 0
Repayments to credit facilities (1,050) (3,020) 0
Cash (used)/provided by financing activities (1,755) (400) 1,043
Effect of exchange rate changes on cash and cash equivalents (3) 2 (3)
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash 524 (1,529) 1,068
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 649 2,178 1,110
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 1,173 $ 649 $ 2,178
[1] Includes excise tax paid of $10 million during the year ended December 31, 2024